Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Entity Registrant Name | AMERICA FIRST Multifamily INVESTORS, L.P. |
Entity Central Index Key | 1059142 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Accelerated Filer |
Document Type | 10-K |
Document Period End Date | 31-Dec-14 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Amendment Flag | FALSE |
Entity Common Stock, Units Outstanding | 0 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Public Float | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Assets [Abstract] | ||
Cash and cash equivalents | $49,193,343 | $11,318,015 |
Restricted cash | 11,685,729 | 6,845,543 |
Interest receivable | 4,121,486 | 3,342,038 |
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 378,423,092 | 216,371,801 |
Available-for-sale Securities | 70,601,045 | 68,946,370 |
Public housing capital fund trusts, at fair value | 61,263,123 | 62,056,379 |
Mortgage backed securities, at fair value | 14,841,558 | 37,845,661 |
Real estate assets: (Note 6) | ||
Land and land improvements | 15,589,893 | 11,081,992 |
Buildings and improvements | 131,910,221 | 111,195,695 |
Real estate assets before accumulated depreciation | 147,500,114 | 122,277,687 |
Accumulated depreciation | -24,691,800 | -19,128,753 |
Net real estate assets | 122,808,314 | 103,148,934 |
Other assets (Note 7) | 31,301,527 | 24,358,291 |
Total assets | 744,239,217 | 534,233,032 |
Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 4,627,089 | 5,450,694 |
Distribution payable | 7,617,390 | 6,446,076 |
Debt financing | 345,359,000 | 257,274,000 |
Mortgages payable | 76,707,834 | 57,087,320 |
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 0 | 4,852,177 |
Total Liabilities | 434,311,313 | 331,110,267 |
Commitments and Contingencies (Note 15) | ||
Partners' Capital | ||
General Partner | 578,238 | 16,671 |
Beneficial Unit Certificate holders | 330,457,117 | 223,573,312 |
Unallocated deficit of Consolidated VIEs | -21,091,456 | -20,455,896 |
Total Partners' Capital | 309,943,899 | 203,134,087 |
Noncontrolling interest | -15,995 | -11,322 |
Total Capital | 309,927,904 | 203,122,765 |
Total Liabilities and Partners' Capital | $744,239,217 | $534,233,032 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues [Abstract] | |||||||||||
Property revenues | $17,431,252 | $16,110,740 | $12,654,530 | ||||||||
Investment income | 26,606,234 | 22,651,622 | 11,078,467 | ||||||||
Contingent Interest Income | 40,000 | 6,497,160 | 0 | ||||||||
Interest Income, Operating | 856,217 | 1,772,338 | 150,882 | ||||||||
Gain on sale and retirement of bonds | 3,701,772 | 0 | 680,444 | ||||||||
Other income | 188,000 | 250,000 | 555,328 | ||||||||
Total Revenues | 12,526,708 | 11,842,949 | 11,252,978 | 13,200,840 | 9,432,691 | 9,764,177 | 15,140,583 | 12,944,409 | 48,823,475 | 47,281,860 | 25,119,651 |
Expenses [Abstract] | |||||||||||
Real estate operating (exclusive of items shown below) | 9,751,873 | 9,574,822 | 7,877,931 | ||||||||
Mortgage Loans on Real Estate, Write-down or Reserve, Amt | 0 | 4,557,741 | 0 | ||||||||
Provision for Loan and Lease Losses | 75,000 | 168,000 | 0 | ||||||||
Provision for loss on receivables | 0 | 241,698 | 452,700 | ||||||||
Depreciation and amortization | 7,021,557 | 6,732,580 | 4,982,030 | ||||||||
Interest expense | 11,398,649 | 7,235,336 | 5,530,995 | ||||||||
General and administrative | 5,547,208 | 4,237,245 | 3,512,233 | ||||||||
Total Expenses | 33,794,287 | 32,747,422 | 22,355,889 | ||||||||
Loss from continuing operations | 2,019,699 | 3,304,680 | 3,658,083 | 6,046,726 | 2,025,413 | 2,008,848 | 3,939,119 | 6,561,058 | 15,029,188 | 14,534,438 | 2,763,762 |
Income (loss) from discontinued operations | 0 | 1,342,498 | 166,887 | 1,933,019 | 0 | 3,442,404 | 2,232,276 | ||||
Net (loss) income | 15,029,188 | 17,976,842 | 4,996,038 | ||||||||
Net (income) loss attributable to noncontrolling interest | -4,673 | 261,923 | 549,194 | ||||||||
Net (loss) income - America First Tax Exempt Investors, L.P. | 2,020,746 | 3,307,829 | 3,658,457 | 6,046,829 | 2,027,074 | 3,411,259 | 3,955,160 | 8,321,426 | 15,033,861 | 17,714,919 | 4,446,844 |
Net income (loss) allocated to: | |||||||||||
General Partner | 1,056,316 | 1,416,296 | 691,312 | ||||||||
Limited Partners - Unitholders | 14,613,105 | 17,414,885 | 5,278,378 | ||||||||
Unallocated gain (loss) of Consolidated Property VIEs | -635,560 | -1,116,262 | -1,522,846 | ||||||||
Noncontrolling interest | ($4,673) | $261,923 | $549,194 | ||||||||
Unitholders' interest in net (loss) income per unit (basic and diluted): | |||||||||||
(Loss) income from continuing operations | $0.04 | $0.05 | $0.08 | $0.15 | $0.25 | $0.32 | $0.09 | ||||
Income from discontinued operations | $0 | $0 | $0.01 | $0.04 | $0 | $0.08 | $0.05 | ||||
Net (loss) income, basic and diluted, per unit | $0.04 | $0.06 | $0.05 | $0.10 | $0.04 | $0.08 | $0 | $0.19 | $0.25 | $0.40 | $0.14 |
Weighted average number of units outstanding, basic and diluted | 59,431,010 | 43,453,476 | 37,367,600 |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations Parenthetical (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $0 | $3,177,183 | $1,406,608 |
Consolidated_Statement_of_Comp
Consolidated Statement of Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net (loss) income | $15,029,188 | $17,976,842 | $4,996,038 |
Unrealized Gain (Loss) on Securities | 62,852,308 | -27,062,400 | 7,065,487 |
Marketable Securities, Realized Gain (Loss) | -1,658,166 | 0 | 0 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 10,632,590 | -4,852,177 | |
Comprehensive income (loss) allocated to [Abstract] | |||
Net Income (Loss) Allocated to General Partners | 1,056,316 | 1,416,296 | 691,312 |
Net Income (Loss) Allocated to Limited Partners | 14,613,105 | 17,414,885 | 5,278,378 |
Unallocated loss of Consolidated VIEs | -635,560 | -1,116,262 | -1,522,846 |
Net Income (Loss) Attributable to Noncontrolling Interest | 4,673 | -261,923 | -549,194 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Net (loss) income | 0 | 0 | 0 |
Unrealized Gain (Loss) on Securities | 62,852,308 | -27,062,400 | 7,065,487 |
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 10,632,590 | -4,852,177 | |
Comprehensive income (loss) allocated to [Abstract] | |||
Net Income (Loss) Allocated to General Partners | 1,774,583 | 1,097,150 | 761,967 |
Net Income (Loss) Allocated to Limited Partners | 85,721,570 | -14,180,546 | 12,273,210 |
Unallocated loss of Consolidated VIEs | -635,560 | -1,116,262 | -1,522,846 |
Net Income (Loss) Attributable to Noncontrolling Interest | -4,673 | 261,923 | 549,194 |
Comprehensive income (loss) - America First Tax Exempt Investors, L.P. | 86,855,920 | -13,937,735 | 12,061,525 |
Commitments [Member] | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 10,600,000 | -4,900,000 | |
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | $10,632,590 | ($4,852,177) | $0 |
Consolidated_Statements_of_Par
Consolidated Statements of Partners' Capital (USD $) | Total | General Partner | Number of Units | Limited Partner [Member] | Unallocated Deficit of Consolidated Variable Interest Entities | Noncontrolling Interest | Accumulated Other Comprehensive Income (Loss) | Ohio Properties [Member] | Ohio Properties [Member] | Ohio Properties [Member] | Ohio Properties [Member] | Ohio Properties [Member] | Ohio Properties [Member] | Greens of Pine Glen [Member] | Greens of Pine Glen [Member] | Greens of Pine Glen [Member] | Greens of Pine Glen [Member] | Greens of Pine Glen [Member] | Greens of Pine Glen [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | General Partner | Limited Partner [Member] | Unallocated Deficit of Consolidated Variable Interest Entities | Noncontrolling Interest | Accumulated Other Comprehensive Income (Loss) | USD ($) | General Partner | Limited Partner [Member] | Unallocated Deficit of Consolidated Variable Interest Entities | Noncontrolling Interest | Accumulated Other Comprehensive Income (Loss) | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Balance at Dec. 31, 2011 | $131,589,045 | ($354,006) | $154,911,228 | ($23,512,962) | $544,785 | $95,894 | |||||||||||||
Partners' Capital Account, Units at Dec. 31, 2011 | 30,122,928 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 12,650,000 | ||||||||||||||||||
Limited Partners Interest in Ohio Properties | 959,760 | 0 | 0 | 0 | 959,760 | 0 | |||||||||||||
Distributions paid or accrued | |||||||||||||||||||
Regular Distribution, 2010 and 2011 and Distributions paid or accrued, 2009 | -18,011,532 | -180,115 | -17,831,417 | 0 | 0 | 0 | |||||||||||||
Distribution of tier II earnings - Note 2 | 2,631,730 | 657,933 | 1,973,797 | 0 | 0 | 0 | |||||||||||||
Net income (loss) | 4,996,038 | -691,312 | -5,278,378 | -1,522,846 | 549,194 | 0 | |||||||||||||
Unrealized Gain (Loss) on Securities | 7,065,487 | 70,655 | 6,994,832 | 0 | 0 | 7,065,487 | |||||||||||||
Proceeds from Issuance of Common Stock | 60,003,863 | 60,003,863 | 0 | 0 | 0 | ||||||||||||||
Balance at Dec. 31, 2012 | 183,970,931 | -430,087 | 207,383,087 | -25,035,808 | 2,053,739 | 7,161,381 | |||||||||||||
Partners' Capital Account, Units at Dec. 31, 2012 | 42,772,928 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 8,280,000 | ||||||||||||||||||
Deconsolidation of Discontinued Operations | 393,401 | 14,064 | 1,392,303 | 0 | -1,012,966 | 1,406,367 | -1,314,018 | 0 | 0 | 0 | -1,314,018 | 0 | |||||||
Deconsolidation of VIEs - Note 4 | 5,485,803 | -2,104 | -208,267 | 5,696,174 | 0 | -210,370 | |||||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | -651,849 | -6,518 | -645,331 | 0 | -651,849 | ||||||||||||||
Distributions paid or accrued | |||||||||||||||||||
Regular Distribution, 2010 and 2011 and Distributions paid or accrued, 2009 | -21,178,686 | -211,786 | -20,966,900 | 0 | 0 | 0 | |||||||||||||
Foreclosure of Available-for-Sale Securities | -4,080,734 | -40,807 | -4,039,927 | 0 | 0 | 4,080,734 | |||||||||||||
Distribution of tier II earnings - Note 2 | 1,939,419 | 484,855 | 1,454,564 | 0 | 0 | 0 | |||||||||||||
Net income (loss) | 17,976,842 | 1,416,296 | 17,414,885 | -1,116,262 | 261,923 | 0 | |||||||||||||
Unrealized Gain (Loss) on Securities | -27,062,400 | -270,624 | -26,791,776 | 0 | 0 | -27,062,400 | |||||||||||||
Proceeds from Issuance of Common Stock | 48,213,603 | 48,213,603 | 0 | 0 | |||||||||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | -4,852,177 | -48,522 | -4,803,655 | 0 | 0 | -4,852,177 | |||||||||||||
Balance at Dec. 31, 2013 | 203,122,765 | 16,671 | 223,573,312 | -20,455,896 | -11,322 | -20,128,314 | |||||||||||||
Partners' Capital Account, Units at Dec. 31, 2013 | 51,052,928 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 9,200,000 | ||||||||||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | -2,413,713 | -24,137 | -2,389,576 | 0 | -2,413,713 | ||||||||||||||
Distributions paid or accrued | |||||||||||||||||||
Regular Distribution, 2010 and 2011 and Distributions paid or accrued, 2009 | -27,591,056 | -275,910 | -27,315,146 | 0 | 0 | 0 | |||||||||||||
Distribution of tier II earnings - Note 2 | 3,748,424 | 937,106 | 2,811,318 | 0 | 0 | 0 | |||||||||||||
Net income (loss) | 15,029,188 | 1,056,316 | 14,613,105 | -635,560 | -4,673 | 0 | |||||||||||||
Unrealized Gain (Loss) on Securities | 62,852,308 | 628,523 | 62,223,785 | 0 | 0 | 62,852,308 | |||||||||||||
Proceeds from Issuance of Common Stock | 51,288,699 | 0 | 51,288,699 | 0 | 0 | 0 | |||||||||||||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | 10,632,590 | 106,326 | 10,526,264 | 0 | 0 | 10,632,590 | |||||||||||||
Gain (Loss) on Sales of Mortgage Backed Securities (MBS) | 755,547 | 7,555 | 747,992 | 0 | 755,547 | ||||||||||||||
Balance at Dec. 31, 2014 | $309,927,904 | $578,238 | $330,457,117 | ($21,091,456) | ($15,995) | $51,698,418 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $15,029,188 | $17,976,842 | $4,996,038 |
Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: | |||
Depreciation and amortization expense | 7,021,557 | 6,742,439 | 6,386,788 |
Gain on mortgage revenue bonds - sale and redemption | -3,701,772 | 0 | -680,444 |
Provision for loss on receivables | 0 | 241,698 | 452,700 |
Provision for loss on receivables | 75,000 | 168,000 | 0 |
Provision for loan loss | 75,000 | 168,000 | 0 |
Non-cash loss (gain) on derivatives | 1,282,369 | 283,610 | 944,541 |
Bond discount accretion | -181,208 | -332,003 | -399,824 |
Gain on the sale of discontinued operations | 0 | -3,177,183 | -1,406,608 |
Contingent interest realized | -40,000 | -6,497,160 | 0 |
Mortgage Loans on Real Estate, Write-down or Reserve, Amt | 0 | 4,557,741 | 0 |
Changes in operating assets and liabilities, net of effect of acquisitions | |||
Increase in interest receivable | -1,074,623 | -2,464,062 | -1,090,236 |
(Increase) decrease in other assets | -24,276 | -2,257,600 | -1,506,445 |
Increase (decrease) in accounts payable and accrued expenses | -942,064 | -1,009,598 | -214,420 |
Net cash provided (used) by operating activities | 17,444,171 | 14,232,724 | 7,482,090 |
Cash flows from investing activities: | |||
Capital expenditures | -23,798,209 | -13,007,148 | -8,029,349 |
Acquisition of mortgage revenue bonds | -142,794,827 | -148,624,000 | -28,561,857 |
Proceeds from the mortgage revenue bonds and MBS - sale and redemptions | 60,398,010 | 21,935,343 | 31,872,522 |
Proceeds from sale of discontinued operations | 0 | 22,610,000 | 10,825,000 |
Investment in bonds due to the sale recognition of discontinued operations | 0 | -27,778,000 | 0 |
Acquisition of partnerships, net of cash acquired | 0 | 4,064,089 | 0 |
Principal payments received on taxable loans | 145,000 | 0 | 160,000 |
Change in restricted cash - Greens sale | 0 | 2,546,363 | -2,459,187 |
Acquisition of mortgage-backed securities | 0 | -12,629,888 | -37,573,386 |
Acquisition of taxable bonds | 0 | -2,918,000 | 0 |
Decrease (increase) in restricted cash | -475,208 | 94,423 | -70,320 |
Restricted cash - debt collateral released (paid) | 1,699,973 | -3,992,848 | 7,247,341 |
Restricted cash - 2014 TEBS financing facility | -6,252,027 | 0 | 0 |
Acquisition of partnerships, net of cash acquired | 0 | 0 | -5,500,000 |
Acquisition of public housing capital fund trust certificates | 0 | 0 | -65,985,913 |
Purchase of rate derivative | -1,382,900 | -793,000 | 0 |
Net increase in notes receivable | 641,588 | 1,603,083 | 191,264 |
Land purchasd - held for sale | 0 | -1,090,000 | 0 |
Principal payments received on mortgage revenue bonds | 7,214,136 | 2,764,286 | 970,298 |
Net cash used by investing activities | -105,887,640 | -158,421,463 | -97,296,115 |
Cash flows from financing activities: | |||
Distributions paid | -30,168,167 | -22,238,937 | -18,987,693 |
Proceeds from Issuance of Common Stock | 54,740,000 | 51,750,000 | 64,009,000 |
Payment of offering costs related to the sale of beneficial unit certificates | -3,451,301 | -3,536,397 | -4,005,137 |
Proceeds from debt financing | 186,815,000 | 81,490,000 | 74,110,000 |
Principal borrowings on mortgages payable | 22,622,552 | 20,697,452 | 3,769,014 |
Principal borrowing on line of credit | 0 | 16,065,900 | 0 |
Principal payments on line of credit | 0 | -16,065,900 | 0 |
Principal payments on debt financing | -98,730,000 | -2,164,000 | -8,835,000 |
Principal payments on mortgages payable | -3,056,763 | -372,856 | -10,893,390 |
Decrease in liabilities related to restricted cash | 475,208 | -94,423 | 70,320 |
Debt financing costs | -2,927,732 | -355,585 | -264,763 |
Sale of LP Interests | 0 | 0 | 959,761 |
Net cash provided by financing activities | 126,318,797 | 125,175,254 | 99,932,112 |
Net increase (decrease) in cash and cash equivalents | 37,875,328 | -19,013,485 | 10,118,087 |
Cash and cash equivalents at beginning of period, including cash and cash equivalents of discontinued operations of $126,572, $65,527, and $198,528, respectively | 11,318,015 | 30,331,500 | |
Cash and cash equivalents at end of period | 49,193,343 | 11,318,015 | 30,331,500 |
Supplemental Cash Flow Information: | |||
Cash paid during the period for interest | 9,112,063 | 6,621,251 | 4,437,961 |
Distributions declared but not paid | 7,617,390 | 6,446,077 | 5,566,908 |
Supplemental disclosure of non cash activities: | |||
Capital expenditures financed through accounts and notes payables | 137,759 | 1,758,297 | 2,584,417 |
Restricted cash released to pay down mortgages payable | 0 | 2,356,640 | 0 |
Foreclosure of Woodland Park bond | 0 | -15,662,000 | 0 |
Deconsolidation of the discontinued operations - noncontrolling interest | 0 | 2,326,984 | 0 |
Recognition of taxable property loans receivable - discontinued operations | 0 | -2,086,236 | 0 |
Cash received for sale of MF Properties eliminated in consolidation | 0 | 0 | 7,265,000 |
Cash paid for purchase of tax exempt mortgage revenue bond eliminated in consolidation | 0 | 0 | -9,465,000 |
Cash paid for taxable loan eliminated in consolidation | $0 | $0 | ($850,000) |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Parenthetical (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $0 | $0 | $158,727 | $126,572 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization |
America First Multifamily Investors, L.P. (the “Partnership”) was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act for the purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily and student housing (collectively “Residential Properties”) and commercial properties. The Partnership expects and believes the interest earned on these bonds is excludable from gross income for federal income tax purposes. As a result, most of the income earned by the Partnership is exempt from federal income taxes. Our general partner is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”). The Partnership will terminate on December 31, 2050, unless terminated earlier under provisions of its Agreement of Limited Partnership. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||||||||
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies | |||||||||||||
Principles of Consolidation | ||||||||||||||
The “Company” refers to the Partnership and the consolidated VIEs (defined below). The consolidated financial statements of the Company reported in this Form 10-K include the financial position and results of operations of the Partnership, the MF Properties owned by various limited partnerships in which one of the Partnership’s wholly-owned subsidiaries (each a “Holding Company”) holds a 99% limited partner interest, two entities in which the Partnership does not hold an ownership interest but which own multifamily properties financed with mortgage revenue bonds held by the Partnership and which are treated as variable interest entities (“VIEs”) of which the Partnership has been determined to be the primary beneficiary (the “Consolidated VIEs”). The Consolidated Subsidiaries of the Partnership consist of: | ||||||||||||||
• | ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac (Note 11). | |||||||||||||
• | ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created in 2014 to hold mortgage revenue bonds in order to facilitate the second TEBS financing (“M31 TEBS Financing”) with Freddie Mac (Note 11). | |||||||||||||
• | Nine multifamily residential properties, including multifamily, student, and senior citizen housing (“MF Properties”) which are either wholly or majority owned by subsidiaries of the Partnership. | |||||||||||||
Under the consolidation guidance, the Partnership must make an evaluation of the entities which own the Residential Properties and commercial property financed with mortgage revenue bonds it holds to determine if these entities meet the definition of a VIE. Generally, a VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. | ||||||||||||||
The guidance requires the Partnership to perform an analysis to determine whether its variable interests give it a controlling financial interest in a VIE. This analysis identifies the primary beneficiary, the entity that must consolidate the VIE, as the entity that has (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Upon adoption of this revised accounting standard, the Partnership re-evaluated all of its investments to determine if the property owners are VIEs and, if so, whether the Partnership is the primary beneficiary of the VIE. The guidance also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. As a result, changes to the Consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. | ||||||||||||||
Stand-alone financial information of the Partnership reported in this Form 10-K includes only the financial position and results of operation of the Partnership and the MF Properties without the consolidation of the VIEs. In the Company’s consolidated financial statements, all transactions and accounts between the Partnership, the MF Properties and the VIEs have been eliminated in consolidation. | ||||||||||||||
The General Partner does not believe that the consolidation of the VIEs for reporting under generally accepted accounting principles in the United States of America (“GAAP”) impacts the Partnership’s tax status, amounts reported to Beneficial Unit Certificate (“BUC”) holders on IRS Form K-1, the Partnership’s ability to distribute income to unitholders which it believes to be tax-exempt, the current level of quarterly distributions or the tax-exempt status of the underlying mortgage revenue bonds. | ||||||||||||||
Acquisition Accounting | ||||||||||||||
Pursuant to the guidance on acquisition accounting, the Company allocates the contractual purchase price of a property acquired to the land, building, and leases in existence as of the date of acquisition based on their relative fair values. The building is valued as if vacant. The estimated valuation of in-place leases is calculated by applying a risk-adjusted discount rate to the projected cash flow deficit at each property during an assumed lease-up period for these properties. This allocated cost is amortized over the average remaining term of the leases and is included in the statement of operations under depreciation and amortization expense. The acquisition related costs to acquire a property are expensed as incurred. | ||||||||||||||
Cash and Cash Equivalents | ||||||||||||||
Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased. | ||||||||||||||
Concentration of Credit Risk | ||||||||||||||
The Company maintains the majority of its unrestricted cash balances at two financial institutions. The balances insured by the Federal Deposit Insurance Corporation is equal to $250,000 at each institution. At various times the cash balances exceeded the $250,000 limit. The Company is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Company does not anticipate any non-performance. This risk is minimized significantly by the Company’s portfolio being restricted to investment grade securities. | ||||||||||||||
Restricted Cash | ||||||||||||||
Restricted cash, which is legally restricted to use, is comprised of resident security deposits, required maintenance reserves, escrowed funds, restricted compensating balances, and property rehabilitation. At December 31, 2014, certain of our credit facilities require restricted cash balances as additional collateral. Specifically, the 2014 and 2010 tax exempt bond securitization (“TEBS”) financing facilities, discussed below, required approximately $7.3 million, the three tender option bonds (“TOB”) trusts (“TOB Trusts”) secured by the Public Housing Capital Fund Trust Certificates (“PHC Certificates”) financing facilities (“PHC TOB Trusts”) required approximately $400,000, and the TOB Trusts secured by mortgage backed securities (“MBS”) financing facilities (“MBS TOB Trusts”) required approximately $2.1 million held in restricted cash. | ||||||||||||||
Interest Receivable | ||||||||||||||
Subsequent to the issuance of the Company’s financial statements on Form 10-K for the period ended December 31, 2013, certain amounts included in the Consolidated Balance Sheet have been restated to correct an error related to the presentation of interest receivable on taxable loans. Such correction recorded the loan loss reserve related to interest receivable against the interest receivable line of the consolidated balance sheet rather than against the other assets line, which includes the principle amount of taxable loans. This correction resulted in a decrease in interest receivable and an increase in other assets of approximately $6.2 million. This correction did not have an impact on total assets as reported in the Consolidated Balance Sheets and did not have an impact on the Consolidated Statements of Operations for all periods presented. The statement of cash flows has also been restated to reflect this adjustment for all periods presented. | ||||||||||||||
Investment in Mortgage Revenue Bonds and Other Mortgage Revenue Bonds | ||||||||||||||
The Company accounts for its investments in mortgage revenue bonds and other mortgage revenue bonds under the guidance for accounting for certain investments in debt and equity securities. The guidance requires investments in securities to be classified as one of the following: 1) held-to-maturity, 2) available-for-sale, or 3) trading securities. All of the Company’s investments in mortgage revenue bonds and other mortgage revenue bonds are classified as available-for-sale, and are reported at estimated fair value with the net unrealized gains or losses reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. | ||||||||||||||
There is no active trading market for the bonds and price quotes for the bonds are not available. As a result, the Company bases its estimate of fair value of the mortgage revenue bonds using discounted cash flow or yield to maturity analyses performed by management. This calculation methodology encompasses a significant amount of management judgment in its application. If available, management may also consider price quotes on similar bonds or other information from external sources, such as pricing services or broker quotes. Pricing services, broker quotes and management’s analyses provide indicative pricing only. | ||||||||||||||
The Company periodically reviews each of its mortgage revenue bonds for impairment. The Company evaluates whether unrealized losses are considered to be other-than-temporary based on a number of factors including: | ||||||||||||||
• | The duration and severity of the decline in fair value, | |||||||||||||
• | The Company’s intent to hold and the likelihood of it being required to sell the security before its value recovers, | |||||||||||||
• | Adverse conditions specifically related to the security, its collateral, or both, | |||||||||||||
• | Volatility of the fair value of the security, | |||||||||||||
• | The likelihood of the borrower being able to make payments, | |||||||||||||
• | Failure of the issuer to make scheduled interest or principal payments, and | |||||||||||||
• | Recoveries or additional declines in fair value after the balance sheet date. | |||||||||||||
While the Company evaluates all available information, it focuses specifically on whether it has the intent to sell the securities prior to the time that their value recovers or until maturity, whether it is likely that the Company will be required to sell the securities before a recovery in value and whether the Company expects to recover the securities’ entire amortized cost basis. The ability to recover the securities’ entire amortized cost basis is based on the likelihood of the issuer being able to make required principal and interest payments on the security. The primary source of repayment of the amortized cost is the cash flows produced by the property which serve as the collateral for the bonds. The Company utilizes a discounted cash flow model for the underlying property that serves as collateral on the bond and compares the results of the model to the amortized cost basis of the bond. These models reflect the cash flows expected to be generated by the underlying properties over a ten year period, including an assumed property sale at the end of year ten, discounted using the effective interest rate on the bonds in accordance with the accounting guidance on other-than-temporary impairment of debt securities. The inputs to these models require management to make assumptions, the most significant of which include: | ||||||||||||||
• | Revenue and expense projections for the property operations, which result in the estimated net operating income generated over the ten year holding period assumed in the model. Base year (model year one) assumptions are based on historical financial results and operating budget information. Base year assumptions are then adjusted for expected changes in occupancy, rental rates and expenses, and | |||||||||||||
• | The capitalization rate utilized to estimate the sales proceeds from an assumed property sale in year ten of the model. The capitalization rate used in the current year models ranged between 4.3% and 7.5% which the Company believes represents a reasonable range given the current market for Residential Properties. | |||||||||||||
The revenue, expense and resulting net operating income projections which are the basis for the discounted cash flow model are based on judgment. Operating results from a multifamily, student, or senior citizen residential property depend on the rental and occupancy rates of the property and the level of operating expenses. Occupancy rates and rents are directly affected by the supply of and demand for multifamily residential properties in the market areas in which a property is located. This, in turn, is affected by several factors such as local or national economic conditions, the amount of new apartment construction and interest rates on single-family mortgage loans. Net operating income from the commercial property depends on the number of cancer patients which utilize the cancer therapy center and the ability to hire and retain key employees to provide the related cancer treatment. In addition, factors such as government regulation, inflation, real estate and other taxes, labor problems and natural disasters can affect the economic operations of a property. | ||||||||||||||
If the discounted cash flows from a property are less than the amortized cost of the bond, the Company believes that there is a strong indication that the cash flows from the property will not support the payment of the required principal and interest on the bond and, accordingly, the bonds are considered other-than-temporarily impaired. If an other-than-temporary impairment exists, the amortized cost basis of the mortgage revenue bond is written down to its estimated fair value. The amount of the write-down representing a credit loss is accounted for as a realized loss on the statement of operations. The amount of the write-down representing a non-credit loss is recorded to other comprehensive income. The difference between the amortized cost basis and the discounted cash flows using the effective interest rate represents the credit loss. Any residual decline in value would be considered the interest related loss or non-credit loss. The recognition of an other-than-temporary impairment and the potential impairment analysis are subject to a considerable degree of judgment, the results of which when applied under different conditions or assumptions could have a material impact on the financial statements. If the Company experiences deterioration in the values of its investment portfolio, the Company may incur impairments to its investment portfolio which could negatively impact the Company’s financial condition, cash flows, and reported earnings. | ||||||||||||||
The Company owns some mortgage revenue bonds which were purchased at a discount or premium. The discount or premium on an investment is amortized on an effective yield method and the result is realized in investment income in the current period. | ||||||||||||||
The Company eliminates the mortgage revenue bonds and the associated interest income and interest receivable when it consolidates the underlying real estate collateral in accordance with implementation of the consolidation guidance for variable interest entities. | ||||||||||||||
Variable Interest Entities (“VIEs”) | ||||||||||||||
When the Partnership invests in a mortgage revenue bond which is collateralized by a multifamily or student housing property, the Partnership will evaluate the entity which owns the property financed by the mortgage revenue bond to determine if it is a VIE as defined by the guidance on consolidations. The guidance on consolidations is a complex standard that requires significant analysis and judgment. If it is determined that the entity is a VIE, the Partnership will then evaluate if it is the primary beneficiary of such VIE, by determining whether the Partnership will absorb the majority of the VIE’s expected losses, receive a majority of the VIE’s residual returns, or both. If the Partnership determines itself to be the primary beneficiary of the VIE, then the assets, liabilities and financial results of the related multifamily or student housing property will be consolidated in the Partnership’s financial statements. As a result of such consolidation, the debt financing provided by the Partnership to such consolidated VIE will be eliminated as part of the consolidation process. However, the Partnership will continue to receive interest and principal payments on such debt and these payments will retain their characterization as either mortgage revenue bond or taxable interest for income tax reporting purposes. Since the Partnership has no legal ownership of the VIEs, creditors of the VIEs have no recourse to the Partnership. | ||||||||||||||
Effective December 1, 2013, the ownership of Lake Forest became a not-for-profit entity, a reconsideration event. As a result of the change in ownership, Lake Forest ceased to be reported as a Consolidated VIE (Note 4). | ||||||||||||||
Investment in Public Housing Capital Fund Trusts Certificates and Mortgage-Backed Securities | ||||||||||||||
The Company accounts for its investments in PHC Certificates and MBS under the guidance for accounting for certain investments in debt and equity securities. The guidance requires investments in securities to be classified as one of the following: 1) held-to-maturity, 2) available-for-sale, or 3) trading securities. All of the Company’s PHC Certificates and MBS investments are classified as available-for-sale, and are reported at estimated fair value with the net unrealized gains or losses reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. | ||||||||||||||
There is no active trading market for the PHC Certificates and price quotes are not available. The estimates of the fair values of the PHC Certificates are based on a yield to maturity analysis which begins with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts adjusted largely for unobservable inputs the General Partner believes would be used by market participants. Management’s valuation encompasses judgment in its application and pricing as determined by pricing services, when available, is compared to Management’s estimates. | ||||||||||||||
The Company periodically reviews each class of PHC Certificates for impairment. The Company evaluates whether a decline in the fair value of a PHC Certificate below its amortized cost is other-than temporary based on a number of factors including: | ||||||||||||||
• | The duration and severity of the decline in fair value, | |||||||||||||
• | The Company’s intent to hold and the likelihood of it being required to sell the security before its value recovers, | |||||||||||||
• | Downgrade in the security’s rating by S&P, | |||||||||||||
• | Volatility of the fair value of the security. | |||||||||||||
The Company values each MBS security based upon prices obtained from a third party pricing service, which are indicative of market activity. The valuation methodology of the Company’s third party pricing service incorporates commonly used market pricing methods, incorporates trading activity observed in the market place, and other data inputs. The methodology also considers the underlying characteristics of each security, which are also observable inputs, including: coupon; maturity date; loan age; reset date; collateral type; geography; and prepayment speeds. Management analyzes pricing data received from the third party pricing service by comparing it to valuation information obtained from at least one other third party pricing service and ensuring they are within a tolerable range of difference which the Company estimates as 7.5%. Management also looks at observations of trading activity in the market place when available. | ||||||||||||||
The Company periodically reviews each MBS security for impairment. The Company evaluates whether a decline in the fair value of a security below its amortized cost is other-than-temporary based on a number of factors including the duration and severity of the decline in fair value and the Company’s intent and ability to hold the security until its value recovers. Each MBS security has been rated either “AAA” or “AA” by either S&P or Moody’s. A downgrade in rating for each MBS or new issuances of similar MBS with ratings by S&P or Moody’s below the “A” rating would be a factor in concluding that an impairment is other-than-temporary. | ||||||||||||||
Investments in Real Estate | ||||||||||||||
The Company’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily, student housing, and senior citizen residential apartment buildings and five to 15 years on capital improvements and is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Company also holds land held for investment and development which is reported at cost. | ||||||||||||||
Management reviews each property and land held for investment and development for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability is based upon comparing the net book value of each real estate property to the sum of its estimated undiscounted future cash flows. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. | ||||||||||||||
Taxable Property Loans | ||||||||||||||
In addition to the mortgage revenue bonds held by the Company, taxable property loans have been made to the owners of some of the properties which secure the bonds. The repayment of these taxable property loans is dependent largely on the value of the property or its cash flows which collateralize the loans. The Company periodically evaluates these loans for potential losses by estimating the fair value of the property which collateralize the loans and comparing the fair value to the outstanding mortgage revenue bonds plus any taxable property loans. The Company utilizes the discounted cash flow model discussed above except that in estimating a property fair value we evaluate a number of different discounted cash flow (“DCF”) models that contain varying assumptions. The various models may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Company may also consider other information such as independent appraisals in estimating a property fair value. | ||||||||||||||
If the estimated fair value of the property after deducting the amortized cost basis of the senior mortgage revenue bond exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. For the years ended December 31, 2014 and 2013, the Company recognized a provision for loan losses of approximately $75,000 and $168,000, respectively. For the year ended December 31, 2012, the Company did not recognize any provision for loan losses (Note 9). | ||||||||||||||
Accounting for Tax Exempt Bond Securitization (“TEBS”) and Tender Option Bond (“TOB”) Financing Arrangements | ||||||||||||||
The Company has evaluated the accounting guidance in regard to the M31 and M24 TEBS and TOB Financing arrangements (Note 11) and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and will, therefore, be accounted for as a secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets through any of the following: | ||||||||||||||
1 | An agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity, | |||||||||||||
2 | The ability to unilaterally cause the holder to return specific assets, other than through a cleanup call, or | |||||||||||||
3 | An agreement that permits the transferee to require the transferor to repurchase the transferred financial assets at a price that is so favorable to the transferee that it is probable that the transferee will require the transferor to repurchase them. | |||||||||||||
The M31 and M24 TEBS Financing agreements contain certain provisions that allow the Company to (1) cause the return of certain individual bonds under defined circumstances, (2) cause the return of all of the bonds by electing an Optional Series Pool Release or (3) cause the return of any defaulted bonds. The Optional Series Pool Release is defined in the agreements closed in 2010 as two specific dates, September 15, 2017, or September 15, 2020, on which the Company has the option to repurchase all of the securitized bonds. The Optional Series Pool Release is defined in the agreements closed in 2014 as two specific dates, July 15, 2019 or July 15, 2024, on which the Company has the option to repurchase all of the securitized bonds. Given these terms, the Company has concluded that the condition in item 2 above is present in the agreements and, therefore, effective control over the transferred assets has not occurred. As effective control has not been transferred, the transaction does not meet the conditions to de-recognize the assets resulting in the M31 and M24 TEBS Financing being presented on the Company’s consolidated financial statements as a secured financing. The TOB Financing agreements contain certain provisions that allow the Company to call the bonds held in the TOB Trusts through their ownership of the residual participating interests (“LIFERS”) so effective control has not been transferred resulting in the TOB Financings being presented on the Company’s consolidated financial statements as secured financings. | ||||||||||||||
In addition to evaluating the M31 and M24 TEBS Financings as a sale or transfer of financial assets, we have evaluated the securitization trusts associated with the TEBS Financing facilities (the “M31 TEBS Trust” and “M24 TEBS Trust”) under the provisions of consolidation guidance. As part of the M31 and M24 TEBS Financings, certain bond assets of the Partnership were securitized into the M31 and M24 TEBS Trusts with Freddie Mac. The M31 and M24 TEBS Trusts then issued Class A and B TEBS Certificates. Other Company investments are securitized into TOB Trusts with Deutsche Bank AG (“DB”). The TOB trustee then issued senior floating-rate participating interests (“SPEARS”) and LIFERS. The Partnership has determined that the M31 and M24 TEBS Trusts are VIEs and the Class B Certificates owned by the Partnership create a variable interest in the M31 and M24 TEBS Trusts. It was also determined that the TOB Trusts are VIEs and the LIFERS owned by the Company create a variable interest entity in the TOB Trusts. | ||||||||||||||
In determining the primary beneficiary of the M31 and M24 TEBS Trusts and TOB Trusts, the Partnership considered the activities of each of the VIEs which most significantly impact the VIE’s economic performance, who has the power to control such activities, the risks which the entity was designed to create, the variability associated with those risks and the interests which absorb such variability. The Partnership has retained the right, pursuant to the M31 and M24 TEBS Financing agreements, to either substitute or reacquire some or all of the securitized bonds at various future dates and under various circumstances. As a result, the Partnership determined it had retained a controlling financial interest in the M31 and M24 TEBS Trusts because such actions effectively provide the Partnership with the ability to control decisions pertaining to the VIE’s management of interest rate and credit risk. While in the M31 and M24 TEBS Trusts, the bond assets may only be used to settle obligations of the trusts and the liabilities of the trusts do not provide the Class A certificate holders with recourse to the general credit of the Partnership. | ||||||||||||||
The Partnership also determined it was the primary beneficiary of the TOB Trusts as it has the right to cause each TOB trust to sell the securitized asset in each specific TOB Trust. If the securitized assets were sold, the extent to which the VIE will be exposed to gains or losses from changes in the fair market value of the securitized assets would result from decisions made by the Partnership. | ||||||||||||||
It was determined that the Partnership met both of the primary beneficiary criteria and was the most closely associated with the VIE and, therefore, was determined to be the primary beneficiary under these financing arrangements. Given these accounting determinations, the M31 and M24 TEBS Financing facilities and the associated M31 and M24 TEBS Trusts are presented as secured financing within the consolidated financial statements. The TOB Financings and associated TOB trusts are also presented as a secured financing within the consolidated financial statements. | ||||||||||||||
Bond Purchase Commitments | ||||||||||||||
The bond purchase commitments held by the Company have no cost. However, they are required to be measured and recorded at fair value, which is estimated under the same methodology as the Company’s mortgage revenue bonds in the Company’s financial statements (Notes 5 and 17). | ||||||||||||||
Deferred Financing Costs | ||||||||||||||
Debt financing costs are capitalized and amortized on the effective interest method over the stated maturity of the related debt financing agreement. Bond issuance costs are capitalized and amortized on the effective interest method over the stated maturity of the related mortgage revenue bonds. As of December 31, 2014 and 2013, debt financing costs and bond issuance costs of $8.5 million and $5.3 million, respectively, were included in other assets. These costs are reduced on the balance sheet by the accumulated amortization of approximately $3.9 million and $2.8 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||
Income Taxes | ||||||||||||||
No provision has been made for income taxes because the unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes. Certain of the Consolidated VIEs and wholly-owned subsidiaries of the Partnership are corporations that are subject to federal and state income taxes. At December 31, 2014 and 2013, the Company evaluated whether it was more likely than not that any deferred tax assets would be realized. The Company has recorded a full valuation allowance of approximately $8.5 million and $7.4 million at December 31, 2014 and 2013, respectively, against the deferred tax assets created at these entities by timing differences because the realization of these future benefits is not more likely than not. | ||||||||||||||
Revenue Recognition on Investments in Mortgage Revenue Bonds | ||||||||||||||
The interest income received by the Partnership from its mortgage revenue bonds is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing mortgage revenue bonds is recognized as it is earned. Base interest income on mortgage revenue bonds not fully performing is recognized as it is received. Past due base interest on mortgage revenue bonds, which are or were previously not fully performing, is recognized as it is received. The Partnership reinstates the accrual of base interest once the mortgage revenue bond’s ability to perform is adequately demonstrated. Contingent interest income, which is only received by the Partnership if the property financed by a mortgage revenue bond that contains a contingent interest provision generates excess available cash flow as set forth in each bond, is recognized when realized or realizable. Past due contingent interest on mortgage revenue bonds, which are or were previously not fully performing, is recognized when realized or realizable. As of December 31, 2014 and 2013, the Company’s mortgage revenue bonds were fully performing as to their base interest. | ||||||||||||||
An evaluation was performed during fiscal 2011 which determined that the interest receivable accrued on the Woodland Park bond was impaired and an approximate $953,000 allowance for loss on receivables was recorded. The Partnership received two interest payments during 2012 and recorded an additional allowance of approximately $453,000 against the remaining interest receivable in 2012. The Partnership recorded an approximate additional $242,000 against the interest receivable before the mortgage revenue bond foreclosure was completed in May 2013 and title to the Woodland Park property was conveyed to a wholly-owned subsidiary of the Partnership (Note 8). | ||||||||||||||
Revenue Recognition on Investments in Real Estate, MBS, and PHC Certificates | ||||||||||||||
The Partnership’s Consolidated VIEs and the MF Properties (Note 8) are lessors of multifamily, student housing, and senior citizen rental units under leases with terms of one year or less. Rental revenue is recognized, net of rental concessions, on a straight-line method over the related lease term. | ||||||||||||||
Interest income on the MBS and PHC Certificates is recognized as it is earned (Notes 6 and 7). | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
The Company accounts for its derivative and hedging activities in accordance with the guidance on Derivatives and Hedging. The guidance on Derivatives and Hedging requires the recognition of all derivative instruments as assets or liabilities in the Company’s consolidated balance sheets and measurement of these instruments at fair value. The accounting treatment is dependent upon whether or not a derivative instrument is designated as a hedge and, if so, the type of hedge. The Company’s interest rate derivative agreements do not have a specific hedge designation under the guidance on derivatives and hedging, and therefore changes in fair value are recognized in the consolidated statements of operations as interest expense. The Company is exposed to loss should a counterparty to its derivative instruments default. The Company does not anticipate non-performance by any counterparty. The fair value of the interest rate derivative agreements is determined based upon current price quotes by recognized dealers. | ||||||||||||||
Net Income per BUC | ||||||||||||||
Net income per BUC has been calculated based on the weighted average number of BUCs outstanding during each year presented. The Partnership has no dilutive equity securities and, therefore, basic net income per BUC is the same as diluted net income per BUC. The following table provides a reconciliation of net income per BUC holder: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Calculation of unitholders' interest in income (loss) from continuing operations: | ||||||||||||||
Income from continuing operations | $ | 15,029,188 | $ | 14,534,438 | $ | 2,763,762 | ||||||||
Less: general partners' interest in income | 1,056,316 | 1,381,872 | 331,403 | |||||||||||
Unallocated loss related to variable interest entities | (635,560 | ) | (1,116,262 | ) | (1,522,846 | ) | ||||||||
Noncontrolling interest | (4,673 | ) | 261,923 | 549,194 | ||||||||||
Unitholders' interest in income from continuing operations | $ | 14,613,105 | $ | 14,006,905 | $ | 3,406,011 | ||||||||
Calculation of Unitholders' interest in income from discontinued operations: | ||||||||||||||
Income from discontinued operations | $ | — | $ | 3,442,404 | $ | 2,232,276 | ||||||||
Less: general partner's interest in income | — | 34,424 | 359,909 | |||||||||||
Unallocated income related to variable interest entities | — | — | — | |||||||||||
Unitholders' interest in discontinued operations | $ | — | $ | 3,407,980 | $ | 1,872,367 | ||||||||
Calculation of unitholders' interest in net income (loss) | ||||||||||||||
Net income | $ | 15,029,188 | $ | 17,976,842 | $ | 4,996,038 | ||||||||
Less: general partners' interest in net income | 1,056,316 | 1,416,296 | 691,312 | |||||||||||
Unallocated (loss) related to variable interest entities | (635,560 | ) | (1,116,262 | ) | (1,522,846 | ) | ||||||||
Noncontrolling interest | (4,673 | ) | 261,923 | 549,194 | ||||||||||
Unitholders' interest in net income (loss) | $ | 14,613,105 | $ | 17,414,885 | $ | 5,278,378 | ||||||||
Weighted average number of units outstanding (basic and diluted) | 59,431,010 | 43,453,476 | 37,367,600 | |||||||||||
Unitholders' interest in net income per BUC (basic and diluted): | ||||||||||||||
Income from continuing operations | $ | 0.25 | $ | 0.32 | $ | 0.09 | ||||||||
Income from discontinued operations | — | 0.08 | 0.05 | |||||||||||
Net income | $ | 0.25 | $ | 0.4 | $ | 0.14 | ||||||||
Use of Estimates in Preparation of Consolidated Financial Statements | ||||||||||||||
The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining investment valuation, investment impairments, impairment of property assets, and allowance for loan losses. |
Partnership_Income_Expense_and
Partnership Income, Expense and Cash Distributions | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Partnership Income, Expenses and Cash Distributions [Abstract] | ||||||||||
Partnership Income Expenses and Cash Distributions [Text Block] | Partnership Income, Expenses and Cash Distributions | |||||||||
The Agreement of Limited Partnership of the Partnership contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations and for the allocation of income and loss arising from a repayment, sale or liquidation of investments. Income and losses will be allocated to each unitholder on a periodic basis, as determined by the General Partner, based on the number of BUCs held by each unitholder as of the last day of the period for which such allocation is to be made. Distributions of Net Interest Income and Net Residual Proceeds will be made to each unitholder of record on the last day of each distribution period based on the number of BUCs held by each unitholder as of such date. For purposes of the Agreement of Limited Partnership, cash distributions, if any, received by the Partnership from the Investment in MF Properties (Note 8) will be included in the Partnership’s Interest Income and cash distributions received by the Partnership from the sale of such properties will be included in the Partnership Residual Proceeds. | ||||||||||
Cash distributions are currently made on a quarterly basis but may be made on a monthly or semiannual basis at the election of AFCA 2. On each distribution date, Net Interest Income is distributed 99% to the unitholders and 1% to AFCA 2 and Net Residual Proceeds are distributed 100% to unitholders except that Net Interest Income and Net Residual Proceeds representing contingent interest in an amount equal to 0.9% per annum of the principal amount of the mortgage revenue bonds on a cumulative basis (defined as Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2), respectively) are distributed 75% to the unitholders and 25% to AFCA 2. | ||||||||||
The unallocated deficit of the Consolidated VIEs is primarily comprised of the accumulated historical net losses of the Consolidated VIEs as of the date of the implementation of the guidance on consolidations. The unallocated deficit of the Consolidated VIEs and the Consolidated VIEs’ net losses subsequent to that date are not allocated to the General Partner and unitholders as such activity is not contemplated by, or addressed in, the Agreement of Limited Partnership. | ||||||||||
The distributions paid or accrued per BUC during the fiscal years ended December 31, 2014, 2013, and 2012 were as follows: | ||||||||||
For the | For the | For the | ||||||||
Year Ended | Year Ended | Year Ended | ||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||
Cash Distributions | 0.5 | 0.5 | 0.5 | |||||||
Variable_Interest_Entities
Variable Interest Entities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Variable Interest Entities [Abstract] | |||||||||||||||||
Variable interest entities [Text Block] | Variable Interest Entities | ||||||||||||||||
Although Residential Properties financed with mortgage revenue bonds held by the Partnership are owned by separate entities in which the Partnership has no equity ownership interest, the debt financing provided by the Partnership creates a variable interest in these ownership entities that may require the Partnership to report the assets, liabilities and results of operations of these entities on a consolidated basis under GAAP. Under consolidation guidance, the Partnership must make an evaluation of these entities to determine if they meet the definition of a VIE. | |||||||||||||||||
At December 31, 2014, the Partnership determined that eleven of the entities financed by mortgage revenue bonds owned by the Partnership were held by VIEs. These VIEs were Ashley Square, Bent Tree, Bruton Apartments, Cross Creek, Fairmont Oaks, Glenview Apartments, Harden Ranch, Montclair Apartments, Santa Fe Apartments, Tyler Park Apartments, and Westside Village Market. The Partnership then determined that it is the primary beneficiary of two of these VIEs; Bent Tree and Fairmont Oaks and has continued to consolidate these entities. | |||||||||||||||||
At December 31, 2013, the Partnership determined that six of the entities financed by mortgage revenue bonds owned by the Partnership were held by VIEs. These VIEs were Ashley Square, Bent Tree Apartments, Cross Creek, Fairmont Oaks Apartments, Tyler Park, and Westside. The Partnership then determined that it is the primary beneficiary of two of these VIEs; Bent Tree and Fairmont Oaks Apartments, and has continued to consolidate these entities. Effective December 1, 2013, the ownership of Lake Forest became a not-for-profit entity and Lake Forest ceased to be reported as a Consolidated VIE. | |||||||||||||||||
Subsequent to the issuance of the Company’s financial statements on Form 10-K for the period ended December 31, 2013, the Company identified two non-consolidated VIEs, Tyler Park Townhomes and Westside Village Market, which should have been disclosed as VIEs at December 31, 2013. This has been corrected in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014. The correction did not have an impact on the Consolidated Financial Statements. | |||||||||||||||||
The Partnership does not hold an equity interest in the eleven VIEs and therefore, the assets of the VIEs cannot be used to settle the general commitments of the Partnership and the Partnership is not responsible for the commitments and liabilities of the VIEs. The primary risks to the Partnership associated with the eleven VIEs financed by mortgage revenue bonds owned by the Partnership relate to the entities ability to meet debt service obligations to the Partnership and the valuation of the underlying Residential Properties which serves as bond collateral. | |||||||||||||||||
The following is a discussion of the significant judgments and assumptions made by the Partnership in determining the primary beneficiary of the VIE and, therefore, whether the Partnership must consolidate the VIE. | |||||||||||||||||
Consolidated VIEs | |||||||||||||||||
At December 31, 2014, the Partnership determined it is the primary beneficiary of the Bent Tree and Fairmont Oaks VIEs. The capital structure of Bent Tree and Fairmont Oaks VIEs consists of senior debt, subordinated debt, and equity capital. The senior debt is in the form of a mortgage revenue bond and accounts for the majority of the VIEs’ total capital. As the bondholder, the Partnership is entitled to principal and interest payments and has certain protective rights as established by the bond documents. The equity ownership in these entities is ultimately held by corporations which are owned by four individuals, one of which is a related party. Additionally, each of these properties is managed by an affiliate of the Partnership, America First Properties Management Company, LLC (“Properties Management”) which is an affiliate of the Burlington Capital Group, LLC (“Burlington”). | |||||||||||||||||
The Partnership lent the Exchange Accommodation Titleholder (“EAT (The Colonial, f/k/a Maples on 97th”) the necessary funds to purchase the The Colonial property and executed a Master Lease Agreement and Construction Management Agreement. These two agreements gave the Partnership the rights and obligations to manage the replacement property as well as the rehabilitation during the six month hold period. The Partnership determined that it was the primary beneficiary of the EAT (The Colonial, f/k/a Maples on 97th). Based on the terms of the Master Lease Agreement, the Partnership reported the rental income and related real estate operating expenses for the The Colonial property during the six month holding period (August 2012 to January 2013) as an MF Property since it has all the rights and obligations of landlord for the property. In February 2013, title to the The Colonial (f/k/a Maples on 97th) property transferred to the Partnership from the EAT (The Colonial, f/k/a Maples on 97th). | |||||||||||||||||
In determining the primary beneficiary of these VIEs, the Partnership considered the activities of the VIE which most significantly impact the VIEs’ economic performance, who has the power to control such activities, the risks which the entities were designed to create, the variability associated with those risks and the interests which absorb such variability. The Partnership also considered the related party relationships of the entities involved in the VIEs. It was determined that the Partnership, as part of the related party group, met both of the primary beneficiary criteria and was the most closely associated with the VIEs and, therefore, was determined to be the primary beneficiary. | |||||||||||||||||
Non-Consolidated VIEs | |||||||||||||||||
The Company does not consolidate nine VIE entities. In determining the primary beneficiary of these VIEs, the Partnership considered the activities of each VIE which most significantly impact the VIEs’ economic performance, who has the power to control such activities, the risks which the entities were designed to create, the variability associated with those risks and the interests which absorb such variability. The significant activities of the VIE that impact the economic performance of the entity include leasing and maintaining multifamily residential properties, determining if the property is to be sold, decisions relating to debt refinancing, the selection of or replacement of the property manager and the approval of the operating and capital budgets. While the capital structures of these VIEs resulted in the Partnership holding a majority of the variable interests in these VIEs, the Partnership determined it does not have the power to direct the activities of these VIEs that most significantly impact the VIEs’ economic performance and, as a result, is not the primary beneficiary of these VIEs. | |||||||||||||||||
The following table presents information regarding the classification of the assets at their carrying value and maximum exposure to loss held by the Partnership as of December 31, 2014 and 2013, which constitute variable interest entities. | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Balance Sheet Classification | Maximum Exposure to Loss | ||||||||||||||||
Mortgage Revenue Bond | Property Loan | Mortgage Revenue Bond | Property Loan | ||||||||||||||
Ashley Square Apartments | $ | 5,645,559 | $ | 1,482,000 | $ | 5,159,000 | $ | 7,534,002 | |||||||||
Bruton Apartments | 18,145,000 | — | 18,145,000 | — | |||||||||||||
Cross Creek | 8,617,079 | 3,528,615 | 6,074,817 | 3,528,615 | |||||||||||||
Glenview Apartments | 6,723,000 | — | 6,723,000 | — | |||||||||||||
Harden Ranch | 9,300,000 | — | 9,300,000 | — | |||||||||||||
Montclair Apartments | 3,458,000 | — | 3,458,000 | — | |||||||||||||
Santa Fe Apartments | 4,736,000 | — | 4,736,000 | — | |||||||||||||
Tyler Park Apartments | 8,100,000 | — | 8,100,000 | — | |||||||||||||
Westside Village Market | 5,400,000 | — | 5,400,000 | — | |||||||||||||
$ | 70,124,638 | $ | 5,010,615 | $ | 67,095,817 | $ | 11,062,617 | ||||||||||
December 31, 2013 | |||||||||||||||||
Balance Sheet Classification | Maximum Exposure to Loss | ||||||||||||||||
Mortgage Revenue Bond | Property Loan | Mortgage Revenue Bond | Property Loan | ||||||||||||||
Ashley Square Apartments | $ | 5,212,000 | $ | 1,482,000 | $ | 5,212,000 | $ | 7,131,757 | |||||||||
Cross Creek | 7,522,563 | 3,448,615 | 6,042,297 | 3,448,615 | |||||||||||||
Tyler Park Apartments | 8,100,000 | — | 8,100,000 | — | |||||||||||||
Westside Village Market | 5,400,000 | — | 5,400,000 | — | |||||||||||||
$ | 26,234,563 | $ | 4,930,615 | $ | 24,754,297 | $ | 10,580,372 | ||||||||||
The following tables provide information about the two VIEs at December 31, 2014 and 2013 in the Partnership’s financial statements under the provisions of the guidance on consolidations. These schedules also include information on the mortgage revenue bonds owned by the Partnership which are eliminated in consolidation, as of December 31, 2014 and 2013, respectively. In addition to the mortgage revenue bonds detailed below, the Partnership has made taxable property loans to these consolidated VIEs of $7.4 million and $7.1 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||
