name of the complex's corporation itself was later changed to RiverBay at Co-op City. Financing The construction of the community was financed with a mortgage loan from New York State Housing Finance Agency (HFA). The complex defaulted on the loan in 1975 and has had ongoing agreements to pay back HFA. Mismanagement, shoddy construction, and corruption led to the community's defaulting on its loan in 1975. The original Kazan board resigned, and the state took over control. Cooperators, faced with a 25-percent increase in their monthly maintenance fees, organized residents to refuse to pay their monthly maintenance fees. New York State threatened to foreclose on the property and evict the residents, which would mean the loss of their equity. However, cooperators stayed united and held out for 13 months (the longest and largest strike of its kind in United States history) before a compromise was finally reached, with mediation from then-Bronx Borough President Robert Abrams and then-New York Secretary of State Mario Cuomo. Cooperators would remit $20 million in back payments of maintenance fees, but they would get to take over management of the complex and set their own fees. The shares of stock that prospective purchasers bought to enable them to occupy Co-op City apartments became the subject of protracted litigation, culminating in a United States Supreme Court decision United Housing Foundation, Inc. v. Forman, 421 U.S. 837 (1975). 57 residents sued because they had been charged for costs that were not described in a 1965 Information Bulletin seeking to attract residents for apartments in Co-op City. The Supreme Court held that federal courts have no jurisdiction of shares of stock that allow the purchaser to live in an apartment in Co-op City because they are not federally-regulated shares of commercial stock. In 2004, Co-op City was financially unable to continue payments to HFA due to the huge costs of emergency repairs. New York Community Bank helped RiverBay satisfy its $57 million mortgage obligation, except for $95 million in arrears, by refinancing the loan later that same year. This led to the agreement that Co-op City would remain in the Mitchell-Lama Housing Program for at least seven more years as a concession on the arrears and that any rehabilitation that Co-op City took on to improve the original poor construction (which happened under New York State's watch) would earn credit toward eliminating the debt. By 2008, RiverBay had submitted