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Mortgage Revenue Bonds
 12 Months Ended
Dec. 31, 2022
Investments In Mortgage Revenue Bonds [Abstract]  
Mortgage Revenue Bonds

6. Mortgage Revenue Bonds

The Partnership invests in MRBs that are issued by state and local governments, their agencies, and authorities to finance the construction or acquisition and rehabilitation of income-producing multifamily rental properties. An MRB does not constitute an obligation of any state or local government, agency or authority and no state or local government, agency or authority is liable on them, nor is the taxing power of any state or local government pledged to the payment of principal or interest on an MRB. An MRB is a non-recourse obligation of the property owner. Each MRB is collateralized by a mortgage on all real and personal property of the secured property. Typically, the sole source of the funds to pay principal and interest on an MRB is the net cash flow or the sale or refinancing proceeds from the secured property. The Partnership may commit to provide funding for MRBs on a draw-down basis during construction and/or rehabilitation of secured property and may require recourse to the borrower during the construction or rehabilitation period in certain instances.

The Partnership expects and believes that the interest received on our MRBs is excludable from gross income for federal income tax purposes. The Partnership primarily invests in MRBs that are senior obligations of the secured properties, though it may also invest in subordinate MRBs or taxable MRBs that share the first mortgage lien with the related MRBs. The MRBs predominantly bear interest at fixed interest rates and require regular principal and interest payments on either a monthly or semi-annual basis. MRBs may have optional call dates that may be exercised by the borrower or the Partnership that are earlier than the contractual maturity. Such optional calls may be at either par or a premium to par.

The Partnership had the following MRB investments as of December 31, 2022 and 2021:

 

 

 

December 31, 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

 

$

9,874,603

 

 

$

888,242

 

 

$

-

 

 

$

10,762,845

 

Glenview Apartments - Series A (3)

 

CA

 

 

4,372,370

 

 

 

309,570

 

 

 

-

 

 

 

4,681,940

 

Harmony Court Bakersfield - Series A (4)

 

CA

 

 

3,600,418

 

 

 

274,456

 

 

 

-

 

 

 

3,874,874

 

Harmony Terrace - Series A (4)

 

CA

 

 

6,665,787

 

 

 

625,752

 

 

 

-

 

 

 

7,291,539

 

Harden Ranch - Series A (2)

 

CA

 

 

6,449,455

 

 

 

581,466

 

 

 

-

 

 

 

7,030,921

 

Las Palmas II - Series A (4)

 

CA

 

 

1,633,397

 

 

 

140,681

 

 

 

-

 

 

 

1,774,078

 

Lutheran Gardens (6)

 

CA

 

 

10,352,000

 

 

 

127,107

 

 

 

-

 

 

 

10,479,107

 

Montclair Apartments - Series A (3)

 

CA

 

 

2,368,757

 

 

 

199,617

 

 

 

-

 

 

 

2,568,374

 

Montecito at Williams Ranch Apartments - Series A (6)

 

CA

 

 

7,507,111

 

 

 

834,292

 

 

 

-

 

 

 

8,341,403

 

Montevista - Series A (6)

 

CA

 

 

6,656,219

 

 

 

902,690

 

 

 

-

 

 

 

7,558,909

 

Ocotillo Springs - Series A (6), (7)

 

CA

 

 

11,090,000

 

 

 

-

 

 

 

(331,311

)

 

 

10,758,689

 

Residency at the Entrepreneur - Series J-1 (6)

 

CA

 

 

9,088,496

 

 

 

122,815

 

 

 

-

 

 

 

9,211,311

 

Residency at the Entrepreneur - Series J-2 (6)

 

CA

 

 

7,500,000

 

 

 

176,092

 

 

 

-

 

 

 

7,676,092

 

Residency at the Entrepreneur - Series J-3 (6)

 

CA

 

 

3,900,000

 

 

 

726,834

 

 

 

-

 

 

 

4,626,834

 

Residency at the Mayer - Series A (6)

 

CA

 

 

26,067,585

 

 

 

-

 

 

 

-

 

 

 

26,067,585

 

San Vicente - Series A (4)

 

CA

 

 

3,367,978

 

 

 

255,787

 

 

 

-

 

 

 

3,623,765

 

Santa Fe Apartments - Series A (3)

 

CA

 

 

2,869,660

 

 

 

216,000

 

 

 

-

 

 

 

3,085,660

 

Seasons at Simi Valley - Series A (4)

 

CA

 

 

4,137,438

 

 

 

522,910

 

 

 

-

 

 

 

4,660,348

 

Seasons Lakewood - Series A (4)

 

CA

 

 

7,100,512

 

 

 

666,562

 

 

 

-

 

 

 

7,767,074

 

Seasons San Juan Capistrano - Series A (4)

 

CA

 

 

11,954,944

 

 

 

1,038,904

 

 

 

-

 

 

 

12,993,848

 

Summerhill - Series A (4)

 

CA

 

 

6,199,861

 

 

 

265,296

 

 

 

-

 

 

 

6,465,157

 

Sycamore Walk - Series A (4)

 

CA

 

 

3,428,986

 

 

 

124,598

 

 

 

-

 

 

 

3,553,584

 

The Village at Madera - Series A (4)

 

CA

 

 

2,977,825

 

 

 

247,354

 

 

 

-

 

 

 

3,225,179

 

Tyler Park Townhomes - Series A (2)

 

CA

 

 

5,616,043

 

 

 

264,300

 

 

 

-

 

 

 

5,880,343

 

Vineyard Gardens - Series A (6)

 

CA

 

 

