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Mortgage Revenue Bonds
 12 Months Ended
Dec. 31, 2023
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 affordable multifamily, seniors housing and skilled nursing 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. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 16). 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, 2023 and 2022:

 

 

 

December 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

 

The Safford (5)

 

AZ

 

$

7,667,299

 

 

$

2,717,033

 

 

$

-

 

 

$

10,384,332

 

40rty on Colony - Series P (5)

 

CA

 

 

5,964,008

 

 

 

739,204

 

 

 

-

 

 

 

6,703,212

 

Courtyard - Series A (3)

 

CA

 

 

9,774,107

 

 

 

845,146

 

 

 

-

 

 

 

10,619,253

 

Glenview Apartments - Series A (2)

 

CA

 

 

4,312,025

 

 

 

298,507

 

 

 

-

 

 

 

4,610,532

 

Harmony Court Bakersfield - Series A (3)

 

CA

 

 

3,563,775

 

 

 

275,305

 

 

 

-

 

 

 

3,839,080

 

Harmony Terrace - Series A (3)

 

CA

 

 

6,598,285

 

 

 

573,928

 

 

 

-

 

 

 

7,172,213

 

Harden Ranch - Series A (1)

 

CA

 

 

6,355,567

 

 

 

441,345

 

 

 

-

 

 

 

6,796,912

 

Las Palmas II - Series A (3)

 

CA

 

 

1,616,607

 

 

 

128,930

 

 

 

-

 

 

 

1,745,537

 

Lutheran Gardens (6), (7)

 

CA

 

 

10,352,000

 

 

 

-

 

 

 

(30,994

)

 

 

10,321,006

 

Montclair Apartments - Series A (2)

 

CA

 

 

2,336,065

 

 

 

170,291

 

 

 

-

 

 

 

2,506,356

 

Montecito at Williams Ranch Apartments - Series A (5)

 

CA

 

 

7,442,435

 

 

 

846,333

 

 

 

-

 

 

 

8,288,768

 

Montevista - Series A (5)

 

CA

 

 

6,607,973

 

 

 

992,675

 

 

 

-

 

 

 

7,600,648

 

Residency at Empire - Series BB-1 (5)

 

CA

 

 

14,117,540

 

 

 

1,004,021

 

 

 

-

 

 

 

15,121,561

 

Residency at Empire - Series BB-2 (5)

 

CA

 

 

4,000,000

 

 

 

320,446

 

 

 

-

 

 

 

4,320,446

 

Residency at Empire - Series BB-3 (5)

 

CA

 

 

5,055,000

 

 

 

575,709

 

 

 

-

 

 

 

5,630,709

 

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

 

CA

 

 

9,085,429

 

 

 

181,504

 

 

 

-

 

 

 

9,266,933

 

Residency at the Entrepreneur - Series J-2 (5)

 

CA

 

 

7,500,000

 

 

 

222,445

 

 

 

-

 

 

 

7,722,445

 

Residency at the Entrepreneur - Series J-3 (5)

 

CA

 

 

12,300,000

 

 

 

697,895

 

 

 

-

 

 

 

12,997,895

 

Residency at the Mayer - Series A (5)

 

CA

 

 

29,560,945

 

 

 

-

 

 

 

-

 

 

 

29,560,945

 

San Vicente - Series A (3)

 

CA

 

 

3,333,357

 

 

 

265,848

 

 

 

-

 

 

 

3,599,205

 

Santa Fe Apartments - Series A (2)

 

CA

 

 

2,830,055

 

 

 

206,301

 

 

 

-

 

 

 

3,036,356

 

Seasons at Simi Valley - Series A (3)

 

CA

 

 

4,083,273

 

 

 

443,901

 

 

 

-

 

 

 

4,527,174

 

Seasons Lakewood - Series A (3)

 

CA

 

 

7,028,608

 

 

 

611,358

 

 

 

-

 

 

 

7,639,966

 

Seasons San Juan Capistrano - Series A (3)

 

CA

 

 

11,833,880

 

 

 

992,473

 

 