VIEs - December 31, 2014 | |||||||||||||||||
Base | Principal | Income | |||||||||||||||
Maturity | Interest | Outstanding at | Earned in | ||||||||||||||
Property Name | Location | Date | Rate | 31-Dec-14 | 2014 | ||||||||||||
Bent Tree Apartments (1) | Columbia, SC | 12/15/30 | 6.25 | % | $ | 7,465,000 | $ | 468,859 | |||||||||
Fairmont Oaks Apartments (1) | Gainesville, FL | 4/1/33 | 6.3 | % | 7,266,000 | 460,420 | |||||||||||
Total Mortgage Revenue Bonds | $ | 14,731,000 | $ | 929,279 | |||||||||||||
(1) Bonds held by ATAX TEBS I, LLC | |||||||||||||||||
VIEs - December 31, 2013 | |||||||||||||||||
Base | Principal | Income | |||||||||||||||
Maturity | Interest | Outstanding at | Earned in | ||||||||||||||
Property Name | Location | Date | Rate | 31-Dec-13 | 2013 | ||||||||||||
Bent Tree Apartments (1) | Columbia, SC | 12/15/30 | 6.25 | % | $ | 7,542,000 | $ | 473,438 | |||||||||
Fairmont Oaks Apartments (1) | Gainesville, FL | 4/1/33 | 6.3 | % | $ | 7,355,000 | $ | 465,791 | |||||||||
Total Mortgage Revenue Bonds | $ | 14,897,000 | $ | 939,229 | |||||||||||||
(1) Bonds held by ATAX TEBS I, LLC | |||||||||||||||||
The following tables present the effects of the consolidation of the VIEs on the Company’s Consolidated Balance Sheets and Statements of Operations. As discussed above, the assets of the VIEs cannot be used to settle the general commitments of the Partnership and the Partnership is not responsible for the commitments and liabilities of the VIEs. The cash flows from the VIEs do not represent cash flows available to the Partnership. | |||||||||||||||||
Consolidating Balance Sheets as of December 31, 2014 and 2013: | |||||||||||||||||
Partnership as of December 31, 2014 | Consolidated VIEs as of December 31, 2014 | Consolidation -Elimination as of December 31, 2014 | Total as of December 31, 2014 | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 49,157,571 | $ | 35,772 | $ | — | $ | 49,193,343 | |||||||||
Restricted cash | 11,141,496 | 544,233 | — | 11,685,729 | |||||||||||||
Interest receivable | 4,791,828 | — | (670,342 | ) | 4,121,486 | ||||||||||||
Mortgage revenue bonds held in trust | 394,568,208 | — | (16,145,116 | ) | 378,423,092 | ||||||||||||
Mortgage revenue bonds | 70,601,045 | — | — | 70,601,045 | |||||||||||||
Public housing capital fund trusts | 61,263,123 | — | — | 61,263,123 | |||||||||||||
Mortgage-backed securities | 14,841,558 | — | — | 14,841,558 | |||||||||||||
Real estate assets: | |||||||||||||||||
Land and land improvements | 13,753,493 | 1,836,400 | — | 15,589,893 | |||||||||||||
Buildings and improvements | 110,706,173 | 21,204,048 | — | 131,910,221 | |||||||||||||
Real estate assets before accumulated depreciation | 124,459,666 | 23,040,448 | — | 147,500,114 | |||||||||||||
Accumulated depreciation | (14,108,154 | ) | (10,583,646 | ) | — | (24,691,800 | ) | ||||||||||
Net real estate assets | 110,351,512 | 12,456,802 | — | 122,808,314 | |||||||||||||
Other assets | 41,958,914 | 420,054 | (11,077,441 | ) | 31,301,527 | ||||||||||||
Total Assets | $ | 758,675,255 | $ | 13,456,861 | $ | (27,892,899 | ) | $ | 744,239,217 | ||||||||
Liabilities | |||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 4,123,346 | $ | 22,225,477 | $ | (21,721,734 | ) | $ | 4,627,089 | ||||||||
Distribution payable | 7,617,390 | — | — | 7,617,390 | |||||||||||||
Debt financing | 345,359,000 | — | — | 345,359,000 | |||||||||||||
Mortgage payable | 76,707,834 | 14,731,000 | (14,731,000 | ) | 76,707,834 | ||||||||||||
Total Liabilities | 433,807,570 | 36,956,477 | (36,452,734 | ) | 434,311,313 | ||||||||||||
Partners' Capital | |||||||||||||||||
General Partner | 578,238 | — | — | 578,238 | |||||||||||||
Beneficial Unit Certificate holders | 324,305,442 | — | 6,151,675 | 330,457,117 | |||||||||||||
Unallocated loss of Consolidated VIEs | — | (23,499,616 | ) | 2,408,160 | (21,091,456 | ) | |||||||||||
Total Partners' Capital | 324,883,680 | (23,499,616 | ) | 8,559,835 | 309,943,899 | ||||||||||||
Noncontrolling interest | (15,995 | ) | — | — | (15,995 | ) | |||||||||||
Total Capital | 324,867,685 | (23,499,616 | ) | 8,559,835 | 309,927,904 | ||||||||||||
Total Liabilities and Partners' Capital | $ | 758,675,255 | $ | 13,456,861 | $ | (27,892,899 | ) | $ | 744,239,217 | ||||||||
Partnership as of December 31, 2013 | Consolidated VIEs as of December 31, 2013 | Consolidation -Elimination as of December 31, 2013 | Total as of December 31, 2013 | ||||||||||||||
Assets | |||||||||||||||||
Cash and cash equivalents | $ | 11,292,039 | $ | 25,976 | $ | — | $ | 11,318,015 | |||||||||
Restricted cash | 6,344,666 | 500,877 | — | 6,845,543 | |||||||||||||
Interest receivable | 5,281,398 | — | (1,939,360 | ) | 3,342,038 | ||||||||||||
Mortgage revenue bonds held in trust | 230,885,864 | — | (14,514,063 | ) | 216,371,801 | ||||||||||||
Mortgage revenue bonds | 68,946,370 | — | — | 68,946,370 | |||||||||||||
Public housing capital fund trusts | 62,056,379 | — | — | 62,056,379 | |||||||||||||
Mortgage-backed securities | 37,845,661 | — | — | 37,845,661 | |||||||||||||
Real estate assets: | |||||||||||||||||
Land and land improvements | 9,245,592 | 1,836,400 | — | 11,081,992 | |||||||||||||
Buildings and improvements | 90,253,256 | 20,942,439 | — | 111,195,695 | |||||||||||||
Real estate assets before accumulated depreciation | 99,498,848 | 22,778,839 | — | 122,277,687 | |||||||||||||
Accumulated depreciation | (9,386,811 | ) | (9,741,942 | ) | — | (19,128,753 | ) | ||||||||||
Net real estate assets | 90,112,037 | 13,036,897 | — | 103,148,934 | |||||||||||||
Other assets | 33,488,744 | 456,087 | (9,586,540 | ) | 24,358,291 | ||||||||||||
Total Assets | $ | 546,253,158 | $ | 14,019,837 | $ | (26,039,963 | ) | $ | 534,233,032 | ||||||||
Liabilities | |||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 4,963,653 | $ | 20,634,613 | $ | (20,147,572 | ) | $ | 5,450,694 | ||||||||
Distribution payable | 6,446,076 | — | — | 6,446,076 | |||||||||||||
Debt financing | 257,274,000 | — | — | 257,274,000 | |||||||||||||
Mortgage payable | 57,087,320 | 14,897,000 | (14,897,000 | ) | 57,087,320 | ||||||||||||
Bond purchase commitment at fair value | 4,852,177 | — | — | 4,852,177 | |||||||||||||
Total Liabilities | 330,623,226 | 35,531,613 | (35,044,572 | ) | 331,110,267 | ||||||||||||
Partners' Capital | |||||||||||||||||
General Partner | 16,671 | — | — | 16,671 | |||||||||||||
Beneficial Unit Certificate holders | 215,624,583 | — | 7,948,729 | 223,573,312 | |||||||||||||
Unallocated deficit of Consolidated VIEs | — | (21,511,776 | ) | 1,055,880 | (20,455,896 | ) | |||||||||||
Total Partners' Capital | 215,641,254 | (21,511,776 | ) | 9,004,609 | 203,134,087 | ||||||||||||
Noncontrolling interest | (11,322 | ) | — | — | (11,322 | ) | |||||||||||
Total Capital | 215,629,932 | (21,511,776 | ) | 9,004,609 | 203,122,765 | ||||||||||||
Total Liabilities and Partners' Capital | $ | 546,253,158 | $ | 14,019,837 | $ | (26,039,963 | ) | $ | 534,233,032 | ||||||||
Consolidating Statements of Operations for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||
Partnership For the Year Ended December 31, 2014 | Consolidated VIEs For the Year Ended December 31, 2014 | Consolidation -Elimination For the Year Ended December 31, 2014 | Total For the Year Ended December 31, 2014 | ||||||||||||||
Revenues: | |||||||||||||||||
Property revenues | $ | 14,250,572 | $ | 3,180,680 | $ | — | $ | 17,431,252 | |||||||||
Mortgage revenue bond investment income | 27,535,513 | — | (929,279 | ) | 26,606,234 | ||||||||||||
Contingent interest income | 40,000 | — | — | 40,000 | |||||||||||||
Other interest income | 856,217 | — | — | 856,217 | |||||||||||||
Gain on mortgage revenue bonds - sale and redemption | 3,701,772 | — | — | 3,701,772 | |||||||||||||
Other income | 188,000 | — | — | 188,000 | |||||||||||||
Total revenues | 46,572,074 | 3,180,680 | (929,279 | ) | 48,823,475 | ||||||||||||
Expenses: | |||||||||||||||||
Real estate operating (exclusive of items shown below) | 7,796,761 | 1,955,112 | — | 9,751,873 | |||||||||||||
Provision for loan loss | 75,000 | — | — | 75,000 | |||||||||||||
Depreciation and amortization | 6,089,708 | 958,621 | (26,772 | ) | 7,021,557 | ||||||||||||
Interest | 11,398,649 | 2,254,786 | (2,254,786 | ) | 11,398,649 | ||||||||||||
General and administrative | 5,547,208 | — | — | 5,547,208 | |||||||||||||
Total expenses | 30,907,326 | 5,168,519 | (2,281,558 | ) | 33,794,287 | ||||||||||||
Income (loss) from continuing operations | 15,664,748 | (1,987,839 | ) | 1,352,279 | 15,029,188 | ||||||||||||
Net (loss) income attributable to noncontrolling interest | (4,673 | ) | — | — | (4,673 | ) | |||||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 15,669,421 | $ | (1,987,839 | ) | $ | 1,352,279 | $ | 15,033,861 | ||||||||
Partnership For the Year Ended December 31, 2013 | Consolidated VIEs For the Year Ended December 31, 2013 | Consolidation -Elimination For the Year Ended December 31, 2013 | Total For the Year Ended December 31, 2013 | ||||||||||||||
Revenues: | |||||||||||||||||
Property revenues | $ | 11,358,718 | $ | 4,752,022 | $ | — | $ | 16,110,740 | |||||||||
Mortgage revenue bond investment income | 24,109,397 | — | (1,457,775 | ) | 22,651,622 | ||||||||||||
Contingent interest income | 6,497,160 | — | — | 6,497,160 | |||||||||||||
Other interest income | 1,772,338 | — | — | 1,772,338 | |||||||||||||
Other income | 250,000 | 9,186,828 | (9,186,828 | ) | 250,000 | ||||||||||||
Total revenues | 43,987,613 | 13,938,850 | (10,644,603 | ) | 47,281,860 | ||||||||||||
Expenses: | |||||||||||||||||
Real estate operating (exclusive of items shown below) | 6,522,091 | 3,052,731 | — | 9,574,822 | |||||||||||||
Realized loss on taxable property loan | 4,557,741 | — | — | 4,557,741 | |||||||||||||
Provision for loan loss | 168,000 | — | — | 168,000 | |||||||||||||
Provision for loss on receivables | 241,698 | — | — | 241,698 | |||||||||||||
Depreciation and amortization | 5,374,802 | 1,399,548 | (41,770 | ) | 6,732,580 | ||||||||||||
Interest | 7,235,336 | 3,221,000 | (3,221,000 | ) | 7,235,336 | ||||||||||||
General and administrative | 4,237,245 | — | — | 4,237,245 | |||||||||||||
Total expenses | 28,336,913 | 7,673,279 | (3,262,770 | ) | 32,747,422 | ||||||||||||
Income (loss) from continuing operations | 15,650,700 | 6,265,571 | (7,381,833 | ) | 14,534,438 | ||||||||||||
Income from discontinued operations (including gain on sale of MF Property of $3,177,183 in 2013) | 3,442,404 | — | — | 3,442,404 | |||||||||||||
Net income (loss) | 19,093,104 | 6,265,571 | (7,381,833 | ) | 17,976,842 | ||||||||||||
Net income attributable to noncontrolling interest | 261,923 | — | — | 261,923 | |||||||||||||
Net income (loss) - America First Multifamily Investors, L.P. | $ | 18,831,181 | $ | 6,265,571 | $ | (7,381,833 | ) | $ | 17,714,919 | ||||||||
Partnership For the Year Ended December 31, 2012 | Consolidated VIEs For the Year Ended December 31, 2012 | Consolidation -Elimination For the Year Ended December 31, 2012 | Total For the Year Ended December 31, 2012 | ||||||||||||||
Revenues: | |||||||||||||||||
Property revenues | $ | 7,846,812 | $ | 4,807,718 | $ | — | $ | 12,654,530 | |||||||||
Mortgage revenue bond investment income | 12,599,284 | — | (1,520,817 | ) | 11,078,467 | ||||||||||||
Gain on mortgage revenue bond - sale | 680,444 | — | — | 680,444 | |||||||||||||
Other interest income | 150,882 | — | — | 150,882 | |||||||||||||
Other income | 557,300 | (1,972 | ) | — | 555,328 | ||||||||||||
Total Revenues | 21,834,722 | 4,805,746 | (1,520,817 | ) | 25,119,651 | ||||||||||||
Expenses: | |||||||||||||||||
Real estate operating (exclusive of items shown below) | 4,604,870 | 3,273,061 | — | 7,877,931 | |||||||||||||
Provision for loss on receivables | 452,700 | — | — | 452,700 | |||||||||||||
Depreciation and amortization | 3,447,316 | 1,578,275 | (43,561 | ) | 4,982,030 | ||||||||||||
Interest | 5,530,995 | 3,240,306 | (3,240,306 | ) | 5,530,995 | ||||||||||||
General and administrative | 3,512,233 | — | — | 3,512,233 | |||||||||||||
Total Expenses | 17,548,114 | 8,091,642 | (3,283,867 | ) | 22,355,889 | ||||||||||||
Income (loss) from continuing operations | 4,286,608 | (3,285,896 | ) | 1,763,050 | 2,763,762 | ||||||||||||
Income from discontinued operations (including gain on sale of MF Property of $1.406,608 in 2012) | 2,232,276 | — | — | 2,232,276 | |||||||||||||
Net income (loss) | 6,518,884 | (3,285,896 | ) | 1,763,050 | 4,996,038 | ||||||||||||
Net income attributable to noncontrolling interest | 549,194 | — | — | 549,194 | |||||||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 5,969,690 | $ | (3,285,896 | ) | $ | 1,763,050 | $ | 4,446,844 | ||||||||
Investments_in_Mortgage_Revenu
Investments in Mortgage Revenue Bonds Investments in Mortgage Revenue Bonds (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||||||||||
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block] | 5. Investments in Mortgage Revenue Bonds | ||||||||||||||||
Each of the mortgage revenue bonds were issued by various state and local governments, their agencies and authorities to finance the construction or rehabilitation of income-producing real estate properties. However, the mortgage revenue bonds do not constitute an obligation of any state or local government, agency or authority and no state or local government, agency or authority is liable on them, nor is the taxing power of any state or local government pledged to the payment of principal or interest on the mortgage revenue bonds. The mortgage revenue bonds are non-recourse obligations of the respective owners of the properties. The sole source of the funds to pay principal and interest on the mortgage revenue bonds is the net cash flow or the sale or refinancing proceeds from the properties. Each mortgage revenue bond, however, is collateralized by a mortgage on all real and personal property included in the related property and bears interest at a fixed rate and four of the mortgage revenue bonds provide for the payment of additional contingent interest that is payable solely from available net cash flow generated by the financed property. | |||||||||||||||||
The mortgage revenue bonds owned by the Company have been issued to provide construction and/or permanent financing for the Residential Properties. The carrying value of each of the Partnership’s mortgage revenue bonds as of December 31, 2014 and 2013 is as follows: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Description of Tax-Exempt | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Mortgage Revenue Bonds | for pay-downs | Gain | Loss | Fair Value | |||||||||||||
Arbors at Hickory Ridge (3) | $ | 11,570,933 | $ | 1,792,303 | $ | — | $ | 13,363,236 | |||||||||
Ashley Square (1) | 5,159,000 | 486,559 | — | 5,645,559 | |||||||||||||
Avistar at Chase Hill A Bond (3) | 10,000,000 | 1,196,800 | — | 11,196,800 | |||||||||||||
Avistar at the Crest A Bond (3) | 9,700,000 | 1,419,692 | — | 11,119,692 | |||||||||||||
Avistar at the Oaks A Bond (3) | 7,800,000 | 869,622 | — | 8,669,622 | |||||||||||||
Avistar in 09 A Bond (3) | 6,735,000 | 750,885 | — | 7,485,885 | |||||||||||||
Avistar on the Boulevard A Bond (3) | 16,525,000 | 2,418,599 | — | 18,943,599 | |||||||||||||
Avistar on the Hills A Bond (3) | 5,389,000 | 743,520 | — | 6,132,520 | |||||||||||||
Bella Vista (1) | 6,490,000 | 625,571 | — | 7,115,571 | |||||||||||||
Bridle Ridge (1) | 7,655,000 | 659,249 | — | 8,314,249 | |||||||||||||
Brookstone (1) | 7,468,888 | 1,360,589 | — | 8,829,477 | |||||||||||||
Bruton Apartments (2) | 18,145,000 | 1,455,955 | — | 19,600,955 | |||||||||||||
Copper Gate Apartments (3) | 5,220,000 | 563,656 | — | 5,783,656 | |||||||||||||
Cross Creek (1) | 6,074,817 | 2,542,262 | — | 8,617,079 | |||||||||||||
Decatur Angle (2) | 23,000,000 | 919,540 | — | 23,919,540 | |||||||||||||
Greens Property A Bond (3) | 8,366,000 | 1,005,119 | — | 9,371,119 | |||||||||||||
Harden Ranch A Bond (3) | 6,960,000 | 511,421 | — | 7,471,421 | |||||||||||||
Lake Forest (1) | 8,886,000 | 1,003,614 | — | 9,889,614 | |||||||||||||
Live 929 Apartments (2) | 40,895,739 | 3,797,745 | — | 44,693,484 | |||||||||||||
Pro Nova 2014-1 and 2014-2 (2) | 20,095,169 | 1,043,431 | — | 21,138,600 | |||||||||||||
Ohio Properties A Bonds (1) | 14,407,000 | 2,444,034 | — | 16,851,034 | |||||||||||||
Runnymede (1) | 10,440,000 | 1,385,910 | — | 11,825,910 | |||||||||||||
Southpark (1) | 11,842,206 | 3,743,692 | — | 15,585,898 | |||||||||||||
The Palms at Premier Park Apartments (3) | 20,152,000 | 2,680,619 | — | 22,832,619 | |||||||||||||
The Suites on Paseo (2) | 35,450,000 | 3,193,691 | — | 38,643,691 | |||||||||||||
Tyler Park Apartments A Bond (3) | 6,075,000 | 345,060 | — | 6,420,060 | |||||||||||||
Westside Village Market A Bond (3) | 3,970,000 | 225,496 | — | 4,195,496 | |||||||||||||
Woodlynn Village (1) | 4,390,000 | 376,706 | — | 4,766,706 | |||||||||||||
Mortgage revenue bonds held in trust | $ | 338,861,752 | $ | 39,561,340 | $ | — | $ | 378,423,092 | |||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||||||||||||
(3) Bonds owned by ATAX TEBS II, LLC, Note 11 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Description of Tax-Exempt | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Mortgage Revenue Bonds | for pay-downs | Gain | Loss | Fair Value | |||||||||||||
Avistar at Chase Hill B Bond | $ | 965,000 | $ | 144,769 | $ | — | $ | 1,109,769 | |||||||||
Avistar at the Crest B Bond | 759,000 | 124,286 | — | 883,286 | |||||||||||||
Avistar at the Oaks B Bond | 554,000 | 54,325 | — | 608,325 | |||||||||||||
Avistar in 09 B Bond | 457,000 | 50,608 | — | 507,608 | |||||||||||||
Avistar on the Boulevard B Bond | 451,000 | 73,851 | — | 524,851 | |||||||||||||
Greens Property B Bond | 945,638 | 376,203 | — | 1,321,841 | |||||||||||||
Glenview Apartments | 6,723,000 | — | — | 6,723,000 | |||||||||||||
Harden Ranch B Bond | 2,340,000 | — | (1,501 | ) | 2,338,499 | ||||||||||||
Heritage Square | 11,705,000 | 1,109,125 | — | 12,814,125 | |||||||||||||
Montclair Apartments | 3,458,000 | — | — | 3,458,000 | |||||||||||||
Ohio Properties B Bonds | 3,573,430 | 668,542 | — | 4,241,972 | |||||||||||||
Renaissance | 12,675,000 | 1,055,807 | — | 13,730,807 | |||||||||||||
Santa Fe Apartments | 4,736,000 | — | — | 4,736,000 | |||||||||||||
Tyler Park B Bond | 2,025,000 | — | (17,395 | ) | 2,007,605 | ||||||||||||
Vantage at Harlingen | 6,692,000 | 707,813 | — | 7,399,813 | |||||||||||||
Vantage at Judson | 6,049,000 | 717,230 | — | 6,766,230 | |||||||||||||
Westside Village B Bond | 1,430,000 | — | (686 | ) | 1,429,314 | ||||||||||||
Mortgage revenue bonds | $ | 65,538,068 | $ | 5,082,559 | $ | (19,582 | ) | $ | 70,601,045 | ||||||||
31-Dec-13 | |||||||||||||||||
Description of Mortgage | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Revenue Bonds | for Pay-downs | Gain | Loss | Fair Value | |||||||||||||
Arbors at Hickory Ridge (2) | $ | 11,576,209 | $ | 225,690 | $ | — | $ | 11,801,899 | |||||||||
Ashley Square (1) | 5,212,000 | — | — | 5,212,000 | |||||||||||||
Autumn Pines (2) | 12,147,873 | — | (195,355 | ) | 11,952,518 | ||||||||||||
Avistar at Chase Hill A Bond (2) | 8,960,000 | — | (850,752 | ) | 8,109,248 | ||||||||||||
Avistar at the Crest A Bond (2) | 8,759,000 | — | (1,298,785 | ) | 7,460,215 | ||||||||||||
Avistar at the Oaks (2) | 8,354,000 | — | (1,103,115 | ) | 7,250,885 | ||||||||||||
Avistar in 09 (2) | 7,192,000 | — | (588,254 | ) | 6,603,746 | ||||||||||||
Avistar on the Boulevard A Bond (2) | 13,760,000 | — | (1,306,512 | ) | 12,453,488 | ||||||||||||
Avistar on the Hills (2) | 5,389,000 | — | (417,724 | ) | 4,971,276 | ||||||||||||
Bella Vista (1) | 6,545,000 | — | (473,989 | ) | 6,071,011 | ||||||||||||
Bridle Ridge (1) | 7,715,000 | — | (452,870 | ) | 7,262,130 | ||||||||||||
Brookstone (1) | 7,463,641 | 841,751 | — | 8,305,392 | |||||||||||||
Cross Creek (1) | 6,042,297 | 1,480,266 | — | 7,522,563 | |||||||||||||
Greens Property A Bond (2) | 8,437,501 | — | (577,426 | ) | 7,860,075 | ||||||||||||
Lake Forest (1) | 8,997,000 | — | (289,461 | ) | 8,707,539 | ||||||||||||
Lost Creek (1) | 15,883,084 | 1,743,088 | — | 17,626,172 | |||||||||||||
Ohio Properties A Bonds (1) | 14,498,000 | — | — | 14,498,000 | |||||||||||||
Runnymede (1) | 10,525,000 | — | (551,510 | ) | 9,973,490 | ||||||||||||
Southpark (1) | 11,878,885 | 1,018,750 | — | 12,897,635 | |||||||||||||
The Suites on Paseo (2) | 35,750,000 | — | (2,502 | ) | 35,747,498 | ||||||||||||
Woodlynn Village (1) | 4,426,000 | — | (340,979 | ) | 4,085,021 | ||||||||||||
Mortgage revenue bonds held in trust | $ | 219,511,490 | $ | 5,309,545 | $ | (8,449,234 | ) | $ | 216,371,801 | ||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Description of Mortgage | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Revenue Bonds | for Pay-downs | Gain | Loss | Fair Value | |||||||||||||
Avistar at Chase Hill B Bond | $ | 2,005,000 | $ | — | $ | (159,117 | ) | $ | 1,845,883 | ||||||||
Avistar at the Crest B Bond | 1,700,000 | — | (134,912 | ) | 1,565,088 | ||||||||||||
Avistar on the Boulevard B Bond | 3,216,000 | — | (255,222 | ) | 2,960,778 | ||||||||||||
Copper Gate Apartments | 5,220,000 | — | (252,648 | ) | 4,967,352 | ||||||||||||
Greens Property B Bond | 948,291 | 189,589 | — | 1,137,880 | |||||||||||||
Ohio Properties B Bonds | 3,583,590 | 150,864 | — | 3,734,454 | |||||||||||||
Renaissance | 7,975,000 | — | (16,964 | ) | 7,958,036 | ||||||||||||
The Palms at Premier Park | 20,152,000 | — | (283,942 | ) | 19,868,058 | ||||||||||||
Tyler Park Apartments | 8,100,000 | — | (526,601 | ) | 7,573,399 | ||||||||||||
Vantage at Harlingen | 6,692,000 | — | (211,735 | ) | 6,480,265 | ||||||||||||
Vantage at Judson | 6,049,000 | — | (190,423 | ) | 5,858,577 | ||||||||||||
Westside Village Market | 5,400,000 | — | (403,400 | ) | 4,996,600 | ||||||||||||
Mortgage revenue bonds | $ | 71,040,881 | $ | 340,453 | $ | (2,434,964 | ) | $ | 68,946,370 | ||||||||
Valuation - As all of the Company’s investments in mortgage revenue bonds are classified as available-for-sale securities, they are carried on the balance sheets at their estimated fair values. As of December 31, 2014, the weighted average base rate of the mortgage revenue bonds reported in the consolidated financial statements was approximately 6.0% per annum. Due to the limited market for the mortgage revenue bonds, these estimates of fair value do not necessarily represent what the Company would actually receive in a sale of the bonds. There is no active trading market for the bonds and price quotes for the bonds are not generally available. As of December 31, 2014 and December 31, 2013, all of the Company’s mortgage revenue bonds were valued using discounted cash flow or yield to maturity analysis performed by management. Management’s valuation encompasses judgment in its application. The key assumption in management’s yield to maturity analysis is the range of effective yields on the individual bonds. At December 31, 2014, the range of effective yields on the individual bonds was 4.7% to 8.3% per annum. Additionally, the Company calculated the sensitivity of the key assumption used in calculating the fair values of these bonds. Assuming an immediate ten percent adverse change in the key assumption, the effective yields on the individual bonds would increase to a range of 5.1% to 9.1% per annum and would result in additional unrealized losses on the bond portfolio of approximately $26.2 million. This sensitivity analysis is hypothetical and is as of a specific point in time. The results of the sensitivity analysis may not be indicative of actual changes in fair value and should be used with caution. If available, the general partner may also consider price quotes on similar bonds or other information from external sources, such as pricing services. Pricing services, broker quotes and management’s analysis provide indicative pricing only. | |||||||||||||||||
Unrealized gains or losses on these mortgage revenue bonds are recorded in accumulated other 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 underlying properties. As of December 31, 2014, two mortgage revenue bonds, Tyler Park B Bond and Westside Village B Bond, have been in an unrealized loss position for greater than twelve months. The Company has reviewed each of its mortgage revenue bonds for impairment. Based upon this evaluation, the current unrealized losses on these two bonds are not considered to be other-than-temporary. If yields on new issuance of investments increase, the Company experiences deterioration in the estimated fair values of its investment portfolio, or if the Company’s intent and ability to hold certain bonds changes, the Company may incur impairments to its investment portfolio which could negatively impact the Company’s financial condition, cash flows, and reported earnings. The Company has the intent and ability to hold both of these mortgage revenue bonds until their stated maturity. | |||||||||||||||||
The Harden Ranch B mortgage revenue bond was purchased in 2014 so it has been in unrealized loss positions for less than twelve months. | |||||||||||||||||
The Company’s ability to recover the mortgage revenue bonds’ entire amortized cost basis is dependent upon the issuer being able to meet debt service requirements. The primary source of repayment is the cash flows produced by the property which serves as the collateral for the bonds. The Company utilizes a discounted cash flow model for the underlying property and compares the results of the model to the amortized cost basis of the bond. These models reflect the cash flows expected to be generated by the underlying properties over a ten year period, including an assumed property sale at the end of year ten, discounted using the effective interest rate on the bonds in accordance with the accounting guidance on other-than-temporary impairment of debt securities. The revenue, expense, and resulting net operating income projections which are the basis for the discounted cash flow model are based on judgment. | |||||||||||||||||
Recent Bond Activity | |||||||||||||||||
In November 2014, the Partnership acquired six mortgage revenue bonds. They are as follows: | |||||||||||||||||
• | The Partnership purchased an approximate $4.7 million par value Series A and an approximate $2.0 million par value Series B mortgage revenue bonds. These mortgage revenue bonds are secured by Glenview Apartments, an 88 unit multifamily residential property in Cameron, California. | ||||||||||||||||
• | The Partnership purchased an approximate $2.5 million par value Series A and an approximate $1.0 million par value Series B mortgage revenue bonds. These mortgage revenue bonds are secured by Montclair Apartments, an 80 unit multifamily residential property in Lemoore, California. | ||||||||||||||||
• | The Partnership purchased an approximate $3.0 million par value Series A and an approximate $1.7 million par value Series B mortgage revenue bonds. These mortgage revenue bonds are secured by Santa Fe Apartments, an 89 unit multifamily residential property in Hesperia, California. | ||||||||||||||||
These three Series A mortgage revenue bonds each carry an annual interest rate of 5.75% and mature on December 1, 2031. The three Series B mortgage revenue bonds each carry an annual interest rate of 5.50% for the first year and 8.0% for the second year, maturing on December 1, 2016. | |||||||||||||||||
In October 2014, the Company acquired at 99% of par, two mortgage revenue bonds, 2014-2 with a par value of $10.0 million with an annual stated interest rate of approximately 5.3% and 2014-1 with a par value of $10.0 million with a stated interest rate of approximately 6.0%, maturing on May 1, 2025 and May 1, 2034, respectively. These mortgage revenue bonds are secured by ground, facility, and equipment at The Proton Therapy Center, LLC d/b/a Provision Center for Proton Therapy (“Pro Nova”), an ancillary health care facility providing cutting edge proton and traditional photon therapy treatment to cancer patients in Knoxville, Tennessee. The Company simultaneously executed two new TOB Trusts under its credit facility with DB securitizing this transaction, borrowing approximately $18.0 million at a fixed rate of approximately 4.0% per annum which will mature in July 2017(Note 11). Pursuant to the terms of this TOB trust the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. | |||||||||||||||||
In August 2014, the Company acquired at par an approximate $11.2 million par value Series 2014A mortgage revenue bond with a stated interest rate of 6.0%, which will mature on September 1, 2051. In addition, the Company purchased a $520,000 par value Subordinate Series 2014B mortgage revenue bond with a stated interest rate of 12.0% which will mature on October 1, 2051. These mortgage revenue bonds are secured by Heritage Square, a 204 unit multifamily residential property in Edinburg, Texas. | |||||||||||||||||
In August 2014, the Company acquired at par the approximate $18.1 million mortgage revenue bond secured by Bruton Apartments, a 264 unit multifamily residential property under construction in Dallas, Texas. The mortgage revenue bond carries an annual interest rate of 6.0% and matures on August 1, 2054. | |||||||||||||||||
In June 2014, the Partnership acquired an approximate $40.3 million par value mortgage revenue bond secured by the Live 929 Apartments, with a 5.8% annual stated interest rate which will mature on July 1, 2049. The project is a 572-bed existing student housing project on the campus of The Johns Hopkins University School of Medicine in Baltimore, Maryland. In July 2014, this investment closed upon the execution of a $35.0 million tender option bond (“TOB”) Trust under the existing TOB structure (Note 11) plus approximately $5.3 million in cash. | |||||||||||||||||
In April 2014, the mortgage revenue bond secured by Autumn Pines was sold for the outstanding principal and accrued base interest. The Company received approximately $13.1 million for the Autumn Pines mortgage revenue bond and recognized a gain of approximately $873,000 after payment of all TOB related financing fees. This gain was Tier 2 income with approximately $650,000 allocated to the unitholders and approximately $218,000 was allocated to the General Partner. This mortgage revenue bond had been acquired at a discount on June 1, 2011. The Company’s $9.8 million TOB financing facility which was the securitization of this mortgage revenue bond was collapsed and paid off in full in connection with this sale. | |||||||||||||||||
In February 2014, the Partnership acquired at par the senior $7.0 million par value and a subordinate $2.3 million par value mortgage revenue bond secured by Harden Ranch, a 100 unit multifamily residential property in Salinas, California. The senior mortgage revenue bond carries an annual interest rate of approximately 5.8% and matures on March 1, 2030. The subordinate mortgage revenue bond carries an annual interest rate of 5.5% for the first year and 8.0% for the second year and matures on March 1, 2016. | |||||||||||||||||
In February 2014, the Company acquired at par the senior $23.0 million par value mortgage revenue bond secured by Decatur Angle Apartments, a 302 unit multifamily residential property under construction in Fort Worth, Texas. The mortgage revenue bond carries an annual interest rate of 5.8% and matures on January 1, 2054. | |||||||||||||||||
In February 2014, the mortgage revenue bond secured by Lost Creek was redeemed for an amount greater than the outstanding principal and accrued base interest. This $18.5 million par value mortgage revenue bond had been acquired for approximately $15.9 million in May 2010. The Company received approximately $18.7 million for the Lost Creek mortgage revenue bond resulting in an approximate $2.8 million realized gain. This gain was Tier 2 income with approximately $2.1 million allocated to the unitholders and approximately $709,000 allocated to the General Partner. | |||||||||||||||||
In December 2013, the Partnership acquired seven mortgage revenue bonds. They are as follows: | |||||||||||||||||
• | The Partnership purchased an approximate $5.2 million par value Series A mortgage revenue bond with a stated interest rate of 6.25% per annum secured by Copper Gate Apartments, a 128 unit multifamily residential property in Lafayette, Indiana, maturing on December 1, 2029. | ||||||||||||||||
• | The Partnership purchased an approximate $6.1 million par value senior and an approximate $2.0 million par value subordinate mortgage revenue bonds with stated interest rates of 5.75% and 5.5% per annum, respectively. These mortgage revenue bonds are secured by Tyler Park Townhomes, an 88 unit multifamily residential property in Greenfield, California. The senior mortgage revenue bond matures on January 1, 2030 and the subordinate mortgage revenue bond matures on January 1, 2016. | ||||||||||||||||
• | The Partnership purchased an approximate $4.0 million par value senior and an approximate $1.4 million par value subordinate mortgage revenue bonds with stated interest rates of 5.75% and 5.5% per annum, respectively. These mortgage revenue bonds are secured by Westside Village, an 81 unit multifamily residential property in Shafter, California; The senior mortgage revenue bond matures on January 1, 2030 and the subordinate mortgage revenue bond matures on January 1, 2016. | ||||||||||||||||
• | The Partnership purchased an approximate $20.2 million par value Series A mortgage revenue bond with a stated interest rate of 6.25% per annum secured by The Palms at Premier Park Apartments, a 240 unit multifamily residential property in Columbia, South Carolina. This mortgage revenue bond matures on January 1, 2050. | ||||||||||||||||
• | The Partnership purchased an approximate $35.8 million par value Series A mortgage revenue bond with a stated interest rate of 6.25% per annum secured by The Suites on Paseo, a 384 bed student housing project in San Diego, California. This mortgage revenue bond matures on December 1, 2048. | ||||||||||||||||
Effective December 1, 2013, the ownership of Lake Forest became a not-for-profit entity, a reconsideration event, and Lake Forest ceased to be reported as a Consolidated VIE. As such, the Partnership is reporting the estimated fair value of the Lake Forest mortgage revenue bond as an investment asset for the first time in 2013. | |||||||||||||||||
In August 2013, the Partnership acquired a mortgage revenue bond secured by the Vantage at Harlingen Apartments, a 288 unit multifamily residential property located in Harlingen, Texas which is under construction. The Series C bond was purchased for approximately $6.7 million par value, carries a base interest rate of 9.0% per annum, and matures on October 1, 2053. The Partnership also acquired an approximate $1.3 million subordinate taxable bond which is recorded as an Other Asset. The Vantage at Harlingen Apartments has a construction loan with an unrelated bank and the Partnership’s mortgage revenue bonds are second lien borrowings to that construction loan. | |||||||||||||||||
Under the terms of a Forward Delivery Bond Purchase Agreement, the Partnership has agreed to purchase a new mortgage revenue bond between $18.0 million to approximately $24.7 million (“Harlingen Series B Bond”) secured by the Vantage at Harlingen Apartments which will be delivered by the mortgage revenue bond issuer once the property meets specific obligations and occupancy rates. The final amount of the Series B Bond will depend on the appraisal of the stabilized property. The Harlingen Series B Bond will have a stated annual interest rate of 6.0% per annum and bond proceeds must be used to pay off the construction loan to the bank and all or a portion of the $6.7 million subordinate Series C mortgage revenue bond. The Partnership accounts for the bond purchase commitment as an available-for-sale security and, as such, records the change in the estimated fair value of the bond purchase commitment as an asset or liability with changes in such valuation recorded in other comprehensive income. As of December 31, 2014, the Partnership estimated the value of this Bond Purchase Commitment and recorded in other assets an asset of approximately $1.4 million. As of December 31, 2013, the Partnership estimated the value of this Bond Purchase Commitment and recorded a liability of approximately $1.7 million. | |||||||||||||||||
During the first quarter of 2013, BC Partners contributed $6.5 million of capital into the Crescent Village, Willow Bend, and Post Woods (collectively, the “Ohio Properties”) which allowed the Company to recognize a sale of the discontinued operations (Note 10). As such, the Partnership is reporting the estimated fair value of the Ohio Properties’ mortgage revenue bonds as assets in the consolidated balance sheet for the first time in 2013. | |||||||||||||||||
In July 2013, the limited partner property owner contributed approximately $800,000 of additional capital into the Greens Property which allowed the Company to recognize a sale of the discontinued operations (Note 10). As such, the Partnership is reporting the estimated fair value of the Green Property mortgage revenue bonds as an asset in the consolidated balance sheet for the first time in 2013. | |||||||||||||||||
In June 2013, the Partnership redeemed its interest in the Iona Lakes mortgage revenue bond for approximately $21.9 million. This redemption resulted in the realization of approximately $6.5 million in contingent interest income and approximately $4.6 million realized loss on a taxable property loan. The trust indenture for this bond had a waterfall feature which stipulated that all unpaid contingent interest must be paid prior to making payment on any taxable loan between the owner of the bond and the property. | |||||||||||||||||
In June 2013, the Partnership acquired six mortgage revenue bonds secured by three properties located in San Antonio, Texas. The mortgage revenue bond purchases are as follows: approximately $5.9 million par value Series A and approximately $2.5 million par value Series B mortgage revenue bonds secured by the Avistar at the Oaks Apartments, a 156 unit multifamily residential property; approximately $3.1 million Series A and approximately $2.3 million Series B mortgage revenue bonds secured by the Avistar on the Hills Apartments, a 129 unit multifamily residential property; and approximately $5.5 million Series A and approximately $1.7 million Series B mortgage revenue bonds secured by Avistar in 09 Apartments, a 133 unit multifamily residential property. The three Series A mortgage revenue bonds each carry an annual interest rate of 6.0% per annum and mature on August 1, 2050. The three Series B mortgage revenue bonds each carry an annual base interest rate of 9.0% per annum and mature on September 1, 2050. The Partnership also acquired approximately $831,000 of taxable mortgage revenue bonds which also carry a base interest rate of 9.0% per annum and mature on September 1, 2050. On June 30, 2014 the Company finalized the restructuring of these six mortgage revenue bonds moving approximately $5.5 million in Series B mortgage revenue bonds to Series A mortgage revenue bonds. The par bond values reported on December 31, 2014 are as follows: approximately $7.8 million par value Series A and approximately $0.6 million par value Series B mortgage revenue bonds secured by the Avistar at the Oaks Apartments, a 156 unit multifamily residential property; approximately $5.4 million Series A mortgage revenue bonds secured by the Avistar on the Hills Apartments, a 129 unit multifamily residential property; and approximately $6.7 million Series A and approximately $0.5 million Series B mortgage revenue bonds secured by Avistar in 09 Apartments, a 133 unit multifamily residential property. The three Series A mortgage revenue bonds each carry an annual interest rate of 6.0% per annum and mature on August 1, 2050. The three Series B mortgage revenue bonds each carry an annual base interest rate of 9.0% per annum and mature on September 1, 2050. The Partnership also acquired approximately $831,000 of taxable mortgage revenue bonds which also carry a base interest rate of 9.0% per annum and mature on September 1, 2050. In connection with the mortgage revenue bond restructuring the Company loaned these entities approximately $526,000 to cover the costs of restructuring the mortgage revenue bonds (Note 9). The Company has determined that the entity which owns the three properties is an unrelated not-for-profit which under the accounting guidance is not subject to applying the VIE consolidation guidance. As a result, the properties’ financial statements are not consolidated into the consolidated financial statements of the Company. | |||||||||||||||||
On May 29, 2013 the Partnership received the Sheriff’s deed conveying title of the Woodland Park property to a wholly-owned subsidiary of the Partnership which settled the ongoing foreclosure of this mortgage revenue bond. Woodland Park became an MF Property upon title conveyance (Note 8). The Partnership is converting the property to a market rate rent execution to maximize its value but may look to turn it back to an affordable rental property and then seek to place new mortgage revenue bond financing on the property and acquire the bonds. | |||||||||||||||||
In April 2013, the Partnership acquired the Series C mortgage revenue bond secured by the Renaissance Gateway Apartments, a 208 unit multifamily residential property located in New Orleans, Louisiana for approximately $2.9 million par value. This property is undergoing a major rehabilitation and the Partnership has agreed to fund a total of approximately $8.6 million of a Series A mortgage revenue bond during construction which is estimated to be completed in August 2014. During the third and fourth quarter of 2013, the Partnership purchased $1.3 million par value Series B and $3.9 million par value Series A mortgage revenue bonds. During the first nine months of 2014, the Partnership purchased the remaining approximate $4.7 million par value Series A mortgage revenue bond. The Series C mortgage revenue bond carries a base interest rate of 12.0% per annum and matures on June 1, 2015. The Series A and Series B mortgage revenue bonds carry a base interest rate of 6.0% and 12.0% per annum, respectively, maturing on June 1, 2030. Upon completion of construction and stabilization, the approximate $2.9 million Series C bond will be paid back on the earlier of when the property receives its final equity contribution by the limited partner or June 1, 2015. At December 31, 2013 there was a Bond Purchase Commitment in place which the Partnership accounted for as an available-for-sale security and recorded the change in estimated fair value of the Bond Purchase Commitment as an asset or liability with changes in such valuation recorded in other comprehensive income. As of December 31, 2013, the Partnership estimated the value of this Bond Purchase Commitment and recorded a liability of approximately $600,000. There was no Bond Purchase Commitment in place at December 31, 2014. | |||||||||||||||||
The Partnership accounts for the remaining Bond Purchase Commitment as an available-for-sale security and, as such, records the change in estimated fair value of the Bond Purchase Commitment as an asset or liability with changes in such valuation recorded in other comprehensive income. | |||||||||||||||||
In February 2013, the Partnership acquired six mortgage revenue bonds secured by three properties located in San Antonio, Texas. The bond purchases are as follows: approximately $13.8 million par value Series A and approximately $3.2 million par value Series B mortgage revenue bonds secured by the Avistar on the Boulevard, a 344 unit multifamily residential property; approximately $9.0 million Series A and approximately $2.0 million Series B mortgage revenue bonds secured by the Avistar at Chase Hill, a 232 unit multifamily residential property; and approximately $8.8 million Series A and approximately $1.7 million Series B mortgage revenue bonds secured by Avistar at the Crest, a 200 unit multifamily residential property. The three Series A mortgage revenue bonds each carry an annual interest rate of 6.0% per annum and mature on March 1, 2050. The three Series B mortgage revenue bonds each carry an annual base interest rate of 9.0% per annum and mature on April 1, 2050. The Partnership also acquired approximately $804,000 of taxable mortgage revenue bonds which also carry a base interest rate of 9.0% per annum and mature on April 1, 2050. On June 30, 2014 the Company finalized the restructuring of six mortgage revenue bonds moving approximate$4.7 million in Series B mortgage revenue bonds to Series A mortgage revenue bonds. The par bond values reported on September 30, 2014 are as follows: approximately $16.5 million par value Series A and approximately $0.5 million par value Series B mortgage revenue bonds secured by the Avistar on the Boulevard, a 344 unit multifamily residential property; approximately $10.0 million Series A and approximately $1.0 million Series B mortgage revenue bonds secured by the Avistar at Chase Hill, a 232 unit multifamily residential property; and approximately $9.7 million Series A and approximately $0.8 million Series B mortgage revenue bonds secured by Avistar at the Crest, a 200 unit multifamily residential property. The three Series A mortgage revenue bonds each carry an annual interest rate of 6.0% per annum and mature on March 1, 2050. The three Series B mortgage revenue bonds each carry an annual base interest rate of 9.0% per annum and mature on April 1, 2050. The Partnership also acquired approximately $804,000 of taxable mortgage revenue bonds which also carry a base interest rate of 9.0% per annum and mature on April 1, 2050. The Company has determined that the entity which owns the three Avistar properties is an unrelated not-for-profit which under the accounting guidance is not subject to applying the VIE consolidation guidance. As a result, the properties’ financial statements are not consolidated into the consolidated financial statements of the Company. | |||||||||||||||||
In December 2012, the Partnership purchased an approximate $6.0 million subordinate mortgage revenue bond and a $934,000 subordinate taxable bond both secured by the Vantage at Judson Apartments. This property is located in San Antonio, Texas and construction on this property was complete in the summer of 2014. Both bonds mature on February 1, 2053 and carry an annual cash interest rate of 9.0% per annum plus allow for an additional 3% per annum of interest calculated on the property’s cash flows after debt service. The Vantage at Judson Apartments has a construction loan with an unrelated Bank and the Partnership’s bonds are second lien borrowings to that construction loan. The property will have 288 units when construction is completed in the spring of 2014. The Company has determined that the entity which owns Vantage at Judson Apartments is an unrelated not-for-profit which under the accounting guidance is not subject to applying the VIE consolidation guidance. As a result, the property’s financial statements are not consolidated into the consolidated financial statements of the Company. | |||||||||||||||||
Under the terms of a Forward Delivery Bond Purchase Agreement, the Partnership has agreed to purchase a new mortgage revenue bond of up to $26.7 million (“Series B Bonds”) which will be delivered by the mortgage revenue bond issuer once the property meets specific obligations and occupancy rates. The Series B Bonds will have a stated annual interest rate of 6.0% per annum and bond proceeds must be used to pay off the construction loan to the Bank and all or a portion of the approximately $6.0 million subordinate mortgage revenue bond. The property is in the lease up phase and the Partnership has not terminated the purchase commitment. The Partnership accounts for the bond purchase agreement as an available-for-sale security and, as such, records the estimated value of the forward purchase commitment as an asset or liability with changes in such valuation recorded in other comprehensive income. As of December 31, 2014, the Partnership has estimated the value of this bond purchase commitment and recorded an asset in other assets of approximately $2.0 million. As of December 31, 2013, the Partnership estimated the value of this bond purchase commitment and recorded a liability of approximately $2.0 million. | |||||||||||||||||
The properties securing the Company’s mortgage revenue bonds are geographically dispersed throughout the United States with significant concentrations in California and Texas. As of December 31, 2014 and 2013, the concentration in California, as a percentage of principal outstanding, was approximately 18% and 27%. As of December 31, 2014 and 2013, the concentration in Texas, as a percentage of principal outstanding, was approximately 38% and 35%. The Live 929 property in Baltimore, Maryland represents approximately 10% of the outstanding principal of the mortgage revenue bonds as of December 31, 2014. | |||||||||||||||||
Descriptions of certain terms of the mortgage revenue bonds are as follows: | |||||||||||||||||
Property Name | Location | Maturity Date | Base Interest Rate | Principal Outstanding at Dec. 31, 2014 | |||||||||||||
Arbors at Hickory Ridge (3) | Memphis, TN | 12/1/49 | 6.25 | % | $ | 11,450,000 | |||||||||||
Ashley Square (1) | Des Moines, IA | 12/1/25 | 6.25 | % | 5,159,000 | ||||||||||||
Avistar on the Boulevard - Series A (3) | San Antonio, TX | 3/1/50 | 6 | % | 16,525,000 | ||||||||||||
Avistar at Chase Hill - Series A (3) | San Antonio, TX | 3/1/50 | 6 | % | 10,000,000 | ||||||||||||
Avistar at the Crest - Series A (3) | San Antonio, TX | 3/1/50 | 6 | % | 9,700,000 | ||||||||||||
Avistar (February 2013 Acquisition) - Series B (3 Bonds) | San Antonio, TX | 4/1/50 | 9 | % | 2,175,000 | ||||||||||||
Avistar at the Oak - Series A (3) | San Antonio, TX | 8/1/50 | 6 | % | 7,800,000 | ||||||||||||
Avistar in 09 - Series A (3) | San Antonio, TX | 8/1/50 | 6 | % | 6,735,000 | ||||||||||||
Avistar on the Hill - Series A (3) | San Antonio, TX | 8/1/50 | 6 | % | 5,389,000 | ||||||||||||
Avistar (June 2013 Acquisition) - Series B (3 Bonds) | San Antonio, TX | 9/1/50 | 9 | % | 1,011,000 | ||||||||||||
Bella Vista (1) | Gainesville, TX | 4/1/46 | 6.15 | % | 6,490,000 | ||||||||||||
Bridle Ridge (1) | Greer, SC | 1/1/43 | 6 | % | 7,655,000 | ||||||||||||
Brookstone (1) | Waukegan, IL | 5/1/40 | 5.45 | % | 9,256,001 | ||||||||||||
Bruton (2) | Dallas, TX | 8/1/54 | 6 | % | 18,145,000 | ||||||||||||
Copper Gate Apartments (3) | Lafayette, IN | 12/1/29 | 6.25 | % | 5,220,000 | ||||||||||||
Cross Creek | Beaufort, SC | 3/1/49 | 6.15 | % | 8,422,997 | ||||||||||||
Decatur Angle (2) | Fort Worth, TX | 1/1/54 | 5.75 | % | 23,000,000 | ||||||||||||
Glenview - Series A | Cameron Park, CA | 12/1/31 | 5.75 | % | 4,670,000 | ||||||||||||
Glenview - Series B | Cameron Park, CA | 12/1/16 | 5.5 | % | 2,053,000 | ||||||||||||
Greens of Pine Glen - Series A (3) | North Carolina | 10/1/47 | 6.5 | % | 8,366,000 | ||||||||||||
Greens of Pine Glen - Series B | North Carolina | 10/1/47 | 9 | % | 945,638 | ||||||||||||
Harden Ranch - Series A (3) | Salinas, CA | 3/1/30 | 5.75 | % | 6,960,000 | ||||||||||||
Harden Ranch - Series B | Salinas, CA | 3/1/16 | 5.5 | % | 2,340,000 | ||||||||||||
Heritage Square - Series A | Edinburg, TX | 9/1/51 | 6 | % | 11,185,000 | ||||||||||||
Heritage Square - Series B | Edinburg, TX | 10/1/51 | 12 | % | 520,000 | ||||||||||||
Lake Forest Apartments (1) | Daytona Beach, FL | 12/1/31 | 6.25 | % | 8,886,000 | ||||||||||||
Live 929 (2) | Baltimore, MD | 7/1/49 | 5.78 | % | 40,245,000 | ||||||||||||
Montclair - Series A | Lemoore, CA | 12/1/31 | 5.75 | % | 2,530,000 | ||||||||||||
Montclair - Series B | Lemoore, CA | 12/1/16 | 5.5 | % | 928,000 | ||||||||||||
Ohio Bond - Series A (1) | Ohio | 6/1/50 | 7 | % | 14,407,000 | ||||||||||||
Ohio Bond - Series B | Ohio | 6/1/50 | 10 | % | 3,573,430 | ||||||||||||
Pro Nova - 2014-1 | Knoxville, TN | 5/1/34 | 6 | % | 10,000,000 | ||||||||||||
Pro Nova - 2014-2 | Knoxville, TN | 5/1/25 | 5.25 | % | 10,000,000 | ||||||||||||
Renaissance - Series A | Baton Rouge, LA | 6/1/50 | 6 | % | 8,550,000 | ||||||||||||
Renaissance - Series B | Baton Rouge, LA | 6/1/50 | 12 | % | 1,250,000 | ||||||||||||
Renaissance - Series C | Baton Rouge, LA | 6/1/15 | 12 | % | 2,875,000 | ||||||||||||
Runnymede (1) | Austin, TX | 10/1/42 | 6 | % | 10,440,000 | ||||||||||||
Santa Fe - Series A | Hesperia, CA | 12/1/31 | 5.75 | % | 3,065,000 | ||||||||||||
Santa Fe - Series B | Hesperia, CA | 12/1/16 | 5.5 | % | 1,671,000 | ||||||||||||
Southpark (1) | Austin, TX | 12/1/49 | 6.13 | % | 13,680,000 | ||||||||||||
The Palms at Premier Park (3) | Columbia, SC | 1/1/50 | 6.25 | % | 20,152,000 | ||||||||||||
Property Name | Location | Maturity Date | Base Interest Rate | Principal Outstanding at Dec. 31, 2014 | |||||||||||||
The Suites on Paseo (2) | San Diego, CA | 12/1/48 | 6.25 | % | $ | 35,450,000 | |||||||||||
Tyler Park Townhomes - Series A(3) | Greenfield, CA | 1/1/30 | 5.75 | % | 6,075,000 | ||||||||||||
Tyler Park Townhomes - Series B | Greenfield, CA | 1/1/16 | 5.5 | % | 2,025,000 | ||||||||||||
Vantage at Judson | San Antonio, TX | 2/1/53 | 9 | % | 6,049,000 | ||||||||||||
Vantage at Harlingen | San Antonio, TX | 9/1/53 | 9 | % | 6,692,000 | ||||||||||||
Westside Village Market - Series A(3) | Shafter, CA | 1/1/30 | 5.75 | % | 3,970,000 | ||||||||||||
Westside Village Market - Series B | Shafter, CA | 1/1/16 | 5.5 | % | 1,430,000 | ||||||||||||
Woodlynn Village (1) | Maplewood, MN | 11/1/42 | 6 | % | 4,390,000 | ||||||||||||
$ | 409,506,066 | ||||||||||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank AG in a secured financing transaction, Note 11 | |||||||||||||||||
(3) Bonds owned by ATAX TEBS II, LLC, Note 11 | |||||||||||||||||
Property Name | Location | Maturity Date | Base Interest Rate | Principal Outstanding at Dec. 31, 2013 | |||||||||||||
Arbors at Hickory Ridge (2) | Memphis, TN | 12/1/49 | 6.25 | % | $ | 11,450,000 | |||||||||||
Ashley Square (1) | Des Moines, IA | 12/1/25 | 6.25 | % | 5,212,000 | ||||||||||||
Autumn Pines (2) | Humble, TX | 10/1/46 | 5.8 | % | 13,110,000 | ||||||||||||
Avistar on the Boulevard - Series A (2) | San Antonio, TX | 3/1/50 | 6 | % | 13,760,000 | ||||||||||||
Avistar at Chase Hill - Series A (2) | San Antonio, TX | 3/1/50 | 6 | % | 8,960,000 | ||||||||||||
Avistar at the Crest - Series A (2) | San Antonio, TX | 3/1/50 | 6 | % | 8,759,000 | ||||||||||||
Avistar (February 2013 Acquisition) - Series B (3 Bonds) | San Antonio, TX | 4/1/50 | 9 | % | 6,921,000 | ||||||||||||
Avistar at the Oak - Series A (2) | San Antonio, TX | 8/1/50 | 6 | % | 5,878,000 | ||||||||||||
Avistar in 09 - Series A (2) | San Antonio, TX | 8/1/50 | 6 | % | 5,482,000 | ||||||||||||
Avistar on the Hill - Series A (2) | San Antonio, TX | 8/1/50 | 6 | % | 3,091,000 | ||||||||||||
Avistar (June 2013 Acquisition) - Series B (3 Bonds) (2) | San Antonio, TX | 9/1/50 | 9 | % | 6,484,000 | ||||||||||||
Bella Vista (1) | Gainesville, TX | 4/1/46 | 6.15 | % | 6,545,000 | ||||||||||||
Bridle Ridge (1) | Greer, SC | 1/1/43 | 6 | % | 7,715,000 | ||||||||||||
Brookstone (1) | Waukegan, IL | 5/1/40 | 5.45 | % | 9,338,603 | ||||||||||||
Copper Gate Apartments | Lafayette, IN | 12/1/29 | 6.25 | % | 5,220,000 | ||||||||||||
Cross Creek (1) | Beaufort, SC | 3/1/49 | 6.15 | % | 8,497,933 | ||||||||||||
Greens of Pine Glen - Series A (2) | Durham, NC | 10/1/47 | 6.5 | % | 8,437,501 | ||||||||||||
Greens of Pine Glen - Series B (2) | Durham, NC | 10/1/47 | 12 | % | 948,291 | ||||||||||||
Lake Forest Apartments (1) | Daytona Beach, FL | 12/1/31 | 6.25 | % | 8,997,000 | ||||||||||||
Ohio Bond - Series A (2) | Ohio | 6/1/50 | 7 | % | 14,498,000 | ||||||||||||
Ohio Bond - Series B | Ohio | 6/1/50 | 10 | % | 3,583,590 | ||||||||||||
Renaissance - Series A | Baton Rouge, LA | 6/1/50 | 6 | % | 3,850,000 | ||||||||||||
Renaissance - Series B | Baton Rouge, LA | 6/1/50 | 12 | % | 1,250,000 | ||||||||||||
Renaissance - Series C | Baton Rouge, LA | 6/1/15 | 12 | % | 2,875,000 | ||||||||||||
Runnymede (1) | Austin, TX | 10/1/42 | 6 | % | 10,525,000 | ||||||||||||
Southpark (1) | Austin, TX | 12/1/49 | 6.13 | % | 13,795,000 | ||||||||||||
The Palms at Premier Park | Columbia, SC | 1/1/50 | 6.25 | % | 20,152,000 | ||||||||||||
The Suites on Paseo (2) | San Diego, CA | 12/1/48 | 6.25 | % | 35,750,000 | ||||||||||||
Tyler Park Townhomes Series A | Greenfield, CA | 1/1/30 | 5.75 | % | 6,075,000 | ||||||||||||
Tyler Park Townhomes Series B | Greenfield, CA | 1/1/16 | 5.5 | % | 2,025,000 | ||||||||||||
Vantage at Judson | San Antonio, TX | 2/1/53 | 9 | % | 6,049,000 | ||||||||||||
Vantage at Harlingen | San Antonio, TX | 10/1/53 | 9 | % | 6,692,000 | ||||||||||||
Villages at Lost Creek | San Antonio, TX | 6/1/41 | 6.25 | % | 18,090,000 | ||||||||||||
Westside Village Market Series A | Shafter, CA | 1/1/30 | 5.75 | % | 3,970,000 | ||||||||||||
Westside Village Market Series B | Shafter, CA | 1/1/16 | 5.5 | % | 1,430,000 | ||||||||||||
Woodlynn Village (1) | Maplewood, MN | 11/1/42 | 6 | % | 4,426,000 | ||||||||||||
Total Mortgage Bonds | $ | 299,841,918 | |||||||||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank AG in a secured financing transaction, Note 11 |
Public_Housing_Capital_Fund_Tr
Public Housing Capital Fund Trusts Level 1 (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Public Housing Capital Fund Trusts [Abstract] | |||||||||||||||||
Investments in Debt and Equity Investments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses), Public Housing Capital Funds Trust [Text Block] | Public Housing Capital Fund Trust Certificates | ||||||||||||||||
In July 2012, the Company purchased 100% of the LIFERs in the PHC TOB Trusts which acquired approximately $65.3 million of PHC Certificates issued by three trusts (“PHC Trusts”) sponsored by DB. The assets held by the PHC Trusts consist of custodial receipts evidencing loans made to a number of public housing authorities. Principal and interest on these loans are payable by the respective public housing authorities out of annual appropriations to be made to the public housing authorities by the United States Department of Housing and Urban Development (“HUD”) under HUD’s Capital Fund Program established under Quality Housing and Work Responsibility Act of 1998 (the “Capital Fund Program”). The PHC Trusts have a first lien on these annual Capital Fund Program payments to secure the public housing authorities’ respective obligations to pay principal and interest on their loans. The loans payable by the public housing authorities are not debts, nor guaranteed by the United States of America or HUD. Interest payable on the public housing authority debt held by the PHC Trusts is exempt from federal income taxes. The PHC Certificates issued by each of the PHC Trusts have been rated investment grade by Standard & Poor’s. | |||||||||||||||||
The Company purchased the LIFERS issued by the PHC TOB Trusts for approximately $16.0 million and pledged the LIFERS to the trustee to secure certain reimbursement obligations of the Company as the holder of LIFERS. The PHC TOB Trusts also issued SPEARS of approximately $49.0 million to unaffiliated investors. The SPEARS represent senior interests in the PHC TOB Trusts and have been credit enhanced by DB. The LIFERS entitle the Company to all principal and interest payments received by the PHC TOB Trusts on the $65.3 million of PHC Certificates held by it after preferred return payments due to the holders of the SPEARS and trust costs. The SPEARS bear interest at a variable rate based on Securities Industry and Financial Markets Association (“SIFMA”). | |||||||||||||||||
The Company determined that the three PHC TOB trusts are variable interest entities and that the Company was the primary beneficiary of each of the three PHC TOB trusts. As a result, the Company reports the PHC TOB Trusts on a consolidated basis and the SPEARS as debt financing. In determining the primary beneficiary of these specific VIEs, the Company considered who has the power to control the activities of the VIEs which most significantly impact their financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The indenture for the PHC TOB trusts stipulates that the Company has the sole right to cause the PHC TOB trusts to sell the PHC Certificates. If they were sold, the extent to which the VIEs will be exposed to gains or losses associated with variability in the PHC Certificates’ fair value arising from changes in municipal bond market rates therefore would result from decisions made by the Company. | |||||||||||||||||
The Company had the following investments in the PHC Certificates on December 31, 2014 and 2013: | |||||||||||||||||
Description of Public Housing Capital Fund Trust Certificates | Cost Adjusted for Amortization of Premium and Discounts | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2014 | |||||||||||||
Public Housing Capital Fund Trust Certificate I | $ | 27,414,100 | $ | 933,789 | $ | — | $ | 28,347,889 | |||||||||
Public Housing Capital Fund Trust Certificate II | 11,999,721 | 152,293 | — | 12,152,014 | |||||||||||||
Public Housing Capital Fund Trust Certificate III | 20,474,100 | 289,120 | — | 20,763,220 | |||||||||||||
$ | 59,887,921 | $ | 1,375,202 | $ | — | $ | 61,263,123 | ||||||||||
Description of Public Housing Capital Fund Trust Certificates | Cost Adjusted for Amortization of Premium and Discounts | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2013 | |||||||||||||
Public Housing Capital Fund Trust Certificate I | $ | 27,979,527 | $ | — | $ | (1,284,873 | ) | $ | 26,694,654 | ||||||||
Public Housing Capital Fund Trust Certificate II | 17,486,739 | — | (1,083,235 | ) | 16,403,504 | ||||||||||||
Public Housing Capital Fund Trust Certificate III | 20,434,848 | — | (1,476,627 | ) | 18,958,221 | ||||||||||||
$ | 65,901,114 | $ | — | $ | (3,844,735 | ) | $ | 62,056,379 | |||||||||
Valuation - As all of the Company’s investments in PHC Certificates are classified as available-for-sale securities, they are carried on the balance sheet at their estimated fair values. As of December 31, 2014, the weighted average base rate of the PHC Trust Certificates was approximately 5.0% per annum. Due to the limited market for the PHC Certificates, these estimates of fair value do not necessarily represent what the Company would actually receive in a sale of the certificates. The estimates of the fair values of these PHC certificates is based on a yield to maturity analysis which begins with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts adjusted largely for unobservable inputs the General Partner believes would be used by market participants which includes adjustments for the fact that the PHC Certificates investment grade rating is below “AAA”. Management’s valuation encompasses judgment in its application and pricing as determined by pricing services, when available, is compared to Management’s estimates. The PHC Certificates are “AA”, “A”, and “BBB” rated and the range of effective yields was 4.2% to 5.4% per annum at December 31, 2014. Additionally, the Company calculated the sensitivity of the key assumption used in calculating the fair values of these PHC Certificates which is the yield for a new issuance of a similarly structure security. Assuming a 10% adverse change in that key assumption, the effective yields on the individual PHC Certificates would increase to a range of 4.7% to 6.0% per annum and would result in additional unrealized losses on the PHC Certificates of approximately $2.3 million. This sensitivity analysis is hypothetical and is as of a specific point in time. The results of the sensitivity analysis may not be indicative of actual changes in fair value and should be used with caution. If available, the general partner may also consider other information from external sources, such as pricing services. The most recent update on the annual appropriations from HUD disclosed no significant changes in the program which means the underlying performance of the PHC Certificates will be in line with expectations until the next annual update. Further, there have been no downgrades in the investment grade rating of any of the three PHC Certificates noted since the investment was originally acquired in July 2012. | |||||||||||||||||
The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts: | |||||||||||||||||
Weighted Average Lives (Years) | Investment Rating | Weighted Average Interest Rate over Life | Principal Outstanding December 31, 2014 | ||||||||||||||
Public Housing Capital Fund Trust Certificate I | 10.25 | AA- | 5.33% | $ | 25,980,780 | ||||||||||||
Public Housing Capital Fund Trust Certificate II | 9.72 | A+ | 4.28% | 12,429,186 | |||||||||||||
Public Housing Capital Fund Trust Certificate III | 10.81 | BBB | 5.42% | 20,898,432 | |||||||||||||
Total Public Housing Capital Fund Trust Certificates | $ | 59,308,398 | |||||||||||||||
Weighted Average Lives (Years) | Investment Rating | Weighted Average Interest Rate over Life | Principal Outstanding December 31, 2013 | ||||||||||||||
