Investments in Mortgage Revenue Bonds (Tables)

12 Months Ended

Dec. 31, 2019

Investments In Mortgage Revenue Bonds [Abstract]

The following tables present information regarding the MRBs owned by the Partnership as of December 31, 2019 and 2018:

	December 31, 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	$	10,147,686	$	1,602,534	$	-		$	11,750,220
Glenview Apartments - Series A ⁽⁴⁾	CA		4,533,958		757,900		-			5,291,858
Harmony Court Bakersfield - Series A⁽⁵⁾	CA		3,699,987		549,211		-			4,249,198
Harmony Terrace - Series A ⁽⁵⁾	CA		6,849,214		1,121,262		-			7,970,476
Harden Ranch - Series A ⁽³⁾	CA		6,700,868		1,281,980		-			7,982,848
Las Palmas II - Series A ⁽⁵⁾	CA		1,679,022		263,441		-			1,942,463
Montclair Apartments - Series A ⁽⁴⁾	CA		2,456,298		446,558		-			2,902,856
Montecito at Williams Ranch Apartments - Series A ⁽⁷⁾	CA		7,681,146		1,580,303		-			9,261,449
San Vicente - Series A ⁽⁵⁾	CA		3,462,053		510,593		-			3,972,646
Santa Fe Apartments - Series A ⁽⁴⁾	CA		2,975,713		540,988		-			3,516,701
Seasons at Simi Valley - Series A⁽⁵⁾	CA		4,282,477		860,856		-			5,143,333
Seasons Lakewood - Series A ⁽⁵⁾	CA		7,295,901		1,124,372		-			8,420,273
Seasons San Juan Capistrano - Series A⁽⁵⁾	CA		12,283,916		1,893,075		-			14,176,991
Summerhill - Series A ⁽⁵⁾	CA		6,371,318		797,228		-			7,168,546
Sycamore Walk - Series A⁽⁵⁾	CA		3,559,011		567,713		-			4,126,724
The Village at Madera - Series A ⁽⁵⁾	CA		3,060,177		454,240		-			3,514,417
Tyler Park Townhomes - Series A ⁽³⁾	CA		5,837,595		864,894		-			6,702,489
Vineyard Gardens - Series A ⁽⁷⁾	CA		3,995,000		815,213		-			4,810,213
Westside Village Market - Series A ⁽³⁾	CA		3,814,857		594,361		-			4,409,218
Brookstone ⁽¹⁾	IL		7,406,755		2,194,994		-			9,601,749
Copper Gate Apartments ⁽³⁾	IN		5,005,000		682,497		-			5,687,497
Renaissance - Series A ⁽⁴⁾	LA		11,001,027		1,775,086		-			12,776,113
Live 929 Apartments ^{(7), (8)}	MD		39,984,026		-		(280,711	)		39,703,315
Woodlynn Village ⁽¹⁾	MN		4,172,000		44,510		-			4,216,510
Gateway Village ⁽²⁾	NC		2,600,000		509,901		-			3,109,901
Greens Property - Series A ⁽³⁾	NC		7,936,000		845,678		-			8,781,678
Lynnhaven Apartments⁽²⁾	NC		3,450,000		393,686		-			3,843,686
Silver Moon - Series A ⁽⁴⁾	NM		7,762,116		1,166,748		-			8,928,864
Village at Avalon - Series A ⁽⁶⁾	NM		16,302,038		3,131,843		-			19,433,881
Ohio Properties - Series A ⁽¹⁾	OH		13,857,000		48,813		-			13,905,813