3,908,104

 

 

 

514,719

 

 

 

-

 

 

 

4,422,823

 

Westside Village Market - Series A (2)

 

CA

 

 

3,670,075

 

 

 

267,369

 

 

 

-

 

 

 

3,937,444

 

Brookstone (1)

 

IL

 

 

7,286,052

 

 

 

1,286,871

 

 

 

-

 

 

 

8,572,923

 

Copper Gate Apartments (2)

 

IN

 

 

4,840,000

 

 

 

117,014

 

 

 

-

 

 

 

4,957,014

 

Renaissance - Series A (3)

 

LA

 

 

10,585,375

 

 

 

645,412

 

 

 

-

 

 

 

11,230,787

 

Live 929 Apartments - Series 2022A (6)

 

MD

 

 

58,107,262

 

 

 

2,217,857

 

 

 

-

 

 

 

60,325,119

 

Jackson Manor Apartments (6)

 

MS

 

 

6,900,000

 

 

 

-

 

 

 

-

 

 

 

6,900,000

 

Greens Property - Series A (2)

 

NC

 

 

7,599,000

 

 

 

597

 

 

 

-

 

 

 

7,599,597

 

Silver Moon - Series A (3)

 

NM

 

 

7,557,312

 

 

 

863,401

 

 

 

-

 

 

 

8,420,713

 

Village at Avalon (5)

 

NM

 

 

15,942,560

 

 

 

1,727,010

 

 

 

-

 

 

 

17,669,570

 

Columbia Gardens (4)

 

SC

 

 

12,542,207

 

 

 

968,469

 

 

 

-

 

 

 

13,510,676

 

Companion at Thornhill Apartments (4)

 

SC

 

 

10,786,181

 

 

 

709,979

 

 

 

-

 

 

 

11,496,160

 

The Palms at Premier Park Apartments (2)

 

SC

 

 

18,137,042

 

 

 

808,555

 

 

 

-

 

 

 

18,945,597

 

The Park at Sondrio - Series 2022A (6)

 

SC

 

 

38,100,000

 

 

 

-

 

 

 

-

 

 

 

38,100,000

 

The Park at Vietti - Series 2022A (6)

 

SC

 

 

26,985,000

 

 

 

-

 

 

 

-

 

 

 

26,985,000

 

Village at River's Edge (4)

 

SC

 

 

9,649,659

 

 

 

590,962

 

 

 

-

 

 

 

10,240,621

 

Willow Run (4)

 

SC

 

 

12,368,964

 

 

 

953,988

 

 

 

-

 

 

 

13,322,952

 

Arbors at Hickory Ridge (2)

 

TN

 

 

10,591,726

 

 

 

2,005,029

 

 

 

-

 

 

 

12,596,755

 

Avistar at Copperfield - Series A (6)

 

TX

 

 

13,532,636

 

 

 

919,463

 

 

 

-

 

 

 

14,452,099

 

Avistar at the Crest - Series A (2)

 

TX

 

 

8,896,378

 

 

 

975,504

 

 

 

-

 

 

 

9,871,882

 

Avistar at the Oaks - Series A (2)

 

TX

 

 

7,196,674

 

 

 

717,701

 

 

 

-

 

 

 

7,914,375

 

Avistar at the Parkway - Series A (3)

 

TX

 

 

12,429,842

 

 

 

950,930

 

 

 

-

 

 

 

13,380,772

 

Avistar at Wilcrest - Series A (6)

 

TX

 

 

5,128,595

 

 

 

170,370

 

 

 

-

 

 

 

5,298,965

 

Avistar at Wood Hollow - Series A (6)

 

TX

 

 

38,941,304

 

 

 

2,645,832

 

 

 

-

 

 

 

41,587,136

 

Avistar in 09 - Series A (2)

 

TX

 

 

6,214,048

 

 

 

619,707

 

 

 

-

 

 

 

6,833,755

 

Avistar on the Boulevard - Series A (2)

 

TX

 

 

15,155,942

 

 

 

1,290,551

 

 

 

-

 

 

 

16,446,493

 

Avistar on the Hills - Series A (2)

 

TX

 

 

4,927,003

 

 

 

523,079

 

 

 

-

 

 

 

5,450,082

 

Bruton Apartments (4)

 

TX

 

 

17,381,296

 

 

 

281,271

 

 

 

-

 

 

 

17,662,567

 

Concord at Gulfgate - Series A (4)

 

TX

 

 

18,404,942

 

 

 

1,842,303

 

 

 

-

 

 

 

20,247,245

 

Concord at Little York - Series A (4)

 

TX

 

 

12,893,533

 

 

 

1,249,523

 

 

 

-

 

 

 

14,143,056

 

Concord at Williamcrest - Series A (4)

 

TX

 

 

19,973,464

 

 

 

1,935,645

 

 

 

-

 

 

 

21,909,109

 

Crossing at 1415 - Series A (4)

 

TX

 

 

7,170,756

 

 

 

605,369

 

 

 

-

 

 

 

7,776,125

 

Decatur Angle (4)

 

TX

 

 

21,866,672

 

 

 

77,837

 

 

 

-

 

 

 

21,944,509

 

Esperanza at Palo Alto (4)

 

TX

 

 

18,916,082

 

 

 

2,209,462

 

 

 

-

 

 

 

21,125,544

 

Heights at 515 - Series A (4)

 

TX

 

 

6,564,951

 

 

 

573,569

 

 

 

-

 

 

 

7,138,520

 

Heritage Square - Series A (3)

 

TX

 

 

10,325,196

 

 

 

671,790

 

