Real Estate Assets (Tables)

12 Months Ended

Dec. 31, 2014

Business Acquisition, Pro Forma Information [Table Text Block]

The table below shows the unaudited pro forma condensed consolidated results of operations of the Company as if the The Colonial and Woodland Park properties had been acquired at the beginning of the periods presented:



	For year ended December 31, 2013		For year ended December 31, 2012

Revenues	$	47,562,142	$	27,128,238
Net income (loss)	17,715,489		4,428,949
Net income (loss) allocated to unitholders	17,415,449		5,260,661
Unitholder’s interest in net income (loss) per unit (basic and diluted)	0.40		0.14

Schedule of Condensed Balance Sheet [Table Text Block]

Consolidating Balance Sheets as of December 31, 2014 and 2013:



	Partnership as of December 31, 2014			Consolidated VIEs as of December 31, 2014			Consolidation -Elimination as of December 31, 2014			Total as of December 31, 2014
Assets
Cash and cash equivalents	$	49,157,571		$	35,772		$	—		$	49,193,343
Restricted cash	11,141,496			544,233			—			11,685,729
Interest receivable	4,791,828			—			(670,342		)	4,121,486
Mortgage revenue bonds held in trust	394,568,208			—			(16,145,116		)	378,423,092
Mortgage revenue bonds	70,601,045			—			—			70,601,045
Public housing capital fund trusts	61,263,123			—			—			61,263,123
Mortgage-backed securities	14,841,558			—			—			14,841,558
Real estate assets:
Land and land improvements	13,753,493			1,836,400			—			15,589,893
Buildings and improvements	110,706,173			21,204,048			—			131,910,221
Real estate assets before accumulated depreciation	124,459,666			23,040,448			—			147,500,114
Accumulated depreciation	(14,108,154		)	(10,583,646		)	—			(24,691,800		)
Net real estate assets	110,351,512			12,456,802			—			122,808,314
Other assets	41,958,914			420,054			(11,077,441		)	31,301,527
Total Assets	$	758,675,255		$	13,456,861		$	(27,892,899	)	$	744,239,217

Liabilities
Accounts payable, accrued expenses and other liabilities	$	4,123,346		$	22,225,477		$	(21,721,734	)	$	4,627,089
Distribution payable	7,617,390			—			—			7,617,390
Debt financing	345,359,000			—			—			345,359,000
Mortgage payable	76,707,834			14,731,000			(14,731,000		)	76,707,834
Total Liabilities	433,807,570			36,956,477			(36,452,734		)	434,311,313
Partners' Capital
General Partner	578,238			—			—			578,238
Beneficial Unit Certificate holders	324,305,442			—			6,151,675			330,457,117
Unallocated loss of Consolidated VIEs	—			(23,499,616		)	2,408,160			(21,091,456		)
Total Partners' Capital	324,883,680			(23,499,616		)	8,559,835			309,943,899
Noncontrolling interest	(15,995		)	—			—			(15,995		)
Total Capital	324,867,685			(23,499,616		)	8,559,835			309,927,904
Total Liabilities and Partners' Capital	$	758,675,255		$	13,456,861		$	(27,892,899	)	$	744,239,217



	Partnership as of December 31, 2013			Consolidated VIEs as of December 31, 2013			Consolidation -Elimination as of December 31, 2013			Total as of December 31, 2013
Assets
Cash and cash equivalents	$	11,292,039		$	25,976		$	—		$	11,318,015
Restricted cash	6,344,666			500,877			—			6,845,543
Interest receivable	5,281,398			—			(1,939,360		)	3,342,038
Mortgage revenue bonds held in trust	230,885,864			—			(14,514,063		)	216,371,801
Mortgage revenue bonds	68,946,370			—			—			68,946,370
Public housing capital fund trusts	62,056,379			—			—			62,056,379
Mortgage-backed securities	37,845,661			—			—			37,845,661
Real estate assets:
Land and land improvements	9,245,592			1,836,400			—			11,081,992
Buildings and improvements	90,253,256			20,942,439			—			111,195,695
Real estate assets before accumulated depreciation	99,498,848			22,778,839			—			122,277,687
Accumulated depreciation	(9,386,811		)	(9,741,942		)	—			(19,128,753		)
Net real estate assets	90,112,037			13,036,897			—			103,148,934
Other assets	33,488,744			456,087			(9,586,540		)	24,358,291
Total Assets	$	546,253,158		$	14,019,837		$	(26,039,963	)	$	534,233,032

Liabilities
Accounts payable, accrued expenses and other liabilities	$	4,963,653		$	20,634,613		$	(20,147,572	)	$	5,450,694
Distribution payable	6,446,076			—			—			6,446,076
Debt financing	257,274,000			—			—			257,274,000
Mortgage payable	57,087,320			14,897,000			(14,897,000		)	57,087,320
Bond purchase commitment at fair value	4,852,177			—			—			4,852,177
Total Liabilities	330,623,226			35,531,613			(35,044,572		)	331,110,267
Partners' Capital
General Partner	16,671			—			—			16,671
Beneficial Unit Certificate holders	215,624,583			—			7,948,729			223,573,312
Unallocated deficit of Consolidated VIEs	—			(21,511,776		)	1,055,880			(20,455,896		)
Total Partners' Capital	215,641,254			(21,511,776		)	9,004,609			203,134,087
Noncontrolling interest	(11,322		)	—			—			(11,322		)
Total Capital	215,629,932			(21,511,776		)	9,004,609			203,122,765
Total Liabilities and Partners' Capital	$	546,253,158		$	14,019,837		$	(26,039,963	)	$	534,233,032

A condensed balance sheet for each at the date of acquisitions is included below.



