AOF serves as a charitable general or special limited partner in three (3) partnerships that own conventionally financed apartment properties which have received an allocation of low-income housing tax credits.
AOF also serves as sole general partner in two (2) partnerships which own projects financed under HUD Section 236 which also have Section 8 housing assistance payment contracts.
Furthermore, AOF rehabilitates and sells single-family properties. Most properties sold (through AOF/Pacific) are to first time buyers in accordance with the median area income limits established by HUD.
However, the main thrust of AOF, subsequent to receiving the Group Determination Letter in 1993, has been to form the subordinate entities under its exempt status listed on A Summary of Subordinate Entities:
