Faced with an allocation of tax-exempt, “private activity” bonds that can be used to finance developers’ projects — and which expire at the end of this year — the City Council is poised to issue $105 million in bonds to fund a mortgage loan to Honolulu-based Stanford Carr Development LLC and Los Angeles-based Standard Communities.

The development partners — who have teamed to buy and renovate six affordable state properties in recent years — would take over the 32-story, 379-unit Maunakea Tower Apartments in Chinatown and take on a $28.8 million renovation, extending affordability guarantees for low- and very-low-income tenants for an additional 20 years.