15. Debt Financing

The following represents the Debt Financing, net of deferred financing costs, at June 30, 2017 and December 31, 2016:

	Outstanding Debt Financings on June 30, 2017, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates		Facility Fees		Period End Rates
TOB & Term A/B Trusts Securitization
Fixed - Term TOB	$	46,819,168	$	-	2014	July 2019 - October 2019	N/A	N/A		N/A		4.01% - 4.39%
Fixed - Term A/B		141,218,861		-	2016	September 2026 - December 2026	N/A	N/A		N/A			3.64%
Fixed - Term A/B		38,404,351		-	2017	February 2027	N/A	N/A		N/A			4.46%
Fixed - Term A/B		60,393,208		-	2017	February 2022 - March 2022	N/A	N/A		N/A			3.89%
Fixed - Term A/B		35,189,080		-	2017	June 2018 - August 2018	N/A	N/A		N/A			3.76%
Variable - TOB		42,140,000		1,315,662	2012	May 2018	Weekly	1.46 - 1.51%		1.65 - 1.67%		3.11 - 3.16%

TEBS Financings
Variable - TEBS I		60,280,023		403,557	2010	September 2017 ⁽²⁾	Weekly		0.97%		1.85%		2.82%
Variable - TEBS II ⁽¹⁾		91,087,826		171,657	2014	July 2019	Weekly		0.94%		1.62%		2.56%
Variable - TEBS III ⁽¹⁾		81,932,724		3,473,533	2015	July 2020	Weekly		0.94%		1.39%		2.33%
Total Debt Financings	$	597,465,241

⁽¹⁾	Facility fees are variable

⁽²⁾

ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, has a contractual right to extend the M24 TEBS Financing at its option until September 15, 2020. If the right to extend is not exercised, the M24 TEBS Financing will mature on September 15, 2017. The Partnership is evaluating whether to exercise its option to terminate.

	Outstanding Debt Financings on December 31, 2016, net		Restricted Cash		Year 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		141,266,034		1,373,695	2016	September 2026 - December 2026	N/A	N/A		N/A			3.64%
Fixed - Term A/B		30,512,916			2016	March 2017	N/A	N/A		N/A			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

At June 30, 2017 and December 31, 2016, the Partnership posted cash collateral (i.e. restricted cash) related to the interest rate swaps associated with specific Debt Financings. The Partnership has also posted cash collateral as contractually required under the terms of the three TEBS Financings. In addition, to mitigate its exposure to interest rate fluctuations on the variable rate TEBS Financings, the Partnership also entered into interest rate cap agreements (Note 17).

The TOB and Term A/B Trusts are subject to a Master Trust Agreement with DB that contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. At June 30, 2017, the Partnership was in compliance with these covenants.

Debt Financing Activity in the First Six Months of 2017

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 June 30, 2017, net		Year Acquired	Stated Maturity	Fixed Interest Rate
San Vicente - Series A	$	3,108,855	2017	February 2022		3.89	%
San Vicente - Series B		1,536,980	2017	June 2018		3.76	%
Las Palmas - Series A		1,504,877	2017	February 2022		3.89	%
Las Palmas - Series B		1,484,551	2017	June 2018		3.76	%
The Village at Madera - Series A		2,742,626	2017	February 2022		3.89	%
The Village at Madera - Series B		1,447,301	2017	July 2018		3.76	%
Harmony Court Bakersfield - Series A		3,317,948	2017	February 2022		3.89	%
Harmony Court Bakersfield - Series B		1,680,903	2017	July 2018		3.76	%
Summerhill - Series A		5,724,083	2017	February 2022		3.89	%
Summerhill - Series B		2,843,348	2017	July 2018		3.76	%
Courtyard - Series A		9,123,195	2017	February 2022		3.89	%
Courtyard - Series B		5,251,959	2017	July 2018		3.76	%
Seasons Lakewood - Series A		6,549,040	2017	February 2022		3.89	%
Seasons Lakewood - Series B		4,436,057	2017	August 2018		3.76	%
Seasons San Juan Capistrano - Series A		11,037,610	2017	February 2022		3.89	%
Seasons San Juan Capistrano - Series B		5,544,767	2017	August 2018		3.76	%
Avistar at Wood Hollow - Series A		26,827,207	2017	February 2027		4.46	%
Avistar at Wilcrest - Series A		3,166,185	2017	February 2027		4.46	%
Avistar at Copperfield - Series A		8,410,959	2017	February 2027		4.46	%
Total Term A/B Trust Financing	$	105,738,451

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 June 30, 2017, net		Year Acquired	Stated Maturity	Fixed Interest Rate
Oaks at Georgetown - Series A	$	11,086,113	2017	March 2022		3.89	%
Oaks at Georgetown - Series B		4,683,189	2017	August 2018		3.76	%
Harmony Terrace - Series A		6,198,861	2017	March 2022		3.89	%
Harmony Terrace - Series B		6,280,025	2017	August 2018		3.76	%
Total Term A/B Trust Financing	$	28,248,188

In June 2017, the maturity date of the Partnership’s variable TOB Trusts was extended until May 2018.

Debt Financing Activity in the First Six Months of 2016

The three MBS TOB Trusts and the TOB Trust collateralized by the Pro Nova 2014-2 MRB were paid in full and collapsed in January 2016 and March 2016, respectively.

Future Maturities

The following represents the Debt Financing contractual maturities for the next five years and thereafter:

2017	$	64,653,256
2018		80,684,860
2019		139,762,253
2020		83,247,030
2021		2,291,262
Thereafter		231,978,758
Total	$	602,617,419