XML 44 R37.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Mortgage Revenue Bonds (Tables)
 6 Months Ended
Jun. 30, 2024
Investments In Mortgage Revenue Bonds [Abstract]  
Schedule of Investments in MRBs The Partnership had the following investments in MRBs as of June 30, 2024 and December 31, 2023:

 

 

June 30, 2024

 

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

 

$

19,366,284

 

 

$

1,672,241

 

 

$

-

 

 

$

21,038,525

 

40rty on Colony - Series P (5)

 

CA

 

 

5,963,133

 

 

 

498,774

 

 

 

-

 

 

 

6,461,907

 

CCBA Senior Garden Apartments (5)

 

CA

 

 

3,738,947

 

 

 

14,974

 

 

 

-

 

 

 

3,753,921

 

Courtyard - Series A (3)

 

CA

 

 

9,721,946

 

 

 

463,674

 

 

 

-

 

 

 

10,185,620

 

Glenview Apartments - Series A (2)

 

CA

 

 

4,280,530

 

 

 

168,744

 

 

 

-

 

 

 

4,449,274

 

Harmony Court Bakersfield - Series A (3)

 

CA

 

 

3,544,757

 

 

 

139,578

 

 

 

-

 

 

 

3,684,335

 

Harmony Terrace - Series A (3)

 

CA

 

 

6,563,249

 

 

 

315,187

 

 

 

-

 

 

 

6,878,436

 

Harden Ranch - Series A (1)

 

CA

 

 

6,306,564

 

 

 

279,216

 

 

 

-

 

 

 

6,585,780

 

Las Palmas II - Series A (3)

 

CA

 

 

1,607,892

 

 

 

67,293

 

 

 

-

 

 

 

1,675,185

 

Lutheran Gardens (6), (7)

 

CA

 

 

10,352,000

 

 

 

-

 

 

 

(37,286

)

 

 

10,314,714

 

Montclair Apartments - Series A (2)

 

CA

 

 

2,319,002

 

 

 

106,080

 

 

 

-

 

 

 

2,425,082

 

Montecito at Williams Ranch Apartments - Series A (5)

 

CA

 

 

7,408,742

 

 

 

506,313

 

 

 

-

 

 

 

7,915,055

 

Montevista - Series A (5)

 

CA

 

 

6,582,792

 

 

 

671,125

 

 

 

-

 

 

 

7,253,917

 

Ocotillo Springs - Series A (5), (7)

 

CA

 

 

3,472,440

 

 

 

-

 

 

 

(166,594

)

 

 

3,305,846

 

Ocotillo Springs - Series A-1 (5)

 

CA

 

 

497,756

 

 

 

76,732

 

 

 

-

 

 

 

574,488

 

Residency at Empire - Series BB-1 (5)

 

CA

 

 

14,114,724

 

 

 

515,319

 

 

 

-

 

 

 

14,630,043

 

Residency at Empire - Series BB-2 (5)

 

CA

 

 

4,000,000

 

 

 

180,012

 

 

 

-

 

 

 

4,180,012

 

Residency at Empire - Series BB-3 (5)

 

CA

 

 

14,000,000

 

 

 

485,236

 

 

 

-

 

 

 

14,485,236

 

Residency at Empire - Series BB-4 (5)

 

CA

 

 

5,500,000

 

 

 

87,202

 

 

 

-

 

 

 

5,587,202

 

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

 

CA

 

 

9,082,069

 

 

 

-

 

 

 

-

 

 

 

9,082,069

 

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

 

CA

 

 

7,500,000

 

 

 

-

 

 

 

-

 

 

 

7,500,000

 

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

 

CA

 

 

26,080,000

 

 

 

353,343

 

 

 

-

 

 

 

26,433,343

 

Residency at the Entrepreneur - Series J-4 (5)

 

CA

 

 

3,820,000

 

 

 

-

 

 

 

-

 

 

 

3,820,000

 

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

 

CA

 

 

1,000,000

 

 

 

-

 

 

 

-

 

 

 

1,000,000

 

Residency at the Mayer - Series A (5)

 

CA

 

 

29,558,156

 

 

 

-

 

 

 

-

 

 

 

29,558,156

 

Residency at the Mayer - Series M (5)

 

CA

 

 

11,500,000

 

 

 

-

 

 

 

-

 

 

 

11,500,000

 

San Vicente - Series A (3)

 

CA

 

 

3,315,388

 

 

 

138,754

 

 

 

-

 

 

 

3,454,142

 

Santa Fe Apartments - Series A (2)

 

CA

 

 

2,809,384

 

 

 

128,512

 

 

 

-

 

 

 

