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Mortgage Revenue Bonds
 3 Months Ended
Mar. 31, 2025
Investments In Mortgage Revenue Bonds [Abstract]  
Mortgage Revenue Bonds

4. Mortgage Revenue Bonds

The Partnership’s MRBs provide construction and/or permanent financing for income-producing multifamily rental, seniors housing and skilled nursing properties. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 13). The MRBs predominantly bear interest at fixed interest rates and require regular principal and interest payments on either a monthly or semi-annual basis. The Partnership had the following investments in MRBs as of March 31, 2025 and December 31, 2024:

 

 

March 31, 2025

 

Description of Mortgage Revenue Bonds

 

State

 

Cost Adjusted for
Paydowns and Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

The Safford (4)

 

AZ

 

$

43,075,176

 

 

$

1,457,148

 

 

$

-

 

 

$

44,532,324

 

40rty on Colony - Series P (4)

 

CA

 

 

5,961,756

 

 

 

445,276

 

 

 

-

 

 

 

6,407,032

 

CCBA Senior Garden Apartments (1), (8)

 

CA

 

 

3,710,681

 

 

 

-

 

 

 

(117,519

)

 

 

3,593,162

 

Courtyard - Series A (3)

 

CA

 

 

9,641,225

 

 

 

424,065

 

 

 

-

 

 

 

10,065,290

 

Glenview Apartments - Series A (2)

 

CA

 

 

4,231,560

 

 

 

170,523

 

 

 

-

 

 

 

4,402,083

 

Harmony Court Bakersfield - Series A (3)

 

CA

 

 

3,515,325

 

 

 

128,377

 

 

 

-

 

 

 

3,643,702

 

Harmony Terrace - Series A (3)

 

CA

 

 

6,509,030

 

 

 

270,654

 

 

 

-

 

 

 

6,779,684

 

Harden Ranch - Series A (1)

 

CA

 

 

6,230,374

 

 

 

250,823

 

 

 

-

 

 

 

6,481,197

 

Las Palmas II - Series A (3)

 

CA

 

 

1,594,406

 

 

 

62,032

 

 

 

-

 

 

 

1,656,438

 

Montclair Apartments - Series A (2)

 

CA

 

 

2,292,473

 

 

 

98,170

 

 

 

-

 

 

 

2,390,643

 

Montecito at Williams Ranch Apartments - Series A (1)

 

CA

 

 

7,356,436

 

 

 

381,634

 

 

 

-

 

 

 

7,738,070

 

Montevista - Series A (1)

 

CA

 

 

6,543,640

 

 

 

529,700

 

 

 

-

 

 

 

7,073,340

 

Ocotillo Springs - Series A (1), (6)

 

CA

 

 

3,446,769

 

 

 

-

 

 

 

(277,352

)

 

 

3,169,417

 

Ocotillo Springs - Series A-1 (1)

 

CA

 

 

495,631

 

 

 

54,122

 

 

 

-

 

 

 

549,753

 

Residency at Empire - Series BB-1 (4)

 

CA

 

 

14,105,551

 

 

 

497,953

 

 

 

-

 

 

 

14,603,504

 

Residency at Empire - Series BB-2 (4)

 

CA

 

 

4,000,000

 

 

 

172,430

 

 

 

-

 

 

 

4,172,430

 

Residency at Empire - Series BB-3 (4)

 

CA

 

 

14,000,000

 

 

 

525,382

 

 

 

-

 

 

 

14,525,382

 

Residency at Empire - Series BB-4 (4)

 

CA

 

 

28,650,000

 

 

 

318,949

 

 

 

-

 

 

 

28,968,949

 

Residency at the Entrepreneur - Series J-1 (4), (8)

 

CA

 

 

9,076,709

 

 

 

-

 

 

 

(414,154

)

 

 

8,662,555

 

Residency at the Entrepreneur - Series J-2 (4), (8)

 

CA

 

 

7,500,000

 

 

 

-

 

 

 

(281,205

)

 

 

7,218,795

 

