MRBs owned by the Partnership provide construction and/or permanent financing for Residential Properties and a commercial property. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 15). The Partnership had the following investments in MRBs as of March 31, 2020 and December 31, 2019:

	March 31, 2020
Description of Mortgage Revenue Bonds Held in Trust	State	Cost Adjusted for Paydowns and Allowances		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Courtyard - Series A⁽⁵⁾	CA	$	10,126,458	$	1,428,563	$	-		$	11,555,021
Glenview Apartments - Series A ⁽⁴⁾	CA		4,521,529		687,871		-			5,209,400
Harmony Court Bakersfield - Series A⁽⁵⁾	CA		3,692,247		487,054		-			4,179,301
Harmony Terrace - Series A ⁽⁵⁾	CA		6,834,955		1,002,038		-			7,836,993
Harden Ranch - Series A ⁽³⁾	CA		6,681,530		1,094,025		-			7,775,555
Las Palmas II - Series A ⁽⁵⁾	CA		1,675,475		234,810		-			1,910,285
Montclair Apartments - Series A ⁽⁴⁾	CA		2,449,565		415,776		-			2,865,341
Montecito at Williams Ranch Apartments - Series A ⁽⁷⁾	CA		7,667,712		1,457,424		-			9,125,136
San Vicente - Series A ⁽⁵⁾	CA		3,454,740		452,745		-			3,907,485
Santa Fe Apartments - Series A ⁽⁴⁾	CA		2,967,556		503,697		-			3,471,253
Seasons at Simi Valley - Series A⁽⁵⁾	CA		4,271,321		818,274		-			5,089,595
Seasons Lakewood - Series A ⁽⁵⁾	CA		7,280,713		999,919		-			8,280,632
Seasons San Juan Capistrano - Series A⁽⁵⁾	CA		12,258,343		1,683,537		-			13,941,880
Summerhill - Series A ⁽⁵⁾	CA		6,357,990		809,791		-			7,167,781
Sycamore Walk - Series A⁽⁵⁾	CA		3,548,939		527,404		-			4,076,343
The Village at Madera - Series A ⁽⁵⁾	CA		3,053,775		402,832		-			3,456,607
Tyler Park Townhomes - Series A ⁽³⁾	CA		5,820,554		685,637		-			6,506,191
Vineyard Gardens - Series A ⁽⁷⁾	CA		3,990,400		751,127		-			4,741,527
Westside Village Market - Series A ⁽³⁾	CA		3,803,721		590,032		-			4,393,753
Brookstone ⁽¹⁾	IL		7,399,317		1,923,740		-			9,323,057
Copper Gate Apartments ⁽³⁾	IN		5,005,000		565,018		-			5,570,018
Renaissance - Series A ⁽⁴⁾	LA		10,969,168		1,774,107		-			12,743,275
Live 929 Apartments ^{(7), (8)}	MD		39,907,484		-		(403,464	)		39,504,020
Woodlynn Village ⁽¹⁾	MN		4,172,000		10,156		-			4,182,156
Gateway Village ⁽²⁾	NC		2,600,000		431,554		-			3,031,554
Greens Property - Series A ⁽³⁾	NC		7,910,000		702,514		-			8,612,514
Lynnhaven Apartments⁽²⁾	NC		3,450,000		462,437		-			3,912,437
Silver Moon - Series A ⁽⁴⁾	NM		7,746,418		1,311,816		-			9,058,234
Village at Avalon - Series A ⁽⁶⁾	NM		16,274,407		3,132,378		-			19,406,785
Ohio Properties - Series A ⁽¹⁾	OH		13,823,998		46,555		-			13,870,553
Bridle Ridge ⁽¹⁾	SC		7,275,000		54,595		-			7,329,595
Columbia Gardens ⁽⁵⁾	SC		13,023,898		1,930,568		-			14,954,466
Companion at Thornhill Apartments⁽⁵⁾	SC		11,148,397		1,421,140		-			12,569,537
Cross Creek ⁽¹⁾	SC		6,142,795		2,367,804		-			8,510,599
Rosewood Townhomes - Series A ⁽⁷⁾	SC		9,280,000		936,317		-			10,216,317
South Pointe Apartments - Series A ⁽⁷⁾	SC		21,600,000		2,076,089		-			23,676,089
The Palms at Premier Park Apartments ⁽³⁾	SC		18,784,904		2,222,099		-			21,007,003
Village at River's Edge ⁽⁵⁾	SC		9,855,232		2,001,464		-			11,856,696
Willow Run ⁽⁵⁾	SC		12,843,514		1,812,321		-			14,655,835
Arbors at Hickory Ridge ⁽³⁾	TN		11,021,094		1,708,507		-			12,729,601
Pro Nova 2014-1 ⁽²⁾	TN		8,663,406		-		-			8,663,406
Avistar at Copperfield - Series A⁽²⁾	TX		13,913,910		2,010,421		-			15,924,331
Avistar at the Crest - Series A ⁽³⁾	TX		9,224,980		1,605,894		-			10,830,874
Avistar at the Oaks - Series A ⁽³⁾	TX		7,454,400		1,275,316		-			8,729,716
Avistar at the Parkway - Series A ⁽⁴⁾	TX		12,821,526		1,870,208		-			14,691,734
Avistar at Wilcrest - Series A⁽²⁾	TX		5,273,090		679,531		-			5,952,621
Avistar at Wood Hollow - Series A⁽²⁾	TX		40,038,454		5,315,077		-			45,353,531
Avistar in 09 - Series A ⁽³⁾	TX		6,436,585		1,101,186		-			7,537,771
Avistar on the Boulevard - Series A ⁽³⁾	TX		15,715,747		2,470,949		-			18,186,696
Avistar on the Hills - Series A ⁽³⁾	TX		5,103,450		895,447		-			5,998,897
Bruton Apartments ⁽⁵⁾	TX		17,775,126		3,083,030		-			20,858,156
Concord at Gulfgate - Series A ⁽⁵⁾	TX		18,932,033		3,412,592		-			22,344,625
Concord at Little York - Series A ⁽⁵⁾	TX		13,262,784		2,508,285		-			15,771,069
Concord at Williamcrest - Series A ⁽⁵⁾	TX		20,545,474		3,794,305		-			24,339,779
Crossing at 1415 - Series A⁽⁵⁾	TX		7,387,421		1,146,538		-			8,533,959
Decatur Angle ⁽⁵⁾	TX		22,410,500		3,592,948		-			26,003,448
Esperanza at Palo Alto ⁽⁵⁾	TX		19,323,071		4,046,705		-			23,369,776
Heights at 515 - Series A⁽⁵⁾	TX		6,763,311		1,077,559		-			7,840,870
Heritage Square - Series A ⁽⁴⁾	TX		10,666,690		1,327,878		-			11,994,568
Oaks at Georgetown - Series A ⁽⁵⁾	TX		12,213,767		1,337,957		-			13,551,724
Runnymede ⁽¹⁾	TX		9,925,000		157,344		-			10,082,344
Southpark ⁽¹⁾	TX		11,566,796		2,124,260		-			13,691,056
15 West Apartments ⁽⁵⁾	WA		9,656,406		2,128,059		-			11,784,465
Mortgage revenue bonds held in trust		$	645,764,076	$	88,885,224	$	(403,464	)	$	734,245,836

