JAE PROPERTIES, INC. has been very successful  in the conversion of subsidized housing developments from non-profit  ownership to limited dividend status. A thorough understanding  of the financial, legal, and operational aspects of subsidized  rental housing was necessary to effect such conversions.

JAE Properties has extensive experience  in the rehabilitation of low income properties. All of the non-profit  to for profit ownership properties required some curing of deferred  maintenance. In the case of Acorn I and II in West Oakland extensive  rehabilitation was required. JAE Properties coordinated the $11  million and $2 million rehabilitation programs on Acorn I and  II respectively. The projects were 60% occupied and relocation  was on site. In addition the MORH II Towers, under the ownership  of HUD, were less than 50% occupied when JAE undertook the rehabilitation  of the three twelve story towers which included sealing the exterior  field block used to construct the units.

More recently, JAE Properties served as developer in the purchase of an existing affordable housing property in 2001.  Lincoln Apartments was purchased in August 2001 and rehabilitated through a combination of 5,425,000 in tax exempt bonds and 2,578,860 in low income housing tax credits.