Residency at the Entrepreneur - Series J-3 (4), (8)

 

CA

 

 

26,080,000

 

 

 

-

 

 

 

(517,655

)

 

 

25,562,345

 

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

 

CA

 

 

16,420,000

 

 

 

-

 

 

 

-

 

 

 

16,420,000

 

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

 

CA

 

 

5,000,000

 

 

 

-

 

 

 

-

 

 

 

5,000,000

 

Residency at the Mayer - Series A (4)

 

CA

 

 

29,555,807

 

 

 

-

 

 

 

-

 

 

 

29,555,807

 

Residency at the Mayer - Series M (4)

 

CA

 

 

11,500,000

 

 

 

-

 

 

 

-

 

 

 

11,500,000

 

San Vicente - Series A (3)

 

CA

 

 

3,287,580

 

 

 

127,907

 

 

 

-

 

 

 

3,415,487

 

Santa Fe Apartments - Series A (2)

 

CA

 

 

2,777,245

 

 

 

122,443

 

 

 

-

 

 

 

2,899,688

 

Seasons at Simi Valley - Series A (3)

 

CA

 

 

4,011,049

 

 

 

268,179

 

 

 

-

 

 

 

4,279,228

 

Seasons Lakewood - Series A (3)

 

CA

 

 

6,933,532

 

 

 

288,306

 

 

 

-

 

 

 

7,221,838

 

Seasons San Juan Capistrano - Series A (3)

 

CA

 

 

11,673,803

 

 

 

485,413

 

 

 

-

 

 

 

12,159,216

 

Solano Vista - Series A (1)

 

CA

 

 

2,586,308

 

 

 

201,005

 

 

 

-

 

 

 

2,787,313

 

Summerhill - Series A (3)

 

CA

 

 

6,053,332

 

 

 

14,945

 

 

 

-

 

 

 

6,068,277

 

Sycamore Walk - Series A (3)

 

CA

 

 

3,317,142

 

 

 

88,329

 

 

 

-

 

 

 

3,405,471

 

The Village at Madera - Series A (3)

 

CA

 

 

2,907,447

 

 

 

106,177

 

 

 

-

 

 

 

3,013,624

 

Tyler Park Townhomes - Series A (1)

 

CA

 

 

5,422,984

 

 

 

-

 

 

 

-

 

 

 

5,422,984

 

Village at Hanford Square - Series H (4)

 

CA

 

 

10,400,000

 

 

 

603,812

 

 

 

-

 

 

 

11,003,812

 

Vineyard Gardens - Series A (1)

 

CA

 

 

3,830,894

 

 

 

253,969

 

 

 

-

 

 

 

4,084,863

 

Wellspring Apartments (1)

 

CA

 

 

3,850,860

 

 

 

60,569

 

 

 

-

 

 

 

3,911,429

 

Westside Village Market - Series A (1)

 

CA

 

 

3,543,911

 

 

 

133,672

 

 

 

-

 

 

 

3,677,583

 

Handsel Morgan Village Apartments (4)

 

GA

 

 

2,150,000

 

 

 

127,938

 

 

 

-

 

 

 

2,277,938

 

MaryAlice Circle Apartments (4)

 

GA

 

 

5,900,000

 

 

 

399,128

 

 

 

-

 

 

 

6,299,128

 

Copper Gate Apartments (1)

 

IN

 

 

4,715,000

 

 

 

-

 

 

 

-

 

 

 

4,715,000

 

Renaissance - Series A (2), (8)

 

LA

 

 

10,220,816

 

 

 

-

 

 

 

(1,120,559

)

 

 

9,100,257

 

Live 929 Apartments - Series 2022A (4)

 

MD

 

 

58,616,475

 

 

 

3,807,770

 

 

 

-

 

 

 

62,424,245

 

Woodington Gardens Apartments - Series A-1 (4)

 

MD

 

 

31,150,000

 

 

 

3,043,049

 

 

 

-

 

 

 

34,193,049

 

Meadow Valley (4), (7)

 

MI

 

 

42,157,948

 

 

 