Public Housing Capital Fund Trust Certificate I | 12.75 | AA- | 5.33% | $ | 26,406,558 | ||||||||||||
Public Housing Capital Fund Trust Certificate II | 12.3 | AA- | 4.24% | 17,959,713 | |||||||||||||
Public Housing Capital Fund Trust Certificate III | 13.3 | BBB | 5.41% | 20,898,432 | |||||||||||||
Total Public Housing Capital Fund Trust Certificates | $ | 65,264,703 | |||||||||||||||
MBS_Investments_MBS_Investment
MBS Investments MBS Investments (Notes) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
MBS Investments [Abstract] | |||||||||||||||||
Investments in Debt and Equity Investments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses), Mortgage Backed Securities [Text Block] | 7. Mortgage-Backed Securities | ||||||||||||||||
Between November 2012 and April 2013, the Company executed six securitizations of MBS TOB Trusts. The Company purchased the LIFERS issued by the six MBS TOB Trusts for approximately $9.2 million. | |||||||||||||||||
Each of the six MBS TOB Trusts issued SPEARS to unaffiliated investors; these SPEARS totaled approximately $34.9 million at issuance. The SPEARS represent senior interests in the MBS TOB Trusts, have been credit enhanced by DB and are recorded as debt financing in the consolidated balance sheet. The LIFERS entitle the Company to all principal and interest payments received by the MBS TOB Trust on the securitized MBS after payments due to the holders of the SPEARS and trust costs. The SPEARS bear interest at a variable rate based on Securities Industry and Financial Markets Association (“SIFMA”). | |||||||||||||||||
The Company determined that the six MBS TOB Trusts are variable interest entities and that the Company was the primary beneficiary of each of them. As a result, the Company reports the MBS TOB Trusts on a consolidated basis and the SPEARS as debt financing. In determining the primary beneficiary of these specific VIEs, the Company considered who has the power to control the activities of the VIEs which most significantly impact their financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The indenture for the MBS TOB Trusts stipulates that the Company has the sole right to cause the MBS TOB Trusts to sell the MBS. If they were sold, the extent to which the MBS TOB Trusts will be exposed to gains or losses associated with variability in the MBS’ fair value arising from changes in municipal bond market rates therefore would result from decisions made by the Company. Interest earned on the MBS held by the six MBS TOB Trusts is exempt from federal income taxes. | |||||||||||||||||
In May 2014, the Company sold a portion of the MBS TOB Trusts for an amount approximating the outstanding amortized cost. This approximately $3.7 million par value MBS had been acquired for approximately $3.8 million in November 2012 (Note 11). | |||||||||||||||||
In October 2014, the Company sold a portion of the MBS TOB Trusts for an amount approximating the outstanding amortized cost. The approximate $24.4 million par value of the MBS had been acquired for approximately $24.6 million in the fourth quarter of 2012 first half of 2013. The Company then collapsed the related MBS - TOB Trust 4 for approximately $6.0 million, MBS - TOB Trust 5 for approximately $5.3 million and MBS - TOB Trust 6 for approximately $7.8 million securitizing the related MBS. The Company’s approximate $19.1 million TOB financing facilities, which were the securitization of this MBS TOB Trusts, were paid off in full in connection with this sale (Note 11). | |||||||||||||||||
The carrying value of the Company’s MBS as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||
Agency Rating of MBS (1) | Cost adjusted for amortization of premium | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2014 | |||||||||||||
"AAA" | $ | 5,304,974 | $ | (250,624 | ) | $ | 5,054,350 | ||||||||||
"AA" | 10,062,667 | (275,459 | ) | 9,787,208 | |||||||||||||
$ | 15,367,641 | $ | — | $ | (526,083 | ) | $ | 14,841,558 | |||||||||
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented. | |||||||||||||||||
Agency Rating of MBS (1) | Cost adjusted for amortization of premium | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2013 | |||||||||||||
“AAA” | $ | 23,177,115 | $ | — | $ | (3,069,555 | ) | $ | 20,107,560 | ||||||||
“AA” | 20,624,701 | — | (2,886,600 | ) | 17,738,101 | ||||||||||||
$ | 43,801,816 | $ | — | $ | (5,956,155 | ) | $ | 37,845,661 | |||||||||
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented. | |||||||||||||||||
Valuation - The Company values each MBS based upon prices obtained from a third party pricing service, which are indicative of market activity. The valuation methodology of the Company’s third party pricing service incorporates commonly used market pricing methods, incorporates trading activity observed in the market place, and other data inputs. The methodology also considers the underlying characteristics of each security, which are also observable inputs, including: coupon; maturity date; loan age; reset date; collateral type; geography; and prepayment speeds. Management analyzes pricing data received from the third party pricing service by comparing it to valuation information obtained from at least one other third party pricing service and ensuring they are within a tolerable range of difference which the Company estimates as 7.5%. Management also looks at observations of trading activity observed in the market place when available. At December 31, 2014, the range of effective yields on the individual MBS was 3.7% to 5.2% per annum. Additionally, the Company calculated the sensitivity of the key assumption used in calculating the fair values of the MBS which is the effective yield on new issuances of similarly rated MBS. Assuming a 10% adverse change in that key assumption, the effective yields on the MBS would increase to a range of 4.1% to 5.8% per annum and would result in additional unrealized losses on the bond portfolio of approximately $806,000. This sensitivity analysis is hypothetical and is as of a specific point in time. The results of the sensitivity analysis may not be indicative of actual changes in fair value and should be used with caution. Pricing services and management’s analysis provide indicative pricing only. Certain of the MBS have been in an unrealized loss position for more than twelve months and management has concluded that there is no other-than-temporary impairment to record as the Company has the intent and ability to hold on to the MBS until either the estimated fair value rebounds or until maturity. In addition, there have been no downgrades to the investment grade rating levels of the MBS since their original acquisition dates. | |||||||||||||||||
The MBS are backed by residential mortgage loans and interest payable from the MBS is believed and expected to be exempt from federal income taxation. Description of certain terms of the Company’s MBS is as follows: | |||||||||||||||||
Agency Rating of MBS | Principal Outstanding December 31, 2014 | Weighted Average Maturity Date | Weighted Average Coupon Interest Rate | ||||||||||||||
"AAA" | $ | 5,000,000 | 7/1/32 | 4.6 | % | ||||||||||||
"AA" | 9,765,000 | 7/9/36 | 4.2 | % | |||||||||||||
$ | 14,765,000 | ||||||||||||||||
Agency Rating of MBS | Principal Outstanding December 31, 2013 | Weighted Average Maturity Date | Weighted Average Coupon Interest Rate | ||||||||||||||
“AAA” | $ | 22,710,000 | 12/9/37 | 4.05 | % | ||||||||||||
“AA” | 20,120,000 | 2/5/37 | 4 | % | |||||||||||||
$ | 42,830,000 | ||||||||||||||||
Real_Estate_Assets
Real Estate Assets | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Real Estate Assets [Abstract] | ||||||||||||||||||
Property, Plant and Equipment Disclosure [Text Block] | Real Estate Assets | |||||||||||||||||
MF Properties | ||||||||||||||||||
To facilitate its investment strategy of acquiring additional mortgage revenue bonds secured by MF Properties, the Company has acquired through its various subsidiaries 99% limited partner positions in three limited partnerships and 100% member positions in six limited liability companies that own the MF Properties. The financial statements of these properties are consolidated with those of the Company. The general partners of these partnerships are unaffiliated parties and their 1% ownership interest in these limited partnerships is reflected in the Company’s consolidated financial statements as noncontrolling interests. The Company expects each of these MF Properties to eventually be sold either to a not-for-profit entity or in connection with a syndication of LIHTCs. The Company expects to purchase mortgage revenue bonds issued by the new property owners as part of the restructuring. As of December 31, 2014, the Company’s wholly-owned subsidiaries held interests in nine entities that own MF Properties containing a total of 2,163 rental units, one is located in Kansas, three are located in Nebraska, one is located in Kentucky, one is located in Indiana, one is located in Georgia, and two are located in Texas. | ||||||||||||||||||
Recent Transactions | ||||||||||||||||||
The Partnership, as sole bondholder, previously directed the bond trustee to file a foreclosure action on the Woodland Park mortgage revenue bond. On February 28, 2013, the court granted Summary Judgment in the bond trustee’s favor confirming that the mortgage revenue bond is senior to mechanic’s liens filed on the property. Woodland Park became an MF Property at a net asset value of approximately $15.7 million upon conveyance of title on May 29, 2013. The Partnership requested the mortgage revenue bond issuer to remove the Land Use Restriction Agreement (“LURA”) on the property and the units have been converted to 100% market-rate rents. The Partnership may convert the property back to a rent restricted property, seek to place new financing on the property, and acquire the mortgage revenue bonds. | ||||||||||||||||||
In March 2013, a wholly-owned subsidiary of the Company executed a 35-year ground lease with the University of Nebraska - Lincoln (“Lessor”) with an annual lease payment of $100. The leased property has a mixed-use development consisting of a 1,605 stall parking garage and 475 bed student housing mixed-use project constructed on it. The Lessor owns the parking garage for which it will contribute approximately $16.7 million to its construction. The Company owns the student housing complex ( “The 50/50”) which was fully constructed by August 1, 2014 for an approximate $33.8 million. The Company plans to restructure its ownership of The 50/50 into a mortgage revenue bond holding once the development has a sufficient history of operating results. To finance the construction of the student housing complex, the Company executed an interest-only loan and borrowed $25.5 million for a three year term at a variable interest rate which is the amount outstanding as of December 31, 2014. The $25.5 million loan requires principal payments beginning on April 1, 2016 and carries a maturity date of April 1, 2020(Note 12). The Company also secured a $4.3 million tax-incremental financing loan which is for a term of five years, carries a fixed interest rate of approximately 4.7% per annum, requires principal payments commencing after 24 months and has a balloon payment due at maturity, January 1, 2019. | ||||||||||||||||||
The Company had the following investments in MF Properties as of December 31, 2014 and 2013: | ||||||||||||||||||
MF Properties | ||||||||||||||||||
Property Name | Location | Number of Units | Land and Land Improvements | Buildings and Improvements | Carrying Value at December 31, 2014 | |||||||||||||
Arboretum | Omaha, NE | 145 | $ | 1,748,502 | $ | 19,216,623 | $ | 20,965,125 | ||||||||||
Eagle Village | Evansville, IN | 511 | 567,880 | 12,472,151 | 13,040,031 | |||||||||||||
Glynn Place | Brunswick, GA | 128 | 743,996 | 4,995,658 | 5,739,654 | |||||||||||||
Meadowview | Highland Heights, KY | 118 | 688,539 | 5,479,342 | 6,167,881 | |||||||||||||
Residences of DeCordova | Granbury, TX | 110 | 1,137,832 | 8,007,390 | 9,145,222 | |||||||||||||
Residences of Weatherford | Weatherford, TX | 76 | 1,942,229 | 5,724,456 | 7,666,685 | |||||||||||||
The 50/50 | Lincoln, NE | 475 | — | 32,820,776 | 32,820,776 | |||||||||||||
The Colonial | Omaha, NE | 258 | 1,180,058 | 7,822,681 | 9,002,739 | |||||||||||||
Woodland Park | Topeka, KS | 236 | 1,265,160 | 14,167,096 | 15,432,256 | |||||||||||||
$ | 119,980,369 | |||||||||||||||||
Less accumulated depreciation (depreciation expense of approximately $4.8 million in 2014) | (14,108,154 | ) | ||||||||||||||||
Balance at December 31, 2014 | $ | 105,872,215 | ||||||||||||||||
MF Properties | ||||||||||||||||||
Property Name | Location | Number of Units | Land and Land Improvements | Buildings and Improvements | Carrying Value at December 31, 2013 | |||||||||||||
Arboretum | Omaha, NE | 145 | $ | 1,739,554 | $ | 19,123,872 | $ | 20,863,426 | ||||||||||
Eagle Village | Evansville, IN | 511 | 567,880 | 12,336,975 | 12,904,855 | |||||||||||||
Glynn Place | Brunswick, GA | 128 | 743,996 | 4,937,172 | 5,681,168 | |||||||||||||
Meadowview | Highland Heights, KY | 118 | 688,539 | 5,416,293 | 6,104,832 | |||||||||||||
Residences of DeCordova | Granbury, TX | 110 | 1,137,832 | 7,965,574 | 9,103,406 | |||||||||||||
Residences of Weatherford | Weatherford, TX | 76 | 1,927,701 | 5,695,600 | 7,623,301 | |||||||||||||
The Colonial (f/k/a Maples on 97th) | Omaha, NE | 258 | 1,180,058 | 7,613,668 | 8,793,726 | |||||||||||||
Woodland Park | Topeka, KS | 236 | 1,260,032 | 14,033,777 | 15,293,809 | |||||||||||||
Construction work in process (The 50/50) (1) | Lincoln, NE | N/A | — | 13,130,325 | 13,130,325 | |||||||||||||
$ | 99,498,848 | |||||||||||||||||
Less accumulated depreciation (depreciation expense of approximately $3.8 million in 2013) | (9,386,811 | ) | ||||||||||||||||
Balance at December 31, 2013 | $ | 90,112,037 | ||||||||||||||||
(1) The construction work in process represents pre-development architecture and engineering costs related to The 50/50 Student Housing at UNL, a 475 bed student housing project, which was built above a 1,605 parking stall garage to be constructed at the University of Nebraska-Lincoln. | ||||||||||||||||||
Acquisitions | ||||||||||||||||||
The Woodland Park property purchase price allocation is disclosed pursuant to the accounting guidance on business combinations. A condensed balance sheet for each at the date of acquisitions is included below. | ||||||||||||||||||
Woodland Park 6/1/2013 (Date of Acquisition) | ||||||||||||||||||
Other current assets | $ | 201,321 | ||||||||||||||||
In-place lease assets | 403,216 | |||||||||||||||||
Real estate assets | 15,258,784 | |||||||||||||||||
Total Assets | $ | 15,863,321 | ||||||||||||||||
Accounts payable, accrued expenses and other | 192,345 | |||||||||||||||||
Net assets | 15,670,976 | |||||||||||||||||
Total liabilities and net assets | $ | 15,863,321 | ||||||||||||||||
The Colonial (f/k/a Maples on 97th) was acquired in August 2012. The table below shows the unaudited pro forma condensed consolidated results of operations of the Company as if the The Colonial and Woodland Park properties had been acquired at the beginning of the periods presented: | ||||||||||||||||||
For year ended December 31, 2013 | For year ended December 31, 2012 | |||||||||||||||||
Revenues | $ | 47,562,142 | $ | 27,128,238 | ||||||||||||||
Net income (loss) | 17,715,489 | 4,428,949 | ||||||||||||||||
Net income (loss) allocated to unitholders | 17,415,449 | 5,260,661 | ||||||||||||||||
Unitholder’s interest in net income (loss) per unit (basic and diluted) | 0.4 | 0.14 | ||||||||||||||||
For the year ended December 2013, Woodland Park added approximately $1.0 million in total revenue and approximately $164,000 in net loss to the Company since the foreclosure on May 29, 2013. | ||||||||||||||||||
For the year ended December 2012, the EAT (The Colonial, f/k/a Maples on 97th) added approximately $604,000 in total revenue and approximately $235,000 in net loss to the Company since it was acquired on August 29, 2012. | ||||||||||||||||||
Consolidated VIE Properties | ||||||||||||||||||
In addition to the MF Properties, the Company consolidates the assets, liabilities, and results of operations of the Consolidated VIEs in accordance with the guidance on consolidations. Although the assets of the VIEs are consolidated, the Company has no ownership interest in the Consolidated VIEs other than to the extent they serve as collateral for the mortgage revenue bonds owned by the Partnership. The results of operations of those properties are recorded by the Company in consolidation but any net income or loss from these properties does not accrue to the unitholders or the general partner, but is instead included in “Unallocated deficit of variable interest entities.” | ||||||||||||||||||
The Company consolidated the following properties owned by the VIEs in continuing operations as of December 31, 2014 and 2013: | ||||||||||||||||||
Consolidated VIEs | ||||||||||||||||||
Property Name | Location | Number of Units | Land and Land Improvements | Buildings and Improvements | Carrying Value at December 31, 2014 | |||||||||||||
Bent Tree Apartments | Columbia, SC | 232 | $ | 986,000 | $ | 12,303,982 | $ | 13,289,982 | ||||||||||
Fairmont Oaks Apartments | Gainesville, FL | 178 | 850,400 | 8,900,066 | 9,750,466 | |||||||||||||
23,040,448 | ||||||||||||||||||
Less accumulated depreciation (depreciation expense of approximately $940,000 in 2014) | (10,583,646 | ) | ||||||||||||||||
$ | 12,456,802 | |||||||||||||||||
Consolidated VIEs | ||||||||||||||||||
Property Name | Location | Number of Units | Land and Land Improvements | Buildings and Improvements | Carrying Value at December 31, 2013 | |||||||||||||
Bent Tree Apartments | Columbia, SC | 232 | $ | 986,000 | $ | 12,097,419 | $ | 13,083,419 | ||||||||||
Fairmont Oaks Apartments | Gainesville, FL | 178 | 850,400 | 8,845,020 | 9,695,420 | |||||||||||||
22,778,839 | ||||||||||||||||||
Less accumulated depreciation (depreciation expense of approximately $1.4 million in 2013) | (9,741,942 | ) | ||||||||||||||||
$ | 13,036,897 | |||||||||||||||||
Land Held for Investment and Development | ||||||||||||||||||
During the fourth quarter of 2014, the Company purchased land in St. Petersburg, Florida for approximately $3.0 million which is held for investment and development. The Company had approximately $1.5 million in land held for investment and development at December 31, 2013 which was reported as an Asset available for sale in Other Asset on the balance sheet (Note 9). At December 31, 2014, the Company reported a total of approximately $4.5 million as land held for investment. The Company plans to develop this land into rental properties in the future. |
Other_Assets
Other Assets | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Other Assets [Abstract] | ||||||||||||||||||||
Other Assets Disclosure [Text Block] | Other Assets | |||||||||||||||||||
The Company had the following Other Assets as of dates shown: | ||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
Property loans receivable | $ | 22,191,515 | $ | 21,549,927 | ||||||||||||||||
Less: Loan loss reserves | (7,098,814 | ) | (7,023,814 | ) | ||||||||||||||||
Deferred financing costs - net | 4,659,104 | 2,503,679 | ||||||||||||||||||
Fair value of derivative contracts | 267,669 | 888,120 | ||||||||||||||||||
Taxable bonds at fair value | 4,616,565 | 4,075,953 | ||||||||||||||||||
Assets held for sale | — | 1,465,000 | ||||||||||||||||||
Bond purchase commitment - fair value adjustment (Notes 4 & 16) | 5,780,413 | — | ||||||||||||||||||
Other assets | 885,075 | 899,426 | ||||||||||||||||||
Total Other Assets | $ | 31,301,527 | $ | 24,358,291 | ||||||||||||||||
In addition to the mortgage revenue bonds held by the Company, taxable property loans have been made to the owners of the properties which secure certain of the mortgage revenue bonds and are reported as Other Assets, net of allowance. The Company periodically, or as changes in circumstances or operations dictate, evaluates such taxable property loans for impairment. The value of the underlying property assets is ultimately the most relevant measure of the value to support the taxable property loan values. The Company utilizes a discounted cash flow model in estimating a property’s fair value. A number of different discounted cash flow models containing varying assumptions are considered. The various models may assume multiple revenue and expense scenarios, various capitalization rates and multiple discount rates. In estimating the property valuation, the most significant assumptions utilized in the discounted cash flow model were the same as those discussed in Note 2 above except the discount rate used to estimate the property valuation in the current year models was approximately 5.8% to 7.0%. The Company believes this represents a rate at which a multifamily, student, or senior citizen residential property could obtain current financing similar to the current existing outstanding bonds. Other information, such as independent appraisals, may be considered in estimating a property fair value. If the estimated fair value of the property after deducting the amortized cost basis of any senior mortgage revenue bond exceeds the principle balance of the property loan then no potential loss is indicated and no allowance for loan loss is needed. | ||||||||||||||||||||
In June 2014, the Company restructured twelve mortgage revenue bonds related to Avistar on the Boulevard, Avistar at Chase Hill, Avistar at the Crest, Avistar on the Hills Apartments, Avistar at the Oaks Apartments, and Avistar in 09 Apartments purchased in June and February 2013 (Note 4). In connection with the mortgage revenue bond restructuring the Company loaned these entities approximately $526,000 to cover the costs of restructuring the mortgage revenue bonds. These taxable loans have a stated interest rate of 12.0% per annum due monthly with any unpaid balance due on June 26, 2024 (Note 5). | ||||||||||||||||||||
In November 2013, the Company executed a loan agreement with Foundation for Affordable Housing, a not-for-profit borrower, for approximately $1.6 million. The proceeds from this loan were used to fund a portion of the not-for-profit borrower’s acquisition of Abbington at Stones River, a 96 unit multifamily residential property located in Tennessee. The term of the loan is approximately eighteen months and the stated interest rate is 9.0% per annum. | ||||||||||||||||||||
In August 2013, the Partnership acquired a Series C mortgage revenue bond and a forward contract to support the construction of Vantage at Harlingen Apartments in Harlingen, Texas. In conjunction with this contract, the Partnership acquired an approximate $1.3 million taxable mortgage revenue bond which carries a base interest rate of 9.0% per annum and matures on October 1, 2053. This taxable mortgage revenue bond is reported as part of the Taxable bonds at fair value in Other Assets. Please see the Fair Value Measurements footnote (Note 16) for the detailed description of the fair value estimation process for the taxable mortgage revenue bonds. | ||||||||||||||||||||
In June 2013, the Partnership acquired six mortgage revenue bonds secured by three properties located in San Antonio, Texas, Avistar at the Oaks Apartments, Avistar on the Hills Apartments, and Avistar in 09 Apartments. The Partnership also acquired approximately $831,000 of taxable mortgage revenue bonds which carry a base interest rate of 9.0% per annum and mature on September 1, 2050. These are reported as part of the Taxable bonds at fair value in Other Assets. | ||||||||||||||||||||
In February 2013, the Partnership acquired six mortgage revenue bonds secured by three properties located in San Antonio, Texas, Avistar on the Boulevard, Avistar at Chase Hill, and Avistar at the Crest. The Partnership also acquired approximately $804,000 of taxable mortgage revenue bonds which carry a base interest rate of 9.0% per annum and mature on April 1, 2050. These are reported as part of the Taxable bonds at fair value in Other Assets. | ||||||||||||||||||||
In June 2013, the Partnership redeemed its interest in the Iona Lakes mortgage revenue bond for approximately $21.9 million. This redemption resulted in the realization of approximately $6.5 million in contingent interest income and approximately $4.6 million realized loss on taxable property loans. | ||||||||||||||||||||
The following is a summary of the taxable loans, accrued interest and allowance on amounts due at December 31, 2014 and 2013 : | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Outstanding Balance | Accrued Interest | Loan Loss Reserves | Interest Allowance | Net Taxable Loans | ||||||||||||||||
Arbors at Hickory Ridge | $ | 191,264 | $ | 26,047 | $ | — | $ | — | $ | 217,311 | ||||||||||
Ashley Square | 5,078,342 | 2,455,660 | (3,596,342 | ) | (2,455,660 | ) | 1,482,000 | |||||||||||||
Avistar (February 2013 portfolio) | 274,496 | 16,470 | — | — | 290,966 | |||||||||||||||
Avistar (June 2013 portfolio) | 251,622 | 15,097 | — | — | 266,719 | |||||||||||||||
Cross Creek | 6,976,087 | 2,084,804 | (3,447,472 | ) | (2,084,804 | ) | 3,528,615 | |||||||||||||
Foundation for Affordable Housing | 1,560,553 | 1,735 | — | — | 1,562,288 | |||||||||||||||
Greens Property | 850,000 | 231,342 | — | — | 1,081,342 | |||||||||||||||
Lake Forest | 4,618,704 | 2,599,613 | (55,000 | ) | (2,578,778 | ) | 4,584,539 | |||||||||||||
Ohio Properties | 2,390,447 | 894,044 | — | (307,832 | ) | 2,976,659 | ||||||||||||||
$ | 22,191,515 | $ | 8,324,812 | $ | (7,098,814 | ) | $ | (7,427,074 | ) | $ | 15,990,439 | |||||||||
31-Dec-13 | ||||||||||||||||||||
Outstanding Balance | Accrued Interest | Loan Loss Reserves | Interest Allowance | Net Taxable Loans | ||||||||||||||||
Arbors at Hickory Ridge | $ | 191,264 | $ | 12,979 | $ | — | $ | — | $ | 204,243 | ||||||||||
Ashley Square | 5,078,342 | 2,053,415 | (3,596,342 | ) | (2,053,415 | ) | 1,482,000 | |||||||||||||
Cross Creek | 6,821,087 | 1,825,389 | (3,372,472 | ) | (1,825,389 | ) | 3,448,615 | |||||||||||||
Foundation for Affordable Housing | 1,603,083 | 13,989 | — | — | 1,617,072 | |||||||||||||||
Greens Property | 876,000 | 130,563 | — | (921 | ) | 1,005,642 | ||||||||||||||
Lake Forest | 4,618,704 | 2,148,881 | (55,000 | ) | (2,128,046 | ) | 4,584,539 | |||||||||||||
Ohio Properties | 2,361,447 | 585,377 | — | (186,706 | ) | 2,760,118 | ||||||||||||||
$ | 21,549,927 | $ | 6,770,593 | $ | (7,023,814 | ) | $ | (6,194,477 | ) | $ | 15,102,229 | |||||||||
The Partnership received the Sheriff’s deed conveying title of Woodland Park to a wholly-owned subsidiary of the Partnership on May 29, 2013. Woodland Park is now reported as an MF Property and the approximate $1.3 million fully allowed taxable property loan was written off (Note 8). | ||||||||||||||||||||
The Partnership deconsolidated the VIE that owns the Lake Forest property during 2013 (Note 4). | ||||||||||||||||||||
In conjunction with the purchase of the mortgage revenue bond secured by The Palms at Premier Park Apartments the Company purchased a parcel of land for approximately $1.1 million. The Company is holding this land as an asset available for sale reported in Other Assets at December 31, 2013. | ||||||||||||||||||||
During 2014, the Partnership advanced additional funds to Cross Creek and the Ohio Properties of approximately $155,000 and $29,000, respectively. In addition, the Partnership received an approximate $43,000 and $26,000 of principal from FAH and the Greens Property, respectively, during 2014. | ||||||||||||||||||||
During 2013, the Partnership advanced additional funds to Ashley Square, Cross Creek, the Greens Property and the Ohio Properties of approximately $184,000, $233,000, $26,000 and $42,000, respectively. Due to the recognized sale of the Ohio and Greens Properties and the change in ownership of Lake Forest, the taxable property loans receivable with the Ohio and Greens Properties and Lake Forest are no longer eliminated upon consolidation (Notes 4 and 10). During 2013, the Partnership recorded loan loss reserves equal to the accrued interest on the Ashley Square, Cross Creek, Greens and the Ohio Properties taxable property loans receivable because the Partnership has determined they are not reasonably assured. | ||||||||||||||||||||
Based on the annual impairment analysis, a provision for loan loss and an associated loan loss reserve of $75,000 and $168,000 was recorded against the Cross Creek taxable property loan in the 2014 and 2013, respectively. There was no provision for loan loss or associated loan loss reserve during 2012. | ||||||||||||||||||||
In June 2013, the Partnership redeemed its interest in the Iona Lakes mortgage revenue bond for approximately $21.9 million. This redemption resulted in the realization of approximately $6.5 million in contingent interest income and approximately $4.6 million realized loss on taxable property loans. | ||||||||||||||||||||
The following is a detail of loan loss reserves for the years ended December 31: | ||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Balance, beginning of year | $ | 7,023,814 | $ | 12,272,671 | $ | 12,272,671 | ||||||||||||||
Realized loss on taxable loan - Iona Lakes | — | (4,557,741 | ) | — | ||||||||||||||||
Provision for loan loss | 75,000 | 168,000 | — | |||||||||||||||||
Deconsolidation of VIEs | — | 55,000 | — | |||||||||||||||||
Write off due to foreclosure | — | (914,116 | ) | — | ||||||||||||||||
Balance, end of year | $ | 7,098,814 | $ | 7,023,814 | $ | 12,272,671 | ||||||||||||||
Accrued interest not recognized represents interest accrued that the Partnership has determined they are not reasonably assured of collecting. During 2014, the Partnership recorded loan loss reserves equal to the accrued interest on the Ashley Square, Cross Creek, Lake Forest, and the Ohio Properties loans. During 2013, the Partnership recorded loan loss reserves equal to the accrued interest on the Ashley Square, Cross Creek, the Greens Property, Iona Lakes, Lake Forest, the Ohio Properties and Woodland Park property loans. During 2012, the Partnership recorded loan loss reserves equal to the accrued interest on the Ashley Square, Cross Creek, Iona Lakes and Woodland Park property loans. | ||||||||||||||||||||
The Company, at December 31, 2013, reported an asset held for sale valued at an appraised value of $375,000, along with a receivable of approximately $711,000 representing amounts due from a project owner of Prairiebrook Village. In 2008 the Company foreclosed on the Prairiebrook Village bond and obtained a summary judgment against ownership. The Partnership placed liens on assets identified and garnished wages from the judgment parties. In 2009, the Company recorded a $700,000 provision for loan loss reserve against this judgment receivable. In February 2010, the Company was informed that bankruptcy protection may be sought by the judgment party. This reserve is $711,000 at December 31, 2014 and 2013, while the Company continues to pursue this receivable. The $375,000 asset is land held as an investment for future development and reported with the Real Estate Assets on December 31, 2014. |
Discontined_Operations
Discontined Operations | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations [Abstract] | |||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Discontinued Operations | ||||||||
In June 2010, the Company completed a sales transaction whereby the Ohio Properties were sold to three new ownership entities controlled by an unaffiliated not-for-profit entity and in October 2011, the three limited partnerships that own the Ohio Properties admitted two entities that are affiliates of BC Partners as new limited partners as part of a syndication of LIHTCs. The BC Partners agreed to contribute equity to these limited partnerships, subject to the Ohio Properties meeting certain debt service coverage ratios specified in the applicable limited partnership agreements. As such, there was not sufficient equity invested at closing by the not-for-profit or BC Partners into the Ohio Properties to allow the Company to recognize a real estate sale for accounting purposes. During the first quarter of 2013, BC Partners contributed $6.5 million of capital into the Ohio Properties which was sufficient to allow the Company to recognize the sale for accounting purposes. This gain on sale of discontinued operations was approximately $1.8 million. The sale of this discontinued operation allowed the Company to begin reporting the mortgage revenue bonds related to the Ohio Properties as assets beginning with the March 31, 2013 consolidated financial statements. | |||||||||
The deposit method of accounting for real estate sales required both the deferral of the gain from the real estate sale and also did not allow recognition of the interest payments by the Ohio Properties to the Company between June 2010 and the date of the equity contribution by BC Partners. In conjunction with the recognition of the real estate sale, approximately $3.5 million of interest has been recognized within investment income during 2013 which represents the interest payments received from the Ohio Properties between June 2010 and December 2012. In addition, the Partnership reported approximately $1.1 million in taxable note interest income received from the Ohio Properties and $250,000 guarantee fee from the general partner of the Ohio Properties during the first quarter of 2013 (Note 2). The net fixed assets and total assets of the Ohio Properties were zero at December 31, 2014 and 2013. The deposit method of accounting also deferred the recognition of the sale of the Ohio Properties and the purchase of the mortgage revenue bonds they secure in the consolidated statement of cash flows. As such, these transactions are being recognized in the consolidated statement of cash flows in the year ending December 31, 2013. | |||||||||
In October 2012, the limited partnership that owns the Greens Property admitted two entities that are affiliates of BC Partners as new limited partners as part of a syndication of LIHTCs on the Greens Property. Prior to the execution of the admittance of the new limited partners, the Company had entered into an agreement to sell the Greens Property for approximately $7.3 million to an unaffiliated not-for-profit which is the general partner of the limited partnership that now owns the Greens Property. That sale was conditional on securing the mortgage revenue bond and low-income housing tax credits from the North Carolina Housing Finance Agency. The $961,000 BC Partners equity contribution made into this limited partnership in October 2012 was not sufficient to allow the Company to recognize a real estate sale for accounting purposes. In July 2013, BC Partners made their required $800,000 capital contribution into the Greens Property as construction was 75% complete. | |||||||||
The Company purchased 100% of the mortgage revenue bonds issued as part of the agreement to finance the acquisition and rehabilitation of the Greens Property. The Series A mortgage revenue bond has approximately $8.5 million par value and bear interest at 6.5% per annum. The Series B mortgage revenue bond has a $950,000 par value and bears interest at 12.0% per annum. Both series of mortgage revenue bonds mature in October 1, 2047. The Company also obtained an $850,000 taxable property loan secured by the Greens Property at closing. The deposit method of accounting deferred the recognition of the sale of the Greens Property and the purchase of the mortgage revenue bonds it secures in the consolidated statement of cash flows. As such, these transactions are being recognized in the consolidated statement of cash flows in the year ending December 31, 2013. | |||||||||
The July 2013 equity payment provided sufficient invested equity to recognize a real estate sale for accounting purposes and the Company recorded the sale of this discontinued operation. This gain on sale of discontinued operations was approximately $1.4 million. The deposit method of accounting for real estate sales required both the deferral of the gain from the real estate sale and also did not allow recognition of the interest payments by the Greens Property to the Company between October 2012 and the July 2013, the date of the second equity contribution by BC Partners. In conjunction with the recognition of the real estate sale, approximately $523,000 of interest has been recognized within investment income during 2013 which represents the interest payments received from the Greens Property between October 2012 and July 31, 2013. The net fixed assets and total assets of the Greens Property were zero at December 31, 2014 and 2013. | |||||||||
The Eagle Ridge property sale was completed in November 2012 and resulted in the property being reported as a discontinued operation for all periods reported. The proceeds from the sale of the property was approximately $2.5 million resulting in a gain of approximately $126,000. | |||||||||
In August 2012, the Commons at Churchland property was sold for proceeds of approximately $8.1 million resulting in a gain of approximately $1.3 million. | |||||||||
There were no assets and liabilities of discontinued operations to report at December 31, 2014 and 2013. | |||||||||
The following presents the revenues, expenses and income from discontinued operations: | |||||||||
2013 | 2012 | ||||||||
Rental Revenues | $ | 807,924 | $ | 5,843,173 | |||||
Expenses | 542,703 | 5,017,505 | |||||||
Income from continuing operations of the discontinued operations | 265,221 | 825,668 | |||||||
Gain on sale of discontinued operations | 3,177,183 | 1,406,608 | |||||||
Net income from discontinued operations | $ | 3,442,404 | $ | 2,232,276 | |||||
There was no revenue, expenses, and income from discontinued operations to report for the year ended December 31, 2014. |
Debt_Financing
Debt Financing | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Financing [Abstract] | ||||||||||||
Debt Disclosure [Text Block] | Debt Financing | |||||||||||
As of December 31, 2014 and 2013, the Company’s outstanding debt financing totaled approximately $345.4 million and $257.3 million, respectively. | ||||||||||||
Other Financings | ||||||||||||
In March 2014, the Partnership obtained two $5.0 million unsecured revolving lines of credit. The first revolving line of credit carries a variable interest rate which was approximately 3.5% on the closing date and matures in March 2015. The second revolving line of credit also carries a variable interest rate which was approximately 3.4% on December 31, 2014 and matures in March 2016. On December 31, 2014, the Partnership had not borrowed funds on either line of credit. The lines of credit could be utilized to help with short-term working capital needs and to fund new investments during the periods of time that the Company is working with its lender to finalize new TOB financings of assets. This replaces the $10.0 million unsecured revolving line of credit held at December 31, 2013. | ||||||||||||
In February 2013, the Partnership obtained a debt facility secured by the Iona Lakes mortgage revenue bond with total available borrowings of up to $6.0 million. Any borrowed amount carried a fixed interest rate of 5.0% per annum and matured on January 25, 2014. On June 29, 2013 the Partnership retired this debt facility. | ||||||||||||
Tender Option Bond Financings | ||||||||||||
Description of the Tender Option Bond Financings | Outstanding Debt Financing at December 31, 2014 | Year Acquired | Stated Maturity | Year End Rates | ||||||||
PHC Certificates-TOB Trust | $ | 44,675,000 | 2012 | Jun-15 | 2.2 | % | ||||||
MBS - TOB Trust 1 | 2,585,000 | 2012 | Apr-15 | 1.12 | % | |||||||
MBS - TOB Trust 2 | 4,090,000 | 2012 | Apr-15 | 1.12 | % | |||||||
MBS - TOB Trust 5 | 5,270,000 | 2012 | Apr-15 | 1.06 | % | |||||||
The Suites on Paseo - TOB Trust | 25,535,000 | 2013 | Jun-15 | 1.96 | % | |||||||
TOB - Decatur Angle - TOB Trust | 21,850,000 | 2014 | Oct-16 | 4.34 | % | |||||||
Live 929 - TOB Trust | 34,975,000 | 2014 | Jul-19 | 4.47 | % | |||||||
Bruton Apartments - TOB Trust | 17,250,000 | 2014 | Jul-17 | 4.55 | % | |||||||
Pro Nova 2014-1 - TOB Trust | 9,010,000 | 2014 | Jul-17 | 4.05 | % | |||||||
Pro Nova 2014-2 - TOB Trust | 9,010,000 | 2014 | Jul-17 | 4.05 | % | |||||||
Total Debt Financing | $ | 174,250,000 | ||||||||||
Description of the Tender Option Bond Financings | Outstanding Debt Financing at December 31, 2013 | Year Acquired | Stated Maturity | Year End Rates | ||||||||
PHC Certificates-TOB Trust | $ | 48,995,000 | 2012 | Jun-14 | 2.32 | % | ||||||
Autumn Pines-TOB Trust | 9,770,000 | 2011 | Jul-14 | 1.96 | % | |||||||
MBS - TOB Trust 1 | 2,585,000 | 2012 | Apr-14 | 1.21 | % | |||||||
MBS - TOB Trust 2 | 4,090,000 | 2012 | Apr-14 | 1.29 | % | |||||||
MBS - TOB Trust 3 | 2,865,000 | 2012 | Apr-14 | 1.22 | % | |||||||
MBS - TOB Trust 4 | 5,960,000 | 2012 | Apr-14 | 1.23 | % | |||||||
MBS - TOB Trust 5 | 10,545,000 | 2012 | Apr-14 | 1.27 | % | |||||||
Greens of Pine Glen - TOB Trust | 5,700,000 | 2013 | Jun-14 | 2.4 | % | |||||||
Arbors of Hickory Ridge - TOB Trust | 7,000,000 | 2013 | Aug-14 | 2.4 | % | |||||||
MBS - TOB Trust 6 | 7,825,000 | 2013 | Aug-14 | 1.02 | % | |||||||
Avistar (February 2013 portfolio) - TOB Trust (2) | 20,000,000 | 2013 | Jun-14 | 2.21 | % | |||||||
Avistar (June 2013 portfolio) - TOB Trust (1) | 13,210,000 | 2013 | Oct-14 | 2.21 | % | |||||||
The Suites on Paseo - TOB Trust | 25,750,000 | 2013 | Dec-14 | 1.96 | % | |||||||
Total Debt Financing | $ | 164,295,000 | ||||||||||
(1) Avistar at the Oaks Apartments, Avistar on the Hills Apartments, and Avistar in 09 Apartments is the collateral for the $20.0 million TOB Trust. | ||||||||||||
(2) Avistar at Chase Hill, Avistar at the Crest, and Avistar on the Boulevard is the collateral for the approximate $13.2 million TOB Trust. | ||||||||||||
In July 2011, the Company executed a Master Trust Agreement with DB which allows the Company to execute multiple TOB Trusts structures upon the approval and agreement of terms by DB. Under each TOB Trust structure issued through the Master Trust Agreement, the TOB trustee issues SPEARS and LIFERS. These SPEARS and LIFERS represent beneficial interests in the securitized asset held by the TOB trustee. The Company will purchase the LIFERS from each of these TOB Trusts which will grant them certain rights to the securitized assets. The Master Trust Agreement with DB has covenants with which the Company is required to maintain compliance. At December 31, 2014, the most restrictive covenant was that cash available to distribute for the trailing twelve months must be at least two times trailing twelve month interest expense. The Company was in compliance with all of these covenants as of December 31, 2014. If the Company were to be out of compliance with any of these covenants, it would trigger a termination event of the financing facilities. The Company expects to renew each of the TOB financing facilities at its discretion per the terms of the agreements. DB can require the posting of cash collateral under the terms of the Master Trust Agreement. | ||||||||||||
In October 2014, the Partnership executed two new TOB Trusts under its credit facility with DB securitizing the Pro Nova 2014-1 and 2014-2 mortgage revenue bonds borrowing approximately $9.0 million under each TOB Trust. The TOB Trust facility has an approximate 4.0% per annum fixed interest rate and will mature in July 1, 2017. Pursuant to the terms of this TOB trust the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. The outstanding balance remains at approximately $18.0 million on December 31, 2014. | ||||||||||||
In August 2014, the Partnership executed a new TOB Trust under its credit facility with DB securitizing the Bruton Apartments mortgage revenue bond borrowing approximately $17.3 million. The TOB Trust facility has an approximate 4.6% per annum fixed interest rate and will mature in July 2017. Pursuant to the terms of this TOB trust the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. The outstanding balance remains at approximately $17.3 million on December 31, 2014. | ||||||||||||
In July 2014, the Partnership executed a new TOB Trust under its credit facility with DB securitizing the Live 929 mortgage revenue bond borrowing approximately $35.0 million. The TOB Trust facility has an approximate 4.5% per annum fixed interest rate and will mature in July 2019. Pursuant to the terms of this TOB trust the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. The outstanding balance is approximately $35.0 million on December 31, 2014. | ||||||||||||
In July 2014, the Partnership executed a new TOB Trust under its credit facility with DB securitizing the Decatur Angle mortgage revenue bond borrowing $21.9 million. The new TOB Trust facility will mature in October 2016. On the closing date the total fixed TOB Trust facility interest rate was approximately 4.3% per annum. Pursuant to the terms of this TOB trust the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. This new TOB Trust replaced the March 2014 TOB Trust under its credit facility with DB which had securitized the Decatur Angle mortgage revenue bond borrowing $17.3 million. The outstanding balance is approximately $21.9 million on December 31, 2014. | ||||||||||||
In July 2014, a separate transaction occurred as a preliminary transaction to achieve the closing of the M31 TEBS Financing (discussed in the M31 TEBS Financing section in Note 11). DB purchased the SPEARS which securitized four TOB Trust facilities for approximately $45.9 million and approximately $26.5 million in the related residual LIFERS. DB held the ten mortgage revenue bonds that collateralized this transaction, the Greens Property, Arbors at Hickory Ridge, Avistar on the Boulevard, Avistar at Chase Hill, Avistar at the Crest, Avistar on the Hills Apartments, Avistar at the Oaks Apartments, and Avistar in 09 Apartments, until the M31 TEBS Financing facility closed on July 10, 2014. | ||||||||||||
In December 2013, the Company executed a new TOB Trust under its credit facility with DB securitizing The Suites on Paseo Series A mortgage revenue bond. The amount borrowed was approximately $25.8 million with a variable interest rate tied to SIFMA. The facility matures in June 2015. On the date of the closing the total fixed TOB Trust fee was approximately 1.6% per annum and the variable rate paid on the TOB Trust on the SPEARS was approximately 0.4% per annum resulting in a total cost of borrowing of approximately 2.0% per annum. The outstanding balance remains at approximately $25.5 million on December 31, 2014. | ||||||||||||
In October 2013, the Company executed a new TOB Trust under its credit facility with DB securitizing the Avistar at the Oaks Apartments, the Avistar on the Hills Apartments, and the Avistar in 09 Apartments Series A mortgage revenue bonds. The amount borrowed was approximately $13.2 million with a variable interest rate tied to SIFMA. This TOB Trust was settled in July 2014. | ||||||||||||
In June 2013, the Company executed a new TOB Trust under its credit facility with DB securitizing the Avistar on the Boulevard, Avistar at Chase Hill, and Avistar at the Crest Series A mortgage revenue bonds. The amount borrowed was $20.0 million with a variable interest rate tied to SIFMA. This TOB Trust was settled in July 2014. | ||||||||||||
In March 2013, the Company executed a new TOB Trust under its credit facility with DB securitizing the Arbors at Hickory Ridge mortgage revenue bond. The amount borrowed was $7.0 million with a variable interest rate tied to SIFMA. This TOB Trust was settled in July 2014. | ||||||||||||
In February 2013, the Company executed a new TOB Trust under its credit facility with DB securitizing the Greens Property mortgage revenue bond. The amount borrowed was approximately $5.8 million with a variable interest rate tied to SIFMA. This TOB Trust was settled in July 2014. | ||||||||||||
In the fourth quarter of 2012 through the second quarter of 2013, the Company purchased the LIFERS issued by the trustee over six additional TOB Trusts. The LIFERS entitle the Company to all principal and interest payments received by these TOB Trusts on the mortgage-backed securities after payments due to the holders of the SPEARS and trust costs (“MBS TOB Trusts”). The SPEARS represent senior interests in the MBS TOB Trusts and some have been credit enhanced by DB. The Company reports the MBS TOB Trusts on a consolidated basis as it has determined it is the primary beneficiary of these variable interest entities (Note 6). A summary of the six MBS TOB Trusts are as follows: | ||||||||||||
• | During fourth quarter of 2012, the Company purchased approximately $6.5 million of LIFERS from securitized MBS TOB Trusts with a par value of approximately $31.6 million of MBS. The MBS TOB Trusts also issued SPEARS of approximately $25.1 million to unaffiliated investors. A portion of this MBS was sold in 2014 and a portion of the TOB Trusts were settled in 2014. The approximate outstanding amount at December 31, 2014 is $12.0 million which will mature in April 2015. On the date of closing the total fixed TOB Trust fee was approximately 0.9% per annum and the variable rate paid on the SPEARS of approximately 0.4% per annum is tied to SIFMA which results in the total cost of borrowing of approximately 1.3% per annum. | |||||||||||
• | In January 2013, the Company purchased an additional $540,000 of LIFERS from one of the five MBS TOB Trusts which is a securitization of MBS with a par value of $2.5 million. SPEARS of approximately $2.0 million were issued by the MBS TOB Trust.This MBS was sold in 2014 and the TOB Trust was settled in 2014. | |||||||||||
• | In April 2013, the Company purchased approximately $2.2 million of LIFERS issued by a new MBS TOB Trust which is the securitization of MBS with a par value of approximately $10.0 million. The MBS TOB Trusts issued SPEARS of approximately $7.8 million to unaffiliated investors. This facility was sold in 2014 and the TOB Trust was settled in 2014. | |||||||||||
In October 2014, the Company sold a portion of the MBS and collapsed the related MBS - TOB Trusts for an amount approximating the outstanding amortized cost. The Company collapsed MBS - TOB Trust 4 for approximately $6.0 million, MBS - TOB Trust 5 for approximately $5.3 million and MBS - TOB Trust 6 for approximately $7.8 million securitizing the related MBS. The Company’s approximate $19.1 million TOB financing facilities, which were the securitization of these MBS TOB Trusts, were paid off in full in connection with this sale (Note 7). | ||||||||||||
In May 2014, the Company sold a portion of the MBS and collapsed the related MBS - TOB Trust 3 securitizing the related MBS for approximately $3.7 million. The Company’s $2.9 million TOB financing facility, which was the securitization of this MBS TOB Trust, was paid off in full in connection with this sale (Note 7). | ||||||||||||
In April 2014, the mortgage revenue bond secured by Autumn Pines was sold for approximately $13.1 million. The Company’s $9.8 million TOB financing facility, which was the securitization of this mortgage revenue bond, was collapsed and paid off in full in connection with this sale (Note 5). | ||||||||||||
As of December 31, 2014, the Company has posted approximately $2.1 million of cash collateral in connection with the MBS TOB Trusts. This collateral is recorded as restricted cash in the consolidated financial statements. As of December 31, 2013, the Company had posted approximately $4.1 million of cash collateral in connection with the six MBS TOB Trusts. This collateral is recorded as restricted cash in the consolidated financial statements. | ||||||||||||
In July 2012, the Company purchased the PHC Certificate LIFERS issued by the PHC TOB Trusts for approximately $16.0 million and pledged the LIFERS to the trustee to secure certain reimbursement obligations of the Company as the holder of LIFERS. The Company is consolidating the PHC TOB Trust as it has determined it is the primary beneficiary of these variable interest entities. The PHC TOB Trusts issued SPEARS of approximately $49.0 million to unaffiliated investors. The SPEARS represent senior interests in the PHC TOB Trusts and have been credit enhanced by DB. The LIFERS entitle the Company to all principal and interest payments received by the PHC TOB Trusts on the $59.3 million of PHC Certificates held by it after payments due to the holders of the SPEARS and trust costs. Approximately $4.3 million was paid to reduce the outstanding balance during 2014. The amount owed to the SPEARS owners at December 31, 2014 is approximately $44.7 million. As of December 31, 2014 and 2013, the Company has posted approximately $400,000 of cash collateral in connection with one of the PHC TOB Trusts which is recorded as restricted cash. | ||||||||||||
As of December 31, 2014 and 2013, the total cost of borrowing for the PHC Certificates TOB financing facilities was approximately 2.2% and 2.3% per annum, respectively, and the weighted average cost of borrowing on the TOB financing facilities securitizing mortgage-backed securities was approximately 1.1% and 1.3% per annum, respectively. The Company’s total cost of borrowing under the TOB financing facilities collateralized by the mortgage revenue bonds was approximately 3.9% and 2.7% per annum as of December 31, 2014 and 2013, respectively. The Company accounts for these TOB transactions as secured financing arrangements. | ||||||||||||
TEBS Financings. | ||||||||||||
On July 10, 2014, the Partnership and its newly created consolidated subsidiary, ATAX TEBS II, LLC (“2014 Sponsor”), entered into a number of agreements relating to a new long-term debt financing facility provided through the securitization of thirteen mortgage revenue bonds, with a par value of approximately $118.4 million, owned by the the 2014 Sponsor pursuant to the M31 TEBS Financing. The M31 TEBS Financing facility essentially provides the Partnership with a long-term variable-rate debt facility at interest rates reflecting prevailing short-term tax-exempt rates. | ||||||||||||
Effective July 1, 2014, the Partnership transferred the following mortgage revenue bonds to the 2014 Sponsor pursuant to the M31 TEBS Financing described above: | ||||||||||||
Outstanding Bond Par Amounts | ||||||||||||
Description of Mortgage Revenue Bonds | 31-Dec-14 | 1-Jul-14 | Financial Statement Presentation | |||||||||
Arbors at Hickory Ridge | $ | 11,450,000 | $ | 11,450,000 | Mortgage revenue bond | |||||||
Avistar at Chase Hill A Bond | 10,000,000 | 10,000,000 | Mortgage revenue bond | |||||||||
Avistar at the Crest A Bond | 9,700,000 | 9,700,000 | Mortgage revenue bond | |||||||||
Avistar at the Oaks A Bond | 7,800,000 | 7,800,000 | Mortgage revenue bond | |||||||||
Avistar in 09 A Bond | 6,735,000 | 6,735,000 | Mortgage revenue bond | |||||||||
Avistar on the Boulevard A Bond | 16,525,000 | 16,525,000 | Mortgage revenue bond | |||||||||
Avistar on the Hills A Bond | 5,389,000 | 5,389,000 | Mortgage revenue bond | |||||||||
Copper Gate Apartments | 5,220,000 | 5,220,000 | Mortgage revenue bond | |||||||||
Greens Property A Bond | 8,366,000 | 8,396,000 | Mortgage revenue bond | |||||||||
Harden Ranch A Bond | 6,960,000 | 6,960,000 | Mortgage revenue bond | |||||||||
The Palms at Premier Park Apartments | 20,152,000 | 20,152,000 | Mortgage revenue bond | |||||||||
Tyler Park Apartments A Bond | 6,075,000 | 6,075,000 | Mortgage revenue bond | |||||||||
Westside Village A Bond | 3,970,000 | 3,970,000 | Mortgage revenue bond | |||||||||
Total | $ | 118,342,000 | $ | 118,372,000 | ||||||||
The mortgage revenue bonds were then securitized by transferring these assets to Freddie Mac in exchange for Class A and Class B Freddie Mac Multifamily Variable Rate Certificates (collectively, the “M31 TEBS Certificates”). The M31 TEBS Certificates represent beneficial interests in the securitized assets held by Freddie Mac. The Class A TEBS Certificates were issued in an initial principal amount of approximately $94.7 million and were sold through a placement agent to unaffiliated investors. The Class B M31 TEBS Certificates were issued in an initial principal amount of approximately $23.7 million and were retained by the 2014 Sponsor. The gross proceeds from the M31 TEBS Financing were approximately $94.7 million. After the payment of transaction expenses, the Partnership received net proceeds from the M31 TEBS Financing of approximately $91.6 million. The Partnership applied approximately $72.4 million of these net proceeds to retire the short-term securitization that previously existed on these bonds and approximately $6.3 million to a stabilization escrow. The approximate $6.3 million is reported as restricted cash on the December 31, 2014 balance sheet. | ||||||||||||
The holders of the Class A M31 TEBS Certificates are entitled to receive regular payments of interest from Freddie Mac at a variable rate which resets periodically based on the weekly SIFMA floating index rate plus certain credit, facility, remarketing, and servicing fees (“Facility Fees”). As of closing, the SIFMA rate was equal to 0.04% per annum and the total Facility Fees were approximately 1.4% per annum, resulting in a total initial cost of borrowing of approximately 1.5% per annum. In order to mitigate its exposure to interest rate fluctuations on the variable rate M31 TEBS Financing, the 2014 Sponsor also entered into interest rate cap agreements with Barclays Bank PLC, the Royal Bank of Canada, and Sumitomo Mitsui Banking Corporation, each in an initial notional amount of approximately $31.6 million, which effectively limits the interest payable by the 2014 Sponsor on the Class A M31 TEBS Certificates to a fixed rate of 3.0% per annum on the combined notional amounts of the interest rate cap agreements through August 15, 2019. | ||||||||||||
The total Facility Fees are 1.4% per annum, and as of December 31, 2014, the SIFMA rate was equal to approximately 0.1% per annum resulting in a total cost of borrowing of approximately 1.5% per annum on the outstanding balance of the M31 TEBS Financing facility of approximately $94.7 million. The M31 TEBS Financing and the associated M31 TEBS Trust are presented as secured financings within the consolidated financial statements. | ||||||||||||
Payment of interest on the Class A M31 TEBS Certificates will be made from the interest payments received by Freddie Mac from the Bonds held by Freddie Mac on designated interest payment dates prior to any payments of interest on the Class B M31 TEBS Certificates held by the 2014 Sponsor. As the holder of the Class B M31 TEBS Certificates, the 2014 Sponsor is not entitled to receive interest payments on the Class B TEBS Certificates at any particular rate, but will be entitled to all payments of principal and interest on the Bonds held by Freddie Mac after payment of principal and interest due on the Class A M31 TEBS Certificates and payment of all Facility Fees and associated expenses. Accordingly, the amount of interest paid to the 2014 Sponsor on the Class B M31 TEBS Certificates is expected to vary over time, and could be eliminated altogether, due to fluctuations in the interest rate payable on the Class A M31 TEBS Certificates, Facility Fees, expenses, and other factors. | ||||||||||||
Freddie Mac guaranteed payment of scheduled principal and interest payments on the Class A M31 TEBS Certificates and also guaranteed payment of the purchase price of any Class A M31 TEBS Certificates that are tendered to Freddie Mac in accordance with their terms which cannot be remarketed to new holders within five business days. The 2014 Sponsor is obligated to reimburse Freddie Mac for certain expenses, including any payments made by Freddie Mac under its guaranty. These obligations of the 2014 Sponsor are also guaranteed by the Partnership. The Partnership also entered into various subordination agreements with Freddie Mac under which the Partnership has subordinated its rights and remedies with respect to the mortgage revenue and taxable bonds and taxable mortgage loans made by it to the owners of properties securing certain of the Bonds to the rights of Freddie Mac as the holder of the Bonds. | ||||||||||||
The term of the M31 TEBS Financing coincides with the terms of the assets securing the M31 TEBS Certificates, except the 2014 Sponsor may elect to purchase all (but not less than all) of the Bonds from Freddie Mac on either July 15, 2019 or July 15, 2024. The 2014 Sponsor also retains a right to require a Bond to be released from Freddie Mac in the event of a payment default on the Bond which remains uncured for two consecutive scheduled payment dates or 60 days, whichever is shorter, by paying Freddie Mac the unpaid principal and accrued interest on the Bond plus a yield maintenance payment. In addition, the 2014 Sponsor has a limited right to substitute new bonds for existing Bonds held by Freddie Mac in certain circumstances. Should the Partnership not elect to terminate the TEBS Financing on these dates the full term of the M31 TEBS Financing runs through the final principal payment date associated with the securitized bonds, or August 1, 2050. | ||||||||||||
As of September 1, 2010, the Partnership and its Consolidated Subsidiary ATAX TEBS I, LLC, entered into a number of agreements relating to a new long-term debt financing facility provided through the securitization of thirteen mortgage revenue bonds owned by the ATAX TEBS I, LLC (the “2010 Sponsor”) pursuant to the M24 TEBS Financing. The M24 TEBS Financing facility essentially provides the Partnership with a long-term variable-rate debt facility at interest rates reflecting prevailing short-term tax-exempt rates. | ||||||||||||
Effective September 1, 2010, the Partnership transferred the following mortgage revenue bonds to ATAX TEBS I, LLC, a special purpose entity controlled by the Partnership pursuant to the M24 TEBS Financing. The par value of the mortgage revenue bonds included in this financing facility as of December 31, 2014 and 2013 are as follows: | ||||||||||||
Outstanding Bond Par Amounts | ||||||||||||
Description of Mortgage | ||||||||||||
Revenue Bonds | 31-Dec-14 | 31-Dec-13 | Financial Statement Presentation | |||||||||
Ashley Square | $ | 5,159,000 | $ | 5,212,000 | Mortgage revenue bond | |||||||
Bella Vista | 6,490,000 | 6,545,000 | Mortgage revenue bond | |||||||||
Bent Tree | 7,465,000 | 7,542,000 | Consolidated VIE | |||||||||
Bridle Ridge | 7,655,000 | 7,715,000 | Mortgage revenue bond | |||||||||
Brookstone | 9,256,001 | 9,338,603 | Mortgage revenue bond | |||||||||
Cross Creek | 8,422,997 | 8,497,933 | Mortgage revenue bond | |||||||||
Fairmont Oaks | 7,266,000 | 7,355,000 | Consolidated VIE | |||||||||
Lake Forest | 8,886,000 | 8,997,000 | Mortgage revenue bond | |||||||||
Runnymede | 10,440,000 | 10,525,000 | Mortgage revenue bond | |||||||||
South Park | 13,680,000 | 13,795,000 | Mortgage revenue bond | |||||||||
Woodlynn Village | 4,390,000 | 4,426,000 | Mortgage revenue bond | |||||||||
Ohio Series A Bond (1) | 14,407,000 | 14,498,000 | Mortgage revenue bond | |||||||||
Villages at Lost Creek | — | 18,090,000 | Mortgage revenue bond | |||||||||
Total | $ | 103,516,998 | $ | 122,536,536 | ||||||||
(1) Collateralized by Crescent Village, Post Woods and Willow Bend which are eliminated upon consolidation (Note 3) | ||||||||||||
The securitization of these mortgage revenue bonds occurred through two classes of certificates. The Class A TEBS Certificates were issued in an initial principal amount of $95.8 million and were sold through a placement agent to unaffiliated investors. The Class B TEBS Certificates were issued in an initial principal amount of $20.3 million and were retained by the Sponsor. The holders of the Class A TEBS Certificates are entitled to receive regular payments of interest from Freddie Mac at a variable rate which resets periodically based on the weekly Securities Industry and Financial Markets Association (“SIFMA”) floating index rate plus Facility Fees. As of December 31, 2014, the SIFMA rate was equal to 0.1% per annum resulting in a total cost of borrowing of approximately 2.0% per annum on the outstanding balance on the M24 TEBS Financing facility of $76.4 million. As of December 31, 2013, the SIFMA rate was equal to 0.1% per annum resulting in a total cost of borrowing of approximately 2.0% per annum on the outstanding balance on the M24 TEBS Financing facility of $93.0 million. At December 31, 2014 and 2013, the Partnership reported approximately $1.0 million and $727,000, respectively as restricted cash on the balance sheet. | ||||||||||||