 

 

-

 

 

 

10,996,986

 

Oaks at Georgetown - Series A (4)

 

TX

 

 

11,911,472

 

 

 

746,300

 

 

 

-

 

 

 

12,657,772

 

Runnymede (1)

 

TX

 

 

9,535,000

 

 

 

45,577

 

 

 

-

 

 

 

9,580,577

 

Southpark (1)

 

TX

 

 

11,257,062

 

 

 

1,352,726

 

 

 

-

 

 

 

12,609,788

 

15 West Apartments (4)

 

WA

 

 

9,454,318

 

 

 

1,534,060

 

 

 

-

 

 

 

10,988,378

 

Mortgage revenue bonds held in trust

 

 

 

$

718,413,130

 

 

$

45,127,126

 

 

$

(331,311

)

 

$

763,208,945

 

 

(1)
MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 15. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(2)
MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 15. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(3)
MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 15. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(4)
MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(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
(7)
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.

 

 

 

December 31, 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

 

CA

 

$

3,792,700

 

 

$

42,672

 

 

$

-

 

 

$

3,835,372

 

Residency at Empire - Series BB-1

 

CA

 

 

14,118,500

 

 

 

-

 

 

 

-

 

 

 

14,118,500

 

Residency at Empire - Series BB-2

 

CA

 

 

4,000,000

 

 

 

-

 

 

 

-

 

 

 

4,000,000

 

Residency at Empire - Series BB-3

 

CA

 

 

55,000

 

 

 

-

 

 

 

-

 

 

 

55,000

 

Solano Vista - Series A

 

CA

 

 

2,631,168

 

 

 

297,861

 

 

 

-

 

 

 

2,929,029

 

Meadow Valley (1)

 

MI

 

 

4,833,437

 

 

 

-

 

 

 

(1,193,085

)

 

 

3,640,352

 

Greens Property - Series B

 

NC

 

 

915,039

 

 

 

122

 

 

 

-

 

 

 

915,161

 

Provision Center 2014-1

 

TN

 

 

4,294,939

 

 

 

-

 

 

 

-

 

 

 

4,294,939

 

Avistar at the Crest - Series B

 

TX

 

 

724,747

 

 

 

53,132

 

 

 

-

 

 

 

777,879

 

Avistar at the Oaks - Series B

 

TX

 

 

530,829

 

 

 

33,406

 

 

 

-

 

 

 

564,235

 

Avistar at the Parkway - Series B

 

TX

 

 

123,176

 

 

 

22,510

 

 

 

-

 

 

 

145,686

 

Avistar in 09 - Series B

 

TX

 

 

437,886

 

 

 

27,557

 

 

 

-

 

 

 

465,443

 

Avistar on the Boulevard - Series B

 

TX

 

 

430,647

 

 

 

26,816

 

 

 

-

 

 

 

457,463

 

Mortgage revenue bonds held by the Partnership

 

 

 

$

36,888,068

 

 

$

504,076

 

 

$

(1,193,085

)

 

$

36,199,059

 
(1)
The Partnership has a remaining MRB funding commitment of $39.3 million as of December 31, 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 $39.3 million funding commitment outstanding as of December 31, 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)
MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 15. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(2)
MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 15. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(3)
MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 15. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(4)
MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(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

 

The Partnership has committed to provide funding for certain MRBs on a draw-down basis during construction and/or rehabilitation of the secured properties as of December 31, 2022. See Note 18 for additional information regarding the Partnership’s MRB funding commitments.

See Note 23 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership’s consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs.

During the year ended December 31, 2021, the Partnership recognized a provision for credit loss of $1.9 million related to the Provision Center 2014-1 MRB in its consolidated statements of operations. The borrower of the Provision Center 2014-1 MRB filed for Chapter 11 bankruptcy in December 2020 and ceased making contractual principal and interest payments. The credit loss was driven primarily by collateral information obtained during the bankruptcy process. The underlying property was successfully sold out of bankruptcy in July 2022 and final settlement of the bankruptcy estate is ongoing. The net carrying value of the MRB, inclusive of accrued interest, is $4.6 million as of December 31, 2022, which is the estimate of the proceeds that will ultimately receive upon liquidation of the bankruptcy and bond trust estate. The Partnership received $3.7 million of initial proceeds in January 2023 and expects the remaining proceeds to be received at final liquidation.

Activity in 2022:

Acquisitions:

The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 31, 2022:

 

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Initial Principal Funding

 

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 (1)

 

April

 

Los Angeles, CA

 

 

200

 

 

3/31/2040

 

 

6.00

%

 

 

-

 

Residency at the Entrepreneur - Series J-4 (1)

 

April

 

Los Angeles, CA

 

 

200

 

 

3/31/2040

 

SOFR + 3.60%

 

(2)

 

-

 

CCBA Senior Garden Apartments (3)

 

June

 

San Diego, CA

 

 

45

 

 

7/1/2037

 

 

4.50

%

 

 

3,807,000

 

Park at Sondrio - Series 2022A

 

December

 

Greenville, SC

 

 

271

 

 

1/1/2030

 

 

6.50

%

 

 

38,100,000

 

Park at Vietti - Series 2022A

 

December

 

Spartanburg, SC

 

 

204

 

 

1/1/2030

 

 

6.50

%

 

 

26,985,000

 

Residency at Empire - Series BB-1

 

December

 

Burbank, CA

 

 

148

 

 

12/1/2040

 

 

6.45

%

(4)

 

14,000,000

 

Residency at Empire - Series BB-2

 

December

 

Burbank, CA

 