-

 

 

 

(1,698,936

)

 

 

40,459,012

 

Jackson Manor Apartments (1), (8)

 

MS

 

 

4,769,999

 

 

 

-

 

 

 

(61,666

)

 

 

4,708,333

 

Village Point (5), (6)

 

NJ

 

 

23,000,000

 

 

 

-

 

 

 

(416,949

)

 

 

22,583,051

 

Silver Moon - Series A (2)

 

NM

 

 

7,377,683

 

 

 

549,683

 

 

 

-

 

 

 

7,927,366

 

Village at Avalon (1)

 

NM

 

 

15,628,902

 

 

 

1,108,750

 

 

 

-

 

 

 

16,737,652

 

Columbia Gardens (3)

 

SC

 

 

12,098,098

 

 

 

501,376

 

 

 

-

 

 

 

12,599,474

 

Companion at Thornhill Apartments (3)

 

SC

 

 

10,443,818

 

 

 

331,310

 

 

 

-

 

 

 

10,775,128

 

The Ivy Apartments (4), (8)

 

SC

 

 

30,555,975

 

 

 

-

 

 

 

(55,975

)

 

 

30,500,000

 

The Palms at Premier Park Apartments (1)

 

SC

 

 

17,517,830

 

 

 

-

 

 

 

-

 

 

 

17,517,830

 

The Park at Sondrio - Series 2022A (4)

 

SC

 

 

38,100,000

 

 

 

-

 

 

 

-

 

 

 

38,100,000

 

The Park at Vietti - Series 2022A (4)

 

SC

 

 

26,985,000

 

 

 

-

 

 

 

-

 

 

 

26,985,000

 

Village at River's Edge (3)

 

SC

 

 

9,454,389

 

 

 

757,578

 

 

 

-

 

 

 

10,211,967

 

Willow Run (3)

 

SC

 

 

11,929,967

 

 

 

493,859

 

 

 

-

 

 

 

12,423,826

 

Windsor Shores Apartments - Series A (4)

 

SC

 

 

21,545,000

 

 

 

-

 

 

 

-

 

 

 

21,545,000

 

Avistar at Copperfield - Series A (4)

 

TX

 

 

13,172,704

 

 

 

493,187

 

 

 

-

 

 

 

13,665,891

 

Avistar at the Crest - Series A (4)

 

TX

 

 

8,584,243

 

 

 

458,591

 

 

 

-

 

 

 

9,042,834

 

Avistar at the Crest - Series B

 

TX

 

 

709,460

 

 

 

24,394

 

 

 

-

 

 

 

733,854

 

Avistar at the Oaks - Series A (4)

 

TX

 

 

6,951,864

 

 

 

320,427

 

 

 

-

 

 

 

7,272,291

 

Avistar at the Oaks - Series B

 

TX

 

 

520,080

 

 

 

13,701

 

 

 

-

 

 

 

533,781

 

Avistar at the Parkway - Series A (2)

 

TX

 

 

12,057,789

 

 

 

435,839

 

 

 

-

 

 

 

12,493,628

 

Avistar at the Parkway - Series B

 

TX

 

 

122,021

 

 

 

12,776

 

 

 

-

 

 

 

134,797

 

Avistar at Wilcrest - Series A (4)

 

TX

 

 

4,992,188

 

 

 

159,910

 

 

 

-

 

 

 

5,152,098

 

Avistar at Wood Hollow - Series A (4)

 

TX

 

 

37,905,570

 

 

 

1,419,186

 

 

 

-

 

 

 

39,324,756

 

Avistar in 09 - Series A (4)

 

TX

 

 

6,002,660

 

 

 

290,413

 

 

 

-

 

 

 

6,293,073

 

Avistar in 09 - Series B

 

TX

 

 

429,019

 

 

 

12,210

 

 

 

-

 

 

 

441,229

 

Avistar on the Boulevard - Series A (4)

 

TX

 

 

14,624,193

 

 

 

655,850

 

 

 

-

 

 

 

15,280,043

 

