6. Investments in Mortgage Revenue Bonds

Each of the mortgage revenue bonds were issued by various state and local governments, their agencies and authorities to finance the construction or rehabilitation of income-producing real estate properties. However, the mortgage revenue bonds do not constitute an obligation of any state or local government, agency or authority and no state or local government, agency or authority is liable on them, nor is the taxing power of any state or local government pledged to the payment of principal or interest on the mortgage revenue bonds. The mortgage revenue bonds are non-recourse obligations of the respective owners of the properties. The sole source of the funds to pay principal and interest on the mortgage revenue bonds is the net cash flow or the sale or refinancing proceeds from the properties. Each mortgage revenue bond is collateralized by a mortgage on all real and personal property included in the related property. The mortgage revenue bonds bear interest at a fixed rate and two of the mortgage revenue bonds provide for the payment of additional contingent interest that is payable from available net cash flow generated by the related property.

The following tables present information regarding the mortgage revenue bonds owned by the Partnership as of December 31, 2016 and 2015:

	December 31, 2016
Description of Mortgage Revenue Bonds Held in Trust	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Glenview Apartments - Series A ⁽⁴⁾	CA	$	4,670,000	$	132,402	$	-		$	4,802,402
Harmony Terrace - Series A & B ⁽²⁾	CA		14,300,000		-		-			14,300,000
Harden Ranch - Series A ⁽³⁾	CA		6,912,535		369,738		-			7,282,273
Montclair Apartments - Series A ⁽⁴⁾	CA		2,530,000		108,608		-			2,638,608
Santa Fe Apartments - Series A ⁽⁴⁾	CA		3,065,000		177,093		-			3,242,093
Seasons at Simi Valley - Series A⁽²⁾	CA		4,376,000		308,335		-			4,684,335
Sycamore Walk - Series A⁽²⁾	CA		3,632,000		130,431		-			3,762,431
Tyler Park Townhomes - Series A ⁽³⁾	CA		6,024,120		237,582		-			6,261,702
Westside Village Market - Series A ⁽³⁾	CA		3,936,750		102,641		-			4,039,391
Lake Forest ⁽¹⁾	FL		8,639,000		899,694		-			9,538,694
Ashley Square ⁽¹⁾	IA		5,039,000		338,556		-			5,377,556
Brookstone ⁽¹⁾	IL		7,462,678		1,457,340		-			8,920,018
Copper Gate Apartments ⁽³⁾	IN		5,145,000		528,855		-			5,673,855
Renaissance - Series A ⁽⁴⁾	LA		11,348,364		826,369		-			12,174,733
Live 929 Apartments ⁽²⁾	MD		40,687,425		3,587,993		-			44,275,418
Woodlynn Village ⁽¹⁾	MN		4,310,000		294,976		-			4,604,976
Greens Property - Series A ⁽³⁾	NC		8,210,000		844,585		-			9,054,585
Silver Moon - Series A ⁽⁴⁾	NM		7,933,259		465,382		-			8,398,641
Ohio Properties - Series A ⁽¹⁾	OH		14,215,000		2,327,468		-			16,542,468
Bridle Ridge ⁽¹⁾	SC		7,535,000		517,881		-			8,052,881
Columbia Gardens ⁽²⁾	SC		15,214,223		-		(927,030	)		14,287,193
Companion at Thornhill Apartments⁽²⁾	SC		11,500,000		645,552		-			12,145,552
Cross Creek ⁽¹⁾	SC		6,122,312		2,655,730		-			8,778,042
The Palms at Premier Park Apartments ⁽³⁾	SC		19,826,716		1,784,386		-			21,611,102
Willow Run ⁽²⁾	SC		15,214,085		-		(917,852	)		14,296,233
Arbors at Hickory Ridge ⁽³⁾	TN		11,461,719		891,274		-			12,352,993
Pro Nova 2014-1 ⁽²⁾	TN		10,041,924		685,576		-			10,727,500
Avistar at Chase Hill - Series A ⁽³⁾	TX		9,844,994		589,023		-			10,434,017
Avistar at the Crest - Series A ⁽³⁾	TX		9,549,644		753,267		-			10,302,911
Avistar at the Oaks - Series A ⁽³⁾	TX		7,709,040		563,138		-			8,272,178
Avistar at the Parkway - Series A ⁽⁴⁾	TX		13,300,000		-		(78,749	)		13,221,251
Avistar in 09 - Series A ⁽³⁾	TX		6,656,458		359,562		-			7,016,020
Avistar on the Boulevard - Series A ⁽³⁾	TX		16,268,850		1,283,272		-			17,552,122
Avistar on the Hills - Series A ⁽³⁾	TX		5,326,157		423,496		-			5,749,653
Bella Vista ⁽¹⁾	TX		6,365,000		500,162		-			6,865,162
Bruton Apartments ⁽²⁾	TX		18,145,000		349,886		-			18,494,886
Concord at Gulfgate - Series A ⁽²⁾	TX		19,185,000		1,200,246		-			20,385,246
Concord at Little York - Series A ⁽²⁾	TX		13,440,000		1,044,752		-			14,484,752
Concord at Williamcrest - Series A ⁽²⁾	TX		20,820,000		1,302,534		-			22,122,534
Crossing at 1415 - Series A⁽²⁾	TX		7,590,000		-		(45,555	)		7,544,445
Decatur Angle ⁽²⁾	TX		22,950,214		-		(290,985	)		22,659,229
Heights at 515 - Series A⁽²⁾	TX		6,435,000		-		(38,623	)		6,396,377
Heritage Square - Series A ⁽⁴⁾	TX		11,161,330		905,455		-			12,066,785
Oaks at Georgetown - Series A & B ⁽²⁾	TX		17,842,000		-		-			17,842,000
Runnymede ⁽¹⁾	TX		10,250,000		774,285		-			11,024,285
Southpark ⁽¹⁾	TX		11,751,861		3,286,203		-			15,038,064
Vantage at Harlingen - Series B ⁽⁴⁾	TX		24,529,580		917,720		-			25,447,300
Vantage at Judson -Series B ⁽⁴⁾	TX		26,356,498		1,658,508		-			28,015,006
15 West Apartments ⁽²⁾	WA		9,850,000		1,584,281		-			11,434,281
Mortgage revenue bonds held in trust		$	554,678,736	$	37,814,237	$	(2,298,794	)	$	590,194,179