 

148

 

 

12/1/2040

 

 

6.45

%

(4)

 

4,000,000

 

Residency at Empire - Series BB-3 (5)

 

December

 

Burbank, CA

 

 

148

 

 

12/1/2040

 

 

6.45

%

(4)

 

55,000

 

Residency at Empire - Series BB-4 (5)

 

December

 

Burbank, CA

 

 

148

 

 

12/1/2040

 

 

6.45

%

(6)

 

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

103,447,000

 
(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.
(4)
In December 2029, the interest rate will reset to the greater of (i) 3.25% over the then 10-Year SOFR Swap rate, or (ii) 6.00%.
(5)
The Partnership has committed to provide additional funding during construction for the Series BB-3 and Series BB-4 MRBs of $13.9 million and $47.0 million, respectively. See Note 18.
(6)
Upon stabilization, the MRB will resize to an amount not to exceed $3.3 million and become subordinate to the other senior MRBs of the borrower. In December 2029, the interest rate will convert to a fixed rate of 10.0%.

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

 

In addition, a portion of the Live 929 Apartments property loan was redeemed as part of the restructuring, with proceeds used to acquire the new Live 929 Apartments Series 2022A MRB. The Partnership also acquired a taxable MRB which is reported in Other

Assets (Note 12). The redemption of the prior Live 929 Apartments – 2014 Series A and 2014 Series B MRBs and property loan and acquisition of the new Live 929 Apartments Series 2022A MRB were accounted for as a troubled debt restructuring.

Redemptions:

The following MRBs were redeemed at prices that approximated the Partnership's carrying value plus accrued interest during the year ended December 31, 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

 

Gateway Village

 

October

 

Durham, NC

 

 

64

 

 

4/1/2032

 

 

6.10

%

 

 

2,589,163

 

Lynnhaven Apartments

 

October

 

Durham, NC

 

 

75

 

 

4/1/2032

 

 

6.10

%

 

 

3,435,621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

37,795,376

 
(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.

Activity in 2021:

Acquisitions:

The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 31, 2021:

 

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Initial Principal Funded

 

Jackson Manor Apartments (1)

 

April

 

Jackson, MS

 

 

60

 

 

5/1/2038

 

 

5.00

%

 

$

4,150,000

 

Residency at the Mayer - Series A(2)

 

October

 

Hollywood, CA

 

 

79

 

 

4/1/2039

 

SOFR + 3.60%

 

(3)

 

24,000,000

 

Meadow Valley (4)

 

December

 

Garfield Charter Township, MI

 

 

154

 

 

12/1/2029

 

 

6.25

%

 

 

100,000

 

Lutheran Gardens

 

December

 

Compton, CA

 

 

76

 

 

2/1/2025

 

 

4.90

%

 

 

10,352,000

 

Live 929 Apartments - Series B (5)

 

December

 

Baltimore, MD

 

 

575

 

 

7/1/2039

 

 

1.60

%

(6)

 

21,680,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

60,282,000

 
(1)
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.
(2)
The Partnership committed to provide total funding of the MRB up to $29.5 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 $18.1
million.
(3)
The index is subject to a floor of 0.25%.
(4)
The Partnership committed to provide total funding of the MRB up to $44.0 million during construction on a draw-down basis.
(5)
The Partnership purchased the MRB at a discount to outstanding principal of $4.3 million. The purchase price of the bond was $17.3 million.
(6)
The MRB has a variable interest rate equal to 69.5% of the sum of LIBOR plus 1.80% multiplied by a margin equal to one minus the maximum U.S. Federal
corporate tax rate divided by 0.65.

Redemptions:

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest, except as noted below, during the year ended December 31, 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

 

Woodlynn Village

 

November

 

Maplewood, MN

 

 

59

 

 

11/1/2042

 

 

6.00

%

 

 

4,065,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

43,830,074

 
(1)
Both MRBs are part of the same series but had different interest rates and maturity dates.

The Rosewood Townhomes - Series A and South Pointe Apartments - Series A MRBs were redeemed at 106% of par value plus accrued interest in July 2021. The redemption premium of approximately $1.8 million is reported as “Contingent interest income” in the Partnership’s consolidated statements of operations. All other MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest.

 

The following table summarizes the changes in the Partnership’s allowance for credit losses for the years ended December 31, 2022 and 2021:

 

 

 

 

For the Years Ended December 31,

 

 

 

 

2022

 

 

2021

 

Balance, beginning of period

 

 

$

9,175,482

 

 

$

7,318,589

 

Provision for credit loss

 

 

 

-

 

 

 

1,856,893

 

Other additions (1)

 

 

 

860,533

 

 

 

-

 

Recovery of prior credit loss (2)

 

 

 

(57,124

)

 

 

-

 

Balance, end of period (3)

 

 

$

9,978,891

 

 

$

9,175,482

 

 

(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 December 31, 2021 and 2022 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments - Series 2022A MRB.

