Investment in an Unconsolidated Entity

12 Months Ended

Dec. 31, 2016

Equity Method Investments And Joint Ventures [Abstract]

Investment in an Unconsolidated Entity

10. Investment in Unconsolidated Entities

In 2016, ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, closed on three equity commitments and reported equity contributions as Investment in unconsolidated entities on the consolidated balance sheet. The investments represent the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in these limited liability companies. An affiliate of the unconsolidated entities provides a guarantee for ATAX Vantage Holdings, LLC’s return on its investments during the construction period. The return on these investments earned by the Partnership is reported as investment income.

The following table provides the details of the investments in unconsolidated entities at December 31, 2016:

Property Name	Month Commitment Executed	Location	Units	Carrying Value		Maximum Remaining Equity Commitment
Vantage at Corpus Christi	March 2016	Corpus Christi, TX	288	$	8,447,343	$	1,550,000
Vantage at Waco	August 2016	Waco, TX	288		5,964,861		3,572,133
Vantage at Boerne	August 2016	Boerne, TX	288		5,057,802		3,936,115
				$	19,470,006	$	9,058,248