2,937,896

 

Seasons at Simi Valley - Series A (3)

 

CA

 

 

4,055,003

 

 

 

290,903

 

 

 

-

 

 

 

4,345,906

 

Seasons Lakewood - Series A (3)

 

CA

 

 

6,991,287

 

 

 

335,743

 

 

 

-

 

 

 

7,327,030

 

Seasons San Juan Capistrano - Series A (3)

 

CA

 

 

11,771,045

 

 

 

532,184

 

 

 

-

 

 

 

12,303,229

 

Solano Vista - Series A (5)

 

CA

 

 

2,601,920

 

 

 

228,174

 

 

 

-

 

 

 

2,830,094

 

Summerhill - Series A (3)

 

CA

 

 

6,104,014

 

 

 

156,751

 

 

 

-

 

 

 

6,260,765

 

Sycamore Walk - Series A (3), (8)

 

CA

 

 

3,355,897

 

 

 

-

 

 

 

(90,471

)

 

 

3,265,426

 

The Village at Madera - Series A (3)

 

CA

 

 

2,931,789

 

 

 

131,674

 

 

 

-

 

 

 

3,063,463

 

Tyler Park Townhomes - Series A (1)

 

CA

 

 

5,490,125

 

 

 

48,868

 

 

 

-

 

 

 

5,538,993

 

Village at Hanford Square - Series H (5)

 

CA

 

 

10,400,000

 

 

 

672,773

 

 

 

-

 

 

 

11,072,773

 

Vineyard Gardens - Series A (5)

 

CA

 

 

3,857,697

 

 

 

305,160

 

 

 

-

 

 

 

4,162,857

 

Westside Village Market - Series A (1)

 

CA

 

 

3,587,787

 

 

 

129,900

 

 

 

-

 

 

 

3,717,687

 

Handsel Morgan Village Apartments (5)

 

GA

 

 

2,150,000

 

 

 

210,988

 

 

 

-

 

 

 

2,360,988

 

MaryAlice Circle Apartments (5)

 

GA

 

 

5,900,000

 

 

 

631,693

 

 

 

-

 

 

 

6,531,693

 

Copper Gate Apartments (1)

 

IN

 

 

4,780,000

 

 

 

-

 

 

 

-

 

 

 

4,780,000

 

Renaissance - Series A (2)

 

LA

 

 

10,347,829

 

 

 

714,728

 

 

 

-

 

 

 

11,062,557

 

Live 929 Apartments - Series 2022A (5)

 

MD

 

 

58,447,151

 

 

 

3,120,322

 

 

 

-

 

 

 

61,567,473

 

Woodington Gardens Apartments - Series A-1 (5)

 

MD

 

 

31,150,000

 

 

 

3,329,090

 

 

 

-

 

 

 

34,479,090

 

Meadow Valley (5), (9)

 

MI

 

 

29,633,720

 

 

 

-

 

 

 

(2,056,854

)

 

 

27,576,866

 

Jackson Manor Apartments (5), (8)

 

MS

 

 

4,803,044

 

 

 

-

 

 

 

(361,176

)

 

 

4,441,868

 

Village Point (6), (8)

 

NJ

 

 

23,000,000

 

 

 

-

 

 

 

(475,083

)

 

 

22,524,917

 

Silver Moon - Series A (2)

 

NM

 

 

7,440,266

 

 

 

623,237

 

 

 

-

 

 

 

8,063,503

 

Village at Avalon (4)

 

NM

 

 

15,738,023

 

 

 

1,364,391

 

 

 

-

 

 

 

17,102,414

 

Columbia Gardens (3)

 

SC

 

 

12,252,320

 

 

 

499,675

 

 

 

-

 

 

 

12,751,995

 

Companion at Thornhill Apartments (3)

 

SC

 

 

10,562,925

 

 

 

350,758

 

 

 

-

 

 

 

10,913,683

 

The Ivy Apartments (5)

 

SC

 

 

30,563,203

 

 

 

880,309

 

 

 

-

 

 

 

31,443,512

 

The Palms at Premier Park Apartments (1)

 

SC

 

 

17,733,956

 

 

 

182,998

 

 

 

-

 

 

 

17,916,954

 

The Park at Sondrio - Series 2022A (5)

 

SC

 

 

38,100,000

 

 

 

1,346,314

 

 

 

-

 

 

 

39,446,314

 

The Park at Vietti - Series 2022A (5)

 

SC

 

 

26,985,000

 

 

 

1,018,466

 

 

 

-

 

 

 

28,003,466

 

Village at River's Edge (3)

 

SC

 

 

9,522,422

 

 

 

981,576

 

 

 