Bridle Ridge ⁽¹⁾	SC		7,315,000		113,469		-			7,428,469
Columbia Gardens ⁽⁵⁾	SC		13,064,589		2,179,744		-			15,244,333
Companion at Thornhill Apartments⁽⁵⁾	SC		11,178,557		1,709,040		-			12,887,597
Cross Creek ⁽¹⁾	SC		6,143,976		2,507,072		-			8,651,048
Rosewood Townhomes - Series A ⁽⁷⁾	SC		9,280,000		316,916		-			9,596,916
South Pointe Apartments - Series A ⁽⁷⁾	SC		21,600,000		835,005		-			22,435,005
The Palms at Premier Park Apartments ⁽³⁾	SC		18,838,478		2,799,411		-			21,637,889
Village at River's Edge ⁽⁵⁾	SC		9,872,297		2,236,259		-			12,108,556
Willow Run ⁽⁵⁾	SC		12,884,191		2,100,598		-			14,984,789
Arbors at Hickory Ridge ⁽³⁾	TN		11,056,825		1,934,146		-			12,990,971
Pro Nova 2014-1 ^{(2), (8)}	TN		10,022,352		-		(372,169	)		9,650,183
Avistar at Copperfield - Series A⁽²⁾	TX		13,945,681		2,356,231		-			16,301,912
Avistar at the Crest - Series A ⁽³⁾	TX		9,252,257		1,715,456		-			10,967,713
Avistar at the Oaks - Series A ⁽³⁾	TX		7,475,794		1,336,580		-			8,812,374
Avistar at the Parkway - Series A ⁽⁴⁾	TX		12,854,039		2,065,468		-			14,919,507
Avistar at Wilcrest - Series A⁽²⁾	TX		5,285,131		806,523		-			6,091,654
Avistar at Wood Hollow - Series A⁽²⁾	TX		40,129,878		6,450,704		-			46,580,582
Avistar in 09 - Series A ⁽³⁾	TX		6,455,058		1,125,239		-			7,580,297
Avistar on the Boulevard - Series A ⁽³⁾	TX		15,762,217		2,648,781		-			18,410,998
Avistar on the Hills - Series A ⁽³⁾	TX		5,118,097		938,032		-			6,056,129
Bruton Apartments ⁽⁵⁾	TX		17,807,768		3,534,702		-			21,342,470
Concord at Gulfgate - Series A ⁽⁵⁾	TX		18,975,786		3,572,995		-			22,548,781
Concord at Little York - Series A ⁽⁵⁾	TX		13,293,436		2,624,054		-			15,917,490
Concord at Williamcrest - Series A ⁽⁵⁾	TX		20,592,957		3,971,001		-			24,563,958
Crossing at 1415 - Series A⁽⁵⁾	TX		7,405,406		1,229,438		-			8,634,844
Decatur Angle ⁽⁵⁾	TX		22,455,747		4,198,200		-			26,653,947
Esperanza at Palo Alto ⁽⁵⁾	TX		19,356,959		4,111,518		-			23,468,477
Heights at 515 - Series A⁽⁵⁾	TX		6,779,777		1,154,387		-			7,934,164
Heritage Square - Series A ⁽⁴⁾	TX		10,695,037		1,455,672		-			12,150,709
Oaks at Georgetown - Series A ⁽⁵⁾	TX		12,239,247		1,645,817		-			13,885,064
Runnymede ⁽¹⁾	TX		9,925,000		80,343		-			10,005,343
Southpark ⁽¹⁾	TX		11,548,337		2,334,262		-			13,882,599
15 West Apartments ⁽⁵⁾	WA		9,673,117		2,287,904		-			11,961,021
Mortgage revenue bonds held in trust		$	648,445,150	$	95,795,445	$	(652,880	)	$	743,587,715