⁽¹⁾ Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17

⁽²⁾ Bond held by Deutsche Bank in a secured financing transaction, see Note 17

⁽³⁾ Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17

⁽⁴⁾ Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17

	December 31, 2016
Description of Mortgage Revenue Bonds held by the Partnership	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Courtyard - Series A & B	CA	$	16,458,000	$	-	$	-		$	16,458,000
Harmony Court Bakersfield - Series A & B	CA		5,727,000		29,252		-			5,756,252
Las Palmas II - Series A & B	CA		3,465,000		15,139		-			3,480,139
San Vicente - Series A & B	CA		5,320,000		-		(30,019	)		5,289,981
Seasons at Simi Valley - Series B	CA		1,944,000		27,727		-			1,971,727
Seasons Lakewood - Series A & B	CA		12,610,000		-		-			12,610,000
Seasons San Juan Capistrano - Series A & B	CA		18,949,000		-		-			18,949,000
Summerhill - Series A & B	CA		9,795,000		-		(174,982	)		9,620,018
Sycamore Walk - Series B	CA		1,815,000		-		(64,432	)		1,750,568
The Village at Madera - Series A & B	CA		4,804,000		-		(84,437	)		4,719,563
Greens Property - Series B	NC		940,479		118,216		-			1,058,695
Ohio Properties - Series B	OH		3,549,780		449,068		-			3,998,848
Avistar at Chase Hill - Series B	TX		957,627		41,820		-			999,447
Avistar at the Crest - Series B	TX		753,201		64,228		-			817,429
Avistar at the Oaks - Series B	TX		550,836		47,231		-			598,067
Avistar at the Parkway - Series B	TX		125,000		-		(3,341	)		121,659
Avistar in 09 - Series B	TX		454,390		38,961		-			493,351
Avistar on the Boulevard - Series B	TX		447,554		38,165		-			485,719
Crossing at 1415 - Series B	TX		335,000		-		(2,614	)		332,386
Heights at 515 - Series B	TX		510,000		-		(3,977	)		506,023
Mortgage revenue bonds held by the Partnership		$	89,510,867	$	869,807	$	(363,802	)	$	90,016,872

	December 31, 2015
Description of Mortgage Revenue Bonds Held in Trust	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss		Estimated Fair Value
Glenview Apartments - Series A ⁽⁴⁾	CA	$	4,670,000	$	210,572	$	-	$	4,880,572
Harden Ranch - Series A ⁽³⁾	CA		6,960,000		668,981		-		7,628,981
Montclair Apartments - Series A ⁽⁴⁾	CA		2,530,000		114,079		-		2,644,079
Santa Fe Apartments - Series A ⁽⁴⁾	CA		3,065,000		154,067		-		3,219,067
Tyler Park Townhomes - Series A ⁽³⁾	CA		6,075,000		487,209		-		6,562,209
Westside Village Market - Series A ⁽³⁾	CA		3,970,000		202,340		-		4,172,340
Lake Forest ⁽¹⁾	FL		8,766,000		1,177,745		-		9,943,745
Ashley Square ⁽¹⁾	IA		5,099,000		508,163		-		5,607,163
Brookstone ⁽¹⁾	IL		7,468,668		1,436,203		-		8,904,871
Copper Gate Apartments ⁽³⁾	IN		5,185,000		616,341		-		5,801,341
Renaissance - Series A ⁽⁴⁾	LA		11,450,959		1,233,077		-		12,684,036
Live 929 Apartments⁽²⁾	MD		40,801,557		5,829,855		-		46,631,412
Woodlynn Village ⁽¹⁾	MN		4,351,000		466,471		-		4,817,471
Greens Property - Series A ⁽³⁾	NC		8,294,000		1,138,270		-		9,432,270
Silver Moon - Series A ⁽⁴⁾	NM		7,983,811		1,246,349		-		9,230,160
Ohio Properties - Series A ⁽¹⁾	OH		14,311,000		2,690,867		-		17,001,867
Bridle Ridge ⁽¹⁾	SC		7,595,000		817,222		-		8,412,222
Columbia Gardens ⁽²⁾	SC		15,224,597		-		-		15,224,597
Cross Creek ⁽¹⁾	SC		6,101,605		2,932,689		-		9,034,294
The Palms at Premier Park Apartments ⁽³⁾	SC		20,001,272		2,505,091		-		22,506,363
Willow Run ⁽²⁾	SC		15,224,591		-		-		15,224,591
Arbors at Hickory Ridge ⁽³⁾	TN		11,565,657		1,767,508		-		13,333,165
Pro Nova 2014-1 and 2014-2 ⁽²⁾	TN		19,379,489		1,182,900		-		20,562,389
Avistar at Chase Hill - Series A ⁽³⁾	TX		9,935,552		1,133,024		-		11,068,576
Avistar at the Crest - Series A ⁽³⁾	TX		9,637,485		1,301,224		-		10,938,709
Avistar at the Oaks - Series A ⁽³⁾	TX		7,777,936		840,159		-		8,618,095
Avistar at the Parkway - Series A ⁽⁴⁾	TX		13,300,000		330,251		-		13,630,251
Avistar in 09 - Series A ⁽³⁾	TX		6,715,948		725,445		-		7,441,393
Avistar on the Boulevard - Series A ⁽³⁾	TX		16,418,497		1,872,323		-		18,290,820
Avistar on the Hills - Series A ⁽³⁾	TX		5,373,756		693,096		-		6,066,852
Bella Vista ⁽¹⁾	TX		6,430,000		766,135		-		7,196,135
Bruton Apartments ⁽²⁾	TX		18,145,000		1,901,839		-		20,046,839
Concord at Gulfgate - Series A ⁽²⁾	TX		17,060,000		852,612		-		17,912,612
Concord at Little York - Series A ⁽²⁾	TX		12,480,000		688,441		-		13,168,441
Concord at Williamcrest - Series A ⁽²⁾	TX		18,020,000		1,182,543		-		19,202,543
Decatur Angle ⁽²⁾	TX		23,000,000		1,582,083		-		24,582,083
Heritage Square - Series A ⁽⁴⁾	TX		11,185,000		273,488		-		11,458,488
Runnymede ⁽¹⁾	TX		10,350,000		1,600,938		-		11,950,938
Southpark ⁽¹⁾	TX		11,799,874		3,990,882		-		15,790,756
Vantage at Harlingen - Series B ⁽⁴⁾	TX		24,575,000		1,765,139		-		26,340,139
Vantage at Judson -Series B ⁽⁴⁾	TX		26,540,000		2,613,606		-		29,153,606
Mortgage revenue bonds held in trust		$	484,817,254	$	51,499,227	$	-	$	536,316,481

⁽¹⁾ Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17

⁽²⁾ Bond held by Deutsche Bank in a secured financing transaction, see Note 17

⁽³⁾ Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17

⁽⁴⁾ Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17

	December 31, 2015
Description of Mortgage Revenue Bonds held by the Partnership	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Glenview Apartments - Series B	CA	$	2,053,000	$	-	$	(7,329	)	$	2,045,671
Montclair Apartments - Series B	CA		928,000		-		(2,506	)		925,494
Santa Fe Apartments - Series B	CA		1,671,000		-		(5,965	)		1,665,035
Seasons at Simi Valley	CA		6,320,000		404,110		-			6,724,110
Sycamore Walk	CA		5,447,000		-		-			5,447,000
Greens Property - Series B	NC		943,214		142,442		-			1,085,656
Ohio Properties - Series B	OH		3,562,190		514,997		-			4,077,187
Avistar at Chase Hill - Series B	TX		961,981		109,878		-			1,071,859
Avistar at the Crest - Series B	TX		756,626		86,428		-			843,054
Avistar at the Oaks - Series B	TX		553,244		63,533		-			616,777
Avistar at the Parkway - Series B	TX		125,000		-		(979	)		124,021
Avistar in 09 - Series B	TX		456,376		52,409		-			508,785
Avistar on the Boulevard - Series B	TX		449,589		51,356		-			500,945
Concord at Gulfgate - Series B	TX		2,125,000		76,802		-			2,201,802
Concord at Little York - Series B	TX		960,000		-		(6,711	)		953,289
Concord at Williamcrest - Series B	TX		2,800,000		-		(19,573	)		2,780,427
Crossing at 1415	TX		7,925,000		214,091		-			8,139,091
Heights at 515	TX		6,945,000		185,268		-			7,130,268
Heritage Square - Series B	TX		520,000		6,185		-			526,185
Mortgage revenue bonds held by the Partnership		$	45,502,220	$	1,907,499	$	(43,063	)	$	47,366,656

See Note 25 for a description of the methodology and significant assumptions for determining the fair value of the mortgage revenue bonds. Unrealized gains or losses on the mortgage revenue bonds are recorded in the consolidated statements of comprehensive income (loss) 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 underlying properties.

Bond Activity in 2016

During 2016, the Partnership redeemed the following Series B mortgage revenue bonds for approximately $5.2 million, which approximated their carrying value plus accrued interest.

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	Base Interest Rate			Principal Outstanding at Date of Redemption
Glenview Apartments - Series B	May	Cameron, CA		88	12/1/2016		8.00	%	$	2,053,000
Montclair Apartments - Series B	May	Lemoore, CA		80	12/1/2016		8.00	%		928,000
Santa Fe Apartments - Series B	May	Hesperia, CA		89	12/1/2016		8.00	%		1,671,000
Heritage Square - Series B	May	Edinburg, TX		204	10/1/2051		12.00	%		520,000

In March 2016, the Partnership sold the Pro Nova 2014-2 bond for approximately $9.5 million, which approximated the mortgage revenue bond’s carrying value plus accrued interest. The Partnership used approximately $8.4 million of the proceeds from the sale to pay in full and collapse the Term TOB Trust securitizing this mortgage revenue bond (Note 17). The terms of the Pro Nova 2014-2 bonds are as follows:

Property Name

Month Sold

Location

Units

Original

Maturity Date

Base Interest Rate

Principal

Outstanding at Date

of Sale

Pro Nova - 2014B ¹

March

Knoxville, TN

5/1/2025

5.25

9,295,000

¹ This is a commercial property. Accordingly, unit information is not applicable.

During 2016, six of the Partnership’s mortgage revenue bonds relating to three properties were restructured. For each property, the Series B mortgage revenue bond was redeemed and the outstanding principal balance was added to the outstanding principal on the Series A bonds. No cash was paid or received on restructuring. The terms of the three Series B mortgage revenue bonds that were redeemed are as follows:

Property Name	Month Restructured	Property Location	Units		Original Maturity Date	Base Interest Rate			Principal Outstanding at Date of Restructuring
Concord at Gulfgate - Series B	August	Houston, TX		288	3/1/2032		12.00	%	$	2,125,000
Concord at Little York - Series B	August	Houston, TX		276	3/1/2032		12.00	%		960,000
Concord at Williamcrest - Series B	August	Houston, TX		288	3/1/2032		12.00	%		2,800,000

The following table includes the details of the mortgage revenue bond acquisitions during the year ended December 31, 2016:

Property Name	Month Acquired	Property Location	Units	Maturity Date	Base Interest Rate			Principal Outstanding at Date of Acquisition
Companion at Thornhill Apartments	January	Lexington, SC	178	1/1/2052		5.80	%	$	11,500,000
Las Palmas II - Series A	September	Coachella, CA	81	11/1/2033		5.00	%		1,695,000
Las Palmas II - Series B	September	Coachella, CA	81	11/1/2018		5.50	%		1,770,000
San Vicente - Series A	September	Soledad, CA	50	11/1/2033		5.00	%		3,495,000
San Vicente - Series B	September	Soledad, CA	50	11/1/2018		5.50	%		1,825,000
Harmony Court Bakersfield - Series A	November	Bakersfield, CA	96	12/1/2033		5.00	%		3,730,000
Harmony Court Bakersfield - Series B	November	Bakersfield, CA	96	12/1/2018		5.50	%		1,997,000
Summerhill - Series A	November	Bakersfield, CA	128	12/1/2033		5.00	%		6,423,000
Summerhill - Series B	November	Bakersfield, CA	128	12/1/2018		5.50	%		3,372,000
The Village at Madera - Series A	November	Madera, CA	75	12/1/2033		5.00	%		3,085,000
The Village at Madera - Series B	November	Madera, CA	75	12/1/2018		5.50	%		1,719,000
15 West Apartments ⁽¹⁾	December	Vancouver, WA	120	7/1/2054		6.25	%		9,850,000
Courtyard Apartments - Series A	December	Fullerton, CA	108	12/1/2033		5.00	%		10,230,000
Courtyard Apartments - Series B	December	Fullerton, CA	108	12/1/2018		5.50	%		6,228,000
Harmony Terrace - Series A	December	Simi Valley, CA	136	1/1/2034		5.00	%		6,900,000
Harmony Terrace - Series B	December	Simi Valley, CA	136	1/1/2019		5.50	%		7,400,000
Oaks at Georgetown - Series A	December	Georgetown, TX	192	1/1/2034		5.00	%		12,330,000
Oaks at Georgetown - Series B	December	Georgetown, TX	192	1/1/2019		5.50	%		5,512,000
Seasons Lakewood - Series A	December	Lakewood, CA	85	1/1/2034		5.00	%		7,350,000
Seasons Lakewood - Series B	December	Lakewood, CA	85	1/1/2019		5.50	%		5,260,000
Seasons San Juan Capistrano - Series A	December	San Juan Capistrano, CA	112	1/1/2034		5.00	%		12,375,000
Seasons San Juan Capistrano - Series B	December	San Juan Capistrano, CA	112	1/1/2019		5.50	%		6,574,000
¹ Previously reported Bond Purchase Commitment that converted to a mortgage revenue bond in December 2016.

Bond Activity in 2015

In September 2015, the owner of the Suites on Paseo property and the Partnership mutually agreed to exchange the deed for the Suites on Paseo property for approximately $41.0 million Series A and B mortgage revenue bonds plus accrued interest. These mortgage revenue bonds were subsequently collapsed. At December 31, 2016 and December 31, 2015, the Partnership reported the Suites on Paseo property as an MF Property (Note 9).

During 2015, the Partnership redeemed the following Series B and Series C mortgage revenue bonds. The Series B mortgage revenue bonds were redeemed for approximately $5.8 million which approximated their carrying value plus accrued interest. The Series C mortgage revenue bonds were paid off with proceeds from the issuance of new mortgage revenue bonds included in the acquisitions table below for an amount that approximated their carrying value plus accrued interest:

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	Base Interest Rate			Principal Outstanding at Date of Redemption
Vantage at Harlingen - Series C	June	San Antonio, TX		288	10/1/2053		9.00	%	$	6,692,000
Vantage at Judson - Series C	June	San Antonio, TX		288	2/1/2053		9.00	%		6,049,000
Harden Ranch - Series B	July	Salinas, CA		100	3/1/2016		8.00	%		2,340,000
Tyler Park - Series B	July	Greenfield, CA		88	1/1/2016		8.00	%		2,025,000
Westside Village - Series B	July	Shafter, CA		81	1/1/2016		8.00	%		1,430,000

During 2015, the mortgage revenue bonds associated with the Renaissance Gateway property were restructured. The restructuring combined the Series B mortgage revenue bond with a par value of approximately $1.3 million and the Series C mortgage revenue bond with a par value of approximately $1.7 million with the Series A mortgage revenue bond with a par value of approximately $8.5 million. The partnership received cash of approximately $1.2 million at restructuring. The terms of the mortgage revenue bond after restructuring is as follows:

Property Name

Month

Restructured

Property Location

Units

Maturity Date

Base Interest Rate

Principal

Outstanding at Date

of Restructuring

Renaissance

June

Baton Rouge, LA

208

6/1/2050

6.00

11,500,000

The following table provides the details of the mortgage revenue bond acquisitions during the year ended December 31, 2015:

Property Name	Month Acquired	Property Location	Units	Maturity Date	Base Interest Rate			Principal Outstanding at Date of Acquisition
Concord at Gulfgate - Series A	January	Houston, TX	288	2/1/2032		6.00	%	$	17,060,000
Concord at Gulfgate - Series B	January	Houston, TX	288	3/1/2032		12.00	%		2,125,000
Concord at Little York - Series A	January	Houston, TX	276	2/1/2032		6.00	%		12,480,000
Concord at Little York - Series B	January	Houston, TX	276	3/1/2032		12.00	%		960,000
Concord at Williamcrest - Series A	January	Houston, TX	288	2/1/2032		6.00	%		18,020,000
Concord at Williamcrest - Series B	January	Houston, TX	288	3/1/2032		12.00	%		2,800,000
Suites on Paseo Series B	March	San Diego, CA	394	12/1/2033		9.00	%		5,500,000
Avistar at the Parkway Apartments - Series A	April	San Antonio, TX	236	5/1/2052		6.00	%		13,300,000
Avistar at the Parkway Apartments - Series B	April	San Antonio, TX	236	6/1/2052		12.00	%		125,000
Vantage at Harlingen	June	San Antonio, TX	288	9/1/2053		9.00	%		24,575,000
Vantage at Judson	June	San Antonio, TX	288	1/1/2053		9.00	%		26,540,000
Silver Moon - Series A	June	Albuquerque, NM	151	8/1/2055		6.00	%		8,000,000
Seasons at Simi Valley - Series A	August	Simi Valley, CA	69	9/1/2032		5.75	%		4,376,000
Seasons at Simi Valley - Series B	August	Simi Valley, CA	69	9/1/2017		5.50	%		1,944,000
Crossing at 1415 - Series A	November	San Antonio, TX	112	12/1/2052		6.00	%		7,590,000
Crossing at 1415 - Series B	November	San Antonio, TX	112	1/1/2053		12.00	%		335,000
Heights at 515 - Series A	November	San Antonio, TX	97	12/1/2052		6.00	%		6,435,000
Heights at 515 - Series B	November	San Antonio, TX	97	1/1/2053		12.00	%		510,000
Columbia Gardens	December	Columbia, SC	188	12/1/2050		5.50	%		15,000,000
Sycamore Walk - Series A	December	Bakersfield, CA	112	1/1/2033		5.25	%		3,632,000
Sycamore Walk - Series B	December	Bakersfield, CA	112	1/1/2018		5.50	%		1,815,000
Willow Run	December	Columbia, SC	200	12/1/2050		5.50	%		15,000,000

Geographic Concentrations

The properties securing the Partnership’s mortgage revenue bonds are geographically dispersed throughout the United States with significant concentrations in California and Texas. As of December 31, 2016, and 2015, the concentration in California as a percentage of principal outstanding was approximately 20% and 8%, respectively. As of December 31, 2016, and 2015, the concentration in Texas as a percentage of principal outstanding was approximately 45%and 51%, respectively. At December 31, 2016, and 2015, the concentration in South Carolina as a percentage of principal outstanding was approximately 12% and 12%, respectively.

