XML 48 R37.htm IDEA: XBRL DOCUMENT v3.22.2.2
Mortgage Revenue Bonds (Tables)
 9 Months Ended
Sep. 30, 2022
Investments In Mortgage Revenue Bonds [Abstract]  
Schedule of Investments in MRBs The Partnership had the following investments in MRBs as of September 30, 2022 and December 31, 2021:

 

 

September 30, 2022

 

Description of Mortgage Revenue Bonds Held in Trust

 

State

 

Cost Adjusted for
Paydowns and
Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

Courtyard - Series A (4)

 

CA

 

$

9,898,954

 

 

$

389,990

 

 

$

-

 

 

$

10,288,944

 

Glenview Apartments - Series A (3)

 

CA

 

 

4,386,923

 

 

 

221,254

 

 

 

-

 

 

 

4,608,177

 

Harmony Court Bakersfield - Series A (4)

 

CA

 

 

3,609,296

 

 

 

118,091

 

 

 

-

 

 

 

3,727,387

 

Harmony Terrace - Series A (4)

 

CA

 

 

6,682,143

 

 

 

329,629

 

 

 

-

 

 

 

7,011,772

 

Harden Ranch - Series A (2)

 

CA

 

 

6,472,099

 

 

 

452,521

 

 

 

-

 

 

 

6,924,620

 

Las Palmas II - Series A (4)

 

CA

 

 

1,637,465

 

 

 

70,328

 

 

 

-

 

 

 

1,707,793

 

Lutheran Gardens (6)

 

CA

 

 

10,352,000

 

 

 

63,494

 

 

 

-

 

 

 

10,415,494

 

Montclair Apartments - Series A (3)

 

CA

 

 

2,376,641

 

 

 

130,702

 

 

 

-

 

 

 

2,507,343

 

Montecito at Williams Ranch Apartments - Series A (6)

 

CA

 

 

7,522,733

 

 

 

627,722

 

 

 

-

 

 

 

8,150,455

 

Montevista - Series A (6)

 

CA

 

 

6,667,855

 

 

 

565,132

 

 

 

-

 

 

 

7,232,987

 

Ocotillo Springs - Series A (6), (8)

 

CA

 

 

11,090,000

 

 

 

-

 

 

 

(487,801

)

 

 

10,602,199

 

Residency at the Entrepreneur J-1 (6)

 

CA

 

 

9,088,500

 

 

 

172,857

 

 

 

-

 

 

 

9,261,357

 

Residency at the Entrepreneur J-2 (6)

 

CA

 

 

7,500,000

 

 

 

217,798

 

 

 

-

 

 

 

7,717,798

 

Residency at the Entrepreneur J-3 (7)

 

CA

 

 

-

 

 

 

656,481

 

 

 

-

 

 

 

656,481

 

Residency at the Mayer - Series A (6)

 

CA

 

 

25,069,208

 

 

 

-

 

 

 

-

 

 

 

25,069,208

 

San Vicente - Series A (4)

 

CA

 

 

3,376,366

 

 

 

111,397

 

 

 

-

 

 

 

3,487,763

 

Santa Fe Apartments - Series A (3)

 

CA

 

 

2,879,212

 

 

 

145,213

 

 

 

-

 

 

 

3,024,425

 

Seasons at Simi Valley - Series A (4)

 

CA

 

 

4,150,500

 

 

 

384,743

 

 

 

-

 

 

 

4,535,243

 

Seasons Lakewood - Series A (4)

 

CA

 

 

7,117,935

 

 

 

351,126

 

 

 

-

 

 

 

7,469,061

 

Seasons San Juan Capistrano - Series A (4)

 

CA

 

 

11,984,278

 

 

 

591,182

 

 

 

-

 

 

 

12,575,460

 

Summerhill - Series A (4)

 

CA

 

 

6,215,150

 

 

 

80,688

 

 

 

-

 

 

 

6,295,838

 

Sycamore Walk - Series A (4)

 

CA

 

 

3,440,619

 

 

 

130,469

 

 

 

-

 

 

 

3,571,088

 

The Village at Madera - Series A (4)

 