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

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

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

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

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

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

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

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

	December 31, 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	$	1,654,870	$	-	$	14,854,870
Solano Vista - Series A & B	CA		5,768,000		625,235		-		6,393,235
Greens Property - Series B	NC		930,016		142,265		-		1,072,281
Ohio Properties - Series B	OH		3,504,171		10,363		-		3,514,534
Rosewood Townhomes - Series B	SC		470,000		1,685		-		471,685
South Pointe Apartments - Series B	SC		1,100,000		2,952		-		1,102,952
Avistar at the Crest - Series B	TX		740,876		94,819		-		835,695
Avistar at the Oaks - Series B	TX		542,170		65,455		-		607,625
Avistar at the Parkway - Series B	TX		124,305		38,045		-		162,350
Avistar in 09 - Series B	TX		447,241		53,995		-		501,236
Avistar on the Boulevard - Series B	TX		440,231		53,056		-		493,287
Mortgage revenue bonds held by the Partnership		$	27,267,010	$	2,742,740	$	-	$	30,009,750

	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)	MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15

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

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

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

(5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see 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

Schedule of MRBs Acquisitions

Acquisitions:

The following MRBs were acquired during the year ended December 31, 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 MRBs were acquired during the year ended December 31, 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
Solano Vista - Series A	December	Vallejo, CA	96		1/1/2036		5.85	%		2,665,000
Solano Vista - Series B	December	Vallejo, CA	96		1/1/2021		5.85	%		3,103,000
Village at Avalon ⁽¹⁾	December	Albuquerque, NM	240		1/1/2059		5.80	%		16,400,000
									$	41,708,000

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

Schedule of MRBs Redeemed

Redemptions:

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 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 - Series B	April	Fullerton, CA		108	6/1/2019		8.00	%		6,228,000
									$	11,802,000

Redemptions:

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 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
Bella Vista	October	Gainesville, TX		144	4/1/2046		6.15	%		6,225,000
Montecito at Williams Ranch Apartments - Series B	December	Salinas, CA		132	10/1/2019		8.00	%		4,781,000
Vantage at Judson - Series B	December	San Antonio, TX		288	1/1/2053		6.00	%		25,908,568
Vineyard Gardens - Series B	December	Oxnard, CA		62	1/1/2020		5.50	%		2,846,000
									$	78,774,568

Term of Mortgage Revenue Bond After Restructuring

The following MRBs were restructured during the year ended December 31, 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

Schedule of Percentage of MRBs Principal Outstanding

The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding:

	December 31, 2019			December 31, 2018
Texas		43	%		43	%
California		18	%		18	%
South Carolina		17	%		17	%

Description of Certain Terms of Partnership' MRB's

The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2019, and 2018:

