Marina Bay Refinancing

Marina Bay refinancing approved in N. Wildwood
By TRUDI GILFILLIAN Staff Writer, (609) 463-6716
Published: Tuesday, December 27, 2005

Updated: Tuesday, December 27, 2005NORTH WILDWOOD-Residents of Marina Bay Towers, a senior citizens affordable housing complex on New York Avenue, are a little more relaxed this week.The building's 200 residents had spent much of the past several months concerned about the future of their homes as the project's developer sought state permission for a financing plan for the complex.Developer Paul Cocoziello, head of The Rubicon Cos., said the refinancing was necessary after the complex accumulated $11 million in unexpected debt because of rehabilitation work and building delays. The plan tied the sale of bonds through the Essex County Improvement Authority with the issuing of federal tax credits that would in turn deliver funds to the building project.Without the new financing, Cocoziello said there was a possibility the 142-unit building could go into foreclosure and its low-income housing status would be in jeopardy.The complex is open to people ages 62 and older with incomes between $15,000 and $21,000 per year.But before the refinancing could go forward, the project needed the state's Housing and Mortgage Finance Agency, or HMFA, to agree to issue the tax credits. The agency, however, had more questions for the developer and would not issue the credits until its questions were answered. In an e-mail to The Press, HMFA spokeswoman Jennifer Monaghan said those issues have now been resolved."HMFA is pleased to announce that it completed its review process for the Marina Bay Towers project, and has executed the documents necessary to effectuate tax exempt bond financing," Monaghan said.She continued, "HMFA committed to the residents that it would do everything in its power to protect the residents and their homes, but also had to abide by the rules of the IRS. HMFA has accomplished that goal."Cocoziello said he appreciated the work of the HMFA in resolving the issue and helping "achieve long-term stability for the Marina Bay Towers and its residents."Joe Bakanowsky, head of the tenants association, had spent many hours pondering the building's fate and called news of a solution a great day."We know we will be able to stay in our affordable apartments right here at home by the bay in North Wildwood," he said.

To e-mail Trudi Gilfillian at The Press:TGilfillian@pressofac.com