Geographic Concentrations

The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding:

 

 

 

December 31, 2022

 

 

December 31, 2021

 

Texas

 

 

37

%

 

 

41

%

California

 

 

26

%

 

 

23

%

South Carolina

 

 

17

%

 

 

11

%

 

 

The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2022, and 2021:

 

Property Name

 

Year Acquired

 

 

Location

 

Maturity Date

 

Base Interest Rate

 

 

Principal Outstanding as of December 31, 2022

 

15 West Apartments - Series A (4)

 

 

2016

 

 

Vancouver, WA

 

7/1/2054

 

 

6.25

%

 

$

9,454,318

 

Arbors at Hickory Ridge (2)

 

 

2012

 

 

Memphis, TN

 

1/1/2049

 

 

6.25

%

 

 

10,545,462

 

Avistar at Copperfield - Series A (6)

 

 

2017

 

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

13,532,636

 

Avistar on the Boulevard - Series A (2)

 

 

2013

 

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

15,155,942

 

Avistar at the Crest - Series A (2)

 

 

2013

 

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

8,896,378

 

Avistar (February 2013 Acquisition) - Series B (2 Bonds)

 

 

2013

 

 

San Antonio, TX

 

4/1/2050

 

 

9.00

%

 

 

1,155,394

 

Avistar at the Oaks - Series A (2)

 

 

2013

 

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

7,196,674

 

Avistar in 09 - Series A (2)

 

 

2013

 

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

6,214,048

 

Avistar on the Hills - Series A (2)

 

 

2013

 

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

4,927,003

 

Avistar (June 2013 Acquisition) - Series B (2 Bonds)

 

 

2013

 

 

San Antonio, TX

 

9/1/2050

 

 

9.00

%

 

 

968,715

 

Avistar at the Parkway - Series A (3)

 

 

2015

 

 

San Antonio, TX

 

5/1/2052

 

 

6.00

%

 

 

12,429,842

 

Avistar at the Parkway - Series B

 

 

2015

 

 

San Antonio, TX

 

6/1/2052

 

 

12.00

%

 

 

123,176

 

Avistar at Wilcrest - Series A (6)

 

 

2017

 

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

5,128,595

 

Avistar at Wood Hollow - Series A (6)

 

 

2017

 

 

Austin, TX

 

5/1/2054

 

 

5.75

%

 

 

38,941,304

 

Brookstone (1)

 

 

2009

 

 

Waukegan, IL

 

5/1/2040

 

 

5.45

%

 

 

8,403,386

 

Bruton Apartments (4)

 

 

2014

 

 

Dallas, TX

 

8/1/2054

 

 

6.00

%

 

 

17,381,296

 

CCBA Senior Garden Apartments

 

 

2022

 

 

San Diego, CA

 

7/1/2037

 

 

4.50

%

 

 

3,792,700

 

Columbia Gardens (4)

 

 

2015

 

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

12,455,000

 

Companion at Thornhill Apartments (4)

 

 

2016

 

 

Lexington, SC

 

1/1/2052

 

 

5.80

%

 

 

10,786,181

 

Concord at Gulfgate - Series A (4)

 

 

2015

 

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

18,404,942

 

Concord at Little York - Series A (4)

 

 

2015

 

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

12,893,533

 

Concord at Williamcrest - Series A (4)

 

 

2015

 

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

19,973,464

 

Copper Gate Apartments (2)

 

 

2013

 

 

Lafayette, IN

 

12/1/2029

 

 

6.25

%

 

 

4,840,000

 

Courtyard - Series A (4)

 

 

2016

 

 

Fullerton, CA

 

12/1/2033

 

 

5.00

%

 

 

9,874,603

 

Crossing at 1415 - Series A (4)

 

 

2015

 

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

7,170,756

 

Decatur Angle (4)

 

 

2014

 

 

Fort Worth, TX

 

1/1/2054

 

 

5.75

%

 

 

21,866,672

 

Esperanza at Palo Alto (4)

 

 

2018

 

 

San Antonio, TX

 

7/1/2058

 

 

5.80

%

 

 

18,916,082

 

Glenview Apartments - Series A (3)

 

 

2014

 

 

Cameron Park, CA

 

12/1/2031

 

 

5.75

%

 

 

4,372,370

 

Greens Property - Series A (2)

 

 

2012

 

 

Durham, NC

 

10/1/2047

 

 

6.50

%

 

 

7,599,000

 

Greens Property - Series B

 

 

2012

 

 

Durham, NC

 

10/1/2047

 

 

12.00

%

 

 

915,039

 

Harden Ranch - Series A (2)

 

 

2014

 

 

Salinas, CA

 

3/1/2030

 

 

5.75

%

 

 

6,449,455

 

Harmony Court Bakersfield - Series A (4)

 

 

2016

 

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

3,600,418

 

Harmony Terrace - Series A (4)

 

 

2016

 

 

Simi Valley, CA

 

1/1/2034

 

 

5.00

%

 

 

6,665,787

 

Heights at 515 - Series A (4)

 

 

2015

 

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

6,564,951

 

Heritage Square - Series A (3)

 

 

2014

 

 

Edinburg, TX

 

9/1/2051

 

 

6.00

%

 

 

10,325,196

 

Jackson Manor Apartments (6)

 

 

2021

 

 

Jackson, MS

 

5/1/2038

 

 

5.00

%

 

 

6,900,000

 

Las Palmas II - Series A (4)

 

 

2016

 

 

Coachella, CA

 

11/1/2033

 

 

5.00

%

 

 

1,633,397

 

Live 929 Apartments - Series 2022A (6)

 

 

2022

 

 

Baltimore, MD

 

1/1/2060

 

 

4.30

%

 

 

66,365,000

 

Lutheran Gardens (6)

 

 

2021

 

 

Compton, CA

 

2/1/2025

 

 

4.90

%

 

 

10,352,000

 

Meadow Valley

 

 

2021

 

 

Garfield Charter Township, MI

 

12/1/2029

 

 

6.25

%

 

 

4,723,437

 

Montclair Apartments - Series A (3)

 

 

2014

 

 

Lemoore, CA

 

12/1/2031

 

 

5.75

%

 

 

2,368,757

 