The following tables represent a description of certain terms of the mortgage revenue bonds owned by the Partnership as of December 31, 2016, and 2015:

Property Name	Year Acquired	Location	Maturity Date	Base Interest Rate			Principal Outstanding at December 31, 2016
15 West Apartments - Series A ⁽²⁾	2016	Vancouver, WA	7/1/2054		6.25	%	$	9,850,000
Arbors at Hickory Ridge ⁽³⁾	2012	Memphis, TN	1/1/2049		6.25	%		11,351,321
Ashley Square ⁽¹⁾	1999	Des Moines, IA	12/1/2025		6.25	%		5,039,000
Avistar on the Boulevard - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		16,268,850
Avistar at Chase Hill - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		9,844,994
Avistar at the Crest - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		9,549,644
Avistar (February 2013 Acquisition) - Series B (3 Bonds)	2013	San Antonio, TX	4/1/2050		9.00	%		2,158,382
Avistar at the Oak - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		7,709,040
Avistar in 09 - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		6,656,458
Avistar on the Hill - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		5,326,157
Avistar (June 2013 Acquisition) - Series B (2 Bonds)	2013	San Antonio, TX	9/1/2050		9.00	%		1,005,226
Avistar at the Parkway - Series A ⁽⁴⁾	2015	San Antonio, TX	5/1/2052		6.00	%		13,300,000
Avistar at the Parkway - Series B	2015	San Antonio, TX	6/1/2052		12.00	%		125,000
Bella Vista ⁽¹⁾	2006	Gainesville, TX	4/1/2046		6.15	%		6,365,000
Bridle Ridge ⁽¹⁾	2008	Greer, SC	1/1/2043		6.00	%		7,535,000
Brookstone ⁽¹⁾	2009	Waukegan, IL	5/1/2040		5.45	%		9,076,558
Bruton ⁽²⁾	2014	Dallas, TX	8/1/2054		6.00	%		18,145,000
Columbia Gardens ⁽²⁾	2015	Columbia, SC	12/1/2050		5.50	%		15,000,000
Companion at Thornhill Apartments ⁽²⁾	2016	Lexington, SC	1/1/2052		5.80	%		11,500,000
Concord at Gulfgate - Series A ⁽²⁾	2015	Houston, TX	2/1/2032		6.00	%		19,185,000
Concord at Little York - Series A ⁽²⁾	2015	Houston, TX	2/1/2032		6.00	%		13,440,000
Concord at Williamcrest - Series A ⁽²⁾	2015	Houston, TX	2/1/2032		6.00	%		20,820,000
Copper Gate Apartments ⁽³⁾	2013	Lafayette, IN	12/1/2029		6.25	%		5,145,000
Courtyard Apartments - Series A	2016	Fullerton, CA	12/1/2033		5.00	%		10,230,000
Courtyard Apartments - Series B	2016	Fullerton, CA	12/1/2018		5.50	%		6,228,000
Cross Creek ⁽¹⁾	2009	Beaufort, SC	3/1/2049		6.15	%		8,258,605
Crossing at 1415 - Series A ⁽²⁾	2015	San Antonio, TX	12/1/2052		6.00	%		7,590,000
Crossing at 1415 - Series B	2015	San Antonio, TX	1/1/2053		12.00	%		335,000
Decatur Angle ⁽²⁾	2014	Fort Worth, TX	1/1/2054		5.75	%		22,950,214
Glenview - Series A ⁽⁴⁾	2014	Cameron Park, CA	12/1/2031		5.75	%		4,670,000
Greens of Pine Glen - Series A ⁽³⁾	2012	Durham, NC	10/1/2047		6.50	%		8,210,000
Greens of Pine Glen - Series B	2012	Durham, NC	10/1/2047		9.00	%		940,479
Harden Ranch - Series A ⁽³⁾	2014	Salinas, CA	3/1/2030		5.75	%		6,912,535
Harmony Court Bakersfield - Series A	2016	Bakersfield, CA	12/1/2033		5.00	%		3,730,000
Harmony Court Bakersfield - Series B	2016	Bakersfield, CA	12/1/2018		5.50	%		1,997,000
