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Debt Financing (Tables)
 12 Months Ended
Dec. 31, 2015
Debt Financing [Abstract]  
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]

The Partnership had the following outstanding TOB trust financing arrangements, net of deferred financing costs as of December 31, 2015 and 2014:

 

TOB Trusts Securitization

 

Outstanding TOB Trust Financing at December 31, 2015

 

 

Year Acquired

 

Stated Maturity

 

Variable / Fixed

 

Reset Frequency

 

SIFMA Based Rate

 

 

Facility Fees

 

 

Year End Rate

 

PHC Certificates (1)

 

$

43,985,000

 

 

2012

 

June-16

 

Variable

 

Weekly

 

 

0.68

%

 

 

1.62

%

 

 

2.30

%

MBS Securities - 1

 

 

2,585,000

 

 

2012

 

April-16

 

Variable

 

Weekly

 

 

0.16

%

 

 

0.94

%

 

 

1.10

%

MBS Securities - 2

 

 

4,090,000

 

 

2012

 

April-16

 

Variable

 

Weekly

 

 

0.16

%

 

 

0.94

%

 

 

1.10

%

MBS Securities - 3

 

 

5,270,000

 

 

2012

 

April-16

 

Variable

 

Weekly

 

 

0.16

%

 

 

0.94

%

 

 

1.10

%

Decatur Angle

 

 

22,847,450

 

 

2014

 

October-16

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.26

%

Live 929

 

 

37,935,981

 

 

2014

 

July-19

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.39

%

Bruton Apartments

 

 

17,246,899

 

 

2014

 

July-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.51

%

Pro Nova 2014-1

 

 

9,006,899

 

 

2014

 

July-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.01

%

Pro Nova 2014-2

 

 

8,371,899

 

 

2014

 

July-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.01

%

Concord at Gulfgate

 

 

14,936,685

 

 

2015

 

February-18

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Concord at Little York

 

 

11,231,685

 

 

2015

 

February-18

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Concord at Williamcrest

 

 

15,606,685

 

 

2015

 

February-18

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Columbia Gardens

 

 

11,699,209

 

 

2015

 

December-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Willow Run

 

 

11,698,732

 

 

2015

 

December-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

2.76

%

Total TOB Trust

   Financing\Effective Rate

 

$

216,512,124

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.26

%

 

(1) Comprised of three TOB Trusts

 

TOB Trusts Securitization

 

Outstanding TOB Trust Financing at December 31, 2014

 

 

Year Acquired

 

Stated Maturity

 

Variable / Fixed

 

Reset Frequency

 

SIFMA Based Rate

 

 

Facility Fees

 

 

Year End Rate

 

PHC Certificates (1)

 

$

44,660,693

 

 

2012

 

June-15

 

Variable

 

Weekly

 

 

0.58

%

 

 

1.62

%

 

 

2.20

%

MBS Securities - 1

 

 

2,585,000

 

 

2012

 

April-15

 

Variable

 

Weekly

 

 

0.18

%

 

 

0.94

%

 

 

1.12

%

MBS Securities - 2

 

 

4,090,000

 

 

2012

 

April-15

 

Variable

 

Weekly

 

 

0.18

%

 

 

0.94

%

 

 

1.12

%

MBS Securities - 3

 

 

5,270,000

 

 

2012

 

April-15

 

Variable

 

Weekly

 

 

0.12

%

 

 

0.94

%

 

 

1.06

%

The Suites on Paseo

 

 

25,535,000

 

 

2013

 

June-15

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

1.96

%

Decatur Angle

 

 

21,841,852

 

 

2014

 

October-16

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.34

%

Live 929

 

 

34,942,917

 

 

2014

 

July-19

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.47

%

Bruton Apartments

 

 

17,245,083

 

 

2014

 

July-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.55

%

Pro Nova 2014-1

 

 

9,007,656

 

 

2014

 

July-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.05

%

Pro Nova 2014-2

 

 

9,007,656

 

 

2014

 

July-17

 

Fixed

 

N/A

 

N/A

 

 

N/A

 

 

 

4.05

%

Total TOB Trust

   Financing\Effective Rate

 

$

174,185,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.23

%

 

(1) Comprised of three TOB Trusts
Summary of Tax Exempt Bonds Securitization [Table Text Block]

The following tables provide the detail related to the outstanding TEBS Financing arrangements, net of deferred financing costs, as well as the year acquired, stated maturity, and annual interest rates at December 31, 2015 and 2014.

