Segments

12 Months Ended

Dec. 31, 2020

Segment Reporting [Abstract]

Segments

25. Segments

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 in 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.  

Mortgage Revenue Bond Investments Segment

The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related property loans that have been issued to provide construction and/or permanent financing for Residential Properties and a commercial property in their market areas.  Such MRBs and GILs are held as investments and the related property loans, net of loan loss allowances, are reported as such on the Partnership’s consolidated balance sheets.  As of December 31, 2020, the Partnership reported 77 MRBs and three GILs.  The Residential Properties financed by the MRBs and GILs contain a total of 11,114 and 737 rental units, respectively. In addition, one MRB (Provision Center 2014-1) is collateralized by commercial real estate. All “General and administrative expenses” on the Partnership’s consolidated statements of operations are reported within this segment.

MF Properties Segment

The MF Properties segment consists of multifamily and student housing residential properties held by the Partnership (see Note 9). 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 December 31, 2020, the Partnership owned two MF Properties containing a total of 859 rental units. Income tax expense (benefit) for the Greens Hold Co is reported within this segment.

Public Housing Capital Fund Trusts Segment

The Public Housing Capital Fund Trusts segment consisted of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates (see Note 8) 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 Trusts segment has no activity after January 2020.

Other Investments Segment

The Other Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (see Note 10) and property loans to certain market-rate multifamily properties (see Note 11).  

The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2020 and 2019:

	For the Years Ended December 31,
	2020			2019
Total revenues
Mortgage Revenue Bond Investments	$	41,877,394		$	41,348,004
MF Properties		6,986,009			8,081,029
Public Housing Capital Fund Trusts		174,470			2,368,541
Other Investments		6,490,695			10,520,439
Total revenues	$	55,528,568		$	62,318,013
Interest expense
Mortgage Revenue Bond Investments	$	19,821,502		$	21,862,030
MF Properties		1,196,393			1,444,700
Public Housing Capital Fund Trusts		197,993			1,410,564
Other Investments		-			-
Total interest expense	$	21,215,888		$	24,717,294
Depreciation expense
Mortgage Revenue Bond Investments	$	15,913		$	-
MF Properties		2,794,160			3,088,117
Public Housing Capital Fund Trusts		-			-
Other Investments		-			-
Total depreciation expense	$	2,810,073		$	3,088,117
Net income (loss)
Mortgage Revenue Bond Investments	$	719,183		$	3,835,002
MF Properties		(1,389,571	)		(964,355	)
Public Housing Capital Fund Trusts		1,390,999			957,977
Other Investments		6,488,217			26,663,527
Net income (loss)	$	7,208,828		$	30,492,151

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

	December 31, 2020			December 31, 2019
Total assets
Mortgage Revenue Bond Investments	$	1,114,146,614		$	918,301,172
MF Properties		67,988,190			70,569,646
Public Housing Capital Fund Trusts		-			43,591,048
Other Investments		106,931,182			87,098,315
Consolidation/eliminations		(113,818,107	)		(90,391,673	)
Total assets	$	1,175,247,879		$	1,029,168,508