	Woodland Park 6/1/2013 (Date of Acquisition)
Other current assets	$	201,321
In-place lease assets	403,216
Real estate assets	15,258,784
Total Assets	$	15,863,321
Accounts payable, accrued expenses and other	192,345
Net assets	15,670,976
Total liabilities and net assets	$	15,863,321

Schedule of Condensed Income Statement [Table Text Block]

Consolidating Statements of Operations for the years ended December 31, 2014, 2013, and 2012:



	Partnership For the Year Ended December 31, 2014			Consolidated VIEs For the Year Ended December 31, 2014			Consolidation -Elimination For the Year Ended December 31, 2014			Total For the Year Ended December 31, 2014
Revenues:
Property revenues	$	14,250,572		$	3,180,680		$	—		$	17,431,252
Mortgage revenue bond investment income	27,535,513			—			(929,279		)	26,606,234
Contingent interest income	40,000			—			—			40,000
Other interest income	856,217			—			—			856,217
Gain on mortgage revenue bonds - sale and redemption	3,701,772			—			—			3,701,772
Other income	188,000			—			—			188,000
Total revenues	46,572,074			3,180,680			(929,279		)	48,823,475
Expenses:
Real estate operating (exclusive of items shown below)	7,796,761			1,955,112			—			9,751,873
Provision for loan loss	75,000			—			—			75,000
Depreciation and amortization	6,089,708			958,621			(26,772		)	7,021,557
Interest	11,398,649			2,254,786			(2,254,786		)	11,398,649
General and administrative	5,547,208			—			—			5,547,208
Total expenses	30,907,326			5,168,519			(2,281,558		)	33,794,287
Income (loss) from continuing operations	15,664,748			(1,987,839		)	1,352,279			15,029,188
Net (loss) income attributable to noncontrolling interest	(4,673		)	—			—			(4,673		)
Net income (loss) - America First Multifamily Investors, L. P.	$	15,669,421		$	(1,987,839	)	$	1,352,279		$	15,033,861



	Partnership For the Year Ended December 31, 2013		Consolidated VIEs For the Year Ended December 31, 2013		Consolidation -Elimination For the Year Ended December 31, 2013			Total For the Year Ended December 31, 2013
Revenues:
Property revenues	$	11,358,718	$	4,752,022	$	—		$	16,110,740
Mortgage revenue bond investment income	24,109,397		—		(1,457,775		)	22,651,622
Contingent interest income	6,497,160		—		—			6,497,160
Other interest income	1,772,338		—		—			1,772,338
Other income	250,000		9,186,828		(9,186,828		)	250,000
Total revenues	43,987,613		13,938,850		(10,644,603		)	47,281,860
Expenses:
Real estate operating (exclusive of items shown below)	6,522,091		3,052,731		—			9,574,822
Realized loss on taxable property loan	4,557,741		—		—			4,557,741
Provision for loan loss	168,000		—		—			168,000
Provision for loss on receivables	241,698		—		—			241,698
Depreciation and amortization	5,374,802		1,399,548		(41,770		)	6,732,580
Interest	7,235,336		3,221,000		(3,221,000		)	7,235,336
General and administrative	4,237,245		—		—			4,237,245
Total expenses	28,336,913		7,673,279		(3,262,770		)	32,747,422
Income (loss) from continuing operations	15,650,700		6,265,571		(7,381,833		)	14,534,438
Income from discontinued operations (including gain on sale of MF Property of $3,177,183 in 2013)	3,442,404		—		—			3,442,404
Net income (loss)	19,093,104		6,265,571		(7,381,833		)	17,976,842
Net income attributable to noncontrolling interest	261,923		—		—			261,923
Net income (loss) - America First Multifamily Investors, L.P.	$	18,831,181	$	6,265,571	$	(7,381,833	)	$	17,714,919