Avistar on the Boulevard - Series B

 

TX

 

 

421,563

 

 

 

11,969

 

 

 

-

 

 

 

433,532

 

Avistar on the Hills - Series A (4)

 

TX

 

 

4,759,400

 

 

 

241,182

 

 

 

-

 

 

 

5,000,582

 

Bruton Apartments (3), (8)

 

TX

 

 

17,006,277

 

 

 

-

 

 

 

(78,262

)

 

 

16,928,015

 

Concord at Gulfgate - Series A (3)

 

TX

 

 

17,904,269

 

 

 

906,412

 

 

 

-

 

 

 

18,810,681

 

Concord at Little York - Series A (3)

 

TX

 

 

12,542,787

 

 

 

691,831

 

 

 

-

 

 

 

13,234,618

 

Concord at Williamcrest - Series A (3)

 

TX

 

 

19,430,121

 

 

 

1,027,636

 

 

 

-

 

 

 

20,457,757

 

Crossing at 1415 - Series A (3)

 

TX

 

 

6,964,949

 

 

 

184,075

 

 

 

-

 

 

 

7,149,024

 

Decatur Angle (3), (8)

 

TX

 

 

21,352,014

 

 

 

-

 

 

 

(168,210

)

 

 

21,183,804

 

Esperanza at Palo Alto (3)

 

TX

 

 

18,531,400

 

 

 

984,117

 

 

 

-

 

 

 

19,515,517

 

Heights at 515 - Series A (3)

 

TX

 

 

6,376,531

 

 

 

309,803

 

 

 

-

 

 

 

6,686,334

 

Heritage Square - Series A (2)

 

TX

 

 

10,000,817

 

 

 

312,367

 

 

 

-

 

 

 

10,313,184

 

Oaks at Georgetown - Series A (3)

 

TX

 

 

11,631,353

 

 

 

31,320

 

 

 

-

 

 

 

11,662,673

 

15 West Apartments (3)

 

WA

 

 

9,261,167

 

 

 

948,246

 

 

 

-

 

 

 

10,209,413

 

Aventine Apartments (4)

 

WA

 

 

9,500,000

 

 

 

1,004,584

 

 

 

-

 

 

 

10,504,584

 

Mortgage revenue bonds

 

 

 

$

997,159,975

 

 

$

30,612,431

 

 

$

(5,208,442

)

 

$

1,022,563,964

 

 

 

(1)
2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13.
(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 Mizuho in a debt financing transaction, Note 13.
(5)
MRB held by Barclays in a debt financing transaction, Note 13.
(6)
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, 2025, the MRB has been in an unrealized loss position for at least 12 months.
(7)
The Partnership has a remaining MRB funding commitment of approximately $1.9 million as of March 31, 2025. 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 March 31, 2025 (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, 2025, the MRB has been in an unrealized loss position for more than 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 March 31, 2025, the MRB has been in an unrealized loss position for less than 12 months.

 

 

 

December 31, 2024

 

Description of Mortgage Revenue Bonds

 

State

 

Cost Adjusted for
Paydowns and Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

The Safford (4)

 

AZ

 

$

37,435,466

 

 

$

1,523,170

 

 

$

-

 

 

$

38,958,636

 

40rty on Colony - Series P (4)

 

CA

 

 

5,962,217

 

 

 

459,328

 

 

 

-

 

 

 

6,421,545

 

CCBA Senior Garden Apartments (1), (8)

 

CA

 

 

3,720,209

 

 

 

-

 

 

 

(58,814

)

 

 

3,661,395

 

Courtyard - Series A (3)

 

CA

 

 

9,668,469

 

 

 

449,017

 

 

 

-

 

 

 

10,117,486

 

Glenview Apartments - Series A (2)

 

CA

 

 

4,248,118

 

 

 

170,362

 

 

 

-

 

 

 

4,418,480

 

Harmony Court Bakersfield - Series A (3)

 

CA

 

 

3,525,258

 

 

 

127,289

 

 

 

-

 

 

 

3,652,547

 

Harmony Terrace - Series A (3)

