As of March 31, 2022, the Partnership had four reportable segments: (1) Affordable Multifamily MRB Investments, (2) Seniors and Skilled Nursing MRB Investments, (3) MF Properties, and (4) Market-Rate Joint Venture Investments. The Partnership presented a fifth reportable segment, Public Housing Capital Fund Trusts, in its recent quarterly and annual filings. 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 and information is not presented for this segment as it had no operations during the periods presented. 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 in the Partnership's condensed consolidated balance sheets. As of March 31, 2022, the Partnership reported 71 MRBs and nine GILs in this segment. As of March 31, 2022, the multifamily residential properties securing the MRBs and GILs contain a total of 10,389 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 condensed 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. As of March 31, 2022, the property securing the MRB contains a total of 154 seniors housing units and the skilled nursing facility securing the property loan has 128 beds.

The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which makes noncontrolling equity investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily properties (Note 9). 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 March 31, 2022, 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 following table details certain financial information for the Partnership’s reportable segments for the three months ended March 31, 2022 and 2021:


	For the Three Months Ended March 31,
	2022			2021
Total revenues
Affordable Multifamily MRB Investments	$	14,133,406		$	10,794,788
Seniors and Skilled Nursing MRB Investments		229,378			-
Market-Rate Joint Venture Investments		2,916,586			1,898,176
MF Properties		1,927,001			1,694,524
Total revenues	$	19,206,371		$	14,387,488

Interest expense
Affordable Multifamily MRB Investments	$	3,472,044		$	4,944,277
Seniors and Skilled Nursing MRB Investments		-			-
Market-Rate Joint Venture Investments		192,324			-
MF Properties		272,763			282,198
Total interest expense	$	3,937,131		$	5,226,475

Depreciation expense
Affordable Multifamily MRB Investments	$	5,962		$	5,811
Seniors and Skilled Nursing MRB Investments		-			-
Market-Rate Joint Venture Investments		-			-
MF Properties		677,700			677,649
Total depreciation expense	$	683,662		$	683,460

Net income (loss)
Affordable Multifamily MRB Investments	$	6,965,555		$	2,549,452
Seniors and Skilled Nursing MRB Investments		228,753			-
Market-Rate Joint Venture Investments		19,162,043			4,706,221
MF Properties		(92,333	)		(262,819	)
Net income	$	26,264,018		$	6,992,854

The following table details total assets for the Partnership’s reportable segments as of March 31, 2022 and December 31, 2021:


	March 31, 2022			December 31, 2021
Total assets
Affordable Multifamily MRB Investments	$	1,320,010,193		$	1,304,626,248
Seniors and Skilled Nursing MRB Investments		12,761,007			13,533,020
Market-Rate Joint Venture Investments		111,842,744			112,052,513
MF Properties		61,702,566			66,501,994
Consolidation/eliminations		(110,414,222	)		(110,804,292	)
Total assets	$	1,395,902,288		$	1,385,909,483