CA

 

 

2,985,168

 

 

 

137,695

 

 

 

-

 

 

 

3,122,863

 

Tyler Park Townhomes - Series A (2)

 

CA

 

 

5,635,996

 

 

 

231,647

 

 

 

-

 

 

 

5,867,643

 

Vineyard Gardens - Series A (6)

 

CA

 

 

3,916,109

 

 

 

312,891

 

 

 

-

 

 

 

4,229,000

 

Westside Village Market - Series A (2)

 

CA

 

 

3,683,114

 

 

 

193,646

 

 

 

-

 

 

 

3,876,760

 

Brookstone (1)

 

IL

 

 

7,298,854

 

 

 

1,232,165

 

 

 

-

 

 

 

8,531,019

 

Copper Gate Apartments (2)

 

IN

 

 

4,900,000

 

 

 

135,868

 

 

 

-

 

 

 

5,035,868

 

Renaissance - Series A (3)

 

LA

 

 

10,622,933

 

 

 

447,502

 

 

 

-

 

 

 

11,070,435

 

Live 929 Apartments - Series 2022A (6)

 

MD

 

 

58,050,821

 

 

 

798,344

 

 

 

-

 

 

 

58,849,165

 

Jackson Manor Apartments (6)

 

MS

 

 

6,900,000

 

 

 

-

 

 

 

-

 

 

 

6,900,000

 

Greens Property - Series A (2)

 

NC

 

 

7,629,000

 

 

 

536

 

 

 

-

 

 

 

7,629,536

 

Silver Moon - Series A (3)

 

NM

 

 

7,575,818

 

 

 

609,702

 

 

 

-

 

 

 

8,185,520

 

Village at Avalon (5)

 

NM

 

 

15,974,957

 

 

 

863,641

 

 

 

-

 

 

 

16,838,598

 

Columbia Gardens (4)

 

SC

 

 

12,588,742

 

 

 

428,517

 

 

 

-

 

 

 

13,017,259

 

Companion at Thornhill Apartments (4)

 

SC

 

 

10,821,542

 

 

 

448,643

 

 

 

-

 

 

 

11,270,185

 

The Palms at Premier Park Apartments (2)

 

SC

 

 

18,200,634

 

 

 

643,425

 

 

 

-

 

 

 

18,844,059

 

Village at River's Edge (4)

 

SC

 

 

9,669,777

 

 

 

44,189

 

 

 

-

 

 

 

9,713,966

 

Willow Run (4)

 

SC

 

 

12,414,487

 

 

 

477,489

 

 

 

-

 

 

 

12,891,976

 

Arbors at Hickory Ridge (2)

 

TN

 

 

10,633,673

 

 

 

1,699,911

 

 

 

-

 

 

 

12,333,584

 

Avistar at Copperfield - Series A (6)

 

TX

 

 

13,569,835

 

 

 

481,953

 

 

 

-

 

 

 

14,051,788

 

Avistar at the Crest - Series A (2)

 

TX

 

 

8,928,536

 

 

 

591,677

 

 

 

-

 

 

 

9,520,213

 

Avistar at the Oaks - Series A (2)

 

TX

 

 

7,221,895

 

 

 

432,723

 

 

 

-

 

 

 

7,654,618

 

Avistar at the Parkway - Series A (3)

 

TX

 

 

12,468,173

 

 

 

682,039

 

 

 

-

 

 

 

13,150,212

 

Avistar at Wilcrest - Series A (6)

 

TX

 

 

5,142,693

 

 

 

4,874

 

 

 

-

 

 

 

5,147,567

 

Avistar at Wood Hollow - Series A (6)

 

TX

 

 

39,048,349

 

 

 

1,386,861

 

 

 

-

 

 

 

40,435,210

 

Avistar in 09 - Series A (2)

 

TX

 

 

6,235,826

 

 

 

295,681

 

 

 

-

 

 

 

6,531,507

 

Avistar on the Boulevard - Series A (2)

 

TX

 

 

15,210,725

 

 

 

824,271

 

 

 

-

 

 

 

16,034,996

 

Avistar on the Hills - Series A (2)

 

