Mortgage-Backed Securities (Tables)

9 Months Ended

Sep. 30, 2015

Mortgage-Backed Securities [Abstract]

Marketable Securities [Table Text Block]

The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts on September 30, 2015 and December 31, 2014:



	Average Remaining Lives (Years)	Investment Rating	Weighted Average Interest Rate over Life		Principal Outstanding September 30, 2015
Public Housing Capital Fund Trust Certificate I	9.50	AA-	5.29	%	$	25,980,780
Public Housing Capital Fund Trust Certificate II	8.92	A+	4.29	%	11,465,660
Public Housing Capital Fund Trust Certificate III	10.06	BBB	5.42	%	20,898,432
Total Public Housing Capital Fund Trust Certificates					$	58,344,872



	Average Remaining Lives (Years)	Investment Rating	Weighted Average Interest Rate over Life		Principal Outstanding December 31, 2014
Public Housing Capital Fund Trust Certificate I	10.25	AA-	5.33	%	$	25,980,780
Public Housing Capital Fund Trust Certificate II	9.72	A+	4.28	%	12,429,186
Public Housing Capital Fund Trust Certificate III	10.81	BBB	5.42	%	20,898,432
Total Public Housing Capital Fund Trust Certificates					$	59,308,398

Description of certain terms of the Partnership’s MBS securities is as follows:



Agency Rating of MBS Securities	Principal Outstanding September 30, 2015		Weighted Average Maturity Date	Weighted Average Coupon Interest Rate


“AAA”	$	5,000,000	July 1, 2032	4.60	%
“AA”	9,765,000		July 9, 2036	4.20	%
	$	14,765,000

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

The Partnership’s investments in mortgage revenue bonds on the dates shown are as follows:



	September 30, 2015
Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss		Estimated Fair Value
Arbors at Hickory Ridge ⁽³⁾	$	11,566,976	$	1,537,005	$	—	$	13,103,981
Ashley Square ⁽¹⁾	5,114,000		458,262		—		5,572,262
Avistar at Chase Hill A Bond ⁽³⁾	9,957,357		1,140,898		—		11,098,255
Avistar at the Crest A Bond ⁽³⁾	9,658,636		1,106,671		—		10,765,307
Avistar at the Oaks A Bond ⁽³⁾	7,794,525		954,785		—		8,749,310
Avistar at the Parkway A Bond ⁽⁴⁾	13,300,000		81,808		—		13,381,808
Avistar in 09 A Bond ⁽³⁾	6,730,273		730,354		—		7,460,627
Avistar on the Boulevard A Bond ⁽³⁾	16,454,530		1,548,219		—		18,002,749
Avistar on the Hills A Bond ⁽³⁾	5,385,217		584,391		—		5,969,608
Bella Vista ⁽¹⁾	6,430,000		614,644		—		7,044,644
Bridle Ridge ⁽¹⁾	7,595,000		645,575		—		8,240,575
Brookstone ⁽¹⁾	7,469,252		1,663,402		—		9,132,654
Bruton Apartments ⁽²⁾	18,145,000		1,503,516		—		19,648,516
Concord at Gulfgate A Bond ⁽²⁾	17,060,000		862,126		—		17,922,126
Concord at Little York A Bond ⁽²⁾	12,480,000		630,743		—		13,110,743
Concord at Williamcrest A Bond ⁽²⁾	18,020,000		910,663		—		18,930,663
Copper Gate Apartments ⁽³⁾	5,220,000		544,237		—		5,764,237
Cross Creek ⁽¹⁾	6,095,463		2,807,730		—		8,903,193
Decatur Angle ⁽²⁾	23,000,000		1,094,952		—		24,094,952
Glenview Apartments A Bond ⁽⁴⁾	4,670,000		140,594		—		4,810,594
Greens Property A Bond ⁽³⁾	8,312,000		983,623		—		9,295,623
Harden Ranch A Bond ⁽³⁾	6,960,000		571,277		—		7,531,277
Heritage Square A Bond ⁽⁴⁾	11,185,000		67,782		—		11,252,782
Lake Forest ⁽¹⁾	8,796,000		1,055,791		—		9,851,791
Live 929 Apartments ⁽²⁾	40,822,598		4,262,624		—		45,085,222
Montclair Apartments A Bond ⁽⁴⁾	2,530,000		76,168		—		2,606,168
Pro Nova 2014-1 and 2014-2 ⁽²⁾	19,382,099		771,618		—		20,153,717
Ohio Properties A Bonds ⁽¹⁾	14,335,000		2,604,402		—		16,939,402
Renaissance A Bond ⁽⁴⁾	11,475,663		1,007,469		—		12,483,132
Runnymede ⁽¹⁾	10,395,000		1,199,375		—		11,594,375
Santa Fe Apartments A Bond ⁽⁴⁾	3,065,000		139,805		—		3,204,805
Silver Moon A Bond ⁽⁴⁾	7,995,983		1,064,256		—		9,060,239
Southpark ⁽¹⁾	11,900,457		3,670,256		—		15,570,713
The Palms at Premier Park Apartments ⁽³⁾	20,043,237		2,112,835		—		22,156,072
Tyler Park Apartments A Bond ⁽³⁾	6,075,000		403,195		—		6,478,195
Vantage at Harlingen B Bond ⁽⁴⁾	24,575,000		1,605,115		—		26,180,115
Vantage at Judson B Bond ⁽⁴⁾	26,540,000		2,628,931		—		29,168,931
Westside Village Market A Bond ⁽³⁾	3,970,000		263,487		—		4,233,487
Woodlynn Village ⁽¹⁾	4,371,000		273,712		—		4,644,712
Mortgage revenue bonds held in trust	$	454,875,266	$	44,322,296	$	—	$	499,197,562