Property Name	Year Acquired	Location	Maturity Date	Base Interest Rate			Principal Outstanding as of December 31, 2019
15 West Apartments - Series A ⁽⁵⁾	2016	Vancouver, WA	7/1/2054		6.25	%	$	9,673,117
Arbors at Hickory Ridge ⁽³⁾	2012	Memphis, TN	1/1/2049		6.25	%		10,985,959
Avistar at Copperfield - Series A ⁽²⁾	2017	Houston, TX	5/1/2054		5.75	%		13,945,681
Avistar on the Boulevard - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		15,762,217
Avistar at the Crest - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		9,252,257
Avistar (February 2013 Acquisition) - Series B (2 Bonds)	2013	San Antonio, TX	4/1/2050		9.00	%		1,181,107
Avistar at the Oaks - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		7,475,794
Avistar in 09 - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		6,455,058
Avistar on the Hills - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		5,118,097
Avistar (June 2013 Acquisition) - Series B (2 Bonds)	2013	San Antonio, TX	9/1/2050		9.00	%		989,411
Avistar at the Parkway - Series A ⁽⁴⁾	2015	San Antonio, TX	5/1/2052		6.00	%		12,854,039
Avistar at the Parkway - Series B	2015	San Antonio, TX	6/1/2052		12.00	%		124,305
Avistar at Wilcrest - Series A ⁽²⁾	2017	Houston, TX	5/1/2054		5.75	%		5,285,131
Avistar at Wood Hollow - Series A⁽²⁾	2017	Austin, TX	5/1/2054		5.75	%		40,129,878
Bridle Ridge ⁽¹⁾	2008	Greer, SC	1/1/2043		6.00	%		7,315,000
Brookstone ⁽¹⁾	2009	Waukegan, IL	5/1/2040		5.45	%		8,767,616
Bruton Apartments ⁽⁵⁾	2014	Dallas, TX	8/1/2054		6.00	%		17,807,768
Columbia Gardens ⁽⁵⁾	2015	Columbia, SC	12/1/2050		5.50	%		12,922,000
Companion at Thornhill Apartments⁽⁵⁾	2016	Lexington, SC	1/1/2052		5.80	%		11,178,557
Concord at Gulfgate - Series A⁽⁵⁾	2015	Houston, TX	2/1/2032		6.00	%		18,975,786
Concord at Little York - Series A ⁽⁵⁾	2015	Houston, TX	2/1/2032		6.00	%		13,293,436
Concord at Williamcrest - Series A ⁽⁵⁾	2015	Houston, TX	2/1/2032		6.00	%		20,592,957
Copper Gate Apartments ⁽³⁾	2013	Lafayette, IN	12/1/2029		6.25	%		5,005,000
Courtyard - Series A ⁽⁵⁾	2016	Fullerton, CA	12/1/2033		5.00	%		10,147,686
Cross Creek ⁽¹⁾	2009	Beaufort, SC	3/1/2049		6.15	%		7,970,921
Crossing at 1415 - Series A⁽⁵⁾	2015	San Antonio, TX	12/1/2052		6.00	%		7,405,406
Decatur Angle⁽⁵⁾	2014	Fort Worth, TX	1/1/2054		5.75	%		22,455,747
Esperanza at Palo Alto⁽⁵⁾	2018	San Antonio, TX	7/1/2058		5.80	%		19,356,959
Gateway Village ⁽²⁾	2019	Durham, NC	4/1/2032		6.10	%		2,600,000
Glenview Apartments - Series A ⁽⁴⁾	2014	Cameron Park, CA	12/1/2031		5.75	%		4,533,958
Greens Property - Series A ⁽³⁾	2012	Durham, NC	10/1/2047		6.50	%		7,936,000
Greens Property - Series B	2012	Durham, NC	10/1/2047		12.00	%		930,016
Harden Ranch - Series A ⁽³⁾	2014	Salinas, CA	3/1/2030		5.75	%		6,700,868
Harmony Court Bakersfield - Series A ⁽⁵⁾	2016	Bakersfield, CA	12/1/2033		5.00	%		3,699,987
Harmony Terrace - Series A ⁽⁵⁾	2016	Simi Valley, CA	1/1/2034		5.00	%		6,849,214
Heights at 515 - Series A⁽⁵⁾	2015	San Antonio, TX	12/1/2052		6.00	%		6,779,777
Heritage Square - Series A ⁽⁴⁾	2014	Edinburg, TX	9/1/2051		6.00	%		10,695,037
Las Palmas II - Series A ⁽⁵⁾	2016	Coachella, CA	11/1/2033		5.00	%		1,679,022
Live 929 Apartments ⁽⁷⁾	2014	Baltimore, MD	7/1/2049		5.78	%		39,685,000
Lynnhaven Apartments ⁽²⁾	2019	Durham, NC	4/1/2032		6.10	%		3,450,000
Montclair Apartments - Series A ⁽⁴⁾	2014	Lemoore, CA	12/1/2031		5.75	%		2,456,298
Montecito at Williams Ranch Apartments - Series A ⁽⁷⁾	2017	Salinas, CA	10/1/2034		5.50	%		7,681,146
Montevista - Series A	2019	San Pablo, CA	7/1/2036		5.75	%		6,720,000
Montevista - Series B	2019	San Pablo, CA	7/1/2021		5.75	%		6,480,000
Oaks at Georgetown - Series A ⁽⁵⁾	2016	Georgetown, TX	1/1/2034		5.00	%		12,239,247
Ohio Properties - Series A ⁽¹⁾	2010	Ohio	6/1/2050		7.00	%		13,857,000
Ohio Properties - Series B	2010	Ohio	6/1/2050		10.00	%		3,504,170
Pro Nova - 2014-1 ⁽²⁾	2014	Knoxville, TN	5/1/2034		6.00	%		10,000,000
Renaissance - Series A ⁽⁴⁾	2015	Baton Rouge, LA	6/1/2050		6.00	%		11,001,027
Rosewood Townhomes - Series A ⁽⁷⁾	2017	Goose Creek, SC	7/1/2055		5.75	%		9,280,000
Rosewood Townhomes - Series B	2017	Goose Creek, SC	8/1/2055		12.00	%		470,000
Runnymede ⁽¹⁾	2007	Austin, TX	10/1/2042		6.00	%		9,925,000
San Vicente - Series A⁽⁵⁾	2016	Soledad, CA	11/1/2033		5.00	%		3,462,053
Santa Fe Apartments - Series A ⁽⁴⁾	2014	Hesperia, CA	12/1/2031		5.75	%		2,975,713
Seasons at Simi Valley - Series A ⁽⁵⁾	2015	Simi Valley, CA	9/1/2032		5.75	%		4,282,477
Seasons Lakewood - Series A ⁽⁵⁾	2016	Lakewood, CA	1/1/2034		5.00	%		7,295,901
Seasons San Juan Capistrano - Series A ⁽⁵⁾	2016	San Juan Capistrano, CA	1/1/2034		5.00	%		12,283,916
Silver Moon - Series A ⁽⁴⁾	2015	Albuquerque, NM	8/1/2055		6.00	%		7,762,116
Solano Vista - Series A	2018	Vallejo, CA	1/1/2036		5.85	%		2,665,000
Solano Vista - Series B	2018	Vallejo, CA	1/1/2021		5.85	%		3,103,000
South Pointe Apartments - Series A ⁽⁷⁾	2017	Hanahan, SC	7/1/2055		5.75	%		21,600,000
South Pointe Apartments - Series B	2017	Hanahan, SC	8/1/2055		12.00	%		1,100,000
Southpark ⁽¹⁾	2009	Austin, TX	12/1/2049		6.13	%		13,005,000
Summerhill - Series A ⁽⁵⁾	2016	Bakersfield, CA	12/1/2033		5.00	%		6,371,318
Sycamore Walk - Series A ⁽⁵⁾	2015	Bakersfield, CA	1/1/2033		5.25	%		3,559,011
The Palms at Premier Park Apartments ⁽³⁾	2013	Columbia, SC	1/1/2050		6.25	%		18,838,478
Tyler Park Townhomes ⁽³⁾	2013	Greenfield, CA	1/1/2030		5.75	%		5,837,595
The Village at Madera - Series A⁽⁵⁾	2016	Madera, CA	12/1/2033		5.00	%		3,060,177
Village at Avalon ⁽⁶⁾	2018	Albuquerque, NM	1/1/2059		5.80	%		16,302,038
Village at River's Edge⁽⁵⁾	2017	Columbia, SC	6/1/2033		6.00	%		9,872,297
Vineyard Gardens - Series A ⁽⁷⁾	2017	Oxnard, CA	1/1/2035		5.50	%		3,995,000
Westside Village Market ⁽³⁾	2013	Shafter, CA	1/1/2030		5.75	%		3,814,857
Willow Run⁽⁵⁾	2015	Columbia, SC	12/1/2050		5.50	%		12,742,000
Woodlynn Village ⁽¹⁾	2008	Maplewood, MN	11/1/2042		6.00	%		4,172,000
							$	679,679,604

