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 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 condensed consolidated balance sheets. As of March 31, 2020, the Partnership held 75 MRBs. The Residential Properties financed by MRBs contain a total of 10,867 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 condensed 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 March 31, 2020, the Partnership owned two MF Properties containing a total of 859 rental units. Income tax expense 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 (Note 7) and the related TOB Trust financings. In January 2020, the Partnership sold the PHC Certificates to an unrelated party, and the related TOB Trust financings were collapsed and all principal and interest was paid in full. As a result, the Public Housing Capital Fund Trust segment has no activity after January 2020.

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

The following tables detail certain key financial information for the Partnership’s reportable segments for the three months ended March 31, 2020 and 2019:

	For the Three Months Ended March 31,
	2020			2019
Total revenues
Mortgage Revenue Bond Investments	$	10,205,803		$	10,443,413
MF Properties		1,952,247			1,993,629
Public Housing Capital Fund Trusts		174,470			638,146
Other Investments		1,403,615			4,589,410
Total revenues	$	13,736,135		$	17,664,598

Interest expense
Mortgage Revenue Bond Investments	$	5,498,199		$	5,648,568
MF Properties		321,776			364,389
Public Housing Capital Fund Trusts		197,993			381,963
Other Investments		-			-
Total interest expense	$	6,017,968		$	6,394,920

Depreciation expense
Mortgage Revenue Bond Investments	$	2,424		$	-
MF Properties		707,014			819,158
Public Housing Capital Fund Trusts		-			-
Other Investments		-			-
Total depreciation expense	$	709,438		$	819,158

Net income (loss)
Mortgage Revenue Bond Investments	$	440,336		$	2,043,354
MF Properties		(252,730	)		(437,134	)
Public Housing Capital Fund Trusts		1,390,999			256,183
Other Investments		1,403,152			4,589,410
Net income	$	2,981,757		$	6,451,813

The following table details total assets for the Partnership’s reportable segments as of March 31, 2020 and December 31, 2019:

	March 31, 2020			December 31, 2019
Total assets
Mortgage Revenue Bond Investments	$	912,120,645		$	918,301,172
MF Properties		69,592,219			70,569,646
Public Housing Capital Fund Trusts		101,848			43,591,048
Other Investments		98,768,258			87,098,315
Consolidation/eliminations		(103,066,708	)		(90,391,673	)
Total assets	$	977,516,262		$	1,029,168,508