Montecito at Williams Ranch Apartments - Series A (6)

 

 

2017

 

 

Salinas, CA

 

10/1/2034

 

 

5.50

%

 

 

7,507,111

 

Montevista - Series A (6)

 

 

2019

 

 

San Pablo, CA

 

7/1/2036

 

 

5.75

%

 

 

6,656,219

 

Oaks at Georgetown - Series A (4)

 

 

2016

 

 

Georgetown, TX

 

1/1/2034

 

 

5.00

%

 

 

11,911,472

 

Ocotillo Springs - Series A (6)

 

 

2020

 

 

Brawley, CA

 

8/1/2037

 

 

4.55

%

 

 

11,090,000

 

Park at Sondrio - Series 2022A (6)

 

 

2022

 

 

Greenville, SC

 

1/1/2030

 

 

6.50

%

 

 

38,100,000

 

Park at Vietti - Series 2022A (6)

 

 

2022

 

 

Spartanburg, SC

 

1/1/2030

 

 

6.50

%

 

 

26,985,000

 

Provision Center 2014-1

 

 

2014

 

 

Knoxville, TN

 

5/1/2034

 

 

6.00

%

 

 

10,000,000

 

Renaissance - Series A (3)

 

 

2015

 

 

Baton Rouge, LA

 

6/1/2050

 

 

6.00

%

 

 

10,585,375

 

Residency at Empire - Series BB-1

 

 

2022

 

 

Burbank, CA

 

12/1/2040

 

 

6.45

%

 

 

14,000,000

 

Residency at Empire - Series BB-2

 

 

2022

 

 

Burbank, CA

 

12/1/2040

 

 

6.45

%

 

 

4,000,000

 

Residency at Empire - Series BB-3

 

 

2022

 

 

Burbank, CA

 

12/1/2040

 

 

6.45

%

 

 

55,000

 

Residency at the Entrepreneur - Series J-1 (6)

 

 

2022

 

 

Los Angeles, CA

 

3/31/2040

 

 

6.00

%

 

 

9,000,000

 

Residency at the Entrepreneur - Series J-2 (6)

 

 

2022

 

 

Los Angeles, CA

 

3/31/2040

 

 

6.00

%

 

 

7,500,000

 

Residency at the Entrepreneur - Series J-3 (6)

 

 

2022

 

 

Los Angeles, CA

 

3/31/2040

 

 

6.00

%

 

 

3,900,000

 

Residency at the Mayer - Series A (6)

 

 

2021

 

 

Hollywood, CA

 

4/1/2039

 

 

3.85

%

 

 

26,000,000

 

Runnymede (1)

 

 

2007

 

 

Austin, TX

 

10/1/2042

 

 

6.00

%

 

 

9,535,000

 

San Vicente - Series A (4)

 

 

2016

 

 

Soledad, CA

 

11/1/2033

 

 

5.00

%

 

 

3,367,978

 

Santa Fe Apartments - Series A (3)

 

 

2014

 

 

Hesperia, CA

 

12/1/2031

 

 

5.75

%

 

 

2,869,660

 

Seasons at Simi Valley - Series A (4)

 

 

2015

 

 

Simi Valley, CA

 

9/1/2032

 

 

5.75

%

 

 

4,137,438

 

Seasons Lakewood - Series A (4)

 

 

2016

 

 

Lakewood, CA

 

1/1/2034

 

 

5.00

%

 

 

7,100,512

 

Seasons San Juan Capistrano - Series A (4)

 

 

2016

 

 

San Juan Capistrano, CA

 

1/1/2034

 

 

5.00

%

 

 

11,954,944

 

Silver Moon - Series A (3)

 

 

2015

 

 

Albuquerque, NM

 

8/1/2055

 

 

6.00

%

 

 

7,557,312

 

Solano Vista - Series A

 

 

2018

 

 

Vallejo, CA

 

1/1/2036

 

 

5.85

%

 

 

2,631,168

 

Southpark (1)

 

 

2009

 

 

Austin, TX

 

12/1/2049

 

 

6.13

%

 

 

12,495,000

 

Summerhill - Series A (4)

 

 

2016

 

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

6,199,861

 

Sycamore Walk - Series A (4)

 

 

2015

 

 

Bakersfield, CA

 

1/1/2033

 

 

5.25

%

 

 

3,428,986

 

The Palms at Premier Park Apartments (2)

 

 

2013

 

 

Columbia, SC

 

1/1/2050

 

 

6.25

%

 

 

18,137,042

 

Tyler Park Townhomes (2)

 

 

2013

 

 

Greenfield, CA

 

1/1/2030

 

 

5.75

%

 

 

5,616,043

 

The Village at Madera - Series A (4)

 

 

2016

 

 

Madera, CA

 

12/1/2033

 

 

5.00

%

 

 

2,977,825

 

Village at Avalon (5)

 

 

2018

 

 

Albuquerque, NM

 

1/1/2059

 

 

5.80

%

 

 

15,942,559

 

Village at River's Edge (4)

 

 

2017

 

 

Columbia, SC

 

6/1/2033

 

 

6.00

%

 

 

9,649,659

 

Vineyard Gardens - Series A (6)

 

 

2017

 

 

Oxnard, CA

 

1/1/2035

 

 

5.50

%

 

 

3,908,104

 

Westside Village Market (2)

 

 

2013

 

 

Shafter, CA

 

1/1/2030

 

 

5.75

%

 

 

3,670,075

 

Willow Run (4)

 

 

2015

 

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

12,282,000

 

 

 

 

 

 

 

 

 

 

 

 

 