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

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

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

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

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

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

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

Property Name	Year Acquired	Location	Maturity Date	Base Interest Rate			Principal Outstanding as of December 31, 2018
15 West Apartments - Series A ⁽⁵⁾	2016	Vancouver, WA	7/1/2054		6.25	%	$	9,737,418
Arbors at Hickory Ridge⁽³⁾	2012	Memphis, TN	1/1/2049		6.25	%		11,115,410
Avistar at Copperfield - Series A⁽²⁾	2017	Houston, TX	5/1/2054		5.75	%		10,000,000
Avistar at Copperfield - Series B	2017	Houston, TX	6/1/2054		12.00	%		4,000,000
Avistar on the Boulevard - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		15,941,296
Avistar at the Crest - Series A⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		9,357,374
Avistar (February 2013 Acquisition) - Series B (2 Bonds)	2013	San Antonio, TX	4/1/2050		9.00	%		1,188,251
Avistar at the Oaks - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		7,558,240
Avistar in 09 - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		6,526,247
Avistar on the Hills - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		5,221,971
Avistar (June 2013 Acquisition) - Series B (2 Bonds)	2013	San Antonio, TX	9/1/2050		9.00	%		995,162
Avistar at the Parkway - Series A⁽⁴⁾	2015	San Antonio, TX	5/1/2052		6.00	%		13,114,418
Avistar at the Parkway - Series B	2015	San Antonio, TX	6/1/2052		12.00	%		124,600
Avistar at Wilcrest - Series A ⁽²⁾	2017	Houston, TX	5/1/2054		5.75	%		3,775,000
Avistar at Wilcrest - Series B	2017	Houston, TX	6/1/2054		12.00	%		1,550,000
Avistar at Wood Hollow - Series A⁽²⁾	2017	Austin, TX	5/1/2054		5.75	%		31,850,000
Avistar at Wood Hollow - Series B	2017	Austin, TX	6/1/2054		12.00	%		8,410,000
Bridle Ridge ⁽¹⁾	2008	Greer, SC	1/1/2043		6.00	%		7,395,000
Brookstone⁽¹⁾	2009	Waukegan, IL	5/1/2040		5.45	%		8,876,298
Bruton Apartments⁽⁵⁾	2014	Dallas, TX	8/1/2054		6.00	%		17,933,482
Columbia Gardens ⁽⁵⁾	2015	Columbia, SC	12/1/2050		5.50	%		13,061,000
Companion at Thornhill Apartments ⁽⁵⁾	2016	Lexington, SC	1/1/2052		5.80	%		11,294,928
Concord at Gulfgate - Series A ⁽⁵⁾	2015	Houston, TX	2/1/2032		6.00	%		19,144,400
Concord at Little York - Series A ⁽⁵⁾	2015	Houston, TX	2/1/2032		6.00	%		13,411,558
Concord at Williamcrest - Series A ⁽⁵⁾	2015	Houston, TX	2/1/2032		6.00	%		20,775,940
Copper Gate Apartments⁽³⁾	2013	Lafayette, IN	12/1/2029		6.25	%		5,055,000
Courtyard - Series A⁽⁵⁾	2016	Fullerton, CA	12/1/2033		5.00	%		10,230,000
Courtyard - Series B	2016	Fullerton, CA	6/1/2019		8.00	%		6,228,000
Cross Creek ⁽¹⁾	2009	Beaufort, SC	3/1/2049		6.15	%		8,072,754
Crossing at 1415 - Series A⁽⁵⁾	2015	San Antonio, TX	12/1/2052		6.00	%		7,474,716
Decatur Angle ⁽⁵⁾	2014	Fort Worth, TX	1/1/2054		5.75	%		22,630,276
Esperanza at Palo Alto ⁽⁵⁾	2018	San Antonio, TX	7/1/2058		5.80	%		19,487,713
Glenview Apartments - Series A ⁽⁴⁾	2014	Cameron Park, CA	12/1/2031		5.75	%		4,581,930
Greens Property - Series A ⁽³⁾	2012	Durham, NC	10/1/2047		6.50	%		8,032,000
Greens Property - Series B	2012	Durham, NC	10/1/2047		12.00	%		933,928
Harden Ranch - Series A ⁽³⁾	2014	Salinas, CA	3/1/2030		5.75	%		6,775,508