	Partnership For the Year Ended December 31, 2012		Consolidated VIEs For the Year Ended December 31, 2012			Consolidation -Elimination For the Year Ended December 31, 2012			Total For the Year Ended December 31, 2012
Revenues:
Property revenues	$	7,846,812	$	4,807,718		$	—		$	12,654,530
Mortgage revenue bond investment income	12,599,284		—			(1,520,817		)	11,078,467
Gain on mortgage revenue bond - sale	680,444		—			—			680,444
Other interest income	150,882		—			—			150,882
Other income	557,300		(1,972		)	—			555,328
Total Revenues	21,834,722		4,805,746			(1,520,817		)	25,119,651
Expenses:
Real estate operating (exclusive of items shown below)	4,604,870		3,273,061			—			7,877,931
Provision for loss on receivables	452,700		—			—			452,700
Depreciation and amortization	3,447,316		1,578,275			(43,561		)	4,982,030
Interest	5,530,995		3,240,306			(3,240,306		)	5,530,995
General and administrative	3,512,233		—			—			3,512,233
Total Expenses	17,548,114		8,091,642			(3,283,867		)	22,355,889
Income (loss) from continuing operations	4,286,608		(3,285,896		)	1,763,050			2,763,762
Income from discontinued operations (including gain on sale of MF Property of $1.406,608 in 2012)	2,232,276		—			—			2,232,276
Net income (loss)	6,518,884		(3,285,896		)	1,763,050			4,996,038
Net income attributable to noncontrolling interest	549,194		—			—			549,194
Net income (loss) - America First Multifamily Investors, L. P.	$	5,969,690	$	(3,285,896	)	$	1,763,050		$	4,446,844

Schedule of Variable Interest Entities [Table Text Block]

The Company consolidated the following properties owned by the VIEs in continuing operations as of December 31, 2014 and 2013:



Consolidated VIEs
Property Name	Location	Number of Units	Land and Land Improvements		Buildings and Improvements		Carrying Value at December 31, 2014
Bent Tree Apartments	Columbia, SC	232	$	986,000	$	12,303,982	$	13,289,982
Fairmont Oaks Apartments	Gainesville, FL	178	850,400		8,900,066		9,750,466
							23,040,448
Less accumulated depreciation (depreciation expense of approximately $940,000 in 2014)							(10,583,646		)
							$	12,456,802

Consolidated VIEs
Property Name	Location	Number of Units	Land and Land Improvements		Buildings and Improvements		Carrying Value at December 31, 2013
Bent Tree Apartments	Columbia, SC	232	$	986,000	$	12,097,419	$	13,083,419
Fairmont Oaks Apartments	Gainesville, FL	178	850,400		8,845,020		9,695,420
							22,778,839
Less accumulated depreciation (depreciation expense of approximately $1.4 million in 2013)							(9,741,942		)
							$	13,036,897

Schedule of Real Estate Properties [Table Text Block]

The Company had the following investments in MF Properties as of December 31, 2014 and 2013:



MF Properties
Property Name	Location	Number of Units	Land and Land Improvements		Buildings and Improvements		Carrying Value at December 31, 2014
Arboretum	Omaha, NE	145	$	1,748,502	$	19,216,623	$	20,965,125
Eagle Village	Evansville, IN	511	567,880		12,472,151		13,040,031
Glynn Place	Brunswick, GA	128	743,996		4,995,658		5,739,654
Meadowview	Highland Heights, KY	118	688,539		5,479,342		6,167,881
Residences of DeCordova	Granbury, TX	110	1,137,832		8,007,390		9,145,222
Residences of Weatherford	Weatherford, TX	76	1,942,229		5,724,456		7,666,685
The 50/50	Lincoln, NE	475	—		32,820,776		32,820,776
The Colonial	Omaha, NE	258	1,180,058		7,822,681		9,002,739
Woodland Park	Topeka, KS	236	1,265,160		14,167,096		15,432,256
							$	119,980,369
Less accumulated depreciation (depreciation expense of approximately $4.8 million in 2014)							(14,108,154		)
Balance at December 31, 2014							$	105,872,215



MF Properties
Property Name	Location	Number of Units	Land and Land Improvements		Buildings and Improvements		Carrying Value at December 31, 2013
Arboretum	Omaha, NE	145	$	1,739,554	$	19,123,872	$	20,863,426
Eagle Village	Evansville, IN	511	567,880		12,336,975		12,904,855
Glynn Place	Brunswick, GA	128	743,996		4,937,172		5,681,168
Meadowview	Highland Heights, KY	118	688,539		5,416,293		6,104,832
Residences of DeCordova	Granbury, TX	110	1,137,832		7,965,574		9,103,406
Residences of Weatherford	Weatherford, TX	76	1,927,701		5,695,600		7,623,301
The Colonial (f/k/a Maples on 97th)	Omaha, NE	258	1,180,058		7,613,668		8,793,726
Woodland Park	Topeka, KS	236	1,260,032		14,033,777		15,293,809
Construction work in process (The 50/50) ⁽¹⁾	Lincoln, NE	N/A	—		13,130,325		13,130,325
							$	99,498,848
Less accumulated depreciation (depreciation expense of approximately $3.8 million in 2013)							(9,386,811		)
Balance at December 31, 2013							$	90,112,037

⁽¹⁾ The construction work in process represents pre-development architecture and engineering costs related to The 50/50 Student Housing at UNL, a 475 bed student housing project, which was built above a 1,605 parking stall garage to be constructed at the University of Nebraska-Lincoln.

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

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