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Mortgage Revenue Bonds (Tables)
 3 Months Ended
Mar. 31, 2023
Investments In Mortgage Revenue Bonds [Abstract]  
Schedule of Investments in MRBs The Partnership had the following investments in MRBs as of March 31, 2023 and December 31, 2022:

 

 

 

March 31, 2023

 

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

 

$

9,849,947

 

 

$

1,087,127

 

 

$

-

 

 

$

10,937,074

 

Glenview Apartments - Series A (3)

 

CA

 

 

4,357,607

 

 

 

371,120

 

 

 

-

 

 

 

4,728,727

 

Harmony Court Bakersfield - Series A (4)

 

CA

 

 

3,591,428

 

 

 

347,292

 

 

 

-

 

 

 

3,938,720

 

Harmony Terrace - Series A (4)

 

CA

 

 

6,649,226

 

 

 

761,012

 

 

 

-

 

 

 

7,410,238

 

Harden Ranch - Series A (2)

 

CA

 

 

6,426,485

 

 

 

620,378

 

 

 

-

 

 

 

7,046,863

 

Las Palmas II - Series A (4)

 

CA

 

 

1,629,277

 

 

 

173,217

 

 

 

-

 

 

 

1,802,494

 

Lutheran Gardens (7), (8)

 

CA

 

 

10,352,000

 

 

 

-

 

 

 

(30,868

)

 

 

10,321,132

 

Montclair Apartments - Series A (3)

 

CA

 

 

2,360,759

 

 

 

221,592

 

 

 

-

 

 

 

2,582,351

 

Montecito at Williams Ranch Apartments - Series A (6)

 

CA

 

 

7,491,273

 

 

 

1,002,626

 

 

 

-

 

 

 

8,493,899

 

Montevista - Series A (6)

 

CA

 

 

6,644,416

 

 

 

1,106,804

 

 

 

-

 

 

 

7,751,220

 

Ocotillo Springs - Series A (6), (9)

 

CA

 

 

11,090,000

 

 

 

-

 

 

 

(142,720

)

 

 

10,947,280

 

Residency at Empire - Series BB-1 (6)

 

CA

 

 

14,118,500

 

 

 

1,389,537

 

 

 

-

 

 

 

15,508,037

 

Residency at Empire - Series BB-2 (6)

 

CA

 

 

4,000,000

 

 

 

430,868

 

 

 

-

 

 

 

4,430,868

 

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

 

CA

 

 

9,088,272

 

 

 

174,524

 

 

 

-

 

 

 

9,262,796

 

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

 

CA

 

 

7,500,000

 

 

 

218,996

 

 

 

-

 

 

 

7,718,996

 

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

 

CA

 

 

4,900,000

 

 

 

696,071

 

 

 

-

 

 

 

5,596,071

 

Residency at the Mayer - Series A (6)

 

CA

 

 

29,565,978

 

 

 

-

 

 

 

-

 

 

 

29,565,978

 

San Vicente - Series A (4)

 

CA

 

 

3,359,484

 

 

 

323,116

 

 

 

-

 

 

 

3,682,600

 

Santa Fe Apartments - Series A (3)

 

CA

 

 

2,859,971

 

 

 

243,572

 

 

 

-

 

 

 

3,103,543

 

Seasons at Simi Valley - Series A (4)

 

CA

 

 

4,124,186

 

 

 

579,812

 

 

 

-

 

 

 

4,703,998

 

Seasons Lakewood - Series A (4)

 

CA

 

 

7,082,871

 

 

 

810,644

 

 

 

-

 

 

 

7,893,515

 

Seasons San Juan Capistrano - Series A (4)

 

CA

 

 

11,925,242

 

 

 

1,282,002

 

 

 

-

 

 

 

13,207,244

 

Summerhill - Series A (4)

 

CA

 

 

6,184,380

 

 

 

271,726

 

 

 

-

 

 

 

6,456,106

 

Sycamore Walk - Series A (4)

 

CA

 

 

3,417,200

 

 

 

242,738

 

 

 

-

 

 

 

3,659,938

 

The Village at Madera - Series A (4)

 

CA

 

 

2,970,390

 

 

 

307,465

 

 

 

-

 

 

 

3,277,855

 

Tyler Park Townhomes - Series A (2)

 

CA

 

 

5,595,802

 

 

 

261,392

 

 

 

-

 

 

 

5,857,194

 

Vineyard Gardens - Series A (6)

 

CA

 

 

3,899,988

 

 

 

607,120

 

 

 

-

 

 

 

4,507,108

 

Westside Village Market - Series A (2)

 

CA

 

 

3,656,848

 

 

 

318,591

 

 

 

-

 

 

 

3,975,439

 

Brookstone (1)

 

IL

 

 

7,272,720

 

 

 

1,260,408

 

 

 

-

 

 

 

8,533,128

 

Copper Gate Apartments (2)

 

IN

 

 

4,840,000

 

 

 

96,546

 

 

 

