SEAL BEACH

Residents of the Seal Beach Trailer Park moved a step closer to acquiring the mobile home property when the City Council approved Redevelopment Agency bonds for financing the purchase earlier this week.

The homeowners association is applying for a state-funded loan so residents can come closer to owner Richard Hall’s $7.6-million asking price for the low- to moderate-income trailer park. Since Hall rejected the Seal Beach Trailer Park Residents Assn.’s $6.4-million bid in June, the homeowners have been working with the city’s redevelopment agency.

LINC, a nonprofit housing development corporation, is also helping the park residents. Hunter Johnson, a spokesman for LINC, said Hall lowered his original $8-million asking price and signed a letter of intent to sell the property to the residents in August. After the council’s decision Monday evening, Johnson said he expects the sale to be complete in mid-December.