 

CA

 

 

6,527,329

 

 

 

288,190

 

 

 

-

 

 

 

6,815,519

 

Harden Ranch - Series A (1)

 

CA

 

 

6,256,135

 

 

 

260,476

 

 

 

-

 

 

 

6,516,611

 

Las Palmas II - Series A (3)

 

CA

 

 

1,598,957

 

 

 

61,427

 

 

 

-

 

 

 

1,660,384

 

Lutheran Gardens

 

CA

 

 

10,352,000

 

 

 

-

 

 

 

-

 

 

 

10,352,000

 

Montclair Apartments - Series A (2)

 

CA

 

 

2,301,443

 

 

 

98,596

 

 

 

-

 

 

 

2,400,039

 

Montecito at Williams Ranch Apartments - Series A (1)

 

CA

 

 

7,374,111

 

 

 

424,400

 

 

 

-

 

 

 

7,798,511

 

Montevista - Series A (1)

 

CA

 

 

6,556,878

 

 

 

602,131

 

 

 

-

 

 

 

7,159,009

 

Ocotillo Springs - Series A (1), (6)

 

CA

 

 

3,455,419

 

 

 

-

 

 

 

(224,262

)

 

 

3,231,157

 

Ocotillo Springs - Series A-1 (1)

 

CA

 

 

496,351

 

 

 

64,598

 

 

 

-

 

 

 

560,949

 

Residency at Empire - Series BB-1 (4)

 

CA

 

 

14,109,248

 

 

 

491,616

 

 

 

-

 

 

 

14,600,864

 

Residency at Empire - Series BB-2 (4)

 

CA

 

 

4,000,000

 

 

 

171,675

 

 

 

-

 

 

 

4,171,675

 

Residency at Empire - Series BB-3 (4)

 

CA

 

 

14,000,000

 

 

 

510,453

 

 

 

-

 

 

 

14,510,453

 

Residency at Empire - Series BB-4 (4)

 

CA

 

 

21,200,000

 

 

 

275,702

 

 

 

-

 

 

 

21,475,702

 

Residency at the Entrepreneur - Series J-1 (4), (8)

 

CA

 

 

9,078,496

 

 

 

-

 

 

 

(194,816

)

 

 

8,883,680

 

Residency at the Entrepreneur - Series J-2 (4), (8)

 

CA

 

 

7,500,000

 

 

 

-

 

 

 

(96,933

)

 

 

7,403,067

 

Residency at the Entrepreneur - Series J-3 (4), (8)

 

CA

 

 

26,080,000

 

 

 

-

 

 

 

(99,928

)

 

 

25,980,072

 

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

 

CA

 

 

16,420,000

 

 

 

-

 

 

 

-

 

 

 

16,420,000

 

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

 

CA

 

 

5,000,000

 

 

 

-

 

 

 

-

 

 

 

5,000,000

 

Residency at the Mayer - Series A (4)

 

CA

 

 

29,556,596

 

 

 

-

 

 

 

-

 

 

 

29,556,596

 

Residency at the Mayer - Series M (4)

 

CA

 

 

11,500,000

 

 

 

-

 

 

 

-

 

 

 

11,500,000

 

San Vicente - Series A (3)

 

CA

 

 

3,296,965

 

 

 

135,060

 

 

 

-

 

 

 

3,432,025

 

Santa Fe Apartments - Series A (2)

 

CA

 

 

2,788,112

 

 

 

123,270

 

 

 

-

 

 

 

2,911,382

 

Seasons at Simi Valley - Series A (3)

 

CA

 

 

4,025,911

 

 

 

272,883

 

 

 

-

 

 

 

4,298,794

 

Seasons Lakewood - Series A (3)

 

CA

 

 

6,953,024

 

 

 

306,985

 

 

 

-

 

 

 

7,260,009

 

Seasons San Juan Capistrano - Series A (3)

 

CA

 

 

11,706,622

 

 

 

516,863

 

 

 

-

 

 

 

12,223,485

 

Solano Vista - Series A (1)

