(KLZA)--The Falls City Council voted this week to move forward with a loan application to the Southeast Nebraska Affordable Housing Council for the construction of a residential house.

The Council took action on the recommendation of the city's Housing Board.

The home will be constructed at 1612 Fulton Street. The Southeast Nebraska Land Bank currently owns the property.

After looking at options, the recommendation was to build a 4-bedroom, 2-bathroom home with approximately 1,662 square feet of finished living space including a finished basement. A two-car garage will also be included.

Southeast Nebraska Development District Contracting, a subsidiary of Southeast Nebraska Development District, will seek bids from contractors for the building of the home, estimated to cost $317,900. Once the home is built, the city will market the home with a target sale price between $321,000 and $330,000.

Any profit from the sale of the home goes back into the Rural Workforce Housing Fund, so more money will be available for another project at a future date.