TX

 

 

4,944,271

 

 

 

327,489

 

 

 

-

 

 

 

5,271,760

 

Bruton Apartments (4), (8)

 

TX

 

 

17,419,883

 

 

 

-

 

 

 

(533,140

)

 

 

16,886,743

 

Concord at Gulfgate - Series A (4)

 

TX

 

 

18,456,524

 

 

 

1,239,586

 

 

 

-

 

 

 

19,696,110

 

Concord at Little York - Series A (4)

 

TX

 

 

12,929,668

 

 

 

909,327

 

 

 

-

 

 

 

13,838,995

 

Concord at Williamcrest - Series A (4)

 

TX

 

 

20,029,441

 

 

 

1,156,304

 

 

 

-

 

 

 

21,185,745

 

Crossing at 1415 - Series A (4)

 

TX

 

 

7,191,959

 

 

 

353,742

 

 

 

-

 

 

 

7,545,701

 

Decatur Angle (4), (8)

 

TX

 

 

21,919,796

 

 

 

-

 

 

 

(834,292

)

 

 

21,085,504

 

Esperanza at Palo Alto (4)

 

TX

 

 

18,955,815

 

 

 

1,118,258

 

 

 

-

 

 

 

20,074,073

 

Heights at 515 - Series A (4)

 

TX

 

 

6,584,362

 

 

 

343,057

 

 

 

-

 

 

 

6,927,419

 

Heritage Square - Series A (3)

 

TX

 

 

10,358,615

 

 

 

432,270

 

 

 

-

 

 

 

10,790,885

 

Oaks at Georgetown - Series A (4)

 

TX

 

 

11,940,699

 

 

 

311,811

 

 

 

-

 

 

 

12,252,510

 

Runnymede (1)

 

TX

 

 

9,605,000

 

 

 

439

 

 

 

-

 

 

 

9,605,439

 

Southpark (1)

 

TX

 

 

11,419,072

 

 

 

1,297,785

 

 

 

-

 

 

 

12,716,857

 

15 West Apartments (4)

 

WA

 

 

9,474,154

 

 

 

979,184

 

 

 

-

 

 

 

10,453,338

 

Mortgage revenue bonds held in trust

 

 

 

$

650,074,793

 

 

$

27,685,959

 

 

$

(1,855,233

)

 

$

675,905,519

 
(1)
MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
(2)
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
(3)
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
(4)
MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15
(5)
MRB held by Morgan Stanley in a debt financing transaction, Note 15
(6)
MRBs held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 15
(7)
The Partnership has an MRB funding commitment of $26.1 million as of September 30, 2022. The unfunded MRB commitment is accounted for as an available-for-sale security and reported at fair value. The reported unrealized loss is based on the fair value of the funding commitment outstanding as of September 30, 2022. The Partnership will partially fund the commitment with proceeds from a debt financing transaction with Mizuho Capital Markets, LLC.
(8)
As of the date presented, the MRB had been in a cumulative unrealized loss position for less than 12 consecutive months and is not considered a credit loss. The Partnership determined the unrealized loss is a result of increasing market interest rates and is not considered other-than-temporary.

 

 

September 30, 2022

 

Description of Mortgage Revenue Bonds held by the Partnership

 

State

 

Cost Adjusted for
Paydowns and
Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

CCBA Senior Garden Apartments (1)

 

CA

 

$

3,801,312

 

 

$

-

 

 

$

(209,129

)

 

$

3,592,183

 

Solano Vista - Series A

 

CA

 

 

2,635,798

 

 

 

152,712

 

 

 

-

 

 

 

2,788,510

 

Meadow Valley (2)

 

MI

 

 

1,833,437

 

 

 

-

 

 

 

(2,632,998

)

 

 

(799,561

)

Gateway Village

 

NC

 

 

2,590,992

 

 

 

-

 

 

 

-

 

 

 

2,590,992

 

Greens Property - Series B

 

NC

 

 

916,502

 

 

 

114

 

 

 

-

 

 

 

916,616

 

Lynnhaven Apartments

 

NC

 

 

3,438,048

 

 

 

-

 

 

 

