6. Investments in Mortgage Revenue Bonds

The Partnership owns MRBs that were issued by various state and local governments, their agencies and authorities to finance the construction or rehabilitation of income-producing real estate properties. However, the MRBs do not constitute an obligation of any state or local government, agency or authority and no state or local government, agency or authority is liable on them, nor is the taxing power of any state or local government pledged to the payment of principal or interest on the MRBs. The MRBs are non-recourse obligations of the respective owners of the properties. The sole source of the funds to pay principal and interest on the MRBs is the net cash flow or the sale or refinancing proceeds from the properties. Each MRB is collateralized by a mortgage on all real and personal property included in the related property. The MRBs bear interest at a fixed rate and two of the mortgage revenue bonds provide for the payment of additional contingent interest that is payable from available net cash flow generated by the related property.

The following tables present information regarding the mortgage revenue bonds owned by the Partnership as of December 31, 2017 and 2016:

	December 31, 2017
Description of Mortgage Revenue Bonds Held in Trust	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss		Estimated Fair Value
Courtyard - Series A & B⁽²⁾	CA	$	16,458,000	$	1,226,192	$	-	$	17,684,192
Glenview Apartments - Series A ⁽⁴⁾	CA		4,627,228		523,464		-		5,150,692
Harmony Court Bakersfield - Series A⁽²⁾	CA		3,730,000		430,637		-		4,160,637
Harmony Terrace - Series A & B ⁽²⁾	CA		14,300,000		871,221		-		15,171,221
Harden Ranch - Series A ⁽³⁾	CA		6,845,985		1,182,914		-		8,028,899
Las Palmas II - Series A & B ⁽²⁾	CA		3,465,000		193,418		-		3,658,418
Montclair Apartments - Series A ⁽⁴⁾	CA		2,506,828		398,840		-		2,905,668
San Vicente - Series A & B ⁽²⁾	CA		5,320,000		309,038		-		5,629,038
Santa Fe Apartments - Series A ⁽⁴⁾	CA		3,036,928		535,673		-		3,572,601
Seasons at Simi Valley - Series A⁽²⁾	CA		4,366,195		807,864		-		5,174,059
Seasons Lakewood - Series A & B ⁽²⁾	CA		12,610,000		884,537		-		13,494,537
Seasons San Juan Capistrano - Series A & B⁽²⁾	CA		18,949,000		1,233,570		-		20,182,570
Summerhill - Series A & B ⁽²⁾	CA		9,795,000		738,806		-		10,533,806
Sycamore Walk - Series A⁽²⁾	CA		3,632,000		490,314		-		4,122,314
The Village at Madera - Series A & B ⁽²⁾	CA		4,804,000		355,303		-		5,159,303
Tyler Park Townhomes - Series A ⁽³⁾	CA		5,965,475		807,688		-		6,773,163
Westside Village Market - Series A ⁽³⁾	CA		3,898,427		568,423		-		4,466,850
Lake Forest ⁽¹⁾	FL		8,505,000		1,579,885		-		10,084,885
Brookstone ⁽¹⁾	IL		7,450,595		2,017,019		-		9,467,614
Copper Gate Apartments ⁽³⁾	IN		5,100,000		778,339		-		5,878,339
Renaissance - Series A ⁽⁴⁾	LA		11,239,441		2,096,328		-		13,335,769
Live 929 Apartments ⁽²⁾	MD		40,573,347		3,710,942		-		44,284,289
Woodlynn Village ⁽¹⁾	MN		4,267,000		44,428		-		4,311,428
Greens Property - Series A ⁽³⁾	NC		8,126,000		1,113,852		-		9,239,852
Silver Moon - Series A ⁽⁴⁾	NM		7,879,590		1,140,448		-		9,020,038
Ohio Properties - Series A ⁽¹⁾	OH		14,113,000		788,199		-		14,901,199
Bridle Ridge ⁽¹⁾	SC		7,465,000		1,199		-		7,466,199
Columbia Gardens ⁽²⁾	SC		13,396,856		1,413,831		-		14,810,687
Companion at Thornhill Apartments⁽²⁾	SC		11,404,758		1,284,441		-		12,689,199
Cross Creek ⁽¹⁾	SC		6,136,553		2,850,344		-		8,986,897
The Palms at Premier Park Apartments ⁽³⁾	SC		19,238,297		2,712,429		-		21,950,726
Village at River's Edge ⁽²⁾	SC		10,000,000		1,182,706		-		11,182,706
Willow Run ⁽²⁾	SC		13,212,587		1,391,536		-		14,604,123
Arbors at Hickory Ridge ⁽³⁾	TN		11,342,234		1,693,626		-		13,035,860
Pro Nova 2014-1 ⁽²⁾	TN		10,038,889		133,878		-		10,172,767
Avistar at Copperfield - Series A⁽²⁾	TX		10,000,000		628,644		-		10,628,644
Avistar at the Crest - Series A ⁽³⁾	TX		9,456,384		1,187,142		-		10,643,526
Avistar at the Oaks - Series A ⁽³⁾	TX		7,635,895		938,465		-		8,574,360
Avistar at the Parkway - Series A ⁽⁴⁾	TX		13,233,665		932,753		-		14,166,418
Avistar at Wilcrest - Series A⁽²⁾	TX		3,775,000		125,170		-		3,900,170
Avistar at Wood Hollow - Series A⁽²⁾	TX		31,850,000		1,865,826		-		33,715,826
Avistar in 09 - Series A ⁽³⁾	TX		6,593,300		716,944		-		7,310,244
Avistar on the Boulevard - Series A ⁽³⁾	TX		16,109,972		1,947,465		-		18,057,437
Avistar on the Hills - Series A ⁽³⁾	TX		5,275,623		648,383		-		5,924,006
Bella Vista ⁽¹⁾	TX		6,295,000		42,718		-		6,337,718
Bruton Apartments ⁽²⁾	TX		18,051,775		3,042,939		-		21,094,714
Concord at Gulfgate - Series A ⁽²⁾	TX		19,185,000		2,759,654		-		21,944,654
Concord at Little York - Series A ⁽²⁾	TX		13,440,000		1,999,572		-		15,439,572
Concord at Williamcrest - Series A ⁽²⁾	TX		20,820,000		2,994,839		-		23,814,839
Crossing at 1415 - Series A⁽²⁾	TX		7,540,000		634,091		-		8,174,091
Decatur Angle ⁽²⁾	TX		22,794,912		2,985,955		-		25,780,867
Heights at 515 - Series A⁽²⁾	TX		6,903,000		580,522		-		7,483,522
Heritage Square - Series A ⁽⁴⁾	TX		11,063,027		993,609		-		12,056,636
Oaks at Georgetown - Series A & B ⁽²⁾	TX		17,842,000		915,705		-		18,757,705
Runnymede ⁽¹⁾	TX		10,150,000		79,514		-		10,229,514
Southpark ⁽¹⁾	TX		11,693,138		2,960,294		-		14,653,432
Vantage at Judson -Series B ⁽⁴⁾	TX		26,133,557		3,117,969		-		29,251,526
15 West Apartments ⁽²⁾	WA		9,797,833		1,839,648		-		11,637,481
Mortgage revenue bonds held in trust		$	639,438,294	$	71,429,153	$	-	$	710,867,447

(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, 2017
Description of Mortgage Revenue Bonds held by the Partnership	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Montecito at Williams Ranch Apartments - Series A & B	CA	$	12,471,000	$	1,111,807	$	-		$	13,582,807
Seasons at Simi Valley - Series B	CA		1,944,000		-		(466	)		1,943,534
Sycamore Walk - Series B	CA		1,815,000		-		(151	)		1,814,849
Vineyard Gardens - Series A & B	CA		6,841,000		-		-			6,841,000
Greens Property - Series B	NC		937,399		193,991		-			1,131,390
Ohio Properties - Series B	OH		3,536,060		149,630		-			3,685,690
Rosewood Townhomes - Series A & B	SC		9,750,000		-		-			9,750,000
South Pointe Apartments - Series A & B	SC		22,700,000		-		-			22,700,000
Avistar at Copperfield - Series B	TX		4,000,000		13,514		-			4,013,514
Avistar at the Crest - Series B	TX		749,455		58,871		-			808,326
Avistar at the Oaks - Series B	TX		548,202		41,286		-			589,488
Avistar at the Parkway - Series B	TX		124,861		30,715		-			155,576
Avistar at Wilcrest - Series B	TX		1,550,000		5,306		-			1,555,306
Avistar at Wood Hollow - Series B	TX		8,410,000		30,276		-			8,440,276
Avistar in 09 - Series B	TX		452,217		28,675		-			480,892
Avistar on the Boulevard - Series B	TX		445,328		33,232		-			478,560
Mortgage revenue bonds held by the Partnership		$	76,274,522	$	1,697,303	$	(617	)	$	77,971,208

	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

See Note 25 for a description of the methodology and significant assumptions for determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs.

Bond Activity in 2017

Acquisitions:

Property Name	Month Acquired	Property Location	Units (Unaudited)		Maturity Date	Base Interest Rate			Principal Outstanding at Date of Acquisition
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
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
Montecito at Williams Ranch Apartments - Series A	September	Salinas, CA		132	10/1/2034		5.50	%		7,690,000
Montecito at Williams Ranch Apartments - Series B	September	Salinas, CA		132	10/1/2019		5.50	%		4,781,000
Village at River's Edge ⁽¹⁾	November	Columbia, SC		124	6/1/2033		6.00	%		10,000,000
Rosewood Townhomes - Series A	December	Goose Creek, SC		100	7/1/2055		5.75	%		9,280,000
Rosewood Townhomes - Series B	December	Goose Creek, SC		100	8/1/2055		12.00	%		470,000
South Pointe Apartments - Series A	December	Hanahan, SC		256	7/1/2055		5.75	%		21,600,000
South Pointe Apartments - Series B	December	Hanahan, SC		256	8/1/2055		12.00	%		1,100,000
Vineyard Gardens - Series A	December	Oxnard, CA		62	1/1/2035		5.50	%		3,995,000
Vineyard Gardens - Series B	December	Oxnard, CA		62	1/1/2020		5.50	%		2,846,000
									$	121,347,000

(1) Previously reported bond purchase commitment that converted to a mortgage revenue bond in November 2017

Redemptions:

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest.

Property Name	Month Redeemed	Property Location	Units (Unaudited)		Original Maturity Date	Base Interest Rate			Principal Outstanding at Date of Redemption
Harmony Court Bakersfield - Series B	August	Bakersfield, CA		96	12/1/2018		5.50	%	$	1,997,000
Vantage at Harlingen - Series B	October	San Antonio, TX		288	9/1/2053		6.00	%		24,363,221
Ashley Square	November	Des Moines, IA		144	12/1/2025		6.25	%		4,982,000
Avistar at Chase Hill - Series A	November	San Antonio, TX		232	3/1/2050		6.00	%		9,757,084
Avistar at Chase Hill - Series B	November	San Antonio, TX		232	4/1/2050		9.00	%		953,278
Crossing at 1415 - Series B	November	San Antonio, TX		112	1/1/2053		12.00	%		335,000
									$	42,387,583

Upon redemption of the Vantage at Harlingen – Series B, the Partnership realized additional income for the early redemption of the MRB of approximately $424,000. The additional income is reported within other income on the consolidated statements of operations.

