The City Council approved the sale of a city-owned property at 506-508 N Monticello Avenue, which previously housed an abandoned 14-unit residential building, to Citizens Building a Better Community LLC. The purchaser, also identified as the Grantee, plans to rehabilitate the structure into 14 one-bedroom, one-bathroom affordable rental units. The total estimated cost for this development is $1.894 million. This project is being financially supported by a forgivable Tax Increment Financing (TIF) loan of $915,000, administered by the Community Investment Corporation (CIC) through the TIF PR program. The City acquired the property via its Troubled Buildings Initiative (TBI) and had previously sought proposals for its rehabilitation into affordable housing.