Payment of interest on the Class A TEBS Certificates will be made from the interest payments received by Freddie Mac from the Bonds and Senior Custody Receipts held by Freddie Mac on designated interest payment dates prior to any payments of interest on the Class B TEBS Certificates held by the Sponsor. As the holder of the Class B TEBS Certificates, the Sponsor is not entitled to receive interest payments on the Class B TEBS Certificates at any particular rate, but will be entitled to all payments of principal and interest on the Bonds and Senior Custody Receipts held by Freddie Mac after payment of principal and interest due on the Class A TEBS Certificates and payment of all Facility Fees and associated expenses. Accordingly, the amount of interest paid to the Sponsor on the Class B TEBS Certificates is expected to vary over time, and could be eliminated altogether, due to fluctuations in the interest rate payable on the Class A TEBS Certificates, Facility Fees, expenses and other factors. | ||||||||||||
The term of the M24 TEBS Financing facility coincides with the terms of the assets securing the TEBS Certificates, except that the Partnership may terminate the M24 TEBS Financing facility at its option on either September 15, 2017 or September 15, 2020. Should the Partnership not elect to terminate the M24 TEBS Financing facility on these dates, the full term of the M24 TEBS Financing facility runs through the final principal payment date associated with the securitized bonds, or July 15, 2050. | ||||||||||||
In February 2014, the mortgage revenue bond secured by Lost Creek was redeemed for an amount greater than the outstanding principal and accrued base interest. The Company received approximately $18.7 million for the Lost Creek mortgage revenue bond which was used to retire a portion of the M24 TEBS Financing facility. | ||||||||||||
The Company’s aggregate borrowings as of December 31, 2014 contractually mature over the next five years and thereafter as follows: | ||||||||||||
2015 | $ | 84,302,554 | ||||||||||
2016 | 24,561,861 | |||||||||||
2017 | 36,011,702 | |||||||||||
2018 | 2,300,657 | |||||||||||
2019 | 37,412,465 | |||||||||||
Thereafter | 160,769,761 | |||||||||||
Total | $ | 345,359,000 | ||||||||||
The Partnership’s strategic objective is to leverage its bond portfolio utilizing long term securitization financings with Freddie Mac through its TEBS program. This strategy allows the Partnership to better match the duration of its assets and liabilities and to lock in a spread between its assets and liabilities. The Partnership intends to refinance all of its maturing short term debt obligations with the proceeds of at least one additional TEBS financing. |
Mortgages_Payable
Mortgages Payable | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Mortgages Payable [Abstract] | ||||||||||||
Mortgage Notes Payable Disclosure [Text Block] | ortgages Payable | |||||||||||
The Company reports the mortgage loans secured by certain MF Properties on its consolidated financial statements as Mortgages payable. As of December 31, 2014, outstanding mortgage loans totaled approximately $76.7 million. As of December 31, 2013, outstanding mortgage loans totaled approximately $57.1 million . | ||||||||||||
In June 2014, the Partnership refinanced the Eagle Village mortgage, extending the due date to September 1, 2015 and remitting a $400,000 principal payment. | ||||||||||||
In April 2014, the Company paid off in full the approximately $1.9 million mortgage which was collateralized by the Glynn Place Apartments, an MF Property. | ||||||||||||
In March 2014, the Partnership refinanced the Arboretum mortgage, extending the due date to March 28, 2017 with a fixed interest rate of 3.75% per annum. | ||||||||||||
In September 2013, the Partnership executed a $7.0 million promissory note related to the Woodland Park property. This promissory note carries a fixed interest rate of approximately 2.8% per annum plus 30-day London Interbank Offered Rate (“LIBOR”) which was approximately 0.2%per annum resulting in approximately 3.0% per annum at the date of closing which was extended to a August 1, 2017 maturity date. The Partnership has borrowed approximately $6.0 million as of December 31, 2014. | ||||||||||||
In April 2013, the Company executed an interest-only loan to borrow up to $25.5 million for a three year term at a variable interest rate secured by the student housing complex in Lincoln, Nebraska. As of December 31, 2014, the Company has borrowed approximately $25.5 million which requires principal payments beginning on April 1, 2016 and carries a maturity date of April 1, 2020 (Note 8). The Company also secured a $4.3 million tax-incremental financing loan which is for a term of five years, carries a fixed interest rate of approximately 4.7% per annum, requires principal payments commencing after 24 months and has a balloon payment due at maturity. | ||||||||||||
In February 2013, the Partnership obtained a $7.5 million loan secured by the The Colonial (f/k/a Maples on 97th) property. This loan is with an unrelated third party and carries a fixed annual interest rate of approximately 3.6% per annum maturing on February 10, 2016. | ||||||||||||
The following is a summary of the Mortgage Loans payable on MF Properties: | ||||||||||||
MF Property Mortgage Payables | Outstanding Mortgage Payable at December 31, 2014 | Year Acquired | Stated Maturity | Effective Rate (1) | ||||||||
Arboretum | $ | 17,182,764 | 2011 | Mar-17 | 3.75 | % | ||||||
Eagle Village | 8,224,671 | 2010 | Sep-15 | 4.35 | % | |||||||
Residences of DeCordova | 1,881,998 | 2008 | Jun-17 | 4.75 | % | |||||||
Residences of Weatherford | 6,043,673 | 2012 | Jun-17 | 4.75 | % | |||||||
The 50/50 - Mortgage | 25,500,000 | 2013 | Mar-20 | 3.25 | % | |||||||
The 50/50 - TIF Loan | 4,299,990 | 2014 | Dec-19 | 4.65 | % | |||||||
The Colonial | 7,500,000 | 2013 | Feb-16 | 3.55 | % | |||||||
Woodland Park | 6,074,738 | 2013 | Aug-17 | 2.96 | % | |||||||
Total Mortgage Payable | $ | 76,707,834 | ||||||||||
MF Property Mortgage Payables | Outstanding Mortgage Payable at December 31, 2013 | Year Acquired | Stated Maturity | Effective Rate (1) | ||||||||
Arboretum | $ | 17,500,000 | 2011 | Mar-14 | 5.32 | % | ||||||
Eagle Village | 8,828,435 | 2010 | Jun-14 | 4.04 | % | |||||||
Glynn Place | 1,845,058 | 2008 | May-14 | 2.81 | % | |||||||
Residences of DeCordova | 1,948,064 | 2012 | Feb-17 | 5 | % | |||||||
Residences of Weatherford | 6,268,311 | 2011 | Jul-15 | 5.9 | % | |||||||
The 50/50 | 7,177,438 | 2013 | Mar-20 | 3.25 | % | |||||||
The Colonial | 7,500,000 | 2013 | Mar-16 | 3.47 | % | |||||||
Woodland Park | 6,020,014 | 2013 | Mar-14 | 2.97 | % | |||||||
Total Mortgage Payable | $ | 57,087,320 | ||||||||||
(1) Represents the average effective interest rate, including fees, for the years ended December 31, 2014 and 2013 and excludes the effect of interest rate caps (Note 15). | ||||||||||||
The Company’s mortgages payable as of December 31, 2014, contractually mature over the next five years and thereafter as follows: | ||||||||||||
2015 | $ | 9,137,766 | ||||||||||
2016 | 8,366,349 | |||||||||||
2017 | 31,032,366 | |||||||||||
2018 | 797,312 | |||||||||||
2019 | 3,795,004 | |||||||||||
Thereafter | 23,579,037 | |||||||||||
Total | $ | 76,707,834 | ||||||||||
The Partnership expects each of the MF Properties to eventually be sold either to a not-for-profit entity or in connection with a syndication of LIHTCs. The proceeds from such sale will be utilized to retire any associated outstanding mortgage loan. Should a mortgage loan reach maturity prior to a sale of the associated MF Property, the Partnership would either seek to refinance such mortgage loan or utilize cash reserves to retire the loan. The Partnership expects to provide mortgage revenue bonds as part of an overall plan of financing the acquisition of a MF Property by a new property owner. |
Issuances_of_Additional_Benefi
Issuances of Additional Beneficial Certificate Units Level 1 (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Issuances of Additional Beneficial Unit Certificates [Abstract] | |
Issuances of Additional Beneficial Unit Certificates [Text Block] | Issuances of Additional Beneficial Unit Certificates |
In November 2013, a Registration Statement on Form S-3 was declared effective by the SEC under which the Partnership may offer up to $225.0 million of additional BUCs from time to time. In December 2013, the Partnership issued an additional 8,280,000 BUCs through an underwritten public offering at a public offering price of $6.25 per BUC pursuant to this new Registration Statement. Net proceeds realized by the Partnership from this issuance of these BUCs were approximately $48.2 million after payment of an underwriter’s discount and other offering costs of approximately $3.5 million. In January and February 2014, the Partnership issued an additional 9,200,000 BUCs through an underwritten public offering at a public offering price of $5.95 per BUC pursuant to this Registration Statement. Net proceeds realized by the Partnership from this issuance of these BUCs were approximately $51.3 million after payment of an underwriter’s discount and other offering costs of approximately $3.5 million. | |
In May 2012, the Partnership issued an additional 12,650,000 BUCs through an underwritten public offering at a public offering price of $5.06 per BUC under its previously filed Form S-3. Net proceeds realized by the Partnership from this issuance of these BUCs were approximately $60 million after payment of an underwriter’s discount and other offering costs of approximately $4.0 million. |
Transactions_with_Related_Part
Transactions with Related Parties | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||
Related Party Transactions Disclosure [Text Block] | Transactions with Related Parties | |||||||||||
A substantial portion of the Partnership’s general and administrative expenses and certain costs capitalized by the Partnership are paid by AFCA 2 or an affiliate and are reimbursed by the Partnership. The capitalized costs are typically incurred in connection with the acquisition or reissuance of certain mortgage revenue bonds, acquisition of PHC Certificates and MBS, debt financing transactions, and other capital transactions. The amounts in the following table represent cash payments to reimburse AFCA 2 or an affiliate for such expenses. | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Reimbursable salaries and benefits | $ | 1,599,294 | $ | 1,146,754 | $ | 1,320,968 | ||||||
Other expenses | 975 | 3,488 | 6,221 | |||||||||
Insurance | 227,265 | 228,701 | 207,203 | |||||||||
Professional fees and expenses | 208,648 | 216,962 | 212,895 | |||||||||
Consulting and travel expenses | 1,697 | 434 | 3,390 | |||||||||
$ | 2,037,879 | $ | 1,596,339 | $ | 1,750,677 | |||||||
AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its mortgage revenue bonds, taxable loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. For the years ended December 31, 2014, 2013, and 2012, the Partnership paid administrative fees to AFCA 2 of approximately $2.0 million, $1.5 million, and $948,000, respectively. In addition to the administrative fees paid directly by the Partnership, AFCA 2 receives administrative fees directly from the owners of properties financed by certain of the mortgage revenue bonds held by the Partnership. These administrative fees also equal 0.45% per annum of the outstanding principal balance of these mortgage revenue bonds and totaled approximately $138,000, $144,000, and $133,000, in 2014, 2013, and 2012, respectively. Additionally, in connection with the sale of Eagle Ridge, the property paid accrued and deferred administrative fees to AFCA2 totaling approximately $71,000 in 2012. Although these third party administrative fees are not Partnership expenses, they have been reflected in the accompanying consolidated financial statements of the Company as a result of the consolidation of the VIEs. Such fees are payable by the financed property prior to the payment of any contingent interest on the mortgage revenue bonds secured by these properties. If the Partnership were to acquire any of these properties in foreclosure, it would assume the obligation to pay the administrative fees relating to mortgage revenue bonds on these properties. | ||||||||||||
AFCA 2 earns mortgage placement fees in connection with the acquisition of mortgage revenue bonds by the Company. These mortgage placement fees were paid by the owners of the respective property or the third party seller of the respective bonds and, accordingly, have not been reflected in the accompanying consolidated financial statements because these properties are not considered Consolidated VIEs. In 2012, the Company executed an investment placement agreement with AFCA 2 in connection with the Company’s acquisition of the PHC Certificates. AFCA 2 received a fee of $653,000 in July 2012 from the Company in connection with this agreement which was recorded into the cost basis of the PHC Certificates and is being amortized against interest income on an effective yield basis. The Company executed separate investment placement agreements with AFCA 2 in connection with the Company’s acquisition of the Arbors at Hickory Ridge mortgage revenue bond and the acquisition of mortgage-backed securities. In connection with the Arbors of Hickory Ridge bond placement agreement, AFCA 2 received an origination fee of $100,000 which has been recorded into the cost basis of the mortgage revenue bond and is being amortized against interest income on an effective yield basis. In connection with the mortgage-backed securities agreement, AFCA 2 received an origination fee of approximately $316,000 which has been recorded into the cost basis of the mortgage-backed securities and is being amortized against interest income on an effective yield basis. These investment placement fees are consistent with the mortgage placement fees that AFCA 2 has earned in connection with the acquisition of mortgage revenue bonds by the Company. Investment/mortgage placement fees earned by AFCA 2 totaled approximately $1.7 million, $1.2 million, and $1.4 million, in 2014, 2013, and 2012, respectively. | ||||||||||||
The Partnership executed a Developer and Construction Management Agreement with two affiliates of AFCA 2 during the second quarter of 2013 in connection with the mixed-use development at the University of Nebraska - Lincoln (Note 8). These affiliates received approximately $672,000 in the first twelve months of 2013 under the terms of this Agreement. An affiliate of AFCA 2 acts as a placement advisor to the borrowers under the mortgage revenue bonds at the time they are acquired by the Company. Any and all advisory fees are paid by the borrower of the respective bonds and, accordingly, have not been reflected in the accompanying consolidated financial statements. | ||||||||||||
An affiliate of AFCA 2, America First Property Management Company, L.L.C. (“Properties Management”) was retained to provide property management services for Ashley Square, Iona Lakes (bond sold in 2013), Arboretum, Bent Tree, Churchland (MF Property sold in 2012), Lake Forest, Fairmont Oaks, DeCordova, Eagle Ridge (MF Property sold in 2012), Eagle Village, The Colonial (f/k/a Maples on 97th), Meadowview, Crescent Village, Willow Bend, Post Woods, Glynn Place, Greens at Pine Glen, Cross Creek, Weatherford, and Woodland Park. The management fees paid to Properties Management amounted to approximately $1.3 million in 2014, $1.2 million in 2013, and $1.2 million in 2012. For the Consolidated VIEs, these management fees are not Partnership expenses but are recorded by each applicable VIE entity and, accordingly, have been reflected in the accompanying consolidated financial statements. Such fees are paid out of the revenues generated by the properties owned by the Consolidated VIEs prior to the payment of any interest on the mortgage revenue bonds and taxable loans held by the Partnership on these properties. For the MF Properties, these management fees are considered real estate operating expenses. | ||||||||||||
An affiliate of AFCA 2 acts as an origination advisor and consultant to the borrowers when mortgage revenue bonds and financing facilities are acquired by the Company. For 2014 and 2013, approximately $1.4 million and $752,000, respectively, in origination fees were paid to this affiliate by the borrower of certain acquired bonds and have not been reflected in the accompanying consolidated financial statements. In 2014, approximately $300,000 in consulting and origination fees were paid by the Company to this affiliate related to a mortgage revenue bond acquisition and the M31 TEBS Financing facility. | ||||||||||||
The owners of two limited-purpose corporations which own multifamily residential properties financed with mortgage revenue bonds and taxable loans held by the Company are employees of Burlington who are not involved in the operation or management of the Company and who are not executive officers or managers of Burlington. |
Interest_Rate_Derivative_Agree
Interest Rate Derivative Agreements | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Interest Rate Derivative Agreements [Abstract] | ||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Text Block] | Interest Rate Derivatives | |||||||||||||||
As of December 31, 2014, the Company has nine derivative agreements in order to mitigate its exposure to increases in interest rates on its variable-rate debt financing. In addition, the Company entered into two interest rate swaps during 2014. The terms of the derivative agreements are as follows: | ||||||||||||||||
Effective | Maturity | Purchase | ||||||||||||||
Date Purchased | Notional Amount | Capped Rate | Date | Price | Counterparty | |||||||||||
2-Sep-10 | $ | 31,936,667 | 3 | % | 1-Sep-17 | $ | 921,000 | Bank of New York Mellon | ||||||||
2-Sep-10 | $ | 31,936,667 | 3 | % | 1-Sep-17 | $ | 845,600 | Barclays Bank PLC | ||||||||
2-Sep-10 | $ | 31,936,667 | 3 | % | 1-Sep-17 | $ | 928,000 | Royal Bank of Canada | ||||||||
August 15, 2013 | $ | 93,305,000 | 1.5 | % | September 1, 2017 | $ | 793,000 | Deutsche Bank AG | ||||||||
February 18, 2014 | $ | 41,250,000 | 1 | % | March 1, 2017 | $ | 230,500 | SMBC Capital Markets, Inc | ||||||||
February 18, 2014 | $ | 28,750,000 | 1 | % | March 1, 2017 | $ | 161,000 | SMBC Capital Markets, Inc | ||||||||
July 10, 2014 | $ | 31,565,000 | 3 | % | August 15, 2019 | $ | 315,200 | Barclays Bank PLC | ||||||||
July 10, 2014 | $ | 31,565,000 | 3 | % | August 15, 2019 | $ | 343,000 | Royal Bank of Canada | ||||||||
July 10, 2014 | $ | 31,565,000 | 3 | % | August 15, 2019 | $ | 333,200 | SMBC Capital Markets, Inc | ||||||||
In July 2014, to mitigate its exposure to interest rate fluctuations on the variable rate M31 TEBS Financing, the Company entered into interest rate cap agreements with Barclays Bank PLC, the Royal Bank of Canada, and Sumitomo Mitsui Banking Corporation, each in an initial notional amount of approximately $31.6 million, which effectively limits the interest payable by the Company on the Class A M31 TEBS Certificates to a fixed rate of 3.0% per annum on the combined notional amounts of the interest rate cap agreements through August 15, 2019. The interest rate cap contracts cost approximately $991,000 and do not qualify for hedge accounting. Therefore, changes in the estimated fair value of the interest rate derivatives are included in earnings. | ||||||||||||||||
In February 2014, the Company entered into two interest rate cap agreements with SMBC Capital Markets, Inc. for a notional amount of $70.0 million with an effective start date of March 1, 2014. These agreements effectively limit the interest component of the TOB financing correlated with the SIFMA index to a maximum of 1.0% on $70.0 million of the outstanding borrowings on the MBS TOB financing facilities and the PHC Certificates TOB financing facilities through a three year term ending March 1, 2017. These interest rate cap contracts cost approximately $390,000 and do not qualify for hedge accounting. Therefore, changes in the estimated fair value of the interest rate derivatives are included in earnings. | ||||||||||||||||
In July 2013, the Company purchased a new interest rate derivative with a notional amount of $93.3 million which represents the amount outstanding on the M24 TEBS Financing facility at August 1, 2013. The maturity date of this interest rate derivative is September 1, 2017 and the effective capped interest rate is 1.5% per annum. On July 30, 2013, the Company also sold a new interest rate derivative to the same counterparty which had the same notional amount of $93.3 million and an effective capped interest rate of 3.0% per annum. The total cost of these two interest rate derivatives was approximately $800,000 and the derivative contracts do not qualify for hedge accounting, therefore, changes in the estimated fair value of the interest rate derivatives are included in earnings. This interest rate corridor transaction effectively reduced the capped interest rate from 3.0% to 1.5% per annum on the M24 TEBS Financing facility through the maturity date of the interest rate derivative contracts. In August 2013, the Company executed a master netting agreement with DB, which is the counterparty to these interest rate derivative contracts and is also the provider of the Company’s TOB financing facilities. The Company was refunded $500,000 of posted cash collateral on the TOB financing facilities back upon the execution of this master netting agreement. There are no amounts reported on a net basis related to the Company’s interest rate derivative contracts as of December 31, 2014 and 2013. | ||||||||||||||||
The Company had previously entered into interest rate cap agreements with Barclays Bank PLC, Bank of New York Mellon and Royal Bank of Canada, each in an initial notional amount of approximately $31.9 million which effectively limits the interest payable by the Company on the M24 TEBS Financing facility to a fixed rate of 3.0% per annum on the combined notional amounts of the interest rate cap agreements through August 2017. The interest rate cap plus the Facility Fees payable to Freddie Mac result in a maximum potential cost of borrowing on the M24 TEBS Financing facility of 4.9% per annum. | ||||||||||||||||
In September 2014, the Company entered into two interest rate swap agreements with Deutsche Bank AG for a variable notional amount with effective dates of October 15, 2016 and April 15, 2017. The notional amount and effective dates of these instruments will approximate the amounts invested in and timing of the completion of construction of the properties which collateralize the Decatur Angle and Bruton Apartments bonds, respectively. These agreements swap the fixed rate per the bond agreement to a LIBOR based floating interest rate upon completion of construction of the underlying properties for a five year term from the respective effective date. These interest rate swaps had no cost to the Company and do not qualify for hedge accounting. There is no exchange of cash flows prior to the effective dates of the agreements. | ||||||||||||||||
These interest rate derivatives do not qualify for hedge accounting and, accordingly, they are carried at fair value, with changes in fair value included in current period earnings within interest expense. Interest rate derivative expense, which is the result of marking the interest rate derivative agreements to fair value, resulted in an increase of approximately $2.0 million in interest expense for the year ended December 31, 2014, as compared to an increase of approximately $284,000 in interest expense for the year ended December 31, 2013. These interest rate derivatives are presented on the balance sheet in Other Assets. The carrying value of these derivatives was approximately $268,000 and $888,000 as of December 31, 2014 and 2013, respectively. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||
Fair Value Disclosures [Text Block] | Fair Value of Financial Instruments | ||||||||||||||||||||||||
Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides expanded disclosures about fair value measurements. The guidance: | |||||||||||||||||||||||||
• | Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and | ||||||||||||||||||||||||
• | Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. | ||||||||||||||||||||||||
Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: | |||||||||||||||||||||||||
• | Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. | ||||||||||||||||||||||||
• | Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. | ||||||||||||||||||||||||
• | Level 3 inputs are unobservable inputs for asset or liabilities. | ||||||||||||||||||||||||
The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. | |||||||||||||||||||||||||
Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. | |||||||||||||||||||||||||
Investments in Mortgage Revenue Bonds. The fair values of the Company’s investments in mortgage revenue bonds have each been based on a discounted cash flow and yield to maturity analysis performed by the General Partner. There is no active trading market for the bonds and price quotes for the bonds are not available. If available, the General Partner may also consider price quotes on similar bonds or other information from external sources, such as pricing services. The estimates of the fair values of these bonds, whether estimated by the Company or based on external sources, are based largely on unobservable inputs the General Partner believes would be used by market participants. Additionally, the calculation methodology used by the external sources and the Company encompasses the use of judgment in its application. To validate changes in the fair value of the Company’s investments in mortgage revenue bonds between reporting periods, management looks at the key inputs such as changes in the current market yields on similar bonds as well as changes in the operating performance of the underlying property serving as collateral for each bond. We validate that the changes in the estimated fair value of the mortgage revenue bonds move with the changes in these monitored factors. Given these facts the fair value measurement of the Company’s investment in mortgage revenue bonds is categorized as a Level 3 input. | |||||||||||||||||||||||||
Bond Purchase Commitments. The key inputs and methodology for determining the fair value of the forward bond purchase commitments are consistent with those used in determining the fair value of Investments in mortgage revenue bonds. The fair market value of the Company’s investment in forward bond purchase commitments is an asset reported in Other Assets of approximately $10.6 million and a liability of approximately $4.9 million as of December 31, 2014 and 2013, respectively. The estimated fair market value adjustments related to forward bond purchase commitments are categorized as Level 3 inputs which were recorded in other comprehensive income (loss) during the year ended December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Investment in Public Housing Capital Fund Trust Certificates. The fair value of the Company’s investment in Public Housing Capital Fund Trust Certificates has been based on a yield to maturity analysis performed by the General Partner. There is no active trading market for the trusts’ certificates owned by the Company but the General Partner will look at estimated values as determined by pricing services when available. The estimates of the fair values of these trusts’ certificates begin with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts adjusted largely for unobservable inputs the General Partner believes would be used by market participants. Additionally, the calculation methodology used by external pricing services and the Company encompasses the use of judgment in its application. We validate that the changes in the estimated fair value of Public Housing Capital Fund Trust Certificates move with the changes in the market yield rates of investment grade rated tax-exempt municipal bonds with similar length of terms. Given these facts the fair value measurement of the Company’s investment in Public Housing Capital Fund Trust Certificates is categorized as a Level 3 input. | |||||||||||||||||||||||||
Investment in Mortgage-Backed Securities. The fair value of the Company’s investment in mortgage-backed securities is based upon prices obtained from a third party pricing service, which are indicative of market activity. The valuation methodology of the Company’s third party pricing service incorporates commonly used market pricing methods, incorporates trading activity observed in the market place, and other data inputs. The methodology also considers the underlying characteristics of each security, which are also observable inputs, including: coupon; maturity date; loan age; reset date; collateral type; geography; and prepayment speeds. Management analyzes pricing data received from the third party pricing service by comparing it to valuation information obtained from at least one other third party pricing service and ensuring they are within a tolerable range of difference which the Company estimates as 7.5%. Management also looks at observations of trading activity observed in the market place when available. Given these facts, the fair value measurements of the Company’s investment in mortgage-backed securities is categorized as Level 2 input. | |||||||||||||||||||||||||
Taxable bonds. The fair values of the Company’s investments in taxable bonds have each been based on a discounted cash flow or yield to maturity analysis. There is no active trading market for the taxable bonds and price quotes are not available. The estimates of the fair values of these taxable bonds, whether estimated by the Company or based on external sources, are based largely on unobservable inputs the General Partner believes would be used by market participants. Additionally, the calculation methodology used by the external sources and the Company encompasses the use of judgment in its application. To validate changes in the fair value of the Company’s investments in taxable bonds between reporting periods, management looks at the key inputs such as changes in the current market yields on similar bonds as well as changes in the operating performance of the underlying property serving as collateral for each bond. We validate that the changes in the estimated fair value of the taxable bonds move with the changes in these monitored factors. Given these facts the fair value measurement of the Company’s investment in taxable bonds is categorized as a Level 3 input. | |||||||||||||||||||||||||
Interest rate derivatives. The effect of the Company’s interest rate caps is to set a cap, or upper limit, on the base rate of interest paid on the Company’s variable rate debt equal to the notional amount of the derivative agreement. The effect of the Company’s interest rate swap is to change a variable rate debt obligation to a fixed rate for that portion of the debt equal to the notional amount of the derivative agreement. The interest rate derivatives are recorded at fair value with changes in fair value included in current period earnings within interest expense. The fair value of the interest rate derivatives is based on a model whose inputs are not observable and therefore are categorized as a Level 3 input. The inputs in the valuation model include three-month LIBOR rates, unobservable adjustments to account for the SIFMA index, as well as any recent interest rate cap trades with similar terms. | |||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are summarized below: | |||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||||
Description | Assets at Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Mortgage Revenue Bonds | $ | 449,024,137 | $ | — | $ | — | $ | 449,024,137 | |||||||||||||||||
Bond Purchase Commitments | 5,780,413 | — | — | 5,780,413 | |||||||||||||||||||||
Public Housing Capital Fund Trusts | 61,263,123 | — | — | 61,263,123 | |||||||||||||||||||||
MBS Investments | 14,841,558 | — | 14,841,558 | — | |||||||||||||||||||||
Taxable Mortgage Bonds | 4,616,565 | — | — | 4,616,565 | |||||||||||||||||||||
Interest Rate Derivatives | 267,669 | — | — | 267,669 | |||||||||||||||||||||
Total Assets at Fair Value | $ | 535,793,465 | $ | — | $ | 14,841,558 | $ | 520,951,907 | |||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Mortgage Revenue Bonds | Mortgage Revenue Bond Purchase Commitments | Public Housing Capital Fund Trust Certificates | Taxable Bonds | Interest Rate Derivatives | Total | ||||||||||||||||||||
Beginning Balance January 1, 2014 | $ | 285,318,171 | $ | (4,852,177 | ) | $ | 62,056,379 | $ | 4,075,953 | $ | 888,120 | $ | 347,486,446 | ||||||||||||
Total gains (losses) (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings | — | — | — | — | (2,003,351 | ) | (2,003,351 | ) | |||||||||||||||||
Included in other comprehensive income | 52,272,236 | 10,632,590 | 5,219,937 | 685,612 | — | 68,810,375 | |||||||||||||||||||
Purchases | 142,794,827 | — | — | — | — | 142,794,827 | |||||||||||||||||||
Purchase interest rate derivative | — | — | — | — | 1,382,900 | 1,382,900 | |||||||||||||||||||
Mortgage revenue bond and MBS sales and redemption | (30,464,798 | ) | — | — | — | — | (30,464,798 | ) | |||||||||||||||||
Settlements | (896,299 | ) | — | (6,013,193 | ) | (145,000 | ) | — | (7,054,492 | ) | |||||||||||||||
Ending Balance December 31, 2014 | $ | 449,024,137 | $ | 5,780,413 | $ | 61,263,123 | $ | 4,616,565 | $ | 267,669 | $ | 520,951,907 | |||||||||||||
Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2014 | $ | — | $ | — | $ | — | $ | — | $ | (2,003,351 | ) | $ | (2,003,351 | ) | |||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||||||
Description | Assets at Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Mortgage Revenue Bonds | $ | 285,318,171 | $ | — | $ | — | $ | 285,318,171 | |||||||||||||||||
Bond Purchase Commitments | (4,852,177 | ) | — | — | (4,852,177 | ) | |||||||||||||||||||
Public Housing Capital Fund Trusts | 62,056,379 | — | — | 62,056,379 | |||||||||||||||||||||
MBS Investments | 37,845,661 | — | 37,845,661 | — | |||||||||||||||||||||
Taxable Mortgage Bonds | 4,075,953 | — | — | 4,075,953 | |||||||||||||||||||||
Interest Rate Derivatives | 888,120 | — | — | 888,120 | |||||||||||||||||||||
Total Assets at Fair Value | $ | 385,332,107 | $ | — | $ | 37,845,661 | $ | 347,486,446 | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Mortgage Revenue Bonds | Mortgage Revenue Bond Purchase Commitments | Public Housing Capital Fund Trust Certificates | Taxable Bonds | Interest Rate Derivatives | Total | ||||||||||||||||||||
Beginning Balance January 1, 2013 | $ | 145,237,376 | $ | — | $ | 65,389,298 | $ | 1,524,873 | $ | 378,729 | $ | 212,530,276 | |||||||||||||
VIE deconsolidation | 8,795,630 | — | — | — | — | 8,795,630 | |||||||||||||||||||
Total gains (losses) (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings | — | — | — | — | (283,610 | ) | (283,610 | ) | |||||||||||||||||
Included in other comprehensive income | (18,011,590 | ) | (4,852,177 | ) | (3,276,398 | ) | (231,920 | ) | — | (26,372,085 | ) | ||||||||||||||
Ohio Properties' bonds after sale recognition | 19,581,166 | — | — | — | — | 19,581,166 | |||||||||||||||||||
Greens Property's bonds after sale recognition | 9,465,000 | — | — | — | — | 9,465,000 | |||||||||||||||||||
Purchases | 148,624,000 | — | — | 2,918,000 | — | 151,542,000 | |||||||||||||||||||
Purchase interest rate derivative | — | — | — | — | 793,001 | 793,001 | |||||||||||||||||||
Bond redemption | (16,052,849 | ) | — | — | — | — | (16,052,849 | ) | |||||||||||||||||
Bond foreclosure | (11,581,266 | ) | — | — | — | — | (11,581,266 | ) | |||||||||||||||||
Settlements | (739,296 | ) | — | (56,521 | ) | (135,000 | ) | — | (930,817 | ) | |||||||||||||||
Ending Balance December 31, 2013 | $ | 285,318,171 | $ | (4,852,177 | ) | $ | 62,056,379 | $ | 4,075,953 | $ | 888,120 | $ | 347,486,446 | ||||||||||||
Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | (283,610 | ) | $ | (283,610 | ) | |||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||||||||||
Description | Assets at Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Mortgage Revenue Bonds | $ | 145,237,376 | $ | — | $ | — | $ | 145,237,376 | |||||||||||||||||
Public Housing Capital Fund Trusts | 65,389,298 | — | — | 65,389,298 | |||||||||||||||||||||
MBS Investments | 32,121,412 | — | 32,121,412 | — | |||||||||||||||||||||
Taxable Mortgage Bonds | 1,524,873 | — | — | 1,524,873 | |||||||||||||||||||||
Interest Rate Derivatives | 378,729 | — | — | 378,729 | |||||||||||||||||||||
Total Assets at Fair Value | $ | 244,651,688 | $ | — | $ | 32,121,412 | $ | 212,530,276 | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Mortgage Revenue Bonds | Public Housing Capital Bond Trusts | Taxable Bonds | Interest Rate Derivatives | Total | |||||||||||||||||||||
Beginning Balance January 1, 2012 | $ | 135,695,352 | $ | — | $ | 774,946 | $ | 1,323,270 | $ | 137,793,568 | |||||||||||||||
Total gains (losses) (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings | — | — | — | (944,541 | ) | (944,541 | ) | ||||||||||||||||||
Included in other comprehensive income | 8,070,888 | (568,335 | ) | (23,402 | ) | — | 7,479,151 | ||||||||||||||||||
Purchases | 32,660,864 | 65,985,893 | 934,000 | — | 99,580,757 | ||||||||||||||||||||
Sale and restructuring of mortgage revenue bonds | (30,654,939 | ) | — | — | — | (30,654,939 | ) | ||||||||||||||||||
Settlements | (534,789 | ) | (28,260 | ) | (160,671 | ) | — | (723,720 | ) | ||||||||||||||||
Ending Balance December 31, 2012 | $ | 145,237,376 | $ | 65,389,298 | $ | 1,524,873 | $ | 378,729 | $ | 212,530,276 | |||||||||||||||
Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2012 | — | $ | — | $ | — | $ | (944,541 | ) | $ | (944,541 | ) | ||||||||||||||
Income and losses included in earnings for the periods shown above are included in interest expense. | |||||||||||||||||||||||||
The carrying amounts of cash and cash equivalents included in the consolidated balance sheets approximate fair value given the short-term nature of these financial instruments. The Company calculates a fair market value of each financial instrument using a discounted cash flow model based on the debt amortization schedules at the effective rate of interest for 2013. The estimated fair value of the Debt financing and Mortgages payable are in the Level 3 category of the fair value hierarchy. Below represents the fair market value of the debt held on the balance sheet for December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Debt financing | $ | 345,359,000 | $ | 346,813,909 | $ | 257,274,000 | $ | 258,639,691 | |||||||||||||||||
Mortgages payable | 76,707,845 | 76,134,465 | 57,087,320 | 58,117,798 | |||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies |
The Company, from time to time, may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable to occur, the estimated amount of the loss is accrued in the consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material effect on the Company’s consolidated financial statements. | |
Certain of the MF Properties own multifamily residential properties that generated LIHTCs for the previous partners in these partnerships. In connection with the acquisition of partnership interests in these partnerships by subsidiaries of the Company, the Company has agreed to reimburse the prior partners for any liabilities they incur due to recapture of these tax credits to the extent the recapture liability is due to the operation of the properties in a manner inconsistent with the laws and regulations relating to such tax credits after the date of acquisition. No amount has been accrued for this contingent liability because management believes that the likelihood of any payments being required there under is remote. | |
In December 2014, the Partnership entered into a Forward Delivery Bond Purchase Agreement (“Bond Purchase Commitment”) to purchase an approximately up to $20.0 million new mortgage revenue bond secured by a multifamily residential property, Villas at Plano Gateway Senior Living Apartments, under construction in Plano, Texas. The mortgage revenue bond will have a stated annual interest rate of 6.0% per annum and bond proceeds must be used to pay off the third party construction loan. The Partnership accounts for the Bond Purchase Commitment as an available-for-sale security and, as such, records any changes in estimated fair value of the Bond Purchase Commitment as an asset or liability with changes in such valuation recorded in other comprehensive income. At December 31, 2014, the Partnership has estimated the value of this Bond Purchase Commitment and recorded in other assets an asset of approximately $1.1 million. | |
In July 2014, the Partnership entered into a Bond Purchase Commitment agreeing to purchase up to approximately $9.9 million new mortgage revenue bond secured by a multifamily residential property, 15 West Apartments, under construction in Vancouver, Washington. The mortgage revenue bond will have a stated annual interest rate of 6.25% and bond proceeds must be used to pay off the third party construction loan. The Partnership accounts for the Bond Purchase Commitment as an available-for-sale security and records any changes in estimated fair value of the Bond Purchase Commitment as an asset or liability with changes in such valuation recorded in other comprehensive income. At December 31, 2014, the Partnership has estimated the value of this Bond Purchase Commitment and recorded in other assets an asset of approximately $809,000. | |
At December 31, 2014,the Partnership has two other Forward Bond Purchase Commitments (Vantage at Judson and Vantage at Harlingen) which are discussed in footnote 5. | |
The Company provided a guarantee on the $2.8 million mortgage obtained on the Abbington at Stones River, a 96 unit multifamily residential property located in Tennessee in addition to providing an approximately $1.6 million taxable property loan to Foundation for Affordable Housing, the not-for-profit owner of the property. Based on the historical financial performance of the property and its estimated fair value, the Company estimates there is no value to record for this mortgage guarantee. | |
In connection with the sale of the Greens Property, the Company entered into guarantee agreements with the BC Partners under which the Company has guaranteed certain obligations of the general partner of the Greens of Pine Glen limited partnership, including an obligation to repurchase the interests of the BC Partners if certain “repurchase events” occur. A repurchase event is defined as any one of a number of events mainly focused on the completion of the property rehabilitation, property rent stabilization, the delivery of LIHTCs, tax credit recapture and foreclosure. No amount has been accrued for this contingent liability because the likelihood of a repurchase event is remote. The maximum exposure to the Company at December 31, 2014, under the guarantee provision of the repurchase clause is approximately $1.3 million which represents 75% of the equity contributed by BC Partners to date. | |
In connection with the Ohio Properties transaction in 2011, the Company entered into guarantee agreements with the BC Partners under which the Company has guaranteed certain obligations of the general partner of these limited partnerships, including an obligation to repurchase the interests of the BC Partners if certain “repurchase events” occur. A repurchase event is defined as any one of a number of events mainly focused on the completion of the property rehabilitation, property rent stabilization, the delivery of LIHTCs, tax credit recapture and foreclosure. Even if a repurchase event should occur, 25% of the BC equity would remain in the Ohio Properties and thus BC, a third party, would have sufficient equity in the Ohio Properties for the Company to recognize the sale discussed in Note 9. No amount has been accrued for this contingent liability because the likelihood of a repurchase event is remote. The maximum exposure to the Company at December 31, 2014, under the guarantee provision of the repurchase clause is approximately $4.9 million which represents 75% of the equity contributed by BC Partners. | |
In June 2013, the Partnership executed a Bond Purchase Commitment agreeing to purchase an $8.0 million new mortgage revenue bond and a $500,000 taxable bond both secured by a multifamily residential property under construction, Silver Moon, in Albuquerque, New Mexico. The mortgage revenue bond will have a stated annual interest rate of 6.0% per annum, the taxable bond will have a stated rate of 12.0% per annum, and bond proceeds must be used to pay off the third party construction loan. The Partnership accounts for the Bond Purchase Commitment as an available-for-sale security and, as such, records the change in estimated fair value of the Bond Purchase Commitment as an asset or liability with changes in such valuation recorded in other comprehensive income. As of December 31, 2014, the Partnership has estimated the value of this Bond Purchase Commitment and recorded in other assets approximately $414,000. As of December 31, 2013, the Partnership estimated the value of this Bond Purchase Commitment and recorded a liability of approximately $600,000. | |
The Partnership has also executed a Guarantee Agreement with the construction lender for Silver Moon. The terms of the Guarantee Agreement requires the Partnership to guarantee that all construction costs are paid when due and pay any remaining outstanding principal and unpaid interest on the construction loan on or before July 1, 2015. Construction is expected to be completed in the first quarter of 2015 when the Partnership anticipates purchasing the mortgage revenue bond and taxable bond. No amounts have been accrued for this Guarantee Agreement as the Partnership expects that the construction loan will be sufficient to pay all costs during the construction period and that the proceeds from the mortgage revenue bond, taxable bond, and third party equity contribution to be sufficient to pay off all outstanding principal and interest on the construction loan on or before July 1, 2015. | |
As the holder of residual interests issued in connection with its TEBS and TOB bond financing arrangements, the Partnership is required to guarantee certain losses that can be incurred by the trusts created in connection with these financings. These guarantees may result from a downgrade in the investment rating of mortgage revenue bonds held by the trust or of the senior securities issued by the trust, a ratings downgrade of the liquidity provider for the trust, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the trust. In each of these cases, the trust will be collapsed. If the proceeds from the sale of the trust collateral are not sufficient to pay the principal amount of the senior securities with accrued interest and the other expenses of the trusts, the Partnership will be required to fund any such shortfall pursuant to its guarantee. |
Subsequent_Events
Subsequent Events | 12 Months Ended | |
Dec. 31, 2014 | ||
Subsequent Events [Abstract] | ||
Subsequent Events [Text Block] | Subsequent Events | |
In January 2015, the Partnership acquired six mortgage revenue bonds. They are as follows: | ||
• | The Partnership purchased an approximate $17.1 million par value Series 2015A and an approximate $2.1 million par value Series 2015B mortgage revenue bonds. These mortgage revenue bonds are secured by Concord at Gulfgate Apartments, an 288 unit multifamily residential property in Houston, Texas. | |
• | The Partnership purchased an approximate $12.5 million par value Series 2015A and an approximate $1.0 million par value Series 2015B mortgage revenue bonds. These mortgage revenue bonds are secured by Concord at Little York Apartments, an 276 unit multifamily residential property in Houston, Texas. | |
• | The Partnership purchased an approximate $18.0 million par value Series 2015A and an approximate $2.8 million par value Series 2015B mortgage revenue bonds. These mortgage revenue bonds are secured by Concord at Williamcrest Apartments, an 288 unit multifamily residential property in Houston, Texas. | |
These three Series A mortgage revenue bonds each carry an annual interest rate of 6.00% and mature on February 1, 2032. The three Series B mortgage revenue bonds each carry an annual interest rate of 12.0% maturing on March 1, 2032. | ||
In February 2015, the Partnership executed three new TOB Trusts under its credit facility with DB securitizing the Concord at Gulfgate Apartments, Concord at Little York Apartments, and Concord at Williamcrest Apartments 2015A mortgage revenue bonds borrowing approximately $33.3 million under three TOB Trusts. Each TOB Trust facility has an approximate 2.8% per annum fixed interest rate and each will mature on February 19, 2018. Pursuant to the terms of this TOB trust the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. | ||
In February 2015, the Partnership posted $6.6 million to restricted cash to comply with the Master Trust Agreement with DB. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2014 | |
Recently Issued Accounting Pronouncements [Abstract] | |
Description of New Accounting Pronouncements Adopted and Not yet Adopted [Text Block] | Recently Issued Accounting Pronouncements |
In August 2014, the FASB issued a new financial accounting standard on going concern, Accounting Standards Update (or ASU) No. 2014-15, “Presentation of Financial Statements - Going Concern (Sub-Topic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern.” The standard provides guidance about management’s responsibility to evaluate whether there is a substantial doubt about the organization’s ability to continue as a going concern. The guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2016, with early application permitted. We are currently assessing the impact of the adoption of this guidance on the consolidated financial statements. | |
In April 2014, the FASB issued ASU 2014-08, "Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 changes the definition of a discontinued operation to include only those disposals of components of an entity that represent a strategic shift that has (or will have) a major effect on an entity's operations and financial results. In addition, ASU 2014-08 requires additional disclosures about both discontinued operations and the disposal of an individually significant component of an entity that does not qualify for discontinued operations presentation in the financial statements. The guidance is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. We are currently assessing the impact of the adoption of this guidance on the consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers (Topic 606).” ASU 2014-09 supersedes the revenue recognition guidance in Topic 605, Revenue Recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods and services to customers in an amount that reflects the consideration to which the entity expects to be entitled in the exchange for those goods or services. This standard is effective for interim and annual reporting periods beginning after December 15, 2016. We are currently assessing the impact of the adoption of this guidance on the consolidated financial statements. | |
In January 2014, the FASB issued ASU 2014-04, “Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon Foreclosure.” This ASU applies to all creditors who obtain physical possession (resulting from an in substance repossession or foreclosure) of residential real estate property collateralizing a consumer mortgage loan in satisfaction of a receivable. The ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (i) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (ii) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (i) the amount of foreclosed residential real estate property held by the creditor and (ii) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. ASU 2014-04 is effective for public business entities for annual periods, and interim periods within those annual periods, beginning after December 15, 2014. We are currently assessing the impact of the adoption of this guidance on the consolidated financial statements. |
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Segment Reporting Disclosure [Text Block] | Segments | |||||||||||
The Company consists of five reportable segments, Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, MBS Investments, and Consolidated VIEs. In addition to the five reportable segments, the Company also separately reports its consolidation and elimination information because it does not allocate certain items to the segments. | ||||||||||||
Mortgage Revenue Bond Investments Segment | ||||||||||||
The Mortgage Revenue Bond Investments segment consists of the Company’s portfolio of federally mortgage revenue bonds which have been issued to provide construction and/or permanent financing for the Residential Properties and a commercial property. Such mortgage revenue bonds are held as long-term investments. As of December 31, 2014, the Company held fifty-three mortgage revenue bonds not associated with Consolidated VIEs and two mortgage revenue bonds associated with Consolidated VIEs which are bonds that are eliminated in consolidation on the Company’s financial statements. The Residential Properties financed by the 50 mortgage revenue bonds contain a total of 6,527 rental units. Three of the bonds’ properties are not operational and are under construction and two bonds are collateralized by commercial real estate (Note 5). | ||||||||||||
MF Properties Segment | ||||||||||||
The MF Properties segment consists of indirect equity interests in multifamily, student housing, and senior citizen residential properties which are not currently financed by mortgage revenue bonds held by the Partnership but which the Partnership eventually intends to finance by such bonds through a restructuring. In connection with any such restructuring, the Partnership will be required to dispose of any equity interest held in such MF Properties. With the exception of the Ohio Properties and the Greens Property, the Partnership’s interests in its current MF Properties are not currently classified as Assets Held for Sale because the Partnership is not actively marketing them for sale, there is no definitive purchase agreement in existence that, under current guidance, can be recognized as a sale of real estate assets and, therefore, no sale is expected in the next twelve months. As discussed above, the Ohio Properties and the Greens Property are reported as discontinued operations in 2013 (Note 10). 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 in accordance with its interest in the MF Property. Any such cash distribution will contribute to the Partnership’s CAD. As of December 31, 2014, the Company consolidated the results of nine MF Properties containing a total of 2,163 rental units (Note 8). | ||||||||||||
Other Investments | ||||||||||||
The Partnership Agreement authorizes the Company to make investments in investments other than mortgage revenue bonds provided that these other investments are rated in one of the four highest rating categories by a national securities rating agency and do not constitute more than 25% of the Company’s assets at the time of acquisition as required under the Agreement of Limited Partnership. In addition, the amount of other investments are limited based on the conditions to the exemption from registration under the Investment Company Act of 1940 that is relied upon for the Partnership. The Company currently has other investments, PHC Certificates and MBS which are reported as two separate segments. | ||||||||||||
The PHC Trusts segment consists of the assets, liabilities, and related income and expenses of the PHC Trusts. The Partnership consolidates the PHC Trusts due to its ownership of the LIFERS issued by the three PHC Trusts, which hold custodial receipts evidencing loans made to a number of local public housing authorities. Principal and interest on these loans are payable by the respective public housing authorities out of annual appropriations to be made to the public housing authorities by the HUD under HUD’s Capital Fund Program established under the Capital Fund Program. This investment has been reported as part of the Partnership balance sheet and results of operations since acquired in July 2012 (Note 6). | ||||||||||||
The MBS segment consists of the assets, liabilities, and related income and expenses of the MBS TOB Trusts that the Company consolidated due to its ownership of the LIFERs issued by the MBS TOB Trusts. These MBS TOB Trusts are securitizations of state-issued mortgage-backed securities which are backed by residential mortgage loans. These investments were acquired during the fourth quarter of 2012 through the second quarter of 2013 and all but three MBS were sold in 2014 (Note 7). | ||||||||||||
Consolidated VIE segment | ||||||||||||
The Consolidated VIE segment consists of multifamily residential properties which are financed with mortgage revenue bonds held by the Partnership, the assets, liabilities and operating results of which are consolidated with those of the Partnership. The mortgage revenue bonds on these Consolidated VIE properties are eliminated from the Company’s financial statements as a result of such consolidation, however, such bonds are held as long-term investments by the Partnership which continues to be entitled to receive principal and interest payments on such bonds. The Company does not actually own an equity position in the Consolidated VIEs or their underlying properties. As of December 31, 2014, the Company consolidated two VIE multifamily residential properties containing a total of 410 rental units (Note 4). | ||||||||||||
Management closely monitors and evaluates the financial reporting associated with and the operations of the Consolidated VIEs and the MF Properties and performs such evaluation separately from the other operations of the Partnership through interaction with the affiliated property management company which manages the multifamily residential properties held by the Consolidated VIEs and the MF Properties. | ||||||||||||
Management’s goals with respect to the properties constituting the Company’s Consolidated VIE and MF Properties reportable segments is to generate increasing amounts of net rental income from these properties that will allow them to (i) make all payments of base interest, and possibly pay contingent interest, on the properties included in the Mortgage Revenue Bond Investments segment and the Consolidated VIE segment, and (ii) distribute net rental income to the Partnership from the MF Properties segment until such properties can be refinanced with additional mortgage revenue bonds meeting the Partnership’s investment criteria. In order to achieve these goals, management of these multifamily residential properties is focused on: (i) maintaining high economic occupancy and increasing rental rates through effective leasing, reduced turnover rates and providing quality maintenance and services to maximize resident satisfaction; (ii) managing operating expenses and achieving cost reductions through operating efficiencies and economies of scale generally inherent in the management of a portfolio of multiple properties; and (iii) emphasizing regular programs of repairs, maintenance and property improvements to enhance the competitive advantage and value of its properties in their respective market areas. | ||||||||||||
The following table details certain key financial information for the Company’s reportable segments for the three years ended December 31: | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Total revenues | ||||||||||||
Mortgage Revenue Bond Investments | $ | 27,858,725 | $ | 27,766,013 | $ | 12,169,336 | ||||||
MF Properties | 14,250,572 | 11,358,719 | 7,846,813 | |||||||||
Public Housing Capital Fund Trust Certificates | 3,038,819 | 3,261,611 | 1,624,534 | |||||||||
Mortgage-Backed Securities | 1,423,958 | 1,601,270 | 194,039 | |||||||||
Consolidated VIEs | 3,180,680 | 13,938,850 | 4,805,746 | |||||||||
Consolidation/eliminations | (929,279 | ) | (10,644,603 | ) | (1,520,817 | ) | ||||||
Total revenues | $ | 48,823,475 | $ | 47,281,860 | $ | 25,119,651 | ||||||
Interest expense | ||||||||||||
Mortgage Revenue Bond Investments | $ | 7,379,830 | $ | 3,327,231 | $ | 3,510,182 | ||||||
MF Properties | 2,319,928 | 2,152,010 | 1,439,370 | |||||||||
Public Housing Capital Fund Trust Certificates | 1,295,238 | 1,292,540 | 542,479 | |||||||||
Mortgage-Backed Securities | 403,653 | 463,555 | 38,964 | |||||||||
Consolidated VIEs | 2,254,786 | 3,221,000 | 3,240,306 | |||||||||
Consolidation/eliminations | (2,254,786 | ) | (3,221,000 | ) | (3,240,306 | ) | ||||||
Total interest expense | $ | 11,398,649 | $ | 7,235,336 | $ | 5,530,995 | ||||||
Depreciation expense | ||||||||||||
Mortgage Revenue Bond Investments | $ | — | $ | — | $ | — | ||||||
MF Properties | 4,801,533 | 3,804,499 | 2,485,365 | |||||||||
Public Housing Capital Fund Trust Certificates | — | — | — | |||||||||
Mortgage-Backed Securities | — | — | — | |||||||||
Consolidated VIEs | 940,057 | 1,367,204 | 1,544,346 | |||||||||
Consolidation/eliminations | — | — | — | |||||||||
Total depreciation expense | $ | 5,741,590 | $ | 5,171,703 | $ | 4,029,711 | ||||||
Income (loss) from continuing operations | ||||||||||||
Mortgage Revenue Bond Investments | $ | 13,870,294 | $ | 14,491,581 | $ | 4,136,126 | ||||||
MF Properties | (938,151 | ) | (1,837,076 | ) | (1,065,819 | ) | ||||||
Public Housing Capital Fund Trust Certificates | 1,714,968 | 1,940,459 | 1,067,749 | |||||||||
Mortgage-Backed Securities | 1,017,637 | 1,055,736 | 148,552 | |||||||||
Consolidated VIEs | (1,987,839 | ) | 6,265,571 | (3,285,896 | ) | |||||||
Consolidation/eliminations | 1,352,279 | (7,381,833 | ) | 1,763,050 | ||||||||
Net income - America First Multifamily Investors, L. P. | $ | 15,029,188 | $ | 14,534,438 | $ | 2,763,762 | ||||||
Net income (loss) | ||||||||||||
Mortgage Revenue Bond Investments | $ | 13,870,294 | $ | 14,491,581 | $ | 4,136,126 | ||||||
MF Properties | (933,478 | ) | 1,343,405 | 617,263 | ||||||||
Public Housing Capital Fund Trust Certificates | 1,714,968 | 1,940,459 | 1,067,749 | |||||||||
Mortgage-Backed Securities | 1,017,637 | 1,055,736 | 148,552 | |||||||||
Consolidated VIEs | (1,987,839 | ) | 6,265,571 | (3,285,896 | ) | |||||||
Consolidation/eliminations | 1,352,279 | (7,381,833 | ) | 1,763,050 | ||||||||
Net income - America First Multifamily Investors, L. P. | $ | 15,033,861 | $ | 17,714,919 | $ | 4,446,844 | ||||||
2014 | 2013 | 2012 | ||||||||||
Total assets | ||||||||||||
Mortgage Revenue Bond Investments | $ | 698,637,412 | $ | 442,175,645 | $ | 357,606,420 | ||||||
MF Properties | 101,696,234 | 83,580,479 | 51,379,479 | |||||||||
Public Housing Capital Fund Trust Certificates | 61,577,848 | 62,449,028 | 65,811,361 | |||||||||
Mortgage-Backed Securities | 15,101,309 | 38,427,654 | 32,488,363 | |||||||||
Discontinued Operations | — | — | 32,580,427 | |||||||||
Consolidated VIEs | 13,456,861 | 14,019,837 | 30,207,191 | |||||||||
Consolidation/eliminations | (146,230,447 | ) | (106,419,611 | ) | (156,922,486 | ) | ||||||
Total assets | $ | 744,239,217 | $ | 534,233,032 | $ | 413,150,755 | ||||||
Total partners' capital | ||||||||||||
Mortgage Revenue Bond Investments | $ | 355,480,225 | $ | 231,042,138 | $ | 221,665,286 | ||||||
MF Properties | 18,600,449 | 23,107,538 | 6,643,315 | |||||||||
Public Housing Capital Fund Trust Certificates | 16,803,457 | 13,336,761 | 16,720,915 | |||||||||
Mortgage-Backed Securities | 3,095,526 | 4,397,356 | 7,334,399 | |||||||||
Consolidated VIEs | (23,499,616 | ) | (21,511,776 | ) | (22,480,214 | ) | ||||||
Consolidation/eliminations | (60,536,142 | ) | (47,237,930 | ) | (47,966,509 | ) | ||||||
Total partners' capital | $ | 309,943,899 | $ | 203,134,087 | $ | 181,917,192 | ||||||
Summary_of_Unaudited_Quarterly
Summary of Unaudited Quarterly Results of Operations | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Summary of Unaudited Quarterly Results of Operations [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | Summary of Unaudited Quarterly Results of Operations | ||||||||||||||||
2014 | March 31, | June 30, | September 30, | December 31, | |||||||||||||
Revenues | $ | 13,200,840 | $ | 11,252,978 | $ | 11,842,949 | $ | 12,526,708 | |||||||||
Income from continuing operations | 6,046,726 | 3,658,083 | 3,304,680 | 2,019,699 | |||||||||||||
Net income (loss) - America First Multifamily Investors, L.P. | $ | 6,046,829 | $ | 3,658,457 | $ | 3,307,829 | $ | 2,020,746 | |||||||||
Net income, basic and diluted, per unit | $ | 0.1 | $ | 0.05 | $ | 0.06 | $ | 0.04 | |||||||||
2013 | March 31, | June 30, | September 30, | December 31, | |||||||||||||
Revenues | $ | 12,944,409 | $ | 15,140,583 | $ | 9,764,177 | $ | 9,432,691 | |||||||||
Net income (loss) from continuing operations | 6,561,058 | 3,939,119 | 2,008,848 | 2,025,413 | |||||||||||||
Net income from discontinued operations | 1,933,019 | 166,887 | 1,342,498 | — | |||||||||||||
Net income (loss) - America First Multifamily Investors, L.P. | $ | 8,321,426 | $ | 3,955,160 | $ | 3,411,259 | $ | 2,027,074 | |||||||||
