MS&B Develops Innovative Financing Structure to Advance Veteran Housing in Bergen County
McManimon, Scotland & Baumann, LLC is proud to have assisted the Housing Development Corporation of Bergen County in advancing a project to expand affordable housing and community resources for veterans in Emerson, New Jersey.
When the project encountered legal and financing constraints tied to the underlying property leased from American Legion Post 269 and encumbered by existing liens from prior development, MS&B developed a creative, compliant solution to move the initiative forward. Led by Karl Kemm and Bakari G. Lee, with support from Law Clerk Sarah Elgalad and Paralegal Bernadette Chillemi, the team structured a transaction that bifurcated the property into two separate condominium regimes.
This approach enabled the project to access new funding streams while remaining fully compliant with New Jersey Housing and Mortgage Finance Agency (NJHMFA) requirements.
As a result, the project successfully delivered a new community center along with four additional affordable housing units dedicated to veterans, demonstrating the impact of innovative legal structuring and effective public-private collaboration.
This matter reflects MS&B’s continued commitment to helping New Jersey communities achieve complex development goals through thoughtful, solutions-oriented counsel.