Investments in Mortgage Revenue Bonds (Tables)

9 Months Ended

Sep. 30, 2019

Investments In Mortgage Revenue Bonds [Abstract]

The Partnership had the following investments in MRBs as of September 30, 2019 and December 31, 2018:

	September 30, 2019
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⁽⁵⁾	CA	$	10,168,651	$	1,696,441	$	-		$	11,865,092
Glenview Apartments - Series A ⁽⁴⁾	CA		4,546,210		767,387		-			5,313,597
Harmony Court Bakersfield - Series A⁽⁵⁾	CA		3,707,631		582,453		-			4,290,084
Harmony Terrace - Series A ⁽⁵⁾	CA		6,863,296		1,185,795		-			8,049,091
Harden Ranch - Series A ⁽³⁾	CA		6,719,931		1,207,559		-			7,927,490
Las Palmas II - Series A ⁽⁵⁾	CA		1,682,524		278,924		-			1,961,448
Montclair Apartments - Series A ⁽⁴⁾	CA		2,462,936		415,737		-			2,878,673
Montecito at Williams Ranch Apartments - Series A ⁽⁷⁾	CA		7,690,000		1,651,838		-			9,341,838
San Vicente - Series A ⁽⁵⁾	CA		3,469,276		558,315		-			4,027,591
Santa Fe Apartments - Series A ⁽⁴⁾	CA		2,983,755		548,485		-			3,532,240
Seasons at Simi Valley - Series A⁽⁵⁾	CA		4,293,474		912,975		-			5,206,449
Seasons Lakewood - Series A ⁽⁵⁾	CA		7,310,902		1,191,125		-			8,502,027
Seasons San Juan Capistrano - Series A⁽⁵⁾	CA		12,309,171		2,005,465		-			14,314,636
Summerhill - Series A ⁽⁵⁾	CA		6,384,482		972,132		-			7,356,614
Sycamore Walk - Series A⁽⁵⁾	CA		3,568,952		590,916		-			4,159,868
The Village at Madera - Series A ⁽⁵⁾	CA		3,066,499		481,734		-			3,548,233
Tyler Park Townhomes - Series A ⁽³⁾	CA		5,854,394		859,781		-			6,714,175
Vineyard Gardens - Series A ⁽⁷⁾	CA		3,995,000		852,151		-			4,847,151
Westside Village Market - Series A ⁽³⁾	CA		3,825,835		601,208		-			4,427,043
Brookstone ⁽¹⁾	IL		7,413,743		2,191,618		-			9,605,361
Copper Gate Apartments ⁽³⁾	IN		5,055,000		710,986		-			5,765,986
Renaissance - Series A ⁽⁴⁾	LA		11,032,412		1,899,144		-			12,931,556
Live 929 Apartments ^{(7), (8)}	MD		40,055,592		-		(149,095	)		39,906,497
Woodlynn Village ⁽¹⁾	MN		4,197,000		10,509		-			4,207,509
Gateway Village ⁽²⁾	NC		2,600,000		289,170		-			2,889,170
Greens Property - Series A ⁽³⁾	NC		7,960,000		844,249		-			8,804,249
Lynnhaven Apartments⁽²⁾	NC		3,450,000		383,707		-			3,833,707
Silver Moon - Series A ⁽⁴⁾	NM		7,777,580		1,447,981		-			9,225,561
Village at Avalon - Series A ⁽⁶⁾	NM		16,329,272		3,275,151		-			19,604,423
Ohio Properties - Series A ⁽¹⁾	OH		13,890,001		48,160		-			13,938,161
Bridle Ridge ⁽¹⁾	SC		7,315,000		54,050		-			7,369,050
Columbia Gardens ⁽⁵⁾	SC		13,105,293		2,157,828		-			15,263,121
Companion at Thornhill Apartments⁽⁵⁾	SC		11,208,284		1,729,367		-			12,937,651
Cross Creek ⁽¹⁾	SC		6,144,672		2,520,743		-			8,665,415
Rosewood Townhomes - Series A ⁽⁷⁾	SC		9,280,000		114,365		-			9,394,365
South Pointe Apartments - Series A ⁽⁷⁾	SC		21,600,000		362,290		-			21,962,290
The Palms at Premier Park Apartments ⁽³⁾	SC		18,891,224		2,779,140		-			21,670,364
Village at River's Edge ⁽⁵⁾	SC		9,889,108		2,330,806		-			12,219,914
Willow Run ⁽⁵⁾	SC		12,923,882		2,126,087		-			15,049,969
Arbors at Hickory Ridge ⁽³⁾	TN		11,092,043		2,021,048		-			13,113,091
Pro Nova 2014-1 ^{(2), (8)}	TN		10,023,617		-		(347,124	)		9,676,493
Avistar at Copperfield - Series A⁽²⁾	TX		13,977,000		2,333,591		-			16,310,591
Avistar at the Crest - Series A ⁽³⁾	TX		9,279,129		1,772,133		-			11,051,262
Avistar at the Oaks - Series A ⁽³⁾	TX		7,496,870		1,407,554		-			8,904,424
Avistar at the Parkway - Series A ⁽⁴⁾	TX		13,020,181		2,117,134		-			15,137,315
Avistar at Wilcrest - Series A⁽²⁾	TX		5,297,000		818,097		-			6,115,097
Avistar at Wood Hollow - Series A⁽²⁾	TX		40,220,000		6,546,613		-			46,766,613
Avistar in 09 - Series A ⁽³⁾	TX		6,473,257		1,068,331		-			7,541,588
Avistar on the Boulevard - Series A ⁽³⁾	TX		15,807,997		2,738,122		-			18,546,119
Avistar on the Hills - Series A ⁽³⁾	TX		5,179,570		996,345		-			6,175,915
Bruton Apartments ⁽⁵⁾	TX		17,839,917		3,637,297		-			21,477,214
Concord at Gulfgate - Series A ⁽⁵⁾	TX		19,018,891		3,758,251		-			22,777,142
Concord at Little York - Series A ⁽⁵⁾	TX		13,323,633		2,757,400		-			16,081,033
Concord at Williamcrest - Series A ⁽⁵⁾	TX		20,639,734		4,174,795		-			24,814,529
Crossing at 1415 - Series A⁽⁵⁾	TX		7,423,125		1,149,904		-			8,573,029
Decatur Angle ⁽⁵⁾	TX		22,500,338		3,869,765		-			26,370,103
Esperanza at Palo Alto ⁽⁵⁾	TX		19,390,360		4,290,792		-			23,681,152
Heights at 515 - Series A⁽⁵⁾	TX		6,795,999		1,229,217		-			8,025,216
Heritage Square - Series A ⁽⁴⁾	TX		10,722,964		1,471,450		-			12,194,414
Oaks at Georgetown - Series A ⁽⁵⁾	TX		12,264,411		1,750,507		-			14,014,918
Runnymede ⁽¹⁾	TX		9,985,000		154,466		-			10,139,466
Southpark ⁽¹⁾	TX		11,679,665		2,411,352		-			14,091,017
15 West Apartments ⁽⁵⁾	WA		9,689,570		2,382,417		-			12,071,987
Mortgage revenue bonds held in trust		$	650,161,253	$	97,492,353	$	(496,219	)	$	747,157,387