-

 

 

 

3,438,048

 

Provision Center 2014-1

 

TN

 

 

4,296,204

 

 

 

-

 

 

 

-

 

 

 

4,296,204

 

Avistar at the Crest - Series B

 

TX

 

 

726,263

 

 

 

28,394

 

 

 

-

 

 

 

754,657

 

Avistar at the Oaks - Series B

 

TX

 

 

531,895

 

 

 

14,208

 

 

 

-

 

 

 

546,103

 

Avistar at the Parkway - Series B

 

TX

 

 

123,287

 

 

 

20,319

 

 

 

-

 

 

 

143,606

 

Avistar in 09 - Series B

 

TX

 

 

438,765

 

 

 

11,720

 

 

 

-

 

 

 

450,485

 

Avistar on the Boulevard - Series B

 

TX

 

 

431,548

 

 

 

14,520

 

 

 

-

 

 

 

446,068

 

Mortgage revenue bonds held by the Partnership

 

 

 

$

21,764,051

 

 

$

241,987

 

 

$

(2,842,127

)

 

$

19,163,911

 
(1)
As of the date presented, the MRB had been in a cumulative unrealized loss position for less than 12 consecutive months and is not considered a credit loss. The Partnership determined the unrealized loss is a result of increasing market interest rates and is not considered other-than-temporary.
(2)
The Partnership has a remaining MRB funding commitment of $42.3 million as of September 30, 2022. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining $42.3 million funding commitment outstanding as of September 30, 2022 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not other-than-temporary.

 

 

December 31, 2021

 

Description of Mortgage Revenue Bonds Held in Trust

 

State

 

Cost Adjusted for
Paydowns and
Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

Courtyard - Series A (4)

 

CA

 

$

9,970,209

 

 

$

2,060,480

 

 

$

-

 

 

$

12,030,689

 

Glenview Apartments - Series A (3)

 

CA

 

 

4,429,350

 

 

 

863,955

 

 

 

-

 

 

 

5,293,305

 

Harmony Court Bakersfield - Series A (4)

 

CA

 

 

3,635,277

 

 

 

720,308

 

 

 

-

 

 

 

4,355,585

 

Harmony Terrace - Series A (4)

 

CA

 

 

6,730,004

 

 

 

1,425,757

 

 

 

-

 

 

 

8,155,761

 

Harden Ranch - Series A (2)

 

CA

 

 

6,538,111

 

 

 

1,285,747

 

 

 

-

 

 

 

7,823,858

 

Las Palmas II - Series A (4)

 

CA

 

 

1,649,370

 

 

 

332,704

 

 

 

-

 

 

 

1,982,074

 

Montclair Apartments - Series A (3)

 

CA

 

 

2,399,626

 

 

 

446,912

 

 

 

-

 

 

 

2,846,538

 

Montecito at Williams Ranch Apartments - Series A (6)

 

CA

 

 

7,568,334

 

 

 

1,983,454

 

 

 

-

 

 

 

9,551,788

 

Montevista - Series A (6)

 

CA

 

 

6,701,776

 

 

 

2,114,978

 

 

 

-

 

 

 

8,816,754

 

Ocotillo Springs - Series A (6)

 

CA

 

 

15,000,000

 

 

 

271,172

 

 

 

-

 

 

 

15,271,172

 

Residency at the Mayer - Series A (6)

 

CA

 

 

24,000,000

 

 

 

-

 

 

 

-

 

 

 

24,000,000

 

San Vicente - Series A (4)

 

CA

 

 

3,400,913

 

 

 

671,681

 

 

 

-

 

 

 

4,072,594

 

Santa Fe Apartments - Series A (3)

 

CA

 

 

2,907,057

 

 

 

567,028

 

 

 

-

 

 

 

3,474,085

 

Seasons at Simi Valley - Series A (4)

 

CA

 

 

4,188,582

 

 

 

1,011,623

 

 

 

-

 

 

 

5,200,205

 

Seasons Lakewood - Series A (4)

 

CA

 

 

7,168,917

 

 

 

1,518,742

 

 

 

-

 

 

 

8,687,659

 

