Affordable Housing Bond Plan Advances

City officials are moving ahead with plans to issue $14.3 million in bonds to finance an affordable housing project, but final council approval is not expected until next month.

The city would lend the proceeds from the bonds to Bertram Development Partners of Laguna Hills. The development company has renovated residential buildings throughout the state with the backing of city-issued bonds.

In Stanton, the developers plan to purchase and renovate the 298-unit Continental Gardens Apartments at 8101 Cerritos Ave.

It would be the company’s first project in Stanton.

Repayment of the bonds is guaranteed by Fannie Mae, the Federal National Mortgage Assn., which requires at least 40% of the units be priced for low-income households. Bertram has pledged that all the units in the building will be priced for low-income renters, defined as those who earn less than 60% of the median income.

City planning manager Mark D. Lloyd was not sure what the rent levels will be if the project is approved by council members. But to qualify for the low-income designation, the maximum annual income for a family of four would be $37,920, Lloyd said.

The City Council will be asked to approve financing documents for the bond sale at a special meeting on May 6.