Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2019

Fair Value Measurements [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets measured at fair value on a recurring basis as of December 31, 2019 are summarized as follows:

	Fair Value Measurements as of December 31, 2019
Description	Assets at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Mortgage revenue bonds, held in trust	$	743,587,715	$	-	$	-	$	743,587,715
Mortgage revenue bonds		30,009,750		-		-		30,009,750
PHC Certificates		43,349,357		-		-		43,349,357
Taxable mortgage revenue bonds (reported within other assets)		1,383,237		-		-		1,383,237
Derivative instruments (reported within other assets)		10,911		-		-		10,911
Total Assets at Fair Value, net	$	818,340,970	$	-	$	-	$	818,340,970

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 are summarized as follows:

	Fair Value Measurements as of December 31, 2018
Description	Assets at Fair Value		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Mortgage revenue bonds, held in trust	$	645,258,873	$	-	$	-	$	645,258,873
Mortgage revenue bonds		86,894,562		-		-		86,894,562
PHC Certificates		48,672,086		-		-		48,672,086
Taxable mortgage revenue bonds (reported within other assets)		1,409,895		-		-		1,409,895
Derivative instruments (reported within other assets)		626,633		-		-		626,633
Total Assets at Fair Value, net	$	782,862,049	$	-	$	-	$	782,862,049

Summary of Activity Related to Level 3 Assets and Liabilities

The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2019:

	For the Years Ended December 31, 2019
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds (1)			PHC Certificates			Taxable Mortgage Revenue Bonds			Interest Rate Derivatives			Total
Beginning Balance January 1, 2019	$	732,153,435		$	48,672,086		$	1,409,895		$	626,633		$	782,862,049
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and    interest expense)		142,356			(6,708	)		-			(499,835	)		(364,187	)
Included in other comprehensive income		39,320,186			984,021			26,428			-			40,330,635
Purchases		19,250,000			-			-			29,527			19,279,527
Settlements		(17,268,512	)		(6,300,042	)		(53,086	)		(145,414	)		(23,767,054	)
Ending Balance December 31, 2019	$	773,597,465		$	43,349,357		$	1,383,237		$	10,911		$	818,340,970
Total amount of losses for the    period included in earnings attributable    to the change in unrealized losses relating to assets or liabilities    held on December 31, 2019	$	-		$	-		$	-		$	(499,835	)	$	(499,835	)

(1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership.

The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2018:

	For the Years Ended December 31, 2018
	Fair Value Measurements Using Significant
	Unobservable Inputs (Level 3)
	Mortgage Revenue Bonds (1)			Bond Purchase Commitments			PHC Certificates			Taxable Mortgage Revenue Bonds			Interest Rate Derivatives (2)			Total
Beginning Balance January 1, 2018	$	788,621,707		$	3,002,540		$	49,641,588		$	2,422,459		$	(229,631	)	$	843,458,663
Total gains (losses)    (realized/unrealized)
Included in earnings (interest income and interest    expense)		144,692			-			(77,096	)		-			724,579			792,175
Included in earnings (impairment of securities)		-			-			(1,141,020	)		-			-			(1,141,020	)
Included in other comprehensive (loss) income		(14,560,720	)		(3,002,540	)		950,228			(32,756	)		-			(16,645,788	)
Purchases		41,708,000			-			-			-			-			41,708,000
Settlements		(83,760,244	)		-			(701,614	)		(979,808	)		131,685			(85,309,981	)
Ending Balance December 31, 2018	$	732,153,435		$	-		$	48,672,086		$	1,409,895		$	626,633		$	782,862,049
Total amount of gains (losses) for the period    included in earnings attributable to    the change in unrealized gains    (losses) relating to assets or liabilities    held on December 31, 2018	$	-		$	-		$	(1,141,020	)	$	-		$	724,579		$	(416,441	)

(1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership.  The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018.

(2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities.

Summary of Fair Value of Partnership's Financial Liabilities

The table below summarizes the fair value of the Partnership’s financial liabilities as of December 31, 2019 and 2018:

	December 31, 2019				December 31, 2018
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Financial Liabilities:
Debt financing and lines of credit	$	549,397,421	$	568,193,494	$	541,322,765	$	550,766,809
Mortgages payable and other secured financing		26,802,246		26,812,851		27,454,375		27,552,748