Seasons San Juan Capistrano - Series A (4)

 

CA

 

 

12,070,116

 

 

 

2,557,065

 

 

 

-

 

 

 

14,627,181

 

Summerhill - Series A (4)

 

CA

 

 

6,259,888

 

 

 

1,187,464

 

 

 

-

 

 

 

7,447,352

 

Sycamore Walk - Series A (4)

 

CA

 

 

3,474,617

 

 

 

696,090

 

 

 

-

 

 

 

4,170,707

 

The Village at Madera - Series A (4)

 

CA

 

 

3,006,656

 

 

 

621,367

 

 

 

-

 

 

 

3,628,023

 

Tyler Park Townhomes - Series A (2)

 

CA

 

 

5,694,168

 

 

 

691,137

 

 

 

-

 

 

 

6,385,305

 

Vineyard Gardens - Series A (6)

 

CA

 

 

3,939,476

 

 

 

987,782

 

 

 

-

 

 

 

4,927,258

 

Westside Village Market - Series A (2)

 

CA

 

 

3,721,129

 

 

 

701,915

 

 

 

-

 

 

 

4,423,044

 

Brookstone (1)

 

IL

 

 

7,334,161

 

 

 

1,903,086

 

 

 

-

 

 

 

9,237,247

 

Copper Gate Apartments (2)

 

IN

 

 

4,900,000

 

 

 

433,436

 

 

 

-

 

 

 

5,333,436

 

Renaissance - Series A (3)

 

LA

 

 

10,732,295

 

 

 

4,172,381

 

 

 

-

 

 

 

14,904,676

 

Live 929 Apartments - 2014 Series A (6)

 

MD

 

 

36,169,147

 

 

 

573,155

 

 

 

-

 

 

 

36,742,302

 

Jackson Manor Apartments (6)

 

MS

 

 

4,900,000

 

 

 

-

 

 

 

-

 

 

 

4,900,000

 

Gateway Village (6)

 

NC

 

 

2,600,000

 

 

 

90,861

 

 

 

-

 

 

 

2,690,861

 

Greens Property - Series A (2)

 

NC

 

 

7,719,000

 

 

 

281,953

 

 

 

-

 

 

 

8,000,953

 

Lynnhaven Apartments (6)

 

NC

 

 

3,450,000

 

 

 

115,328

 

 

 

-

 

 

 

3,565,328

 

Silver Moon - Series A (3)

 

NM

 

 

7,629,704

 

 

 

1,868,323

 

 

 

-

 

 

 

9,498,027

 

Village at Avalon (5)

 

NM

 

 

16,069,382

 

 

 

4,124,498

 

 

 

-

 

 

 

20,193,880

 

Ohio Properties - Series A (1)

 

OH

 

 

13,580,000

 

 

 

-

 

 

 

-

 

 

 

13,580,000

 

Bridle Ridge (1)

 

SC

 

 

7,145,000

 

 

 

-

 

 

 

-

 

 

 

7,145,000

 

Columbia Gardens (4)

 

SC

 

 

12,725,440

 

 

 

2,003,599

 

 

 

-

 

 

 

14,729,039

 

Companion at Thornhill Apartments (4)

 

SC

 

 

10,924,609

 

 

 

1,793,226

 

 

 

-

 

 

 

12,717,835

 

Cross Creek (1)

 

SC

 

 

6,120,285

 

 

 

1,845,064

 

 

 

-

 

 

 

7,965,349

 

The Palms at Premier Park Apartments (2)

 

SC

 

 

18,385,572

 

 

 

2,181,632

 

 

 

-

 

 

 

20,567,204

 

Village at River's Edge (4)

 

SC

 

 

9,728,355

 

 

 

2,370,569

 

 

 

-

 

 

 

12,098,924

 

Willow Run (4)

 

SC

 

 

12,549,146

 

 

 

1,974,479

 

 

 

-

 

 

 

14,523,625

 

Arbors at Hickory Ridge (2)

 

TN

 

 

10,755,889

 

 

 

3,598,292

 

 

 

-

 

 

 

14,354,181

 

Avistar at Copperfield - Series A (6)