 

-

 

 

 

12,826,353

 

Summerhill - Series A (3)

 

CA

 

 

6,136,763

 

 

 

381,019

 

 

 

-

 

 

 

6,517,782

 

Sycamore Walk - Series A (3)

 

CA

 

 

3,380,901

 

 

 

226,216

 

 

 

-

 

 

 

3,607,117

 

The Village at Madera - Series A (3)

 

CA

 

 

2,947,519

 

 

 

227,699

 

 

 

-

 

 

 

3,175,218

 

Tyler Park Townhomes - Series A (1)

 

CA

 

 

5,533,307

 

 

 

119,693

 

 

 

-

 

 

 

5,653,000

 

Village at Hanford Square - Series H (5)

 

CA

 

 

10,400,000

 

 

 

1,073,808

 

 

 

-

 

 

 

11,473,808

 

Vineyard Gardens - Series A (5)

 

CA

 

 

3,874,962

 

 

 

461,663

 

 

 

-

 

 

 

4,336,625

 

Westside Village Market - Series A (1)

 

CA

 

 

3,616,007

 

 

 

223,459

 

 

 

-

 

 

 

3,839,466

 

MaryAlice Circle Apartments (5)

 

GA

 

 

5,900,000

 

 

 

880,643

 

 

 

-

 

 

 

6,780,643

 

Copper Gate Apartments (1), (7)

 

IN

 

 

4,780,000

 

 

 

-

 

 

 

(5

)

 

 

4,779,995

 

Renaissance - Series A (2)

 

LA

 

 

10,429,392

 

 

 

1,221,077

 

 

 

-

 

 

 

11,650,469

 

Live 929 Apartments - Series 2022A (5)

 

MD

 

 

58,333,646

 

 

 

3,275,636

 

 

 

-

 

 

 

61,609,282

 

Meadow Valley (5), (8)

 

MI

 

 

20,863,114

 

 

 

-

 

 

 

(920,148

)

 

 

19,942,966

 

Jackson Manor Apartments (5)

 

MS

 

 

4,824,474

 

 

 

209,082

 

 

 

-

 

 

 

5,033,556

 

Village Point (6)

 

NJ

 

 

23,000,000

 

 

 

192,788

 

 

 

-

 

 

 

23,192,788

 

Silver Moon - Series A (2)

 

NM

 

 

7,480,455

 

 

 

928,841

 

 

 

-

 

 

 

8,409,296

 

Village at Avalon (4)

 

NM

 

 

15,808,184

 

 

 

1,962,627

 

 

 

-

 

 

 

17,770,811

 

Columbia Gardens (3)

 

SC

 

 

12,351,218

 

 

 

807,633

 

 

 

-

 

 

 

13,158,851

 

Companion at Thornhill Apartments (3)

 

SC

 

 

10,639,506

 

 

 

598,197

 

 

 

-

 

 

 

11,237,703

 

The Ivy Apartments (5)

 

SC

 

 

30,567,832

 

 

 

1,933,208

 

 

 

-

 

 

 

32,501,040

 

The Palms at Premier Park Apartments (1)

 

SC

 

 

17,872,527

 

 

 

427,099

 

 

 

-

 

 

 

18,299,626

 

The Park at Sondrio - Series 2022A (5)

 

SC

 

 

38,100,000

 

 

 

2,682,964

 

 

 

-

 

 

 

40,782,964

 

The Park at Vietti - Series 2022A (5)

 

SC

 

 

26,985,000

 

 

 

1,972,695

 

 

 

-

 

 

 

28,957,695

 

Village at River's Edge (3)

 

SC

 

 

9,566,110

 

 

 

1,000,545

 

 

 

-

 

 

 

10,566,655

 

Willow Run (3)

 

SC

 

 

12,180,025

 

 

 

817,941

 

 

 

-

 

 

 

12,997,966

 

Windsor Shores Apartments - Series A (5)

 

SC

 

 

21,545,000

 

 

 

1,530,085

 

 

 

-

 

 

 

23,075,085

 

Arbors at Hickory Ridge (1)

 

TN

 

 

10,417,646

 

 

 

1,805,985

 

 

 

-

 

 

 

12,223,631

 

Avistar at Copperfield - Series A (5)

 

TX

 

 

13,378,386

 

 

 

983,586

 

 

 

-

 

 

 

14,361,972

 

Avistar at the Crest - Series A (1)

 

TX

 

 

8,762,826

 

 

 

909,437

 

 

 

-

 

 

 

9,672,263

 

Avistar at the Oaks - Series A (1)

 

TX

 

 

7,091,928

 

 

 

666,990

 

 

 

-

 

 

 

7,758,918

 

Avistar at the Parkway - Series A (2)

 

TX

 

 

12,270,653

 

 

 

830,179

 

 

 

-

 

 

 

13,100,832

 

Avistar at Wilcrest - Series A (5)

 

TX

 

 

5,070,137

 

 

 

313,010

 

 

 

-

 

 

 

5,383,147

 

Avistar at Wood Hollow - Series A (5)

 

TX

 

 

38,497,436

 

 

 

2,648,201

 

 

 

-

 

 

 

41,145,637

 

Avistar in 09 - Series A (1)

 

TX

 

 

6,123,600

 

 

 

593,430

 

 

 

-

 

 

 

6,717,030

 

Avistar on the Boulevard - Series A (1)

 

TX

 

 

14,928,425

 

 

 

1,346,449

 

 

 

-

 

 

 

16,274,874

 

Avistar on the Hills - Series A (1)

 

TX

 

 

4,855,291

 

 

 

470,520

 

 

 

-

 

 

 

5,325,811

 

Bruton Apartments (3), (7)

 

TX

 

 

17,220,941

 

 

 

-

 

 

 

(13,366

)

 

 

17,207,575

 

Concord at Gulfgate - Series A (3)

 

TX

 

 

18,190,721

 

 

 

1,807,038

 

 

 

-

 

 

 

19,997,759

 

Concord at Little York - Series A (3)

 

TX

 

 

12,743,460

 

 

 

1,302,221

 

 

 

-

 

 

 

14,045,681

 

Concord at Williamcrest - Series A (3)

 

TX

 

 

19,740,985

 

 

 

2,017,280

 

 

 

-

 

 

 

21,758,265

 

Crossing at 1415 - Series A (3)

 

TX

 

 

7,082,698

 

 

 

565,843

 

 

 

-

 

 

 

7,648,541

 

Decatur Angle (3), (7)

 

TX

 

 

21,646,255

 

 

 

-

 

 

 

(16,674

)

 

 

21,629,581

 

Esperanza at Palo Alto (3)

 

TX

 

 

18,751,278

 

 

 

2,480,537

 

 

 

-

 

 

 

21,231,815

 

Heights at 515 - Series A (3)

 

TX

 

 

6,484,332

 

 

 

602,199

 

 

 

-

 

 

 

7,086,531

 

Heritage Square - Series A (2)

 

TX

 

 

10,186,405

 

 

 

606,579

 

 

 

-

 

 

 

10,792,984

 

Oaks at Georgetown - Series A (3)

 

TX

 

 

11,790,848

 

 

 

838,472

 

 

 

-

 

 

 

12,629,320

 

15 West Apartments (3)

 

WA

 

 

9,371,808

 

 

 

1,478,567

 

 

 

-

 

 

 

10,850,375

 

Mortgage revenue bonds held in trust

 

 

 

$

825,040,234

 

 

$

58,971,739

 

 

$

(981,187

)

 

$

883,030,786

 

 

(1)
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.
(2)
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.
(3)
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.
(4)
MRB held by Morgan Stanley in a debt financing transaction, Note 16
(5)
MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16
(6)
MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16.
(7)
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 December 31, 2023, the MRB has been in an unrealized loss position for less than 12 months.
(8)
The Partnership has a remaining MRB funding commitment of approximately $23.2 million as of December 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 funding commitment outstanding as of December 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 December 31, 2023, the MRB has been in an unrealized loss position for more than 12 months.