$

771,014,252

 

 

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

 

 

Property Name

 

Year Acquired

 

 

Location

 

Maturity Date

 

Base Interest Rate

 

 

Principal Outstanding as of December 31, 2021

 

15 West Apartments - Series A (4)

 

 

2016

 

 

Vancouver, WA

 

7/1/2054

 

 

6.25

%

 

$

9,531,842

 

Arbors at Hickory Ridge (2)

 

 

2012

 

 

Memphis, TN

 

1/1/2049

 

 

6.25

%

 

 

10,701,537

 

Avistar at Copperfield - Series A (6)

 

 

2017

 

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

13,678,286

 

Avistar on the Boulevard - Series A (2)

 

 

2013

 

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

15,370,243

 

Avistar at the Crest - Series A (2)

 

 

2013

 

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

9,022,172

 

Avistar (February 2013 Acquisition) - Series B (2 Bonds)

 

 

2013

 

 

San Antonio, TX

 

4/1/2050

 

 

9.00

%

 

 

1,164,744

 

Avistar at the Oaks - Series A (2)

 

 

2013

 

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

7,295,334

 

Avistar in 09 - Series A (2)

 

 

2013

 

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

6,299,237

 

Avistar on the Hills - Series A (2)

 

 

2013

 

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

4,994,549

 

Avistar (June 2013 Acquisition) - Series B (2 Bonds)

 

 

2013

 

 

San Antonio, TX

 

9/1/2050

 

 

9.00

%

 

 

976,241

 

Avistar at the Parkway - Series A (3)

 

 

2015

 

 

San Antonio, TX

 

5/1/2052

 

 

6.00

%

 

 

12,579,783

 

Avistar at the Parkway - Series B

 

 

2015

 

 

San Antonio, TX

 

6/1/2052

 

 

12.00

%

 

 

123,598

 

Avistar at Wilcrest - Series A (6)

 

 

2017

 

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

5,183,794

 

Avistar at Wood Hollow - Series A (6)

 

 

2017

 

 

Austin, TX

 

5/1/2054

 

 

5.75

%

 

 

39,360,427

 

Bridle Ridge (1)

 

 

2008

 

 

Greer, SC

 

1/1/2043

 

 

6.00

%

 

 

7,145,000

 

Brookstone (1)

 

 

2009

 

 

Waukegan, IL

 

5/1/2040

 

 

5.45

%

 

 

8,531,517

 

Bruton Apartments (4)

 

 

2014

 

 

Dallas, TX

 

8/1/2054

 

 

6.00

%

 

 

17,532,185

 

Columbia Gardens (4)

 

 

2015

 

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

12,620,000

 

Companion at Thornhill Apartments (4)

 

 

2016

 

 

Lexington, SC

 

1/1/2052

 

 

5.80

%

 

 

10,924,609

 

Concord at Gulfgate - Series A (4)

 

 

2015

 

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

18,606,719

 

Concord at Little York - Series A (4)

 

 

2015

 

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

13,034,887

 

Concord at Williamcrest - Series A (4)

 

 

2015

 

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

20,192,436

 

Copper Gate Apartments (2)

 

 

2013

 

 

Lafayette, IN

 

12/1/2029

 

 

6.25

%

 

 

4,900,000

 

Courtyard - Series A (4)

 

 

2016

 

 

Fullerton, CA

 

12/1/2033

 

 

5.00

%

 

 

9,970,209

 

Cross Creek (1)

 

 

2009

 

 

Beaufort, SC

 

3/1/2049

 

 

6.15

%

 

 

7,747,521

 

Crossing at 1415 - Series A (4)

 

 

2015

 

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

7,253,698

 

Decatur Angle (4)

 

 

2014

 

 

Fort Worth, TX

 

1/1/2054

 

 

5.75

%

 

 

22,074,594

 

Esperanza at Palo Alto (4)

 

 

2018

 

 

San Antonio, TX

 

7/1/2058

 

 

5.80

%

 

 

19,071,622

 

Gateway Village (6)

 

 

2019

 

 

Durham, NC

 

4/1/2032

 

 

6.10

%

 

 

2,600,000

 

Glenview Apartments - Series A (3)

 

 

2014

 

 

Cameron Park, CA

 

12/1/2031

 

 

5.75

%

 

 

4,429,350

 

Greens Property - Series A (2)

 

 

2012

 

 

Durham, NC

 

10/1/2047

 

 

6.50

%

 

 

7,719,000

 

Greens Property - Series B

 

 

2012

 

 

Durham, NC

 

10/1/2047

 

 

12.00

%

 

 

920,637

 

Harden Ranch - Series A (2)

 

 

2014

 

 

Salinas, CA

 

3/1/2030

 

 

5.75

%

 

 

6,538,111

 

Harmony Court Bakersfield - Series A (4)

 

 

2016

 

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

3,635,277

 

Harmony Terrace - Series A (4)

 

 

2016

 

 

Simi Valley, CA

 

1/1/2034

 

 

5.00

%

 

 

6,730,004

 

Heights at 515 - Series A (4)

 

 

2015

 

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

6,640,885

 

Heritage Square - Series A (3)

 

 

2014

 

 

Edinburg, TX

 

9/1/2051

 

 

6.00

%

 

 

10,455,924

 

Jackson Manor Apartments (6)

 

 

2021

 

 

Jackson, MS

 

5/1/2038

 

 

5.00

%

 

 

4,900,000

 

Las Palmas II - Series A (4)

 

 

2016

 

 

Coachella, CA

 

11/1/2033

 

 

5.00

%

 

 

