Eric Richardson / blogdowntown

The 123-unit Chinatown Metro Apartments should receive $23 million in tax-exempt bonds this week for affordable senior housing.

DOWNTOWN LOS ANGELES — A long-stalled residential project in Chinatown should move forward this week as the city council approves $23 million in tax-exempt bonds for Chinatown Metro Apartments, 123-units of affordable senior housing project that were once intended as a market-rate conversion.

KOR Group first began work on the adjoined six- and nine-story structures at 808 and 810 N. Spring in 2004. After the company spent $1 million on lead and asbestos abatement, financing and parking issues scuttled its plans for the project.

Affordable housing developer Meta Housing Corp finally completed a $9 million purchase of the buildings in September as a short sale through lender Bank of America.

The planned project includes 56 efficiency units, 60 one-bedroom units and seven two-bedroom units. Affordable requirements range from 35 percent to 60 percent of area median income (AMI). For 2011, 30 percent of AMI was $17,940 for one person.

The total project is projected to cost $42.5 million.

The building at 808 N. Spring formerly housed the office of the county Registrar-Recorder. The county sold the building for $3.5 million in 1979.