-

 

 

 

10,503,998

 

Willow Run (3)

 

SC

 

 

12,082,152

 

 

 

492,032

 

 

 

-

 

 

 

12,574,184

 

Windsor Shores Apartments - Series A (5)

 

SC

 

 

21,545,000

 

 

 

771,092

 

 

 

-

 

 

 

22,316,092

 

Arbors at Hickory Ridge (1)

 

TN

 

 

10,326,690

 

 

 

1,341,180

 

 

 

-

 

 

 

11,667,870

 

Avistar at Copperfield - Series A (5)

 

TX

 

 

13,297,878

 

 

 

492,717

 

 

 

-

 

 

 

13,790,595

 

Avistar at the Crest - Series A (1)

 

TX

 

 

8,692,991

 

 

 

576,349

 

 

 

-

 

 

 

9,269,340

 

Avistar at the Oaks - Series A (1)

 

TX

 

 

7,037,156

 

 

 

401,163

 

 

 

-

 

 

 

7,438,319

 

Avistar at the Parkway - Series A (2)

 

TX

 

 

12,187,414

 

 

 

398,703

 

 

 

-

 

 

 

12,586,117

 

Avistar at Wilcrest - Series A (5)

 

TX

 

 

5,039,627

 

 

 

186,730

 

 

 

-

 

 

 

5,226,357

 

Avistar at Wood Hollow - Series A (5)

 

TX

 

 

38,265,770

 

 

 

1,417,834

 

 

 

-

 

 

 

39,683,604

 

Avistar in 09 - Series A (1)

 

TX

 

 

6,076,307

 

 

 

362,062

 

 

 

-

 

 

 

6,438,369

 

Avistar on the Boulevard - Series A (1)

 

TX

 

 

14,809,456

 

 

 

801,134

 

 

 

-

 

 

 

15,610,590

 

Avistar on the Hills - Series A (1)

 

TX

 

 

4,817,793

 

 

 

274,645

 

 

 

-

 

 

 

5,092,438

 

Bruton Apartments (3), (8)

 

TX

 

 

17,137,029

 

 

 

-

 

 

 

(25,276

)

 

 

17,111,753

 

Concord at Gulfgate - Series A (3)

 

TX

 

 

18,078,705

 

 

 

1,117,426

 

 

 

-

 

 

 

19,196,131

 

Concord at Little York - Series A (3)

 

TX

 

 

12,664,988

 

 

 

815,278

 

 

 

-

 

 

 

13,480,266

 

Concord at Williamcrest - Series A (3)

 

TX

 

 

19,619,423

 

 

 

1,262,953

 

 

 

-

 

 

 

20,882,376

 

Crossing at 1415 - Series A (3)

 

TX

 

 

7,036,653

 

 

 

284,274

 

 

 

-

 

 

 

7,320,927

 

Decatur Angle (3), (8)

 

TX

 

 

21,531,128

 

 

 

-

 

 

 

(144,173

)

 

 

21,386,955

 

Esperanza at Palo Alto (3)

 

TX

 

 

18,665,231

 

 

 

1,605,193

 

 

 

-

 

 

 

20,270,424

 

Heights at 515 - Series A (3)

 

TX

 

 

6,442,177

 

 

 

334,677

 

 

 

-

 

 

 

6,776,854

 

Heritage Square - Series A (2)

 

TX

 

 

10,113,831

 

 

 

302,992

 

 

 

-

 

 

 

10,416,823

 

Oaks at Georgetown - Series A (3)

 

TX

 

 

11,728,241

 

 

 

397,942

 

 

 

-

 

 

 

12,126,183

 

Southpark (5)

 

TX

 

 

11,167,919

 

 

 

1,132,081

 

 

 

-

 

 

 

12,300,000

 

15 West Apartments (3)

 

WA

 

 

9,328,583

 

 

 

1,106,537

 

 

 

-

 

 

 

10,435,120

 

Aventine Apartments (5)

 

WA

 

 

9,500,000

 

 

 

1,139,689

 

 

 

-

 

 

 

10,639,689

 

Mortgage revenue bonds held in trust

 

 

 

$

951,454,320

 

 

$

41,969,667

 

 

$

(3,356,913

)

 

$

990,067,074

 

 

(1)
MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 13. 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 13. 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 13. 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 13.
(5)
MRB held by Mizuho in a debt financing transaction, Note 13.
(6)
MRB held by Barclays Capital Inc. in a debt financing transaction, Note 13.
(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 June 30, 2024, the MRB has been in an unrealized loss position for at least 12 months.
(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 June 30, 2024, the MRB has been in an unrealized loss position for less than 12 months.
(9)
The Partnership has a remaining MRB funding commitment of approximately $14.5 million as of June 30, 2024. 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 June 30, 2024 (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 June 30, 2024, the MRB has been in an unrealized loss position for more than 12 months.

