Mortgages Payable and Other Secured Financing (Tables)

6 Months Ended

Jun. 30, 2017

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

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

Schedule of Maturities of Long-term Debt

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

Mortgages payable [Member]

Schedule of Total Debt Financing

The following represents the Mortgages payable and other secured financing, net of deferred financing costs, at June 30, 2017 and December 31, 2016:

MF Property Mortgage Payables	Outstanding Mortgage Payable at June 30, 2017, net		Year Acquired	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate				Facility Fees			Period End Rate
Eagle Village	$	7,750,076	2010	September 2018	Variable	Monthly		1.06	%	⁽¹⁾		3.00	%		4.06	%
Residences of DeCordova		1,715,750	2012	June 2019	Fixed	N/A	N/A				N/A				4.75	%
Residences of Weatherford		5,487,912	2011	June 2019	Fixed	N/A	N/A				N/A				4.75	%
The 50/50 MF Property--TIF Loan		3,463,331	2014	December 2019	Fixed	N/A	N/A				N/A				4.65	%
The 50/50 MF Property--Mortgage		24,896,611	2013	March 2020	Variable	Monthly		4.00	%	⁽²⁾	N/A				4.00	%
Jade Park		7,464,772	2016	October 2021	Fixed	N/A	N/A				N/A				3.85	%
Total Mortgage Payable\Weighted Average Period End Rate	$	50,778,452													4.14	%

⁽¹⁾	Variable rate is based on 30-day LIBOR

⁽²⁾	Variable rate is based on Wall Street Journal Prime Rate

MF Property Mortgage Payables	Outstanding Mortgage Payable at December 31, 2016, net		Year Acquired	Stated Maturity	Variable / Fixed	Reset Frequency	Variable Based Rate				Facility Fees			Period End Rate
Residences of DeCordova	$	1,744,858	2012	June 2017	Fixed	N/A	N/A				N/A				4.75	%
Residences of Weatherford		5,589,086	2011	June 2017	Fixed	N/A	N/A				N/A				4.75	%
Eagle Village		7,845,711	2010	September 2018	Variable	Monthly		0.63	%	⁽¹⁾		3.00	%		3.63	%
The 50/50 MF Property--TIF Loan		3,656,090	2014	December 2019	Fixed	N/A	N/A				N/A				4.65	%
The 50/50 MF Property--Mortgage		25,082,636	2013	March 2020	Variable	Monthly		3.50	%	⁽²⁾	N/A				3.50	%
Jade Park		7,461,131	2016	October 2021	Fixed	N/A	N/A				N/A				3.85	%
Total Mortgage Payable\Weighted Average Period End Rate	$	51,379,512													3.83	%

⁽¹⁾	Variable rate is based on 30-day LIBOR

⁽²⁾	Variable rate is based on Wall Street Journal Prime Rate

Schedule of Maturities of Long-term Debt

The following represents the Mortgages payable and other secured financing contractual maturities for the next five years and thereafter:

2017	$	630,547
2018		8,809,356
2019		10,768,942
2020		23,993,819
2021		6,858,993
Thereafter		-
Total mortgages payable and other secured financings	$	51,061,657