XML 140 R43.htm IDEA: XBRL DOCUMENT v3.6.0.2
Mortgage-Backed Securities (Tables)
12 Months Ended
Dec. 31, 2016
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

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

 

 

Trust Portfolio M B S Bonds  
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments

The carrying value of the Partnership’s MBS Securities as of December 31, 2016, was zero. The carrying values of the Partnerships MBS Securities at December 31, 2015 are as follows:

 

 

 

December 31, 2015

 

Agency Rating of MBS Securities (1)

 

Cost adjusted for

amortization of

premium

 

 

Cumulative Unrealized Gain

 

 

Cumulative Unrealized Loss

 

 

Estimated

Fair Value

 

“AAA”

 

$

5,052,348

 

 

$

-

 

 

$

(34,648

)

 

$

5,017,700

 

“AA”

 

 

9,900,682

 

 

 

-

 

 

 

(143,073

)

 

 

9,757,609

 

 

 

$

14,953,030

 

 

$

-

 

 

$

(177,721

)

 

$

14,775,309

 

 

(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, at the date presented.

Mortgage-Backed Securities Terms of MBS Securities

A description of certain terms of the Partnership’s MBS Securities at December 31, 2015 is as follows:

 

Agency Rating of MBS Securities

 

Principal Outstanding December 31, 2015

 

 

Weighted Average Maturity Date

 

Weighted Average Coupon Interest Rate

 

“AAA”

 

$

5,000,000

 

 

7/1/2032

 

 

4.60

%

“AA”

 

 

9,765,000

 

 

7/9/2036

 

 

4.20

%

 

 

$

14,765,000