Innovative Financing Supports Affordable Housing in Ocean City
Even thriving beach communities face challenges when it comes to creating and preserving affordable housing. Ocean City is addressing that need head‑on with a major investment in new family housing.
MS&B recently represented the Ocean City Housing Authority (OCHA) in securing financing for 60 new affordable family units. The development will replace 40 aging Section 9 public housing units while expanding access to high‑quality homes for local residents who live and work in the community.
Led by Bakari G. Lee and supported by Sarah Elgalad and Natercia Lopes, our team navigated a complex set of challenges to bring the project to completion, including stringent HUD requirements, a federal government shutdown, and tight New Jersey Housing and Mortgage Finance Agency closing timelines.
What truly distinguishes this project is OCHA’s entrepreneurial approach. Rather than partnering with a private developer, the Housing Authority served as both the ground lessor and the developer—a rare and innovative model in public housing development.
The financing structure combined multiple funding sources, including 4% Low‑Income Housing Tax Credits, Private Activity Bonds, NJHMFA construction and permanent financing, affordable housing production funds, and support from the City of Ocean City.
We are proud to support Ocean City as it invests in housing solutions that strengthen the community and ensure families can continue to call this coastal city home.