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 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 securities other than MRBs 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 securities other than MRBs and other investments include PHC Certificates and Other Investments, which are reported as 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 allowance, are reported as such on the Partnership’s condensed consolidated balance sheets. At September 30, 2018, the Partnership held 78 MRBs. The Residential Properties financed by MRBs contain a total of 10,746 rental units. In addition, one MRB (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 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 (Note 7) and the related debt financings.

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 ownership interest in the MF Property. At September 30, 2018, the segment includes two MF Properties comprised of a total of 859 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 invests in unconsolidated entities (Note 9) and property loans due from Vantage at Brooks, LLC and Vantage at New Braunfels, LLC (Note 10).

The following tables detail certain key financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2018 and 2017:

	For the Three Months Ended September 30,						For the Nine Months Ended September 30,
	2018			2017			2018		2017
Total revenues
Mortgage Revenue Bond Investments	$	21,440,970		$	11,035,530		$	44,609,666	$	32,683,968
MF Properties		2,285,736			3,257,174			7,099,690		10,356,311
Public Housing Capital Fund Trust		617,661			711,823			1,860,728		2,139,791
Other Investments		1,656,748			1,230,303			4,674,230		3,329,448
Total revenues	$	26,001,115		$	16,234,830		$	58,244,314	$	48,509,518

Interest expense
Mortgage Revenue Bond Investments	$	5,225,938		$	4,786,151		$	15,008,698	$	14,295,635
MF Properties		420,950			556,200			1,219,782		1,616,032
Public Housing Capital Fund Trust		338,375			371,830			557,955		1,086,094
Other Investments		-			-			-		-
Total interest expense	$	5,985,263		$	5,714,181		$	16,786,435	$	16,997,761

Depreciation expense
Mortgage Revenue Bond Investments	$	-		$	-		$	-	$	-
MF Properties		849,516			1,256,202			2,672,925		3,876,768
Public Housing Capital Fund Trust		-			-			-		-
Other Investments		-			-			-		-
Total depreciation expense	$	849,516		$	1,256,202		$	2,672,925	$	3,876,768

Partnership net income (loss)
Mortgage Revenue Bond Investments	$	12,039,700		$	2,604,989		$	18,647,585	$	7,426,810
MF Properties		4,228,494			(626,827	)		3,770,339		3,136,765
Public Housing Capital Fund Trust		(30,672	)		339,993			161,753		1,053,697
Other Investments		1,645,533			1,227,328			4,645,803		3,326,473
Partnership net income	$	17,883,055		$	3,545,483		$	27,225,480	$	14,943,745

The following table details total assets for the Partnership’s reportable segments at September 30, 2018 and December 31, 2017:

	September 30, 2018			December 31, 2017
Total assets
Mortgage Revenue Bond Investments	$	882,106,195		$	937,565,390
MF Properties		71,664,933			83,514,758
Public Housing Capital Fund Trust Certificates		49,099,991			49,918,434
Other Investments		95,948,632			55,573,834
Consolidation/eliminations		(97,602,834	)		(56,804,417	)
Total assets	$	1,001,216,917		$	1,069,767,999