Tempe Coalition for Affordable Housing reports $17.9M portfolio; board accepts 2025 financial statements

The Tempe Coalition for Affordable Housing (TCAH) told a joint meeting with the Tempe City Council that its portfolio is now valued at $17,900,000 and consists of 73 permanently affordable housing units, and the TCAH board voted to accept the coalition’s year-end financial statements for 2025.

"Our mission is to provide permanently affordable housing options in the city of Tempe," said Grama Holland B. Cain, TCAH board president, summarizing the coalition’s structure and goals. Cain described TCAH as an affiliate of the Tempe Housing Authority that can operate with greater flexibility — including the ability to acquire property, secure loans and pursue 501(c)(3) funding — to keep units permanently affordable.

The board president highlighted recent development partnerships and acquisitions. Cain said TCAH is a development partner on La Victoria Commons, a project she described as delivering about 100 affordable units plus on-site health services and employment supports, and called that partnership the coalition’s first soft loan (gap financing) award. She also said the coalition owns three vacant lots and is preparing requests for proposals intended to deliver an estimated 40–60 additional affordable or homeownership units at those sites.

Theresa, who presented the financial statements, said cash and readily available savings were "approximately $2,800,000 at the end of the year," and that other near-term investments totaled "a little over $3,000,000." Theresa reported minimal liabilities ("under $100,000"), "investment earnings" of about $170,000 and described the net of activity for 2025 as "just under $2,500,000." The presenter also stated net equity at year end as $25,000,000.

After clarification from city staff that acceptance of the financials was a TCAH board action rather than a city council vote, a board member moved to accept the year-end financials. TCAH leadership confirmed the motion was seconded and the board president announced, "None opposed. The motion carries," indicating approval.

Danielle Amoroso of MEB Affordable Management reported on portfolio operations and occupancy. She said the coalition’s portfolio grew from about 52 units in May 2023 to 73 units today and that, in one recent snapshot, 59 of 73 units were occupied (about 81.9%). Monthly operational figures for February included rental income of $66,521, other income of $2,970 and net operating income of $25,221; delinquent resident balances were reported at $6,403.

Council members asked several follow-up questions about budget variances, occupancy and barriers to filling units. Amoroso said the largest barriers were applicants failing background or credit checks and the requirement that households pay roughly 30% of income for rent; she also said a significant portion of current residents use housing vouchers and that TCAH serves as an additional option for voucher holders.

The meeting concluded with no additional actions and adjourned at 4:23 p.m.

The board identified next steps as continuing renovation work, issuing RFPs for owned vacant lots and advancing the Hometown For All program funded in part by a $50,000 grant to support developer engagement.