⁽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.

	March 31, 2020
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	$	1,629,097	$	-	$	14,829,097
Solano Vista - Series A	CA		2,665,000		624,588		-		3,289,588
Greens Property - Series B	NC		928,962		122,356		-		1,051,318
Ohio Properties - Series B	OH		3,499,720		9,812		-		3,509,532
Rosewood Townhomes - Series B	SC		470,000		1,935		-		471,935
South Pointe Apartments - Series B	SC		1,100,000		3,962		-		1,103,962
Avistar at the Crest - Series B	TX		739,691		90,911		-		830,602
Avistar at the Oaks - Series B	TX		541,337		62,305		-		603,642
Avistar at the Parkway - Series B	TX		124,225		35,847		-		160,072
Avistar in 09 - Series B	TX		446,554		51,396		-		497,950
Avistar on the Boulevard - Series B	TX		439,527		49,214		-		488,741
Mortgage revenue bonds held by the Partnership		$	24,155,016	$	2,681,423	$	-	$	26,836,439

	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⁾	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, 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

See Note 22 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership’s condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs.

During the three months ended March 31, 2020, the Partnership recognized a $1.4 million provision for credit loss related to the Pro Nova 2014-1 MRB in its condensed consolidated statements of operations. See Note 2 for information considered in the Partnership’s evaluation of other-than-temporary impairment and credit loss of the MRBs. The credit loss related to the Pro Nova 2014-1 MRB was primarily driven by debt service shortfalls by the underlying commercial property. The Partnership’s total allowance for credit loss on MRBs was $1.4 million and zero as of March 31, 2020 and December 31, 2019, respectively.

The cumulative unrealized loss for the Live 929 Apartments MRB as of March 31, 2020, is due to recent operational results and a decline in debt service coverage. The Partnership has evaluated the operational results and loan-to-collateral value ratio for the property underlying this MRB and believes that the cumulative unrealized loss is temporary.

The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2020:

The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2019: