Delivering Affordable Housing in a Shore Community
Even thriving beach communities face the challenge of creating and preserving affordable housing.
MS&B recently represented the Ocean City Housing Authority (OCHA) in securing financing for 60 new family units, replacing 40 aging Section 9 public housing units and expanding access to quality homes for local residents.
Led by Bakari G. Lee, and supported by Sarah Elgalad and Natercia Lopes, our team navigated complex HUD requirements, a federal government shutdown, and tight NJHMFA closing timelines to bring the project to completion.
What truly distinguishes this development is OCHA’s entrepreneurial approach. The Authority completed the project without a private development partner, serving as both the ground lessor and the developer—a rare model in public housing.
The financing structure combined multiple resources, including:
- 4% Low‑Income Housing Tax Credits
- Private Activity Bonds
- NJHMFA construction and permanent financing
- Affordable housing production funds
- Support from the City of Ocean City
We’re proud to support Ocean City as it invests in housing solutions that strengthen the community and serve the families who live and work there.