Income (loss) from continuing operations, per unit | $ | 0.15 | $ | 0.08 | $ | 0.05 | $ | 0.04 | |||||||||
Income from discontinued operations, per unit | 0.04 | 0.01 | 0.03 | — | |||||||||||||
Net income (loss), basic and diluted, per unit | $ | 0.19 | $ | 0.09 | $ | 0.08 | $ | 0.04 | |||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||
Property, Plant, and Equipment and Intangible Assets [Text Block] | ||||||||||||||
Trade and Other Accounts Receivable, Policy [Policy Text Block] | Interest Receivable | |||||||||||||
Subsequent to the issuance of the Company’s financial statements on Form 10-K for the period ended December 31, 2013, certain amounts included in the Consolidated Balance Sheet have been restated to correct an error related to the presentation of interest receivable on taxable loans. Such correction recorded the loan loss reserve related to interest receivable against the interest receivable line of the consolidated balance sheet rather than against the other assets line, which includes the principle amount of taxable loans. This correction resulted in a decrease in interest receivable and an increase in other assets of approximately $6.2 million. This correction did not have an impact on total assets as reported in the Consolidated Balance Sheets and did not have an impact on the Consolidated Statements of Operations for all periods presented. The statement of cash flows has also been restated to reflect this adjustment for all periods presented. | ||||||||||||||
Business Combinations Policy [Policy Text Block] | Bond Purchase Commitments | |||||||||||||
The bond purchase commitments held by the Company have no cost. However, they are required to be measured and recorded at fair value, which is estimated under the same methodology as the Company’s mortgage revenue bonds in the Company’s financial statements (Notes 5 and 17). | ||||||||||||||
Acquisition Accounting | ||||||||||||||
Pursuant to the guidance on acquisition accounting, the Company allocates the contractual purchase price of a property acquired to the land, building, and leases in existence as of the date of acquisition based on their relative fair values. The building is valued as if vacant. The estimated valuation of in-place leases is calculated by applying a risk-adjusted discount rate to the projected cash flow deficit at each property during an assumed lease-up period for these properties. This allocated cost is amortized over the average remaining term of the leases and is included in the statement of operations under depreciation and amortization expense. The acquisition related costs to acquire a property are expensed as incurred. | ||||||||||||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | Restricted Cash | |||||||||||||
Restricted cash, which is legally restricted to use, is comprised of resident security deposits, required maintenance reserves, escrowed funds, restricted compensating balances, and property rehabilitation. At December 31, 2014, certain of our credit facilities require restricted cash balances as additional collateral. Specifically, the 2014 and 2010 tax exempt bond securitization (“TEBS”) financing facilities, discussed below, required approximately $7.3 million, the three tender option bonds (“TOB”) trusts (“TOB Trusts”) secured by the Public Housing Capital Fund Trust Certificates (“PHC Certificates”) financing facilities (“PHC TOB Trusts”) required approximately $400,000, and the TOB Trusts secured by mortgage backed securities (“MBS”) financing facilities (“MBS TOB Trusts”) required approximately $2.1 million held in restricted cash. | ||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased. | ||||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | |||||||||||||
The “Company” refers to the Partnership and the consolidated VIEs (defined below). The consolidated financial statements of the Company reported in this Form 10-K include the financial position and results of operations of the Partnership, the MF Properties owned by various limited partnerships in which one of the Partnership’s wholly-owned subsidiaries (each a “Holding Company”) holds a 99% limited partner interest, two entities in which the Partnership does not hold an ownership interest but which own multifamily properties financed with mortgage revenue bonds held by the Partnership and which are treated as variable interest entities (“VIEs”) of which the Partnership has been determined to be the primary beneficiary (the “Consolidated VIEs”). The Consolidated Subsidiaries of the Partnership consist of: | ||||||||||||||
• | ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac (Note 11). | |||||||||||||
• | ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created in 2014 to hold mortgage revenue bonds in order to facilitate the second TEBS financing (“M31 TEBS Financing”) with Freddie Mac (Note 11). | |||||||||||||
• | Nine multifamily residential properties, including multifamily, student, and senior citizen housing (“MF Properties”) which are either wholly or majority owned by subsidiaries of the Partnership. | |||||||||||||
Under the consolidation guidance, the Partnership must make an evaluation of the entities which own the Residential Properties and commercial property financed with mortgage revenue bonds it holds to determine if these entities meet the definition of a VIE. Generally, a VIE is an entity with one or more of the following characteristics: (a) the total equity investment at risk is not sufficient to permit the entity to finance its activities without additional subordinated financial support; (b) as a group, the holders of the equity investment at risk lack (i) the ability to make decisions about an entity’s activities through voting or similar rights, (ii) the obligation to absorb the expected losses of the entity, or (iii) the right to receive the expected residual returns of the entity; or (c) the equity investors have voting rights that are not proportional to their economic interests and substantially all of the entity’s activities either involve, or are conducted on behalf of, an investor that has disproportionately few voting rights. | ||||||||||||||
The guidance requires the Partnership to perform an analysis to determine whether its variable interests give it a controlling financial interest in a VIE. This analysis identifies the primary beneficiary, the entity that must consolidate the VIE, as the entity that has (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE. Upon adoption of this revised accounting standard, the Partnership re-evaluated all of its investments to determine if the property owners are VIEs and, if so, whether the Partnership is the primary beneficiary of the VIE. The guidance also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. As a result, changes to the Consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. | ||||||||||||||
Stand-alone financial information of the Partnership reported in this Form 10-K includes only the financial position and results of operation of the Partnership and the MF Properties without the consolidation of the VIEs. In the Company’s consolidated financial statements, all transactions and accounts between the Partnership, the MF Properties and the VIEs have been eliminated in consolidation. | ||||||||||||||
The General Partner does not believe that the consolidation of the VIEs for reporting under generally accepted accounting principles in the United States of America (“GAAP”) impacts the Partnership’s tax status, amounts reported to Beneficial Unit Certificate (“BUC”) holders on IRS Form K-1, the Partnership’s ability to distribute income to unitholders which it believes to be tax-exempt, the current level of quarterly distributions or the tax-exempt status of the underlying mortgage revenue bonds. | ||||||||||||||
Investment, Policy [Policy Text Block] | Investment in Public Housing Capital Fund Trusts Certificates and Mortgage-Backed Securities | |||||||||||||
The Company accounts for its investments in PHC Certificates and MBS under the guidance for accounting for certain investments in debt and equity securities. The guidance requires investments in securities to be classified as one of the following: 1) held-to-maturity, 2) available-for-sale, or 3) trading securities. All of the Company’s PHC Certificates and MBS investments are classified as available-for-sale, and are reported at estimated fair value with the net unrealized gains or losses reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. | ||||||||||||||
There is no active trading market for the PHC Certificates and price quotes are not available. The estimates of the fair values of the PHC Certificates are based on a yield to maturity analysis which begins with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts adjusted largely for unobservable inputs the General Partner believes would be used by market participants. Management’s valuation encompasses judgment in its application and pricing as determined by pricing services, when available, is compared to Management’s estimates. | ||||||||||||||
The Company periodically reviews each class of PHC Certificates for impairment. The Company evaluates whether a decline in the fair value of a PHC Certificate below its amortized cost is other-than temporary based on a number of factors including: | ||||||||||||||
• | The duration and severity of the decline in fair value, | |||||||||||||
• | The Company’s intent to hold and the likelihood of it being required to sell the security before its value recovers, | |||||||||||||
• | Downgrade in the security’s rating by S&P, | |||||||||||||
• | Volatility of the fair value of the security. | |||||||||||||
The Company values each MBS security based upon prices obtained from a third party pricing service, which are indicative of market activity. The valuation methodology of the Company’s third party pricing service incorporates commonly used market pricing methods, incorporates trading activity observed in the market place, and other data inputs. The methodology also considers the underlying characteristics of each security, which are also observable inputs, including: coupon; maturity date; loan age; reset date; collateral type; geography; and prepayment speeds. Management analyzes pricing data received from the third party pricing service by comparing it to valuation information obtained from at least one other third party pricing service and ensuring they are within a tolerable range of difference which the Company estimates as 7.5%. Management also looks at observations of trading activity in the market place when available. | ||||||||||||||
The Company periodically reviews each MBS security for impairment. The Company evaluates whether a decline in the fair value of a security below its amortized cost is other-than-temporary based on a number of factors including the duration and severity of the decline in fair value and the Company’s intent and ability to hold the security until its value recovers. Each MBS security has been rated either “AAA” or “AA” by either S&P or Moody’s. A downgrade in rating for each MBS or new issuances of similar MBS with ratings by S&P or Moody’s below the “A” rating would be a factor in concluding that an impairment is other-than-temporary. | ||||||||||||||
Investment in Mortgage Revenue Bonds and Other Mortgage Revenue Bonds | ||||||||||||||
The Company accounts for its investments in mortgage revenue bonds and other mortgage revenue bonds under the guidance for accounting for certain investments in debt and equity securities. The guidance requires investments in securities to be classified as one of the following: 1) held-to-maturity, 2) available-for-sale, or 3) trading securities. All of the Company’s investments in mortgage revenue bonds and other mortgage revenue bonds are classified as available-for-sale, and are reported at estimated fair value with the net unrealized gains or losses reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. | ||||||||||||||
There is no active trading market for the bonds and price quotes for the bonds are not available. As a result, the Company bases its estimate of fair value of the mortgage revenue bonds using discounted cash flow or yield to maturity analyses performed by management. This calculation methodology encompasses a significant amount of management judgment in its application. If available, management may also consider price quotes on similar bonds or other information from external sources, such as pricing services or broker quotes. Pricing services, broker quotes and management’s analyses provide indicative pricing only. | ||||||||||||||
The Company periodically reviews each of its mortgage revenue bonds for impairment. The Company evaluates whether unrealized losses are considered to be other-than-temporary based on a number of factors including: | ||||||||||||||
• | The duration and severity of the decline in fair value, | |||||||||||||
• | The Company’s intent to hold and the likelihood of it being required to sell the security before its value recovers, | |||||||||||||
• | Adverse conditions specifically related to the security, its collateral, or both, | |||||||||||||
• | Volatility of the fair value of the security, | |||||||||||||
• | The likelihood of the borrower being able to make payments, | |||||||||||||
• | Failure of the issuer to make scheduled interest or principal payments, and | |||||||||||||
• | Recoveries or additional declines in fair value after the balance sheet date. | |||||||||||||
While the Company evaluates all available information, it focuses specifically on whether it has the intent to sell the securities prior to the time that their value recovers or until maturity, whether it is likely that the Company will be required to sell the securities before a recovery in value and whether the Company expects to recover the securities’ entire amortized cost basis. The ability to recover the securities’ entire amortized cost basis is based on the likelihood of the issuer being able to make required principal and interest payments on the security. The primary source of repayment of the amortized cost is the cash flows produced by the property which serve as the collateral for the bonds. The Company utilizes a discounted cash flow model for the underlying property that serves as collateral on the bond and compares the results of the model to the amortized cost basis of the bond. These models reflect the cash flows expected to be generated by the underlying properties over a ten year period, including an assumed property sale at the end of year ten, discounted using the effective interest rate on the bonds in accordance with the accounting guidance on other-than-temporary impairment of debt securities. The inputs to these models require management to make assumptions, the most significant of which include: | ||||||||||||||
• | Revenue and expense projections for the property operations, which result in the estimated net operating income generated over the ten year holding period assumed in the model. Base year (model year one) assumptions are based on historical financial results and operating budget information. Base year assumptions are then adjusted for expected changes in occupancy, rental rates and expenses, and | |||||||||||||
• | The capitalization rate utilized to estimate the sales proceeds from an assumed property sale in year ten of the model. The capitalization rate used in the current year models ranged between 4.3% and 7.5% which the Company believes represents a reasonable range given the current market for Residential Properties. | |||||||||||||
The revenue, expense and resulting net operating income projections which are the basis for the discounted cash flow model are based on judgment. Operating results from a multifamily, student, or senior citizen residential property depend on the rental and occupancy rates of the property and the level of operating expenses. Occupancy rates and rents are directly affected by the supply of and demand for multifamily residential properties in the market areas in which a property is located. This, in turn, is affected by several factors such as local or national economic conditions, the amount of new apartment construction and interest rates on single-family mortgage loans. Net operating income from the commercial property depends on the number of cancer patients which utilize the cancer therapy center and the ability to hire and retain key employees to provide the related cancer treatment. In addition, factors such as government regulation, inflation, real estate and other taxes, labor problems and natural disasters can affect the economic operations of a property. | ||||||||||||||
If the discounted cash flows from a property are less than the amortized cost of the bond, the Company believes that there is a strong indication that the cash flows from the property will not support the payment of the required principal and interest on the bond and, accordingly, the bonds are considered other-than-temporarily impaired. If an other-than-temporary impairment exists, the amortized cost basis of the mortgage revenue bond is written down to its estimated fair value. The amount of the write-down representing a credit loss is accounted for as a realized loss on the statement of operations. The amount of the write-down representing a non-credit loss is recorded to other comprehensive income. The difference between the amortized cost basis and the discounted cash flows using the effective interest rate represents the credit loss. Any residual decline in value would be considered the interest related loss or non-credit loss. The recognition of an other-than-temporary impairment and the potential impairment analysis are subject to a considerable degree of judgment, the results of which when applied under different conditions or assumptions could have a material impact on the financial statements. If the Company experiences deterioration in the values of its investment portfolio, the Company may incur impairments to its investment portfolio which could negatively impact the Company’s financial condition, cash flows, and reported earnings. | ||||||||||||||
The Company owns some mortgage revenue bonds which were purchased at a discount or premium. The discount or premium on an investment is amortized on an effective yield method and the result is realized in investment income in the current period. | ||||||||||||||
The Company eliminates the mortgage revenue bonds and the associated interest income and interest receivable when it consolidates the underlying real estate collateral in accordance with implementation of the consolidation guidance for variable interest entities. | ||||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates in Preparation of Consolidated Financial Statements | |||||||||||||
The preparation of the accompanying consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining investment valuation, investment impairments, impairment of property assets, and allowance for loan losses. | ||||||||||||||
Derivatives, Policy [Policy Text Block] | Derivative Instruments and Hedging Activities | |||||||||||||
The Company accounts for its derivative and hedging activities in accordance with the guidance on Derivatives and Hedging. The guidance on Derivatives and Hedging requires the recognition of all derivative instruments as assets or liabilities in the Company’s consolidated balance sheets and measurement of these instruments at fair value. The accounting treatment is dependent upon whether or not a derivative instrument is designated as a hedge and, if so, the type of hedge. The Company’s interest rate derivative agreements do not have a specific hedge designation under the guidance on derivatives and hedging, and therefore changes in fair value are recognized in the consolidated statements of operations as interest expense. The Company is exposed to loss should a counterparty to its derivative instruments default. The Company does not anticipate non-performance by any counterparty. The fair value of the interest rate derivative agreements is determined based upon current price quotes by recognized dealers. | ||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition on Investments in Mortgage Revenue Bonds | |||||||||||||
The interest income received by the Partnership from its mortgage revenue bonds is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing mortgage revenue bonds is recognized as it is earned. Base interest income on mortgage revenue bonds not fully performing is recognized as it is received. Past due base interest on mortgage revenue bonds, which are or were previously not fully performing, is recognized as it is received. The Partnership reinstates the accrual of base interest once the mortgage revenue bond’s ability to perform is adequately demonstrated. Contingent interest income, which is only received by the Partnership if the property financed by a mortgage revenue bond that contains a contingent interest provision generates excess available cash flow as set forth in each bond, is recognized when realized or realizable. Past due contingent interest on mortgage revenue bonds, which are or were previously not fully performing, is recognized when realized or realizable. As of December 31, 2014 and 2013, the Company’s mortgage revenue bonds were fully performing as to their base interest. | ||||||||||||||
An evaluation was performed during fiscal 2011 which determined that the interest receivable accrued on the Woodland Park bond was impaired and an approximate $953,000 allowance for loss on receivables was recorded. The Partnership received two interest payments during 2012 and recorded an additional allowance of approximately $453,000 against the remaining interest receivable in 2012. The Partnership recorded an approximate additional $242,000 against the interest receivable before the mortgage revenue bond foreclosure was completed in May 2013 and title to the Woodland Park property was conveyed to a wholly-owned subsidiary of the Partnership (Note 8). | ||||||||||||||
Revenue Recognition on Investments in Real Estate, MBS, and PHC Certificates | ||||||||||||||
The Partnership’s Consolidated VIEs and the MF Properties (Note 8) are lessors of multifamily, student housing, and senior citizen rental units under leases with terms of one year or less. Rental revenue is recognized, net of rental concessions, on a straight-line method over the related lease term. | ||||||||||||||
Interest income on the MBS and PHC Certificates is recognized as it is earned (Notes 6 and 7). | ||||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | |||||||||||||
No provision has been made for income taxes because the unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes. Certain of the Consolidated VIEs and wholly-owned subsidiaries of the Partnership are corporations that are subject to federal and state income taxes. At December 31, 2014 and 2013, the Company evaluated whether it was more likely than not that any deferred tax assets would be realized. The Company has recorded a full valuation allowance of approximately $8.5 million and $7.4 million at December 31, 2014 and 2013, respectively, against the deferred tax assets created at these entities by timing differences because the realization of these future benefits is not more likely than not. | ||||||||||||||
Consolidation, Variable Interest Entity, Policy [Policy Text Block] | Accounting for Tax Exempt Bond Securitization (“TEBS”) and Tender Option Bond (“TOB”) Financing Arrangements | |||||||||||||
The Company has evaluated the accounting guidance in regard to the M31 and M24 TEBS and TOB Financing arrangements (Note 11) and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and will, therefore, be accounted for as a secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets through any of the following: | ||||||||||||||
1 | An agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity, | |||||||||||||
2 | The ability to unilaterally cause the holder to return specific assets, other than through a cleanup call, or | |||||||||||||
3 | An agreement that permits the transferee to require the transferor to repurchase the transferred financial assets at a price that is so favorable to the transferee that it is probable that the transferee will require the transferor to repurchase them. | |||||||||||||
The M31 and M24 TEBS Financing agreements contain certain provisions that allow the Company to (1) cause the return of certain individual bonds under defined circumstances, (2) cause the return of all of the bonds by electing an Optional Series Pool Release or (3) cause the return of any defaulted bonds. The Optional Series Pool Release is defined in the agreements closed in 2010 as two specific dates, September 15, 2017, or September 15, 2020, on which the Company has the option to repurchase all of the securitized bonds. The Optional Series Pool Release is defined in the agreements closed in 2014 as two specific dates, July 15, 2019 or July 15, 2024, on which the Company has the option to repurchase all of the securitized bonds. Given these terms, the Company has concluded that the condition in item 2 above is present in the agreements and, therefore, effective control over the transferred assets has not occurred. As effective control has not been transferred, the transaction does not meet the conditions to de-recognize the assets resulting in the M31 and M24 TEBS Financing being presented on the Company’s consolidated financial statements as a secured financing. The TOB Financing agreements contain certain provisions that allow the Company to call the bonds held in the TOB Trusts through their ownership of the residual participating interests (“LIFERS”) so effective control has not been transferred resulting in the TOB Financings being presented on the Company’s consolidated financial statements as secured financings. | ||||||||||||||
In addition to evaluating the M31 and M24 TEBS Financings as a sale or transfer of financial assets, we have evaluated the securitization trusts associated with the TEBS Financing facilities (the “M31 TEBS Trust” and “M24 TEBS Trust”) under the provisions of consolidation guidance. As part of the M31 and M24 TEBS Financings, certain bond assets of the Partnership were securitized into the M31 and M24 TEBS Trusts with Freddie Mac. The M31 and M24 TEBS Trusts then issued Class A and B TEBS Certificates. Other Company investments are securitized into TOB Trusts with Deutsche Bank AG (“DB”). The TOB trustee then issued senior floating-rate participating interests (“SPEARS”) and LIFERS. The Partnership has determined that the M31 and M24 TEBS Trusts are VIEs and the Class B Certificates owned by the Partnership create a variable interest in the M31 and M24 TEBS Trusts. It was also determined that the TOB Trusts are VIEs and the LIFERS owned by the Company create a variable interest entity in the TOB Trusts. | ||||||||||||||
In determining the primary beneficiary of the M31 and M24 TEBS Trusts and TOB Trusts, the Partnership considered the activities of each of the VIEs which most significantly impact the VIE’s economic performance, who has the power to control such activities, the risks which the entity was designed to create, the variability associated with those risks and the interests which absorb such variability. The Partnership has retained the right, pursuant to the M31 and M24 TEBS Financing agreements, to either substitute or reacquire some or all of the securitized bonds at various future dates and under various circumstances. As a result, the Partnership determined it had retained a controlling financial interest in the M31 and M24 TEBS Trusts because such actions effectively provide the Partnership with the ability to control decisions pertaining to the VIE’s management of interest rate and credit risk. While in the M31 and M24 TEBS Trusts, the bond assets may only be used to settle obligations of the trusts and the liabilities of the trusts do not provide the Class A certificate holders with recourse to the general credit of the Partnership. | ||||||||||||||
The Partnership also determined it was the primary beneficiary of the TOB Trusts as it has the right to cause each TOB trust to sell the securitized asset in each specific TOB Trust. If the securitized assets were sold, the extent to which the VIE will be exposed to gains or losses from changes in the fair market value of the securitized assets would result from decisions made by the Partnership. | ||||||||||||||
It was determined that the Partnership met both of the primary beneficiary criteria and was the most closely associated with the VIE and, therefore, was determined to be the primary beneficiary under these financing arrangements. Given these accounting determinations, the M31 and M24 TEBS Financing facilities and the associated M31 and M24 TEBS Trusts are presented as secured financing within the consolidated financial statements. The TOB Financings and associated TOB trusts are also presented as a secured financing within the consolidated financial statements. | ||||||||||||||
Variable Interest Entities (“VIEs”) | ||||||||||||||
When the Partnership invests in a mortgage revenue bond which is collateralized by a multifamily or student housing property, the Partnership will evaluate the entity which owns the property financed by the mortgage revenue bond to determine if it is a VIE as defined by the guidance on consolidations. The guidance on consolidations is a complex standard that requires significant analysis and judgment. If it is determined that the entity is a VIE, the Partnership will then evaluate if it is the primary beneficiary of such VIE, by determining whether the Partnership will absorb the majority of the VIE’s expected losses, receive a majority of the VIE’s residual returns, or both. If the Partnership determines itself to be the primary beneficiary of the VIE, then the assets, liabilities and financial results of the related multifamily or student housing property will be consolidated in the Partnership’s financial statements. As a result of such consolidation, the debt financing provided by the Partnership to such consolidated VIE will be eliminated as part of the consolidation process. However, the Partnership will continue to receive interest and principal payments on such debt and these payments will retain their characterization as either mortgage revenue bond or taxable interest for income tax reporting purposes. Since the Partnership has no legal ownership of the VIEs, creditors of the VIEs have no recourse to the Partnership. | ||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | Net Income per BUC | |||||||||||||
Net income per BUC has been calculated based on the weighted average number of BUCs outstanding during each year presented. The Partnership has no dilutive equity securities and, therefore, basic net income per BUC is the same as diluted net income per BUC. The following table provides a reconciliation of net income per BUC holder: | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Calculation of unitholders' interest in income (loss) from continuing operations: | ||||||||||||||
Income from continuing operations | $ | 15,029,188 | $ | 14,534,438 | $ | 2,763,762 | ||||||||
Less: general partners' interest in income | 1,056,316 | 1,381,872 | 331,403 | |||||||||||
Unallocated loss related to variable interest entities | (635,560 | ) | (1,116,262 | ) | (1,522,846 | ) | ||||||||
Noncontrolling interest | (4,673 | ) | 261,923 | 549,194 | ||||||||||
Unitholders' interest in income from continuing operations | $ | 14,613,105 | $ | 14,006,905 | $ | 3,406,011 | ||||||||
Calculation of Unitholders' interest in income from discontinued operations: | ||||||||||||||
Income from discontinued operations | $ | — | $ | 3,442,404 | $ | 2,232,276 | ||||||||
Less: general partner's interest in income | — | 34,424 | 359,909 | |||||||||||
Unallocated income related to variable interest entities | — | — | — | |||||||||||
Unitholders' interest in discontinued operations | $ | — | $ | 3,407,980 | $ | 1,872,367 | ||||||||
Calculation of unitholders' interest in net income (loss) | ||||||||||||||
Net income | $ | 15,029,188 | $ | 17,976,842 | $ | 4,996,038 | ||||||||
Less: general partners' interest in net income | 1,056,316 | 1,416,296 | 691,312 | |||||||||||
Unallocated (loss) related to variable interest entities | (635,560 | ) | (1,116,262 | ) | (1,522,846 | ) | ||||||||
Noncontrolling interest | (4,673 | ) | 261,923 | 549,194 | ||||||||||
Unitholders' interest in net income (loss) | $ | 14,613,105 | $ | 17,414,885 | $ | 5,278,378 | ||||||||
Weighted average number of units outstanding (basic and diluted) | 59,431,010 | 43,453,476 | 37,367,600 | |||||||||||
Unitholders' interest in net income per BUC (basic and diluted): | ||||||||||||||
Income from continuing operations | $ | 0.25 | $ | 0.32 | $ | 0.09 | ||||||||
Income from discontinued operations | — | 0.08 | 0.05 | |||||||||||
Net income | $ | 0.25 | $ | 0.4 | $ | 0.14 | ||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk | |||||||||||||
The Company maintains the majority of its unrestricted cash balances at two financial institutions. The balances insured by the Federal Deposit Insurance Corporation is equal to $250,000 at each institution. At various times the cash balances exceeded the $250,000 limit. The Company is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Company does not anticipate any non-performance. This risk is minimized significantly by the Company’s portfolio being restricted to investment grade securities. | ||||||||||||||
Receivables, Policy [Policy Text Block] | Taxable Property Loans | |||||||||||||
In addition to the mortgage revenue bonds held by the Company, taxable property loans have been made to the owners of some of the properties which secure the bonds. The repayment of these taxable property loans is dependent largely on the value of the property or its cash flows which collateralize the loans. The Company periodically evaluates these loans for potential losses by estimating the fair value of the property which collateralize the loans and comparing the fair value to the outstanding mortgage revenue bonds plus any taxable property loans. The Company utilizes the discounted cash flow model discussed above except that in estimating a property fair value we evaluate a number of different discounted cash flow (“DCF”) models that contain varying assumptions. The various models may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Company may also consider other information such as independent appraisals in estimating a property fair value. | ||||||||||||||
If the estimated fair value of the property after deducting the amortized cost basis of the senior mortgage revenue bond exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. For the years ended December 31, 2014 and 2013, the Company recognized a provision for loan losses of approximately $75,000 and $168,000, respectively. For the year ended December 31, 2012, the Company did not recognize any provision for loan losses (Note 9). | ||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Investments in Real Estate | |||||||||||||
The Company’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily, student housing, and senior citizen residential apartment buildings and five to 15 years on capital improvements and is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Company also holds land held for investment and development which is reported at cost. | ||||||||||||||
Management reviews each property and land held for investment and development for impairment at least annually and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. The review of recoverability is based upon comparing the net book value of each real estate property to the sum of its estimated undiscounted future cash flows. If impairment exists due to the inability to recover the carrying value of a property, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. | ||||||||||||||
Deferred Charges, Policy [Policy Text Block] | Deferred Financing Costs | |||||||||||||
Debt financing costs are capitalized and amortized on the effective interest method over the stated maturity of the related debt financing agreement. Bond issuance costs are capitalized and amortized on the effective interest method over the stated maturity of the related mortgage revenue bonds. As of December 31, 2014 and 2013, debt financing costs and bond issuance costs of $8.5 million and $5.3 million, respectively, were included in other assets. These costs are reduced on the balance sheet by the accumulated amortization of approximately $3.9 million and $2.8 million as of December 31, 2014 and 2013, respectively. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Net Income per BUC (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Summary of Significant Accounting Policies [Abstract] | ||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | The following table provides a reconciliation of net income per BUC holder: | |||||||||||||
Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Calculation of unitholders' interest in income (loss) from continuing operations: | ||||||||||||||
Income from continuing operations | $ | 15,029,188 | $ | 14,534,438 | $ | 2,763,762 | ||||||||
Less: general partners' interest in income | 1,056,316 | 1,381,872 | 331,403 | |||||||||||
Unallocated loss related to variable interest entities | (635,560 | ) | (1,116,262 | ) | (1,522,846 | ) | ||||||||
Noncontrolling interest | (4,673 | ) | 261,923 | 549,194 | ||||||||||
Unitholders' interest in income from continuing operations | $ | 14,613,105 | $ | 14,006,905 | $ | 3,406,011 | ||||||||
Calculation of Unitholders' interest in income from discontinued operations: | ||||||||||||||
Income from discontinued operations | $ | — | $ | 3,442,404 | $ | 2,232,276 | ||||||||
Less: general partner's interest in income | — | 34,424 | 359,909 | |||||||||||
Unallocated income related to variable interest entities | — | — | — | |||||||||||
Unitholders' interest in discontinued operations | $ | — | $ | 3,407,980 | $ | 1,872,367 | ||||||||
Calculation of unitholders' interest in net income (loss) | ||||||||||||||
Net income | $ | 15,029,188 | $ | 17,976,842 | $ | 4,996,038 | ||||||||
Less: general partners' interest in net income | 1,056,316 | 1,416,296 | 691,312 | |||||||||||
Unallocated (loss) related to variable interest entities | (635,560 | ) | (1,116,262 | ) | (1,522,846 | ) | ||||||||
Noncontrolling interest | (4,673 | ) | 261,923 | 549,194 | ||||||||||
Unitholders' interest in net income (loss) | $ | 14,613,105 | $ | 17,414,885 | $ | 5,278,378 | ||||||||
Weighted average number of units outstanding (basic and diluted) | 59,431,010 | 43,453,476 | 37,367,600 | |||||||||||
Unitholders' interest in net income per BUC (basic and diluted): | ||||||||||||||
Income from continuing operations | $ | 0.25 | $ | 0.32 | $ | 0.09 | ||||||||
Income from discontinued operations | — | 0.08 | 0.05 | |||||||||||
Net income | $ | 0.25 | $ | 0.4 | $ | 0.14 | ||||||||
Partnership_Income_Expense_and1
Partnership Income, Expense and Cash Distributions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Partnership Income, Expenses and Cash Distributions [Abstract] | ||||||||||
Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block] | The distributions paid or accrued per BUC during the fiscal years ended December 31, 2014, 2013, and 2012 were as follows: | |||||||||
For the | For the | For the | ||||||||
Year Ended | Year Ended | Year Ended | ||||||||
31-Dec-14 | 31-Dec-13 | 31-Dec-12 | ||||||||
Cash Distributions | 0.5 | 0.5 | 0.5 | |||||||
Variable_Interest_Entities_Tab
Variable Interest Entities (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Variable Interest Entities [Abstract] | ||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | the Partnership has made taxable property loans to these consolidated VIEs of $7.4 million and $7.1 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||
VIEs - December 31, 2014 | ||||||||||||||||||||
Base | Principal | Income | ||||||||||||||||||
Maturity | Interest | Outstanding at | Earned in | |||||||||||||||||
Property Name | Location | Date | Rate | 31-Dec-14 | 2014 | |||||||||||||||
Bent Tree Apartments (1) | Columbia, SC | 12/15/30 | 6.25 | % | $ | 7,465,000 | $ | 468,859 | ||||||||||||
Fairmont Oaks Apartments (1) | Gainesville, FL | 4/1/33 | 6.3 | % | 7,266,000 | 460,420 | ||||||||||||||
Total Mortgage Revenue Bonds | $ | 14,731,000 | $ | 929,279 | ||||||||||||||||
(1) Bonds held by ATAX TEBS I, LLC | ||||||||||||||||||||
VIEs - December 31, 2013 | ||||||||||||||||||||
Base | Principal | Income | ||||||||||||||||||
Maturity | Interest | Outstanding at | Earned in | |||||||||||||||||
Property Name | Location | Date | Rate | 31-Dec-13 | 2013 | |||||||||||||||
Bent Tree Apartments (1) | Columbia, SC | 12/15/30 | 6.25 | % | $ | 7,542,000 | $ | 473,438 | ||||||||||||
Fairmont Oaks Apartments (1) | Gainesville, FL | 4/1/33 | 6.3 | % | $ | 7,355,000 | $ | 465,791 | ||||||||||||
Total Mortgage Revenue Bonds | $ | 14,897,000 | $ | 939,229 | ||||||||||||||||
(1) Bonds held by ATAX TEBS I, LLC | ||||||||||||||||||||
The following is a summary of the taxable loans, accrued interest and allowance on amounts due at December 31, 2014 and 2013 : | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Outstanding Balance | Accrued Interest | Loan Loss Reserves | Interest Allowance | Net Taxable Loans | ||||||||||||||||
Arbors at Hickory Ridge | $ | 191,264 | $ | 26,047 | $ | — | $ | — | $ | 217,311 | ||||||||||
Ashley Square | 5,078,342 | 2,455,660 | (3,596,342 | ) | (2,455,660 | ) | 1,482,000 | |||||||||||||
Avistar (February 2013 portfolio) | 274,496 | 16,470 | — | — | 290,966 | |||||||||||||||
Avistar (June 2013 portfolio) | 251,622 | 15,097 | — | — | 266,719 | |||||||||||||||
Cross Creek | 6,976,087 | 2,084,804 | (3,447,472 | ) | (2,084,804 | ) | 3,528,615 | |||||||||||||
Foundation for Affordable Housing | 1,560,553 | 1,735 | — | — | 1,562,288 | |||||||||||||||
Greens Property | 850,000 | 231,342 | — | — | 1,081,342 | |||||||||||||||
Lake Forest | 4,618,704 | 2,599,613 | (55,000 | ) | (2,578,778 | ) | 4,584,539 | |||||||||||||
Ohio Properties | 2,390,447 | 894,044 | — | (307,832 | ) | 2,976,659 | ||||||||||||||
$ | 22,191,515 | $ | 8,324,812 | $ | (7,098,814 | ) | $ | (7,427,074 | ) | $ | 15,990,439 | |||||||||
31-Dec-13 | ||||||||||||||||||||
Outstanding Balance | Accrued Interest | Loan Loss Reserves | Interest Allowance | Net Taxable Loans | ||||||||||||||||
Arbors at Hickory Ridge | $ | 191,264 | $ | 12,979 | $ | — | $ | — | $ | 204,243 | ||||||||||
Ashley Square | 5,078,342 | 2,053,415 | (3,596,342 | ) | (2,053,415 | ) | 1,482,000 | |||||||||||||
Cross Creek | 6,821,087 | 1,825,389 | (3,372,472 | ) | (1,825,389 | ) | 3,448,615 | |||||||||||||
Foundation for Affordable Housing | 1,603,083 | 13,989 | — | — | 1,617,072 | |||||||||||||||
Greens Property | 876,000 | 130,563 | — | (921 | ) | 1,005,642 | ||||||||||||||
Lake Forest | 4,618,704 | 2,148,881 | (55,000 | ) | (2,128,046 | ) | 4,584,539 | |||||||||||||
Ohio Properties | 2,361,447 | 585,377 | — | (186,706 | ) | 2,760,118 | ||||||||||||||
$ | 21,549,927 | $ | 6,770,593 | $ | (7,023,814 | ) | $ | (6,194,477 | ) | $ | 15,102,229 | |||||||||
Variable Interest Entity, Classification of Carrying Amount, Assets [Table Text Block] | The following table presents information regarding the classification of the assets at their carrying value and maximum exposure to loss held by the Partnership as of December 31, 2014 and 2013, which constitute variable interest entities. | |||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Balance Sheet Classification | Maximum Exposure to Loss | |||||||||||||||||||
Mortgage Revenue Bond | Property Loan | Mortgage Revenue Bond | Property Loan | |||||||||||||||||
Ashley Square Apartments | $ | 5,645,559 | $ | 1,482,000 | $ | 5,159,000 | $ | 7,534,002 | ||||||||||||
Bruton Apartments | 18,145,000 | — | 18,145,000 | — | ||||||||||||||||
Cross Creek | 8,617,079 | 3,528,615 | 6,074,817 | 3,528,615 | ||||||||||||||||
Glenview Apartments | 6,723,000 | — | 6,723,000 | — | ||||||||||||||||
Harden Ranch | 9,300,000 | — | 9,300,000 | — | ||||||||||||||||
Montclair Apartments | 3,458,000 | — | 3,458,000 | — | ||||||||||||||||
Santa Fe Apartments | 4,736,000 | — | 4,736,000 | — | ||||||||||||||||
Tyler Park Apartments | 8,100,000 | — | 8,100,000 | — | ||||||||||||||||
Westside Village Market | 5,400,000 | — | 5,400,000 | — | ||||||||||||||||
$ | 70,124,638 | $ | 5,010,615 | $ | 67,095,817 | $ | 11,062,617 | |||||||||||||
December 31, 2013 | ||||||||||||||||||||
Balance Sheet Classification | Maximum Exposure to Loss | |||||||||||||||||||
Mortgage Revenue Bond | Property Loan | Mortgage Revenue Bond | Property Loan | |||||||||||||||||
Ashley Square Apartments | $ | 5,212,000 | $ | 1,482,000 | $ | 5,212,000 | $ | 7,131,757 | ||||||||||||
Cross Creek | 7,522,563 | 3,448,615 | 6,042,297 | 3,448,615 | ||||||||||||||||
Tyler Park Apartments | 8,100,000 | — | 8,100,000 | — | ||||||||||||||||
Westside Village Market | 5,400,000 | — | 5,400,000 | — | ||||||||||||||||
$ | 26,234,563 | $ | 4,930,615 | $ | 24,754,297 | $ | 10,580,372 | |||||||||||||
Schedule of Condensed Income Statement [Table Text Block] | Consolidating Statements of Operations for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||||
Partnership For the Year Ended December 31, 2014 | Consolidated VIEs For the Year Ended December 31, 2014 | Consolidation -Elimination For the Year Ended December 31, 2014 | Total For the Year Ended December 31, 2014 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Property revenues | $ | 14,250,572 | $ | 3,180,680 | $ | — | $ | 17,431,252 | ||||||||||||
Mortgage revenue bond investment income | 27,535,513 | — | (929,279 | ) | 26,606,234 | |||||||||||||||
Contingent interest income | 40,000 | — | — | 40,000 | ||||||||||||||||
Other interest income | 856,217 | — | — | 856,217 | ||||||||||||||||
Gain on mortgage revenue bonds - sale and redemption | 3,701,772 | — | — | 3,701,772 | ||||||||||||||||
Other income | 188,000 | — | — | 188,000 | ||||||||||||||||
Total revenues | 46,572,074 | 3,180,680 | (929,279 | ) | 48,823,475 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Real estate operating (exclusive of items shown below) | 7,796,761 | 1,955,112 | — | 9,751,873 | ||||||||||||||||
Provision for loan loss | 75,000 | — | — | 75,000 | ||||||||||||||||
Depreciation and amortization | 6,089,708 | 958,621 | (26,772 | ) | 7,021,557 | |||||||||||||||
Interest | 11,398,649 | 2,254,786 | (2,254,786 | ) | 11,398,649 | |||||||||||||||
General and administrative | 5,547,208 | — | — | 5,547,208 | ||||||||||||||||
Total expenses | 30,907,326 | 5,168,519 | (2,281,558 | ) | 33,794,287 | |||||||||||||||
Income (loss) from continuing operations | 15,664,748 | (1,987,839 | ) | 1,352,279 | 15,029,188 | |||||||||||||||
Net (loss) income attributable to noncontrolling interest | (4,673 | ) | — | — | (4,673 | ) | ||||||||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 15,669,421 | $ | (1,987,839 | ) | $ | 1,352,279 | $ | 15,033,861 | |||||||||||
Partnership For the Year Ended December 31, 2013 | Consolidated VIEs For the Year Ended December 31, 2013 | Consolidation -Elimination For the Year Ended December 31, 2013 | Total For the Year Ended December 31, 2013 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Property revenues | $ | 11,358,718 | $ | 4,752,022 | $ | — | $ | 16,110,740 | ||||||||||||
Mortgage revenue bond investment income | 24,109,397 | — | (1,457,775 | ) | 22,651,622 | |||||||||||||||
Contingent interest income | 6,497,160 | — | — | 6,497,160 | ||||||||||||||||
Other interest income | 1,772,338 | — | — | 1,772,338 | ||||||||||||||||
Other income | 250,000 | 9,186,828 | (9,186,828 | ) | 250,000 | |||||||||||||||
Total revenues | 43,987,613 | 13,938,850 | (10,644,603 | ) | 47,281,860 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Real estate operating (exclusive of items shown below) | 6,522,091 | 3,052,731 | — | 9,574,822 | ||||||||||||||||
Realized loss on taxable property loan | 4,557,741 | — | — | 4,557,741 | ||||||||||||||||
Provision for loan loss | 168,000 | — | — | 168,000 | ||||||||||||||||
Provision for loss on receivables | 241,698 | — | — | 241,698 | ||||||||||||||||
Depreciation and amortization | 5,374,802 | 1,399,548 | (41,770 | ) | 6,732,580 | |||||||||||||||
Interest | 7,235,336 | 3,221,000 | (3,221,000 | ) | 7,235,336 | |||||||||||||||
General and administrative | 4,237,245 | — | — | 4,237,245 | ||||||||||||||||
Total expenses | 28,336,913 | 7,673,279 | (3,262,770 | ) | 32,747,422 | |||||||||||||||
Income (loss) from continuing operations | 15,650,700 | 6,265,571 | (7,381,833 | ) | 14,534,438 | |||||||||||||||
Income from discontinued operations (including gain on sale of MF Property of $3,177,183 in 2013) | 3,442,404 | — | — | 3,442,404 | ||||||||||||||||
Net income (loss) | 19,093,104 | 6,265,571 | (7,381,833 | ) | 17,976,842 | |||||||||||||||
Net income attributable to noncontrolling interest | 261,923 | — | — | 261,923 | ||||||||||||||||
Net income (loss) - America First Multifamily Investors, L.P. | $ | 18,831,181 | $ | 6,265,571 | $ | (7,381,833 | ) | $ | 17,714,919 | |||||||||||
Partnership For the Year Ended December 31, 2012 | Consolidated VIEs For the Year Ended December 31, 2012 | Consolidation -Elimination For the Year Ended December 31, 2012 | Total For the Year Ended December 31, 2012 | |||||||||||||||||
Revenues: | ||||||||||||||||||||
Property revenues | $ | 7,846,812 | $ | 4,807,718 | $ | — | $ | 12,654,530 | ||||||||||||
Mortgage revenue bond investment income | 12,599,284 | — | (1,520,817 | ) | 11,078,467 | |||||||||||||||
Gain on mortgage revenue bond - sale | 680,444 | — | — | 680,444 | ||||||||||||||||
Other interest income | 150,882 | — | — | 150,882 | ||||||||||||||||
Other income | 557,300 | (1,972 | ) | — | 555,328 | |||||||||||||||
Total Revenues | 21,834,722 | 4,805,746 | (1,520,817 | ) | 25,119,651 | |||||||||||||||
Expenses: | ||||||||||||||||||||
Real estate operating (exclusive of items shown below) | 4,604,870 | 3,273,061 | — | 7,877,931 | ||||||||||||||||
Provision for loss on receivables | 452,700 | — | — | 452,700 | ||||||||||||||||
Depreciation and amortization | 3,447,316 | 1,578,275 | (43,561 | ) | 4,982,030 | |||||||||||||||
Interest | 5,530,995 | 3,240,306 | (3,240,306 | ) | 5,530,995 | |||||||||||||||
General and administrative | 3,512,233 | — | — | 3,512,233 | ||||||||||||||||
Total Expenses | 17,548,114 | 8,091,642 | (3,283,867 | ) | 22,355,889 | |||||||||||||||
Income (loss) from continuing operations | 4,286,608 | (3,285,896 | ) | 1,763,050 | 2,763,762 | |||||||||||||||
Income from discontinued operations (including gain on sale of MF Property of $1.406,608 in 2012) | 2,232,276 | — | — | 2,232,276 | ||||||||||||||||
Net income (loss) | 6,518,884 | (3,285,896 | ) | 1,763,050 | 4,996,038 | |||||||||||||||
Net income attributable to noncontrolling interest | 549,194 | — | — | 549,194 | ||||||||||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 5,969,690 | $ | (3,285,896 | ) | $ | 1,763,050 | $ | 4,446,844 | |||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | Consolidating Balance Sheets as of December 31, 2014 and 2013: | |||||||||||||||||||
Partnership as of December 31, 2014 | Consolidated VIEs as of December 31, 2014 | Consolidation -Elimination as of December 31, 2014 | Total as of December 31, 2014 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 49,157,571 | $ | 35,772 | $ | — | $ | 49,193,343 | ||||||||||||
Restricted cash | 11,141,496 | 544,233 | — | 11,685,729 | ||||||||||||||||
Interest receivable | 4,791,828 | — | (670,342 | ) | 4,121,486 | |||||||||||||||
Mortgage revenue bonds held in trust | 394,568,208 | — | (16,145,116 | ) | 378,423,092 | |||||||||||||||
Mortgage revenue bonds | 70,601,045 | — | — | 70,601,045 | ||||||||||||||||
Public housing capital fund trusts | 61,263,123 | — | — | 61,263,123 | ||||||||||||||||
Mortgage-backed securities | 14,841,558 | — | — | 14,841,558 | ||||||||||||||||
Real estate assets: | ||||||||||||||||||||
Land and land improvements | 13,753,493 | 1,836,400 | — | 15,589,893 | ||||||||||||||||
Buildings and improvements | 110,706,173 | 21,204,048 | — | 131,910,221 | ||||||||||||||||
Real estate assets before accumulated depreciation | 124,459,666 | 23,040,448 | — | 147,500,114 | ||||||||||||||||
Accumulated depreciation | (14,108,154 | ) | (10,583,646 | ) | — | (24,691,800 | ) | |||||||||||||
Net real estate assets | 110,351,512 | 12,456,802 | — | 122,808,314 | ||||||||||||||||
Other assets | 41,958,914 | 420,054 | (11,077,441 | ) | 31,301,527 | |||||||||||||||
Total Assets | $ | 758,675,255 | $ | 13,456,861 | $ | (27,892,899 | ) | $ | 744,239,217 | |||||||||||
Liabilities | ||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 4,123,346 | $ | 22,225,477 | $ | (21,721,734 | ) | $ | 4,627,089 | |||||||||||
Distribution payable | 7,617,390 | — | — | 7,617,390 | ||||||||||||||||
Debt financing | 345,359,000 | — | — | 345,359,000 | ||||||||||||||||
Mortgage payable | 76,707,834 | 14,731,000 | (14,731,000 | ) | 76,707,834 | |||||||||||||||
Total Liabilities | 433,807,570 | 36,956,477 | (36,452,734 | ) | 434,311,313 | |||||||||||||||
Partners' Capital | ||||||||||||||||||||
General Partner | 578,238 | — | — | 578,238 | ||||||||||||||||
Beneficial Unit Certificate holders | 324,305,442 | — | 6,151,675 | 330,457,117 | ||||||||||||||||
Unallocated loss of Consolidated VIEs | — | (23,499,616 | ) | 2,408,160 | (21,091,456 | ) | ||||||||||||||
Total Partners' Capital | 324,883,680 | (23,499,616 | ) | 8,559,835 | 309,943,899 | |||||||||||||||
Noncontrolling interest | (15,995 | ) | — | — | (15,995 | ) | ||||||||||||||
Total Capital | 324,867,685 | (23,499,616 | ) | 8,559,835 | 309,927,904 | |||||||||||||||
Total Liabilities and Partners' Capital | $ | 758,675,255 | $ | 13,456,861 | $ | (27,892,899 | ) | $ | 744,239,217 | |||||||||||
Partnership as of December 31, 2013 | Consolidated VIEs as of December 31, 2013 | Consolidation -Elimination as of December 31, 2013 | Total as of December 31, 2013 | |||||||||||||||||
Assets | ||||||||||||||||||||
Cash and cash equivalents | $ | 11,292,039 | $ | 25,976 | $ | — | $ | 11,318,015 | ||||||||||||
Restricted cash | 6,344,666 | 500,877 | — | 6,845,543 | ||||||||||||||||
Interest receivable | 5,281,398 | — | (1,939,360 | ) | 3,342,038 | |||||||||||||||
Mortgage revenue bonds held in trust | 230,885,864 | — | (14,514,063 | ) | 216,371,801 | |||||||||||||||
Mortgage revenue bonds | 68,946,370 | — | — | 68,946,370 | ||||||||||||||||
Public housing capital fund trusts | 62,056,379 | — | — | 62,056,379 | ||||||||||||||||
Mortgage-backed securities | 37,845,661 | — | — | 37,845,661 | ||||||||||||||||
Real estate assets: | ||||||||||||||||||||
Land and land improvements | 9,245,592 | 1,836,400 | — | 11,081,992 | ||||||||||||||||
Buildings and improvements | 90,253,256 | 20,942,439 | — | 111,195,695 | ||||||||||||||||
Real estate assets before accumulated depreciation | 99,498,848 | 22,778,839 | — | 122,277,687 | ||||||||||||||||
Accumulated depreciation | (9,386,811 | ) | (9,741,942 | ) | — | (19,128,753 | ) | |||||||||||||
Net real estate assets | 90,112,037 | 13,036,897 | — | 103,148,934 | ||||||||||||||||
Other assets | 33,488,744 | 456,087 | (9,586,540 | ) | 24,358,291 | |||||||||||||||
Total Assets | $ | 546,253,158 | $ | 14,019,837 | $ | (26,039,963 | ) | $ | 534,233,032 | |||||||||||
Liabilities | ||||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 4,963,653 | $ | 20,634,613 | $ | (20,147,572 | ) | $ | 5,450,694 | |||||||||||
Distribution payable | 6,446,076 | — | — | 6,446,076 | ||||||||||||||||
Debt financing | 257,274,000 | — | — | 257,274,000 | ||||||||||||||||
Mortgage payable | 57,087,320 | 14,897,000 | (14,897,000 | ) | 57,087,320 | |||||||||||||||
Bond purchase commitment at fair value | 4,852,177 | — | — | 4,852,177 | ||||||||||||||||
Total Liabilities | 330,623,226 | 35,531,613 | (35,044,572 | ) | 331,110,267 | |||||||||||||||
Partners' Capital | ||||||||||||||||||||
General Partner | 16,671 | — | — | 16,671 | ||||||||||||||||
Beneficial Unit Certificate holders | 215,624,583 | — | 7,948,729 | 223,573,312 | ||||||||||||||||
Unallocated deficit of Consolidated VIEs | — | (21,511,776 | ) | 1,055,880 | (20,455,896 | ) | ||||||||||||||
Total Partners' Capital | 215,641,254 | (21,511,776 | ) | 9,004,609 | 203,134,087 | |||||||||||||||
Noncontrolling interest | (11,322 | ) | — | — | (11,322 | ) | ||||||||||||||
Total Capital | 215,629,932 | (21,511,776 | ) | 9,004,609 | 203,122,765 | |||||||||||||||
Total Liabilities and Partners' Capital | $ | 546,253,158 | $ | 14,019,837 | $ | (26,039,963 | ) | $ | 534,233,032 | |||||||||||
A condensed balance sheet for each at the date of acquisitions is included below. | ||||||||||||||||||||
Woodland Park 6/1/2013 (Date of Acquisition) | ||||||||||||||||||||
Other current assets | $ | 201,321 | ||||||||||||||||||
In-place lease assets | 403,216 | |||||||||||||||||||
Real estate assets | 15,258,784 | |||||||||||||||||||
Total Assets | $ | 15,863,321 | ||||||||||||||||||
Accounts payable, accrued expenses and other | 192,345 | |||||||||||||||||||
Net assets | 15,670,976 | |||||||||||||||||||
Total liabilities and net assets | $ | 15,863,321 | ||||||||||||||||||
Investments_in_Bonds_Tables
Investments in Bonds (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Investments in Mortgage Revenue Bonds [Abstract] | |||||||||||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | Descriptions of certain terms of the mortgage revenue bonds are as follows: | ||||||||||||||||
Property Name | Location | Maturity Date | Base Interest Rate | Principal Outstanding at Dec. 31, 2014 | |||||||||||||
Arbors at Hickory Ridge (3) | Memphis, TN | 12/1/49 | 6.25 | % | $ | 11,450,000 | |||||||||||
Ashley Square (1) | Des Moines, IA | 12/1/25 | 6.25 | % | 5,159,000 | ||||||||||||
Avistar on the Boulevard - Series A (3) | San Antonio, TX | 3/1/50 | 6 | % | 16,525,000 | ||||||||||||
Avistar at Chase Hill - Series A (3) | San Antonio, TX | 3/1/50 | 6 | % | 10,000,000 | ||||||||||||
Avistar at the Crest - Series A (3) | San Antonio, TX | 3/1/50 | 6 | % | 9,700,000 | ||||||||||||
Avistar (February 2013 Acquisition) - Series B (3 Bonds) | San Antonio, TX | 4/1/50 | 9 | % | 2,175,000 | ||||||||||||
Avistar at the Oak - Series A (3) | San Antonio, TX | 8/1/50 | 6 | % | 7,800,000 | ||||||||||||
Avistar in 09 - Series A (3) | San Antonio, TX | 8/1/50 | 6 | % | 6,735,000 | ||||||||||||
Avistar on the Hill - Series A (3) | San Antonio, TX | 8/1/50 | 6 | % | 5,389,000 | ||||||||||||
Avistar (June 2013 Acquisition) - Series B (3 Bonds) | San Antonio, TX | 9/1/50 | 9 | % | 1,011,000 | ||||||||||||
Bella Vista (1) | Gainesville, TX | 4/1/46 | 6.15 | % | 6,490,000 | ||||||||||||
Bridle Ridge (1) | Greer, SC | 1/1/43 | 6 | % | 7,655,000 | ||||||||||||
Brookstone (1) | Waukegan, IL | 5/1/40 | 5.45 | % | 9,256,001 | ||||||||||||
Bruton (2) | Dallas, TX | 8/1/54 | 6 | % | 18,145,000 | ||||||||||||
Copper Gate Apartments (3) | Lafayette, IN | 12/1/29 | 6.25 | % | 5,220,000 | ||||||||||||
Cross Creek | Beaufort, SC | 3/1/49 | 6.15 | % | 8,422,997 | ||||||||||||
Decatur Angle (2) | Fort Worth, TX | 1/1/54 | 5.75 | % | 23,000,000 | ||||||||||||
Glenview - Series A | Cameron Park, CA | 12/1/31 | 5.75 | % | 4,670,000 | ||||||||||||
Glenview - Series B | Cameron Park, CA | 12/1/16 | 5.5 | % | 2,053,000 | ||||||||||||
Greens of Pine Glen - Series A (3) | North Carolina | 10/1/47 | 6.5 | % | 8,366,000 | ||||||||||||
Greens of Pine Glen - Series B | North Carolina | 10/1/47 | 9 | % | 945,638 | ||||||||||||
Harden Ranch - Series A (3) | Salinas, CA | 3/1/30 | 5.75 | % | 6,960,000 | ||||||||||||
Harden Ranch - Series B | Salinas, CA | 3/1/16 | 5.5 | % | 2,340,000 | ||||||||||||
Heritage Square - Series A | Edinburg, TX | 9/1/51 | 6 | % | 11,185,000 | ||||||||||||
Heritage Square - Series B | Edinburg, TX | 10/1/51 | 12 | % | 520,000 | ||||||||||||
Lake Forest Apartments (1) | Daytona Beach, FL | 12/1/31 | 6.25 | % | 8,886,000 | ||||||||||||
Live 929 (2) | Baltimore, MD | 7/1/49 | 5.78 | % | 40,245,000 | ||||||||||||
Montclair - Series A | Lemoore, CA | 12/1/31 | 5.75 | % | 2,530,000 | ||||||||||||
Montclair - Series B | Lemoore, CA | 12/1/16 | 5.5 | % | 928,000 | ||||||||||||
Ohio Bond - Series A (1) | Ohio | 6/1/50 | 7 | % | 14,407,000 | ||||||||||||
Ohio Bond - Series B | Ohio | 6/1/50 | 10 | % | 3,573,430 | ||||||||||||
Pro Nova - 2014-1 | Knoxville, TN | 5/1/34 | 6 | % | 10,000,000 | ||||||||||||
Pro Nova - 2014-2 | Knoxville, TN | 5/1/25 | 5.25 | % | 10,000,000 | ||||||||||||
Renaissance - Series A | Baton Rouge, LA | 6/1/50 | 6 | % | 8,550,000 | ||||||||||||
Renaissance - Series B | Baton Rouge, LA | 6/1/50 | 12 | % | 1,250,000 | ||||||||||||
Renaissance - Series C | Baton Rouge, LA | 6/1/15 | 12 | % | 2,875,000 | ||||||||||||
Runnymede (1) | Austin, TX | 10/1/42 | 6 | % | 10,440,000 | ||||||||||||
Santa Fe - Series A | Hesperia, CA | 12/1/31 | 5.75 | % | 3,065,000 | ||||||||||||
Santa Fe - Series B | Hesperia, CA | 12/1/16 | 5.5 | % | 1,671,000 | ||||||||||||
Southpark (1) | Austin, TX | 12/1/49 | 6.13 | % | 13,680,000 | ||||||||||||
The Palms at Premier Park (3) | Columbia, SC | 1/1/50 | 6.25 | % | 20,152,000 | ||||||||||||
Property Name | Location | Maturity Date | Base Interest Rate | Principal Outstanding at Dec. 31, 2014 | |||||||||||||
The Suites on Paseo (2) | San Diego, CA | 12/1/48 | 6.25 | % | $ | 35,450,000 | |||||||||||
Tyler Park Townhomes - Series A(3) | Greenfield, CA | 1/1/30 | 5.75 | % | 6,075,000 | ||||||||||||
Tyler Park Townhomes - Series B | Greenfield, CA | 1/1/16 | 5.5 | % | 2,025,000 | ||||||||||||
Vantage at Judson | San Antonio, TX | 2/1/53 | 9 | % | 6,049,000 | ||||||||||||
Vantage at Harlingen | San Antonio, TX | 9/1/53 | 9 | % | 6,692,000 | ||||||||||||
Westside Village Market - Series A(3) | Shafter, CA | 1/1/30 | 5.75 | % | 3,970,000 | ||||||||||||
Westside Village Market - Series B | Shafter, CA | 1/1/16 | 5.5 | % | 1,430,000 | ||||||||||||
Woodlynn Village (1) | Maplewood, MN | 11/1/42 | 6 | % | 4,390,000 | ||||||||||||
$ | 409,506,066 | ||||||||||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank AG in a secured financing transaction, Note 11 | |||||||||||||||||
(3) Bonds owned by ATAX TEBS II, LLC, Note 11 | |||||||||||||||||
Property Name | Location | Maturity Date | Base Interest Rate | Principal Outstanding at Dec. 31, 2013 | |||||||||||||
Arbors at Hickory Ridge (2) | Memphis, TN | 12/1/49 | 6.25 | % | $ | 11,450,000 | |||||||||||
Ashley Square (1) | Des Moines, IA | 12/1/25 | 6.25 | % | 5,212,000 | ||||||||||||
Autumn Pines (2) | Humble, TX | 10/1/46 | 5.8 | % | 13,110,000 | ||||||||||||
Avistar on the Boulevard - Series A (2) | San Antonio, TX | 3/1/50 | 6 | % | 13,760,000 | ||||||||||||
Avistar at Chase Hill - Series A (2) | San Antonio, TX | 3/1/50 | 6 | % | 8,960,000 | ||||||||||||
Avistar at the Crest - Series A (2) | San Antonio, TX | 3/1/50 | 6 | % | 8,759,000 | ||||||||||||
Avistar (February 2013 Acquisition) - Series B (3 Bonds) | San Antonio, TX | 4/1/50 | 9 | % | 6,921,000 | ||||||||||||
Avistar at the Oak - Series A (2) | San Antonio, TX | 8/1/50 | 6 | % | 5,878,000 | ||||||||||||
Avistar in 09 - Series A (2) | San Antonio, TX | 8/1/50 | 6 | % | 5,482,000 | ||||||||||||
Avistar on the Hill - Series A (2) | San Antonio, TX | 8/1/50 | 6 | % | 3,091,000 | ||||||||||||
Avistar (June 2013 Acquisition) - Series B (3 Bonds) (2) | San Antonio, TX | 9/1/50 | 9 | % | 6,484,000 | ||||||||||||
Bella Vista (1) | Gainesville, TX | 4/1/46 | 6.15 | % | 6,545,000 | ||||||||||||
Bridle Ridge (1) | Greer, SC | 1/1/43 | 6 | % | 7,715,000 | ||||||||||||
Brookstone (1) | Waukegan, IL | 5/1/40 | 5.45 | % | 9,338,603 | ||||||||||||
Copper Gate Apartments | Lafayette, IN | 12/1/29 | 6.25 | % | 5,220,000 | ||||||||||||
Cross Creek (1) | Beaufort, SC | 3/1/49 | 6.15 | % | 8,497,933 | ||||||||||||
Greens of Pine Glen - Series A (2) | Durham, NC | 10/1/47 | 6.5 | % | 8,437,501 | ||||||||||||
Greens of Pine Glen - Series B (2) | Durham, NC | 10/1/47 | 12 | % | 948,291 | ||||||||||||
Lake Forest Apartments (1) | Daytona Beach, FL | 12/1/31 | 6.25 | % | 8,997,000 | ||||||||||||
Ohio Bond - Series A (2) | Ohio | 6/1/50 | 7 | % | 14,498,000 | ||||||||||||
Ohio Bond - Series B | Ohio | 6/1/50 | 10 | % | 3,583,590 | ||||||||||||
Renaissance - Series A | Baton Rouge, LA | 6/1/50 | 6 | % | 3,850,000 | ||||||||||||
Renaissance - Series B | Baton Rouge, LA | 6/1/50 | 12 | % | 1,250,000 | ||||||||||||
Renaissance - Series C | Baton Rouge, LA | 6/1/15 | 12 | % | 2,875,000 | ||||||||||||
Runnymede (1) | Austin, TX | 10/1/42 | 6 | % | 10,525,000 | ||||||||||||
Southpark (1) | Austin, TX | 12/1/49 | 6.13 | % | 13,795,000 | ||||||||||||
The Palms at Premier Park | Columbia, SC | 1/1/50 | 6.25 | % | 20,152,000 | ||||||||||||
The Suites on Paseo (2) | San Diego, CA | 12/1/48 | 6.25 | % | 35,750,000 | ||||||||||||
Tyler Park Townhomes Series A | Greenfield, CA | 1/1/30 | 5.75 | % | 6,075,000 | ||||||||||||
Tyler Park Townhomes Series B | Greenfield, CA | 1/1/16 | 5.5 | % | 2,025,000 | ||||||||||||
Vantage at Judson | San Antonio, TX | 2/1/53 | 9 | % | 6,049,000 | ||||||||||||
Vantage at Harlingen | San Antonio, TX | 10/1/53 | 9 | % | 6,692,000 | ||||||||||||
