Subsequent Events (Tables)

12 Months Ended

Dec. 31, 2016

The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2016 and 2015:

	Outstanding Debt Financings on December 31, 2016, net		Restricted Cash		Years Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates			Facility Fees		Period End Rates
TOB & Term A/B Trusts Securitization
Fixed - Term TOB	$	46,860,699	$	-	2014	Jul 2017 - Jul 2019	N/A	N/A			N/A		4.01% - 4.39%
Fixed - Term A/B		171,778,950		1,373,695	2016	⁽¹⁾	⁽¹⁾	⁽¹⁾			⁽¹⁾		⁽¹⁾
Variable - TOB		42,455,000		-	2012	Dec 2016	Weekly	1.29 - 1.39%				1.62%	2.91 - 3.01%

TEBS Financings
Variable - TEBS I		60,430,991		396,412	2010	September 2017	Weekly		0.77	%		1.85%		2.62%
Variable - TEBS II ⁽²⁾		91,768,081		170,988	2014	July 2019	Weekly		0.75	%		1.62%		2.37%
Variable - TEBS III ⁽²⁾		82,089,312		3,495,592	2015	July 2020	Weekly		0.75	%		1.39%		2.14%
Total Debt Financings	$	495,383,033

⁽¹⁾ See table below for a summary of terms for the individual Term A/B Trust securitizations
⁽²⁾ Facility fees are variable

	Outstanding Debt Financings on December 31, 2015, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates		Facility Fees		Period End Rates
TOB Trusts Securitization
Fixed - Term TOB	$	160,582,124	$	1,930,027	⁽³⁾	⁽³⁾	⁽³⁾	⁽³⁾		⁽³⁾		⁽³⁾
Variable - TOB		55,930,000		-	2012	April 2016 - June 2016	Weekly	0.16 - 0.68%		0.94 - 1.62%		1.1 - 2.3%

TEBS Financings
Variable - TEBS I		60,735,743		364,637	2010	September 2017	Weekly		0.04%		1.91%		1.95%
Variable - TEBS II ⁽⁴⁾		92,280,069		163,418	2014	July 2019	Weekly		0.02%		1.42%		1.44%
Variable - TEBS III ⁽⁴⁾		81,968,780		4,843,625	2015	July 2020	Weekly		0.02%		1.26%		1.28%
Total Debt Financings	$	451,496,716

⁽³⁾ See table below for a summary of terms for the individual Term TOB Trust securitizations
⁽⁴⁾ Facility fees are variable

The fixed Term TOB Financings at December 31, 2016 are secured by the mortgage revenue bonds for Live 929 Apartments and Pro Nova 2014-1. The variable TOB Financings at December 31, 2016 are secured by three PHC Certificates (See Note 7).

The following table summarizes the individual Term A/B Trust securitizations at December 31, 2016:

Term A/B Trusts Securitization	Outstanding Term A/B Trust Financing at December 31, 2016, net		Restricted Cash		Year Acquired	Stated Maturity	Fixed Interest Rate
Willow Run	$	11,564,852	$	-	2016	September 2026		3.64	%
Columbia Gardens		11,565,068		-	2016	September 2026		3.64	%
Concord at Little York		11,301,031		-	2016	September 2026		3.64	%
Concord at Williamscrest		17,504,186		-	2016	September 2026		3.64	%
Concord at Gulfgate		16,133,987		-	2016	September 2026		3.64	%
Companion at Thornhill Apartment		9,666,656		-	2016	September 2026		3.64	%
Seasons at Simi Valley Apartments		3,678,770		-	2016	September 2026		3.64	%
Sycamore Walk		3,050,786		-	2016	September 2026		3.64	%
Decatur-Angle Apartments		21,387,126		755,489	2016	September 2026		3.64	%
Berrendo Square Apartments		5,409,361		-	2016	September 2026		3.64	%
Laurel Crossings Apartments		6,378,482		-	2016	September 2026		3.64	%
Bruton Apartments		15,258,925		618,206	2016	September 2026		3.64	%
15 West Apartments		8,366,804		-	2016	December 2026		3.64	%
Oaks at Georgetown A		11,709,479		-	2016	March 2017		4.56	%
Harmony Terrace A		6,549,479		-	2016	March 2017		4.56	%
Oaks at Georgetown B		5,229,479		-	2016	March 2017		4.56	%
Harmony Terrace B		7,024,479		-	2016	March 2017		4.56	%
Total A/B Trust Financing\ Weighted Average Period End Rate	$	171,778,950						3.80	%

The variable TOB Financings at December 31, 2015 are secured by three PHC Certificates (See Note 7) and three MBS Securities (See Note 8). The following table summarizes the individual fixed rate TOB Trust securitizations at December 31, 2015:

Term TOB Trusts Securitization	Outstanding Term TOB Trust Financing at December 31, 2015, net		Restricted Cash		Year Acquired	Stated Maturity	Fixed Interest Rate
Decatur Angle	$	22,847,450	$	1,078,823	2014	October 2016		4.26	%
Live 929		37,935,981		-	2014	July 2019		4.39	%
Bruton Apartments		17,246,899		851,204	2014	July 2017		4.51	%
Pro Nova 2014-1		9,006,899		-	2014	July 2017		4.01	%
Pro Nova 2014-2		8,371,899		-	2014	July 2017		4.01	%
Concord at Gulfgate		14,936,685		-	2015	February 2018		2.76	%
Concord at Little York		11,231,685		-	2015	February 2018		2.76	%
Concord at Williamcrest		15,606,685		-	2015	February 2018		2.76	%
Columbia Gardens		11,699,209		-	2015	December 2017		2.76	%
Willow Run		11,698,732		-	2015	December 2017		2.76	%
Total TOB Trust Financing\Weighted Average Period End Rate	$	160,582,124						3.68	%

Investments Classified by Contractual Maturity Date

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

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.