⁽¹⁾	MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15

⁽²⁾	MRBs held by Deutsche Bank in a secured financing transaction, Note 15

⁽³⁾	MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15

⁽⁴⁾	MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15

⁽⁵⁾	MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15

⁽⁶⁾	MRB held by Morgan Stanley in a secured financing transaction, Note 15

⁽⁷⁾	MRBs held by Mizuho Capital Markets, LLC in a secured financing transaction, Note 15

⁽⁸⁾	As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months.

	September 30, 2019
Description of Mortgage Revenue Bonds held by the Partnership	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss		Estimated Fair Value
Montevista - Series A & B	CA	$	13,200,000	$	1,722,484	$	-	$	14,922,484
Solano Vista - Series A & B	CA		5,768,000		650,549		-		6,418,549
Greens Property - Series B	NC		931,038		145,428		-		1,076,466
Ohio Properties - Series B	OH		3,508,510		10,480		-		3,518,990
Rosewood Townhomes - Series B	SC		470,000		1,563		-		471,563
South Pointe Apartments - Series B	SC		1,100,000		3,139		-		1,103,139
Avistar at the Crest - Series B	TX		742,034		97,848		-		839,882
Avistar at the Oaks - Series B	TX		542,984		69,234		-		612,218
Avistar at the Parkway - Series B	TX		124,382		38,672		-		163,054
Avistar in 09 - Series B	TX		447,913		55,370		-		503,283
Avistar on the Boulevard - Series B	TX		440,919		54,786		-		495,705
Mortgage revenue bonds held by the Partnership		$	27,275,780	$	2,849,553	$	-	$	30,125,333

	December 31, 2018
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⁽⁵⁾	CA	$	10,230,000	$	954,573	$	-	$	11,184,573
Glenview Apartments - Series A ⁽⁴⁾	CA		4,581,930		524,024		-		5,105,954
Harmony Court Bakersfield - Series A⁽⁵⁾	CA		3,730,000		312,844		-		4,042,844
Harmony Terrace - Series A⁽⁵⁾	CA		6,900,000		647,686		-		7,547,686
Harden Ranch - Series A ⁽³⁾	CA		6,775,508		1,007,557		-		7,783,065
Las Palmas II - Series A⁽⁵⁾	CA		1,692,774		141,187		-		1,833,961
Montclair Apartments - Series A ⁽⁴⁾	CA		2,482,288		246,752		-		2,729,040
Montecito at Williams Ranch Apartments - Series A⁽²⁾	CA		7,690,000		973,133		-		8,663,133
San Vicente - Series A⁽⁵⁾	CA		3,490,410		291,121		-		3,781,531
Santa Fe Apartments - Series A ⁽⁴⁾	CA		3,007,198		401,203		-		3,408,401
Seasons at Simi Valley - Series A ⁽⁵⁾	CA		4,325,536		655,326		-		4,980,862
Seasons Lakewood - Series A ⁽⁵⁾	CA		7,350,000		654,929		-		8,004,929
Seasons San Juan Capistrano - Series A⁽⁵⁾	CA		12,375,000		1,102,687		-		13,477,687
Summerhill - Series A⁽⁵⁾	CA		6,423,000		508,639		-		6,931,639
Sycamore Walk - Series A⁽⁵⁾	CA		3,598,006		363,405		-		3,961,411
The Village at Madera - Series A ⁽⁵⁾	CA		3,085,000		229,934		-		3,314,934
Tyler Park Townhomes - Series A ⁽³⁾	CA		5,903,368		731,073		-		6,634,441