Harmony Court Bakersfield - Series A⁽⁵⁾	2016	Bakersfield, CA	12/1/2033		5.00	%		3,730,000
Harmony Terrace - Series A ⁽⁵⁾	2016	Simi Valley, CA	1/1/2034		5.00	%		6,900,000
Heights at 515 - Series A⁽⁵⁾	2015	San Antonio, TX	12/1/2052		6.00	%		6,843,232
Heritage Square - Series A ⁽⁴⁾	2014	Edinburg, TX	9/1/2051		6.00	%		10,958,661
Las Palmas II - Series A ⁽⁵⁾	2016	Coachella, CA	11/1/2033		5.00	%		1,692,774
Live 929 Apartments ⁽²⁾	2014	Baltimore, MD	7/1/2049		5.78	%		39,875,000
Montclair Apartments - Series A ⁽⁴⁾	2014	Lemoore, CA	12/1/2031		5.75	%		2,482,288
Montecito at Williams Ranch Apartments - Series A⁽²⁾	2017	Salinas, CA	10/1/2034		5.50	%		7,690,000
Oaks at Georgetown - Series A⁽⁵⁾	2016	Georgetown, TX	1/1/2034		5.00	%		12,330,000
Ohio Properties - Series A ⁽¹⁾	2010	Ohio	6/1/2050		7.00	%		13,989,000
Ohio Properties - Series B	2010	Ohio	6/1/2050		10.00	%		3,520,900
Pro Nova - 2014-1 ⁽²⁾	2014	Knoxville, TN	5/1/2034		6.00	%		10,000,000
Renaissance - Series A ⁽⁴⁾	2015	Baton Rouge, LA	6/1/2050		6.00	%		11,123,800
Rosewood Townhomes - Series A	2017	Goose Creek, SC	7/1/2055		5.75	%		9,280,000
Rosewood Townhomes - Series B	2017	Goose Creek, SC	8/1/2055		12.00	%		470,000
Runnymede ⁽¹⁾	2007	Austin, TX	10/1/2042		6.00	%		10,040,000
San Vicente - Series A⁽⁵⁾	2016	Soledad, CA	11/1/2033		5.00	%		3,490,410
Santa Fe Apartments - Series A ⁽⁴⁾	2014	Hesperia, CA	12/1/2031		5.75	%		3,007,198
Seasons at Simi Valley - Series A ⁽⁵⁾	2015	Simi Valley, CA	9/1/2032		5.75	%		4,325,536
Seasons Lakewood - Series A ⁽⁵⁾	2016	Lakewood, CA	1/1/2034		5.00	%		7,350,000
Seasons San Juan Capistrano - Series A ⁽⁵⁾	2016	San Juan Capistrano, CA	1/1/2034		5.00	%		12,375,000
Seasons San Juan Capistrano - Series B	2016	San Juan Capistrano, CA	1/1/2019		8.00	%		5,574,000
Silver Moon - Series A ⁽⁴⁾	2015	Albuquerque, NM	8/1/2055		6.00	%		7,822,610
Solano Vista - Series A	2018	Vallejo, CA	1/1/2036		5.85	%		2,665,000
Solano Vista - Series B	2018	Vallejo, CA	1/1/2021		5.85	%		3,103,000
South Pointe Apartments - Series A	2017	Hanahan, SC	7/1/2055		5.75	%		21,600,000
South Pointe Apartments - Series B	2017	Hanahan, SC	8/1/2055		12.00	%		1,100,000
Southpark ⁽¹⁾	2009	Austin, TX	12/1/2049		6.13	%		13,155,000
Summerhill - Series A ⁽⁵⁾	2016	Bakersfield, CA	12/1/2033		5.00	%		6,423,000
Sycamore Walk - Series A ⁽⁵⁾	2015	Bakersfield, CA	1/1/2033		5.25	%		3,598,006
The Palms at Premier Park Apartments ⁽³⁾	2013	Columbia, SC	1/1/2050		6.25	%		19,044,617
Tyler Park Townhomes ⁽³⁾	2013	Greenfield, CA	1/1/2030		5.75	%		5,903,368
The Village at Madera - Series A ⁽⁵⁾	2016	Madera, CA	12/1/2033		5.00	%		3,085,000
Village at Avalon	2018	Albuquerque, NM	1/1/2059		5.80	%		16,400,000
Village at River's Edge⁽⁵⁾	2017	Columbia, SC	6/1/2033		6.00	%		9,938,059
Vineyard Gardens - Series A ⁽²⁾	2017	Oxnard, CA	1/1/2035		5.50	%		3,995,000
Westside Village Market ⁽³⁾	2013	Shafter, CA	1/1/2030		5.75	%		3,857,839
Willow Run ⁽⁵⁾	2015	Columbia, SC	12/1/2050		5.50	%		12,879,000
Woodlynn Village ⁽¹⁾	2008	Maplewood, MN	11/1/2042		6.00	%		4,221,000
							$	677,698,116

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

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

(3)	MRB held by ATAX TEBS II, LLC (M31 TEBS), see Note 15

(4)	MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15

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