Villages at Lost Creek | San Antonio, TX | 6/1/41 | 6.25 | % | 18,090,000 | ||||||||||||
Westside Village Market Series A | Shafter, CA | 1/1/30 | 5.75 | % | 3,970,000 | ||||||||||||
Westside Village Market Series B | Shafter, CA | 1/1/16 | 5.5 | % | 1,430,000 | ||||||||||||
Woodlynn Village (1) | Maplewood, MN | 11/1/42 | 6 | % | 4,426,000 | ||||||||||||
Total Mortgage Bonds | $ | 299,841,918 | |||||||||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank AG in a secured financing transaction, Note 11 | |||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The carrying value of each of the Partnership’s mortgage revenue bonds as of December 31, 2014 and 2013 is as follows: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Description of Tax-Exempt | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Mortgage Revenue Bonds | for pay-downs | Gain | Loss | Fair Value | |||||||||||||
Arbors at Hickory Ridge (3) | $ | 11,570,933 | $ | 1,792,303 | $ | — | $ | 13,363,236 | |||||||||
Ashley Square (1) | 5,159,000 | 486,559 | — | 5,645,559 | |||||||||||||
Avistar at Chase Hill A Bond (3) | 10,000,000 | 1,196,800 | — | 11,196,800 | |||||||||||||
Avistar at the Crest A Bond (3) | 9,700,000 | 1,419,692 | — | 11,119,692 | |||||||||||||
Avistar at the Oaks A Bond (3) | 7,800,000 | 869,622 | — | 8,669,622 | |||||||||||||
Avistar in 09 A Bond (3) | 6,735,000 | 750,885 | — | 7,485,885 | |||||||||||||
Avistar on the Boulevard A Bond (3) | 16,525,000 | 2,418,599 | — | 18,943,599 | |||||||||||||
Avistar on the Hills A Bond (3) | 5,389,000 | 743,520 | — | 6,132,520 | |||||||||||||
Bella Vista (1) | 6,490,000 | 625,571 | — | 7,115,571 | |||||||||||||
Bridle Ridge (1) | 7,655,000 | 659,249 | — | 8,314,249 | |||||||||||||
Brookstone (1) | 7,468,888 | 1,360,589 | — | 8,829,477 | |||||||||||||
Bruton Apartments (2) | 18,145,000 | 1,455,955 | — | 19,600,955 | |||||||||||||
Copper Gate Apartments (3) | 5,220,000 | 563,656 | — | 5,783,656 | |||||||||||||
Cross Creek (1) | 6,074,817 | 2,542,262 | — | 8,617,079 | |||||||||||||
Decatur Angle (2) | 23,000,000 | 919,540 | — | 23,919,540 | |||||||||||||
Greens Property A Bond (3) | 8,366,000 | 1,005,119 | — | 9,371,119 | |||||||||||||
Harden Ranch A Bond (3) | 6,960,000 | 511,421 | — | 7,471,421 | |||||||||||||
Lake Forest (1) | 8,886,000 | 1,003,614 | — | 9,889,614 | |||||||||||||
Live 929 Apartments (2) | 40,895,739 | 3,797,745 | — | 44,693,484 | |||||||||||||
Pro Nova 2014-1 and 2014-2 (2) | 20,095,169 | 1,043,431 | — | 21,138,600 | |||||||||||||
Ohio Properties A Bonds (1) | 14,407,000 | 2,444,034 | — | 16,851,034 | |||||||||||||
Runnymede (1) | 10,440,000 | 1,385,910 | — | 11,825,910 | |||||||||||||
Southpark (1) | 11,842,206 | 3,743,692 | — | 15,585,898 | |||||||||||||
The Palms at Premier Park Apartments (3) | 20,152,000 | 2,680,619 | — | 22,832,619 | |||||||||||||
The Suites on Paseo (2) | 35,450,000 | 3,193,691 | — | 38,643,691 | |||||||||||||
Tyler Park Apartments A Bond (3) | 6,075,000 | 345,060 | — | 6,420,060 | |||||||||||||
Westside Village Market A Bond (3) | 3,970,000 | 225,496 | — | 4,195,496 | |||||||||||||
Woodlynn Village (1) | 4,390,000 | 376,706 | — | 4,766,706 | |||||||||||||
Mortgage revenue bonds held in trust | $ | 338,861,752 | $ | 39,561,340 | $ | — | $ | 378,423,092 | |||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||||||||||||
(3) Bonds owned by ATAX TEBS II, LLC, Note 11 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Description of Tax-Exempt | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Mortgage Revenue Bonds | for pay-downs | Gain | Loss | Fair Value | |||||||||||||
Avistar at Chase Hill B Bond | $ | 965,000 | $ | 144,769 | $ | — | $ | 1,109,769 | |||||||||
Avistar at the Crest B Bond | 759,000 | 124,286 | — | 883,286 | |||||||||||||
Avistar at the Oaks B Bond | 554,000 | 54,325 | — | 608,325 | |||||||||||||
Avistar in 09 B Bond | 457,000 | 50,608 | — | 507,608 | |||||||||||||
Avistar on the Boulevard B Bond | 451,000 | 73,851 | — | 524,851 | |||||||||||||
Greens Property B Bond | 945,638 | 376,203 | — | 1,321,841 | |||||||||||||
Glenview Apartments | 6,723,000 | — | — | 6,723,000 | |||||||||||||
Harden Ranch B Bond | 2,340,000 | — | (1,501 | ) | 2,338,499 | ||||||||||||
Heritage Square | 11,705,000 | 1,109,125 | — | 12,814,125 | |||||||||||||
Montclair Apartments | 3,458,000 | — | — | 3,458,000 | |||||||||||||
Ohio Properties B Bonds | 3,573,430 | 668,542 | — | 4,241,972 | |||||||||||||
Renaissance | 12,675,000 | 1,055,807 | — | 13,730,807 | |||||||||||||
Santa Fe Apartments | 4,736,000 | — | — | 4,736,000 | |||||||||||||
Tyler Park B Bond | 2,025,000 | — | (17,395 | ) | 2,007,605 | ||||||||||||
Vantage at Harlingen | 6,692,000 | 707,813 | — | 7,399,813 | |||||||||||||
Vantage at Judson | 6,049,000 | 717,230 | — | 6,766,230 | |||||||||||||
Westside Village B Bond | 1,430,000 | — | (686 | ) | 1,429,314 | ||||||||||||
Mortgage revenue bonds | $ | 65,538,068 | $ | 5,082,559 | $ | (19,582 | ) | $ | 70,601,045 | ||||||||
31-Dec-13 | |||||||||||||||||
Description of Mortgage | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Revenue Bonds | for Pay-downs | Gain | Loss | Fair Value | |||||||||||||
Arbors at Hickory Ridge (2) | $ | 11,576,209 | $ | 225,690 | $ | — | $ | 11,801,899 | |||||||||
Ashley Square (1) | 5,212,000 | — | — | 5,212,000 | |||||||||||||
Autumn Pines (2) | 12,147,873 | — | (195,355 | ) | 11,952,518 | ||||||||||||
Avistar at Chase Hill A Bond (2) | 8,960,000 | — | (850,752 | ) | 8,109,248 | ||||||||||||
Avistar at the Crest A Bond (2) | 8,759,000 | — | (1,298,785 | ) | 7,460,215 | ||||||||||||
Avistar at the Oaks (2) | 8,354,000 | — | (1,103,115 | ) | 7,250,885 | ||||||||||||
Avistar in 09 (2) | 7,192,000 | — | (588,254 | ) | 6,603,746 | ||||||||||||
Avistar on the Boulevard A Bond (2) | 13,760,000 | — | (1,306,512 | ) | 12,453,488 | ||||||||||||
Avistar on the Hills (2) | 5,389,000 | — | (417,724 | ) | 4,971,276 | ||||||||||||
Bella Vista (1) | 6,545,000 | — | (473,989 | ) | 6,071,011 | ||||||||||||
Bridle Ridge (1) | 7,715,000 | — | (452,870 | ) | 7,262,130 | ||||||||||||
Brookstone (1) | 7,463,641 | 841,751 | — | 8,305,392 | |||||||||||||
Cross Creek (1) | 6,042,297 | 1,480,266 | — | 7,522,563 | |||||||||||||
Greens Property A Bond (2) | 8,437,501 | — | (577,426 | ) | 7,860,075 | ||||||||||||
Lake Forest (1) | 8,997,000 | — | (289,461 | ) | 8,707,539 | ||||||||||||
Lost Creek (1) | 15,883,084 | 1,743,088 | — | 17,626,172 | |||||||||||||
Ohio Properties A Bonds (1) | 14,498,000 | — | — | 14,498,000 | |||||||||||||
Runnymede (1) | 10,525,000 | — | (551,510 | ) | 9,973,490 | ||||||||||||
Southpark (1) | 11,878,885 | 1,018,750 | — | 12,897,635 | |||||||||||||
The Suites on Paseo (2) | 35,750,000 | — | (2,502 | ) | 35,747,498 | ||||||||||||
Woodlynn Village (1) | 4,426,000 | — | (340,979 | ) | 4,085,021 | ||||||||||||
Mortgage revenue bonds held in trust | $ | 219,511,490 | $ | 5,309,545 | $ | (8,449,234 | ) | $ | 216,371,801 | ||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Description of Mortgage | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Revenue Bonds | for Pay-downs | Gain | Loss | Fair Value | |||||||||||||
Avistar at Chase Hill B Bond | $ | 2,005,000 | $ | — | $ | (159,117 | ) | $ | 1,845,883 | ||||||||
Avistar at the Crest B Bond | 1,700,000 | — | (134,912 | ) | 1,565,088 | ||||||||||||
Avistar on the Boulevard B Bond | 3,216,000 | — | (255,222 | ) | 2,960,778 | ||||||||||||
Copper Gate Apartments | 5,220,000 | — | (252,648 | ) | 4,967,352 | ||||||||||||
Greens Property B Bond | 948,291 | 189,589 | — | 1,137,880 | |||||||||||||
Ohio Properties B Bonds | 3,583,590 | 150,864 | — | 3,734,454 | |||||||||||||
Renaissance | 7,975,000 | — | (16,964 | ) | 7,958,036 | ||||||||||||
The Palms at Premier Park | 20,152,000 | — | (283,942 | ) | 19,868,058 | ||||||||||||
Tyler Park Apartments | 8,100,000 | — | (526,601 | ) | 7,573,399 | ||||||||||||
Vantage at Harlingen | 6,692,000 | — | (211,735 | ) | 6,480,265 | ||||||||||||
Vantage at Judson | 6,049,000 | — | (190,423 | ) | 5,858,577 | ||||||||||||
Westside Village Market | 5,400,000 | — | (403,400 | ) | 4,996,600 | ||||||||||||
Mortgage revenue bonds | $ | 71,040,881 | $ | 340,453 | $ | (2,434,964 | ) | $ | 68,946,370 | ||||||||
The Company had the following investments in the PHC Certificates on December 31, 2014 and 2013: | |||||||||||||||||
Description of Public Housing Capital Fund Trust Certificates | Cost Adjusted for Amortization of Premium and Discounts | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2014 | |||||||||||||
Public Housing Capital Fund Trust Certificate I | $ | 27,414,100 | $ | 933,789 | $ | — | $ | 28,347,889 | |||||||||
Public Housing Capital Fund Trust Certificate II | 11,999,721 | 152,293 | — | 12,152,014 | |||||||||||||
Public Housing Capital Fund Trust Certificate III | 20,474,100 | 289,120 | — | 20,763,220 | |||||||||||||
$ | 59,887,921 | $ | 1,375,202 | $ | — | $ | 61,263,123 | ||||||||||
Description of Public Housing Capital Fund Trust Certificates | Cost Adjusted for Amortization of Premium and Discounts | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2013 | |||||||||||||
Public Housing Capital Fund Trust Certificate I | $ | 27,979,527 | $ | — | $ | (1,284,873 | ) | $ | 26,694,654 | ||||||||
Public Housing Capital Fund Trust Certificate II | 17,486,739 | — | (1,083,235 | ) | 16,403,504 | ||||||||||||
Public Housing Capital Fund Trust Certificate III | 20,434,848 | — | (1,476,627 | ) | 18,958,221 | ||||||||||||
$ | 65,901,114 | $ | — | $ | (3,844,735 | ) | $ | 62,056,379 | |||||||||
e carrying value of the Company’s MBS as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||
Agency Rating of MBS (1) | Cost adjusted for amortization of premium | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2014 | |||||||||||||
"AAA" | $ | 5,304,974 | $ | (250,624 | ) | $ | 5,054,350 | ||||||||||
"AA" | 10,062,667 | (275,459 | ) | 9,787,208 | |||||||||||||
$ | 15,367,641 | $ | — | $ | (526,083 | ) | $ | 14,841,558 | |||||||||
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented. | |||||||||||||||||
Agency Rating of MBS (1) | Cost adjusted for amortization of premium | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2013 | |||||||||||||
“AAA” | $ | 23,177,115 | $ | — | $ | (3,069,555 | ) | $ | 20,107,560 | ||||||||
“AA” | 20,624,701 | — | (2,886,600 | ) | 17,738,101 | ||||||||||||
$ | 43,801,816 | $ | — | $ | (5,956,155 | ) | $ | 37,845,661 | |||||||||
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented. |
Public_Housing_Capital_Fund_Tr1
Public Housing Capital Fund Trusts Public Housing Capital Fund Trusts (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Public Housing Capital Fund Trusts [Abstract] | |||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The carrying value of each of the Partnership’s mortgage revenue bonds as of December 31, 2014 and 2013 is as follows: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Description of Tax-Exempt | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Mortgage Revenue Bonds | for pay-downs | Gain | Loss | Fair Value | |||||||||||||
Arbors at Hickory Ridge (3) | $ | 11,570,933 | $ | 1,792,303 | $ | — | $ | 13,363,236 | |||||||||
Ashley Square (1) | 5,159,000 | 486,559 | — | 5,645,559 | |||||||||||||
Avistar at Chase Hill A Bond (3) | 10,000,000 | 1,196,800 | — | 11,196,800 | |||||||||||||
Avistar at the Crest A Bond (3) | 9,700,000 | 1,419,692 | — | 11,119,692 | |||||||||||||
Avistar at the Oaks A Bond (3) | 7,800,000 | 869,622 | — | 8,669,622 | |||||||||||||
Avistar in 09 A Bond (3) | 6,735,000 | 750,885 | — | 7,485,885 | |||||||||||||
Avistar on the Boulevard A Bond (3) | 16,525,000 | 2,418,599 | — | 18,943,599 | |||||||||||||
Avistar on the Hills A Bond (3) | 5,389,000 | 743,520 | — | 6,132,520 | |||||||||||||
Bella Vista (1) | 6,490,000 | 625,571 | — | 7,115,571 | |||||||||||||
Bridle Ridge (1) | 7,655,000 | 659,249 | — | 8,314,249 | |||||||||||||
Brookstone (1) | 7,468,888 | 1,360,589 | — | 8,829,477 | |||||||||||||
Bruton Apartments (2) | 18,145,000 | 1,455,955 | — | 19,600,955 | |||||||||||||
Copper Gate Apartments (3) | 5,220,000 | 563,656 | — | 5,783,656 | |||||||||||||
Cross Creek (1) | 6,074,817 | 2,542,262 | — | 8,617,079 | |||||||||||||
Decatur Angle (2) | 23,000,000 | 919,540 | — | 23,919,540 | |||||||||||||
Greens Property A Bond (3) | 8,366,000 | 1,005,119 | — | 9,371,119 | |||||||||||||
Harden Ranch A Bond (3) | 6,960,000 | 511,421 | — | 7,471,421 | |||||||||||||
Lake Forest (1) | 8,886,000 | 1,003,614 | — | 9,889,614 | |||||||||||||
Live 929 Apartments (2) | 40,895,739 | 3,797,745 | — | 44,693,484 | |||||||||||||
Pro Nova 2014-1 and 2014-2 (2) | 20,095,169 | 1,043,431 | — | 21,138,600 | |||||||||||||
Ohio Properties A Bonds (1) | 14,407,000 | 2,444,034 | — | 16,851,034 | |||||||||||||
Runnymede (1) | 10,440,000 | 1,385,910 | — | 11,825,910 | |||||||||||||
Southpark (1) | 11,842,206 | 3,743,692 | — | 15,585,898 | |||||||||||||
The Palms at Premier Park Apartments (3) | 20,152,000 | 2,680,619 | — | 22,832,619 | |||||||||||||
The Suites on Paseo (2) | 35,450,000 | 3,193,691 | — | 38,643,691 | |||||||||||||
Tyler Park Apartments A Bond (3) | 6,075,000 | 345,060 | — | 6,420,060 | |||||||||||||
Westside Village Market A Bond (3) | 3,970,000 | 225,496 | — | 4,195,496 | |||||||||||||
Woodlynn Village (1) | 4,390,000 | 376,706 | — | 4,766,706 | |||||||||||||
Mortgage revenue bonds held in trust | $ | 338,861,752 | $ | 39,561,340 | $ | — | $ | 378,423,092 | |||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||||||||||||
(3) Bonds owned by ATAX TEBS II, LLC, Note 11 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Description of Tax-Exempt | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Mortgage Revenue Bonds | for pay-downs | Gain | Loss | Fair Value | |||||||||||||
Avistar at Chase Hill B Bond | $ | 965,000 | $ | 144,769 | $ | — | $ | 1,109,769 | |||||||||
Avistar at the Crest B Bond | 759,000 | 124,286 | — | 883,286 | |||||||||||||
Avistar at the Oaks B Bond | 554,000 | 54,325 | — | 608,325 | |||||||||||||
Avistar in 09 B Bond | 457,000 | 50,608 | — | 507,608 | |||||||||||||
Avistar on the Boulevard B Bond | 451,000 | 73,851 | — | 524,851 | |||||||||||||
Greens Property B Bond | 945,638 | 376,203 | — | 1,321,841 | |||||||||||||
Glenview Apartments | 6,723,000 | — | — | 6,723,000 | |||||||||||||
Harden Ranch B Bond | 2,340,000 | — | (1,501 | ) | 2,338,499 | ||||||||||||
Heritage Square | 11,705,000 | 1,109,125 | — | 12,814,125 | |||||||||||||
Montclair Apartments | 3,458,000 | — | — | 3,458,000 | |||||||||||||
Ohio Properties B Bonds | 3,573,430 | 668,542 | — | 4,241,972 | |||||||||||||
Renaissance | 12,675,000 | 1,055,807 | — | 13,730,807 | |||||||||||||
Santa Fe Apartments | 4,736,000 | — | — | 4,736,000 | |||||||||||||
Tyler Park B Bond | 2,025,000 | — | (17,395 | ) | 2,007,605 | ||||||||||||
Vantage at Harlingen | 6,692,000 | 707,813 | — | 7,399,813 | |||||||||||||
Vantage at Judson | 6,049,000 | 717,230 | — | 6,766,230 | |||||||||||||
Westside Village B Bond | 1,430,000 | — | (686 | ) | 1,429,314 | ||||||||||||
Mortgage revenue bonds | $ | 65,538,068 | $ | 5,082,559 | $ | (19,582 | ) | $ | 70,601,045 | ||||||||
31-Dec-13 | |||||||||||||||||
Description of Mortgage | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Revenue Bonds | for Pay-downs | Gain | Loss | Fair Value | |||||||||||||
Arbors at Hickory Ridge (2) | $ | 11,576,209 | $ | 225,690 | $ | — | $ | 11,801,899 | |||||||||
Ashley Square (1) | 5,212,000 | — | — | 5,212,000 | |||||||||||||
Autumn Pines (2) | 12,147,873 | — | (195,355 | ) | 11,952,518 | ||||||||||||
Avistar at Chase Hill A Bond (2) | 8,960,000 | — | (850,752 | ) | 8,109,248 | ||||||||||||
Avistar at the Crest A Bond (2) | 8,759,000 | — | (1,298,785 | ) | 7,460,215 | ||||||||||||
Avistar at the Oaks (2) | 8,354,000 | — | (1,103,115 | ) | 7,250,885 | ||||||||||||
Avistar in 09 (2) | 7,192,000 | — | (588,254 | ) | 6,603,746 | ||||||||||||
Avistar on the Boulevard A Bond (2) | 13,760,000 | — | (1,306,512 | ) | 12,453,488 | ||||||||||||
Avistar on the Hills (2) | 5,389,000 | — | (417,724 | ) | 4,971,276 | ||||||||||||
Bella Vista (1) | 6,545,000 | — | (473,989 | ) | 6,071,011 | ||||||||||||
Bridle Ridge (1) | 7,715,000 | — | (452,870 | ) | 7,262,130 | ||||||||||||
Brookstone (1) | 7,463,641 | 841,751 | — | 8,305,392 | |||||||||||||
Cross Creek (1) | 6,042,297 | 1,480,266 | — | 7,522,563 | |||||||||||||
Greens Property A Bond (2) | 8,437,501 | — | (577,426 | ) | 7,860,075 | ||||||||||||
Lake Forest (1) | 8,997,000 | — | (289,461 | ) | 8,707,539 | ||||||||||||
Lost Creek (1) | 15,883,084 | 1,743,088 | — | 17,626,172 | |||||||||||||
Ohio Properties A Bonds (1) | 14,498,000 | — | — | 14,498,000 | |||||||||||||
Runnymede (1) | 10,525,000 | — | (551,510 | ) | 9,973,490 | ||||||||||||
Southpark (1) | 11,878,885 | 1,018,750 | — | 12,897,635 | |||||||||||||
The Suites on Paseo (2) | 35,750,000 | — | (2,502 | ) | 35,747,498 | ||||||||||||
Woodlynn Village (1) | 4,426,000 | — | (340,979 | ) | 4,085,021 | ||||||||||||
Mortgage revenue bonds held in trust | $ | 219,511,490 | $ | 5,309,545 | $ | (8,449,234 | ) | $ | 216,371,801 | ||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Description of Mortgage | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Revenue Bonds | for Pay-downs | Gain | Loss | Fair Value | |||||||||||||
Avistar at Chase Hill B Bond | $ | 2,005,000 | $ | — | $ | (159,117 | ) | $ | 1,845,883 | ||||||||
Avistar at the Crest B Bond | 1,700,000 | — | (134,912 | ) | 1,565,088 | ||||||||||||
Avistar on the Boulevard B Bond | 3,216,000 | — | (255,222 | ) | 2,960,778 | ||||||||||||
Copper Gate Apartments | 5,220,000 | — | (252,648 | ) | 4,967,352 | ||||||||||||
Greens Property B Bond | 948,291 | 189,589 | — | 1,137,880 | |||||||||||||
Ohio Properties B Bonds | 3,583,590 | 150,864 | — | 3,734,454 | |||||||||||||
Renaissance | 7,975,000 | — | (16,964 | ) | 7,958,036 | ||||||||||||
The Palms at Premier Park | 20,152,000 | — | (283,942 | ) | 19,868,058 | ||||||||||||
Tyler Park Apartments | 8,100,000 | — | (526,601 | ) | 7,573,399 | ||||||||||||
Vantage at Harlingen | 6,692,000 | — | (211,735 | ) | 6,480,265 | ||||||||||||
Vantage at Judson | 6,049,000 | — | (190,423 | ) | 5,858,577 | ||||||||||||
Westside Village Market | 5,400,000 | — | (403,400 | ) | 4,996,600 | ||||||||||||
Mortgage revenue bonds | $ | 71,040,881 | $ | 340,453 | $ | (2,434,964 | ) | $ | 68,946,370 | ||||||||
The Company had the following investments in the PHC Certificates on December 31, 2014 and 2013: | |||||||||||||||||
Description of Public Housing Capital Fund Trust Certificates | Cost Adjusted for Amortization of Premium and Discounts | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2014 | |||||||||||||
Public Housing Capital Fund Trust Certificate I | $ | 27,414,100 | $ | 933,789 | $ | — | $ | 28,347,889 | |||||||||
Public Housing Capital Fund Trust Certificate II | 11,999,721 | 152,293 | — | 12,152,014 | |||||||||||||
Public Housing Capital Fund Trust Certificate III | 20,474,100 | 289,120 | — | 20,763,220 | |||||||||||||
$ | 59,887,921 | $ | 1,375,202 | $ | — | $ | 61,263,123 | ||||||||||
Description of Public Housing Capital Fund Trust Certificates | Cost Adjusted for Amortization of Premium and Discounts | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2013 | |||||||||||||
Public Housing Capital Fund Trust Certificate I | $ | 27,979,527 | $ | — | $ | (1,284,873 | ) | $ | 26,694,654 | ||||||||
Public Housing Capital Fund Trust Certificate II | 17,486,739 | — | (1,083,235 | ) | 16,403,504 | ||||||||||||
Public Housing Capital Fund Trust Certificate III | 20,434,848 | — | (1,476,627 | ) | 18,958,221 | ||||||||||||
$ | 65,901,114 | $ | — | $ | (3,844,735 | ) | $ | 62,056,379 | |||||||||
e carrying value of the Company’s MBS as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||
Agency Rating of MBS (1) | Cost adjusted for amortization of premium | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2014 | |||||||||||||
"AAA" | $ | 5,304,974 | $ | (250,624 | ) | $ | 5,054,350 | ||||||||||
"AA" | 10,062,667 | (275,459 | ) | 9,787,208 | |||||||||||||
$ | 15,367,641 | $ | — | $ | (526,083 | ) | $ | 14,841,558 | |||||||||
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented. | |||||||||||||||||
Agency Rating of MBS (1) | Cost adjusted for amortization of premium | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2013 | |||||||||||||
“AAA” | $ | 23,177,115 | $ | — | $ | (3,069,555 | ) | $ | 20,107,560 | ||||||||
“AA” | 20,624,701 | — | (2,886,600 | ) | 17,738,101 | ||||||||||||
$ | 43,801,816 | $ | — | $ | (5,956,155 | ) | $ | 37,845,661 | |||||||||
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented. | |||||||||||||||||
Marketable Securities [Table Text Block] | The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts: | ||||||||||||||||
Weighted Average Lives (Years) | Investment Rating | Weighted Average Interest Rate over Life | Principal Outstanding December 31, 2014 | ||||||||||||||
Public Housing Capital Fund Trust Certificate I | 10.25 | AA- | 5.33% | $ | 25,980,780 | ||||||||||||
Public Housing Capital Fund Trust Certificate II | 9.72 | A+ | 4.28% | 12,429,186 | |||||||||||||
Public Housing Capital Fund Trust Certificate III | 10.81 | BBB | 5.42% | 20,898,432 | |||||||||||||
Total Public Housing Capital Fund Trust Certificates | $ | 59,308,398 | |||||||||||||||
Weighted Average Lives (Years) | Investment Rating | Weighted Average Interest Rate over Life | Principal Outstanding December 31, 2013 | ||||||||||||||
Public Housing Capital Fund Trust Certificate I | 12.75 | AA- | 5.33% | $ | 26,406,558 | ||||||||||||
Public Housing Capital Fund Trust Certificate II | 12.3 | AA- | 4.24% | 17,959,713 | |||||||||||||
Public Housing Capital Fund Trust Certificate III | 13.3 | BBB | 5.41% | 20,898,432 | |||||||||||||
Total Public Housing Capital Fund Trust Certificates | $ | 65,264,703 | |||||||||||||||
Description of certain terms of the Company’s MBS is as follows: | |||||||||||||||||
Agency Rating of MBS | Principal Outstanding December 31, 2014 | Weighted Average Maturity Date | Weighted Average Coupon Interest Rate | ||||||||||||||
"AAA" | $ | 5,000,000 | 7/1/32 | 4.6 | % | ||||||||||||
"AA" | 9,765,000 | 7/9/36 | 4.2 | % | |||||||||||||
$ | 14,765,000 | ||||||||||||||||
Agency Rating of MBS | Principal Outstanding December 31, 2013 | Weighted Average Maturity Date | Weighted Average Coupon Interest Rate | ||||||||||||||
“AAA” | $ | 22,710,000 | 12/9/37 | 4.05 | % | ||||||||||||
“AA” | 20,120,000 | 2/5/37 | 4 | % | |||||||||||||
$ | 42,830,000 | ||||||||||||||||
MBS_Investments_MSB_Investment
MBS Investments MSB Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
MBS Investments [Abstract] | |||||||||||||||||
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The carrying value of each of the Partnership’s mortgage revenue bonds as of December 31, 2014 and 2013 is as follows: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Description of Tax-Exempt | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Mortgage Revenue Bonds | for pay-downs | Gain | Loss | Fair Value | |||||||||||||
Arbors at Hickory Ridge (3) | $ | 11,570,933 | $ | 1,792,303 | $ | — | $ | 13,363,236 | |||||||||
Ashley Square (1) | 5,159,000 | 486,559 | — | 5,645,559 | |||||||||||||
Avistar at Chase Hill A Bond (3) | 10,000,000 | 1,196,800 | — | 11,196,800 | |||||||||||||
Avistar at the Crest A Bond (3) | 9,700,000 | 1,419,692 | — | 11,119,692 | |||||||||||||
Avistar at the Oaks A Bond (3) | 7,800,000 | 869,622 | — | 8,669,622 | |||||||||||||
Avistar in 09 A Bond (3) | 6,735,000 | 750,885 | — | 7,485,885 | |||||||||||||
Avistar on the Boulevard A Bond (3) | 16,525,000 | 2,418,599 | — | 18,943,599 | |||||||||||||
Avistar on the Hills A Bond (3) | 5,389,000 | 743,520 | — | 6,132,520 | |||||||||||||
Bella Vista (1) | 6,490,000 | 625,571 | — | 7,115,571 | |||||||||||||
Bridle Ridge (1) | 7,655,000 | 659,249 | — | 8,314,249 | |||||||||||||
Brookstone (1) | 7,468,888 | 1,360,589 | — | 8,829,477 | |||||||||||||
Bruton Apartments (2) | 18,145,000 | 1,455,955 | — | 19,600,955 | |||||||||||||
Copper Gate Apartments (3) | 5,220,000 | 563,656 | — | 5,783,656 | |||||||||||||
Cross Creek (1) | 6,074,817 | 2,542,262 | — | 8,617,079 | |||||||||||||
Decatur Angle (2) | 23,000,000 | 919,540 | — | 23,919,540 | |||||||||||||
Greens Property A Bond (3) | 8,366,000 | 1,005,119 | — | 9,371,119 | |||||||||||||
Harden Ranch A Bond (3) | 6,960,000 | 511,421 | — | 7,471,421 | |||||||||||||
Lake Forest (1) | 8,886,000 | 1,003,614 | — | 9,889,614 | |||||||||||||
Live 929 Apartments (2) | 40,895,739 | 3,797,745 | — | 44,693,484 | |||||||||||||
Pro Nova 2014-1 and 2014-2 (2) | 20,095,169 | 1,043,431 | — | 21,138,600 | |||||||||||||
Ohio Properties A Bonds (1) | 14,407,000 | 2,444,034 | — | 16,851,034 | |||||||||||||
Runnymede (1) | 10,440,000 | 1,385,910 | — | 11,825,910 | |||||||||||||
Southpark (1) | 11,842,206 | 3,743,692 | — | 15,585,898 | |||||||||||||
The Palms at Premier Park Apartments (3) | 20,152,000 | 2,680,619 | — | 22,832,619 | |||||||||||||
The Suites on Paseo (2) | 35,450,000 | 3,193,691 | — | 38,643,691 | |||||||||||||
Tyler Park Apartments A Bond (3) | 6,075,000 | 345,060 | — | 6,420,060 | |||||||||||||
Westside Village Market A Bond (3) | 3,970,000 | 225,496 | — | 4,195,496 | |||||||||||||
Woodlynn Village (1) | 4,390,000 | 376,706 | — | 4,766,706 | |||||||||||||
Mortgage revenue bonds held in trust | $ | 338,861,752 | $ | 39,561,340 | $ | — | $ | 378,423,092 | |||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||||||||||||
(3) Bonds owned by ATAX TEBS II, LLC, Note 11 | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Description of Tax-Exempt | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Mortgage Revenue Bonds | for pay-downs | Gain | Loss | Fair Value | |||||||||||||
Avistar at Chase Hill B Bond | $ | 965,000 | $ | 144,769 | $ | — | $ | 1,109,769 | |||||||||
Avistar at the Crest B Bond | 759,000 | 124,286 | — | 883,286 | |||||||||||||
Avistar at the Oaks B Bond | 554,000 | 54,325 | — | 608,325 | |||||||||||||
Avistar in 09 B Bond | 457,000 | 50,608 | — | 507,608 | |||||||||||||
Avistar on the Boulevard B Bond | 451,000 | 73,851 | — | 524,851 | |||||||||||||
Greens Property B Bond | 945,638 | 376,203 | — | 1,321,841 | |||||||||||||
Glenview Apartments | 6,723,000 | — | — | 6,723,000 | |||||||||||||
Harden Ranch B Bond | 2,340,000 | — | (1,501 | ) | 2,338,499 | ||||||||||||
Heritage Square | 11,705,000 | 1,109,125 | — | 12,814,125 | |||||||||||||
Montclair Apartments | 3,458,000 | — | — | 3,458,000 | |||||||||||||
Ohio Properties B Bonds | 3,573,430 | 668,542 | — | 4,241,972 | |||||||||||||
Renaissance | 12,675,000 | 1,055,807 | — | 13,730,807 | |||||||||||||
Santa Fe Apartments | 4,736,000 | — | — | 4,736,000 | |||||||||||||
Tyler Park B Bond | 2,025,000 | — | (17,395 | ) | 2,007,605 | ||||||||||||
Vantage at Harlingen | 6,692,000 | 707,813 | — | 7,399,813 | |||||||||||||
Vantage at Judson | 6,049,000 | 717,230 | — | 6,766,230 | |||||||||||||
Westside Village B Bond | 1,430,000 | — | (686 | ) | 1,429,314 | ||||||||||||
Mortgage revenue bonds | $ | 65,538,068 | $ | 5,082,559 | $ | (19,582 | ) | $ | 70,601,045 | ||||||||
31-Dec-13 | |||||||||||||||||
Description of Mortgage | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Revenue Bonds | for Pay-downs | Gain | Loss | Fair Value | |||||||||||||
Arbors at Hickory Ridge (2) | $ | 11,576,209 | $ | 225,690 | $ | — | $ | 11,801,899 | |||||||||
Ashley Square (1) | 5,212,000 | — | — | 5,212,000 | |||||||||||||
Autumn Pines (2) | 12,147,873 | — | (195,355 | ) | 11,952,518 | ||||||||||||
Avistar at Chase Hill A Bond (2) | 8,960,000 | — | (850,752 | ) | 8,109,248 | ||||||||||||
Avistar at the Crest A Bond (2) | 8,759,000 | — | (1,298,785 | ) | 7,460,215 | ||||||||||||
Avistar at the Oaks (2) | 8,354,000 | — | (1,103,115 | ) | 7,250,885 | ||||||||||||
Avistar in 09 (2) | 7,192,000 | — | (588,254 | ) | 6,603,746 | ||||||||||||
Avistar on the Boulevard A Bond (2) | 13,760,000 | — | (1,306,512 | ) | 12,453,488 | ||||||||||||
Avistar on the Hills (2) | 5,389,000 | — | (417,724 | ) | 4,971,276 | ||||||||||||
Bella Vista (1) | 6,545,000 | — | (473,989 | ) | 6,071,011 | ||||||||||||
Bridle Ridge (1) | 7,715,000 | — | (452,870 | ) | 7,262,130 | ||||||||||||
Brookstone (1) | 7,463,641 | 841,751 | — | 8,305,392 | |||||||||||||
Cross Creek (1) | 6,042,297 | 1,480,266 | — | 7,522,563 | |||||||||||||
Greens Property A Bond (2) | 8,437,501 | — | (577,426 | ) | 7,860,075 | ||||||||||||
Lake Forest (1) | 8,997,000 | — | (289,461 | ) | 8,707,539 | ||||||||||||
Lost Creek (1) | 15,883,084 | 1,743,088 | — | 17,626,172 | |||||||||||||
Ohio Properties A Bonds (1) | 14,498,000 | — | — | 14,498,000 | |||||||||||||
Runnymede (1) | 10,525,000 | — | (551,510 | ) | 9,973,490 | ||||||||||||
Southpark (1) | 11,878,885 | 1,018,750 | — | 12,897,635 | |||||||||||||
The Suites on Paseo (2) | 35,750,000 | — | (2,502 | ) | 35,747,498 | ||||||||||||
Woodlynn Village (1) | 4,426,000 | — | (340,979 | ) | 4,085,021 | ||||||||||||
Mortgage revenue bonds held in trust | $ | 219,511,490 | $ | 5,309,545 | $ | (8,449,234 | ) | $ | 216,371,801 | ||||||||
(1) Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||||||||
(2) Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||||||||||||
31-Dec-13 | |||||||||||||||||
Description of Mortgage | Cost adjusted | Unrealized | Unrealized | Estimated | |||||||||||||
Revenue Bonds | for Pay-downs | Gain | Loss | Fair Value | |||||||||||||
Avistar at Chase Hill B Bond | $ | 2,005,000 | $ | — | $ | (159,117 | ) | $ | 1,845,883 | ||||||||
Avistar at the Crest B Bond | 1,700,000 | — | (134,912 | ) | 1,565,088 | ||||||||||||
Avistar on the Boulevard B Bond | 3,216,000 | — | (255,222 | ) | 2,960,778 | ||||||||||||
Copper Gate Apartments | 5,220,000 | — | (252,648 | ) | 4,967,352 | ||||||||||||
Greens Property B Bond | 948,291 | 189,589 | — | 1,137,880 | |||||||||||||
Ohio Properties B Bonds | 3,583,590 | 150,864 | — | 3,734,454 | |||||||||||||
Renaissance | 7,975,000 | — | (16,964 | ) | 7,958,036 | ||||||||||||
The Palms at Premier Park | 20,152,000 | — | (283,942 | ) | 19,868,058 | ||||||||||||
Tyler Park Apartments | 8,100,000 | — | (526,601 | ) | 7,573,399 | ||||||||||||
Vantage at Harlingen | 6,692,000 | — | (211,735 | ) | 6,480,265 | ||||||||||||
Vantage at Judson | 6,049,000 | — | (190,423 | ) | 5,858,577 | ||||||||||||
Westside Village Market | 5,400,000 | — | (403,400 | ) | 4,996,600 | ||||||||||||
Mortgage revenue bonds | $ | 71,040,881 | $ | 340,453 | $ | (2,434,964 | ) | $ | 68,946,370 | ||||||||
The Company had the following investments in the PHC Certificates on December 31, 2014 and 2013: | |||||||||||||||||
Description of Public Housing Capital Fund Trust Certificates | Cost Adjusted for Amortization of Premium and Discounts | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2014 | |||||||||||||
Public Housing Capital Fund Trust Certificate I | $ | 27,414,100 | $ | 933,789 | $ | — | $ | 28,347,889 | |||||||||
Public Housing Capital Fund Trust Certificate II | 11,999,721 | 152,293 | — | 12,152,014 | |||||||||||||
Public Housing Capital Fund Trust Certificate III | 20,474,100 | 289,120 | — | 20,763,220 | |||||||||||||
$ | 59,887,921 | $ | 1,375,202 | $ | — | $ | 61,263,123 | ||||||||||
Description of Public Housing Capital Fund Trust Certificates | Cost Adjusted for Amortization of Premium and Discounts | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2013 | |||||||||||||
Public Housing Capital Fund Trust Certificate I | $ | 27,979,527 | $ | — | $ | (1,284,873 | ) | $ | 26,694,654 | ||||||||
Public Housing Capital Fund Trust Certificate II | 17,486,739 | — | (1,083,235 | ) | 16,403,504 | ||||||||||||
Public Housing Capital Fund Trust Certificate III | 20,434,848 | — | (1,476,627 | ) | 18,958,221 | ||||||||||||
$ | 65,901,114 | $ | — | $ | (3,844,735 | ) | $ | 62,056,379 | |||||||||
e carrying value of the Company’s MBS as of December 31, 2014 and 2013 are as follows: | |||||||||||||||||
Agency Rating of MBS (1) | Cost adjusted for amortization of premium | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2014 | |||||||||||||
"AAA" | $ | 5,304,974 | $ | (250,624 | ) | $ | 5,054,350 | ||||||||||
"AA" | 10,062,667 | (275,459 | ) | 9,787,208 | |||||||||||||
$ | 15,367,641 | $ | — | $ | (526,083 | ) | $ | 14,841,558 | |||||||||
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented. | |||||||||||||||||
Agency Rating of MBS (1) | Cost adjusted for amortization of premium | Unrealized Gain | Unrealized Loss | Estimated Fair Value at December 31, 2013 | |||||||||||||
“AAA” | $ | 23,177,115 | $ | — | $ | (3,069,555 | ) | $ | 20,107,560 | ||||||||
“AA” | 20,624,701 | — | (2,886,600 | ) | 17,738,101 | ||||||||||||
$ | 43,801,816 | $ | — | $ | (5,956,155 | ) | $ | 37,845,661 | |||||||||
(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented. | |||||||||||||||||
Marketable Securities [Table Text Block] | The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts: | ||||||||||||||||
Weighted Average Lives (Years) | Investment Rating | Weighted Average Interest Rate over Life | Principal Outstanding December 31, 2014 | ||||||||||||||
Public Housing Capital Fund Trust Certificate I | 10.25 | AA- | 5.33% | $ | 25,980,780 | ||||||||||||
Public Housing Capital Fund Trust Certificate II | 9.72 | A+ | 4.28% | 12,429,186 | |||||||||||||
Public Housing Capital Fund Trust Certificate III | 10.81 | BBB | 5.42% | 20,898,432 | |||||||||||||
Total Public Housing Capital Fund Trust Certificates | $ | 59,308,398 | |||||||||||||||
Weighted Average Lives (Years) | Investment Rating | Weighted Average Interest Rate over Life | Principal Outstanding December 31, 2013 | ||||||||||||||
Public Housing Capital Fund Trust Certificate I | 12.75 | AA- | 5.33% | $ | 26,406,558 | ||||||||||||
Public Housing Capital Fund Trust Certificate II | 12.3 | AA- | 4.24% | 17,959,713 | |||||||||||||
Public Housing Capital Fund Trust Certificate III | 13.3 | BBB | 5.41% | 20,898,432 | |||||||||||||
Total Public Housing Capital Fund Trust Certificates | $ | 65,264,703 | |||||||||||||||
Description of certain terms of the Company’s MBS is as follows: | |||||||||||||||||
Agency Rating of MBS | Principal Outstanding December 31, 2014 | Weighted Average Maturity Date | Weighted Average Coupon Interest Rate | ||||||||||||||
"AAA" | $ | 5,000,000 | 7/1/32 | 4.6 | % | ||||||||||||
"AA" | 9,765,000 | 7/9/36 | 4.2 | % | |||||||||||||
$ | 14,765,000 | ||||||||||||||||
Agency Rating of MBS | Principal Outstanding December 31, 2013 | Weighted Average Maturity Date | Weighted Average Coupon Interest Rate | ||||||||||||||
“AAA” | $ | 22,710,000 | 12/9/37 | 4.05 | % | ||||||||||||
“AA” | 20,120,000 | 2/5/37 | 4 | % | |||||||||||||
$ | 42,830,000 | ||||||||||||||||
Real_Estate_Assets_Tables
Real Estate Assets (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||
Real Estate Assets [Abstract] | ||||||||||||||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The table below shows the unaudited pro forma condensed consolidated results of operations of the Company as if the The Colonial and Woodland Park properties had been acquired at the beginning of the periods presented: | |||||||||||||||||
For year ended December 31, 2013 | For year ended December 31, 2012 | |||||||||||||||||
Revenues | $ | 47,562,142 | $ | 27,128,238 | ||||||||||||||
Net income (loss) | 17,715,489 | 4,428,949 | ||||||||||||||||
Net income (loss) allocated to unitholders | 17,415,449 | 5,260,661 | ||||||||||||||||
Unitholder’s interest in net income (loss) per unit (basic and diluted) | 0.4 | 0.14 | ||||||||||||||||
Schedule of Condensed Balance Sheet [Table Text Block] | Consolidating Balance Sheets as of December 31, 2014 and 2013: | |||||||||||||||||
Partnership as of December 31, 2014 | Consolidated VIEs as of December 31, 2014 | Consolidation -Elimination as of December 31, 2014 | Total as of December 31, 2014 | |||||||||||||||
Assets | ||||||||||||||||||
Cash and cash equivalents | $ | 49,157,571 | $ | 35,772 | $ | — | $ | 49,193,343 | ||||||||||
Restricted cash | 11,141,496 | 544,233 | — | 11,685,729 | ||||||||||||||
Interest receivable | 4,791,828 | — | (670,342 | ) | 4,121,486 | |||||||||||||
Mortgage revenue bonds held in trust | 394,568,208 | — | (16,145,116 | ) | 378,423,092 | |||||||||||||
Mortgage revenue bonds | 70,601,045 | — | — | 70,601,045 | ||||||||||||||
Public housing capital fund trusts | 61,263,123 | — | — | 61,263,123 | ||||||||||||||
Mortgage-backed securities | 14,841,558 | — | — | 14,841,558 | ||||||||||||||
Real estate assets: | ||||||||||||||||||
Land and land improvements | 13,753,493 | 1,836,400 | — | 15,589,893 | ||||||||||||||
Buildings and improvements | 110,706,173 | 21,204,048 | — | 131,910,221 | ||||||||||||||
Real estate assets before accumulated depreciation | 124,459,666 | 23,040,448 | — | 147,500,114 | ||||||||||||||
Accumulated depreciation | (14,108,154 | ) | (10,583,646 | ) | — | (24,691,800 | ) | |||||||||||
Net real estate assets | 110,351,512 | 12,456,802 | — | 122,808,314 | ||||||||||||||
Other assets | 41,958,914 | 420,054 | (11,077,441 | ) | 31,301,527 | |||||||||||||
Total Assets | $ | 758,675,255 | $ | 13,456,861 | $ | (27,892,899 | ) | $ | 744,239,217 | |||||||||
Liabilities | ||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 4,123,346 | $ | 22,225,477 | $ | (21,721,734 | ) | $ | 4,627,089 | |||||||||
Distribution payable | 7,617,390 | — | — | 7,617,390 | ||||||||||||||
Debt financing | 345,359,000 | — | — | 345,359,000 | ||||||||||||||
Mortgage payable | 76,707,834 | 14,731,000 | (14,731,000 | ) | 76,707,834 | |||||||||||||
Total Liabilities | 433,807,570 | 36,956,477 | (36,452,734 | ) | 434,311,313 | |||||||||||||
Partners' Capital | ||||||||||||||||||
General Partner | 578,238 | — | — | 578,238 | ||||||||||||||
Beneficial Unit Certificate holders | 324,305,442 | — | 6,151,675 | 330,457,117 | ||||||||||||||
Unallocated loss of Consolidated VIEs | — | (23,499,616 | ) | 2,408,160 | (21,091,456 | ) | ||||||||||||
Total Partners' Capital | 324,883,680 | (23,499,616 | ) | 8,559,835 | 309,943,899 | |||||||||||||
Noncontrolling interest | (15,995 | ) | — | — | (15,995 | ) | ||||||||||||
Total Capital | 324,867,685 | (23,499,616 | ) | 8,559,835 | 309,927,904 | |||||||||||||
Total Liabilities and Partners' Capital | $ | 758,675,255 | $ | 13,456,861 | $ | (27,892,899 | ) | $ | 744,239,217 | |||||||||
Partnership as of December 31, 2013 | Consolidated VIEs as of December 31, 2013 | Consolidation -Elimination as of December 31, 2013 | Total as of December 31, 2013 | |||||||||||||||
Assets | ||||||||||||||||||
Cash and cash equivalents | $ | 11,292,039 | $ | 25,976 | $ | — | $ | 11,318,015 | ||||||||||
Restricted cash | 6,344,666 | 500,877 | — | 6,845,543 | ||||||||||||||
Interest receivable | 5,281,398 | — | (1,939,360 | ) | 3,342,038 | |||||||||||||
Mortgage revenue bonds held in trust | 230,885,864 | — | (14,514,063 | ) | 216,371,801 | |||||||||||||
Mortgage revenue bonds | 68,946,370 | — | — | 68,946,370 | ||||||||||||||
Public housing capital fund trusts | 62,056,379 | — | — | 62,056,379 | ||||||||||||||
Mortgage-backed securities | 37,845,661 | — | — | 37,845,661 | ||||||||||||||
Real estate assets: | ||||||||||||||||||
Land and land improvements | 9,245,592 | 1,836,400 | — | 11,081,992 | ||||||||||||||
Buildings and improvements | 90,253,256 | 20,942,439 | — | 111,195,695 | ||||||||||||||
Real estate assets before accumulated depreciation | 99,498,848 | 22,778,839 | — | 122,277,687 | ||||||||||||||
Accumulated depreciation | (9,386,811 | ) | (9,741,942 | ) | — | (19,128,753 | ) | |||||||||||
Net real estate assets | 90,112,037 | 13,036,897 | — | 103,148,934 | ||||||||||||||
Other assets | 33,488,744 | 456,087 | (9,586,540 | ) | 24,358,291 | |||||||||||||
Total Assets | $ | 546,253,158 | $ | 14,019,837 | $ | (26,039,963 | ) | $ | 534,233,032 | |||||||||
Liabilities | ||||||||||||||||||
Accounts payable, accrued expenses and other liabilities | $ | 4,963,653 | $ | 20,634,613 | $ | (20,147,572 | ) | $ | 5,450,694 | |||||||||
Distribution payable | 6,446,076 | — | — | 6,446,076 | ||||||||||||||
Debt financing | 257,274,000 | — | — | 257,274,000 | ||||||||||||||
Mortgage payable | 57,087,320 | 14,897,000 | (14,897,000 | ) | 57,087,320 | |||||||||||||
Bond purchase commitment at fair value | 4,852,177 | — | — | 4,852,177 | ||||||||||||||
Total Liabilities | 330,623,226 | 35,531,613 | (35,044,572 | ) | 331,110,267 | |||||||||||||
Partners' Capital | ||||||||||||||||||
General Partner | 16,671 | — | — | 16,671 | ||||||||||||||
Beneficial Unit Certificate holders | 215,624,583 | — | 7,948,729 | 223,573,312 | ||||||||||||||
Unallocated deficit of Consolidated VIEs | — | (21,511,776 | ) | 1,055,880 | (20,455,896 | ) | ||||||||||||
Total Partners' Capital | 215,641,254 | (21,511,776 | ) | 9,004,609 | 203,134,087 | |||||||||||||
Noncontrolling interest | (11,322 | ) | — | — | (11,322 | ) | ||||||||||||
Total Capital | 215,629,932 | (21,511,776 | ) | 9,004,609 | 203,122,765 | |||||||||||||
Total Liabilities and Partners' Capital | $ | 546,253,158 | $ | 14,019,837 | $ | (26,039,963 | ) | $ | 534,233,032 | |||||||||
A condensed balance sheet for each at the date of acquisitions is included below. | ||||||||||||||||||
Woodland Park 6/1/2013 (Date of Acquisition) | ||||||||||||||||||
Other current assets | $ | 201,321 | ||||||||||||||||
In-place lease assets | 403,216 | |||||||||||||||||
Real estate assets | 15,258,784 | |||||||||||||||||
Total Assets | $ | 15,863,321 | ||||||||||||||||
Accounts payable, accrued expenses and other | 192,345 | |||||||||||||||||
Net assets | 15,670,976 | |||||||||||||||||
Total liabilities and net assets | $ | 15,863,321 | ||||||||||||||||
Schedule of Condensed Income Statement [Table Text Block] | Consolidating Statements of Operations for the years ended December 31, 2014, 2013, and 2012: | |||||||||||||||||
Partnership For the Year Ended December 31, 2014 | Consolidated VIEs For the Year Ended December 31, 2014 | Consolidation -Elimination For the Year Ended December 31, 2014 | Total For the Year Ended December 31, 2014 | |||||||||||||||
Revenues: | ||||||||||||||||||
Property revenues | $ | 14,250,572 | $ | 3,180,680 | $ | — | $ | 17,431,252 | ||||||||||
Mortgage revenue bond investment income | 27,535,513 | — | (929,279 | ) | 26,606,234 | |||||||||||||
Contingent interest income | 40,000 | — | — | 40,000 | ||||||||||||||
Other interest income | 856,217 | — | — | 856,217 | ||||||||||||||
Gain on mortgage revenue bonds - sale and redemption | 3,701,772 | — | — | 3,701,772 | ||||||||||||||
Other income | 188,000 | — | — | 188,000 | ||||||||||||||
Total revenues | 46,572,074 | 3,180,680 | (929,279 | ) | 48,823,475 | |||||||||||||
Expenses: | ||||||||||||||||||
Real estate operating (exclusive of items shown below) | 7,796,761 | 1,955,112 | — | 9,751,873 | ||||||||||||||
Provision for loan loss | 75,000 | — | — | 75,000 | ||||||||||||||
Depreciation and amortization | 6,089,708 | 958,621 | (26,772 | ) | 7,021,557 | |||||||||||||
Interest | 11,398,649 | 2,254,786 | (2,254,786 | ) | 11,398,649 | |||||||||||||
General and administrative | 5,547,208 | — | — | 5,547,208 | ||||||||||||||
Total expenses | 30,907,326 | 5,168,519 | (2,281,558 | ) | 33,794,287 | |||||||||||||
Income (loss) from continuing operations | 15,664,748 | (1,987,839 | ) | 1,352,279 | 15,029,188 | |||||||||||||
Net (loss) income attributable to noncontrolling interest | (4,673 | ) | — | — | (4,673 | ) | ||||||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 15,669,421 | $ | (1,987,839 | ) | $ | 1,352,279 | $ | 15,033,861 | |||||||||
Partnership For the Year Ended December 31, 2013 | Consolidated VIEs For the Year Ended December 31, 2013 | Consolidation -Elimination For the Year Ended December 31, 2013 | Total For the Year Ended December 31, 2013 | |||||||||||||||
Revenues: | ||||||||||||||||||
Property revenues | $ | 11,358,718 | $ | 4,752,022 | $ | — | $ | 16,110,740 | ||||||||||
Mortgage revenue bond investment income | 24,109,397 | — | (1,457,775 | ) | 22,651,622 | |||||||||||||
Contingent interest income | 6,497,160 | — | — | 6,497,160 | ||||||||||||||
Other interest income | 1,772,338 | — | — | 1,772,338 | ||||||||||||||
Other income | 250,000 | 9,186,828 | (9,186,828 | ) | 250,000 | |||||||||||||
Total revenues | 43,987,613 | 13,938,850 | (10,644,603 | ) | 47,281,860 | |||||||||||||
Expenses: | ||||||||||||||||||
Real estate operating (exclusive of items shown below) | 6,522,091 | 3,052,731 | — | 9,574,822 | ||||||||||||||
Realized loss on taxable property loan | 4,557,741 | — | — | 4,557,741 | ||||||||||||||
Provision for loan loss | 168,000 | — | — | 168,000 | ||||||||||||||
Provision for loss on receivables | 241,698 | — | — | 241,698 | ||||||||||||||
Depreciation and amortization | 5,374,802 | 1,399,548 | (41,770 | ) | 6,732,580 | |||||||||||||
Interest | 7,235,336 | 3,221,000 | (3,221,000 | ) | 7,235,336 | |||||||||||||
General and administrative | 4,237,245 | — | — | 4,237,245 | ||||||||||||||
Total expenses | 28,336,913 | 7,673,279 | (3,262,770 | ) | 32,747,422 | |||||||||||||
Income (loss) from continuing operations | 15,650,700 | 6,265,571 | (7,381,833 | ) | 14,534,438 | |||||||||||||
Income from discontinued operations (including gain on sale of MF Property of $3,177,183 in 2013) | 3,442,404 | — | — | 3,442,404 | ||||||||||||||
Net income (loss) | 19,093,104 | 6,265,571 | (7,381,833 | ) | 17,976,842 | |||||||||||||
Net income attributable to noncontrolling interest | 261,923 | — | — | 261,923 | ||||||||||||||
Net income (loss) - America First Multifamily Investors, L.P. | $ | 18,831,181 | $ | 6,265,571 | $ | (7,381,833 | ) | $ | 17,714,919 | |||||||||
Partnership For the Year Ended December 31, 2012 | Consolidated VIEs For the Year Ended December 31, 2012 | Consolidation -Elimination For the Year Ended December 31, 2012 | Total For the Year Ended December 31, 2012 | |||||||||||||||
Revenues: | ||||||||||||||||||
Property revenues | $ | 7,846,812 | $ | 4,807,718 | $ | — | $ | 12,654,530 | ||||||||||
Mortgage revenue bond investment income | 12,599,284 | — | (1,520,817 | ) | 11,078,467 | |||||||||||||
Gain on mortgage revenue bond - sale | 680,444 | — | — | 680,444 | ||||||||||||||
Other interest income | 150,882 | — | — | 150,882 | ||||||||||||||
Other income | 557,300 | (1,972 | ) | — | 555,328 | |||||||||||||
Total Revenues | 21,834,722 | 4,805,746 | (1,520,817 | ) | 25,119,651 | |||||||||||||
Expenses: | ||||||||||||||||||
Real estate operating (exclusive of items shown below) | 4,604,870 | 3,273,061 | — | 7,877,931 | ||||||||||||||
Provision for loss on receivables | 452,700 | — | — | 452,700 | ||||||||||||||
Depreciation and amortization | 3,447,316 | 1,578,275 | (43,561 | ) | 4,982,030 | |||||||||||||
Interest | 5,530,995 | 3,240,306 | (3,240,306 | ) | 5,530,995 | |||||||||||||
General and administrative | 3,512,233 | — | — | 3,512,233 | ||||||||||||||
Total Expenses | 17,548,114 | 8,091,642 | (3,283,867 | ) | 22,355,889 | |||||||||||||
Income (loss) from continuing operations | 4,286,608 | (3,285,896 | ) | 1,763,050 | 2,763,762 | |||||||||||||
Income from discontinued operations (including gain on sale of MF Property of $1.406,608 in 2012) | 2,232,276 | — | — | 2,232,276 | ||||||||||||||
Net income (loss) | 6,518,884 | (3,285,896 | ) | 1,763,050 | 4,996,038 | |||||||||||||
Net income attributable to noncontrolling interest | 549,194 | — | — | 549,194 | ||||||||||||||
Net income (loss) - America First Multifamily Investors, L. P. | $ | 5,969,690 | $ | (3,285,896 | ) | $ | 1,763,050 | $ | 4,446,844 | |||||||||
Schedule of Variable Interest Entities [Table Text Block] | The Company consolidated the following properties owned by the VIEs in continuing operations as of December 31, 2014 and 2013: | |||||||||||||||||
Consolidated VIEs | ||||||||||||||||||
Property Name | Location | Number of Units | Land and Land Improvements | Buildings and Improvements | Carrying Value at December 31, 2014 | |||||||||||||
Bent Tree Apartments | Columbia, SC | 232 | $ | 986,000 | $ | 12,303,982 | $ | 13,289,982 | ||||||||||
Fairmont Oaks Apartments | Gainesville, FL | 178 | 850,400 | 8,900,066 | 9,750,466 | |||||||||||||
23,040,448 | ||||||||||||||||||
Less accumulated depreciation (depreciation expense of approximately $940,000 in 2014) | (10,583,646 | ) | ||||||||||||||||
$ | 12,456,802 | |||||||||||||||||
Consolidated VIEs | ||||||||||||||||||
Property Name | Location | Number of Units | Land and Land Improvements | Buildings and Improvements | Carrying Value at December 31, 2013 | |||||||||||||
Bent Tree Apartments | Columbia, SC | 232 | $ | 986,000 | $ | 12,097,419 | $ | 13,083,419 | ||||||||||
Fairmont Oaks Apartments | Gainesville, FL | 178 | 850,400 | 8,845,020 | 9,695,420 | |||||||||||||
22,778,839 | ||||||||||||||||||
Less accumulated depreciation (depreciation expense of approximately $1.4 million in 2013) | (9,741,942 | ) | ||||||||||||||||
$ | 13,036,897 | |||||||||||||||||
Schedule of Real Estate Properties [Table Text Block] | The Company had the following investments in MF Properties as of December 31, 2014 and 2013: | |||||||||||||||||
MF Properties | ||||||||||||||||||
Property Name | Location | Number of Units | Land and Land Improvements | Buildings and Improvements | Carrying Value at December 31, 2014 | |||||||||||||
Arboretum | Omaha, NE | 145 | $ | 1,748,502 | $ | 19,216,623 | $ | 20,965,125 | ||||||||||
Eagle Village | Evansville, IN | 511 | 567,880 | 12,472,151 | 13,040,031 | |||||||||||||
Glynn Place | Brunswick, GA | 128 | 743,996 | 4,995,658 | 5,739,654 | |||||||||||||
Meadowview | Highland Heights, KY | 118 | 688,539 | 5,479,342 | 6,167,881 | |||||||||||||
Residences of DeCordova | Granbury, TX | 110 | 1,137,832 | 8,007,390 | 9,145,222 | |||||||||||||
Residences of Weatherford | Weatherford, TX | 76 | 1,942,229 | 5,724,456 | 7,666,685 | |||||||||||||
The 50/50 | Lincoln, NE | 475 | — | 32,820,776 | 32,820,776 | |||||||||||||
The Colonial | Omaha, NE | 258 | 1,180,058 | 7,822,681 | 9,002,739 | |||||||||||||
Woodland Park | Topeka, KS | 236 | 1,265,160 | 14,167,096 | 15,432,256 | |||||||||||||
$ | 119,980,369 | |||||||||||||||||
Less accumulated depreciation (depreciation expense of approximately $4.8 million in 2014) | (14,108,154 | ) | ||||||||||||||||
Balance at December 31, 2014 | $ | 105,872,215 | ||||||||||||||||
MF Properties | ||||||||||||||||||
Property Name | Location | Number of Units | Land and Land Improvements | Buildings and Improvements | Carrying Value at December 31, 2013 | |||||||||||||
Arboretum | Omaha, NE | 145 | $ | 1,739,554 | $ | 19,123,872 | $ | 20,863,426 | ||||||||||
Eagle Village | Evansville, IN | 511 | 567,880 | 12,336,975 | 12,904,855 | |||||||||||||
Glynn Place | Brunswick, GA | 128 | 743,996 | 4,937,172 | 5,681,168 | |||||||||||||
Meadowview | Highland Heights, KY | 118 | 688,539 | 5,416,293 | 6,104,832 | |||||||||||||
Residences of DeCordova | Granbury, TX | 110 | 1,137,832 | 7,965,574 | 9,103,406 | |||||||||||||
Residences of Weatherford | Weatherford, TX | 76 | 1,927,701 | 5,695,600 | 7,623,301 | |||||||||||||
The Colonial (f/k/a Maples on 97th) | Omaha, NE | 258 | 1,180,058 | 7,613,668 | 8,793,726 | |||||||||||||
Woodland Park | Topeka, KS | 236 | 1,260,032 | 14,033,777 | 15,293,809 | |||||||||||||
Construction work in process (The 50/50) (1) | Lincoln, NE | N/A | — | 13,130,325 | 13,130,325 | |||||||||||||
$ | 99,498,848 | |||||||||||||||||
Less accumulated depreciation (depreciation expense of approximately $3.8 million in 2013) | (9,386,811 | ) | ||||||||||||||||
Balance at December 31, 2013 | $ | 90,112,037 | ||||||||||||||||
(1) The construction work in process represents pre-development architecture and engineering costs related to The 50/50 Student Housing at UNL, a 475 bed student housing project, which was built above a 1,605 parking stall garage to be constructed at the University of Nebraska-Lincoln. |
Other_Assets_Tables
Other Assets (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Other Assets [Abstract] | ||||||||||||||||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | the Partnership has made taxable property loans to these consolidated VIEs of $7.4 million and $7.1 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||
VIEs - December 31, 2014 | ||||||||||||||||||||
Base | Principal | Income | ||||||||||||||||||
Maturity | Interest | Outstanding at | Earned in | |||||||||||||||||
Property Name | Location | Date | Rate | 31-Dec-14 | 2014 | |||||||||||||||
Bent Tree Apartments (1) | Columbia, SC | 12/15/30 | 6.25 | % | $ | 7,465,000 | $ | 468,859 | ||||||||||||
Fairmont Oaks Apartments (1) | Gainesville, FL | 4/1/33 | 6.3 | % | 7,266,000 | 460,420 | ||||||||||||||
Total Mortgage Revenue Bonds | $ | 14,731,000 | $ | 929,279 | ||||||||||||||||
(1) Bonds held by ATAX TEBS I, LLC | ||||||||||||||||||||
VIEs - December 31, 2013 | ||||||||||||||||||||
Base | Principal | Income | ||||||||||||||||||
Maturity | Interest | Outstanding at | Earned in | |||||||||||||||||
Property Name | Location | Date | Rate | 31-Dec-13 | 2013 | |||||||||||||||
Bent Tree Apartments (1) | Columbia, SC | 12/15/30 | 6.25 | % | $ | 7,542,000 | $ | 473,438 | ||||||||||||
Fairmont Oaks Apartments (1) | Gainesville, FL | 4/1/33 | 6.3 | % | $ | 7,355,000 | $ | 465,791 | ||||||||||||
Total Mortgage Revenue Bonds | $ | 14,897,000 | $ | 939,229 | ||||||||||||||||
(1) Bonds held by ATAX TEBS I, LLC | ||||||||||||||||||||
The following is a summary of the taxable loans, accrued interest and allowance on amounts due at December 31, 2014 and 2013 : | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Outstanding Balance | Accrued Interest | Loan Loss Reserves | Interest Allowance | Net Taxable Loans | ||||||||||||||||
Arbors at Hickory Ridge | $ | 191,264 | $ | 26,047 | $ | — | $ | — | $ | 217,311 | ||||||||||
Ashley Square | 5,078,342 | 2,455,660 | (3,596,342 | ) | (2,455,660 | ) | 1,482,000 | |||||||||||||
Avistar (February 2013 portfolio) | 274,496 | 16,470 | — | — | 290,966 | |||||||||||||||
Avistar (June 2013 portfolio) | 251,622 | 15,097 | — | — | 266,719 | |||||||||||||||
Cross Creek | 6,976,087 | 2,084,804 | (3,447,472 | ) | (2,084,804 | ) | 3,528,615 | |||||||||||||
Foundation for Affordable Housing | 1,560,553 | 1,735 | — | — | 1,562,288 | |||||||||||||||
Greens Property | 850,000 | 231,342 | — | — | 1,081,342 | |||||||||||||||
Lake Forest | 4,618,704 | 2,599,613 | (55,000 | ) | (2,578,778 | ) | 4,584,539 | |||||||||||||
Ohio Properties | 2,390,447 | 894,044 | — | (307,832 | ) | 2,976,659 | ||||||||||||||
$ | 22,191,515 | $ | 8,324,812 | $ | (7,098,814 | ) | $ | (7,427,074 | ) | $ | 15,990,439 | |||||||||
31-Dec-13 | ||||||||||||||||||||
Outstanding Balance | Accrued Interest | Loan Loss Reserves | Interest Allowance | Net Taxable Loans | ||||||||||||||||
Arbors at Hickory Ridge | $ | 191,264 | $ | 12,979 | $ | — | $ | — | $ | 204,243 | ||||||||||
Ashley Square | 5,078,342 | 2,053,415 | (3,596,342 | ) | (2,053,415 | ) | 1,482,000 | |||||||||||||
Cross Creek | 6,821,087 | 1,825,389 | (3,372,472 | ) | (1,825,389 | ) | 3,448,615 | |||||||||||||
Foundation for Affordable Housing | 1,603,083 | 13,989 | — | — | 1,617,072 | |||||||||||||||
Greens Property | 876,000 | 130,563 | — | (921 | ) | 1,005,642 | ||||||||||||||
Lake Forest | 4,618,704 | 2,148,881 | (55,000 | ) | (2,128,046 | ) | 4,584,539 | |||||||||||||
Ohio Properties | 2,361,447 | 585,377 | — | (186,706 | ) | 2,760,118 | ||||||||||||||
$ | 21,549,927 | $ | 6,770,593 | $ | (7,023,814 | ) | $ | (6,194,477 | ) | $ | 15,102,229 | |||||||||
Schedule of Other Assets [Table Text Block] | The Company had the following Other Assets as of dates shown: | |||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||
Property loans receivable | $ | 22,191,515 | $ | 21,549,927 | ||||||||||||||||
Less: Loan loss reserves | (7,098,814 | ) | (7,023,814 | ) | ||||||||||||||||
Deferred financing costs - net | 4,659,104 | 2,503,679 | ||||||||||||||||||
Fair value of derivative contracts | 267,669 | 888,120 | ||||||||||||||||||
Taxable bonds at fair value | 4,616,565 | 4,075,953 | ||||||||||||||||||
Assets held for sale | — | 1,465,000 | ||||||||||||||||||
Bond purchase commitment - fair value adjustment (Notes 4 & 16) | 5,780,413 | — | ||||||||||||||||||
Other assets | 885,075 | 899,426 | ||||||||||||||||||
Total Other Assets | $ | 31,301,527 | $ | 24,358,291 | ||||||||||||||||
Schedule of Credit Losses for Financing Receivables, Current [Table Text Block] | The following is a detail of loan loss reserves for the years ended December 31: | |||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||
Balance, beginning of year | $ | 7,023,814 | $ | 12,272,671 | $ | 12,272,671 | ||||||||||||||
Realized loss on taxable loan - Iona Lakes | — | (4,557,741 | ) | — | ||||||||||||||||
Provision for loan loss | 75,000 | 168,000 | — | |||||||||||||||||
Deconsolidation of VIEs | — | 55,000 | — | |||||||||||||||||
Write off due to foreclosure | — | (914,116 | ) | — | ||||||||||||||||
Balance, end of year | $ | 7,098,814 | $ | 7,023,814 | $ | 12,272,671 | ||||||||||||||
Discontined_Operations_Tables
Discontined Operations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations [Abstract] | |||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | The following presents the revenues, expenses and income from discontinued operations: | ||||||||
2013 | 2012 | ||||||||
Rental Revenues | $ | 807,924 | $ | 5,843,173 | |||||
Expenses | 542,703 | 5,017,505 | |||||||
Income from continuing operations of the discontinued operations | 265,221 | 825,668 | |||||||
Gain on sale of discontinued operations | 3,177,183 | 1,406,608 | |||||||
Net income from discontinued operations | $ | 3,442,404 | $ | 2,232,276 | |||||
Debt_Financing_Tables
Debt Financing (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Financing [Abstract] | ||||||||||||
Schedule of Securities Financing Transactions [Table Text Block] | Effective July 1, 2014, the Partnership transferred the following mortgage revenue bonds to the 2014 Sponsor pursuant to the M31 TEBS Financing described above: | |||||||||||
Outstanding Bond Par Amounts | ||||||||||||
Description of Mortgage Revenue Bonds | 31-Dec-14 | 1-Jul-14 | Financial Statement Presentation | |||||||||
Arbors at Hickory Ridge | $ | 11,450,000 | $ | 11,450,000 | Mortgage revenue bond | |||||||
Avistar at Chase Hill A Bond | 10,000,000 | 10,000,000 | Mortgage revenue bond | |||||||||
Avistar at the Crest A Bond | 9,700,000 | 9,700,000 | Mortgage revenue bond | |||||||||
Avistar at the Oaks A Bond | 7,800,000 | 7,800,000 | Mortgage revenue bond | |||||||||
Avistar in 09 A Bond | 6,735,000 | 6,735,000 | Mortgage revenue bond | |||||||||
Avistar on the Boulevard A Bond | 16,525,000 | 16,525,000 | Mortgage revenue bond | |||||||||
Avistar on the Hills A Bond | 5,389,000 | 5,389,000 | Mortgage revenue bond | |||||||||
Copper Gate Apartments | 5,220,000 | 5,220,000 | Mortgage revenue bond | |||||||||
Greens Property A Bond | 8,366,000 | 8,396,000 | Mortgage revenue bond | |||||||||
Harden Ranch A Bond | 6,960,000 | 6,960,000 | Mortgage revenue bond | |||||||||
The Palms at Premier Park Apartments | 20,152,000 | 20,152,000 | Mortgage revenue bond | |||||||||
Tyler Park Apartments A Bond | 6,075,000 | 6,075,000 | Mortgage revenue bond | |||||||||
Westside Village A Bond | 3,970,000 | 3,970,000 | Mortgage revenue bond | |||||||||
Total | $ | 118,342,000 | $ | 118,372,000 | ||||||||
The par value of the mortgage revenue bonds included in this financing facility as of December 31, 2014 and 2013 are as follows: | ||||||||||||
Outstanding Bond Par Amounts | ||||||||||||
Description of Mortgage | ||||||||||||
Revenue Bonds | 31-Dec-14 | 31-Dec-13 | Financial Statement Presentation | |||||||||
Ashley Square | $ | 5,159,000 | $ | 5,212,000 | Mortgage revenue bond | |||||||
Bella Vista | 6,490,000 | 6,545,000 | Mortgage revenue bond | |||||||||
Bent Tree | 7,465,000 | 7,542,000 | Consolidated VIE | |||||||||
Bridle Ridge | 7,655,000 | 7,715,000 | Mortgage revenue bond | |||||||||
Brookstone | 9,256,001 | 9,338,603 | Mortgage revenue bond | |||||||||
Cross Creek | 8,422,997 | 8,497,933 | Mortgage revenue bond | |||||||||
Fairmont Oaks | 7,266,000 | 7,355,000 | Consolidated VIE | |||||||||
Lake Forest | 8,886,000 | 8,997,000 | Mortgage revenue bond | |||||||||
Runnymede | 10,440,000 | 10,525,000 | Mortgage revenue bond | |||||||||
South Park | 13,680,000 | 13,795,000 | Mortgage revenue bond | |||||||||
Woodlynn Village | 4,390,000 | 4,426,000 | Mortgage revenue bond | |||||||||
Ohio Series A Bond (1) | 14,407,000 | 14,498,000 | Mortgage revenue bond | |||||||||
Villages at Lost Creek | — | 18,090,000 | Mortgage revenue bond | |||||||||
Total | $ | 103,516,998 | $ | 122,536,536 | ||||||||
Schedule of Financial Instruments Owned and Pledged as Collateral [Table Text Block] | On June 29, 2013 the Partnership retired this debt facility. | |||||||||||
Tender Option Bond Financings | ||||||||||||
Description of the Tender Option Bond Financings | Outstanding Debt Financing at December 31, 2014 | Year Acquired | Stated Maturity | Year End Rates | ||||||||
PHC Certificates-TOB Trust | $ | 44,675,000 | 2012 | Jun-15 | 2.2 | % | ||||||
MBS - TOB Trust 1 | 2,585,000 | 2012 | Apr-15 | 1.12 | % | |||||||
MBS - TOB Trust 2 | 4,090,000 | 2012 | Apr-15 | 1.12 | % | |||||||
MBS - TOB Trust 5 | 5,270,000 | 2012 | Apr-15 | 1.06 | % | |||||||
The Suites on Paseo - TOB Trust | 25,535,000 | 2013 | Jun-15 | 1.96 | % | |||||||
TOB - Decatur Angle - TOB Trust | 21,850,000 | 2014 | Oct-16 | 4.34 | % | |||||||
Live 929 - TOB Trust | 34,975,000 | 2014 | Jul-19 | 4.47 | % | |||||||
Bruton Apartments - TOB Trust | 17,250,000 | 2014 | Jul-17 | 4.55 | % | |||||||
Pro Nova 2014-1 - TOB Trust | 9,010,000 | 2014 | Jul-17 | 4.05 | % | |||||||
Pro Nova 2014-2 - TOB Trust | 9,010,000 | 2014 | Jul-17 | 4.05 | % | |||||||
Total Debt Financing | $ | 174,250,000 | ||||||||||
Description of the Tender Option Bond Financings | Outstanding Debt Financing at December 31, 2013 | Year Acquired | Stated Maturity | Year End Rates | ||||||||
PHC Certificates-TOB Trust | $ | 48,995,000 | 2012 | Jun-14 | 2.32 | % | ||||||
Autumn Pines-TOB Trust | 9,770,000 | 2011 | Jul-14 | 1.96 | % | |||||||
MBS - TOB Trust 1 | 2,585,000 | 2012 | Apr-14 | 1.21 | % | |||||||
MBS - TOB Trust 2 | 4,090,000 | 2012 | Apr-14 | 1.29 | % | |||||||
MBS - TOB Trust 3 | 2,865,000 | 2012 | Apr-14 | 1.22 | % | |||||||
MBS - TOB Trust 4 | 5,960,000 | 2012 | Apr-14 | 1.23 | % | |||||||
MBS - TOB Trust 5 | 10,545,000 | 2012 | Apr-14 | 1.27 | % | |||||||
Greens of Pine Glen - TOB Trust | 5,700,000 | 2013 | Jun-14 | 2.4 | % | |||||||
Arbors of Hickory Ridge - TOB Trust | 7,000,000 | 2013 | Aug-14 | 2.4 | % | |||||||
MBS - TOB Trust 6 | 7,825,000 | 2013 | Aug-14 | 1.02 | % | |||||||
Avistar (February 2013 portfolio) - TOB Trust (2) | 20,000,000 | 2013 | Jun-14 | 2.21 | % | |||||||
Avistar (June 2013 portfolio) - TOB Trust (1) | 13,210,000 | 2013 | Oct-14 | 2.21 | % | |||||||
The Suites on Paseo - TOB Trust | 25,750,000 | 2013 | Dec-14 | 1.96 | % | |||||||
Total Debt Financing | $ | 164,295,000 | ||||||||||
The following is a summary of the Mortgage Loans payable on MF Properties: | ||||||||||||
MF Property Mortgage Payables | Outstanding Mortgage Payable at December 31, 2014 | Year Acquired | Stated Maturity | Effective Rate (1) | ||||||||
Arboretum | $ | 17,182,764 | 2011 | Mar-17 | 3.75 | % | ||||||
Eagle Village | 8,224,671 | 2010 | Sep-15 | 4.35 | % | |||||||
Residences of DeCordova | 1,881,998 | 2008 | Jun-17 | 4.75 | % | |||||||
Residences of Weatherford | 6,043,673 | 2012 | Jun-17 | 4.75 | % | |||||||
The 50/50 - Mortgage | 25,500,000 | 2013 | Mar-20 | 3.25 | % | |||||||
The 50/50 - TIF Loan | 4,299,990 | 2014 | Dec-19 | 4.65 | % | |||||||
The Colonial | 7,500,000 | 2013 | Feb-16 | 3.55 | % | |||||||
Woodland Park | 6,074,738 | 2013 | Aug-17 | 2.96 | % | |||||||
Total Mortgage Payable | $ | 76,707,834 | ||||||||||
MF Property Mortgage Payables | Outstanding Mortgage Payable at December 31, 2013 | Year Acquired | Stated Maturity | Effective Rate (1) | ||||||||
Arboretum | $ | 17,500,000 | 2011 | Mar-14 | 5.32 | % | ||||||
Eagle Village | 8,828,435 | 2010 | Jun-14 | 4.04 | % | |||||||
Glynn Place | 1,845,058 | 2008 | May-14 | 2.81 | % | |||||||
Residences of DeCordova | 1,948,064 | 2012 | Feb-17 | 5 | % | |||||||
Residences of Weatherford | 6,268,311 | 2011 | Jul-15 | 5.9 | % | |||||||
The 50/50 | 7,177,438 | 2013 | Mar-20 | 3.25 | % | |||||||
The Colonial | 7,500,000 | 2013 | Mar-16 | 3.47 | % | |||||||
Woodland Park | 6,020,014 | 2013 | Mar-14 | 2.97 | % | |||||||
Total Mortgage Payable | $ | 57,087,320 | ||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The Company’s aggregate borrowings as of December 31, 2014 contractually mature over the next five years and thereafter as follows: | |||||||||||
2015 | $ | 84,302,554 | ||||||||||
2016 | 24,561,861 | |||||||||||
2017 | 36,011,702 | |||||||||||
2018 | 2,300,657 | |||||||||||
2019 | 37,412,465 | |||||||||||
Thereafter | 160,769,761 | |||||||||||
Total | $ | 345,359,000 | ||||||||||
The Company’s mortgages payable as of December 31, 2014, contractually mature over the next five years and thereafter as follows: | ||||||||||||
2015 | $ | 9,137,766 | ||||||||||
2016 | 8,366,349 | |||||||||||
2017 | 31,032,366 | |||||||||||
2018 | 797,312 | |||||||||||
2019 | 3,795,004 | |||||||||||
Thereafter | 23,579,037 | |||||||||||
Total | $ | 76,707,834 | ||||||||||
Mortgages_Payable_Tables
Mortgages Payable (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Mortgages Payable [Abstract] | ||||||||||||