Vineyard Gardens - Series A ⁽²⁾	CA		3,995,000		534,351		-		4,529,351
Westside Village Market - Series A⁽³⁾	CA		3,857,839		483,436		-		4,341,275
Brookstone⁽¹⁾	IL		7,432,076		1,956,010		-		9,388,086
Copper Gate Apartments⁽³⁾	IN		5,055,000		643,012		-		5,698,012
Renaissance - Series A ⁽⁴⁾	LA		11,123,800		1,383,680		-		12,507,480
Live 929 Apartments ⁽²⁾	MD		40,240,405		2,873,978		-		43,114,383
Woodlynn Village ⁽¹⁾	MN		4,221,000		34,155		-		4,255,155
Greens Property - Series A ⁽³⁾	NC		8,032,000		818,686		-		8,850,686
Silver Moon - Series A⁽⁴⁾	NM		7,822,610		778,940		-		8,601,550
Ohio Properties - Series A⁽¹⁾	OH		13,989,000		241,675		-		14,230,675
Bridle Ridge⁽¹⁾	SC		7,395,000		90,349		-		7,485,349
Columbia Gardens⁽⁵⁾	SC		13,222,480		1,396,828		-		14,619,308
Companion at Thornhill Apartments ⁽⁵⁾	SC		11,294,928		1,148,219		-		12,443,147
Cross Creek ⁽¹⁾	SC		6,143,919		2,540,949		-		8,684,868
The Palms at Premier Park Apartments⁽³⁾	SC		19,044,617		2,194,791		-		21,239,408
Village at River's Edge ⁽⁵⁾	SC		9,938,059		1,421,114		-		11,359,173
Willow Run⁽⁵⁾	SC		13,040,029		1,375,542		-		14,415,571
Arbors at Hickory Ridge⁽³⁾	TN		11,194,690		1,399,461		-		12,594,151
Pro Nova 2014-1 ⁽²⁾	TN		10,027,413		19,710		-		10,047,123
Avistar at Copperfield - Series A ⁽²⁾	TX		10,000,000		589,196		-		10,589,196
Avistar at the Crest - Series A⁽³⁾	TX		9,357,374		1,036,288		-		10,393,662
Avistar at the Oaks - Series A ⁽³⁾	TX		7,558,240		706,970		-		8,265,210
Avistar at the Parkway - Series A ⁽⁴⁾	TX		13,114,418		1,232,292		-		14,346,710
Avistar at Wilcrest - Series A ⁽²⁾	TX		3,775,000		206,263		-		3,981,263
Avistar at Wood Hollow - Series A⁽²⁾	TX		31,850,000		1,624,687		-		33,474,687
Avistar in 09 - Series A ⁽³⁾	TX		6,526,247		525,939		-		7,052,186
Avistar on the Boulevard - Series A ⁽³⁾	TX		15,941,296		1,628,269		-		17,569,565
Avistar on the Hills - Series A⁽³⁾	TX		5,221,971		557,084		-		5,779,055
Bruton Apartments⁽⁵⁾	TX		17,933,482		2,046,056		-		19,979,538
Concord at Gulfgate - Series A⁽⁵⁾	TX		19,144,400		2,222,555		-		21,366,955
Concord at Little York - Series A ⁽⁵⁾	TX		13,411,558		1,617,217		-		15,028,775
Concord at Williamcrest - Series A⁽⁵⁾	TX		20,775,940		2,505,243		-		23,281,183
Crossing at 1415 - Series A ⁽⁵⁾	TX		7,474,716		600,738		-		8,075,454
Decatur Angle⁽⁵⁾	TX		22,630,276		1,945,516		-		24,575,792
Esperanza at Palo Alto⁽⁵⁾	TX		19,487,713		2,350,453		-		21,838,166
Heights at 515 - Series A ⁽⁵⁾	TX		6,843,232		722,522		-		7,565,754
Heritage Square - Series A⁽⁴⁾	TX		10,958,661		893,881		-		11,852,542
Oaks at Georgetown - Series A ⁽⁵⁾	TX		12,330,000		693,579		-		13,023,579
Runnymede⁽¹⁾	TX		10,040,000		64,280		-		10,104,280
Southpark ⁽¹⁾	TX		11,623,649		2,482,923		-		14,106,572
15 West Apartments ⁽⁵⁾	WA		9,737,418		1,480,489		-		11,217,907
Mortgage revenue bonds held in trust		$	586,445,474	$	58,813,399	$	-	$	645,258,873