 

CA

 

 

2,591,588

 

 

 

172,312

 

 

 

-

 

 

 

2,763,900

 

Summerhill - Series A (3)

 

CA

 

 

6,070,437

 

 

 

20,122

 

 

 

-

 

 

 

6,090,559

 

Sycamore Walk - Series A (3)

 

CA

 

 

3,330,230

 

 

 

44,181

 

 

 

-

 

 

 

3,374,411

 

The Village at Madera - Series A (3)

 

CA

 

 

2,915,662

 

 

 

112,779

 

 

 

-

 

 

 

3,028,441

 

Tyler Park Townhomes - Series A (1)

 

CA

 

 

5,445,686

 

 

 

-

 

 

 

-

 

 

 

5,445,686

 

Village at Hanford Square - Series H (4)

 

CA

 

 

10,400,000

 

 

 

619,721

 

 

 

-

 

 

 

11,019,721

 

Vineyard Gardens - Series A (1)

 

CA

 

 

3,839,951

 

 

 

281,057

 

 

 

-

 

 

 

4,121,008

 

Wellspring Apartments (1)

 

CA

 

 

3,880,455

 

 

 

119,584

 

 

 

-

 

 

 

4,000,039

 

Westside Village Market - Series A (1)

 

CA

 

 

3,558,747

 

 

 

132,773

 

 

 

-

 

 

 

3,691,520

 

Handsel Morgan Village Apartments (4)

 

GA

 

 

2,150,000

 

 

 

162,887

 

 

 

-

 

 

 

2,312,887

 

MaryAlice Circle Apartments (4)

 

GA

 

 

5,900,000

 

 

 

496,763

 

 

 

-

 

 

 

6,396,763

 

Copper Gate Apartments (1)

 

IN

 

 

4,715,000

 

 

 

-

 

 

 

-

 

 

 

4,715,000

 

Renaissance - Series A (2), (8)

 

LA

 

 

10,263,789

 

 

 

-

 

 

 

(836,645

)

 

 

9,427,144

 

Live 929 Apartments - Series 2022A (4)

 

MD

 

 

58,560,655

 

 

 

3,547,694

 

 

 

-

 

 

 

62,108,349

 

Woodington Gardens Apartments - Series A-1 (4)

 

MD

 

 

31,150,000

 

 

 

3,112,265

 

 

 

-

 

 

 

34,262,265

 

Meadow Valley (4), (7)

 

MI

 

 

41,162,263

 

 

 

-

 

 

 

(1,859,135

)

 

 

39,303,128

 

Jackson Manor Apartments (1)

 

MS

 

 

4,781,136

 

 

 

19,919

 

 

 

-

 

 

 

4,801,055

 

Village Point (5), (8)

 

NJ

 

 

23,000,000

 

 

 

-

 

 

 

(447,248

)

 

 

22,552,752

 

Silver Moon - Series A (2)

 

NM

 

 

7,398,857

 

 

 

571,694

 

 

 

-

 

 

 

7,970,551

 

Village at Avalon (1)

 

NM

 

 

15,665,803

 

 

 

1,241,389

 

 

 

-

 

 

 

16,907,192

 

Columbia Gardens (3)

 

SC

 

 

12,150,488

 

 

 

502,113

 

 

 

-

 

 

 

12,652,601

 

Companion at Thornhill Apartments (3)

 

SC

 

 

10,484,096

 

 

 

338,831

 

 

 

-

 

 

 

10,822,927

 

The Ivy Apartments (4)

 

SC

 

 

30,558,423

 

 

 

822,638

 

 

 

-

 

 

 

31,381,061

 

The Palms at Premier Park Apartments (1)

 

SC

 

 

17,590,997

 

 

 

27,389

 

 

 

-

 

 

 

17,618,386

 

The Park at Sondrio - Series 2022A (4)

 

SC

 

 

38,100,000

 

 

 

1,260,209

 

 

 

-

 

 

 

39,360,209

 

The Park at Vietti - Series 2022A (4)

 

SC

 

 