Upon redemption of the Avistar at Chase Hill MRBs, the Partnership realized additional income for the early redemption of the MRB of approximately $200,000. The additional income is reported within other income on the consolidated statements of operations. The Partnership also realized additional interest related to the redemption of the Avistar at Chase Hill - Series B MRB of approximately $101,000. The additional interest income is reported within investment income on the consolidated statements of operations.

Upon redemption of the Ashley Square MRB, the Partnership realized contingent interest income of approximately $2.9 million.

Restructuring:

In December 2017, the Heights at 515 MRBs were restructured. The $510,000 of principal outstanding on the Heights at 515 - Series B MRB was collapsed into the Series A MRB and the Series B MRB was eliminated. No cash was paid or received on restructuring. The terms of the Series B MRB that was eliminated are as follows:

Property Name

Month

Restructured

Property Location

Units

(Unaudited)

Original

Maturity Date

Base Interest Rate

Principal

Outstanding at Date

of Restructuring

Heights at 515 - Series B

November

San Antonio, TX

1/1/2053

12.00

510,000

Bond Activity in 2016

Acquisitions:

Property Name	Month Acquired	Property Location	Units (Unaudited)		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
									$	130,620,000

(1) Previously reported bond purchase commitment that converted to a mortgage revenue bond in December 2016

Redemptions:

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest.

Property Name	Month Redeemed	Property Location	Units (Unaudited)		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
									$	5,172,000

Restructurings:

During 2016, six of the Partnership’s MRBs relating to three properties were restructured. For each property, the Series B mortgage revenue bond was redeemed, and the outstanding principal balance was added to the outstanding principal on the Series A MRBs. No cash was paid or received on restructuring. The terms of the three Series MRBs that were redeemed are as follows: The terms of the mortgage revenue bond after restructuring is as follows:

Property Name	Month Restructured	Property Location	Units (Unaudited)		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

Sales:

During 2016, the Partnership sold the Pro Nova 2014-2 MRB at a price that approximated the MRB’s carrying value plus accrued interest. The Partnership used approximately $8.4 million of the proceeds from the sale to pay in full and collapse the Term TOB Trust securitizing this MRB (Note 17). The terms of the Pro Nova 2014-2 MRB redeemed are as follows:

Property Name

Month

Exchanged

Property Location

Units

(Unaudited)

Maturity Date

Base Interest Rate

Principal

Outstanding at Date of Exchange

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.

Geographic Concentrations

The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. At December 31, 2017, and 2016, the concentration in Texas as a percentage of principal outstanding was approximately 44% and 45%, respectively. At December 31, 2017, and 2016, the concentration in California as a percentage of principal outstanding was approximately 20% and 20%, respectively. At December 31, 2017, and 2016, the concentration in South Carolina as a percentage of principal outstanding was approximately 16% and 12%, respectively.

The following tables represent a description of certain terms of the Partnership’s MRBs at December 31, 2017, and 2016:

Property Name	Year Acquired	Location	Maturity Date	Base Interest Rate			Principal Outstanding at December 31, 2017
15 West Apartments - Series A ⁽²⁾	2016	Vancouver, WA	7/1/2054		6.25	%	$	9,797,833
Arbors at Hickory Ridge ⁽³⁾	2012	Memphis, TN	1/1/2049		6.25	%		11,237,041
Avistar at Copperfield - Series A ⁽²⁾	2017	Houston, TX	5/1/2054		5.75	%		10,000,000
Avistar at Copperfield - Series B	2017	Houston, TX	6/1/2054		12.00	%		4,000,000
Avistar on the Boulevard - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		16,109,972
Avistar at the Crest - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		9,456,384
Avistar (February 2013 Acquisition) - Series B (2 Bonds)	2013	San Antonio, TX	4/1/2050		9.00	%		1,194,783
Avistar at the Oaks - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		7,635,895
Avistar in 09 - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		6,593,300
Avistar on the Hills - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		5,275,623
Avistar (June 2013 Acquisition) - Series B (2 Bonds)	2013	San Antonio, TX	9/1/2050		9.00	%		1,000,419
Avistar at the Parkway - Series A ⁽⁴⁾	2015	San Antonio, TX	5/1/2052		6.00	%		13,233,665
Avistar at the Parkway - Series B	2015	San Antonio, TX	6/1/2052		12.00	%		124,861
Avistar at Wilcrest - Series A ⁽²⁾	2017	Houston, TX	5/1/2054		5.75	%		3,775,000
Avistar at Wilcrest - Series B	2017	Houston, TX	6/1/2054		12.00	%		1,550,000
Avistar at Wood Hollow - Series A⁽²⁾	2017	Austin, TX	5/1/2054		5.75	%		31,850,000
Avistar at Wood Hollow - Series B	2017	Austin, TX	6/1/2054		12.00	%		8,410,000
Bella Vista ⁽¹⁾	2006	Gainesville, TX	4/1/2046		6.15	%		6,295,000
Bridle Ridge ⁽¹⁾	2008	Greer, SC	1/1/2043		6.00	%		7,465,000
Brookstone ⁽¹⁾	2009	Waukegan, IL	5/1/2040		5.45	%		8,979,174
Bruton ⁽²⁾	2014	Dallas, TX	8/1/2054		6.00	%		18,051,775
Columbia Gardens ⁽²⁾	2015	Columbia, SC	12/1/2050		5.50	%		13,193,000
Companion at Thornhill Apartments ⁽²⁾	2016	Lexington, SC	1/1/2052		5.80	%		11,404,758
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	%		5,100,000
Courtyard Apartments - Series A⁽²⁾	2016	Fullerton, CA	12/1/2033		5.00	%		10,230,000
Courtyard Apartments - Series B ⁽²⁾	2016	Fullerton, CA	12/1/2018		8.00	%		6,228,000
Cross Creek ⁽¹⁾	2009	Beaufort, SC	3/1/2049		6.15	%		8,168,529
Crossing at 1415 - Series A ⁽²⁾	2015	San Antonio, TX	12/1/2052		6.00	%		7,540,000
Decatur Angle ⁽²⁾	2014	Fort Worth, TX	1/1/2054		5.75	%		22,794,912
Glenview - Series A ⁽⁴⁾	2014	Cameron Park, CA	12/1/2031		5.75	%		4,627,228
Greens of Pine Glen - Series A ⁽³⁾	2012	Durham, NC	10/1/2047		6.50	%		8,126,000
Greens of Pine Glen - Series B	2012	Durham, NC	10/1/2047		9.00	%		937,399
Harden Ranch - Series A ⁽³⁾	2014	Salinas, CA	3/1/2030		5.75	%		6,845,985
Harmony Court Bakersfield - Series A ⁽²⁾	2016	Bakersfield, CA	12/1/2033		5.00	%		3,730,000
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	%		6,903,000
Heritage Square - Series A ⁽⁴⁾	2014	Edinburg, TX	9/1/2051		6.00	%		11,063,027
Lake Forest Apartments ⁽¹⁾	2001	Daytona Beach, FL	12/1/2031		6.25	%		8,505,000
Las Palmas II - Series A ⁽²⁾	2016	Coachella, CA	11/1/2033		5.00	%		1,695,000
Las Palmas II - Series B ⁽²⁾	2016	Coachella, CA	11/1/2018		8.00	%		1,770,000