⁽¹⁾	MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15

⁽²⁾	MRBs held by Deutsche Bank in a secured financing transaction, Note 15

⁽³⁾	MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15

⁽⁴⁾	MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15

⁽⁵⁾	MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15

	December 31, 2018
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 B	CA	$	6,228,000	$	2,450	$	-		$	6,230,450
Seasons San Juan Capistrano - Series B ⁽¹⁾	CA		5,574,000		-		(1,078	)		5,572,922
Solano Vista - Series A & B	CA		5,768,000		-		-			5,768,000
Greens Property - Series B	NC		933,928		149,789		-			1,083,717
Village at Avalon - Series A	NM		16,400,000		1,408,802		-			17,808,802
Ohio Properties - Series B	OH		3,520,900		51,334		-			3,572,234
Rosewood Townhomes - Series A & B ⁽¹⁾	SC		9,750,000		-		(644,962	)		9,105,038
South Pointe Apartments - Series A & B ⁽¹⁾	SC		22,700,000		-		(1,411,986	)		21,288,014
Avistar at Copperfield - Series B	TX		4,000,000		11,730		-			4,011,730
Avistar at the Crest - Series B	TX		745,358		50,965		-			796,323
Avistar at the Oaks - Series B	TX		545,321		28,738		-			574,059
Avistar at the Parkway - Series B	TX		124,600		32,220		-			156,820
Avistar at Wilcrest - Series B	TX		1,550,000		4,013		-			1,554,013
Avistar at Wood Hollow - Series B	TX		8,410,000		23,940		-			8,433,940
Avistar in 09 - Series B	TX		449,841		18,742		-			468,583
Avistar on the Boulevard - Series B	TX		442,894		27,023		-			469,917
Mortgage revenue bonds held by the Partnership		$	87,142,842	$	1,809,746	$	(2,058,026	)	$	86,894,562