 

 

 

June 30, 2024

 

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

 

Provision Center 2014-1

 

TN

 

$

365,042

 

 

$

-

 

 

$

-

 

 

$

365,042

 

Avistar at the Crest - Series B

 

TX

 

 

714,902

 

 

 

26,684

 

 

 

-

 

 

 

741,586

 

Avistar at the Oaks - Series B

 

TX

 

 

523,907

 

 

 

17,985

 

 

 

-

 

 

 

541,892

 

Avistar at the Parkway - Series B

 

TX

 

 

122,441

 

 

 

14,175

 

 

 

-

 

 

 

136,616

 

Avistar in 09 - Series B

 

TX

 

 

432,176

 

 

 

14,836

 

 

 

-

 

 

 

447,012

 

Avistar on the Boulevard - Series B

 

TX

 

 

424,797

 

 

 

13,006

 

 

 

-

 

 

 

437,803

 

Runnymede

 

TX

 

 

9,315,000

 

 

 

-

 

 

 

-

 

 

 

9,315,000

 

Mortgage revenue bonds

 

 

 

$

11,898,265

 

 

$

86,686

 

 

$

-

 

 

$

11,984,951

 

 

 

 

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 13. 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 13. 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 13. 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 13.
(5)
MRB held by Mizuho in a debt financing transaction, Note 13.
(6)
MRB held by Barclays Capital Inc. in a debt financing transaction, Note 13.
(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.
Schedule of MRB Acquisitions

The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2024:

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Initial Principal Funding

 

Residency at the Mayer - Series M (1)

 

March 2024

 

Hollywood, CA

 

 

79

 

 

4/1/2039

 

SOFR + 3.60%

 

(2)

$

11,500,000

 

Woodington Gardens Apartments - Series A-1

 

April 2024

 

Baltimore, MD

 

 

197

 

 

5/1/2029

 

 

7.80

%

 

 

31,150,000

 

Aventine Apartments

 

May 2024

 

Bellevue, WA

 

 

68

 

 

6/1/2031

 

 

7.68

%

 

 

9,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

52,150,000

 
(1)
The borrower re-allocated $11.5 million of previously provided funding from a taxable MRB to this new MRB during the acquisition and rehabilitation phase of the property. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $5.0 million.
(2)
The interest rate is subject to an all-in floor of 3.85%. Upon stabilization of the property, the interest rate will reset to a fixed rate based on the SOFR index plus 3.50% on or around the stabilization date.

The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2023:

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Initial Principal Funded

 

Windsor Shores Apartments - Series A

 

January 2023

 

Columbia, SC

 

 

176

 

 

2/1/2030

 

 

6.50

%

 

$

21,545,000

 

The Ivy Apartments

 

January 2023

 

Greenville, SC

 

 

212

 

 

2/1/2030

 

 

6.50

%

 

 

30,500,000

 

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

 

February 2023

 

Los Angeles, CA

 

 

200

 

 

4/1/2025

 

SOFR + 3.60%

 

(2)

 

1,000,000

 

Handsel Morgan Village Apartments

 

April 2023

 

Buford, GA

 

 

45

 

 

3/1/2041

 

 

6.75

%

 

 

2,150,000

 

MaryAlice Circle Apartments

 

April 2023

 

Buford, GA

 

 

98

 

 

3/1/2041

 

 

6.75

%

 

 

5,900,000

 

Village at Hanford Square - Series H

 

May 2023

 

Hanford, CA

 

 

100

 

 

5/1/2030

 

 

6.65

%

 

 

10,400,000

 

Village Point

 

May 2023

 

Monroe Township, NJ

 

 

120

 

(3)

6/1/2030

 

 

6.88

%

 

 

23,000,000

 

40rty on Colony - Series P

 

June 2023

 

La Mesa, CA

 

 

40

 

 

6/1/2030

 

 

7.05

%

 

 

5,950,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

100,445,000

 
(1)
The Partnership has committed to provide funding for the Series J-5 MRB totaling $5.0 million. See Note 16.
(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.
Schedule of MRB Sales

The following MRB was sold at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2024:

Property Name

 

Month
Sold

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Brookstone

 

May 2024

 

Waukegan, IL

 

 

168

 

 

5/1/2040

 

 

5.45

%

 

$

8,221,234

 

The Partnership realized a gain on sale of the Brookstone MRB of approximately $1.0 million related to collection of an unamortized discount upon sale.

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