⁽¹⁾ Mortgage revenue bonds owned by ATAX TEBS I, LLC, see Note 11

⁽²⁾ Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11

⁽³⁾ Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11

⁽⁴⁾ Mortgage revenue bonds owned by ATAX TEBS III, LLC, see Note 11



	September 30, 2015
Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Avistar at Chase Hill B Bond	$	963,011	$	94,072	$	—		$	1,057,083
Avistar at the Crest B Bond	757,434		73,993		—			831,427
Avistar at the Oaks B Bond	553,813		54,379		—			608,192
Avistar at the Parkway B Bond	125,000		30,042		—			155,042
Avistar in 09 B Bond	456,846		44,858		—			501,704
Avistar on the Boulevard B Bond	450,070		43,966		—			494,036
Concord at Gulfgate B Bond	2,125,000		613,794		—			2,738,794
Concord at Little York B Bond	960,000		252,621		—			1,212,621
Concord at Williamcrest B Bond	2,800,000		572,669		—			3,372,669
Glenview Apartments B Bond	2,053,000		—		(12,729		)	2,040,271
Greens Property B Bond	943,847		253,494		—			1,197,341
Heritage Square B Bond	520,000		124,101		—			644,101
Montclair Apartments B Bond	928,000		—		(4,724		)	923,276
Ohio Properties B Bonds	3,566,060		703,159		—			4,269,219
Santa Fe Apartments B Bond	1,671,000		—		(8,505		)	1,662,495
Seasons at Simi Valley	6,320,000		219,709		—			6,539,709
Mortgage revenue bonds	$	25,193,081	$	3,080,857	$	(25,958	)	$	28,247,980



