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Tempe Coalition for Affordable Housing reports $5.6 million cash position, 70-unit portfolio and new 14-unit acquisition
Summary
At a joint Tempe City Council and Tempe Coalition for Affordable Housing (TCAH) meeting, TCAH leaders described the organization's portfolio, recent acquisitions and a roughly $3.6 million excess for the year; council members asked about risks if federal housing voucher funding were reduced.
The Tempe Coalition for Affordable Housing reported on its holdings, recent acquisitions and year-end finances at a joint meeting with the Tempe City Council.
Irma Holland B. Kane, TCAH board president, told the council that "we're referred to as the city's affiliate, and essentially, we're an extension of the Tempe Housing Authority," and that the coalition is structured to operate with flexibility similar to a private developer to acquire property and hold permanently affordable units.
The coalition currently manages a 70-unit portfolio with about $16,600,000 in assets, Kane said. The holdings include nine single-family homes, one apartment, 38 condominiums, three duplexes and one triplex distributed through Tempe. Kane said 70% of households served are extremely low- or low-income and that more than 50% have children.
Teresa Carmichael, speaking for the coalition's finance team, said the organization ended the year with a cash position "of about 5,600,000.0 at…
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