Live 929 ⁽²⁾	2014	Baltimore, MD	7/1/2049		5.78	%		39,995,000
Montclair - Series A ⁽⁴⁾	2014	Lemoore, CA	12/1/2031		5.75	%		2,506,828
Montecito at Williams Ranch - Series A	2017	Salinas, CA	10/1/2034		5.50	%		7,690,000
Montecito at Williams Ranch - Series B	2017	Salinas, CA	10/1/2019		5.50	%		4,781,000
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	%		14,113,000
Ohio Bond - Series B	2010	Ohio	6/1/2050		10.00	%		3,536,060
Pro Nova - 2014-1 ⁽²⁾	2014	Knoxville, TN	5/1/2034		6.00	%		10,000,000
Renaissance - Series A ⁽⁴⁾	2015	Baton Rouge, LA	6/1/2050		6.00	%		11,239,441
Rosewood Townhomes - Series A	2017	Goose Creek, SC	7/1/2055		5.75	%		9,280,000
Rosewood Townhomes - Series B	2017	Goose Creek, SC	8/1/2055		12.00	%		470,000
Runnymede ⁽¹⁾	2007	Austin, TX	10/1/2042		6.00	%		10,150,000
San Vicente - Series A ⁽²⁾	2016	Soledad, CA	11/1/2033		5.00	%		3,495,000
San Vicente - Series B ⁽²⁾	2016	Soledad, CA	11/1/2018		8.00	%		1,825,000
Santa Fe - Series A ⁽⁴⁾	2014	Hesperia, CA	12/1/2031		5.75	%		3,036,928
Seasons at Simi Valley - Series A ⁽²⁾	2015	Simi Valley, CA	9/1/2032		5.75	%		4,366,195
Seasons at Simi Valley - Series B	2015	Simi Valley, CA	9/1/2018		8.00	%		1,944,000
Seasons Lakewood - Series A ⁽²⁾	2016	Lakewood, CA	1/1/2034		5.00	%		7,350,000
Seasons Lakewood - Series B⁽²⁾	2016	Lakewood, CA	1/1/2019		5.50	%		5,260,000
Seasons San Juan Capistrano - Series A ⁽²⁾	2016	San Juan Capistrano, CA	1/1/2034		5.00	%		12,375,000
Seasons San Juan Capistrano - Series B⁽²⁾	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	%		7,879,590
South Pointe - Series A	2017	Hanahan, SC	7/1/2055		5.75	%		21,600,000
South Pointe - Series B	2017	Hanahan, SC	8/1/2055		12.00	%		1,100,000
Southpark ⁽¹⁾	2009	Austin, TX	12/1/2049		6.13	%		13,300,000
Summerhill - Series A ⁽²⁾	2016	Bakersfield, CA	12/1/2033		5.00	%		6,423,000
Summerhill - Series B⁽²⁾	2016	Bakersfield, CA	12/1/2018		8.00	%		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		8.00	%		1,815,000
The Palms at Premier Park ⁽³⁾	2013	Columbia, SC	1/1/2050		6.25	%		19,238,297
Tyler Park Townhomes ⁽³⁾	2013	Greenfield, CA	1/1/2030		5.75	%		5,965,475
Vantage at Judson ⁽⁴⁾	2015	San Antonio, TX	1/1/2053		6.00	%		26,133,557
The Village at Madera - Series A ⁽²⁾	2016	Madera, CA	12/1/2033		5.00	%		3,085,000
The Village at Madera - Series B ⁽²⁾	2016	Madera, CA	12/1/2018		8.00	%		1,719,000
Village at River's Edge ⁽²⁾	2017	Columbia, SC	6/1/2033		6.00	%		10,000,000
Vineyard Gardens - Series A	2017	Oxnard, CA	1/1/2035		5.50	%		3,995,000
Vineyard Gardens - Series B	2017	Oxnard, CA	1/1/2020		5.50	%		2,846,000
Westside Village Market ⁽³⁾	2013	Shafter, CA	1/1/2030		5.75	%		3,898,427
Willow Run ⁽²⁾	2015	Columbia, SC	12/1/2050		5.50	%		13,009,000
Woodlynn Village ⁽¹⁾	2008	Maplewood, MN	11/1/2042		6.00	%		4,267,000
							$	719,750,361

(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, 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 Oaks - 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 Hills - 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⁾	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) 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