⁽¹⁾	As of the date presented, the MRB had been in a cumulative unrealized loss position for less than 12 consecutive months.

Schedule of MRBs Acquisitions

Acquisitions:

The following MRBs were acquired during the nine months ended September 30, 2019:

Property Name	Month Acquired	Property Location	Units	Maturity Date	Base Interest Rate			Principal Outstanding at Date of Acquisition
Gateway Village	February	Durham, NC	64	4/1/2032		6.10	%	$	2,600,000
Lynnhaven Apartments	February	Durham, NC	75	4/1/2032		6.10	%		3,450,000
Montevista - Series A	June	San Pablo, CA	82	7/1/2036		5.75	%		6,720,000
Montevista - Series B	June	San Pablo, CA	82	7/1/2021		5.75	%		6,480,000
								$	19,250,000

Acquisitions:

The following MRB was acquired during the nine months ended September 30, 2018:

Property Name

Month

Acquired

Property Location

Units

Maturity Date

Base Interest Rate

Principal

Outstanding at Date

of Acquisition

Esperanza at Palo Alto⁽¹⁾

May

San Antonio, TX

322

7/1/2058

5.80

19,540,000

⁽¹⁾	Previously reported bond purchase commitment that converted to an MRB in May 2018.

Schedule of MRBs Redeemed

Redemptions:

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2019:

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	Base Interest Rate			Principal Outstanding at Date of Redemption
Seasons San Juan Capistrano - Series B	January	San Juan Capistrano, CA		112	1/1/2019		8.00	%	$	5,574,000
Courtyard Apartments - Series B	April	Fullerton, CA		108	6/1/2019		8.00	%		6,228,000
									$	11,802,000

Redemptions:

The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2018:

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	Base Interest Rate			Principal Outstanding at Date of Redemption
Sycamore Walk - Series B	January	Bakersfield, CA		112	1/1/2018		8.00	%	$	1,815,000
Seasons Lakewood - Series B	March	Lakewood, CA		85	1/1/2019		8.00	%		5,260,000
Summerhill - Series B	March	Bakersfield, CA		128	12/1/2018		8.00	%		3,372,000
Oaks at Georgetown - Series B	April	Georgetown, TX		192	1/1/2019		8.00	%		5,512,000
Seasons at Simi Valley - Series B	April	Simi Valley, CA		69	9/1/2018		8.00	%		1,944,000
San Vicente - Series B	May	Soledad, CA		50	11/1/2018		8.00	%		1,825,000
The Village at Madera - Series B	May	Madera, CA		75	12/1/2018		8.00	%		1,719,000
Las Palmas - Series B	July	Coachella, CA		81	11/1/2018		8.00	%		1,770,000
Harmony Terrace - Series B	August	Simi Valley, CA		136	1/1/2019		8.00	%		7,400,000
Lake Forest	September	Daytona Beach, FL		240	12/1/2031		6.25	%		8,397,000
									$	39,014,000

Term of Mortgage Revenue Bond After Restructuring

The following MRBs were restructured during the nine months ended September 30, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows:

Property Name	Month Restructured	Property Location	Units		Original Maturity Date	Base Interest Rate			Principal Outstanding at Date of Restructuring
Avistar at Copperfield - Series B	May	Houston, TX		192	6/1/2054		12.00	%	$	4,000,000
Avistar at Wilcrest - Series B	May	Houston, TX		88	6/1/2054		12.00	%		1,550,000
Avistar at Wood Hollow - Series B	May	Austin, TX		409	6/1/2054		12.00	%		8,410,000
									$	13,960,000