 

 

December 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

 

$

3,757,268

 

 

$

158,840

 

 

$

-

 

 

$

3,916,108

 

Ocotillo Springs - Series A (1)

 

CA

 

 

3,489,096

 

 

 

-

 

 

 

(59,805

)

 

 

3,429,291

 

Ocotillo Springs - Series A-1

 

CA

 

 

499,117

 

 

 

95,386

 

 

 

-

 

 

 

594,503

 

Residency at the Entrepreneur - Series J-5

 

CA

 

 

1,000,000

 

 

 

-

 

 

 

-

 

 

 

1,000,000

 

Solano Vista - Series A

 

CA

 

 

2,611,955

 

 

 

338,125

 

 

 

-

 

 

 

2,950,080

 

Handsel Morgan Village Apartments

 

GA

 

 

2,150,000

 

 

 

300,188

 

 

 

-

 

 

 

2,450,188

 

Brookstone

 

IL

 

 

7,229,475

 

 

 

1,071,177

 

 

 

-

 

 

 

8,300,652

 

Provision Center 2014-1

 

TN

 

 

926,475

 

 

 

-

 

 

 

-

 

 

 

926,475

 

Avistar at the Crest - Series B

 

TX

 

 

718,332

 

 

 

49,845

 

 

 

-

 

 

 

768,177

 

Avistar at the Oaks - Series B

 

TX

 

 

526,318

 

 

 

35,066

 

 

 

-

 

 

 

561,384

 

Avistar at the Parkway - Series B

 

TX

 

 

122,701

 

 

 

19,352

 

 

 

-

 

 

 

142,053

 

Avistar in 09 - Series B

 

TX

 

 

434,165

 

 

 

28,926

 

 

 

-

 

 

 

463,091

 

Avistar on the Boulevard - Series B

 

TX

 

 

426,835

 

 

 

27,507

 

 

 

-

 

 

 

454,342

 

Runnymede (2)

 

TX

 

 

9,390,000

 

 

 

-

 

 

 

(1,121

)

 

 

9,388,879

 

Southpark

 

TX

 

 

11,133,003

 

 

 

1,166,283

 

 

 

-

 

 

 

12,299,286

 

Mortgage revenue bonds

 

 

 

$

44,414,740

 

 

$

3,290,695

 

 

$

(60,926

)

 

$

47,644,509

 
(1)
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 December 31, 2023, the MRB has been in an unrealized loss position for more than 12 months.
(2)
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 December 31, 2023, the MRB has been in an unrealized loss position for less 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. As of December 31, 2022, the MRB has been in an unrealized loss position for less than 12 months.

 

 

 

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

 

 

 

$

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 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. As of December 31, 2022, the MRB has been in an unrealized loss position for more than 12 months.

The Partnership has accrued interest receivable related to its MRBs of $4.7 million and $4.3 million as of December 31, 2023 and 2022, respectively, that is reported as interest receivable, net in the Partnership's consolidated balance sheets.

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, 2023. See Note 19 for additional information regarding the Partnership’s MRB funding commitments.

See Note 24 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.

On January 1, 2023, the Partnership adopted ASU 2016-13 which made certain changes to the determination of allowances for MRBs. See Note 13 for information regarding the Partnership’s allowance for credit losses.

Activity in 2023:

Acquisitions:

The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 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 - Series J-5 (1)

 

February

 

Los Angeles, CA

 

 

200

 

 

4/1/2025

 

SOFR + 3.60%

 

(2)

 

1,000,000

 

Handsel Morgan Village Apartments

 

April

 

Buford, GA

 

 

45

 

 

3/1/2041

 

 

6.75

%

 

 

2,150,000

 

MaryAlice Circle Apartments

 

April

 

Buford, GA

 

 

98

 

 

3/1/2041

 

 

6.75

%

 

 

5,900,000

 

Village at Hanford Square - Series H

 

May

 

Hanford, CA

 

 

100

 

 

5/1/2030

 

 

6.65

%

 

 

10,400,000

 