-

 

 

 

4,936,546

 

Renaissance - Series A (3)

 

LA

 

 

10,547,250

 

 

 

1,087,763

 

 

 

-

 

 

 

11,635,013

 

Live 929 Apartments - Series 2022A (6)

 

MD

 

 

58,163,081

 

 

 

2,955,764

 

 

 

-

 

 

 

61,118,845

 

Jackson Manor Apartments (6)

 

MS

 

 

6,900,000

 

 

 

-

 

 

 

-

 

 

 

6,900,000

 

Silver Moon - Series A (3)

 

NM

 

 

7,538,527

 

 

 

1,047,812

 

 

 

-

 

 

 

8,586,339

 

Village at Avalon (5)

 

NM

 

 

15,909,691

 

 

 

2,173,819

 

 

 

-

 

 

 

18,083,510

 

Columbia Gardens (4)

 

SC

 

 

12,495,686

 

 

 

1,034,559

 

 

 

-

 

 

 

13,530,245

 

Companion at Thornhill Apartments (4)

 

SC

 

 

10,750,304

 

 

 

786,529

 

 

 

-

 

 

 

11,536,833

 

The Ivy Apartments (6)

 

SC

 

 

30,574,501

 

 

 

2,497,005

 

 

 

-

 

 

 

33,071,506

 

The Palms at Premier Park Apartments (2)

 

SC

 

 

18,072,451

 

 

 

781,887

 

 

 

-

 

 

 

18,854,338

 

The Park at Sondrio - Series 2022A (6)

 

SC

 

 

38,100,000

 

 

 

3,419,850

 

 

 

-

 

 

 

41,519,850

 

The Park at Vietti - Series 2022A (6)

 

SC

 

 

26,985,000

 

 

 

2,585,218

 

 

 

-

 

 

 

29,570,218

 

Village at River's Edge (4)

 

SC

 

 

9,629,238

 

 

 

619,396

 

 

 

-

 

 

 

10,248,634

 

Willow Run (4)

 

SC

 

 

12,322,456

 

 

 

1,019,204

 

 

 

-

 

 

 

13,341,660

 

Windsor Shores Apartments - Series A (6)

 

SC

 

 

21,545,000

 

 

 

1,947,217

 

 

 

-

 

 

 

23,492,217

 

Arbors at Hickory Ridge (2)

 

TN

 

 

10,549,160

 

 

 

2,100,532

 

 

 

-

 

 

 

12,649,692

 

Avistar at Copperfield - Series A (6)

 

TX

 

 

13,494,899

 

 

 

1,183,942

 

 

 

-

 

 

 

14,678,841

 

Avistar at the Crest - Series A (2)

 

TX

 

 

8,863,735

 

 

 

1,120,331

 

 

 

-

 

 

 

9,984,066

 

Avistar at the Oaks - Series A (2)

 

TX

 

 

7,171,072

 

 

 

846,035

 

 

 

-

 

 

 

8,017,107

 

Avistar at the Parkway - Series A (3)

 

TX

 

 

12,390,934

 

 

 

1,023,277

 

 

 

-

 

 

 

13,414,211

 

Avistar at Wilcrest - Series A (6)

 

TX

 

 

5,114,293

 

 

 

326,464

 

 

 

-

 

 

 

5,440,757

 

Avistar at Wood Hollow - Series A (6)

 

TX

 

 

38,832,712

 

 

 

3,198,610

 

 

 

-

 

 

 

42,031,322

 

Avistar in 09 - Series A (2)

 

TX

 

 

6,191,941

 

 

 

730,518

 

 

 

-

 

 

 

6,922,459

 

Avistar on the Boulevard - Series A (2)

 

TX

 

 

15,100,333

 

 

 

1,542,244

 

 

 

-

 

 

 

16,642,577

 

Avistar on the Hills - Series A (2)

 

TX

 

 

4,909,476

 

 

 

610,623

 

 

 

-

 

 

 

5,520,099

 

Bruton Apartments (4)

 

TX

 

 

17,342,117

 

 

 

-

 

 

 

-

 

 

 

17,342,117

 

Concord at Gulfgate - Series A (4)

 

TX

 

 

18,352,583

 

 

 

2,049,948

 

 

 

-

 

 

 

20,402,531

 

Concord at Little York - Series A (4)

 

TX

 

 

12,856,852

 

 

 

1,476,614

 

 

 

-

 

 

 

14,333,466

 

Concord at Williamcrest - Series A (4)

 

TX

 

 

19,916,642

 

 

 

2,287,433

 

 

 

-

 

 

 

22,204,075

 

Crossing at 1415 - Series A (4)

 

TX

 

 

7,149,233

 

 

 

717,470

 

 

 

-

 

 

 

7,866,703

 

Decatur Angle (4)

 

TX

 

 

21,812,768

 

 

 

-

 

 

 

-

 

 

 

21,812,768

 

Esperanza at Palo Alto (4)

 

TX

 

 

18,875,771

 

