Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting [Abstract]

Segments

23. Segments

As of June 30, 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 quarterly and annual filings during 2021 and prior. 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.

Affordable Multifamily MRB Investments Segment

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 June 30, 2022, the Partnership reported 74 MRBs and 10 GILs in this segment. As of June 30, 2022, the multifamily residential properties securing the MRBs and GILs contain a total of 10,481 and 2,032 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.

Seniors and Skilled Nursing MRB Investments 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 June 30, 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.

Market-Rate Joint Venture Investments Segment

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).

MF Properties Segment

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 June 30, 2022, the Partnership owned two MF Properties containing a total of 859 rental uniIncome 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 and six months ended June 30, 2022 and 2021:

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2022		2021			2022			2021
Total revenues
Affordable Multifamily MRB Investments	$	12,886,972	$	11,034,482		$	27,020,378		$	21,829,270
Seniors and Skilled Nursing MRB Investments		240,905		-			470,283			-
Market-Rate Joint Venture Investments		2,160,549		3,583,841			5,077,135			5,482,017
MF Properties		1,944,541		1,788,173			3,871,542			3,482,697
Total revenues	$	17,232,967	$	16,406,496		$	36,439,338		$	30,793,984
Interest expense
Affordable Multifamily MRB Investments	$	6,306,743	$	5,035,615		$	9,778,787		$	9,979,892
Seniors and Skilled Nursing MRB Investments		-		-			-			-
Market-Rate Joint Venture Investments		201,357		40,498			393,681			40,498
MF Properties		268,866		281,983			541,629			564,181
Total interest expense	$	6,776,966	$	5,358,096		$	10,714,097		$	10,584,571
Depreciation expense
Affordable Multifamily MRB Investments	$	5,961	$	5,811		$	11,923		$	11,622
Seniors and Skilled Nursing MRB Investments		-		-			-			-
Market-Rate Joint Venture Investments		-		-			-			-
MF Properties		678,401		679,073			1,356,101			1,356,722
Total depreciation expense	$	684,362	$	684,884		$	1,368,024		$	1,368,344
Net income (loss)
Affordable Multifamily MRB Investments	$	2,758,015	$	1,290,784		$	9,723,570		$	3,840,236
Seniors and Skilled Nursing MRB Investments		240,280		-			469,033			-
Market-Rate Joint Venture Investments		14,600,082		9,004,390			33,762,125			13,710,611
MF Properties		8,304		(30,494	)		(84,029	)		(293,313	)
Net income	$	17,606,681	$	10,264,680		$	43,870,699		$	17,257,534

The following table details total assets for the Partnership’s reportable segments as of June 30, 2022 and December 31, 2021:

	June 30, 2022			December 31, 2021
Total assets
Affordable Multifamily MRB Investments	$	1,367,407,963		$	1,304,626,248
Seniors and Skilled Nursing MRB Investments		11,988,159			13,533,020
Market-Rate Joint Venture Investments		111,975,995			112,052,513
MF Properties		61,436,062			66,501,994
Consolidation/eliminations		(110,961,508	)		(110,804,292	)
Total assets	$	1,441,846,671		$	1,385,909,483