	December 31, 2014
Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gains		Unrealized Loss		Estimated Fair Value
Arbors at Hickory Ridge ⁽³⁾	$	11,570,933	$	1,792,303	$	—	$	13,363,236
Ashley Square ⁽¹⁾	5,159,000		486,559		—		5,645,559
Avistar at Chase Hill A Bond ⁽³⁾	10,000,000		1,196,800		—		11,196,800
Avistar at the Crest A Bond ⁽³⁾	9,700,000		1,419,692		—		11,119,692
Avistar at the Oaks A Bond⁽³⁾	7,800,000		869,622		—		8,669,622
Avistar in 09 A Bond ⁽³⁾	6,735,000		750,885		—		7,485,885
Avistar on the Boulevard A Bond ⁽³⁾	16,525,000		2,418,599		—		18,943,599
Avistar on the Hills A Bond ⁽³⁾	5,389,000		743,520		—		6,132,520
Bella Vista ⁽¹⁾	6,490,000		625,571		—		7,115,571
Bridle Ridge ⁽¹⁾	7,655,000		659,249		—		8,314,249
Brookstone ⁽¹⁾	7,468,888		1,360,589		—		8,829,477
Bruton Apartments ⁽²⁾	18,145,000		1,455,955		—		19,600,955
Copper Gate Apartments ⁽³⁾	5,220,000		563,656		—		5,783,656
Cross Creek ⁽¹⁾	6,074,817		2,542,262		—		8,617,079
Decatur Angle ⁽²⁾	23,000,000		919,540		—		23,919,540
Greens Property A Bond ⁽³⁾	8,366,000		1,005,119		—		9,371,119
Harden Ranch A Bond ⁽³⁾	6,960,000		511,421		—		7,471,421
Lake Forest ⁽¹⁾	8,886,000		1,003,614		—		9,889,614
Live 929 Apartments ⁽²⁾	40,895,739		3,797,745		—		44,693,484
Pro Nova 2014-1 and 2014-2 ⁽²⁾	20,095,169		1,043,431		—		21,138,600
Ohio Properties A Bonds ⁽¹⁾	14,407,000		2,444,034		—		16,851,034
Runnymede ⁽¹⁾	10,440,000		1,385,910		—		11,825,910
Southpark ⁽¹⁾	11,842,206		3,743,692		—		15,585,898
The Palms at Premier Park Apartments ⁽³⁾	20,152,000		2,680,619		—		22,832,619
The Suites on Paseo ⁽²⁾	35,450,000		3,193,691		—		38,643,691
Tyler Park Apartments A Bond ⁽³⁾	6,075,000		345,060		—		6,420,060
Westside Village Market A Bond ⁽³⁾	3,970,000		225,496		—		4,195,496
Woodlynn Village ⁽¹⁾	4,390,000		376,706		—		4,766,706
Mortgage revenue bonds held in trust	$	338,861,752	$	39,561,340	$	—	$	378,423,092

⁽¹⁾ Mortgage revenue bonds owned by ATAX TEBS I, LLC, see Note 11

⁽²⁾ Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, see Note 11

⁽³⁾ Mortgage revenue bonds owned by ATAX TEBS II, LLC, see Note 11



	December 31, 2014
Description of Mortgage Revenue Bonds	Cost adjusted for pay-downs		Unrealized Gain		Unrealized Loss			Estimated Fair Value
Avistar at Chase Hill B Bond	$	965,000	$	144,769	$	—		$	1,109,769
Avistar at the Crest B Bond	759,000		124,286		—			883,286
Avistar at the Oaks B Bond	554,000		54,325		—			608,325
Avistar in 09 B Bond	457,000		50,608		—			507,608
Avistar on the Boulevard B Bond	451,000		73,851		—			524,851
Greens Property B Bond	945,638		376,203		—			1,321,841
Glenview Apartments	6,723,000		—		—			6,723,000
Harden Ranch B Bond	2,340,000		—		(1,501		)	2,338,499
Heritage Square	11,705,000		1,109,125		—			12,814,125
Montclair Apartments	3,458,000		—		—			3,458,000
Ohio Properties B Bonds	3,573,430		668,542		—			4,241,972
Renaissance	12,675,000		1,055,807		—			13,730,807
Santa Fe Apartments	4,736,000		—		—			4,736,000
Tyler Park Apartments B Bond	2,025,000		—		(17,395		)	2,007,605
Vantage at Harlingen	6,692,000		707,813		—			7,399,813
Vantage at Judson	6,049,000		717,230		—			6,766,230
Westside Village Market B Bond	1,430,000		—		(686		)	1,429,314
Mortgage revenue bonds	$	65,538,068	$	5,082,559	$	(19,582	)	$	70,601,045

The carrying value of the Partnership’s MBS securities on September 30, 2015 and December 31, 2014 is as follows:



Agency Rating of MBS Securities ⁽¹⁾	Cost adjusted for amortization of premium		Unrealized Gain		Unrealized Loss			Estimated Fair Value on September 30, 2015
“AAA”	$	5,074,783	$	—	$	(52,533	)	$	5,022,250
“AA”	9,915,504		—		(256,167		)	9,659,337
	$	14,990,287	$	—	$	(308,700	)	$	14,681,587

⁽¹⁾ MBS securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, on the date presented.



Agency Rating of MBS Securities ⁽¹⁾	Cost adjusted for amortization of premium		Unrealized Gain		Unrealized Loss			Estimated Fair Value on December 31, 2014
“AAA”	$	5,304,974	$	—	$	(250,624	)	$	5,054,350
“AA”	10,062,667		—		(275,459		)	9,787,208
	$	15,367,641	$	—	$	(526,083	)	$	14,841,558

⁽¹⁾ MBS securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, on the date presented.