Historically, the Partnership had four reportable segments: (1) Mortgage Revenue Bond Investments, (2) MF Properties, (3) Other Investments, and (4) Public Housing Capital Fund Trusts. However, effective as of December 1, 2021 we established a new reportable segment designated as Seniors and Skilled Nursing MRB Investments. In addition, as of December 1, 2021, we renamed our Mortgage Revenue Bond Investments segment as “Affordable Multifamily MRB Investments”, and our Other Investments segment was renamed to “Market-Rate Joint Venture Investments”. Therefore, as of December 31, 2021, we had five reportable segments: (1) Affordable Multifamily MRB Investments, (2) Seniors and Skilled Nursing MRB Investments, (3) MF Properties, (4) Market-Rate Joint Venture Investments, and (5) Public Housing Capital Fund Trusts. All activity in the Public Housing Capital Fund Trusts segment ceased with the sale of the Public Housing Capital Trust Fund investments in January 2020, as described further below. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments.

The Affordable Multifamily MRB Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related property loans that have been issued to provide construction and/or permanent financing for multifamily residential and commercial properties in their market areas. Such MRBs and GILs are held as investments and the related property loans, net of loan loss allowances, are reported as such on the Partnership’s consolidated balance sheets. As of December 31, 2021, the Partnership reported 74 MRBs and 9 GILs. The multifamily residential properties securing the MRBs and GILs contain a total of 10,752 and 1,832 multifamily rental units, respectively. In addition, one MRB (Provision Center 2014-1) is collateralized by commercial real estate. All “General and administrative expenses” on the Partnership’s consolidated statements of operations are reported within this segment.

The Seniors and Skilled Nursing MRB Investments segment consists of an MRB and a property loan that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties. Seniors housing consists of a combination of the independent living, assisted living and memory care units. The properties securing the MRB and property loan contain a total of 154 seniors housing units and 65 skilled nursing units, respectively.

The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (Note 9) and property loans for the construction of market-rate multifamily properties (Note 10). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 5).

The MF Properties segment consists primarily of multifamily and student housing residential properties held by the Partnership (Note 8). During the time the Partnership holds an interest in an MF Property, any excess cash flow will be available for distribution to the Partnership. As of December 31, 2021, the Partnership owned two MF Properties containing a total of 859 rental units. Income tax expense for the Greens Hold Co is reported within this segment.

The Public Housing Capital Fund Trusts segment consisted of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates and the related TOB Trust financings. In January 2020, the Partnership sold the PHC Certificates to an unrelated party, and the related TOB Trust financings were collapsed and all principal and interest was paid in full. As a result, the Public Housing Capital Fund Trusts segment has had no activity after January 2020.

The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2021 and 2020:


	For the Years Ended December 31,
	2021			2020
Total revenues
Affordable Multifamily MRB Investments	$	46,198,552		$	41,877,394
Seniors and Skilled Nursing MRB Investments		77,979			-
Market-Rate Joint Venture Investments		14,967,102			6,490,695
MF Properties		7,208,661			6,986,009
Public Housing Capital Fund Trusts		-			174,470
Total revenues	$	68,452,294		$	55,528,568

Interest expense
Affordable Multifamily MRB Investments	$	20,382,143		$	19,821,502
Seniors and Skilled Nursing MRB Investments		-			-
Market-Rate Joint Venture Investments		428,018			-
MF Properties		1,133,724			1,196,393
Public Housing Capital Fund Trusts		-			197,993
Total interest expense	$	21,943,885		$	21,215,888

Depreciation expense
Affordable Multifamily MRB Investments	$	23,495		$	15,913
Seniors and Skilled Nursing MRB Investments		-			-
Market-Rate Joint Venture Investments		-			-
MF Properties		2,709,427			2,794,160
Public Housing Capital Fund Trusts		-			-
Total depreciation expense	$	2,732,922		$	2,810,073

Net income (loss)
Affordable Multifamily MRB Investments	$	8,619,813		$	719,183
Seniors and Skilled Nursing MRB Investments		72,020			-
Market-Rate Joint Venture Investments		30,055,826			6,488,217
MF Properties		(648,171	)		(1,389,571	)
Public Housing Capital Fund Trusts		-			1,390,999
Net income	$	38,099,488		$	7,208,828

The following table details total assets for the Partnership’s reportable segments as of December 31, 2021 and 2021:


	December 31, 2021			December 31, 2020
Total assets
Affordable Multifamily MRB Investments	$	1,304,626,248		$	1,114,146,614
Seniors and Skilled Nursing MRB Investments		13,533,020			-
Market-Rate Joint Venture Investments		112,052,513			106,931,182
MF Properties		66,501,994			67,988,190
Public Housing Capital Fund Trusts		-			-
Consolidation/eliminations		(110,804,292	)		(113,818,107	)
Total assets	$	1,385,909,483		$	1,175,247,879