Harmony Terrace - Series A ⁽²⁾	2016	Simi Valley, CA	1/1/2034		5.00	%		6,900,000
Harmony Terrace - Series B ⁽²⁾	2016	Simi Valley, CA	1/1/2019		5.50	%		7,400,000
Heights at 515 - Series A⁽²⁾	2015	San Antonio, TX	12/1/2052		6.00	%		6,435,000
Heights at 515 - Series B	2015	San Antonio, TX	1/1/2053		12.00	%		510,000
Heritage Square - Series A ⁽⁴⁾	2014	Edinburg, TX	9/1/2051		6.00	%		11,161,330
Lake Forest Apartments ⁽¹⁾	2001	Daytona Beach, FL	12/1/2031		6.25	%		8,639,000
Las Palmas II - Series A	2016	Coachella, CA	11/1/2033		5.00	%		1,695,000
Las Palmas II - Series B	2016	Coachella, CA	11/1/2018		5.50	%		1,770,000
Live 929 ⁽²⁾	2014	Baltimore, MD	7/1/2049		5.78	%		40,085,000
Montclair - Series A ⁽⁴⁾	2014	Lemoore, CA	12/1/2031		5.75	%		2,530,000
Oaks at Georgetown - Series A ⁽²⁾	2016	Georgetown, TX	1/1/2034		5.00	%		12,330,000
Oaks at Georgetown - Series B ⁽²⁾	2016	Georgetown, TX	1/1/2019		5.50	%		5,512,000
Ohio Bond - Series A ⁽¹⁾	2010	Ohio	6/1/2050		7.00	%		14,215,000
Ohio Bond - Series B	2010	Ohio	6/1/2050		10.00	%		3,549,780
Pro Nova - 2014-1 ⁽²⁾	2014	Knoxville, TN	5/1/2034		6.00	%		10,000,000
Renaissance - Series A ^{(4) (5)}	2015	Baton Rouge, LA	6/1/2050		6.00	%		11,348,364
Runnymede ⁽¹⁾	2007	Austin, TX	10/1/2042		6.00	%		10,250,000
Santa Fe - Series A ⁽⁴⁾	2014	Hesperia, CA	12/1/2031		5.75	%		3,065,000
San Vicente - Series A	2016	Soledad, CA	11/1/2033		5.00	%		3,495,000
San Vicente - Series B	2016	Soledad, CA	11/1/2018		5.50	%		1,825,000
Seasons at Simi Valley - Series A ⁽²⁾	2015	Simi Valley, CA	9/1/2032		5.75	%		4,376,000
Seasons at Simi Valley - Series B	2015	Simi Valley, CA	9/1/2017		8.00	%		1,944,000
Seasons Lakewood - Series A	2016	Lakewood, CA	1/1/2034		5.00	%		7,350,000
Seasons Lakewood - Series B	2016	Lakewood, CA	1/1/2019		5.50	%		5,260,000
Seasons San Juan Capistrano - Series A	2016	San Juan Capistrano, CA	1/1/2034		5.00	%		12,375,000
Seasons San Juan Capistrano - Series B	2016	San Juan Capistrano, CA	1/1/2019		5.50	%		6,574,000
Silver Moon - Series A ⁽⁴⁾	2015	Albuquerque, NM	8/1/2055		6.00	%		7,933,259
Southpark ⁽¹⁾	2009	Austin, TX	12/1/2049		6.13	%		13,435,000
Summerhill - Series A	2016	Bakersfield, CA	12/1/2033		5.00	%		6,423,000
Summerhill - Series B	2016	Bakersfield, CA	12/1/2018		5.50	%		3,372,000
Sycamore Walk - Series A ⁽²⁾	2015	Bakersfield, CA	1/1/2033		5.25	%		3,632,000
Sycamore Walk - Series B	2015	Bakersfield, CA	1/1/2018		5.50	%		1,815,000
The Palms at Premier Park ⁽³⁾	2013	Columbia, SC	1/1/2050		6.25	%		19,826,716
Tyler Park Townhomes ⁽³⁾	2013	Greenfield, CA	1/1/2030		5.75	%		6,024,120
Vantage at Judson ⁽⁴⁾	2015	San Antonio, TX	1/1/2053		6.00	%		26,356,498
Vantage at Harlingen ⁽⁴⁾	2015	San Antonio, TX	9/1/2053		6.00	%		24,529,580
The Village at Madera - Series A	2016	Madera, CA	12/1/2033		5.00	%		3,085,000
The Village at Madera - Series B	2016	Madera, CA	12/1/2018		5.50	%		1,719,000
Westside Village Market ⁽³⁾	2013	Shafter, CA	1/1/2030		5.75	%		3,936,750
Willow Run ⁽²⁾	2015	Columbia, SC	12/1/2050		5.50	%		15,000,000
Woodlynn Village ⁽¹⁾	2008	Maplewood, MN	11/1/2042		6.00	%		4,310,000
							$	648,439,860