Schedule of Debt [Table Text Block] | On June 29, 2013 the Partnership retired this debt facility. | |||||||||||
Tender Option Bond Financings | ||||||||||||
Description of the Tender Option Bond Financings | Outstanding Debt Financing at December 31, 2014 | Year Acquired | Stated Maturity | Year End Rates | ||||||||
PHC Certificates-TOB Trust | $ | 44,675,000 | 2012 | Jun-15 | 2.2 | % | ||||||
MBS - TOB Trust 1 | 2,585,000 | 2012 | Apr-15 | 1.12 | % | |||||||
MBS - TOB Trust 2 | 4,090,000 | 2012 | Apr-15 | 1.12 | % | |||||||
MBS - TOB Trust 5 | 5,270,000 | 2012 | Apr-15 | 1.06 | % | |||||||
The Suites on Paseo - TOB Trust | 25,535,000 | 2013 | Jun-15 | 1.96 | % | |||||||
TOB - Decatur Angle - TOB Trust | 21,850,000 | 2014 | Oct-16 | 4.34 | % | |||||||
Live 929 - TOB Trust | 34,975,000 | 2014 | Jul-19 | 4.47 | % | |||||||
Bruton Apartments - TOB Trust | 17,250,000 | 2014 | Jul-17 | 4.55 | % | |||||||
Pro Nova 2014-1 - TOB Trust | 9,010,000 | 2014 | Jul-17 | 4.05 | % | |||||||
Pro Nova 2014-2 - TOB Trust | 9,010,000 | 2014 | Jul-17 | 4.05 | % | |||||||
Total Debt Financing | $ | 174,250,000 | ||||||||||
Description of the Tender Option Bond Financings | Outstanding Debt Financing at December 31, 2013 | Year Acquired | Stated Maturity | Year End Rates | ||||||||
PHC Certificates-TOB Trust | $ | 48,995,000 | 2012 | Jun-14 | 2.32 | % | ||||||
Autumn Pines-TOB Trust | 9,770,000 | 2011 | Jul-14 | 1.96 | % | |||||||
MBS - TOB Trust 1 | 2,585,000 | 2012 | Apr-14 | 1.21 | % | |||||||
MBS - TOB Trust 2 | 4,090,000 | 2012 | Apr-14 | 1.29 | % | |||||||
MBS - TOB Trust 3 | 2,865,000 | 2012 | Apr-14 | 1.22 | % | |||||||
MBS - TOB Trust 4 | 5,960,000 | 2012 | Apr-14 | 1.23 | % | |||||||
MBS - TOB Trust 5 | 10,545,000 | 2012 | Apr-14 | 1.27 | % | |||||||
Greens of Pine Glen - TOB Trust | 5,700,000 | 2013 | Jun-14 | 2.4 | % | |||||||
Arbors of Hickory Ridge - TOB Trust | 7,000,000 | 2013 | Aug-14 | 2.4 | % | |||||||
MBS - TOB Trust 6 | 7,825,000 | 2013 | Aug-14 | 1.02 | % | |||||||
Avistar (February 2013 portfolio) - TOB Trust (2) | 20,000,000 | 2013 | Jun-14 | 2.21 | % | |||||||
Avistar (June 2013 portfolio) - TOB Trust (1) | 13,210,000 | 2013 | Oct-14 | 2.21 | % | |||||||
The Suites on Paseo - TOB Trust | 25,750,000 | 2013 | Dec-14 | 1.96 | % | |||||||
Total Debt Financing | $ | 164,295,000 | ||||||||||
The following is a summary of the Mortgage Loans payable on MF Properties: | ||||||||||||
MF Property Mortgage Payables | Outstanding Mortgage Payable at December 31, 2014 | Year Acquired | Stated Maturity | Effective Rate (1) | ||||||||
Arboretum | $ | 17,182,764 | 2011 | Mar-17 | 3.75 | % | ||||||
Eagle Village | 8,224,671 | 2010 | Sep-15 | 4.35 | % | |||||||
Residences of DeCordova | 1,881,998 | 2008 | Jun-17 | 4.75 | % | |||||||
Residences of Weatherford | 6,043,673 | 2012 | Jun-17 | 4.75 | % | |||||||
The 50/50 - Mortgage | 25,500,000 | 2013 | Mar-20 | 3.25 | % | |||||||
The 50/50 - TIF Loan | 4,299,990 | 2014 | Dec-19 | 4.65 | % | |||||||
The Colonial | 7,500,000 | 2013 | Feb-16 | 3.55 | % | |||||||
Woodland Park | 6,074,738 | 2013 | Aug-17 | 2.96 | % | |||||||
Total Mortgage Payable | $ | 76,707,834 | ||||||||||
MF Property Mortgage Payables | Outstanding Mortgage Payable at December 31, 2013 | Year Acquired | Stated Maturity | Effective Rate (1) | ||||||||
Arboretum | $ | 17,500,000 | 2011 | Mar-14 | 5.32 | % | ||||||
Eagle Village | 8,828,435 | 2010 | Jun-14 | 4.04 | % | |||||||
Glynn Place | 1,845,058 | 2008 | May-14 | 2.81 | % | |||||||
Residences of DeCordova | 1,948,064 | 2012 | Feb-17 | 5 | % | |||||||
Residences of Weatherford | 6,268,311 | 2011 | Jul-15 | 5.9 | % | |||||||
The 50/50 | 7,177,438 | 2013 | Mar-20 | 3.25 | % | |||||||
The Colonial | 7,500,000 | 2013 | Mar-16 | 3.47 | % | |||||||
Woodland Park | 6,020,014 | 2013 | Mar-14 | 2.97 | % | |||||||
Total Mortgage Payable | $ | 57,087,320 | ||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The Company’s aggregate borrowings as of December 31, 2014 contractually mature over the next five years and thereafter as follows: | |||||||||||
2015 | $ | 84,302,554 | ||||||||||
2016 | 24,561,861 | |||||||||||
2017 | 36,011,702 | |||||||||||
2018 | 2,300,657 | |||||||||||
2019 | 37,412,465 | |||||||||||
Thereafter | 160,769,761 | |||||||||||
Total | $ | 345,359,000 | ||||||||||
The Company’s mortgages payable as of December 31, 2014, contractually mature over the next five years and thereafter as follows: | ||||||||||||
2015 | $ | 9,137,766 | ||||||||||
2016 | 8,366,349 | |||||||||||
2017 | 31,032,366 | |||||||||||
2018 | 797,312 | |||||||||||
2019 | 3,795,004 | |||||||||||
Thereafter | 23,579,037 | |||||||||||
Total | $ | 76,707,834 | ||||||||||
Transactions_with_Related_Part1
Transactions with Related Parties (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Transactions with Related Parties [Abstract] | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | The amounts in the following table represent cash payments to reimburse AFCA 2 or an affiliate for such expenses. | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Reimbursable salaries and benefits | $ | 1,599,294 | $ | 1,146,754 | $ | 1,320,968 | ||||||
Other expenses | 975 | 3,488 | 6,221 | |||||||||
Insurance | 227,265 | 228,701 | 207,203 | |||||||||
Professional fees and expenses | 208,648 | 216,962 | 212,895 | |||||||||
Consulting and travel expenses | 1,697 | 434 | 3,390 | |||||||||
$ | 2,037,879 | $ | 1,596,339 | $ | 1,750,677 | |||||||
Interest_Rate_Derivative_Agree1
Interest Rate Derivative Agreements (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Interest Rate Derivative Agreements [Abstract] | ||||||||||||||||
Schedule of Derivative Instruments [Table Text Block] | The terms of the derivative agreements are as follows: | |||||||||||||||
Effective | Maturity | Purchase | ||||||||||||||
Date Purchased | Notional Amount | Capped Rate | Date | Price | Counterparty | |||||||||||
2-Sep-10 | $ | 31,936,667 | 3 | % | 1-Sep-17 | $ | 921,000 | Bank of New York Mellon | ||||||||
2-Sep-10 | $ | 31,936,667 | 3 | % | 1-Sep-17 | $ | 845,600 | Barclays Bank PLC | ||||||||
2-Sep-10 | $ | 31,936,667 | 3 | % | 1-Sep-17 | $ | 928,000 | Royal Bank of Canada | ||||||||
August 15, 2013 | $ | 93,305,000 | 1.5 | % | September 1, 2017 | $ | 793,000 | Deutsche Bank AG | ||||||||
February 18, 2014 | $ | 41,250,000 | 1 | % | March 1, 2017 | $ | 230,500 | SMBC Capital Markets, Inc | ||||||||
February 18, 2014 | $ | 28,750,000 | 1 | % | March 1, 2017 | $ | 161,000 | SMBC Capital Markets, Inc | ||||||||
July 10, 2014 | $ | 31,565,000 | 3 | % | August 15, 2019 | $ | 315,200 | Barclays Bank PLC | ||||||||
July 10, 2014 | $ | 31,565,000 | 3 | % | August 15, 2019 | $ | 343,000 | Royal Bank of Canada | ||||||||
July 10, 2014 | $ | 31,565,000 | 3 | % | August 15, 2019 | $ | 333,200 | SMBC Capital Markets, Inc | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Fair Value Measurements [Abstract] | |||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | Assets and liabilities measured at fair value on a recurring basis are summarized below: | ||||||||||||||||||||||||
Fair Value Measurements at December 31, 2014 | |||||||||||||||||||||||||
Description | Assets at Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Mortgage Revenue Bonds | $ | 449,024,137 | $ | — | $ | — | $ | 449,024,137 | |||||||||||||||||
Bond Purchase Commitments | 5,780,413 | — | — | 5,780,413 | |||||||||||||||||||||
Public Housing Capital Fund Trusts | 61,263,123 | — | — | 61,263,123 | |||||||||||||||||||||
MBS Investments | 14,841,558 | — | 14,841,558 | — | |||||||||||||||||||||
Taxable Mortgage Bonds | 4,616,565 | — | — | 4,616,565 | |||||||||||||||||||||
Interest Rate Derivatives | 267,669 | — | — | 267,669 | |||||||||||||||||||||
Total Assets at Fair Value | $ | 535,793,465 | $ | — | $ | 14,841,558 | $ | 520,951,907 | |||||||||||||||||
For the Year Ended December 31, 2014 | |||||||||||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Mortgage Revenue Bonds | Mortgage Revenue Bond Purchase Commitments | Public Housing Capital Fund Trust Certificates | Taxable Bonds | Interest Rate Derivatives | Total | ||||||||||||||||||||
Beginning Balance January 1, 2014 | $ | 285,318,171 | $ | (4,852,177 | ) | $ | 62,056,379 | $ | 4,075,953 | $ | 888,120 | $ | 347,486,446 | ||||||||||||
Total gains (losses) (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings | — | — | — | — | (2,003,351 | ) | (2,003,351 | ) | |||||||||||||||||
Included in other comprehensive income | 52,272,236 | 10,632,590 | 5,219,937 | 685,612 | — | 68,810,375 | |||||||||||||||||||
Purchases | 142,794,827 | — | — | — | — | 142,794,827 | |||||||||||||||||||
Purchase interest rate derivative | — | — | — | — | 1,382,900 | 1,382,900 | |||||||||||||||||||
Mortgage revenue bond and MBS sales and redemption | (30,464,798 | ) | — | — | — | — | (30,464,798 | ) | |||||||||||||||||
Settlements | (896,299 | ) | — | (6,013,193 | ) | (145,000 | ) | — | (7,054,492 | ) | |||||||||||||||
Ending Balance December 31, 2014 | $ | 449,024,137 | $ | 5,780,413 | $ | 61,263,123 | $ | 4,616,565 | $ | 267,669 | $ | 520,951,907 | |||||||||||||
Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2014 | $ | — | $ | — | $ | — | $ | — | $ | (2,003,351 | ) | $ | (2,003,351 | ) | |||||||||||
Fair Value Measurements at December 31, 2013 | |||||||||||||||||||||||||
Description | Assets at Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Mortgage Revenue Bonds | $ | 285,318,171 | $ | — | $ | — | $ | 285,318,171 | |||||||||||||||||
Bond Purchase Commitments | (4,852,177 | ) | — | — | (4,852,177 | ) | |||||||||||||||||||
Public Housing Capital Fund Trusts | 62,056,379 | — | — | 62,056,379 | |||||||||||||||||||||
MBS Investments | 37,845,661 | — | 37,845,661 | — | |||||||||||||||||||||
Taxable Mortgage Bonds | 4,075,953 | — | — | 4,075,953 | |||||||||||||||||||||
Interest Rate Derivatives | 888,120 | — | — | 888,120 | |||||||||||||||||||||
Total Assets at Fair Value | $ | 385,332,107 | $ | — | $ | 37,845,661 | $ | 347,486,446 | |||||||||||||||||
For the Year Ended December 31, 2013 | |||||||||||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Mortgage Revenue Bonds | Mortgage Revenue Bond Purchase Commitments | Public Housing Capital Fund Trust Certificates | Taxable Bonds | Interest Rate Derivatives | Total | ||||||||||||||||||||
Beginning Balance January 1, 2013 | $ | 145,237,376 | $ | — | $ | 65,389,298 | $ | 1,524,873 | $ | 378,729 | $ | 212,530,276 | |||||||||||||
VIE deconsolidation | 8,795,630 | — | — | — | — | 8,795,630 | |||||||||||||||||||
Total gains (losses) (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings | — | — | — | — | (283,610 | ) | (283,610 | ) | |||||||||||||||||
Included in other comprehensive income | (18,011,590 | ) | (4,852,177 | ) | (3,276,398 | ) | (231,920 | ) | — | (26,372,085 | ) | ||||||||||||||
Ohio Properties' bonds after sale recognition | 19,581,166 | — | — | — | — | 19,581,166 | |||||||||||||||||||
Greens Property's bonds after sale recognition | 9,465,000 | — | — | — | — | 9,465,000 | |||||||||||||||||||
Purchases | 148,624,000 | — | — | 2,918,000 | — | 151,542,000 | |||||||||||||||||||
Purchase interest rate derivative | — | — | — | — | 793,001 | 793,001 | |||||||||||||||||||
Bond redemption | (16,052,849 | ) | — | — | — | — | (16,052,849 | ) | |||||||||||||||||
Bond foreclosure | (11,581,266 | ) | — | — | — | — | (11,581,266 | ) | |||||||||||||||||
Settlements | (739,296 | ) | — | (56,521 | ) | (135,000 | ) | — | (930,817 | ) | |||||||||||||||
Ending Balance December 31, 2013 | $ | 285,318,171 | $ | (4,852,177 | ) | $ | 62,056,379 | $ | 4,075,953 | $ | 888,120 | $ | 347,486,446 | ||||||||||||
Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2013 | $ | — | $ | — | $ | — | $ | — | $ | (283,610 | ) | $ | (283,610 | ) | |||||||||||
Fair Value Measurements at December 31, 2012 | |||||||||||||||||||||||||
Description | Assets at Fair Value | Quoted Prices in Active Markets for Identical Assets | Significant Other Observable Inputs | Significant Unobservable Inputs | |||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Mortgage Revenue Bonds | $ | 145,237,376 | $ | — | $ | — | $ | 145,237,376 | |||||||||||||||||
Public Housing Capital Fund Trusts | 65,389,298 | — | — | 65,389,298 | |||||||||||||||||||||
MBS Investments | 32,121,412 | — | 32,121,412 | — | |||||||||||||||||||||
Taxable Mortgage Bonds | 1,524,873 | — | — | 1,524,873 | |||||||||||||||||||||
Interest Rate Derivatives | 378,729 | — | — | 378,729 | |||||||||||||||||||||
Total Assets at Fair Value | $ | 244,651,688 | $ | — | $ | 32,121,412 | $ | 212,530,276 | |||||||||||||||||
For the Year Ended December 31, 2012 | |||||||||||||||||||||||||
Fair Value Measurements Using Significant | |||||||||||||||||||||||||
Unobservable Inputs (Level 3) | |||||||||||||||||||||||||
Mortgage Revenue Bonds | Public Housing Capital Bond Trusts | Taxable Bonds | Interest Rate Derivatives | Total | |||||||||||||||||||||
Beginning Balance January 1, 2012 | $ | 135,695,352 | $ | — | $ | 774,946 | $ | 1,323,270 | $ | 137,793,568 | |||||||||||||||
Total gains (losses) (realized/unrealized) | |||||||||||||||||||||||||
Included in earnings | — | — | — | (944,541 | ) | (944,541 | ) | ||||||||||||||||||
Included in other comprehensive income | 8,070,888 | (568,335 | ) | (23,402 | ) | — | 7,479,151 | ||||||||||||||||||
Purchases | 32,660,864 | 65,985,893 | 934,000 | — | 99,580,757 | ||||||||||||||||||||
Sale and restructuring of mortgage revenue bonds | (30,654,939 | ) | — | — | — | (30,654,939 | ) | ||||||||||||||||||
Settlements | (534,789 | ) | (28,260 | ) | (160,671 | ) | — | (723,720 | ) | ||||||||||||||||
Ending Balance December 31, 2012 | $ | 145,237,376 | $ | 65,389,298 | $ | 1,524,873 | $ | 378,729 | $ | 212,530,276 | |||||||||||||||
Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities still held as of December 31, 2012 | — | $ | — | $ | — | $ | (944,541 | ) | $ | (944,541 | ) | ||||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | Below represents the fair market value of the debt held on the balance sheet for December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||
Financial Liabilities: | |||||||||||||||||||||||||
Debt financing | $ | 345,359,000 | $ | 346,813,909 | $ | 257,274,000 | $ | 258,639,691 | |||||||||||||||||
Mortgages payable | 76,707,845 | 76,134,465 | 57,087,320 | 58,117,798 | |||||||||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table details certain key financial information for the Company’s reportable segments for the three years ended December 31: | |||||||||||
2014 | 2013 | 2012 | ||||||||||
Total revenues | ||||||||||||
Mortgage Revenue Bond Investments | $ | 27,858,725 | $ | 27,766,013 | $ | 12,169,336 | ||||||
MF Properties | 14,250,572 | 11,358,719 | 7,846,813 | |||||||||
Public Housing Capital Fund Trust Certificates | 3,038,819 | 3,261,611 | 1,624,534 | |||||||||
Mortgage-Backed Securities | 1,423,958 | 1,601,270 | 194,039 | |||||||||
Consolidated VIEs | 3,180,680 | 13,938,850 | 4,805,746 | |||||||||
Consolidation/eliminations | (929,279 | ) | (10,644,603 | ) | (1,520,817 | ) | ||||||
Total revenues | $ | 48,823,475 | $ | 47,281,860 | $ | 25,119,651 | ||||||
Interest expense | ||||||||||||
Mortgage Revenue Bond Investments | $ | 7,379,830 | $ | 3,327,231 | $ | 3,510,182 | ||||||
MF Properties | 2,319,928 | 2,152,010 | 1,439,370 | |||||||||
Public Housing Capital Fund Trust Certificates | 1,295,238 | 1,292,540 | 542,479 | |||||||||
Mortgage-Backed Securities | 403,653 | 463,555 | 38,964 | |||||||||
Consolidated VIEs | 2,254,786 | 3,221,000 | 3,240,306 | |||||||||
Consolidation/eliminations | (2,254,786 | ) | (3,221,000 | ) | (3,240,306 | ) | ||||||
Total interest expense | $ | 11,398,649 | $ | 7,235,336 | $ | 5,530,995 | ||||||
Depreciation expense | ||||||||||||
Mortgage Revenue Bond Investments | $ | — | $ | — | $ | — | ||||||
MF Properties | 4,801,533 | 3,804,499 | 2,485,365 | |||||||||
Public Housing Capital Fund Trust Certificates | — | — | — | |||||||||
Mortgage-Backed Securities | — | — | — | |||||||||
Consolidated VIEs | 940,057 | 1,367,204 | 1,544,346 | |||||||||
Consolidation/eliminations | — | — | — | |||||||||
Total depreciation expense | $ | 5,741,590 | $ | 5,171,703 | $ | 4,029,711 | ||||||
Income (loss) from continuing operations | ||||||||||||
Mortgage Revenue Bond Investments | $ | 13,870,294 | $ | 14,491,581 | $ | 4,136,126 | ||||||
MF Properties | (938,151 | ) | (1,837,076 | ) | (1,065,819 | ) | ||||||
Public Housing Capital Fund Trust Certificates | 1,714,968 | 1,940,459 | 1,067,749 | |||||||||
Mortgage-Backed Securities | 1,017,637 | 1,055,736 | 148,552 | |||||||||
Consolidated VIEs | (1,987,839 | ) | 6,265,571 | (3,285,896 | ) | |||||||
Consolidation/eliminations | 1,352,279 | (7,381,833 | ) | 1,763,050 | ||||||||
Net income - America First Multifamily Investors, L. P. | $ | 15,029,188 | $ | 14,534,438 | $ | 2,763,762 | ||||||
Net income (loss) | ||||||||||||
Mortgage Revenue Bond Investments | $ | 13,870,294 | $ | 14,491,581 | $ | 4,136,126 | ||||||
MF Properties | (933,478 | ) | 1,343,405 | 617,263 | ||||||||
Public Housing Capital Fund Trust Certificates | 1,714,968 | 1,940,459 | 1,067,749 | |||||||||
Mortgage-Backed Securities | 1,017,637 | 1,055,736 | 148,552 | |||||||||
Consolidated VIEs | (1,987,839 | ) | 6,265,571 | (3,285,896 | ) | |||||||
Consolidation/eliminations | 1,352,279 | (7,381,833 | ) | 1,763,050 | ||||||||
Net income - America First Multifamily Investors, L. P. | $ | 15,033,861 | $ | 17,714,919 | $ | 4,446,844 | ||||||
2014 | 2013 | 2012 | ||||||||||
Total assets | ||||||||||||
Mortgage Revenue Bond Investments | $ | 698,637,412 | $ | 442,175,645 | $ | 357,606,420 | ||||||
MF Properties | 101,696,234 | 83,580,479 | 51,379,479 | |||||||||
Public Housing Capital Fund Trust Certificates | 61,577,848 | 62,449,028 | 65,811,361 | |||||||||
Mortgage-Backed Securities | 15,101,309 | 38,427,654 | 32,488,363 | |||||||||
Discontinued Operations | — | — | 32,580,427 | |||||||||
Consolidated VIEs | 13,456,861 | 14,019,837 | 30,207,191 | |||||||||
Consolidation/eliminations | (146,230,447 | ) | (106,419,611 | ) | (156,922,486 | ) | ||||||
Total assets | $ | 744,239,217 | $ | 534,233,032 | $ | 413,150,755 | ||||||
Total partners' capital | ||||||||||||
Mortgage Revenue Bond Investments | $ | 355,480,225 | $ | 231,042,138 | $ | 221,665,286 | ||||||
MF Properties | 18,600,449 | 23,107,538 | 6,643,315 | |||||||||
Public Housing Capital Fund Trust Certificates | 16,803,457 | 13,336,761 | 16,720,915 | |||||||||
Mortgage-Backed Securities | 3,095,526 | 4,397,356 | 7,334,399 | |||||||||
Consolidated VIEs | (23,499,616 | ) | (21,511,776 | ) | (22,480,214 | ) | ||||||
Consolidation/eliminations | (60,536,142 | ) | (47,237,930 | ) | (47,966,509 | ) | ||||||
Total partners' capital | $ | 309,943,899 | $ | 203,134,087 | $ | 181,917,192 | ||||||
Summary_of_Unaudited_Quarterly1
Summary of Unaudited Quarterly Results of Operations Quarterly Results (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | 21. Summary of Unaudited Quarterly Results of Operations | ||||||||||||||||
2014 | March 31, | June 30, | September 30, | December 31, | |||||||||||||
Revenues | $ | 13,200,840 | $ | 11,252,978 | $ | 11,842,949 | $ | 12,526,708 | |||||||||
Income from continuing operations | 6,046,726 | 3,658,083 | 3,304,680 | 2,019,699 | |||||||||||||
Net income (loss) - America First Multifamily Investors, L.P. | $ | 6,046,829 | $ | 3,658,457 | $ | 3,307,829 | $ | 2,020,746 | |||||||||
Net income, basic and diluted, per unit | $ | 0.1 | $ | 0.05 | $ | 0.06 | $ | 0.04 | |||||||||
2013 | March 31, | June 30, | September 30, | December 31, | |||||||||||||
Revenues | $ | 12,944,409 | $ | 15,140,583 | $ | 9,764,177 | $ | 9,432,691 | |||||||||
Net income (loss) from continuing operations | 6,561,058 | 3,939,119 | 2,008,848 | 2,025,413 | |||||||||||||
Net income from discontinued operations | 1,933,019 | 166,887 | 1,342,498 | — | |||||||||||||
Net income (loss) - America First Multifamily Investors, L.P. | $ | 8,321,426 | $ | 3,955,160 | $ | 3,411,259 | $ | 2,027,074 | |||||||||
Income (loss) from continuing operations, per unit | $ | 0.15 | $ | 0.08 | $ | 0.05 | $ | 0.04 | |||||||||
Income from discontinued operations, per unit | 0.04 | 0.01 | 0.03 | — | |||||||||||||
Net income (loss), basic and diluted, per unit | $ | 0.19 | $ | 0.09 | $ | 0.08 | $ | 0.04 | |||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Net Income Per BUC (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $15,029,188 | $17,976,842 | $4,996,038 | ||||||||
Net Income (Loss) Allocated to General Partners | 1,056,316 | 1,416,296 | 691,312 | ||||||||
Unallocated loss of Consolidated VIEs | -635,560 | -1,116,262 | -1,522,846 | ||||||||
Net (income) loss attributable to noncontrolling interest | -4,673 | 261,923 | 549,194 | ||||||||
Net Income (Loss) Allocated to Limited Partners | 14,613,105 | 17,414,885 | 5,278,378 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | 3,442,404 | 2,232,276 | |||||||||
Weighted average number of units outstanding, basic and diluted | 59,431,010 | 43,453,476 | 37,367,600 | ||||||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $0.04 | $0.05 | $0.08 | $0.15 | $0.25 | $0.32 | $0.09 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $0 | $0 | $0.01 | $0.04 | $0 | $0.08 | $0.05 | ||||
Earnings Per Share, Basic and Diluted | $0.04 | $0.06 | $0.05 | $0.10 | $0.04 | $0.08 | $0 | $0.19 | $0.25 | $0.40 | $0.14 |
Segment, Continuing Operations [Member] | |||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 15,029,188 | 14,534,438 | 2,763,762 | ||||||||
Net Income (Loss) Allocated to General Partners | 1,056,316 | 1,381,872 | 331,403 | ||||||||
Unallocated loss of Consolidated VIEs | -635,560 | -1,116,262 | -1,522,846 | ||||||||
Net (income) loss attributable to noncontrolling interest | -4,673 | 261,923 | 549,194 | ||||||||
Net Income (Loss) Allocated to Limited Partners | 14,613,105 | 14,006,905 | 3,406,011 | ||||||||
Segment, Discontinued Operations [Member] | |||||||||||
Net Income (Loss) Allocated to General Partners | 0 | 34,424 | 359,909 | ||||||||
Unallocated loss of Consolidated VIEs | 0 | 0 | 0 | ||||||||
Net Income (Loss) Allocated to Limited Partners | 0 | 3,407,980 | 1,872,367 | ||||||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $0 | $3,442,404 | $2,232,276 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Narrative Tagging (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
banks | ||||
years | ||||
Interest Allowance | $7,427,074 | $6,194,477 | ||
Building Useful Life-Minimum | 19 | |||
Building Useful Life-Maximum | 40 | |||
Capital Improvements Useful Life-Minimum | 5 | |||
Capital Improvements Useful Life-Maximum | 15 | |||
Number of Financial Institutions | 2 | |||
Cash, FDIC Insured Amount | 250,000 | |||
Real Estate Cap Rate-Minimum | 4.25% | |||
Real Estate Cap Rate-Maximum | 7.50% | |||
Tolerable Range of Difference in Valuation | 0.00% | |||
Provision for Doubtful Accounts | 75,000 | 168,000 | 0 | |
Deferred Finance Costs, Gross | 8,500,000 | 5,300,000 | ||
Amortization of Financing Costs | 3,900,000 | 2,800,000 | ||
Deferred Tax Assets, Valuation Allowance | 8,500,000 | 7,400,000 | ||
Consolidated Properties [Member] | ||||
Number of Real Estate Properties | 9 | |||
Consolidated Properties [Member] | Limited Partner [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.00% | |||
Number of Real Estate Properties | 3 | |||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Number of Real Estate Properties | 2 | |||
Woodland Park [Member] | ||||
Provision for Doubtful Accounts | 242,000 | 453,000 | 953,000 | |
TEB Facility [Member] | ||||
Restricted Cash and Cash Equivalents | 7,300,000 | |||
Public Housing Capital Fund Trust Certificates [Member] | TOB Facility [Member] | ||||
Restricted Cash and Cash Equivalents | 400,000 | |||
Collateralized Mortgage Backed Securities [Member] | TOB Facility [Member] | ||||
Restricted Cash and Cash Equivalents | $2,100,000 |
Partnership_Income_Expense_and2
Partnership Income, Expense and Cash Distributions Distributions (Details) | Dec. 31, 2014 |
Percent of Regular Distributions | 100.00% |
Penalty on Outstanding Contingent Interest | 0.90% |
Limited Partner [Member] | |
Percent of Regular Distributions | 99.00% |
Special Distribution | 75.00% |
General Partner [Member] | |
Percent of Regular Distributions | 1.00% |
Special Distribution | 25.00% |
Partnership_Income_Expenses_an
Partnership Income, Expenses and Cash Distributions Cash Distributions (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Distribution Made to Limited Partner [Line Items] | |||
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit | $0.50 | $0.50 | $0.50 |
Variable_Interest_Entities_Pro
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $67,095,817 | $24,754,297 |
Available for Sale Security and Property Loan Receivable, Carrying Value | 70,124,638 | 26,234,563 |
Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 11,062,617 | 10,580,372 |
Available for Sale Security and Property Loan Receivable, Carrying Value | 5,010,615 | 4,930,615 |
Ashley Square [Member] | Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 5,159,000 | 5,212,000 |
Available for Sale Security and Property Loan Receivable, Carrying Value | 5,645,559 | 5,212,000 |
Ashley Square [Member] | Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 7,534,002 | 7,131,757 |
Available for Sale Security and Property Loan Receivable, Carrying Value | 1,482,000 | 1,482,000 |
Bruton Apts [Member] | Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 18,145,000 | |
Available for Sale Security and Property Loan Receivable, Carrying Value | 18,145,000 | |
Bruton Apts [Member] | Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 0 | |
Available for Sale Security and Property Loan Receivable, Carrying Value | 0 | |
Glenview Apts [Member] | Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 6,723,000 | |
Available for Sale Security and Property Loan Receivable, Carrying Value | 6,723,000 | |
Glenview Apts [Member] | Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 0 | |
Available for Sale Security and Property Loan Receivable, Carrying Value | 0 | |
Harden Ranch [Member] | Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 9,300,000 | |
Available for Sale Security and Property Loan Receivable, Carrying Value | 9,300,000 | |
Harden Ranch [Member] | Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 0 | |
Available for Sale Security and Property Loan Receivable, Carrying Value | 0 | |
Montclair Apts [Member] | Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 3,458,000 | |
Available for Sale Security and Property Loan Receivable, Carrying Value | 3,458,000 | |
Montclair Apts [Member] | Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 0 | |
Available for Sale Security and Property Loan Receivable, Carrying Value | 0 | |
Cross Creek [Member] | Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 6,074,817 | 6,042,297 |
Available for Sale Security and Property Loan Receivable, Carrying Value | 8,617,079 | 7,522,563 |
Cross Creek [Member] | Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 3,528,615 | 3,448,615 |
Available for Sale Security and Property Loan Receivable, Carrying Value | 3,528,615 | 3,448,615 |
Tyler Park Apartments [Member] | Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 8,100,000 | 8,100,000 |
Available for Sale Security and Property Loan Receivable, Carrying Value | 8,100,000 | 8,100,000 |
Tyler Park Apartments [Member] | Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 0 | 0 |
Available for Sale Security and Property Loan Receivable, Carrying Value | 0 | 0 |
Santa Fe Apts [Member] | Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 4,736,000 | |
Available for Sale Security and Property Loan Receivable, Carrying Value | 4,736,000 | |
Santa Fe Apts [Member] | Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 0 | |
Available for Sale Security and Property Loan Receivable, Carrying Value | 0 | |
Westside Village Market [Member] | Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 5,400,000 | 5,400,000 |
Available for Sale Security and Property Loan Receivable, Carrying Value | 5,400,000 | 5,400,000 |
Westside Village Market [Member] | Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 0 | 0 |
Available for Sale Security and Property Loan Receivable, Carrying Value | $0 | $0 |
Variable_Interest_Entities_Con
Variable Interest Entities Consolidating Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Assets [Abstract] | ||||
Cash and cash equivalents | $49,193,343 | $11,318,015 | ||
Restricted cash | 11,685,729 | 6,845,543 | ||
Interest receivable | 4,121,486 | 3,342,038 | ||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 378,423,092 | 216,371,801 | ||
Available-for-sale Securities | 70,601,045 | 68,946,370 | ||
Public housing capital fund trusts, at fair value | 61,263,123 | 62,056,379 | ||
Mortgage backed securities, at fair value | 14,841,558 | 37,845,661 | ||
Real Estate Assets [Abstract] | ||||
Land and land improvements | 15,589,893 | 11,081,992 | ||
Buildings and improvements | 131,910,221 | 111,195,695 | ||
Real estate assets before accumulated depreciation | 147,500,114 | 122,277,687 | ||
Accumulated depreciation | -24,691,800 | -19,128,753 | ||
Net real estate assets | 122,808,314 | 103,148,934 | ||
Other Assets | 31,301,527 | 24,358,291 | ||
Assets | 744,239,217 | 534,233,032 | 413,150,755 | |
Liabilities | ||||
Accounts payable, accrued expenses and other liabilities | 4,627,089 | 5,450,694 | ||
Dividends Payable, Current | 7,617,390 | 6,446,076 | ||
Debt financing | 345,359,000 | 257,274,000 | ||
Long-term Debt | 76,707,834 | 57,087,320 | ||
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 0 | 4,852,177 | ||
Liabilities | 434,311,313 | 331,110,267 | ||
Partners' Capital | ||||
General Partner | 578,238 | 16,671 | ||
Beneficial Unit Certificate holders | 330,457,117 | 223,573,312 | ||
Unallocated deficit of Consolidated VIEs | -21,091,456 | -20,455,896 | ||
Partners' Capital | 309,943,899 | 203,134,087 | 181,917,192 | |
Partners' Capital Attributable to Noncontrolling Interest | -15,995 | -11,322 | ||
Total Capital | 309,927,904 | 203,122,765 | 183,970,931 | 131,589,045 |
Total Liabilities and Partners' Capital | 744,239,217 | 534,233,032 | ||
Partnership [Member] | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | 49,157,571 | 11,292,039 | ||
Restricted cash | 11,141,496 | 6,344,666 | ||
Interest receivable | 4,791,828 | 5,281,398 | ||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 394,568,208 | 230,885,864 | ||
Available-for-sale Securities | 70,601,045 | 68,946,370 | ||
Public housing capital fund trusts, at fair value | 61,263,123 | 62,056,379 | ||
Mortgage backed securities, at fair value | 14,841,558 | 37,845,661 | ||
Real Estate Assets [Abstract] | ||||
Land and land improvements | 13,753,493 | 9,245,592 | ||
Buildings and improvements | 110,706,173 | 90,253,256 | ||
Real estate assets before accumulated depreciation | 124,459,666 | 99,498,848 | ||
Accumulated depreciation | -14,108,154 | -9,386,811 | ||
Net real estate assets | 110,351,512 | 90,112,037 | ||
Other Assets | 41,958,914 | 33,488,744 | ||
Assets | 758,675,255 | 546,253,158 | ||
Liabilities | ||||
Accounts payable, accrued expenses and other liabilities | 4,123,346 | 4,963,653 | ||
Dividends Payable, Current | 7,617,390 | 6,446,076 | ||
Debt financing | 345,359,000 | 257,274,000 | ||
Long-term Debt | 76,707,834 | 57,087,320 | ||
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 4,852,177 | |||
Liabilities | 433,807,570 | 330,623,226 | ||
Partners' Capital | ||||
General Partner | 578,238 | 16,671 | ||
Beneficial Unit Certificate holders | 324,305,442 | 215,624,583 | ||
Unallocated deficit of Consolidated VIEs | 0 | 0 | ||
Partners' Capital | 324,883,680 | 215,641,254 | ||
Partners' Capital Attributable to Noncontrolling Interest | -15,995 | -11,322 | ||
Total Capital | 324,867,685 | 215,629,932 | ||
Total Liabilities and Partners' Capital | 758,675,255 | 546,253,158 | ||
Consolidated VIEs [Member] | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | 35,772 | 25,976 | ||
Restricted cash | 544,233 | 500,877 | ||
Interest receivable | 0 | 0 | ||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 0 | 0 | ||
Available-for-sale Securities | 0 | 0 | ||
Public housing capital fund trusts, at fair value | 0 | 0 | ||
Mortgage backed securities, at fair value | 0 | 0 | ||
Real Estate Assets [Abstract] | ||||
Land and land improvements | 1,836,400 | 1,836,400 | ||
Buildings and improvements | 21,204,048 | 20,942,439 | ||
Real estate assets before accumulated depreciation | 23,040,448 | 22,778,839 | ||
Accumulated depreciation | -10,583,646 | -9,741,942 | ||
Net real estate assets | 12,456,802 | 13,036,897 | ||
Other Assets | 420,054 | 456,087 | ||
Assets | 13,456,861 | 14,019,837 | 30,207,191 | |
Liabilities | ||||
Accounts payable, accrued expenses and other liabilities | 22,225,477 | 20,634,613 | ||
Dividends Payable, Current | 0 | 0 | ||
Debt financing | 0 | 0 | ||
Long-term Debt | 14,731,000 | 14,897,000 | ||
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 0 | |||
Liabilities | 36,956,477 | 35,531,613 | ||
Partners' Capital | ||||
General Partner | 0 | 0 | ||
Beneficial Unit Certificate holders | 0 | 0 | ||
Unallocated deficit of Consolidated VIEs | -23,499,616 | -21,511,776 | ||
Partners' Capital | -23,499,616 | -21,511,776 | -22,480,214 | |
Partners' Capital Attributable to Noncontrolling Interest | 0 | 0 | ||
Total Capital | -23,499,616 | -21,511,776 | ||
Total Liabilities and Partners' Capital | 13,456,861 | 14,019,837 | ||
Consolidations, Eliminations for VIEs [Member] | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Interest receivable | -670,342 | -1,939,360 | ||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | -16,145,116 | -14,514,063 | ||
Available-for-sale Securities | 0 | 0 | ||
Public housing capital fund trusts, at fair value | 0 | 0 | ||
Mortgage backed securities, at fair value | 0 | 0 | ||
Real Estate Assets [Abstract] | ||||
Land and land improvements | 0 | 0 | ||
Buildings and improvements | 0 | 0 | ||
Real estate assets before accumulated depreciation | 0 | 0 | ||
Accumulated depreciation | 0 | 0 | ||
Net real estate assets | 0 | 0 | ||
Other Assets | -11,077,441 | -9,586,540 | ||
Assets | -27,892,899 | -26,039,963 | ||
Liabilities | ||||
Accounts payable, accrued expenses and other liabilities | -21,721,734 | -20,147,572 | ||
Dividends Payable, Current | 0 | 0 | ||
Debt financing | 0 | 0 | ||
Long-term Debt | -14,731,000 | -14,897,000 | ||
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 0 | |||
Liabilities | -36,452,734 | -35,044,572 | ||
Partners' Capital | ||||
General Partner | 0 | 0 | ||
Beneficial Unit Certificate holders | 6,151,675 | 7,948,729 | ||
Unallocated deficit of Consolidated VIEs | 2,408,160 | 1,055,880 | ||
Partners' Capital | 8,559,835 | 9,004,609 | ||
Partners' Capital Attributable to Noncontrolling Interest | 0 | 0 | ||
Total Capital | 8,559,835 | 9,004,609 | ||
Total Liabilities and Partners' Capital | ($27,892,899) | ($26,039,963) |
Variable_Interest_Entities_Con1
Variable Interest Entities Consolidating Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues [Abstract] | |||||||||||
Property revenues | $17,431,252 | $16,110,740 | $12,654,530 | ||||||||
Investment income | 26,606,234 | 22,651,622 | 11,078,467 | ||||||||
Contingent Interest Income | 40,000 | 6,497,160 | 0 | ||||||||
Interest Income, Operating | 856,217 | 1,772,338 | 150,882 | ||||||||
Gain on sale and retirement of bonds | 3,701,772 | 0 | 680,444 | ||||||||
Other income | 188,000 | 250,000 | 555,328 | ||||||||
Total revenues | 12,526,708 | 11,842,949 | 11,252,978 | 13,200,840 | 9,432,691 | 9,764,177 | 15,140,583 | 12,944,409 | 48,823,475 | 47,281,860 | 25,119,651 |
Operating Expenses [Abstract] | |||||||||||
Real estate operating expense | 9,751,873 | 9,574,822 | 7,877,931 | ||||||||
Mortgage Loans on Real Estate, Write-down or Reserve, Amount | 4,557,741 | 4,557,741 | |||||||||
Provision for Loan and Lease Losses | 75,000 | 168,000 | 0 | ||||||||
Mortgage Loans on Real Estate, Write-down or Reserve, Amt | 0 | 4,557,741 | 0 | ||||||||
Provision for loss on receivables | 0 | 241,698 | 452,700 | ||||||||
Depreciation and amortization | 7,021,557 | 6,732,580 | 4,982,030 | ||||||||
Interest expense | 11,398,649 | 7,235,336 | 5,530,995 | ||||||||
General and administrative | 5,547,208 | 4,237,245 | 3,512,233 | ||||||||
Costs and Expenses | 33,794,287 | 32,747,422 | 22,355,889 | ||||||||
Income (loss) from operations | 15,029,188 | 14,534,438 | 2,763,762 | ||||||||
Income from discontinued operations | 3,442,404 | 2,232,276 | |||||||||
Net income (loss) | 15,029,188 | 17,976,842 | 4,996,038 | ||||||||
Net income (loss) attributable to noncontrolling interest | -4,673 | 261,923 | 549,194 | ||||||||
Net income (loss) - America First Tax Exempt Investors, L.P. | 2,020,746 | 3,307,829 | 3,658,457 | 6,046,829 | 2,027,074 | 3,411,259 | 3,955,160 | 8,321,426 | 15,033,861 | 17,714,919 | 4,446,844 |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 3,177,183 | 1,406,608 | ||||||||
Partnership [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Property revenues | 14,250,572 | 11,358,718 | 7,846,812 | ||||||||
Investment income | 27,535,513 | 24,109,397 | 12,599,284 | ||||||||
Contingent Interest Income | 40,000 | 6,497,160 | |||||||||
Interest Income, Operating | 856,217 | 1,772,338 | 150,882 | ||||||||
Gain on sale and retirement of bonds | 3,701,772 | 680,444 | |||||||||
Other income | 188,000 | 250,000 | 557,300 | ||||||||
Total revenues | 46,572,074 | 43,987,613 | 21,834,722 | ||||||||
Operating Expenses [Abstract] | |||||||||||
Real estate operating expense | 7,796,761 | 6,522,091 | 4,604,870 | ||||||||
Mortgage Loans on Real Estate, Write-down or Reserve, Amount | 4,557,741 | 4,557,741 | |||||||||
Provision for Loan and Lease Losses | 75,000 | 168,000 | |||||||||
Provision for loss on receivables | 241,698 | 452,700 | |||||||||
Depreciation and amortization | 6,089,708 | 5,374,802 | 3,447,316 | ||||||||
Interest expense | 11,398,649 | 7,235,336 | 5,530,995 | ||||||||
General and administrative | 5,547,208 | 4,237,245 | 3,512,233 | ||||||||
Costs and Expenses | 30,907,326 | 28,336,913 | 17,548,114 | ||||||||
Income (loss) from operations | 15,664,748 | 15,650,700 | 4,286,608 | ||||||||
Income from discontinued operations | 3,442,404 | 2,232,276 | |||||||||
Net income (loss) | 19,093,104 | 6,518,884 | |||||||||
Net income (loss) attributable to noncontrolling interest | -4,673 | 261,923 | 549,194 | ||||||||
Net income (loss) - America First Tax Exempt Investors, L.P. | 15,669,421 | 18,831,181 | 5,969,690 | ||||||||
Consolidated VIEs [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Property revenues | 3,180,680 | 4,752,022 | 4,807,718 | ||||||||
Investment income | 0 | 0 | 0 | ||||||||
Contingent Interest Income | 0 | 0 | |||||||||
Interest Income, Operating | 0 | 0 | 0 | ||||||||
Gain on sale and retirement of bonds | 0 | 0 | |||||||||
Other income | 0 | 9,186,828 | -1,972 | ||||||||
Total revenues | 3,180,680 | 13,938,850 | 4,805,746 | ||||||||
Operating Expenses [Abstract] | |||||||||||
Real estate operating expense | 1,955,112 | 3,052,731 | 3,273,061 | ||||||||
Mortgage Loans on Real Estate, Write-down or Reserve, Amount | 0 | 0 | |||||||||
Provision for Loan and Lease Losses | 0 | 0 | |||||||||
Provision for loss on receivables | 0 | 0 | |||||||||
Depreciation and amortization | 958,621 | 1,399,548 | 1,578,275 | ||||||||
Interest expense | 2,254,786 | 3,221,000 | 3,240,306 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Costs and Expenses | 5,168,519 | 7,673,279 | 8,091,642 | ||||||||
Income (loss) from operations | -1,987,839 | 6,265,571 | -3,285,896 | ||||||||
Income from discontinued operations | 0 | 0 | |||||||||
Net income (loss) | 6,265,571 | -3,285,896 | |||||||||
Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) - America First Tax Exempt Investors, L.P. | -1,987,839 | 6,265,571 | -3,285,896 | ||||||||
Consolidations, Eliminations for VIEs [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Property revenues | 0 | 0 | 0 | ||||||||
Investment income | -929,279 | -1,457,775 | -1,520,817 | ||||||||
Contingent Interest Income | 0 | 0 | |||||||||
Interest Income, Operating | 0 | 0 | 0 | ||||||||
Gain on sale and retirement of bonds | 0 | 0 | |||||||||
Other income | 0 | -9,186,828 | 0 | ||||||||
Total revenues | -929,279 | -10,644,603 | -1,520,817 | ||||||||
Operating Expenses [Abstract] | |||||||||||
Real estate operating expense | 0 | 0 | 0 | ||||||||
Mortgage Loans on Real Estate, Write-down or Reserve, Amount | 0 | 0 | |||||||||
Provision for Loan and Lease Losses | 0 | 0 | |||||||||
Provision for loss on receivables | 0 | 0 | |||||||||
Depreciation and amortization | -26,772 | -41,770 | -43,561 | ||||||||
Interest expense | -2,254,786 | -3,221,000 | -3,240,306 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
Costs and Expenses | -2,281,558 | -3,262,770 | -3,283,867 | ||||||||
Income (loss) from operations | 1,352,279 | -7,381,833 | 1,763,050 | ||||||||
Income from discontinued operations | 0 | 0 | |||||||||
Net income (loss) | -7,381,833 | 1,763,050 | |||||||||
Net income (loss) attributable to noncontrolling interest | 0 | 0 | 0 | ||||||||
Net income (loss) - America First Tax Exempt Investors, L.P. | $1,352,279 | ($7,381,833) | $1,763,050 |
Variable_Interest_Entities_Con2
Variable Interest Entities Consolidated VIE's Bond Table (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Property Loan [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $11,062,617 | $10,580,372 | ||
Available for Sale Security and Property Loan Receivable, Carrying Value | 5,010,615 | 4,930,615 | ||
Available-for-sale Securities [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 67,095,817 | 24,754,297 | ||
Available for Sale Security and Property Loan Receivable, Carrying Value | 70,124,638 | 26,234,563 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available-for-sale Securities, Held in Trust, at Par Value | 14,731,000 | 14,897,000 | ||
Investment Income, Net | 929,279 | 939,229 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Bent Tree [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available-for-sale Security, Maturity Date at a point in time | 15-Dec-30 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | 6.25% | ||
Available-for-sale Securities, Held in Trust, at Par Value | 7,465,000 | 7,542,000 | ||
Investment Income, Net | 468,859 | 473,438 | ||
Variable Interest Entity, Primary Beneficiary [Member] | Fairmont Oaks [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-33 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | 6.30% | ||
Available-for-sale Securities, Held in Trust, at Par Value | 7,266,000 | 7,355,000 | ||
Investment Income, Net | 460,420 | 465,791 | ||
Ashley Square [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-25 | [1] | 1-Dec-25 | [1] |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [1] | 6.25% | [1] |
Ashley Square [Member] | Property Loan [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 7,534,002 | 7,131,757 | ||
Available for Sale Security and Property Loan Receivable, Carrying Value | 1,482,000 | 1,482,000 | ||
Ashley Square [Member] | Available-for-sale Securities [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 5,159,000 | 5,212,000 | ||
Available for Sale Security and Property Loan Receivable, Carrying Value | 5,645,559 | 5,212,000 | ||
Cross Creek [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-49 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.15% | |||
Cross Creek [Member] | Property Loan [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 3,528,615 | 3,448,615 | ||
Available for Sale Security and Property Loan Receivable, Carrying Value | 3,528,615 | 3,448,615 | ||
Cross Creek [Member] | Available-for-sale Securities [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 6,074,817 | 6,042,297 | ||
Available for Sale Security and Property Loan Receivable, Carrying Value | 8,617,079 | 7,522,563 | ||
Tyler Park Apartments [Member] | Property Loan [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 0 | 0 | ||
Available for Sale Security and Property Loan Receivable, Carrying Value | 0 | 0 | ||
Tyler Park Apartments [Member] | Available-for-sale Securities [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 8,100,000 | 8,100,000 | ||
Available for Sale Security and Property Loan Receivable, Carrying Value | 8,100,000 | 8,100,000 | ||
Westside Village Market [Member] | Property Loan [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 0 | 0 | ||
Available for Sale Security and Property Loan Receivable, Carrying Value | 0 | 0 | ||
Westside Village Market [Member] | Available-for-sale Securities [Member] | ||||
Schedule of Investment Income, Reported Amounts, by Category [Line Items] | ||||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 5,400,000 | 5,400,000 | ||
Available for Sale Security and Property Loan Receivable, Carrying Value | $5,400,000 | $5,400,000 | ||
[1] | Bonds owned by ATAX TEBS I, LLC, Note 11 |
Variable_Interest_Entities_Var
Variable Interest Entities Variable Interest Entities Narrative Tagging (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
properties | properties | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, gross | 22,191,515 | $21,549,927 |
Number of Variable Interest Entities | 11 | 6 |
Consolidated Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, gross | 7,400,000 | 7,100,000 |
Number of Variable Interest Entities | 2 | 2 |
Unconsolidated Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Variable Interest Entities | 9 | |
Total Owners [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Owners | 4 | |
Related party owner [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of Owners | 1 | |
Ashley Square [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, gross | 5,078,342 | 5,078,342 |
Cross Creek [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, gross | 6,976,087 | $6,821,087 |
Investments_in_Bonds_Details
Investments in Bonds (Details) (USD $) | 12 Months Ended | ||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2010 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2013 | |||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | $338,861,752 | $219,511,490 | |||||||
Cost adjusted for pay-downs | 65,538,068 | 71,040,881 | |||||||
Unrealized Gain, held in trust | 39,561,340 | 5,309,545 | |||||||
Unrealized Gain | 5,082,559 | 340,453 | |||||||
Unrealized Loss, held in trust | 0 | -8,449,234 | |||||||
Unrealized Loss | 19,582 | -2,434,964 | |||||||
Estimated Fair Value, held in trust | 378,423,092 | 216,371,801 | |||||||
Estimated Fair Value | 70,601,045 | 68,946,370 | |||||||
Arbors at Hickory Ridge [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 11,570,933 | [1] | 11,576,209 | [2] | |||||
Unrealized Gain, held in trust | 1,792,303 | [1] | 225,690 | [2] | |||||
Unrealized Loss, held in trust | 0 | [1] | 0 | [2] | |||||
Estimated Fair Value, held in trust | 13,363,236 | [1] | 11,801,899 | [2] | |||||
Ashley Square [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 5,159,000 | [3] | 5,212,000 | [3] | |||||
Unrealized Gain, held in trust | 486,559 | [3] | 0 | [3] | |||||
Unrealized Loss, held in trust | 0 | [3] | 0 | [3] | |||||
Estimated Fair Value, held in trust | 5,645,559 | [3] | 5,212,000 | [3] | |||||
Autumn Pines [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 12,147,873 | [2] | |||||||
Unrealized Gain, held in trust | 0 | [2] | |||||||
Unrealized Loss, held in trust | -195,355 | [2] | |||||||
Estimated Fair Value, held in trust | 11,952,518 | [2] | |||||||
Avistar at the Oaks [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 8,354,000 | [2] | |||||||
Unrealized Gain, held in trust | 0 | [2] | |||||||
Unrealized Loss, held in trust | -1,103,115 | [2] | |||||||
Estimated Fair Value, held in trust | 7,250,885 | [2] | |||||||
Avistar in 09 [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 7,192,000 | [2] | |||||||
Unrealized Gain, held in trust | 0 | [2] | |||||||
Unrealized Loss, held in trust | -588,254 | [2] | |||||||
Estimated Fair Value, held in trust | 6,603,746 | [2] | |||||||
Avistar on the Hills [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 5,389,000 | [2] | |||||||
Unrealized Gain, held in trust | 0 | [2] | |||||||
Unrealized Loss, held in trust | -417,724 | [2] | |||||||
Estimated Fair Value, held in trust | 4,971,276 | [2] | |||||||
Bella Vista [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 6,490,000 | [3] | 6,545,000 | [3] | |||||
Unrealized Gain, held in trust | 625,571 | [3] | 0 | [3] | |||||
Unrealized Loss, held in trust | 0 | [3] | -473,989 | [3] | |||||
Estimated Fair Value, held in trust | 7,115,571 | [3] | 6,071,011 | [3] | |||||
Bridle Ridge [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 7,655,000 | [3] | 7,715,000 | [3] | |||||
Unrealized Gain, held in trust | 659,249 | [3] | 0 | [3] | |||||
Unrealized Loss, held in trust | 0 | [3] | -452,870 | [3] | |||||
Estimated Fair Value, held in trust | 8,314,249 | [3] | 7,262,130 | [3] | |||||
Brookstone [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 7,468,888 | [3] | 7,463,641 | [3] | |||||
Unrealized Gain, held in trust | 1,360,589 | [3] | 841,751 | [3] | |||||
Unrealized Loss, held in trust | 0 | [3] | 0 | [3] | |||||
Estimated Fair Value, held in trust | 8,829,477 | [3] | 8,305,392 | [3] | |||||
Copper Gate [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 5,220,000 | [1] | |||||||
Cost adjusted for pay-downs | 5,220,000 | ||||||||
Unrealized Gain, held in trust | 563,656 | [1] | |||||||
Unrealized Gain | 0 | ||||||||
Unrealized Loss, held in trust | 0 | [1] | |||||||
Unrealized Loss | -252,648 | ||||||||
Estimated Fair Value, held in trust | 5,783,656 | [1] | |||||||
Estimated Fair Value | 4,967,352 | ||||||||
Cross Creek [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 6,074,817 | [3] | 6,042,297 | [3] | |||||
Unrealized Gain, held in trust | 2,542,262 | [3] | 1,480,266 | [3] | |||||
Unrealized Loss, held in trust | 0 | [3] | 0 | [3] | |||||
Estimated Fair Value, held in trust | 8,617,079 | [3] | 7,522,563 | [3] | |||||
Lake Forest [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 8,886,000 | [3] | 8,997,000 | [3] | |||||
Unrealized Gain, held in trust | 1,003,614 | [3] | 0 | [3] | |||||
Unrealized Loss, held in trust | 0 | [3] | -289,461 | [3] | |||||
Estimated Fair Value, held in trust | 9,889,614 | [3] | 8,707,539 | [3] | |||||
Runnymede [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 10,440,000 | [3] | 10,525,000 | [3] | |||||
Unrealized Gain, held in trust | 1,385,910 | [3] | 0 | [3] | |||||
Unrealized Loss, held in trust | 0 | [3] | -551,510 | [3] | |||||
Estimated Fair Value, held in trust | 11,825,910 | [3] | 9,973,490 | [3] | |||||
Southpark [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 11,842,206 | [3] | 11,878,885 | [2] | |||||
Unrealized Gain, held in trust | 3,743,692 | [3] | 1,018,750 | [3] | |||||
Unrealized Loss, held in trust | 0 | [3] | 0 | [3] | |||||
Estimated Fair Value, held in trust | 15,585,898 | [3] | 12,897,635 | [3] | |||||
The Palms at Premier Park [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 20,152,000 | [1] | |||||||
Cost adjusted for pay-downs | 20,152,000 | ||||||||
Unrealized Gain, held in trust | 2,680,619 | [1] | |||||||
Unrealized Gain | 0 | ||||||||
Unrealized Loss, held in trust | 0 | [1] | |||||||
Unrealized Loss | -283,942 | ||||||||
Estimated Fair Value, held in trust | 22,832,619 | [1] | |||||||
Estimated Fair Value | 19,868,058 | ||||||||
The Suites on Paseo [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 35,450,000 | [2] | 35,750,000 | [2] | |||||
Unrealized Gain, held in trust | 3,193,691 | [2] | 0 | [2] | |||||
Unrealized Loss, held in trust | 0 | [2] | -2,502 | [2] | |||||
Estimated Fair Value, held in trust | 38,643,691 | [2] | 35,747,498 | [2] | |||||
Tyler Park Apartments [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 8,100,000 | ||||||||
Unrealized Gain | 0 | ||||||||
Unrealized Loss | -526,601 | ||||||||
Estimated Fair Value | 7,573,399 | ||||||||
Vantage at Harlingen [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 6,692,000 | 6,692,000 | |||||||
Unrealized Gain | 707,813 | 0 | |||||||
Unrealized Loss | 0 | -211,735 | |||||||
Estimated Fair Value | 7,399,813 | 6,480,265 | |||||||
Vantage at Judson [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 6,049,000 | 6,049,000 | |||||||
Unrealized Gain | 717,230 | 0 | |||||||
Unrealized Loss | 0 | -190,423 | |||||||
Estimated Fair Value | 6,766,230 | 5,858,577 | |||||||
Lost Creek [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 15,883,084 | [3] | 15,900,000 | ||||||
Unrealized Gain, held in trust | 1,743,088 | [3] | |||||||
Unrealized Loss, held in trust | 0 | [3] | |||||||
Estimated Fair Value, held in trust | 17,626,172 | [3] | 18,500,000 | ||||||
Westside Village Market [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 5,400,000 | ||||||||
Unrealized Gain | 0 | ||||||||
Unrealized Loss | -403,400 | ||||||||
Estimated Fair Value | 4,996,600 | ||||||||
Woodlynn Village [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 4,390,000 | [3] | 4,426,000 | [3] | |||||
Unrealized Gain, held in trust | 376,706 | [3] | 0 | [3] | |||||
Unrealized Loss, held in trust | 0 | [3] | -340,979 | [3] | |||||
Estimated Fair Value, held in trust | 4,766,706 | [3] | 4,085,021 | [3] | |||||
Glenview Apts [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 6,723,000 | ||||||||
Unrealized Gain | 0 | ||||||||
Unrealized Loss | 0 | ||||||||
Estimated Fair Value | 6,723,000 | ||||||||
Heritage Square [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 11,705,000 | ||||||||
Unrealized Gain | 1,109,125 | ||||||||
Unrealized Loss | 0 | ||||||||
Estimated Fair Value | 12,814,125 | ||||||||
Montclair Apts [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 3,458,000 | ||||||||
Unrealized Gain | 0 | ||||||||
Unrealized Loss | 0 | ||||||||
Estimated Fair Value | 3,458,000 | ||||||||
Renaissance Gateway [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 12,675,000 | 7,975,000 | |||||||
Unrealized Gain | 1,055,807 | 0 | |||||||
Unrealized Loss | 0 | -16,964 | |||||||
Estimated Fair Value | 13,730,807 | 7,958,036 | |||||||
Santa Fe Apts [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 4,736,000 | ||||||||
Unrealized Gain | 0 | ||||||||
Unrealized Loss | 0 | ||||||||
Estimated Fair Value | 4,736,000 | ||||||||
Bruton Apts [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 18,145,000 | [2] | |||||||
Unrealized Gain, held in trust | 1,455,955 | [2] | |||||||
Unrealized Loss, held in trust | 0 | [2] | |||||||
Estimated Fair Value, held in trust | 19,600,955 | [2] | |||||||
Decatur-Angle [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 23,000,000 | [2] | |||||||
Unrealized Gain, held in trust | 919,540 | [2] | |||||||
Unrealized Loss, held in trust | 0 | [2] | |||||||
Estimated Fair Value, held in trust | 23,919,540 | [2] | |||||||
Estimated Fair Value | 23,000,000 | ||||||||
Live 929 Apartments [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 40,895,739 | [2] | |||||||
Unrealized Gain, held in trust | 3,797,745 | [2] | |||||||
Unrealized Loss, held in trust | 0 | [2] | |||||||
Estimated Fair Value, held in trust | 44,693,484 | [2] | |||||||
Estimated Fair Value | 40,300,000 | ||||||||
Pro Nova [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 20,095,169 | [2] | |||||||
Unrealized Gain, held in trust | 1,043,431 | [2] | |||||||
Unrealized Loss, held in trust | 0 | [2] | |||||||
Estimated Fair Value, held in trust | 21,138,600 | [2] | |||||||
Series B [Member] | Avistar at Chase Hill [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 965,000 | 2,005,000 | |||||||
Unrealized Gain | 144,769 | 0 | |||||||
Unrealized Loss | 0 | -159,117 | |||||||
Estimated Fair Value | 1,109,769 | 1,845,883 | 1,000,000 | 2,000,000 | |||||
Series B [Member] | Avistar at the Crest [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 759,000 | 1,700,000 | |||||||
Unrealized Gain | 124,286 | 0 | |||||||
Unrealized Loss | 0 | -134,912 | |||||||
Estimated Fair Value | 883,286 | 1,565,088 | 800,000 | 1,700,000 | |||||
Series B [Member] | Avistar at the Oaks [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 554,000 | ||||||||
Unrealized Gain | 54,325 | ||||||||
Unrealized Loss | 0 | ||||||||
Estimated Fair Value | 608,325 | 600,000 | |||||||
Series B [Member] | Avistar in 09 [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 457,000 | ||||||||
Unrealized Gain | 50,608 | ||||||||
Unrealized Loss | 0 | ||||||||
Estimated Fair Value | 507,608 | 500,000 | |||||||
Series B [Member] | Avistar on the Boulevard [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 451,000 | 3,216,000 | |||||||
Unrealized Gain | 73,851 | 0 | |||||||
Unrealized Loss | 0 | -255,222 | |||||||
Estimated Fair Value | 524,851 | 2,960,778 | 500,000 | 3,200,000 | |||||
Series B [Member] | Greens of Pine Glen [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 945,638 | 948,291 | |||||||
Unrealized Gain | 376,203 | 189,589 | |||||||
Unrealized Loss | 0 | 0 | |||||||
Estimated Fair Value | 1,321,841 | 1,137,880 | |||||||
Series B [Member] | Ohio Properties [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 3,573,430 | 3,583,590 | |||||||
Unrealized Gain | 668,542 | 150,864 | |||||||
Unrealized Loss | 0 | 0 | |||||||
Estimated Fair Value | 4,241,972 | 3,734,454 | |||||||
Series B [Member] | Tyler Park Apartments [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 2,025,000 | ||||||||
Unrealized Gain | 0 | ||||||||
Unrealized Loss | 17,395 | ||||||||
Estimated Fair Value | 2,007,605 | 2,000,000 | |||||||
Series B [Member] | Westside Village Market [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 1,430,000 | ||||||||
Unrealized Gain | 0 | ||||||||
Unrealized Loss | 686 | ||||||||
Estimated Fair Value | 1,429,314 | 1,400,000 | |||||||
Series B [Member] | Glenview Apts [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Estimated Fair Value | 2,000,000 | ||||||||
Series B [Member] | Harden Ranch [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Cost adjusted for pay-downs | 2,340,000 | ||||||||
Unrealized Gain | 0 | ||||||||
Unrealized Loss | 1,501 | ||||||||
Estimated Fair Value | 2,338,499 | 2,300,000 | |||||||
Series B [Member] | Heritage Square [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Estimated Fair Value | 500,000 | ||||||||
Series B [Member] | Montclair Apts [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Estimated Fair Value | 1,000,000 | ||||||||
Series B [Member] | Santa Fe Apts [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Estimated Fair Value | 1,700,000 | ||||||||
Series A [Member] | Avistar at Chase Hill [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 10,000,000 | [1] | 8,960,000 | [2] | |||||
Unrealized Gain, held in trust | 1,196,800 | [1] | 0 | [2] | |||||
Unrealized Loss, held in trust | 0 | [1] | -850,752 | [2] | |||||
Estimated Fair Value, held in trust | 11,196,800 | [1] | 8,109,248 | [2] | |||||
Estimated Fair Value | 10,000,000 | 9,000,000 | |||||||
Series A [Member] | Avistar at the Crest [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 9,700,000 | [1] | 8,759,000 | [2] | |||||
Unrealized Gain, held in trust | 1,419,692 | [1] | 0 | [2] | |||||
Unrealized Loss, held in trust | 0 | [1] | -1,298,785 | [2] | |||||
Estimated Fair Value, held in trust | 11,119,692 | [1] | 7,460,215 | [2] | |||||
Estimated Fair Value | 9,700,000 | 8,800,000 | |||||||
Series A [Member] | Avistar at the Oaks [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 7,800,000 | [1] | |||||||
Unrealized Gain, held in trust | 869,622 | [1] | |||||||
Unrealized Loss, held in trust | 0 | [1] | |||||||
Estimated Fair Value, held in trust | 8,669,622 | [1] | |||||||
Estimated Fair Value | 7,800,000 | ||||||||
Series A [Member] | Avistar in 09 [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 6,735,000 | [1] | |||||||
Unrealized Gain, held in trust | 750,885 | [1] | |||||||
Unrealized Loss, held in trust | 0 | [1] | |||||||
Estimated Fair Value, held in trust | 7,485,885 | [1] | |||||||
Estimated Fair Value | 6,700,000 | ||||||||
Series A [Member] | Avistar on the Boulevard [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 16,525,000 | [1] | 13,760,000 | [2] | |||||
Unrealized Gain, held in trust | 2,418,599 | [1] | 0 | [2] | |||||
Unrealized Loss, held in trust | 0 | [1] | -1,306,512 | [2] | |||||
Estimated Fair Value, held in trust | 18,943,599 | [1] | 12,453,488 | [2] | |||||
Estimated Fair Value | 16,500,000 | 13,800,000 | |||||||
Series A [Member] | Avistar on the Hills [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 5,389,000 | [1] | |||||||
Unrealized Gain, held in trust | 743,520 | [1] | |||||||
Unrealized Loss, held in trust | 0 | [1] | |||||||
Estimated Fair Value, held in trust | 6,132,520 | [1] | |||||||
Estimated Fair Value | 5,400,000 | ||||||||
Series A [Member] | Greens of Pine Glen [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 8,366,000 | [1] | 8,437,501 | [2] | |||||
Unrealized Gain, held in trust | 1,005,119 | [1] | 0 | [2] | |||||
Unrealized Loss, held in trust | 0 | [1] | -577,426 | [2] | |||||
Estimated Fair Value, held in trust | 9,371,119 | [1] | 7,860,075 | [2] | |||||
Series A [Member] | Ohio Properties [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 14,407,000 | [3] | 14,498,000 | [3] | |||||
Unrealized Gain, held in trust | 2,444,034 | [3] | 0 | [3] | |||||
Unrealized Loss, held in trust | 0 | [3] | 0 | [3] | |||||
Estimated Fair Value, held in trust | 16,851,034 | [3] | 14,498,000 | [3] | |||||
Series A [Member] | Tyler Park Apartments [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 6,075,000 | [1] | |||||||
Unrealized Gain, held in trust | 345,060 | [1] | |||||||
Unrealized Loss, held in trust | 0 | [1] | |||||||
Estimated Fair Value, held in trust | 6,420,060 | [1] | |||||||
Estimated Fair Value | 6,100,000 | ||||||||
Series A [Member] | Westside Village Market [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 3,970,000 | [1] | |||||||
Unrealized Gain, held in trust | 225,496 | [1] | |||||||
Unrealized Loss, held in trust | 0 | [1] | |||||||
Estimated Fair Value, held in trust | 4,195,496 | [1] | |||||||
Estimated Fair Value | 4,000,000 | ||||||||
Series A [Member] | Glenview Apts [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Estimated Fair Value | 4,700,000 | ||||||||
Series A [Member] | Harden Ranch [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 6,960,000 | [1] | |||||||
Unrealized Gain, held in trust | 511,421 | [1] | |||||||
Unrealized Loss, held in trust | 0 | [1] | |||||||
Estimated Fair Value, held in trust | 7,471,421 | [1] | |||||||
Estimated Fair Value | 7,000,000 | ||||||||
Series A [Member] | Heritage Square [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Estimated Fair Value | 11,200,000 | ||||||||
Series A [Member] | Montclair Apts [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Estimated Fair Value | 2,500,000 | ||||||||
Series A [Member] | Santa Fe Apts [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Estimated Fair Value | $3,000,000 | ||||||||
[1] | (3) Bonds owned by ATAX TEBS II, LLC, Note 11 | ||||||||
[2] | Bond held by Deutsche Bank in a secured financing transaction, Note 11 | ||||||||
[3] | Bonds owned by ATAX TEBS I, LLC, Note 11 |
Investments_in_Mortgage_Revenu1
Investments in Mortgage Revenue Bonds Certain Terms of Mortgage Revenue Bonds (Details) (USD $) | 12 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 6 Months Ended | |||||
Dec. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2015 | |||
Available-for-sale Securities, at Par Value | $409,506,066 | $299,841,918 | ||||||||||
Bruton Apts [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-54 | [1] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [1] | ||||||||||
Available-for-sale Securities, at Par Value | 18,145,000 | [1] | ||||||||||
Decatur-Angle [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-54 | [1] | 1-Jan-54 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | [1] | 5.80% | |||||||||
Available-for-sale Securities, at Par Value | 23,000,000 | [1] | ||||||||||
Live 929 Apartments [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-49 | [1] | 1-Jul-49 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.78% | [1] | 5.80% | |||||||||
Available-for-sale Securities, at Par Value | 40,245,000 | [1] | ||||||||||
Pro Nova 2014-1 [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-May-34 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||
Available-for-sale Securities, at Par Value | 10,000,000 | |||||||||||
Pro Nova 2014-2 [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-May-25 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | |||||||||||
Available-for-sale Securities, at Par Value | 10,000,000 | |||||||||||
Arbors at Hickory Ridge [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-49 | [2] | 1-Dec-49 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [2] | 6.25% | [1] | ||||||||
Available-for-sale Securities, at Par Value | 11,450,000 | [2] | 11,450,000 | [1] | ||||||||
Ashley Square [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-25 | [3] | 1-Dec-25 | [3] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [3] | 6.25% | [3] | ||||||||
