Debt Financing (Tables)

9 Months Ended

Sep. 30, 2015

Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block]

The par value of the mortgage revenue bonds included in this financing facility on September 30, 2015 and December 31, 2014 are as follows:



Description of Mortgage Revenue Bonds	Outstanding Bond Par Amounts
Description of Mortgage Revenue Bonds	September 30, 2015		December 31, 2014		Financial Statement Presentation
Ashley Square	$	5,114,000	$	5,159,000	Mortgage revenue bond
Bella Vista	6,430,000		6,490,000		Mortgage revenue bond
Bent Tree	7,402,000		7,465,000		Assets held for sale
Bridle Ridge	7,595,000		7,655,000		Mortgage revenue bond
Brookstone	9,191,008		9,256,001		Mortgage revenue bond
Cross Creek	8,363,701		8,422,997		Mortgage revenue bond
Fairmont Oaks	7,194,000		7,266,000		Assets held for sale
Lake Forest	8,796,000		8,886,000		Mortgage revenue bond
Runnymede	10,395,000		10,440,000		Mortgage revenue bond
Southpark	13,680,000		13,680,000		Mortgage revenue bond
Woodlynn Village	4,371,000		4,390,000		Mortgage revenue bond
Ohio Series A Bond ⁽¹⁾	14,335,000		14,407,000		Mortgage revenue bond
Total	$	102,866,709	$	103,516,998

⁽¹⁾ Collateralized by Crescent Village, Postwoods, and Willow Bend

The par value of the mortgage revenue bonds included in the M31 TEBS financing facility on September 30, 2015 and December 31, 2014 are as follows:



Description of Mortgage Revenue Bonds	Outstanding Bond Par Amounts
Description of Mortgage Revenue Bonds	September 30, 2015		December 31, 2014		Financial Statement Presentation
Arbors at Hickory Ridge	$	11,450,000	$	11,450,000	Mortgage revenue bond
Avistar at Chase Hill A Bond	9,957,357		10,000,000		Mortgage revenue bond
Avistar at the Crest A Bond	9,658,636		9,700,000		Mortgage revenue bond
Avistar at the Oaks A Bond	7,794,525		7,800,000		Mortgage revenue bond
Avistar in 09 A Bond	6,730,273		6,735,000		Mortgage revenue bond
Avistar on the Boulevard A Bond	16,454,530		16,525,000		Mortgage revenue bond
Avistar on the Hills A Bond	5,385,217		5,389,000		Mortgage revenue bond
Copper Gate Apartments	5,220,000		5,220,000		Mortgage revenue bond
Greens Property A Bond	8,312,000		8,366,000		Mortgage revenue bond
Harden Ranch A Bond	6,960,000		6,960,000		Mortgage revenue bond
The Palms at Premier Park Apartments	20,043,237		20,152,000		Mortgage revenue bond
Tyler Park Apartments A Bond	6,075,000		6,075,000		Mortgage revenue bond
Westside Village A Bond	3,970,000		3,970,000		Mortgage revenue bond
Total	$	118,010,775	$	118,342,000

Effective July 1, 2015, the Partnership transferred the following mortgage revenue bonds to the 2015 Sponsor pursuant to the M33 TEBS financing described above:



Description of Mortgage Revenue Bonds	Outstanding Bond Par Amounts
Description of Mortgage Revenue Bonds	September 30, 2015		July 1, 2015		Financial Statement Presentation
Avistar at the Parkway A Bond	$	13,300,000	$	13,300,000	Mortgage revenue bond
Glenview Apartments A Bond	4,670,000		4,670,000		Mortgage revenue bond
Heritage Square A Bond	11,185,000		11,185,000		Mortgage revenue bond
Montclair Apartments A Bond	2,530,000		2,530,000		Mortgage revenue bond
Renaissance Gateway	11,475,663		11,491,928		Mortgage revenue bond
Santa Fe Apartments A Bond	3,065,000		3,065,000		Mortgage revenue bond
Silver Moon Lodge Apartments A Bond	7,995,983		8,000,000		Mortgage revenue bond
Vantage at Harlingen	24,575,000		24,575,000		Mortgage revenue bond
Vantage at Judson	26,540,000		26,540,000		Mortgage revenue bond
Total	$	105,336,646	$	105,356,928

Schedule of Maturities of Long-term Debt [Table Text Block]

The Partnership’s aggregate borrowings on September 30, 2015 contractually mature over the next five years and thereafter as follows:



2015	$	55,041,122
2016	26,063,319
2017	111,864,849
2018	43,905,807
2019	210,731,396
Thereafter	—
Total	$	447,606,493

The Partnership’s mortgages payable on September 30, 2015 contractually mature over the next five years and thereafter as follows:



2015	$	245,782
2016	1,315,606
2017	30,679,834
2018	12,152,612
2019	24,100,854
Thereafter	—
Total	$	68,494,688

Schedule of Debt [Table Text Block]

Tender Option Bond Financings



	September 30, 2015
Description of the Tender Option Bond Financings	Outstanding Debt Financing		Interest Rate		Stated Maturity

PHC Certificates-TOB Trust	$	43,985,000	2.30	%	December 2015
MBS - TOB Trust 1	2,585,000		1.11	%	October 2015
MBS - TOB Trust 2	4,090,000		1.11	%	October 2015
MBS - TOB Trust 5	5,270,000		1.11	%	October 2015
Decatur Angle - TOB Trust	22,850,000		4.26	%	October 2016
Live 929 - TOB Trust	37,955,000		4.39	%	July 2019
Bruton Apartments - TOB Trust	17,250,000		4.51	%	July 2017
Pro Nova 2014-1 - TOB Trust	9,010,000		4.01	%	July 2017
Pro Nova 2014-2 - TOB Trust	8,375,000		4.01	%	July 2017
Concord at Gulfgate - TOB Trust	14,940,000		2.76	%	February 2018
Concord at Little York - TOB Trust	11,235,000		2.76	%	February 2018
Concord at Williamcrest - TOB Trust	15,610,000		2.76	%	February 2018
Total TOB Debt Financing	$	193,155,000



	December 31, 2014
Description of the Tender Option Bond Financings	Outstanding Debt Financing		Interest Rate		Stated Maturity

PHC Certificates-TOB Trust	$	44,675,000	2.20	%	June 2015
MBS - TOB Trust 1	2,585,000		1.12	%	April 2015
MBS - TOB Trust 2	4,090,000		1.12	%	April 2015
MBS - TOB Trust 5	5,270,000		1.06	%	April 2015
The Suites on Paseo - TOB Trust	25,535,000		1.96	%	June 2015
TOB - Decatur Angle - TOB Trust	21,850,000		4.34	%	October 2016
Live 929 - TOB Trust	34,975,000		4.47	%	July 2019
Bruton Apartments - TOB Trust	17,250,000		4.55	%	July 2017
Pro Nova 2014-1 - TOB Trust	9,010,000		4.05	%	July 2017
Pro Nova 2014-2 - TOB Trust	9,010,000		4.05	%	July 2017
Total TOB Debt Financing	$	174,250,000