Segments

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segments

24. Segments

As of March 31, 2023, 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 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 March 31, 2023, the Partnership reported 77 MRBs and 13 GILs in this segment. As of March 31, 2023, the multifamily residential properties securing the MRBs and GILs contain a total of 11,042 and 2,419 multifamily rental units, respectively. In addition, one MRB (Provision Center 2014-1) was collateralized by commercial real estate prior to a sale of the underlying real estate in July 2022 (Note 6). 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. The property loan was redeemed in September 2022. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of March 31, 2023, the property securing the MRB contains a total of 154 seniors housing units.

Market-Rate Joint Venture Investments Segment

The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC and ATAX Senior Housing Holdings I, LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors 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 a student housing residential property held by the Partnership (Note 10). 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, 2023, the Partnership owned one MF Property containing a total of 384 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 months ended March 31, 2023 and 2022:

	For the Three Months Ended March 31,
	2023			2022
Total revenues
Affordable Multifamily MRB Investments	$	21,437,933		$	14,133,406
Seniors and Skilled Nursing MRB Investments		96,555			229,378
Market-Rate Joint Venture Investments		2,177,862			2,916,586
MF Properties		1,225,620			1,927,001
Total revenues	$	24,937,970		$	19,206,371
Interest expense
Affordable Multifamily MRB Investments	$	17,709,691		$	3,472,044
Seniors and Skilled Nursing MRB Investments		-			-
Market-Rate Joint Venture Investments		261,807			192,324
MF Properties		-			272,763
Total interest expense	$	17,971,498		$	3,937,131
Depreciation expense
Affordable Multifamily MRB Investments	$	5,946		$	5,962
Seniors and Skilled Nursing MRB Investments		-			-
Market-Rate Joint Venture Investments		-			-
MF Properties		399,035			677,700
Total depreciation expense	$	404,981		$	683,662
Net income (loss)
Affordable Multifamily MRB Investments	$	(801,573	)	$	6,965,555
Seniors and Skilled Nursing MRB Investments		96,555			228,753
Market-Rate Joint Venture Investments		17,279,267			19,162,043
MF Properties		216,973			(92,333	)
Net income	$	16,791,222		$	26,264,018

The following table details total assets for the Partnership’s reportable segments as of March 31, 2023 and December 31, 2022:

	March 31, 2023			December 31, 2022
Total assets
Affordable Multifamily MRB Investments	$	1,568,370,129		$	1,520,609,550
Seniors and Skilled Nursing MRB Investments		6,645,208			3,551,307
Market-Rate Joint Venture Investments		115,334,547			120,089,351
MF Properties		39,698,829			41,699,828
Consolidation/eliminations		(97,378,604	)		(118,820,471	)
Total assets	$	1,632,670,109		$	1,567,129,565