Village Point

 

May

 

Monroe Township, NJ

 

 

120

 

(3)

6/1/2030

 

 

6.875

%

 

 

23,000,000

 

40rty on Colony - Series P

 

June

 

La Mesa, CA

 

 

40

 

 

6/1/2030

 

 

7.05

%

 

 

5,950,000

 

The Safford (4)

 

October

 

Marana, AZ

 

 

200

 

 

10/10/2026

 

 

7.59

%

 

 

7,560,034

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

108,005,034

 
(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%.
(3)
Village Point is a seniors housing property with 120 beds in 92 units.
(4)
The Partnership has committed to provide funding for The Safford MRB totaling $43.0 million. See Note 19.

 

Conversions:

In July 2023, the Ocotillo Springs property achieved stabilization and the borrower converted to permanent financing. The Ocotillo Springs – Series A MRB was paid down to its permanent financing size of $4.0 million, of which $500,000 was allocated as principal of the supplemental Ocotillo Springs – Series A-1 MRB. The following table summarizes the terms of the Ocotillo Springs MRBs after conversion:

Property Name

 

Property Location

 

Units

 

 

Maturity Date

 

Fixed Interest Rate

 

 

Post-Conversion Principal

 

Ocotillo Springs - Series A

 

Brawley, CA

 

 

75

 

 

8/1/2038

 

 

4.35

%

 

$

3,500,000

 

Ocotillo Springs - Series A-1

 

Brawley, CA

 

 

75

 

 

8/1/2038

 

 

6.50

%

 

 

500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,000,000

 

In November 2023, the Jackson Manor Apartments property achieved stabilization and the borrower converted to permanent financing. The Jackson Manor Apartments MRB was paid down to its permanent financing size of $4.8 million. The following table summarizes the terms of the Jackson Manor Apartments MRB after conversion:

Property Name

 

Property Location

 

Units

 

 

Maturity Date

 

Fixed Interest Rate

 

 

Post-Conversion Principal

 

Jackson Manor Apartments

 

Jackson, MS

 

 

60

 

 

5/1/2038

 

 

5.00

%

 

$

4,828,000

 

Redemptions:

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

 

 

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 Funded

 

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 19.
(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 19.
(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
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

 

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.

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, 2023

 

 

December 31, 2022

 

Texas

 

 

32

%

 

 

37

%

California

 

 

25

%

 

 

26

%

South Carolina

 

 

21

%

 

 

17

%

 

 

The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2023, and 2022:

 

Property Name

 

Year Acquired

 

 

Location

 

Maturity Date

 

Base Interest Rate

 

 

Principal Outstanding as of December 31, 2023

 

15 West Apartments - Series A (3)

 

 

2016

 

 

Vancouver, WA

 

7/1/2054

 

 

6.25

%

 

$

9,371,808

 

40rty on Colony - Series P (5)

 

 

2023

 

 

La Mesa, CA

 

6/1/2030

 

 

7.05

%

 

 

5,950,000

 

Arbors at Hickory Ridge (1)

 

 

2012

 

 

Memphis, TN

 

1/1/2049

 

 

6.25

%

 

 

10,379,348

 

Avistar at Copperfield - Series A (5)

 

 

2017

 

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

13,378,386

 

Avistar on the Boulevard - Series A (1)

 

 

2013

 

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

14,928,425

 

Avistar at the Crest - Series A (1)

 

 

2013

 

 

San Antonio, TX

 

3/1/2050

 

 

6.00

%

 

 

8,762,826

 

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

 

 

2013

 

 

San Antonio, TX

 

4/1/2050

 

 

9.00

%

 

 

1,145,167

 

Avistar at the Oaks - Series A (1)

 

 

2013

 

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

7,091,928

 

Avistar in 09 - Series A (1)

 

 

2013

 

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

6,123,600

 

Avistar on the Hills - Series A (1)

 

 

2013

 

 

San Antonio, TX

 

8/1/2050

 

 

6.00

%

 

 

4,855,291

 

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

 

 

2013

 

 

San Antonio, TX

 