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.

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

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

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

Discontinued Operations Income Statement

The following presents the revenues, expenses and income from discontinued operations for the years ended December 31, 2015 and 2014:

	2015		2014
Rental revenues	$	2,952,383	$	3,180,680
Expenses		2,394,074		3,127,907
Net income from discontinued operations		558,309		52,773
Gain on sale of discontinued operations		3,163,088		-
Net income from discontinued operations	$	3,721,397	$	52,773

Northern View MF Property [Member]

Discontinued Operations Income Statement

The table below summarizes the assets and liabilities of the Northern View MF Property included in the Partnership’s consolidated financial statements at December 31, 2016:

	December 31, 2016
Cash and cash equivalents	$	62,386
Restricted cash		203,893
Land and improvements		688,539
Buildings and improvements		8,088,059
Real estate assets before accumulated depreciation		8,776,598
Accumulated depreciation		(2,386,626	)
Net real estate assets		6,389,972
Other assets		33,534
Total assets held for sale	$	6,689,785

Accounts payable, accrued expenses and other liabilities	$	225,007

In March 2017, the Partnership entered into a subscription agreement and issued to a financial institution 613,100 units of Series A Preferred Units for gross proceeds of approximately $6.1 million.

Mortgage Revenue Bonds [Member]

Investments Classified by Contractual Maturity Date

The following table summarizes the mortgage revenue bonds acquired by the Partnership subsequent to December 31, 2016:

Property Name	Month Acquired	Property Location	Units	Maturity Date	Base Interest Rate			Principal Outstanding at Date of Acquisition
Avistar at Wood Hollow - Series A	February	Austin, TX	409	5/1/2054		5.75	%	$	31,850,000
Avistar at Wood Hollow - Series B	February	Austin, TX	409	6/1/2054		12.00	%		8,410,000
Avistar at Copperfield - Series A	February	Houston, TX	192	5/1/2054		5.75	%		10,000,000
Avistar at Copperfield - Series B	February	Houston, TX	192	6/1/2054		12.00	%		4,000,000
Avistar at Wilcrest - Series A	February	Houston, TX	88	5/1/2054		5.75	%		3,775,000
Avistar at Wilcrest - Series B	February	Houston, TX	88	6/1/2054		12.00	%		1,550,000

Term A/B Trust [Member]

Schedule of Total Debt Financing

The following table summarizes the Term A/B Trust Financings that the Partnership entered into subsequent to December 31, 2016:

Term A/B Trusts Securitization	Outstanding Term A/B Trust Financing		Acquired	Stated Maturity	Fixed Interest Rate
San Vicente - Series A	$	3,150,000	Feb 2017	February 2022		3.89	%
San Vicente - Series B		1,555,000	Feb 2017	June 2018		3.76	%
Las Palmas - Series A		1,530,000	Feb 2017	February 2022		3.89	%
Las Palmas - Series B		1,505,000	Feb 2017	June 2018		3.76	%
The Village at Madera - Series A		2,780,000	Feb 2017	February 2022		3.89	%
The Village at Madera - Series A		1,465,000	Feb 2017	July 2018		3.76	%
Harmony Court Bakersfield - Series A		3,360,000	Feb 2017	February 2022		3.89	%
Harmony Court Bakersfield - Series A		1,700,000	Feb 2017	July 2018		3.76	%
Summerhill - Series A		5,785,000	Feb 2017	February 2022		3.89	%
Summerhill - Series B		2,870,000	Feb 2017	July 2018		3.76	%
Courtyard - Series A		9,210,000	Feb 2017	February 2022		3.89	%
Courtyard - Series B		5,295,000	Feb 2017	July 2018		3.76	%
Seasons Lakewood - Series A		6,615,000	Feb 2017	February 2022		3.89	%
Seasons Lakewood - Series B		4,475,000	Feb 2017	August 2022		3.76	%
Seasons San Juan Capistrano - Series A		11,140,000	Feb 2017	February 2022		3.89	%
Seasons San Juan Capistrano - Series B		5,590,000	Feb 2017	August 2022		3.76	%
Avistar at Wood Hollow - Series A		27,075,000	Feb 2017	February 2027		4.46	%
Avistar at Copperfield - Series A		3,210,000	Feb 2017	February 2027		4.46	%
Avistar at Wilcrest - Series A		8,500,000	Feb 2017	February 2027		4.46	%

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details