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Other Assets
12 Months Ended
Dec. 31, 2016
Other Assets [Abstract]  
Other Assets

13. Other Assets

The Partnership had the following Other Assets at December 31, 2016 and 2015:

 

 

 

December 31, 2016

 

 

December 31, 2015

 

Deferred financing costs - net

 

$

456,890

 

 

$

487,023

 

Fair value of derivative instruments (Note 19)

 

 

383,604

 

 

 

344,177

 

Taxable bonds at fair market value

 

 

4,084,599

 

 

 

4,824,060

 

Bond purchase commitments - fair value (Note 20)

 

 

2,399,449

 

 

 

5,634,360

 

Other assets

 

 

1,470,650

 

 

 

1,655,013

 

Total other assets

 

$

8,795,192

 

 

$

12,944,633

 

See Note 25 for a description of the methodology and significant assumptions for determining the fair value of the derivative instruments, taxable bonds and bond purchase commitments. Unrealized gains or losses on these assets 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 assets.

The Partnership received approximately $500,000 upon the redemption of the Silver Moon Series B taxable bond during the year ended December 31, 2016, which approximated the carrying value plus accrued interest. The following table summarizes the terms of the taxable bond redeemed:

 

Property Name

 

2016 Redemption Date

 

Location

 

Units

 

 

Original Maturity Date

 

Base Interest Rate

 

 

Principal Outstanding at Date of Redemption

 

Silver Moon - Series B

 

August

 

Albuquerque, NM

 

 

151

 

 

8/1/2055

 

 

12.00

%

 

$

499,461

 

The Partnership purchased the Silver Moon Series B taxable bond during the year ended December 31, 2015. The following table summarizes the terms of the taxable bond acquired:

 

Property Name

 

2015 Purchase Date

 

Location

 

Units

 

Maturity Date

 

Base Interest Rate

 

 

Principal Outstanding at Date of Purchase

 

Silver Moon - Series B

 

June

 

Albuquerque, NM

 

151

 

8/1/2055

 

 

12.00

%

 

$

500,000