 

TX

 

 

13,678,286

 

 

 

2,549,711

 

 

 

-

 

 

 

16,227,997

 

Avistar at the Crest - Series A (2)

 

TX

 

 

9,022,172

 

 

 

1,926,825

 

 

 

-

 

 

 

10,948,997

 

Avistar at the Oaks - Series A (2)

 

TX

 

 

7,295,334

 

 

 

1,578,333

 

 

 

-

 

 

 

8,873,667

 

Avistar at the Parkway - Series A (3)

 

TX

 

 

12,579,783

 

 

 

2,353,247

 

 

 

-

 

 

 

14,933,030

 

Avistar at Wilcrest - Series A (6)

 

TX

 

 

5,183,794

 

 

 

772,242

 

 

 

-

 

 

 

5,956,036

 

Avistar at Wood Hollow - Series A (6)

 

TX

 

 

39,360,426

 

 

 

7,200,790

 

 

 

-

 

 

 

46,561,216

 

Avistar in 09 - Series A (2)

 

TX

 

 

6,299,237

 

 

 

1,288,060

 

 

 

-

 

 

 

7,587,297

 

Avistar on the Boulevard - Series A (2)

 

TX

 

 

15,370,243

 

 

 

3,165,575

 

 

 

-

 

 

 

18,535,818

 

Avistar on the Hills - Series A (2)

 

TX

 

 

4,994,549

 

 

 

1,100,478

 

 

 

-

 

 

 

6,095,027

 

Bruton Apartments (4)

 

TX

 

 

17,532,185

 

 

 

4,452,765

 

 

 

-

 

 

 

21,984,950

 

Concord at Gulfgate - Series A (4)

 

TX

 

 

18,606,719

 

 

 

4,211,979

 

 

 

-

 

 

 

22,818,698

 

Concord at Little York - Series A (4)

 

TX

 

 

13,034,887

 

 

 

3,055,517

 

 

 

-

 

 

 

16,090,404

 

Concord at Williamcrest - Series A (4)

 

TX

 

 

20,192,436

 

 

 

4,651,973

 

 

 

-

 

 

 

24,844,409

 

Crossing at 1415 - Series A (4)

 

TX

 

 

7,253,698

 

 

 

1,549,224

 

 

 

-

 

 

 

8,802,922

 

Decatur Angle (4)

 

TX

 

 

22,074,594

 

 

 

4,731,759

 

 

 

-

 

 

 

26,806,353

 

Esperanza at Palo Alto (4)

 

TX

 

 

19,071,622

 

 

 

5,317,911

 

 

 

-

 

 

 

24,389,533

 

Heights at 515 - Series A (4)

 

TX

 

 

6,640,885

 

 

 

1,418,341

 

 

 

-

 

 

 

8,059,226

 

Heritage Square - Series A (3)

 

TX

 

 

10,455,924

 

 

 

1,823,426

 

 

 

-

 

 

 

12,279,350

 

Oaks at Georgetown - Series A (4)

 

TX

 

 

12,026,225

 

 

 

2,181,690

 

 

 

-

 

 

 

14,207,915

 

Runnymede (1)

 

TX

 

 

9,675,000

 

 

 

99,489

 

 

 

-

 

 

 

9,774,489

 

Southpark (1)

 

TX

 

 

11,365,100

 

 

 

1,542,509

 

 

 

-

 

 

 

12,907,609

 

15 West Apartments (4)

 

WA

 

 

9,531,842

 

 

 

2,799,259

 

 

 

-

 

 

 

12,331,101

 

Mortgage revenue bonds held in trust

 

 

 

$

639,116,502

 

 

$

111,818,346

 

 

$

-

 

 

$

750,934,848

 

 

(1)
MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
(2)
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
(3)
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
(4)
MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15
(5)
MRB held by Morgan Stanley in a debt financing transaction Note 15
(6)
MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 15

 

 

December 31, 2021

 

Description of Mortgage Revenue Bonds held by the Partnership

 

State

 

Cost Adjusted for
Paydowns and
Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

Lutheran Gardens

 

CA

 

$

10,352,000

 

 

$

-

 

