The following represents the Debt Financing, net of deferred financing costs, at March 31, 2017 and December 31, 2016:

	Outstanding Debt Financings on March 31, 2017, 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	$	46,846,532	$	-	2014	July 2017 - July 2019	N/A	N/A			N/A		4.01% - 4.39%
Fixed - Term A/B		275,162,869		1,247,698	2016-2017	March 2017 - February 2027	N/A	N/A			N/A		3.64% - 4.46%
Variable - TOB		42,455,000		-	2012	June 2017	Weekly	1.48 - 1.56%				1.62%	3.10 - 3.18%

TEBS Financings
Variable - TEBS I		60,404,699		52,065	2010	September 2017 ⁽²⁾	Weekly		0.97	%		1.85%		2.82%
Variable - TEBS II ⁽¹⁾		91,226,919		171,322	2014	July 2019	Weekly		0.95	%		1.67%		2.62%
Variable - TEBS III ⁽¹⁾		82,027,687		3,483,665	2015	July 2020	Weekly		0.95	%		1.44%		2.39%
Total Debt Financings	$	598,123,706

⁽¹⁾	Facility fees are variable

⁽²⁾

ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, may terminate the M24 TEBS Financing at its option on either September 15, 2017 or September 15, 2020. Should the Partnership not elect to terminate the M24 TEBS Financing on these dates, the full term of the M24 TEBS Financing will run through the final principal payment date associated with the securitized bonds, or July 15, 2050.

	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	July 2017 - July 2019	N/A	N/A		N/A		4.01% - 4.39%
Fixed - Term A/B		171,778,950		1,373,695	2016	March 2017 - December 2026	N/A	N/A		N/A		3.64% - 4.56%
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 ⁽¹⁾		91,768,081		170,988	2014	July 2019	Weekly		0.75%		1.62%		2.37%
Variable - TEBS III ⁽¹⁾		82,089,312		3,495,592	2015	July 2020	Weekly		0.75%		1.39%		2.14%
Total Debt Financings	$	495,383,033

⁽¹⁾	Facility fees are variable

In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 was paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts:

Term A/B Trusts Securitization	Outstanding Term A/B Trust Financing at March 31, 2017, net		Year Acquired	Stated Maturity	Fixed Interest Rate
San Vicente - Series A	$	3,106,826	2017	February 2022		3.89	%
San Vicente - Series B		1,532,587	2017	June 2018		3.76	%
Las Palmas - Series A		1,503,641	2017	February 2022		3.89	%
Las Palmas - Series B		1,479,573	2017	June 2018		3.76	%
The Village at Madera - Series A		2,740,786	2017	February 2022		3.89	%
The Village at Madera - Series B		1,443,242	2017	July 2018		3.76	%
Harmony Court Bakersfield - Series A		3,315,877	2017	February 2022		3.89	%
Harmony Court Bakersfield - Series B		1,676,521	2017	July 2018		3.76	%
Summerhill - Series A		5,721,078	2017	February 2022		3.89	%
Summerhill - Series B		2,837,225	2017	July 2018		3.76	%
Courtyard - Series A		9,118,911	2017	February 2022		3.89	%
Courtyard - Series B		5,242,064	2017	July 2018		3.76	%
Seasons Lakewood - Series A		6,545,788	2017	February 2022		3.89	%
Seasons Lakewood - Series B		4,427,691	2017	August 2018		3.76	%
Seasons San Juan Capistrano - Series A		11,032,559	2017	February 2022		3.89	%
Seasons San Juan Capistrano - Series B		5,535,047	2017	August 2018		3.76	%
Avistar at Wood Hollow - Series A		26,821,903	2017	February 2027		4.46	%
Avistar at Wilcrest - Series A		3,165,250	2017	February 2027		4.46	%
Avistar at Copperfield - Series A		8,409,054	2017	February 2027		4.46	%
Total Term A/B Trust Financing	$	105,655,623

In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts:

Term A/B Trusts Securitization	Outstanding Term A/B Trust Financing at March 31, 2017, net		Year Acquired	Stated Maturity	Fixed Interest Rate
Oaks at Georgetown - Series A	$	11,085,441	2017	March 2022		3.89	%
Oaks at Georgetown - Series B		4,681,745	2017	August 2018		3.76	%
Harmony Terrace - Series A		6,198,322	2017	March 2022		3.89	%
Harmony Terrace - Series B		6,277,910	2017	August 2018		3.76	%
Total Term A/B Trust Financing	$	28,243,418