 

 

2,614,493

 

 

 

-

 

 

 

21,490,264

 

Heights at 515 - Series A (4)

 

TX

 

 

6,545,246

 

 

 

714,161

 

 

 

-

 

 

 

7,259,407

 

Heritage Square - Series A (3)

 

TX

 

 

10,291,273

 

 

 

762,083

 

 

 

-

 

 

 

11,053,356

 

Oaks at Georgetown - Series A (4)

 

TX

 

 

11,881,878

 

 

 

991,761

 

 

 

-

 

 

 

12,873,639

 

Runnymede (1)

 

TX

 

 

9,535,000

 

 

 

-

 

 

 

-

 

 

 

9,535,000

 

Southpark (1)

 

TX

 

 

11,274,797

 

 

 

1,271,619

 

 

 

-

 

 

 

12,546,416

 

15 West Apartments (4)

 

WA

 

 

9,434,170

 

 

 

1,751,049

 

 

 

-

 

 

 

11,185,219

 

Mortgage revenue bonds held in trust

 

 

 

$

784,224,320

 

 

$

64,481,526

 

 

$

(173,588

)

 

$

848,532,258

 
(1)
MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. 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 16. 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 16. 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 16. 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 16.
(6)
MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16.
(7)
MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16.
(8)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for less than 12 months.
(9)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for more than 12 months.

 

 

 

March 31, 2023

 

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

 

$

3,783,991

 

 

$

173,162

 

 

$

-

 

 

$

3,957,153

 

Residency at Empire - Series BB-3

 

CA

 

 

55,000

 

 

 

815,481

 

 

 

-

 

 

 

870,481

 

Residency at the Entrepreneur - Series J-5

 

CA

 

 

1,000,000

 

 

 

-

 

 

 

-

 

 

 

1,000,000

 

Solano Vista - Series A

 

CA

 

 

2,626,469

 

 

 

417,917

 

 

 

-

 

 

 

3,044,386

 

Meadow Valley (1)

 

MI

 

 

7,835,000

 

 

 

-

 

 

 

(1,227,422

)

 

 

6,607,578

 

Provision Center 2014-1

 

TN

 

 

930,270

 

 

 

-

 

 

 

-

 

 

 

930,270

 

Avistar at the Crest - Series B

 

TX

 

 

723,197

 

 

 

64,509

 

 

 

-

 

 

 

787,706

 

Avistar at the Oaks - Series B

 

TX

 

 

529,739

 

 

 

42,391

 

 

 

-

 

 

 

572,130

 

Avistar at the Parkway - Series B

 

TX

 

 

123,063

 

 

 

23,296

 

 

 

-

 

 

 

146,359

 

Avistar in 09 - Series B

 

TX

 

 

436,987

 

 

 

34,969

 

 

 

-

 

 

 

471,956

 

Avistar on the Boulevard - Series B

 

TX

 

 

429,726

 

 

 

33,619

 

 

 

-

 

 

 

463,345

 

Mortgage revenue bonds held by the Partnership

 

 

 

$

18,473,442

 

 

$

1,605,344

 

 

$

(1,227,422

)

 

$

18,851,364

 
(1)
The Partnership has a remaining MRB funding commitment of $36.3 million as of March 31, 2023. 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 $36.3 million funding commitment outstanding as of March 31, 2023 (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 considered a credit loss. As of March 31, 2023, the MRB has been in an unrealized loss position for more than 12 months.

 

 

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 (7)

 

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), (8)

 

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 16. 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 16. 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 16. 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 16. 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 16.
(6)
MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16.
(7)
MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16.
(8)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss.

 

 

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 considered a credit loss.
Schedule of MRBs Acquisitions

The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the three months ended March 31, 2023:

 

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Initial Principal Funding

 

Windsor Shores Apartments - Series A

 

January

 

Columbia, SC

 

 

176

 

 

2/1/2030

 

 

6.50

%

 

$

21,545,000

 

The Ivy Apartments

 

January

 

Greenville, SC

 

 

212

 

 

2/1/2030

 

 

6.50

%

 

 

30,500,000

 

Residency at the Entrepreneur J-5 - MRB (1)

 

February

 

Los Angeles, CA

 

 

200

 

 

4/1/2025

 

SOFR + 3.60%

 

(2)

 

1,000,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

53,045,000

 
(1)
The Partnership has committed to provide funding for the Series J-5 MRB totaling $5.0 million. See Note 19.
(2)
The interest rate is subject to an all-in floor of 3.87%.

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
Restructured

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Restructuring

 

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

 
Schedule of MRB Redeemed

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2023:

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Greens Property - Series A

 

February 2023

 

Durham, NC

 

 

168

 

 

10/1/2047

 

 

6.50

%

 

$

7,579,000

 

Greens Property - Series B

 

February 2023

 

Durham, NC

 

 

168

 

 

10/1/2047

 

 

12.00

%

 

 

914,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,493,040

 

The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

17,003,840

 
(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.