22. Segments

The Partnership has four reportable segments - Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. In addition to the four reportable segments, the Partnership also separately reports its consolidation and elimination information because it does not allocate certain items to the segments.

The Amended and Restated LP Agreement authorizes the Partnership to make investments in tax-exempt securities other than in MRBs provided that the tax-exempt investments are rated in one of the four highest rating categories by a national securities rating agency. The Amended and Restated LP Agreement also allows the Partnership to invest in other securities whose interest may be taxable for federal income tax purposes. Total tax-exempt and other investments cannot exceed 25% of the Partnership’s total assets at the time of acquisition as required under the Amended and Restated LP Agreement. In addition, the amount of other investments is limited based on the conditions to the exemption from registration under the Investment Company Act of 1940. The Partnership’s tax-exempt and other investments include PHC Certificates, MBS Securities, and Other Investments, which are reported as three separate segments.

Mortgage Revenue Bond Investments Segment

The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of MRBs and related property loans which have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties in their market areas. Such MRBs are held as investments and the related property loans, net of loan loss, are reported as such on the Partnership’s condensed consolidated balance sheets. At March 31, 2018, the Partnership held 84 MRBs. The Residential Properties financed by MRBs contain a total of 10,666 rental units. In addition, one bond (Pro Nova 2014-1) is collateralized by commercial real estate. All general and administrative expenses on the condensed consolidated statements of operations are reported within this operating segment.

Public Housing Capital Fund Trust Segment

The Public Housing Capital Fund Trust segment consists of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates (see Note 7).

MF Properties Segment

The MF Properties segment consists of multifamily, student housing, and senior citizen residential properties held by the Partnership. During the time the Partnership holds an interest in an MF Property, any net rental income generated by the MF Properties in excess of debt service will be available for distribution to the Partnership in accordance with its interest in the MF Property. At March 31, 2018, the segment includes the three MF Properties comprised of a total of 1,012 rental units. Income tax expense for the Greens Hold Co is reported within this segment.

Other Investments Segment

The Other investments segment consists of the operations of ATAX Vantage Holdings, LLC, which is invested in unconsolidated entities (Note 9) and has issued property loans due from Vantage at Brooks LLC and Vantage at New Braunfels LLC (Note 10).

The following table details certain key financial information for the Partnership’s reportable segments for the three months ended March 31, 2018 and 2017:

	For the Three Months Ended March 31,
	2018			2017
Total revenues
Mortgage Revenue Bond Investments	$	12,070,556		$	10,588,498
MF Properties		2,336,512			3,792,415
Public Housing Capital Fund Trust		620,106			708,786
Other Investments		1,430,860			950,689
Total revenues	$	16,458,034		$	16,040,388

Interest expense
Mortgage Revenue Bond Investments	$	4,517,620		$	4,571,455
MF Properties		390,701			525,587
Public Housing Capital Fund Trust		(26,016	)		345,211
Other Investments		-			-
Total interest expense	$	4,882,305		$	5,442,253

Depreciation expense
Mortgage Revenue Bond Investments	$	-		$	-
MF Properties		903,953			1,355,231
Public Housing Capital Fund Trust		-			-
Other Investments		-			-
Total depreciation expense	$	903,953		$	1,355,231

Partnership net income (loss)
Mortgage Revenue Bond Investments	$	4,299,595		$	2,229,053
MF Properties		(362,730	)		3,745,545
Public Housing Capital Fund Trust		646,122			363,575
Other Investments		1,421,317			950,689
Partnership net income	$	6,004,304		$	7,288,862

The following table details total assets for the Partnership’s reportable segments at March 31, 2018 and December 31, 2017:

	March 31, 2018			December 31, 2017
Total assets
Mortgage Revenue Bond Investments	$	902,402,580		$	937,565,390
MF Properties		83,048,522			83,514,758
Public Housing Capital Fund Trust Certificates		49,302,896			49,918,434
Other Investments		68,615,475			55,573,834
Consolidation/eliminations		(69,869,843	)		(56,804,417	)
Total assets	$	1,033,499,630		$	1,069,767,999