Debt Financing (Tables)

3 Months Ended

Mar. 31, 2018

The following represents the Debt Financing, net of deferred financing costs, at March 31, 2018 and December 31, 2017:

	Outstanding Debt Financings on March 31, 2018, 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	$	46,759,131	$	-	2014	October 2019	N/A	N/A	N/A	4.01% - 4.39%
Fixed - Term A/B		26,341,166		-	2017	June 2018 - August 2018	N/A	N/A	N/A	3.76%
Fixed - Term A/B		60,466,647		-	2017	February 2022 - March 2022	N/A	N/A	N/A	3.89%
Fixed - Term A/B		137,923,057		-	2016	September 2026 - December 2026	N/A	N/A	N/A	3.64%
Fixed - Term A/B		47,408,991		-	2017	February 2027 - November 2027	N/A	N/A	N/A	4.46% - 4.52%
Variable - TOB		37,965,000		377,361	2012	May 2018	Weekly	2.11 - 2.16%	1.67%	3.78 - 3.83%

TEBS Financings
Variable - TEBS I		55,334,000		27,747	2010	September 2020	Weekly	1.69%	1.85%	3.54%
Variable - TEBS II ⁽¹⁾		80,876,101		136,626	2014	July 2019	Weekly	1.66%	1.51%	3.17%
Variable - TEBS III ⁽¹⁾		57,351,700		56,111	2015	July 2020	Weekly	1.66%	1.28%	2.94%
Total Debt Financings	$	550,425,793

⁽¹⁾	Facility fees are variable

	Outstanding Debt Financings on December 31, 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	$	46,787,036	$	-	2014	October 2019	N/A	N/A	N/A	4.01% - 4.39%
Fixed - Term A/B		33,612,154		-	2017	June 2018 - August 2018	N/A	N/A	N/A	3.76%
Fixed - Term A/B		60,441,915		-	2017	February 2022 - March 2022	N/A	N/A	N/A	3.89%
Fixed - Term A/B		138,065,482		-	2016	September 2026 - December 2026	N/A	N/A	N/A	3.64%
Fixed - Term A/B		47,414,014		-	2017	February 2027 - November 2027	N/A	N/A	N/A	4.46% - 4.52%
Variable - TOB		38,130,000		850,327	2012	May 2018	Weekly	2.24 - 2.29%	1.67%	3.91 - 3.96%

TEBS Financings
Variable - TEBS I		55,468,000		372,222	2010	September 2020	Weekly	1.79%	1.85%	3.64%
Variable - TEBS II ⁽¹⁾		81,003,688		176,685	2014	July 2019	Weekly	1.77%	1.39%	3.16%
Variable - TEBS III ⁽¹⁾		57,406,058		57,364	2015	July 2020	Weekly	1.77%	1.16%	2.93%
Total Debt Financings	$	558,328,347

⁽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 were paid to a related party (Note 20). The following table summarizes the gross principal and terms of the new Term A/B Trusts:

Term A/B Trusts Securitization	Outstanding Term A/B Trust Financing		Year Acquired	Stated Maturity	Fixed Interest Rate
San Vicente - Series A	$	3,150,000	2017	February 2022		3.89	%
San Vicente - Series B		1,555,000	2017	June 2018		3.76	%
Las Palmas - Series A		1,530,000	2017	February 2022		3.89	%
Las Palmas - Series B		1,505,000	2017	June 2018		3.76	%
The Village at Madera - Series A		2,780,000	2017	February 2022		3.89	%
The Village at Madera - Series B		1,465,000	2017	July 2018		3.76	%
Harmony Court Bakersfield - Series A		3,360,000	2017	February 2022		3.89	%
Harmony Court Bakersfield - Series B		1,700,000	2017	July 2018		3.76	%
Summerhill - Series A		5,785,000	2017	February 2022		3.89	%
Summerhill - Series B		2,870,000	2017	July 2018		3.76	%
Courtyard - Series A		9,210,000	2017	February 2022		3.89	%
Courtyard - Series B		5,295,000	2017	July 2018		3.76	%
Seasons Lakewood - Series A		6,615,000	2017	February 2022		3.89	%
Seasons Lakewood - Series B		4,475,000	2017	August 2018		3.76	%
Seasons San Juan Capistrano - Series A		11,140,000	2017	February 2022		3.89	%
Seasons San Juan Capistrano - Series B		5,590,000	2017	August 2018		3.76	%
Avistar at Wood Hollow - Series A		27,075,000	2017	February 2027		4.46	%
Avistar at Wilcrest - Series A		3,210,000	2017	February 2027		4.46	%
Avistar at Copperfield - Series A		8,500,000	2017	February 2027		4.46	%
Total Term A/B Trust Financing	$	106,810,000

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 gross principal terms of the new Term A/B Trusts:

Term A/B Trusts Securitization	Outstanding Term A/B Trust Financing		Year Acquired	Stated Maturity	Fixed Interest Rate
Oaks at Georgetown - Series A	$	11,100,000	2017	March 2022		3.89	%
Oaks at Georgetown - Series B		4,690,000	2017	August 2018		3.76	%
Harmony Terrace - Series A		6,210,000	2017	March 2022		3.89	%
Harmony Terrace - Series B		6,290,000	2017	August 2018		3.76	%
Total Term A/B Trust Financing	$	28,290,000

Summary of Term A/B Trust Collapsed and Paid Off Partnership's Carrying Value Plus Accrued Interest

The following Term A/B Trusts were collapsed and paid off in full at prices that approximated the Partnership’s carrying value plus accrued interest:

Mortgage Revenue Bond	Debt Facility	Month	Paydown Applied
Seasons Lakewood - Series B	Term A/B Trust	March 2018		4,475,000
Summerhill - Series B	Term A/B Trust	March 2018		2,870,000

Schedule of Contractual Maturities of Borrowings

Future Maturities

The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31^st for the next five years and thereafter are as follows:

Remainder of 2018	$	67,256,671
2019		130,874,558
2020		113,138,107
2021		2,361,722
2022		61,286,487
Thereafter		179,373,951
Total		554,291,496
Deferred financing costs		(3,865,703	)
Total debt financing, net	$	550,425,793