1,649,370

 

Live 929 Apartments - Series A (6)

 

 

2014

 

 

Baltimore, MD

 

7/1/2049

 

 

5.78

%

 

 

39,465,000

 

Live 929 Apartments - Series B

 

 

2021

 

 

Baltimore, MD

 

7/1/2039

 

 

1.60

%

 

 

21,680,000

 

Lutheran Gardens

 

 

2021

 

 

Compton, CA

 

2/1/2025

 

 

4.90

%

 

 

10,352,000

 

Lynnhaven Apartments (6)

 

 

2019

 

 

Durham, NC

 

4/1/2032

 

 

6.10

%

 

 

3,450,000

 

Meadow Valley

 

 

2021

 

 

Garfield Charter Township, MI

 

12/1/2029

 

 

6.25

%

 

 

100,000

 

Montclair Apartments - Series A (3)

 

 

2014

 

 

Lemoore, CA

 

12/1/2031

 

 

5.75

%

 

 

2,399,626

 

Montecito at Williams Ranch Apartments - Series A (6)

 

 

2017

 

 

Salinas, CA

 

10/1/2034

 

 

5.50

%

 

 

7,568,334

 

Montevista - Series A (6)

 

 

2019

 

 

San Pablo, CA

 

7/1/2036

 

 

5.75

%

 

 

6,701,776

 

Oaks at Georgetown - Series A (4)

 

 

2016

 

 

Georgetown, TX

 

1/1/2034

 

 

5.00

%

 

 

12,026,225

 

Ocotillo Springs - Series A (6)

 

 

2020

 

 

Brawley, CA

 

8/1/2037

 

 

4.55

%

 

 

15,000,000

 

Ohio Properties - Series A (1)

 

 

2010

 

 

Ohio

 

6/1/2050

 

 

7.00

%

 

 

13,580,000

 

Ohio Properties - Series B

 

 

2010

 

 

Ohio

 

6/1/2050

 

 

10.00

%

 

 

3,465,270

 

Provision Center 2014-1

 

 

2014

 

 

Knoxville, TN

 

5/1/2034

 

 

6.00

%

 

 

10,000,000

 

Renaissance - Series A (3)

 

 

2015

 

 

Baton Rouge, LA

 

6/1/2050

 

 

6.00

%

 

 

10,732,295

 

Residency at the Mayer - Series A (6)

 

 

2021

 

 

Hollywood, CA

 

4/1/2039

 

 

3.85

%

 

 

24,000,000

 

Runnymede (1)

 

 

2007

 

 

Austin, TX

 

10/1/2042

 

 

6.00

%

 

 

9,675,000

 

San Vicente - Series A (4)

 

 

2016

 

 

Soledad, CA

 

11/1/2033

 

 

5.00

%

 

 

3,400,913

 

Santa Fe Apartments - Series A (3)

 

 

2014

 

 

Hesperia, CA

 

12/1/2031

 

 

5.75

%

 

 

2,907,057

 

Seasons at Simi Valley - Series A (4)

 

 

2015

 

 

Simi Valley, CA

 

9/1/2032

 

 

5.75

%

 

 

4,188,582

 

Seasons Lakewood - Series A (4)

 

 

2016

 

 

Lakewood, CA

 

1/1/2034

 

 

5.00

%

 

 

7,168,917

 

Seasons San Juan Capistrano - Series A (4)

 

 

2016

 

 

San Juan Capistrano, CA

 

1/1/2034

 

 

5.00

%

 

 

12,070,116

 

Silver Moon - Series A (3)

 

 

2015

 

 

Albuquerque, NM

 

8/1/2055

 

 

6.00

%

 

 

7,629,704

 

Solano Vista - Series A

 

 

2018

 

 

Vallejo, CA

 

1/1/2036

 

 

5.85

%

 

 

2,649,291

 

Southpark (1)

 

 

2009

 

 

Austin, TX

 

12/1/2049

 

 

6.13

%

 

 

12,675,000

 

Summerhill - Series A (4)

 

 

2016

 

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

6,259,888

 

Sycamore Walk - Series A (4)

 

 

2015

 

 

Bakersfield, CA

 

1/1/2033

 

 

5.25

%

 

 

3,474,617

 

The Palms at Premier Park Apartments (2)

 

 

2013

 

 

Columbia, SC

 

1/1/2050

 

 

6.25

%

 

 

18,385,572

 

Tyler Park Townhomes (2)

 

 

2013

 

 

Greenfield, CA

 

1/1/2030

 

 

5.75

%

 

 

5,694,168

 

The Village at Madera - Series A (4)

 

 

2016

 

 

Madera, CA

 

12/1/2033

 

 

5.00

%

 

 

3,006,656

 

Village at Avalon (5)

 

 

2018

 

 

Albuquerque, NM

 

1/1/2059

 

 

5.80

%

 

 

16,069,382

 

Village at River's Edge (4)

 

 

2017

 

 

Columbia, SC

 

6/1/2033

 

 

6.00

%

 

 

9,728,355

 

Vineyard Gardens - Series A (6)

 

 

2017

 

 

Oxnard, CA

 

1/1/2035

 

 

5.50

%

 

 

3,939,476

 

Westside Village Market (2)

 

 

2013

 

 

Shafter, CA

 

1/1/2030

 

 

5.75

%

 

 

3,721,129

 

Willow Run (4)

 

 

2015

 

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

12,444,000

 

 

 

 

 

 

 

 

 

 

 

 

 

$

697,713,691

 
(1)
MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
(2)
MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
(3)
MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
(4)
MRB 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