 

 

 

Outstanding TEBS Financing at December 31, 2015

 

 

Year Acquired

 

 

Stated Maturity

 

Variable / Fixed

 

Reset Frequency

 

SIFMA Based Rate

 

 

Facility Fees

 

 

Year End Rate

 

M24 TEBS Financing

 

$

60,735,743

 

 

 

2010

 

 

September-17

 

Variable

 

Weekly

 

 

0.04

%

 

 

1.91

%

 

 

1.95

%

M31 TEBS Financing (1)

 

 

92,280,069

 

 

 

2014

 

 

July-19

 

Variable

 

Weekly

 

 

0.02

%

 

 

1.42

%

 

 

1.44

%

M33 TEBS Financing (1)

 

 

81,968,780

 

 

 

2015

 

 

July-20

 

Variable

 

Weekly

 

 

0.02

%

 

 

1.26

%

 

 

1.28

%

Total TEBS

   Financing\Effective Rate

 

$

234,984,592

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.52

%

 

(1) Facility fees are variable

 

 

 

 

Outstanding TEBS Financing at December 31, 2014

 

 

Year Acquired

 

 

Stated Maturity

 

Variable / Fixed

 

Reset Frequency

 

SIFMA Based Rate

 

 

Facility Fees

 

 

Year End Rate

 

M24 TEBS Financing

 

$

75,131,269

 

 

 

2010

 

 

September-17

 

Variable

 

Weekly

 

 

0.07

%

 

 

1.91

%

 

 

1.98

%

M31 TEBS Financing (1)

 

 

92,302,337

 

 

 

2014

 

 

July-19

 

Variable

 

Weekly

 

 

0.05

%

 

 

1.42

%

 

 

1.47

%

Total TEBS

   Financing\Effective Rate

 

$

167,433,606

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.70

%

 
Schedule of Securities Financing Transactions [Table Text Block]

Effective July 1, 2015, the Partnership transferred the following mortgage revenue bonds to the 2015 Sponsor pursuant to the M33 TEBS financing described above:

 

 

 

Outstanding Bond Par Amounts

 

 

 

Description of Mortgage Revenue Bonds

 

December 31, 2015

 

 

July 1, 2015

 

 

Financial Statement Presentation

Avistar at the Parkway - Series A

 

$

13,300,000

 

 

$

13,300,000

 

 

Mortgage revenue bond

Glenview Apartments - Series A

 

 

4,670,000

 

 

 

4,670,000

 

 

Mortgage revenue bond

Heritage Square - Series A

 

 

11,185,000

 

 

 

11,185,000

 

 

Mortgage revenue bond

Montclair Apartments - Series A

 

 

2,530,000

 

 

 

2,530,000

 

 

Mortgage revenue bond

Renaissance Gateway

 

 

11,450,959

 

 

 

11,491,928

 

 

Mortgage revenue bond

Santa Fe Apartments - Series A

 

 

3,065,000

 

 

 

3,065,000

 

 

Mortgage revenue bond

Silver Moon Lodge Apartments - Series A

 

 

7,983,811

 

 

 

8,000,000

 

 

Mortgage revenue bond

Vantage at Harlingen

 

 

24,575,000

 

 

 

24,575,000

 

 

Mortgage revenue bond

Vantage at Judson

 

 

26,540,000

 

 

 

26,540,000

 

 

Mortgage revenue bond

Total

 

$

105,299,770

 

 

$

105,356,928

 

 

 

Effective July 1, 2014, the Partnership transferred the following mortgage revenue bonds to the 2014 Sponsor pursuant to the M31 TEBS Financing described above:

 

 

 

Outstanding Bond Par Amounts

 

 

 

Description of Mortgage Revenue Bonds

 

December 31, 2015

 

 

December 31, 2014

 

 

Financial Statement Presentation

Arbors at Hickory Ridge

 

$

11,450,000

 

 

$

11,450,000

 

 

Mortgage revenue bond

Avistar at Chase Hill - Series A

 

 

9,935,552

 

 

 

10,000,000

 

 

Mortgage revenue bond

Avistar at the Crest - Series A

 

 

9,637,485

 

 

 

9,700,000

 

 

Mortgage revenue bond

Avistar at the Oaks - Series A

 

 

7,777,936

 

 

 

7,800,000

 

 

Mortgage revenue bond

Avistar in 09 - Series A

 

 

6,715,948

 

 

 

6,735,000

 

 

Mortgage revenue bond

Avistar on the Boulevard - Series A

 

 

16,418,497

 

 

 

16,525,000

 

 

Mortgage revenue bond

Avistar on the Hills - Series A

 

 

5,373,756

 

 

 

5,389,000

 

 

Mortgage revenue bond

Copper Gate Apartments

 

 

5,185,000

 

 

 

5,220,000

 

 

Mortgage revenue bond

Greens Property - Series A

 

 

8,294,000

 

 

 

8,366,000

 

 

Mortgage revenue bond

Harden Ranch - Series A

 

 

6,960,000

 

 

 

6,960,000

 

 

Mortgage revenue bond

The Palms at Premier Park Apartments

 

 

20,001,272

 

 

 

20,152,000

 

 

Mortgage revenue bond

Tyler Park Townhomes - Series A

 

 

6,075,000

 

 

 

6,075,000

 

 

Mortgage revenue bond

Westside Village Market - Series A

 

 

3,970,000

 

 

 

3,970,000

 

 

Mortgage revenue bond

Total

 

$

117,794,446

 

 

$

118,342,000

 

 

 

 
Schedule of Maturities of Long-term Debt [Table Text Block]

The Partnership’s aggregate borrowings as of December 31, 2015 contractually mature over the next five years and thereafter as follows:

 

2016

 

$

81,807,600

 

2017

 

 

120,366,181

 

2018

 

 

43,614,419

 

2019

 

 

129,541,724

 

2020

 

 

81,101,364

 

Thereafter

 

 

-

 

Total

 

$

456,431,288