|BOSTON, MA – TCAM announced today that the Housing Authority of the City of Port Arthur (“PAHA”) has engaged TCAM to strengthen its asset management function. TCAM is helping PAHA achieve greater operational efficiency and effectiveness, improve asset management practices, policies and procedures, and incorporate best practices from around the industry. Stronger asset management will help PAHA continue to fulfill its mission of promoting adequate and affordable housing, economic opportunity and suitable living environments free from discrimination.
This engagement is the most recent assignment for TCAM from a public housing authority that is participating in the Rental Assistance Demonstration (RAD) program, a new way of meeting the large and growing capital improvement needs of the nation’s aging public housing stock, as well as to preserve projects funded under HUD’s “legacy” programs (Rental Supplement, Rental Assistance Payment, and Moderate Rehabilitation). Under RAD, properties convert their assistance to long-term, project-based Section 8 contracts (or Project-Based vouchers). These new contracts provide a more reliable source of operating subsidy that allow PHAs and owners to safely leverage private capital – typically debt and equity – in order to finance the property rehabilitation or replacement.
TCAM is currently providing asset management and advisory services for several state and local housing agencies as well as owners, investors, banks, insurance companies and corporations. “The Port Arthur Housing Authority plays a critical role in addressing the affordable housing needs in its communities,” said Allen Feliz, TCAM Managing Director. “TCAM is delighted to bring its experience and expertise to helping the Authority with this important mission.”
TCAM (www.tcamre.com) provides asset management and consulting services for investors, syndicators, owners, lenders, housing finance agencies and authorities and guarantors. TCAM’s services help clients manage their interests in over 1,600 properties comprising over 170,000 apartment units in 47 states, Washington, D.C. and Puerto Rico.
TCAM is headquartered in Boston, MA and is owned by its employees and QuietStream Financial (http://quietstreamfinancial.com/). QuietStream Financial serves commercial real estate owners and related professionals with a portfolio of innovative businesses.
The Housing Authority of the City of Port Arthur is a public agency that provides subsidized housing to low and moderate income individuals and families. The Authority administers two distinct housing programs, Public Housing and Section 8 Housing Choice Voucher. PAHA manages 302 units of Public Housing and an additional 2,657 Section 8 Housing Choice Vouchers. For more information visit: http://www.pahousing.org/