26,985,000

 

 

 

952,281

 

 

 

-

 

 

 

27,937,281

 

Village at River's Edge (3)

 

SC

 

 

9,477,407

 

 

 

832,313

 

 

 

-

 

 

 

10,309,720

 

Willow Run (3)

 

SC

 

 

11,981,345

 

 

 

494,536

 

 

 

-

 

 

 

12,475,881

 

Windsor Shores Apartments - Series A (4)

 

SC

 

 

21,545,000

 

 

 

718,755

 

 

 

-

 

 

 

22,263,755

 

Avistar at Copperfield - Series A (4)

 

TX

 

 

13,215,029

 

 

 

485,574

 

 

 

-

 

 

 

13,700,603

 

Avistar at the Crest - Series A (4)

 

TX

 

 

8,621,036

 

 

 

471,417

 

 

 

-

 

 

 

9,092,453

 

Avistar at the Crest - Series B

 

TX

 

 

711,315

 

 

 

24,748

 

 

 

-

 

 

 

736,063

 

Avistar at the Oaks - Series A (4)

 

TX

 

 

6,980,721

 

 

 

333,795

 

 

 

-

 

 

 

7,314,516

 

Avistar at the Oaks - Series B

 

TX

 

 

521,384

 

 

 

14,194

 

 

 

-

 

 

 

535,578

 

Avistar at the Parkway - Series A (2)

 

TX

 

 

12,101,645

 

 

 

422,358

 

 

 

-

 

 

 

12,524,003

 

Avistar at the Parkway - Series B

 

TX

 

 

122,165

 

 

 

13,232

 

 

 

-

 

 

 

135,397

 

Avistar at Wilcrest - Series A (4)

 

TX

 

 

5,008,228

 

 

 

155,503

 

 

 

-

 

 

 

5,163,731

 

Avistar at Wood Hollow - Series A (4)

 

TX

 

 

38,027,363

 

 

 

1,397,281

 

 

 

-

 

 

 

39,424,644

 

Avistar in 09 - Series A (4)

 

TX

 

 

6,027,577

 

 

 

302,568

 

 

 

-

 

 

 

6,330,145

 

Avistar in 09 - Series B

 

TX

 

 

430,095

 

 

 

12,653

 

 

 

-

 

 

 

442,748

 

Avistar on the Boulevard - Series A (4)

 

TX

 

 

14,686,873

 

 

 

671,717

 

 

 

-

 

 

 

15,358,590

 

Avistar on the Boulevard - Series B

 

TX

 

 

422,666

 

 

 

12,072

 

 

 

-

 

 

 

434,738

 

Avistar on the Hills - Series A (4)

 

TX

 

 

4,779,156

 

 

 

251,307

 

 

 

-

 

 

 

5,030,463

 

Bruton Apartments (3)

 

TX

 

 

17,050,526

 

 

 

-

 

 

 

-

 

 

 

17,050,526

 

Concord at Gulfgate - Series A (3)

 

TX

 

 

17,963,286

 

 

 

938,146

 

 

 

-

 

 

 

18,901,432

 

Concord at Little York - Series A (3)

 

TX

 

 

12,584,132

 

 

 

716,639

 

 

 

-

 

 

 

13,300,771

 

Concord at Williamcrest - Series A (3)

 

TX

 

 

19,494,168

 

 

 

1,064,065

 

 

 

-

 

 

 

20,558,233

 

Crossing at 1415 - Series A (3)

 

TX

 

 

6,989,209

 

 

 

179,154

 

 

 

-

 

 

 

7,168,363

 

Decatur Angle (3), (8)

 

TX

 

 

21,412,592

 

 

 

-

 

 

 

(149,516

)

 

 

21,263,076

 

 

 

December 31, 2024

 

Description of Mortgage Revenue Bonds

 

State

 

Cost Adjusted for
Paydowns and Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

Esperanza at Palo Alto (3)

 

TX

 

 

18,576,657

 

 

 

1,168,859

 

 

 

-

 

 

 

19,745,516

 