9/1/2050

 

 

9.00

%

 

 

960,483

 

Avistar at the Parkway - Series A (2)

 

 

2015

 

 

San Antonio, TX

 

5/1/2052

 

 

6.00

%

 

 

12,270,653

 

Avistar at the Parkway - Series B

 

 

2015

 

 

San Antonio, TX

 

6/1/2052

 

 

12.00

%

 

 

122,701

 

Avistar at Wilcrest - Series A (5)

 

 

2017

 

 

Houston, TX

 

5/1/2054

 

 

5.75

%

 

 

5,070,137

 

Avistar at Wood Hollow - Series A (5)

 

 

2017

 

 

Austin, TX

 

5/1/2054

 

 

5.75

%

 

 

38,497,436

 

Brookstone

 

 

2009

 

 

Waukegan, IL

 

5/1/2040

 

 

5.45

%

 

 

8,268,029

 

Bruton Apartments (3)

 

 

2014

 

 

Dallas, TX

 

8/1/2054

 

 

6.00

%

 

 

17,220,941

 

CCBA Senior Garden Apartments

 

 

2022

 

 

San Diego, CA

 

7/1/2037

 

 

4.50

%

 

 

3,757,268

 

Columbia Gardens (3)

 

 

2015

 

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

12,282,000

 

Companion at Thornhill Apartments (3)

 

 

2016

 

 

Lexington, SC

 

1/1/2052

 

 

5.80

%

 

 

10,639,506

 

Concord at Gulfgate - Series A (3)

 

 

2015

 

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

18,190,721

 

Concord at Little York - Series A (3)

 

 

2015

 

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

12,743,460

 

Concord at Williamcrest - Series A (3)

 

 

2015

 

 

Houston, TX

 

2/1/2032

 

 

6.00

%

 

 

19,740,985

 

Copper Gate Apartments (1)

 

 

2013

 

 

Lafayette, IN

 

12/1/2029

 

 

6.25

%

 

 

4,780,000

 

Courtyard - Series A (3)

 

 

2016

 

 

Fullerton, CA

 

12/1/2033

 

 

5.00

%

 

 

9,774,107

 

Crossing at 1415 - Series A (3)

 

 

2015

 

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

7,082,698

 

Decatur Angle (3)

 

 

2014

 

 

Fort Worth, TX

 

1/1/2054

 

 

5.75

%

 

 

21,646,255

 

Esperanza at Palo Alto (3)

 

 

2018

 

 

San Antonio, TX

 

7/1/2058

 

 

5.80

%

 

 

18,751,278

 

Glenview Apartments - Series A (2)

 

 

2014

 

 

Cameron Park, CA

 

12/1/2031

 

 

5.75

%

 

 

4,312,025

 

Handsel Morgan Village Apartments

 

 

2023

 

 

Buford, GA

 

3/1/2041

 

 

6.75

%

 

 

2,150,000

 

Harden Ranch - Series A (1)

 

 

2014

 

 

Salinas, CA

 

3/1/2030

 

 

5.75

%

 

 

6,355,567

 

Harmony Court Bakersfield - Series A (3)

 

 

2016

 

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

3,563,775

 

Harmony Terrace - Series A (3)

 

 

2016

 

 

Simi Valley, CA

 

1/1/2034

 

 

5.00

%

 

 

6,598,285

 

Heights at 515 - Series A (3)

 

 

2015

 

 

San Antonio, TX

 

12/1/2052

 

 

6.00

%

 

 

6,484,332

 

Heritage Square - Series A (2)

 

 

2014

 

 

Edinburg, TX

 

9/1/2051

 

 

6.00

%

 

 

10,186,405

 

The Ivy Apartments (5)

 

 

2023

 

 

Greensville, SC

 

2/1/2030

 

 

6.50

%

 

 

30,500,000

 

Jackson Manor Apartments (5)

 

 

2021

 

 

Jackson, MS

 

5/1/2038

 

 

5.00

%

 

 

4,824,474

 

Las Palmas II - Series A (3)

 

 

2016

 

