Other Assets

12 Months Ended

Dec. 31, 2020

13. Other Assets

The following table summarizes the Partnership’s other assets as of December 31, 2020 and 2019:

	December 31, 2020		December 31, 2019
Deferred financing costs, net	$	390,649	$	353,862
Fair value of derivative instruments (Note 18)		321,503		10,911
Taxable mortgage revenue bonds, at fair value		1,510,437		1,383,237
Bond purchase commitments, at fair value (Note 19)		431,879		-
Operating lease right-of-use assets, net		1,648,742		1,673,242
Other assets		1,605,374		1,641,099
Total other assets	$	5,908,584	$	5,062,351

As of December 31, 2020 and 2019, the operating lease right-of-use assets consisted primarily of a ground lease at The 50/50 MF Property (see Note 14).

See Note 24 for a description of the methodology and significant assumptions for determining the fair value of the derivative instruments, taxable MRBs and bond purchase commitments. Unrealized gains or losses on derivative instruments are reported as “interest expense” on the Partnership’s consolidated statements of operations. Unrealized gains or losses on taxable MRBs and bond purchase commitments are recorded in the Partnership’s consolidated statements of comprehensive income 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 assets.

The following table includes details of the taxable MRB acquired during the year ended December 31, 2020:

Property Name

Month

Acquired

Property Location

Units

Maturity Date

Interest Rate

Principal Acquired

Ocotillo Springs - Series A-T

July

Brawley, CA

8/1/2022

4.91

⁽¹⁾

$ -

⁽²⁾

⁽¹⁾	The taxable MRB has a variable interest rate equal to the 1-month LIBOR plus 3.55%, subject to a floor of 4.91%.

⁽²⁾	The Partnership has committed to provide total funding of the taxable MRB up to $7.0 million during construction and lease-up of the property on a drawdown basis. No funds have been advanced as of December 31, 2020.