 

$

-

 

 

$

10,352,000

 

Solano Vista - Series A

 

CA

 

 

2,649,291

 

 

 

744,617

 

 

 

-

 

 

 

3,393,908

 

Live 929 Apartments - 2014 Series B

 

MD

 

 

17,344,000

 

 

 

-

 

 

 

-

 

 

 

17,344,000

 

Meadow Valley

 

MI

 

 

100,000

 

 

 

-

 

 

 

-

 

 

 

100,000

 

Greens Property - Series B

 

NC

 

 

920,637

 

 

 

46,672

 

 

 

-

 

 

 

967,309

 

Ohio Properties - Series B

 

OH

 

 

3,465,270

 

 

 

-

 

 

 

-

 

 

 

3,465,270

 

Provision Center 2014-1

 

TN

 

 

4,300,000

 

 

 

-

 

 

 

-

 

 

 

4,300,000

 

Avistar at the Crest - Series B

 

TX

 

 

730,612

 

 

 

122,646

 

 

 

-

 

 

 

853,258

 

Avistar at the Oaks - Series B

 

TX

 

 

534,953

 

 

 

86,437

 

 

 

-

 

 

 

621,390

 

Avistar at the Parkway - Series B

 

TX

 

 

123,598

 

 

 

37,590

 

 

 

-

 

 

 

161,188

 

Avistar in 09 - Series B

 

TX

 

 

441,288

 

 

 

71,303

 

 

 

-

 

 

 

512,591

 

Avistar on the Boulevard - Series B

 

TX

 

 

434,132

 

 

 

69,950

 

 

 

-

 

 

 

504,082

 

Mortgage revenue bonds held by the Partnership

 

 

 

$

41,395,781

 

 

$

1,179,215

 

 

$

-

 

 

$

42,574,996

 
Schedule of MRBs Acquisitions

The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2022:

 

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Principal Acquired

 

Residency at the Entrepreneur - Series J-1

 

April

 

Los Angeles, CA

 

 

200

 

 

3/31/2040

 

 

6.00

%

 

$

9,000,000

 

Residency at the Entrepreneur - Series J-2

 

April

 

Los Angeles, CA

 

 

200

 

 

3/31/2040

 

 

6.00

%

 

 

7,500,000

 

Residency at the Entrepreneur - Series J-3

 

April

 

Los Angeles, CA

 

 

200

 

 

3/31/2040

 

 

6.00

%

 

(1)

 

Residency at the Entrepreneur - Series J-4

 

April

 

Los Angeles, CA

 

 

200

 

 

3/31/2040

 

SOFR + 3.60%

 

(2)

(1)

 

CCBA Senior Garden Apartments (3)

 

June

 

San Diego, CA

 

 

45

 

 

7/1/2037

 

 

4.50

%

 

 

3,807,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

20,307,000

 

 

(1)
The Partnership has committed to provide funding for the Series J-3 and Series J-4 MRBs of $26.1 million and $16.4 million, respectively. See Note 18.
(2)
The interest rate is subject to an all-in floor of 3.87%. Upon stabilization, the Series J-4 MRB will become subordinate to the Series J-1, J-2 and J-3 MRBs and will convert to a fixed rate of 8.0%. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $1.5 million.
(3)
The investment was previously reported as a bond purchase commitment that has converted to an MRB.

Restructurings:

In January 2022, the Live 929 Apartments property completed a restructuring of the Partnership’s MRBs and property loan. The Partnership’s Live 929 Apartments – 2014 Series A and Live 929 Apartments – 2014 Series B MRBs were redeemed at par plus accrued interest. The following tables summarizes the terms of the MRBs upon redemption:

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Live 929 Apartments - 2014 Series A

 

January

 

Baltimore, MD

 

 

575

 

 

7/1/2049

 

 

5.78

%

 

$

39,445,000

 

Live 929 Apartments - 2014 Series B

 

January

 

Baltimore, MD

 

 

575

 

 

7/1/2039

 

 

1.60

%

 

 

21,610,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

61,055,000

 

