The sale of an affordable senior living apartment building was approved by the Los Angeles City Council on Wednesday, reassuring the building’s residents that they will continue to call the building home.

Beth Am Manor, located at 1071 S. La Cienega Blvd, provides 49 one-bedroom units for low-income seniors. (photo by Luis Rivas)

Beth Am Manor, originally owned by Temple Beth Am, placed the building on the market in January. Standard Property Company’s bid for the property was chosen in March.

Beth Am Manor, located at 1071 S. La Cienega Blvd., is subsidized by a Section 8 Housing Assistant Program (HAP) of the U.S. Department of Housing and Urban Development (HUD). Tenants pay 30 percent of their income toward rent and HUD pays the rest.

The building has 49 one-bedroom units that cater to low-income seniors and people with disabilities.

Standard Property Company’s purchase of the property is conditionally based on it being awarded government tax-exempt bonds, which is money allocated in each state to fund public benefit programs, such as low-income housing.

In California, tax-exempt bonds are managed by the California Debt Limit Allocation Committee (CDLAC).

“We’re applying for this financing to buy the project to keep rents low. Seniors at the property will be paying the same price after the acquisition, but in a much nicer complex,” said Keith Dragoon, vice president of Standard Property Company. “Our goal from the get-go is to keep it affordable for the foreseeable future.”

For a company to be awarded tax-exempt bonds, they must commit to maintaining the property as affordable living housing for 55 years. Additionally, Standard Property Company needed and received the approval of Councilman Paul Koretz, 5th District.

Koretz’s spokesperson, Paul Neuman, said priority was given to ensure that Beth Am Manor residents continue to have affordable residences.

“Everything we can do to protect the quality of life of the tenants of Beth Am Manor, we will do. This bond issuance makes the [acquisition and renovation] project possible,” Neuman said.

Major renovations are anticipated to begin by October and last approximately one year, according to Dragoon.

“The bonds … will allow us to finance the project and keep it affordable for a long time,” Dragoon said.

Renovations will include upgrading kitchens, bathrooms, community centers, new landscaping and paint.

During construction, which would take place from 9 a.m. to 5 p.m., tenants will have the option to stay in the building’s vacant units that are not under renovation.

“We do this in case residents don’t have somewhere else to go during renovations,” Dragoon said.

After renovations, the building will be known as Beverly Park Senior Apartments.