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

The Partnership 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 Partnership 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 Partnership Agreement. Tax-exempt and other investments consist of the PHC Certificates, taxable MRBs, real estate assets and investments in unconsolidated entities. 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 Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of MRBs and related property loans that 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 allowances, are reported as such on the Partnership’s consolidated balance sheets. As of December 31, 2019, the Partnership held 76 MRBs. The Residential Properties financed by the MRBs contain a total of 10,871 rental units. In addition, one MRB (Pro Nova 2014-1) is collateralized by commercial real estate. All “General and administrative expenses” on the Partnership’s consolidated statements of operations are reported within this segment.

The MF Properties segment consists of multifamily and student housing residential properties held by the Partnership (see Note 8). 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. As of December 31, 2019, the Partnership owned two MF Properties containing a total of 859 rental units. Income tax expense (benefit) for the Greens Hold Co is reported within this segment.

The Public Housing Capital Fund Trusts segment consists of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates (see Note 7) and the related debt financings. In January 2020, the Partnership sold the PHC Certificates to an unrelated third party and the related debt financings were repaid in full.

The Other Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (see Note 9) and property loans to certain multifamily housing properties (see Note 10).

The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2019 and 2018:

	For the Years Ended December 31,
	2019			2018
Total revenues
Mortgage Revenue Bond Investments	$	41,348,004		$	57,625,273
MF Properties		8,081,029			9,149,105
Public Housing Capital Fund Trusts		2,368,541			2,479,494
Other Investments		10,520,439			12,101,704
Total revenues	$	62,318,013		$	81,355,576

Interest expense
Mortgage Revenue Bond Investments	$	21,862,030		$	22,231,479
MF Properties		1,444,700			1,699,121
Public Housing Capital Fund Trusts		1,410,564			932,456
Other Investments		-			-
Total interest expense	$	24,717,294		$	24,863,056

Depreciation expense
Mortgage Revenue Bond Investments	$	-		$	-
MF Properties		3,088,117			3,488,058
Public Housing Capital Fund Trusts		-			-
Other Investments		-			-
Total depreciation expense	$	3,088,117		$	3,488,058

Net income (loss)
Mortgage Revenue Bond Investments	$	3,835,002		$	22,048,372
MF Properties		(964,355	)		3,676,560
Public Housing Capital Fund Trusts		957,977			406,019
Other Investments		26,663,527			15,008,578
Net income	$	30,492,151		$	41,139,529

The following table details total assets for the Partnership’s reportable segments as of December 31, 2019 and 2018:

	December 31, 2019			December 31, 2018
Total assets
Mortgage Revenue Bond Investments	$	918,301,172		$	864,311,647
MF Properties		70,569,646			71,120,280
Public Housing Capital Fund Trusts		43,591,048			48,942,334
Other Investments		87,098,315			85,048,514
Consolidation/eliminations		(90,391,673	)		(86,709,529	)
Total assets	$	1,029,168,508		$	982,713,246