Upon restructuring, the Partnership used the proceeds of the redeemed MRBs plus additional cash to acquire a new series of MRB secured by the Live 929 Apartments property, the Series 2022A MRB. The following tables summarizes the MRB that was acquired as part of the restructuring of the Live 929 Apartments MRBs:

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Principal Acquired

 

Live 929 Apartments - Series 2022A

 

January

 

Baltimore, MD

 

 

575

 

 

1/1/2060

 

 

4.30

%

 

$

66,365,000

 

The following MRB was acquired at a price that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2021:

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Initial Principal Acquired

 

Jackson Manor Apartments (1)

 

April

 

Jackson, MS

 

 

60

 

 

5/1/2038

 

 

5.00

%

 

$

4,150,000

 
The Partnership has committed to provide total funding of the MRB up to $6.9 million during the acquisition and rehabilitation phase of the property on a drawdown basis. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $4.8 million.
Schedule of MRB Redeemed

The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2022:

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Ohio Properties - Series A

 

March

 

(1)

 

 

362

 

 

6/1/2050

 

 

7.00

%

 

$

13,544,000

 

Ohio Properties - Series B

 

March

 

(1)

 

 

362

 

 

6/1/2050

 

 

10.00

%

 

 

3,459,840

 

Bridle Ridge

 

May

 

Greer, SC

 

 

152

 

 

1/1/2043

 

 

6.00

%

 

 

7,100,000

 

Cross Creek

 

September

 

Beaufort, SC

 

 

144

 

 

3/1/2049

 

 

6.15

%

 

 

7,666,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

31,770,592

 
(1)
The Ohio Properties consist of Crescent Village, located in Cincinnati, Ohio, Willow Bend, located in Columbus (Hilliard), Ohio and Postwoods, located in Reynoldsburg, Ohio.

The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2021:

 

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Arby Road Apartments - Series A (1)

 

March

 

Las Vegas, NV

 

 

180

 

 

10/1/2027

 

 

5.35

%

 

$

1,600,000

 

Arby Road Apartments - Series A (1)

 

March

 

Las Vegas, NV

 

 

180

 

 

4/1/2041

 

 

5.50

%

 

 

5,785,000

 

Rosewood Townhomes - Series A

 

July

 

Goose Creek, SC

 

 

100

 

 

7/1/2055

 

 

5.75

%

 

 

9,259,206

 

Rosewood Townhomes - Series B

 

July

 

Goose Creek, SC

 

 

100

 

 

8/1/2055

 

 

12.00

%

 

 

469,781

 

South Pointe Apartments - Series A

 

July

 

Hanahan, SC

 

 

256

 

 

7/1/2055

 

 

5.75

%

 

 

21,551,600

 

South Pointe Apartments - Series B

 

July

 

Hanahan, SC

 

 

256

 

 

8/1/2055

 

 

12.00

%

 

 

1,099,487

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

39,765,074

 
(1)
Both MRBs are part of the same series but had different interest rates and maturity dates.
Summary of Changes in Partnership's Allowance for Credit Losses

The following table summarizes the changes in the Partnership’s allowance for credit losses for the three and nine months ended September 30, 2022 and 2021:

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Balance, beginning of period

 

$

10,013,392

 

 

$

8,218,669

 

 

$

9,175,482

 

 

$

7,318,589

 

Provision for credit loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

900,080

 

Other additions (1)

 

 

-

 

 

 

-

 

 

 

860,533

 

 

 

-

 

Recovery of prior credit loss (2)

 

 

(17,345

)

 

 

-

 

 

 

(39,968

)

 

 

-

 

Balance, end of period (3)

 

$

9,996,047

 

 

$

8,218,669

 

 

$

9,996,047

 

 

$

8,218,669

 
(1)
The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan.
(2)
The Partnership compared the present value of cash flows expected to be collected to the amortized cost basis of the Live 929 Apartments Series 2022A MRB, which indicated a recovery of value. The Partnership will accrete the recovery of prior credit loss into investment income over the term of the MRB.
(3)
The allowance for credit losses as of September 30, 2022 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments - Series 2022A MRB. The allowance for credit losses as of September 30, 2021 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2014 Series A MRB.