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June 30, 2009
The Bad Economy and Founder's Death Roil Texas Housing Charity
The tangled finances of the American Housing Foundation — a national charity whose founder, Steve Sterquell, died in April in an apparent suicide — are explored in a two-part Amarillo Globe-News series.
The foundation, which developed and operated affordable-housing complexes through a network of partnerships with nonprofit and for-profit entities, entered voluntary bankruptcy and embarked on a reorganization following Mr. Sterquell’s death and the subsequent resignation of his son, Steve Sterquell II. The organization, which maintains its headquarters in Amarillo, Tex., faces a barrage of lawsuits involving $38.5-million in disputed funds.
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