Heights at 515 - Series A (3)

 

TX

 

 

6,398,741

 

 

 

312,241

 

 

 

-

 

 

 

6,710,982

 

Heritage Square - Series A (2)

 

TX

 

 

10,039,053

 

 

 

307,888

 

 

 

-

 

 

 

10,346,941

 

Oaks at Georgetown - Series A (3)

 

TX

 

 

11,664,053

 

 

 

214,123

 

 

 

-

 

 

 

11,878,176

 

15 West Apartments (3)

 

WA

 

 

9,283,990

 

 

 

1,025,529

 

 

 

-

 

 

 

10,309,519

 

Aventine Apartments (4)

 

WA

 

 

9,500,000

 

 

 

1,060,325

 

 

 

-

 

 

 

10,560,325

 

Mortgage revenue bonds

 

 

 

$

994,958,009

 

 

$

35,493,084

 

 

$

(3,967,297

)

 

$

1,026,483,796

 

 

(1)
2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13.
(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 Mizuho in a TOB trust financing transaction, Note 13.
(5)
MRB held by Barclays in a debt financing transaction, Note 13.
(6)
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, 2024, the MRB has been in an unrealized loss position for at least 12 months.
(7)
The Partnership has a remaining MRB funding commitment of approximately $2.9 million as of December 31, 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 December 31, 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 December 31, 2024, the MRB has been in an unrealized loss position for more than 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 December 31, 2024, the MRB has been in an unrealized loss position for less than 12 months.

The Partnership has accrued interest receivable related to its MRBs of approximately $5.3 million and approximately $5.3 million as of March 31, 2025 and December 31, 2024, respectively, that is reported as interest receivable, net in the Partnership's condensed consolidated balance sheets.

An entity that is an affiliate of the borrowers for the Residency at Empire, Residency at the Entrepreneur, and the Residency at the Mayer MRBs and taxable MRBs (Note 9) has provided full payment guaranties during the construction phase prior to stabilization. MRBs and taxable MRBs had total outstanding principal of $165.9 million and $9.0 million, respectively, as of March 31, 2025.

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 March 31, 2025. See Note 16 for additional information regarding the Partnership’s MRB funding commitments.

See Note 20 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 condensed 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.

See Note 10 for information regarding the Partnership’s allowance for credit losses.

Activity in the First Three Months of 2025

Amendments:

In March 2025, the Residency at the Mayer – Series A and Residency at the Mayer – Series M MRBs were amended. Previously, upon stabilization of the property, the Series A MRB would have been paid down to no more than $18.0 million and would have converted to a fixed interest rate of 4.90% and the Series M MRB would have paid down to no more than $5.0 million and converted to a fixed interest rate of SOFR plus 3.50% as of the stabilization date. The amendment to these MRBs has removed the Partnership’s post-stabilization funding commitment such that the Partnership’s MRBs will be either repurchased or redeemed by March 2026, and until such date the MRBs will bear interest at a variable interest rate of SOFR plus 3.60%.

During the first quarter of 2025, the Partnership recognized fees totaling approximately $565,000 in other income in connection with extensions of the maturity dates of the Residency at the Entrepreneur MRBs, the Residency at the Mayer MRBs, and the Residency at the Entrepreneur taxable MRB.

Redemptions:

The following MRB was redeemed at a price that approximated the outstanding principal balance plus accrued interest during the three months ended March 31, 2025:

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Lutheran Gardens

 

March 2025

 

Compton, CA

 

 

76

 

 

2/1/2025

 

 

4.90

%

 

$

10,352,000

 

Activity in the First Three Months of 2024

Acquisitions:

The following MRB was acquired at a price that approximated the principal outstanding plus accrued interest during the three months ended March 31, 2024:

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

Initial Principal Funded

 

Residency at the Mayer - Series M (1)

 

March 2024

 

Hollywood, CA

 

 

79

 

 

4/1/2039

 

SOFR + 3.60%

(2)

$

11,500,000

 
(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.
(2)
The interest rate is subject to an all-in floor of 3.85%.