 

Coachella, CA

 

11/1/2033

 

 

5.00

%

 

 

1,616,607

 

Live 929 Apartments - Series 2022A (5)

 

 

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

 

MaryAlice Circle Apartments (5)

 

 

2023

 

 

Buford, GA

 

3/1/2041

 

 

6.75

%

 

 

5,900,000

 

Meadow Valley (5)

 

 

2021

 

 

Garfield Charter Township, MI

 

12/1/2029

 

 

6.25

%

 

 

20,755,000

 

Montclair Apartments - Series A (2)

 

 

2014

 

 

Lemoore, CA

 

12/1/2031

 

 

5.75

%

 

 

2,336,065

 

Montecito at Williams Ranch Apartments - Series A (5)

 

 

2017

 

 

Salinas, CA

 

10/1/2034

 

 

5.50

%

 

 

7,442,435

 

Montevista - Series A (5)

 

 

2019

 

 

San Pablo, CA

 

7/1/2036

 

 

5.75

%

 

 

6,607,973

 

Oaks at Georgetown - Series A (3)

 

 

2016

 

 

Georgetown, TX

 

1/1/2034

 

 

5.00

%

 

 

11,790,848

 

Ocotillo Springs - Series A

 

 

2020

 

 

Brawley, CA

 

8/1/2038

 

 

4.35

%

 

 

3,489,096

 

Ocotillo Springs - Series A-1

 

 

2023

 

 

Brawley, CA

 

8/1/2038

 

 

6.50

%

 

 

499,117

 

Park at Sondrio - Series 2022A (5)

 

 

2022

 

 

Greenville, SC

 

1/1/2030

 

 

6.50

%

 

 

38,100,000

 

Park at Vietti - Series 2022A (5)

 

 

2022

 

 

Spartanburg, SC

 

1/1/2030

 

 

6.50

%

 

 

26,985,000

 

Provision Center 2014-1

 

 

2014

 

 

Knoxville, TN

 

5/1/2034

 

 

6.00

%

 

 

6,636,596

 

Renaissance - Series A (2)

 

 

2015

 

 

Baton Rouge, LA

 

6/1/2050

 

 

6.00

%

 

 

10,429,392

 

Residency at Empire - Series BB-1 (5)

 

 

2022

 

 

Burbank, CA

 

12/1/2040

 

 

6.45

%

 

 

14,000,000

 

Residency at Empire - Series BB-2 (5)

 

 

2022

 

 

Burbank, CA

 

12/1/2040

 

 

6.45

%

 

 

4,000,000

 

Residency at Empire - Series BB-3 (5)

 

 

2022

 

 

Burbank, CA

 

12/1/2040

 

 

6.45

%

 

 

5,055,000

 

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

 

 

2022

 

 

Los Angeles, CA

 

3/31/2040

 

 

6.00

%

 

 

9,000,000

 

Residency at the Entrepreneur - Series J-2 (5)

 

 

2022

 

 

Los Angeles, CA

 

3/31/2040

 

 

6.00

%

 

 

7,500,000

 

Residency at the Entrepreneur - Series J-3 (5)

 

 

2022

 

 

Los Angeles, CA

 

3/31/2040

 

 

6.00

%

 

 

12,300,000

 

Residency at the Entrepreneur - Series J-5

 

 

2023

 

 

Los Angeles, CA

 

4/1/2025

 

SOFR + 3.60%

 

 

 

1,000,000

 

Residency at the Mayer - Series A (5)

 

 

2021

 

 

Hollywood, CA

 

4/1/2039

 

SOFR + 3.60%

 

 

 

29,500,000

 

Runnymede

 

 

2007

 

 

Austin, TX

 

10/1/2024

 

 

6.00

%

 

 

9,390,000

 

The Safford (5)

 

 

2023

 

 

Marana, AZ

 

10/10/2026

 

 

7.59

%

 

 

7,560,034

 

San Vicente - Series A (3)

 

 

2016

 

 

Soledad, CA

 

11/1/2033

 

 

5.00

%

 

 