⁽¹⁾ Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17

⁽²⁾ Bond held by Deutsche Bank AG in a secured financing transaction, see Note 17

⁽³⁾ Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17

⁽⁴⁾ Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17

Property Name	Year Acquired	Location	Maturity Date	Base Interest Rate			Principal Outstanding at December 31, 2015
Arbors at Hickory Ridge ⁽³⁾	2012	Memphis, TN	1/1/2049		6.25	%	$	11,450,000
Ashley Square ⁽¹⁾	1999	Des Moines, IA	12/1/2025		6.25	%		5,099,000
Avistar on the Boulevard - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		16,418,497
Avistar at Chase Hill - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		9,935,552
Avistar at the Crest - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		9,637,485
Avistar (February 2013 Acquisition) - Series B (3 Bonds)	2013	San Antonio, TX	4/1/2050		9.00	%		2,168,196
Avistar at the Oak - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		7,777,936
Avistar in 09 - Series A⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		6,715,948
Avistar on the Hill - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		5,373,756
Avistar (June 2013 Acquisition) - Series B (3 Bonds)	2013	San Antonio, TX	9/1/2050		9.00	%		1,009,621
Avistar at the Parkway - Series A ⁽⁴⁾	2015	San Antonio, TX	5/1/2052		6.00	%		13,300,000
Avistar at the Parkway - Series B	2015	San Antonio, TX	6/1/2052		12.00	%		125,000
Bella Vista ⁽¹⁾	2006	Gainesville, TX	4/1/2046		6.15	%		6,430,000
Bridle Ridge ⁽¹⁾	2008	Greer, SC	1/1/2043		6.00	%		7,595,000
Brookstone ⁽¹⁾	2009	Waukegan, IL	5/1/2040		5.45	%		9,168,742
Bruton ⁽²⁾	2014	Dallas, TX	8/1/2054		6.00	%		18,145,000
Columbia Gardens ⁽²⁾	2015	Columbia, SC	12/1/2050		5.50	%		15,000,000
Concord at Gulfgate - Series A ⁽²⁾	2015	Houston, TX	2/1/2032		6.00	%		17,060,000
Concord at Gulfgate - Series B	2015	Houston, TX	3/1/2032		12.00	%		2,125,000
Concord at Little York - Series A⁽²⁾	2015	Houston, TX	2/1/2032		6.00	%		12,480,000
Concord at Little York - Series B	2015	Houston, TX	3/1/2032		12.00	%		960,000
Concord at Williamcrest - Series A ⁽²⁾	2015	Houston, TX	2/1/2032		6.00	%		18,020,000
Concord at Williamcrest - Series B	2015	Houston, TX	3/1/2032		12.00	%		2,800,000
Copper Gate Apartments⁽³⁾	2013	Lafayette, IN	12/1/2029		6.25	%		5,185,000
Cross Creek⁽¹⁾	2009	Beaufort, SC	3/1/2049		6.15	%		8,343,321
Crossing at 1415 - Series A	2015	San Antonio, TX	12/1/2052		6.00	%		7,590,000
Crossing at 1415 - Series B	2015	San Antonio, TX	1/1/2053		12.00	%		335,000
Decatur Angle⁽²⁾	2014	Fort Worth, TX	1/1/2054		5.75	%		23,000,000
Glenview - Series A ⁽⁴⁾	2014	Cameron Park, CA	12/1/2031		5.75	%		4,670,000
Glenview - Series B	2014	Cameron Park, CA	12/1/2016		8.00	%		2,053,000
Greens of Pine Glen - Series A⁽³⁾	2012	Durham, NC	10/1/2047		6.50	%		8,294,000
Greens of Pine Glen - Series B	2012	Durham, NC	10/1/2047		9.00	%		943,214
Harden Ranch - Series A ⁽³⁾	2014	Salinas, CA	3/1/2030		5.75	%		6,960,000
Heights at 515 - Series A	2015	San Antonio, TX	12/1/2052		6.00	%		6,435,000
Heights at 515 - Series B	2015	San Antonio, TX	1/1/2053		12.00	%		510,000
Heritage Square - Series A ⁽⁴⁾	2014	Edinburg, TX	9/1/2051		6.00	%		11,185,000
Heritage Square - Series B	2014	Edinburg, TX	10/1/2051		12.00	%		520,000
Lake Forest Apartments ⁽¹⁾	2001	Daytona Beach, FL	12/1/2031		6.25	%		8,766,000
Live 929 ⁽²⁾	2014	Baltimore, MD	7/1/2049		5.78	%		40,175,000
Montclair - Series A ⁽⁴⁾	2014	Lemoore, CA	12/1/2031		5.75	%		2,530,000
Montclair - Series B	2014	Lemoore, CA	12/1/2016		8.00	%		928,000
Ohio Bond - Series A⁽¹⁾	2010	Ohio	6/1/2050		7.00	%		14,311,000
Ohio Bond - Series B	2010	Ohio	6/1/2050		10.00	%		3,562,190
Pro Nova - 2014-1 ⁽²⁾	2014	Knoxville, TN	5/1/2034		6.00	%		10,000,000
Pro Nova - 2014-2 ⁽²⁾	2014	Knoxville, TN	5/1/2025		5.25	%		9,295,000
Renaissance - Series A^{(4) (5)}	2015	Baton Rouge, LA	6/1/2050		6.00	%		11,450,959
Runnymede⁽¹⁾	2007	Austin, TX	10/1/2042		6.00	%		10,350,000
Santa Fe - Series A⁽⁴⁾	2014	Hesperia, CA	12/1/2031		5.75	%		3,065,000
Santa Fe - Series B	2014	Hesperia, CA	12/1/2016		8.00	%		1,671,000
Seasons at Simi Valley - Series A	2015	Simi Valley, CA	9/1/2032		5.75	%		4,376,000
Seasons at Simi Valley - Series B	2015	Simi Valley, CA	9/1/2017		5.50	%		1,944,000
Silver Moon - Series A⁽⁴⁾	2015	Albuquerque, NM	8/1/2055		6.00	%		7,983,811
Southpark ⁽¹⁾	2009	Austin, TX	12/1/2049		6.13	%		13,560,000
Sycamore Walk - Series A	2015	Bakersfield, CA	1/1/2033		5.25	%		3,632,000
Sycamore Walk - Series B	2015	Bakersfield, CA	1/1/2018		5.50	%		1,815,000
The Palms at Premier Park ⁽³⁾	2013	Columbia, SC	1/1/2050		6.25	%		20,001,272
Tyler Park Townhomes ⁽³⁾	2013	Greenfield, CA	1/1/2030		5.75	%		6,075,000
Vantage at Judson⁽⁴⁾	2015	San Antonio, TX	1/1/2053		9.00	%		26,540,000
Vantage at Harlingen⁽⁴⁾	2015	San Antonio, TX	9/1/2053		9.00	%		24,575,000
Westside Village Market⁽³⁾	2013	Shafter, CA	1/1/2030		5.75	%		3,970,000
Willow Run⁽²⁾	2015	Columbia, SC	12/1/2050		5.50	%		15,000,000
Woodlynn Village ⁽¹⁾	2008	Maplewood, MN	11/1/2042		6.00	%		4,351,000
							$	534,745,500

⁽¹⁾ Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17

⁽²⁾ Bonds held by Deutsche Bank AG in a secured financing transaction, see Note 17

⁽³⁾ Bonds held by ATAX TEBS II, LLC (M31 TEBS), see Note 17

⁽⁴⁾ Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17