Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2015

Variable Interest Entities [Abstract]

Variable Interest Entity, Classification Of Carrying Amount, Assets [Table Text Block]

The following tables present information regarding the Non-Consolidated VIEs held by the Partnership as of December 31, 2015 and 2014:

	December 31, 2015
	Balance Sheet Classification				Maximum Exposure to Loss
	Mortgage Revenue Bond		Property Loan		Mortgage Revenue Bond		Property Loan
Ashley Square Apartments	$	5,607,163	$	1,482,000	$	5,099,000	$	7,942,472
Bruton Apartments		20,046,839		-		18,145,000		-
Columbia Gardens		15,224,597		-		15,224,597		-
Cross Creek		9,034,294		3,624,614		6,101,605		3,624,614
Glenview Apartments		6,926,243		-		6,723,000		-
Harden Ranch		7,628,981		-		6,960,000		-
Montclair Apartments		3,569,573		-		3,458,000		-
Santa Fe Apartments		4,884,102		-		4,736,000		-
Seasons at Simi Valley		6,724,110		-		6,320,000		-
Sycamore Walk		5,447,000		-		5,447,000		-
Tyler Park Apartments		6,562,209		-		6,075,000		-
Vantage at Braunfels, LLC		-		4,364,787		-		4,364,787
Vantage at Brooks, LLC		-		3,533,104		-		3,533,104
Westside Village Market		4,172,340		-		3,970,000		-
Willow Run		15,224,591		-		15,224,591		-
	$	111,052,042	$	13,004,505	$	103,483,793	$	19,464,977

	December 31, 2014
	Balance Sheet Classification				Maximum Exposure to Loss
	Mortgage Revenue Bond		Property Loan		Mortgage Revenue Bond		Property Loan
Ashley Square Apartments	$	5,645,559	$	1,482,000	$	5,159,000	$	7,534,002
Bruton Apartments		18,145,000		-		18,145,000		-
Cross Creek		8,617,079		3,528,615		6,074,817		3,528,615
Glenview Apartments		6,723,000		-		6,723,000		-
Harden Ranch		9,300,000		-		9,300,000		-
Montclair Apartments		3,458,000		-		3,458,000		-
Santa Fe Apartments		4,736,000		-		4,736,000		-
Tyler Park Apartments		8,100,000		-		8,100,000		-
Westside Village Market		5,400,000		-		5,400,000		-
	$	70,124,638	$	5,010,615	$	67,095,817	$	11,062,617

VIEs, Assets Held for Sale [Table Text Block]

the Partnership has made taxable property loans to these consolidated VIEs of $7.4 million as of December 31, 2014. These were eliminated upon consolidation. The Consolidated VIEs were sold in the fourth quarter of 2015, therefore there were no assets held for sale reported as of December 31, 2015. The total income earned from the mortgage revenue bonds in 2015 was approximately $821,000.

VIEs, Assets Held for Sale - December 31, 2014
Property Name	Location	Maturity Date	Base Interest Rate			Principal Outstanding at December 31, 2014		Income Earned in 2014

Bent Tree Apartments⁽¹⁾	Columbia, SC	12/15/2030		6.25	%	$	7,465,000	$	468,859
Fairmont Oaks Apartments⁽¹⁾	Gainesville, FL	4/1/2033		6.30	%		7,266,000		460,420
Total Mortgage Revenue Bonds						$	14,731,000	$	929,279

⁽¹⁾ Bonds held by ATAX TEBS I, LLC

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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