3,333,357

 

Santa Fe Apartments - Series A (2)

 

 

2014

 

 

Hesperia, CA

 

12/1/2031

 

 

5.75

%

 

 

2,830,055

 

Seasons at Simi Valley - Series A (3)

 

 

2015

 

 

Simi Valley, CA

 

9/1/2032

 

 

5.75

%

 

 

4,083,273

 

Seasons Lakewood - Series A (3)

 

 

2016

 

 

Lakewood, CA

 

1/1/2034

 

 

5.00

%

 

 

7,028,608

 

Seasons San Juan Capistrano - Series A (3)

 

 

2016

 

 

San Juan Capistrano, CA

 

1/1/2034

 

 

5.00

%

 

 

11,833,880

 

Silver Moon - Series A (2)

 

 

2015

 

 

Albuquerque, NM

 

8/1/2055

 

 

6.00

%

 

 

7,480,455

 

Solano Vista - Series A

 

 

2018

 

 

Vallejo, CA

 

1/1/2036

 

 

5.85

%

 

 

2,611,955

 

Southpark

 

 

2009

 

 

Austin, TX

 

12/1/2049

 

 

6.13

%

 

 

12,300,000

 

Summerhill - Series A (3)

 

 

2016

 

 

Bakersfield, CA

 

12/1/2033

 

 

5.00

%

 

 

6,136,763

 

Sycamore Walk - Series A (3)

 

 

2015

 

 

Bakersfield, CA

 

1/1/2033

 

 

5.25

%

 

 

3,380,901

 

The Palms at Premier Park Apartments (1)

 

 

2013

 

 

Columbia, SC

 

1/1/2050

 

 

6.25

%

 

 

17,872,527

 

Tyler Park Townhomes (1)

 

 

2013

 

 

Greenfield, CA

 

1/1/2030

 

 

5.75

%

 

 

5,533,307

 

The Village at Madera - Series A (3)

 

 

2016

 

 

Madera, CA

 

12/1/2033

 

 

5.00

%

 

 

2,947,519

 

Village at Avalon (4)

 

 

2018

 

 

Albuquerque, NM

 

1/1/2059

 

 

5.80

%

 

 

15,808,184

 

Village at Hanford Square - Series H (5)

 

 

2023

 

 

Hanford, CA

 

5/1/2030

 

 

6.65

%

 

 

10,400,000

 

Village Point Apartments (6)

 

 

2023

 

 

Monroe, NJ

 

6/1/2030

 

 

6.875

%

 

 

23,000,000

 

Village at River's Edge (3)

 

 

2017

 

 

Columbia, SC

 

6/1/2033

 

 

6.00

%

 

 

9,566,110

 

Vineyard Gardens - Series A (5)

 

 

2017

 

 

Oxnard, CA

 

1/1/2035

 

 

5.50

%

 

 

3,874,962

 

Westside Village Market (1)

 

 

2013

 

 

Shafter, CA

 

1/1/2030

 

 

5.75

%

 

 

3,616,007

 

Willow Run (3)

 

 

2015

 

 

Columbia, SC

 

12/1/2050

 

 

5.50

%

 

 

12,111,000

 

Windsor Shores Apartments (5)

 

 

2023

 

 

Columbia, SC

 

2/1/2030

 

 

6.50

%

 

 

21,545,000

 

 

 

 

 

 

 

 

 

 

 

 

 

$

884,664,326

 

 

(1)
MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16
(2)
MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16
(3)
MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16
(4)
MRB held by Morgan Stanley in a secured financing transaction, Note 16
(5)
MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, Note 16
(6)
MRB held by Barclays Capital Inc. in a secured financing transaction, Note 16

 

 

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 (7)

 

 

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

 

LIBOR + 3.25%

 

 

 

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

 

SOFR + 3.60%

 

 

 

26,000,000

 

Runnymede (1)

 

 

2007

 

 

Austin, TX

 

10/1/2024

 

 

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 16
(2)
MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16
(3)
MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16
(4)
MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16
(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 secured financing transaction, Note 16