Available-for-sale Securities, at Par Value | 5,159,000 | [3] | 5,212,000 | [3] | ||||||||
Autumn Pines [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-46 | [1] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | [1] | ||||||||||
Available-for-sale Securities, at Par Value | 13,110,000 | [1] | ||||||||||
Avistar Portfolio [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||||
Bella Vista [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-46 | [3] | 1-Apr-46 | [3] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.15% | [3] | 6.15% | [3] | ||||||||
Available-for-sale Securities, at Par Value | 6,490,000 | [3] | 6,545,000 | [3] | ||||||||
Bridle Ridge [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-43 | [3] | 1-Jan-43 | [3] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [3] | 6.00% | [3] | ||||||||
Available-for-sale Securities, at Par Value | 7,655,000 | [3] | 7,715,000 | [3] | ||||||||
Brookstone [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-May-40 | [3] | 1-May-40 | [3] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.45% | [3] | 5.45% | [3] | ||||||||
Available-for-sale Securities, at Par Value | 9,256,001 | [3] | 9,338,603 | [3] | ||||||||
Copper Gate [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-29 | [2] | 1-Dec-29 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [2] | 6.25% | |||||||||
Available-for-sale Securities, at Par Value | 5,220,000 | [2] | 5,220,000 | |||||||||
Cross Creek [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-49 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.15% | |||||||||||
Available-for-sale Securities, at Par Value | 8,422,997 | |||||||||||
Greens of Pine Glen [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-47 | |||||||||||
Lake Forest [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-31 | [3] | 1-Dec-31 | [3] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [3] | 6.25% | [3] | ||||||||
Available-for-sale Securities, at Par Value | 8,886,000 | [3] | 8,997,000 | [3] | ||||||||
Runnymede [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-42 | [3] | 1-Oct-42 | [3] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [3] | 6.00% | [3] | ||||||||
Available-for-sale Securities, at Par Value | 10,440,000 | [3] | 10,525,000 | [3] | ||||||||
Southpark [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-49 | [3] | 1-Dec-49 | [3] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.13% | [3] | 6.13% | [3] | ||||||||
Available-for-sale Securities, at Par Value | 13,680,000 | [3] | 13,795,000 | [3] | ||||||||
The Palms at Premier Park [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-50 | [2] | 1-Jan-50 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [2] | 6.25% | |||||||||
Available-for-sale Securities, at Par Value | 20,152,000 | [2] | 20,152,000 | |||||||||
The Suites on Paseo [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-48 | [1] | 1-Dec-48 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [1] | 6.25% | [1] | ||||||||
Available-for-sale Securities, at Par Value | 35,450,000 | [1] | 35,750,000 | [1] | ||||||||
Vantage at Judson [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Feb-53 | 1-Feb-53 | 1-Feb-53 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | |||||||||
Available-for-sale Securities, at Par Value | 6,049,000 | 6,049,000 | ||||||||||
Vantage at Harlingen [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-53 | 1-Oct-53 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | ||||||||||
Available-for-sale Securities, at Par Value | 6,692,000 | 6,692,000 | ||||||||||
Woodland Park [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | |||||||||||
Woodlynn Village [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Nov-42 | [3] | 1-Nov-42 | [3] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [3] | 6.00% | [3] | ||||||||
Available-for-sale Securities, at Par Value | 4,390,000 | [3] | 4,426,000 | [3] | ||||||||
Series A [Member] | Glenview Apts [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-31 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||||||
Available-for-sale Securities, at Par Value | 4,670,000 | |||||||||||
Series A [Member] | Harden Ranch [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-30 | [2] | 1-Mar-30 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | [2] | 5.80% | |||||||||
Available-for-sale Securities, at Par Value | 6,960,000 | [2] | ||||||||||
Series A [Member] | Heritage Square [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-51 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||||||||
Available-for-sale Securities, at Par Value | 11,185,000 | |||||||||||
Series A [Member] | Montclair Apts [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-31 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||||||
Available-for-sale Securities, at Par Value | 2,530,000 | |||||||||||
Series A [Member] | Renaissance Gateway [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||||||||
Available-for-sale Securities, at Par Value | 8,550,000 | 3,900,000 | 4,700,000 | 8,600,000 | ||||||||
Series A [Member] | Santa Fe Apts [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-31 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | |||||||||||
Available-for-sale Securities, at Par Value | 3,065,000 | |||||||||||
Series A [Member] | Avistar on the Boulevard [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-50 | [2] | 1-Mar-50 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [2] | 6.00% | [1] | ||||||||
Available-for-sale Securities, at Par Value | 16,525,000 | [2] | 13,760,000 | [1] | ||||||||
Series A [Member] | Avistar at Chase Hill [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-50 | [2] | 1-Mar-50 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [2] | 6.00% | [1] | ||||||||
Available-for-sale Securities, at Par Value | 10,000,000 | [2] | 8,960,000 | [1] | ||||||||
Series A [Member] | Avistar at the Crest [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-50 | [2] | 1-Mar-50 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [2] | 6.00% | [1] | ||||||||
Available-for-sale Securities, at Par Value | 9,700,000 | [2] | 8,759,000 | [1] | ||||||||
Series A [Member] | Avistar Portfolio [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-50 | 1-Mar-50 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||||||||
Series A [Member] | Avistar at the Oaks [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-50 | [2] | 1-Aug-50 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [2] | 6.00% | [1] | ||||||||
Available-for-sale Securities, at Par Value | 7,800,000 | [2] | 5,878,000 | [1] | ||||||||
Series A [Member] | Avistar in 09 [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-50 | [2] | 1-Aug-50 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [2] | 6.00% | [1] | ||||||||
Available-for-sale Securities, at Par Value | 6,735,000 | [2] | 5,482,000 | [1] | ||||||||
Series A [Member] | Avistar on the Hills [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-50 | [2] | 1-Aug-50 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [2] | 6.00% | [1] | ||||||||
Available-for-sale Securities, at Par Value | 5,389,000 | [2] | 3,091,000 | [1] | ||||||||
Series A [Member] | Avistar Portolio-2 [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-50 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||
Series A [Member] | Cross Creek [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-49 | [3] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.15% | [3] | ||||||||||
Available-for-sale Securities, at Par Value | 8,497,933 | [3] | ||||||||||
Series A [Member] | Greens of Pine Glen [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-47 | [2] | 1-Oct-47 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | [2] | 6.50% | [1] | 6.50% | |||||||
Available-for-sale Securities, at Par Value | 8,366,000 | [2] | 8,437,501 | [1] | 8,515,000 | |||||||
Series A [Member] | Ohio Properties [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | [3] | 1-Jun-50 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | [3] | 7.00% | [1] | ||||||||
Available-for-sale Securities, at Par Value | 14,407,000 | [3] | 14,498,000 | [1] | ||||||||
Series A [Member] | Rennaisance [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||
Available-for-sale Securities, at Par Value | 3,850,000 | |||||||||||
Series A [Member] | Tyler Park Apartments [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-30 | [2] | 1-Jan-30 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | [2] | 5.75% | |||||||||
Available-for-sale Securities, at Par Value | 6,075,000 | [2] | 6,075,000 | |||||||||
Series A [Member] | Lost Creek [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-41 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||||||
Available-for-sale Securities, at Par Value | 18,090,000 | |||||||||||
Series A [Member] | Westside Village Market [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-30 | [2] | 1-Jan-30 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | [2] | 5.75% | |||||||||
Available-for-sale Securities, at Par Value | 3,970,000 | [2] | 3,970,000 | |||||||||
Series C [Member] | Renaissance Gateway [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-15 | 1-Jun-15 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | ||||||||||
Available-for-sale Securities, at Par Value | 2,875,000 | 2,900,000 | ||||||||||
Series C [Member] | Avistar Portfolio [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-50 | 1-Apr-50 | 1-Apr-50 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | |||||||||
Available-for-sale Securities, at Par Value | 804,000 | 804,000 | 804,000 | |||||||||
Series C [Member] | Avistar Portolio-2 [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-50 | 1-Sep-50 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | ||||||||||
Available-for-sale Securities, at Par Value | 831,000 | 831,000 | ||||||||||
Series C [Member] | Rennaisance [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-15 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||||
Available-for-sale Securities, at Par Value | 2,875,000 | |||||||||||
Series C [Member] | Vantage at Judson [Member] | ||||||||||||
Available-for-sale Securities, at Par Value | 6,000,000 | 6,000,000 | ||||||||||
Series C [Member] | Vantage at Harlingen [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||||||||||
Available-for-sale Securities, at Par Value | 6,700,000 | |||||||||||
Series B [Member] | Glenview Apts [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-16 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||||
Available-for-sale Securities, at Par Value | 2,053,000 | |||||||||||
Series B [Member] | Harden Ranch [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-16 | 1-Mar-16 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | 8.00% | |||||||||
Available-for-sale Securities, at Par Value | 2,340,000 | |||||||||||
Series B [Member] | Heritage Square [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-51 | 1-Oct-51 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | ||||||||||
Available-for-sale Securities, at Par Value | 520,000 | |||||||||||
Series B [Member] | Montclair Apts [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-16 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||||
Available-for-sale Securities, at Par Value | 928,000 | |||||||||||
Series B [Member] | Renaissance Gateway [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | ||||||||||
Available-for-sale Securities, at Par Value | 1,250,000 | 1,300,000 | ||||||||||
Series B [Member] | Santa Fe Apts [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-16 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | |||||||||||
Available-for-sale Securities, at Par Value | 1,671,000 | |||||||||||
Series B [Member] | Avistar Portfolio [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-50 | 1-Apr-50 | 1-Apr-50 | 1-Apr-50 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | 9.00% | ||||||||
Available-for-sale Securities, at Par Value | 2,175,000 | 6,921,000 | ||||||||||
Series B [Member] | Avistar Portolio-2 [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-50 | 1-Sep-50 | 1-Sep-50 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | [1] | ||||||||
Available-for-sale Securities, at Par Value | 1,011,000 | 6,484,000 | [1] | |||||||||
Series B [Member] | Greens of Pine Glen [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-47 | 1-Oct-47 | [1] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 12.00% | [1] | 12.00% | ||||||||
Available-for-sale Securities, at Par Value | 945,638 | 948,291 | [1] | 950,000 | ||||||||
Series B [Member] | Ohio Properties [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | 1-Jun-50 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||||||||||
Available-for-sale Securities, at Par Value | 3,573,430 | 3,583,590 | ||||||||||
Series B [Member] | Rennaisance [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||||
Available-for-sale Securities, at Par Value | 1,250,000 | |||||||||||
Series B [Member] | Tyler Park Apartments [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-16 | 1-Jan-16 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | ||||||||||
Available-for-sale Securities, at Par Value | 2,025,000 | 2,025,000 | ||||||||||
Series B [Member] | Vantage at Judson [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | |||||||||||
Available-for-sale Securities, at Par Value | 26,700,000 | |||||||||||
Series B [Member] | Vantage at Harlingen [Member] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||
Series B [Member] | Westside Village Market [Member] | ||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-16 | 1-Jan-16 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | ||||||||||
Available-for-sale Securities, at Par Value | $1,430,000 | $1,430,000 | ||||||||||
[1] | Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||||||
[2] | (3) Bonds owned by ATAX TEBS II, LLC, Note 11 | |||||||||||
[3] | Bonds owned by ATAX TEBS I, LLC, Note 11 |
Investments_in_Mortgage_Revenu2
Investments in Mortgage Revenue Bonds Investment in Bonds Narrative Tagging (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 9 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||
Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2010 | Mar. 31, 2016 | Mar. 31, 2015 | ||||
Integer | entities | properties | Unit | Unit | ||||||||||||
entities | properties | |||||||||||||||
properties | ||||||||||||||||
Loans Receivable, Net | $15,990,439 | $15,990,439 | $15,102,229 | |||||||||||||
Restructuring of Available-for-sale Securities | 5,500,000 | |||||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 378,423,092 | 378,423,092 | 216,371,801 | |||||||||||||
Property loan receivable, gross | 22,191,515 | 22,191,515 | 21,549,927 | |||||||||||||
Available-for-sale Securities, at Par Value | 409,506,066 | 409,506,066 | 299,841,918 | |||||||||||||
Bond Purchase Commitment - Fair Market Value Adjustment - Asset | 5,780,413 | 5,780,413 | 0 | |||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 338,861,752 | 338,861,752 | 219,511,490 | |||||||||||||
Adverse change rate | 10.00% | 10.00% | ||||||||||||||
Number of Variable Interest Entities | 11 | 11 | 6 | |||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | -19,582 | 2,434,964 | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 65,538,068 | 65,538,068 | 71,040,881 | |||||||||||||
Available-for-sale Securities | 70,601,045 | 70,601,045 | 68,946,370 | |||||||||||||
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 0 | 0 | 4,852,177 | |||||||||||||
Contingent Interest Income | 40,000 | 6,497,160 | 0 | |||||||||||||
Mortgage Loans on Real Estate, Write-down or Reserve, Amt | 0 | -4,557,741 | 0 | |||||||||||||
Payments to Acquire Available-for-sale Securities | 142,794,827 | 148,624,000 | 28,561,857 | |||||||||||||
Available-for-sale Securities, Debt Securities | 4,616,565 | 4,616,565 | 4,075,953 | |||||||||||||
Number of Available for Sale Securities | 2 | |||||||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | -2,413,713 | -651,849 | ||||||||||||||
Debt financing | 345,359,000 | 345,359,000 | 257,274,000 | |||||||||||||
Effective rate - minimum [Member] | ||||||||||||||||
Effective rate | 4.70% | 4.70% | ||||||||||||||
Effective rate - maximum [Member] | ||||||||||||||||
Effective rate | 8.30% | 8.30% | ||||||||||||||
10% adverse [Member] | Effective rate - minimum [Member] | ||||||||||||||||
Effective rate | 5.10% | 5.10% | ||||||||||||||
10% adverse [Member] | Effective rate - maximum [Member] | ||||||||||||||||
Effective rate | 9.10% | 9.10% | ||||||||||||||
Available-for-sale Securities [Member] | 10% adverse [Member] | ||||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 26,200,000 | |||||||||||||||
Trading Securities [Member] | ||||||||||||||||
Debt financing | 174,250,000 | 174,250,000 | 164,295,000 | |||||||||||||
Glenview Apts [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 88 | 88 | ||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 6,723,000 | 6,723,000 | ||||||||||||||
Available-for-sale Securities | 6,723,000 | 6,723,000 | ||||||||||||||
Montclair Apts [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 80 | 80 | ||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 3,458,000 | 3,458,000 | ||||||||||||||
Available-for-sale Securities | 3,458,000 | 3,458,000 | ||||||||||||||
Santa Fe Apts [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 89 | 89 | ||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 4,736,000 | 4,736,000 | ||||||||||||||
Available-for-sale Securities | 4,736,000 | 4,736,000 | ||||||||||||||
Copper Gate [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 128 | |||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-29 | [1] | 1-Dec-29 | |||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 5,783,656 | [1] | 5,783,656 | [1] | ||||||||||||
Available-for-sale Securities, at Par Value | 5,220,000 | [1] | 5,220,000 | [1] | 5,220,000 | |||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 5,220,000 | [1] | 5,220,000 | [1] | ||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 252,648 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 5,220,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [1] | 6.25% | [1] | 6.25% | |||||||||||
Available-for-sale Securities | 4,967,352 | |||||||||||||||
Tyler Park Apartments [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 88 | |||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 526,601 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 8,100,000 | |||||||||||||||
Available-for-sale Securities | 7,573,399 | |||||||||||||||
Westside Village Market [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 81 | |||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 403,400 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 5,400,000 | |||||||||||||||
Available-for-sale Securities | 4,996,600 | |||||||||||||||
The Palms at Premier Park [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 240 | |||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-50 | [1] | 1-Jan-50 | |||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 22,832,619 | [1] | 22,832,619 | [1] | ||||||||||||
Available-for-sale Securities, at Par Value | 20,152,000 | [1] | 20,152,000 | [1] | 20,152,000 | |||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 20,152,000 | [1] | 20,152,000 | [1] | ||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 283,942 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 20,152,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [1] | 6.25% | [1] | 6.25% | |||||||||||
Available-for-sale Securities | 19,868,058 | |||||||||||||||
The Suites on Paseo [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 384 | |||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-48 | [2] | 1-Dec-48 | [2] | ||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 38,643,691 | [2] | 38,643,691 | [2] | 35,747,498 | [2] | ||||||||||
Available-for-sale Securities, at Par Value | 35,450,000 | [2] | 35,450,000 | [2] | 35,750,000 | [2] | ||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 35,450,000 | [2] | 35,450,000 | [2] | 35,750,000 | [2] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [2] | 6.25% | [2] | 6.25% | [2] | ||||||||||
Vantage at Harlingen [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 288 | |||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-53 | 1-Oct-53 | ||||||||||||||
Available-for-sale Securities, at Par Value | 6,692,000 | 6,692,000 | 6,692,000 | |||||||||||||
Bond Purchase Commitment - Fair Market Value Adjustment - Asset | 1,400,000 | 1,400,000 | ||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 211,735 | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 6,692,000 | 6,692,000 | 6,692,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | |||||||||||||
Available-for-sale Securities | 7,399,813 | 7,399,813 | 6,480,265 | |||||||||||||
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 1,700,000 | 1,700,000 | ||||||||||||||
Ohio Properties [Member] | ||||||||||||||||
Loans Receivable, Net | 2,976,659 | 2,976,659 | 2,760,118 | |||||||||||||
Property loan receivable, gross | 2,390,447 | 2,390,447 | 2,361,447 | |||||||||||||
Limited Partners' Contributed Capital | 6,500,000 | 6,500,000 | ||||||||||||||
Greens of Pine Glen [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-47 | |||||||||||||||
Loans Receivable, Net | 1,081,342 | 1,081,342 | 1,005,642 | |||||||||||||
Property loan receivable, gross | 850,000 | 850,000 | 876,000 | |||||||||||||
Limited Partners' Contributed Capital | 800,000 | 961,000 | 800,000 | |||||||||||||
Available-for-Sale Securities, Asset Ownership | 100.00% | |||||||||||||||
TOB Financing | 5,800,000 | |||||||||||||||
Iona Lakes [Member] | ||||||||||||||||
Proceeds from Sale of Available-for-sale Securities | 21,900,000 | 21,900,000 | ||||||||||||||
Contingent Interest Income | 6,500,000 | 6,500,000 | ||||||||||||||
Mortgage Loans on Real Estate, Write-down or Reserve, Amt | 4,600,000 | 4,600,000 | ||||||||||||||
Dublin [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 156 | |||||||||||||||
Kingswood [Member] [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 129 | |||||||||||||||
Waterford [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 133 | |||||||||||||||
Avistar at the Oaks [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 156 | |||||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 7,250,885 | [2] | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 8,354,000 | [2] | ||||||||||||||
Avistar on the Hills [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 129 | |||||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 4,971,276 | [2] | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 5,389,000 | [2] | ||||||||||||||
Avistar in 09 [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 133 | |||||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 6,603,746 | [2] | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 7,192,000 | [2] | ||||||||||||||
Renaissance Gateway [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 208 | |||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 16,964 | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 12,675,000 | 12,675,000 | 7,975,000 | |||||||||||||
Available-for-sale Securities | 13,730,807 | 13,730,807 | 7,958,036 | |||||||||||||
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 600,000 | |||||||||||||||
Avistar on the Boulevard [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 344 | 344 | ||||||||||||||
Avistar at Chase Hill [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 232 | 232 | ||||||||||||||
Avistar at the Crest [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 200 | 200 | ||||||||||||||
Avistar Portfolio [Member] | ||||||||||||||||
Loans Receivable, Net | 290,966 | 290,966 | ||||||||||||||
Restructuring of Available-for-sale Securities | 4,700,000 | |||||||||||||||
Property loan receivable, gross | 274,496 | 274,496 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||||||||
Debt Instrument, Maturity Date | 26-Jun-24 | |||||||||||||||
Vantage at Judson [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 288 | |||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Feb-53 | 1-Feb-53 | 1-Feb-53 | |||||||||||||
Available-for-sale Securities, at Par Value | 6,049,000 | 6,049,000 | 6,049,000 | |||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 190,423 | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 6,049,000 | 6,049,000 | 6,049,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | 9.00% | ||||||||||||
Contingent Interest Percentage | 3.00% | |||||||||||||||
Available-for-sale Securities | 6,766,230 | 6,766,230 | 5,858,577 | |||||||||||||
Forward Bond Commitment, Gross Unrealized Loss | -2,000,000 | 2,000,000 | ||||||||||||||
Arbors at Hickory Ridge [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-49 | [1] | 1-Dec-49 | [2] | ||||||||||||
Loans Receivable, Net | 217,311 | 217,311 | 204,243 | |||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 13,363,236 | [1] | 13,363,236 | [1] | 11,801,899 | [2] | ||||||||||
Property loan receivable, gross | 191,264 | 191,264 | 191,264 | |||||||||||||
Available-for-sale Securities, at Par Value | 11,450,000 | [1] | 11,450,000 | [1] | 11,450,000 | [2] | ||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 11,570,933 | [1] | 11,570,933 | [1] | 11,576,209 | [2] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [1] | 6.25% | [1] | 6.25% | [2] | ||||||||||
TOB Financing | 7,000,000 | |||||||||||||||
Pro Nova 1 and 2 [Member] | ||||||||||||||||
Debt Instrument, Maturity Date | 1-Jul-17 | |||||||||||||||
Discounted Purchase Price of Available-for-sale Security | 99.00% | 99.00% | ||||||||||||||
TOB Financing | 18,000,000 | 18,000,000 | ||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.00% | 4.00% | ||||||||||||||
Pro Nova 2014-2 [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-May-25 | |||||||||||||||
Available-for-sale Securities, at Par Value | 10,000,000 | 10,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.25% | 5.25% | ||||||||||||||
Debt Instrument, Maturity Date | 1-May-25 | |||||||||||||||
Available-for-sale Securities, Held in Trust, at Par Value | 10,000,000 | 10,000,000 | ||||||||||||||
Pro Nova 2014-1 [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-May-34 | |||||||||||||||
Available-for-sale Securities, at Par Value | 10,000,000 | 10,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||||||||||||
Debt Instrument, Maturity Date | 1-May-34 | |||||||||||||||
Available-for-sale Securities, Held in Trust, at Par Value | 10,000,000 | 10,000,000 | ||||||||||||||
Heritage Square [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 204 | |||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 11,705,000 | 11,705,000 | ||||||||||||||
Debt Instrument, Maturity Date | 1-Sep-51 | |||||||||||||||
Available-for-sale Securities | 12,814,125 | 12,814,125 | ||||||||||||||
Bruton Apartments [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 264 | |||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-54 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||
Available-for-sale Securities | 18,100,000 | |||||||||||||||
Live 929 Apartments [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 572 | |||||||||||||||
Settlement Liabilities, Current | 35,000,000 | |||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-49 | 1-Jul-49 | [2] | |||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 44,693,484 | [2] | 44,693,484 | [2] | ||||||||||||
Available-for-sale Securities, at Par Value | 40,245,000 | [2] | 40,245,000 | [2] | ||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 40,895,739 | [2] | 40,895,739 | [2] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.78% | [2] | 5.80% | 5.78% | [2] | |||||||||||
Available-for-sale Securities | 40,300,000 | |||||||||||||||
Payments to Acquire Available-for-sale Securities | 5,300,000 | |||||||||||||||
Autumn Pines [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-46 | [2] | ||||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 11,952,518 | [2] | ||||||||||||||
Available-for-sale Securities, at Par Value | 13,110,000 | [2] | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 12,147,873 | [2] | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | [2] | ||||||||||||||
Proceeds from Sale of Available-for-sale Securities | 13,100,000 | |||||||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | 900,000 | |||||||||||||||
Business Acquisition, Effective Date of Acquisition | 1-Jun-11 | |||||||||||||||
Harden Ranch [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 100 | |||||||||||||||
Decatur-Angle [Member] | ||||||||||||||||
Number of Units in Real Estate Property | 302 | |||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-54 | [2] | 1-Jan-54 | |||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 23,919,540 | [2] | 23,919,540 | [2] | ||||||||||||
Available-for-sale Securities, at Par Value | 23,000,000 | [2] | 23,000,000 | [2] | ||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 23,000,000 | [2] | 23,000,000 | [2] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | [2] | 5.75% | [2] | 5.80% | |||||||||||
Available-for-sale Securities | 23,000,000 | |||||||||||||||
Lost Creek [Member] | ||||||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 17,626,172 | [3] | 18,500,000 | |||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 15,883,084 | [3] | 15,900,000 | |||||||||||||
Proceeds from Sale of Available-for-sale Securities | 18,700,000 | 18,700,000 | ||||||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | 2,800,000 | |||||||||||||||
Avistar Portolio-2 [Member] | ||||||||||||||||
Loans Receivable, Net | 266,719 | 266,719 | ||||||||||||||
Property loan receivable, gross | 251,622 | 251,622 | ||||||||||||||
Avistar Portfolio 1 and 2 [Member] | ||||||||||||||||
Loans Receivable, Net | 526,000 | |||||||||||||||
Minimum [Member] | Vantage at Judson and Woodlynn Village [Member] | ||||||||||||||||
Unrealized Loss Position for Available-for-sale Securities | 12 months | |||||||||||||||
Series A [Member] | Glenview Apts [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-31 | |||||||||||||||
Available-for-sale Securities, at Par Value | 4,670,000 | 4,670,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | ||||||||||||||
Available-for-sale Securities | 4,700,000 | 4,700,000 | ||||||||||||||
Series A [Member] | Montclair Apts [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-31 | |||||||||||||||
Available-for-sale Securities, at Par Value | 2,530,000 | 2,530,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | ||||||||||||||
Available-for-sale Securities | 2,500,000 | 2,500,000 | ||||||||||||||
Series A [Member] | Santa Fe Apts [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-31 | |||||||||||||||
Available-for-sale Securities, at Par Value | 3,065,000 | 3,065,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% | ||||||||||||||
Available-for-sale Securities | 3,000,000 | 3,000,000 | ||||||||||||||
Series A [Member] | Concord Portfolio [Member] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||||||||||||
Debt Instrument, Maturity Date | 1-Dec-31 | |||||||||||||||
Series A [Member] | Tyler Park Apartments [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-30 | [1] | 1-Jan-30 | |||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 6,420,060 | [1] | 6,420,060 | [1] | ||||||||||||
Available-for-sale Securities, at Par Value | 6,075,000 | [1] | 6,075,000 | [1] | 6,075,000 | |||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 6,075,000 | [1] | 6,075,000 | [1] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | [1] | 5.75% | [1] | 5.75% | |||||||||||
Available-for-sale Securities | 6,100,000 | |||||||||||||||
Series A [Member] | Westside Village Market [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-30 | [1] | 1-Jan-30 | |||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 4,195,496 | [1] | 4,195,496 | [1] | ||||||||||||
Available-for-sale Securities, at Par Value | 3,970,000 | [1] | 3,970,000 | [1] | 3,970,000 | |||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 3,970,000 | [1] | 3,970,000 | [1] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | [1] | 5.75% | [1] | 5.75% | |||||||||||
Available-for-sale Securities | 4,000,000 | |||||||||||||||
Series A [Member] | Ohio Properties [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | [3] | 1-Jun-50 | [2] | ||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 16,851,034 | [3] | 16,851,034 | [3] | 14,498,000 | [3] | ||||||||||
Available-for-sale Securities, at Par Value | 14,407,000 | [3] | 14,407,000 | [3] | 14,498,000 | [2] | ||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 14,407,000 | [3] | 14,407,000 | [3] | 14,498,000 | [3] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | [3] | 7.00% | [3] | 7.00% | [2] | ||||||||||
Series A [Member] | Greens of Pine Glen [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-47 | [1] | 1-Oct-47 | [2] | ||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 9,371,119 | [1] | 9,371,119 | [1] | 7,860,075 | [2] | ||||||||||
Available-for-sale Securities, at Par Value | 8,366,000 | [1] | 8,366,000 | [1] | 8,437,501 | [2] | 8,515,000 | |||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 8,366,000 | [1] | 8,366,000 | [1] | 8,437,501 | [2] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | [1] | 6.50% | [1] | 6.50% | [2] | 6.50% | |||||||||
Series A [Member] | Dublin [Member] | ||||||||||||||||
Available-for-sale Securities | 5,900,000 | |||||||||||||||
Series A [Member] | Kingswood [Member] [Member] | ||||||||||||||||
Available-for-sale Securities | 3,100,000 | |||||||||||||||
Series A [Member] | Waterford [Member] | ||||||||||||||||
Available-for-sale Securities | 5,500,000 | |||||||||||||||
Series A [Member] | Dublin, Kingswood and Waterford [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-50 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||
Series A [Member] | Avistar at the Oaks [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-50 | [1] | 1-Aug-50 | [2] | ||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 8,669,622 | [1] | 8,669,622 | [1] | ||||||||||||
Available-for-sale Securities, at Par Value | 7,800,000 | [1] | 7,800,000 | [1] | 5,878,000 | [2] | ||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 7,800,000 | [1] | 7,800,000 | [1] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [1] | 6.00% | [1] | 6.00% | [2] | ||||||||||
Available-for-sale Securities | 7,800,000 | |||||||||||||||
Series A [Member] | Avistar on the Hills [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-50 | [1] | 1-Aug-50 | [2] | ||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 6,132,520 | [1] | 6,132,520 | [1] | ||||||||||||
Available-for-sale Securities, at Par Value | 5,389,000 | [1] | 5,389,000 | [1] | 3,091,000 | [2] | ||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 5,389,000 | [1] | 5,389,000 | [1] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [1] | 6.00% | [1] | 6.00% | [2] | ||||||||||
Available-for-sale Securities | 5,400,000 | |||||||||||||||
Series A [Member] | Avistar in 09 [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-50 | [1] | 1-Aug-50 | [2] | ||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 7,485,885 | [1] | 7,485,885 | [1] | ||||||||||||
Available-for-sale Securities, at Par Value | 6,735,000 | [1] | 6,735,000 | [1] | 5,482,000 | [2] | ||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 6,735,000 | [1] | 6,735,000 | [1] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [1] | 6.00% | [1] | 6.00% | [2] | ||||||||||
Available-for-sale Securities | 6,700,000 | |||||||||||||||
Series A [Member] | Renaissance Gateway [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | |||||||||||||||
Available-for-sale Securities, at Par Value | 8,550,000 | 8,550,000 | 3,900,000 | 4,700,000 | 8,600,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | |||||||||||||
Series A [Member] | Avistar on the Boulevard [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-50 | [1] | 1-Mar-50 | [2] | ||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 18,943,599 | [1] | 18,943,599 | [1] | 12,453,488 | [2] | ||||||||||
Available-for-sale Securities, at Par Value | 16,525,000 | [1] | 16,525,000 | [1] | 13,760,000 | [2] | ||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 16,525,000 | [1] | 16,525,000 | [1] | 13,760,000 | [2] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [1] | 6.00% | [1] | 6.00% | [2] | ||||||||||
Available-for-sale Securities | 16,500,000 | 13,800,000 | ||||||||||||||
Series A [Member] | Avistar at Chase Hill [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-50 | [1] | 1-Mar-50 | [2] | ||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 11,196,800 | [1] | 11,196,800 | [1] | 8,109,248 | [2] | ||||||||||
Available-for-sale Securities, at Par Value | 10,000,000 | [1] | 10,000,000 | [1] | 8,960,000 | [2] | ||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 10,000,000 | [1] | 10,000,000 | [1] | 8,960,000 | [2] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [1] | 6.00% | [1] | 6.00% | [2] | ||||||||||
Available-for-sale Securities | 10,000,000 | 9,000,000 | ||||||||||||||
Series A [Member] | Avistar at the Crest [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-50 | [1] | 1-Mar-50 | [2] | ||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 11,119,692 | [1] | 11,119,692 | [1] | 7,460,215 | [2] | ||||||||||
Available-for-sale Securities, at Par Value | 9,700,000 | [1] | 9,700,000 | [1] | 8,759,000 | [2] | ||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 9,700,000 | [1] | 9,700,000 | [1] | 8,759,000 | [2] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | [1] | 6.00% | [1] | 6.00% | [2] | ||||||||||
Available-for-sale Securities | 9,700,000 | 8,800,000 | ||||||||||||||
Series A [Member] | Avistar Portfolio [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-50 | 1-Mar-50 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | ||||||||||||||
Series A [Member] | Heritage Square [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-51 | |||||||||||||||
Available-for-sale Securities, at Par Value | 11,185,000 | 11,185,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 6.00% | |||||||||||||
Available-for-sale Securities | 11,200,000 | |||||||||||||||
Series A [Member] | Harden Ranch [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-30 | [1] | 1-Mar-30 | |||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 7,471,421 | [1] | 7,471,421 | [1] | ||||||||||||
Available-for-sale Securities, at Par Value | 6,960,000 | [1] | 6,960,000 | [1] | ||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 6,960,000 | [1] | 6,960,000 | [1] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | [1] | 5.75% | [1] | 5.80% | |||||||||||
Available-for-sale Securities | 7,000,000 | |||||||||||||||
Series A [Member] | Lost Creek [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-41 | |||||||||||||||
Available-for-sale Securities, at Par Value | 18,090,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||||||||||
Series A [Member] | Avistar Portolio-2 [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-50 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||
Series B [Member] | Glenview Apts [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-16 | |||||||||||||||
Available-for-sale Securities, at Par Value | 2,053,000 | 2,053,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | ||||||||||||||
Available-for-sale Securities | 2,000,000 | 2,000,000 | ||||||||||||||
Series B [Member] | Montclair Apts [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-16 | |||||||||||||||
Available-for-sale Securities, at Par Value | 928,000 | 928,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | ||||||||||||||
Available-for-sale Securities | 1,000,000 | 1,000,000 | ||||||||||||||
Series B [Member] | Santa Fe Apts [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-16 | |||||||||||||||
Available-for-sale Securities, at Par Value | 1,671,000 | 1,671,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | ||||||||||||||
Available-for-sale Securities | 1,700,000 | 1,700,000 | ||||||||||||||
Series B [Member] | Concord Portfolio [Member] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | 6.00% | 8.00% | |||||||||||||
Debt Instrument, Maturity Date | 1-Dec-16 | |||||||||||||||
Series B [Member] | Tyler Park Apartments [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-16 | 1-Jan-16 | ||||||||||||||
Available-for-sale Securities, at Par Value | 2,025,000 | 2,025,000 | 2,025,000 | |||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | -17,395 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 2,025,000 | 2,025,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | |||||||||||||
Available-for-sale Securities | 2,007,605 | 2,007,605 | 2,000,000 | |||||||||||||
Series B [Member] | Westside Village Market [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-16 | 1-Jan-16 | ||||||||||||||
Available-for-sale Securities, at Par Value | 1,430,000 | 1,430,000 | 1,430,000 | |||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | -686 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 1,430,000 | 1,430,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | |||||||||||||
Available-for-sale Securities | 1,429,314 | 1,429,314 | 1,400,000 | |||||||||||||
Series B [Member] | Vantage at Harlingen [Member] | ||||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||||||
Series B [Member] | Ohio Properties [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | 1-Jun-50 | ||||||||||||||
Available-for-sale Securities, at Par Value | 3,573,430 | 3,573,430 | 3,583,590 | |||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 3,573,430 | 3,573,430 | 3,583,590 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | 10.00% | |||||||||||||
Available-for-sale Securities | 4,241,972 | 4,241,972 | 3,734,454 | |||||||||||||
Series B [Member] | Greens of Pine Glen [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-47 | 1-Oct-47 | [2] | |||||||||||||
Available-for-sale Securities, at Par Value | 945,638 | 945,638 | 948,291 | [2] | 950,000 | |||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 945,638 | 945,638 | 948,291 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 12.00% | [2] | 12.00% | |||||||||||
Available-for-sale Securities | 1,321,841 | 1,321,841 | 1,137,880 | |||||||||||||
Series B [Member] | Dublin [Member] | ||||||||||||||||
Available-for-sale Securities | 2,500,000 | |||||||||||||||
Series B [Member] | Kingswood [Member] [Member] | ||||||||||||||||
Available-for-sale Securities | 2,300,000 | |||||||||||||||
Series B [Member] | Waterford [Member] | ||||||||||||||||
Available-for-sale Securities | 1,700,000 | |||||||||||||||
Series B [Member] | Dublin, Kingswood and Waterford [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-50 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||||||||||||||
Series B [Member] | Avistar at the Oaks [Member] | ||||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 554,000 | 554,000 | ||||||||||||||
Available-for-sale Securities | 608,325 | 600,000 | 608,325 | |||||||||||||
Series B [Member] | Avistar in 09 [Member] | ||||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 457,000 | 457,000 | ||||||||||||||
Available-for-sale Securities | 507,608 | 500,000 | 507,608 | |||||||||||||
Series B [Member] | Renaissance Gateway [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | |||||||||||||||
Available-for-sale Securities, at Par Value | 1,250,000 | 1,250,000 | 1,300,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | 12.00% | |||||||||||||
Series B [Member] | Avistar on the Boulevard [Member] | ||||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 255,222 | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 451,000 | 451,000 | 3,216,000 | |||||||||||||
Available-for-sale Securities | 524,851 | 524,851 | 2,960,778 | 500,000 | 3,200,000 | |||||||||||
Series B [Member] | Avistar at Chase Hill [Member] | ||||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 159,117 | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 965,000 | 965,000 | 2,005,000 | |||||||||||||
Available-for-sale Securities | 1,109,769 | 1,109,769 | 1,845,883 | 1,000,000 | 2,000,000 | |||||||||||
Series B [Member] | Avistar at the Crest [Member] | ||||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 134,912 | ||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 759,000 | 759,000 | 1,700,000 | |||||||||||||
Available-for-sale Securities | 883,286 | 883,286 | 1,565,088 | 800,000 | 1,700,000 | |||||||||||
Series B [Member] | Avistar Portfolio [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-50 | 1-Apr-50 | 1-Apr-50 | 1-Apr-50 | ||||||||||||
Available-for-sale Securities, at Par Value | 2,175,000 | 2,175,000 | 6,921,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | 9.00% | 9.00% | |||||||||||
Series B [Member] | Vantage at Judson [Member] | ||||||||||||||||
Available-for-sale Securities, at Par Value | 26,700,000 | 26,700,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% | ||||||||||||||
Series B [Member] | Heritage Square [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-51 | 1-Oct-51 | ||||||||||||||
Available-for-sale Securities, at Par Value | 520,000 | 520,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | 12.00% | |||||||||||||
Available-for-sale Securities | 500,000 | |||||||||||||||
Series B [Member] | Harden Ranch [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-16 | 1-Mar-16 | ||||||||||||||
Available-for-sale Securities, at Par Value | 2,340,000 | 2,340,000 | ||||||||||||||
Available-for-sale Securities, Gross Unrealized Loss | -1,501 | |||||||||||||||
Available-for-sale Securities, Amortized Cost Basis | 2,340,000 | 2,340,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | 5.50% | 8.00% | ||||||||||||
Available-for-sale Securities | 2,338,499 | 2,338,499 | 2,300,000 | |||||||||||||
Series B [Member] | Avistar Portolio-2 [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-50 | 1-Sep-50 | 1-Sep-50 | [2] | ||||||||||||
Available-for-sale Securities, at Par Value | 1,011,000 | 1,011,000 | 6,484,000 | [2] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | 9.00% | [2] | |||||||||||
Series B [Member] | Minimum [Member] | Vantage at Harlingen [Member] | ||||||||||||||||
Available-for-sale Securities, at Par Value | 18,000,000 | |||||||||||||||
Series B [Member] | Maximum [Member] | Vantage at Harlingen [Member] | ||||||||||||||||
Available-for-sale Securities, at Par Value | 24,700,000 | |||||||||||||||
Series A and B [Member] | Renaissance Gateway [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-30 | |||||||||||||||
Series C [Member] | Vantage at Harlingen [Member] | ||||||||||||||||
Available-for-sale Securities, at Par Value | 6,700,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||||||||||||||
Available-for-sale Securities | 6,700,000 | |||||||||||||||
Series C [Member] | Dublin, Kingswood and Waterford [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-50 | |||||||||||||||
Available-for-sale Securities, at Par Value | 831,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||||||||||||||
Series C [Member] | Renaissance Gateway [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-15 | 1-Jun-15 | ||||||||||||||
Available-for-sale Securities, at Par Value | 2,875,000 | 2,875,000 | 2,900,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | 12.00% | 12.00% | |||||||||||||
Series C [Member] | Avistar Portfolio [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-50 | 1-Apr-50 | 1-Apr-50 | |||||||||||||
Available-for-sale Securities, at Par Value | 804,000 | 804,000 | 804,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | |||||||||||||
Series C [Member] | Vantage at Judson [Member] | ||||||||||||||||
Available-for-sale Securities, at Par Value | 6,000,000 | 6,000,000 | 6,000,000 | |||||||||||||
Series C [Member] | Avistar Portolio-2 [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-50 | 1-Sep-50 | ||||||||||||||
Available-for-sale Securities, at Par Value | 831,000 | 831,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | ||||||||||||||
Series D [Member] | Vantage at Harlingen [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-53 | |||||||||||||||
Available-for-sale Securities, at Par Value | 1,283,000 | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||||||||||||||
Series D [Member] | Vantage at Judson [Member] | ||||||||||||||||
Available-for-sale Securities, at Par Value | 934,000 | |||||||||||||||
CALIFORNIA | ||||||||||||||||
Percentage of Available for Sale Securities by Location | 18.00% | 18.00% | 27.00% | |||||||||||||
San Antonio, Texas [Member] | ||||||||||||||||
Percentage of Available for Sale Securities by Location | 38.00% | 38.00% | 35.00% | |||||||||||||
San Diego, California [Member] | ||||||||||||||||
Percentage of Available for Sale Securities by Location | 10.00% | 10.00% | ||||||||||||||
General Partner [Member] | Autumn Pines [Member] | ||||||||||||||||
Reclassification of Tier II Income | 218,000 | |||||||||||||||
General Partner [Member] | Lost Creek [Member] | ||||||||||||||||
Reclassification of Tier II Income | 709,000 | |||||||||||||||
Limited Partner [Member] | Autumn Pines [Member] | ||||||||||||||||
Reclassification of Tier II Income | 650,000 | |||||||||||||||
Limited Partner [Member] | Lost Creek [Member] | ||||||||||||||||
Reclassification of Tier II Income | 2,100,000 | |||||||||||||||
TOB Facility-1 [Member] | Trading Securities [Member] | ||||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-14 | |||||||||||||||
Debt financing | $9,800,000 | $9,770,000 | $9,800,000 | |||||||||||||
[1] | (3) Bonds owned by ATAX TEBS II, LLC, Note 11 | |||||||||||||||
[2] | Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||||||||||
[3] | Bonds owned by ATAX TEBS I, LLC, Note 11 |
Public_Housing_Capital_Fund_Tr2
Public Housing Capital Fund Trusts Narrative Tagging (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Adverse change rate | 10.00% | |||
Available-for-sale Securities, Gross Unrealized Losses | ($19,582) | $2,434,964 | ||
Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Number of Available for Sale Securities, Public Housing Authorities | 3 | 3 | ||
Available for Sale Securities, not Including Premiums | 59,308,398 | 65,264,703 | 65,264,703 | 59,300,000 |
Adverse change rate | 10.00% | |||
LIFERS [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-Sale Securities, Ownership Percentage | 100.00% | |||
LIFERS [Member] | Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
TOB Financing | 16,000,000 | 16,000,000 | ||
SPEARS [Member] | Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
TOB Financing | 44,700,000 | 49,000,000 | 49,000,000 | |
Effective rate - minimum [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Effective rate | 4.70% | |||
Effective rate - minimum [Member] | Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Effective rate | 4.20% | |||
Effective rate - maximum [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Effective rate | 8.30% | |||
Effective rate - maximum [Member] | Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Effective rate | 5.40% | |||
10% adverse [Member] | Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Gross Unrealized Losses | $2,300,000 | |||
10% adverse [Member] | Effective rate - minimum [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Effective rate | 5.10% | |||
10% adverse [Member] | Effective rate - minimum [Member] | Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Effective rate | 4.70% | |||
10% adverse [Member] | Effective rate - maximum [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Effective rate | 9.10% | |||
10% adverse [Member] | Effective rate - maximum [Member] | Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Effective rate | 6.00% |
Public_Housing_Capital_Fund_Tr3
Public Housing Capital Fund Trusts Information Table on Public Housing Capital Fund Trusts (Details) (Public housing capital fund trusts [Member], USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Principal Outstanding September 30, 2012 | 59,308,398 | 65,264,703 | $65,264,703 | $59,300,000 |
Public Housing Capital Fund Trust I [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Weighted Average Interest Rate over Life | 5.33% | 5.33% | ||
Principal Outstanding September 30, 2012 | 25,980,780 | 26,406,558 | ||
Public Housing Capital Fund Trust II [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Weighted Average Interest Rate over Life | 4.28% | 4.24% | ||
Principal Outstanding September 30, 2012 | 12,429,186 | 17,959,713 | ||
Public Housing Capital Fund Trust III [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Weighted Average Interest Rate over Life | 5.42% | 5.41% | ||
Principal Outstanding September 30, 2012 | 20,898,432 | 20,898,432 | ||
Standard & Poor's, AA- Rating [Member] | Public Housing Capital Fund Trust I [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Weighted Average Lives (Years) | 10 years 3 months 0 days | 12 years 9 months 0 days | ||
Investment Rating | AA- | AA- | ||
Standard & Poor's, AA- Rating [Member] | Public Housing Capital Fund Trust II [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Weighted Average Lives (Years) | 12 years 3 months 18 days | |||
Investment Rating | AA- | |||
Standard & Poor's, A+ Rating [Member] | Public Housing Capital Fund Trust II [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Weighted Average Lives (Years) | 9 years 8 months 20 days | |||
Investment Rating | A+ | |||
Standard & Poor's, BBB Rating [Member] | Public Housing Capital Fund Trust III [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Weighted Average Lives (Years) | 10 years 9 months 23 days | 13 years 3 months 18 days | ||
Investment Rating | BBB | BBB |
Public_Housing_Capital_Fund_Tr4
Public Housing Capital Fund Trusts Mark to Market PHC (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||
Estimated Fair Value | $61,263,123 | $62,056,379 |
Public housing capital fund trusts [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost adjusted for amortization of premium and discounts | 59,887,921 | 65,901,114 |
Unrealized Gain | 1,375,202 | 0 |
Unrealized Loss | 0 | -3,844,735 |
Estimated Fair Value | 61,263,123 | 62,056,379 |
Public Housing Capital Fund Trust I [Member] | Public housing capital fund trusts [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost adjusted for amortization of premium and discounts | 27,414,100 | 27,979,527 |
Unrealized Gain | 933,789 | 0 |
Unrealized Loss | 0 | -1,284,873 |
Estimated Fair Value | 28,347,889 | 26,694,654 |
Public Housing Capital Fund Trust II [Member] | Public housing capital fund trusts [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost adjusted for amortization of premium and discounts | 11,999,721 | 17,486,739 |
Unrealized Gain | 152,293 | 0 |
Unrealized Loss | 0 | -1,083,235 |
Estimated Fair Value | 12,152,014 | 16,403,504 |
Public Housing Capital Fund Trust III [Member] | Public housing capital fund trusts [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Cost adjusted for amortization of premium and discounts | 20,474,100 | 20,434,848 |
Unrealized Gain | 289,120 | 0 |
Unrealized Loss | 0 | -1,476,627 |
Estimated Fair Value | $20,763,220 | $18,958,221 |
MBS_Investments_Narrative_Tagg
MBS Investments Narrative Tagging (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | |||
Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Mar. 31, 2014 | |
Integer | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Tolerable Range of Difference in Valuation | 0.00% | 0.00% | ||||
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Available-for-sale | $3,800,000 | $0 | $12,629,888 | $37,573,386 | ||
Adverse change rate | 10.00% | 10.00% | ||||
Available-for-sale Securities, Gross Unrealized Losses | -19,582 | 2,434,964 | ||||
Effective rate - minimum [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Effective rate | 4.70% | 4.70% | ||||
Effective rate - maximum [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Effective rate | 8.30% | 8.30% | ||||
Trust Portfolio--MBS Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Number of Available for Sale Securities, Mortgage Backed Securities | 6 | 6 | ||||
Available for Sale Securities, not Including Premiums | 3,700,000 | 14,765,000 | 42,830,000 | 31,620,000 | 14,765,000 | |
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Available-for-sale | 24,600,000 | |||||
Sale of Available for Sale Securities, not Including Premiums | 24,400,000 | 24,400,000 | ||||
Adverse change rate | 10.00% | 10.00% | ||||
Available-for-sale Securities, Gross Unrealized Losses | -526,083 | -5,956,155 | ||||
Trust Portfolio--MBS Bonds [Member] | Effective rate - minimum [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Effective rate | 3.70% | 3.70% | ||||
Trust Portfolio--MBS Bonds [Member] | Effective rate - maximum [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Effective rate | 5.20% | 5.20% | ||||
LIFERS [Member] | Trust Portfolio--MBS Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available for Sale Securities, not Including Premiums | 9,200,000 | 9,200,000 | ||||
TOB Financing | 6,500,000 | |||||
SPEARS [Member] | Trust Portfolio--MBS Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
TOB Financing | 34,900,000 | 34,900,000 | ||||
10% adverse [Member] | Effective rate - minimum [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Effective rate | 5.10% | 5.10% | ||||
10% adverse [Member] | Effective rate - maximum [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Effective rate | 9.10% | 9.10% | ||||
10% adverse [Member] | Trust Portfolio--MBS Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Gross Unrealized Losses | 800,000 | |||||
10% adverse [Member] | Trust Portfolio--MBS Bonds [Member] | Effective rate - minimum [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Effective rate | 4.10% | 4.10% | ||||
10% adverse [Member] | Trust Portfolio--MBS Bonds [Member] | Effective rate - maximum [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Effective rate | 5.80% | 5.80% | ||||
Mortgage Backed Security Trust 4 [Member] | Trust Portfolio--MBS Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
TOB Financing | 6,000,000 | 6,000,000 | ||||
Mortgage Backed Security Trust 5 [Member] [Member] | Trust Portfolio--MBS Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
TOB Financing | 5,300,000 | 5,300,000 | 2,500,000 | |||
Mortgage Backed Security Trust 5 [Member] [Member] | LIFERS [Member] | Trust Portfolio--MBS Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
TOB Financing | 540,000 | |||||
Mortgage Backed Security Trust 5 [Member] [Member] | SPEARS [Member] | Trust Portfolio--MBS Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
TOB Financing | 2,000,000 | |||||
Mortgage Backed Security Trust 6 [Member] | Trust Portfolio--MBS Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
TOB Financing | 7,800,000 | 7,800,000 | ||||
Mortgage Backed Security Trusts 4, 5, 6 [Member] | Trust Portfolio--MBS Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
TOB Financing | $19,100,000 | $19,100,000 |
MBS_Investments_Carrying_Value
MBS Investments Carrying Value of Asset (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | $65,538,068 | $71,040,881 | ||
Unrealized Gain | 5,082,559 | 340,453 | ||
Available-for-sale Securities, Gross Unrealized Losses | -19,582 | 2,434,964 | ||
Mortgage backed securities, at fair value | 14,841,558 | 37,845,661 | ||
Trust Portfolio--MBS Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Amortized Cost Basis | 15,367,641 | 43,801,816 | ||
Unrealized Gain | 0 | 0 | ||
Available-for-sale Securities, Gross Unrealized Losses | -526,083 | -5,956,155 | ||
Mortgage backed securities, at fair value | 14,841,558 | 37,845,661 | ||
Trust Portfolio--MBS Bonds [Member] | Standard & Poor's, AAA Rating [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Debt Instrument, Credit Rating | "AAA" | [1] | bAAAb | [1] |
Available-for-sale Securities, Amortized Cost Basis | 5,304,974 | 23,177,115 | ||
Unrealized Gain | 0 | |||
Available-for-sale Securities, Gross Unrealized Losses | -250,624 | -3,069,555 | ||
Mortgage backed securities, at fair value | 5,054,350 | 20,107,560 | ||
Trust Portfolio--MBS Bonds [Member] | Standard & Poor's, AA Rating [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Debt Instrument, Credit Rating | "AA" | [1] | bAAb | [1] |
Available-for-sale Securities, Amortized Cost Basis | 10,062,667 | 20,624,701 | ||
Unrealized Gain | 0 | |||
Available-for-sale Securities, Gross Unrealized Losses | -275,459 | -2,886,600 | ||
Mortgage backed securities, at fair value | $9,787,208 | $17,738,101 | ||
[1] | (1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented. |
MBS_Investments_Terms_of_MBS_D
MBS Investments Terms of MBS (Details) (Trust Portfolio--MBS Bonds [Member], USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2012 | |||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available for Sale Securities, not Including Premiums | $14,765,000 | $42,830,000 | $3,700,000 | $31,620,000 | ||
Debt, Weighted Average Interest Rate | 1.10% | 1.30% | ||||
Standard & Poor's, AAA Rating [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Debt Instrument, Credit Rating | "AAA" | [1] | bAAAb | [1] | ||
Available for Sale Securities, not Including Premiums | 5,000,000 | 22,710,000 | ||||
Debt Instrument, Maturity Date | 1-Jul-32 | 9-Dec-37 | ||||
Debt, Weighted Average Interest Rate | 4.60% | 4.05% | ||||
Standard & Poor's, AA Rating [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Debt Instrument, Credit Rating | "AA" | [1] | bAAb | [1] | ||
Available for Sale Securities, not Including Premiums | $9,765,000 | $20,120,000 | ||||
Debt Instrument, Maturity Date | 9-Jul-36 | 5-Feb-37 | ||||
Debt, Weighted Average Interest Rate | 4.20% | 4.00% | ||||
[1] | (1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented. |
Real_Estate_Assets_Fair_Value_
Real Estate Assets Fair Value of Acquisition (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Real estate assets | $122,808,314 | $103,148,934 | ||
Total assets | 744,239,217 | 534,233,032 | 413,150,755 | |
Accounts payable, accrued expenses and other liabilities | 4,627,089 | 5,450,694 | ||
Partners' Capital | 309,943,899 | 203,134,087 | 181,917,192 | |
Total Liabilities and Partners' Capital | 744,239,217 | 534,233,032 | ||
Woodland Park [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Other current assets | 201,321 | |||
In-place lease assets | 403,216 | |||
Real estate assets | 15,258,784 | |||
Total assets | 15,863,321 | |||
Accounts payable, accrued expenses and other liabilities | 192,345 | |||
Partners' Capital | 15,670,976 | |||
Total Liabilities and Partners' Capital | $15,863,321 |
Real_Estate_Assets_Business_Co
Real Estate Assets Business Combination, Proforma Income Statement (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Net income (loss) allocated to unitholders | $14,613,105 | $17,414,885 | $5,278,378 | ||||||||
Unitholders' interest in net income (loss) per unit (basic and diluted) | $0.04 | $0.06 | $0.05 | $0.10 | $0.04 | $0.08 | $0 | $0.19 | $0.25 | $0.40 | $0.14 |
Eagle Village, Arboretum and Maples on 97th [Member] [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenues | 47,562,142 | 27,128,238 | |||||||||
Net Income (loss) | 17,715,489 | 4,428,949 | |||||||||
Net income (loss) allocated to unitholders | $17,415,449 | $5,260,661 | |||||||||
Unitholders' interest in net income (loss) per unit (basic and diluted) | $0.40 | $0.14 |
Real_Estate_Assets_MF_Properti
Real Estate Assets MF Properties (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $5,741,590 | $5,171,703 | $4,029,711 | |
Land and land improvements | 15,589,893 | 11,081,992 | ||
Buildings and improvements | 131,910,221 | 111,195,695 | ||
Carrying Value | 147,500,114 | 122,277,687 | ||
The 50/50 Student Housing--UNL [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Units | 475 | |||
Real Estate [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Depreciation | 4,801,533 | 3,804,499 | 2,485,365 | |
Number of Units | 2,163 | |||
Carrying Value | 119,980,369 | 99,498,848 | ||
Accumulated Depreciation - MF Properties | -14,108,154 | -9,386,811 | ||
Property, Plant and Equipment, Net | 105,872,215 | 90,112,037 | ||
Real Estate [Member] | Arboretum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Units | 145 | 145 | ||
Land and land improvements | 1,748,502 | 1,739,554 | ||
Buildings and improvements | 19,216,623 | 19,123,872 | ||
Carrying Value | 20,965,125 | 20,863,426 | ||
Real Estate [Member] | Eagle Village [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Units | 511 | 511 | ||
Land and land improvements | 567,880 | 567,880 | ||
Buildings and improvements | 12,472,151 | 12,336,975 | ||
Carrying Value | 13,040,031 | 12,904,855 | ||
Real Estate [Member] | Glynn Place [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Units | 128 | 128 | ||
Land and land improvements | 743,996 | 743,996 | ||
Buildings and improvements | 4,995,658 | 4,937,172 | ||
Carrying Value | 5,739,654 | 5,681,168 | ||
Real Estate [Member] | Meadowview [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Units | 118 | 118 | ||
Land and land improvements | 688,539 | 688,539 | ||
Buildings and improvements | 5,479,342 | 5,416,293 | ||
Carrying Value | 6,167,881 | 6,104,832 | ||
Real Estate [Member] | Residences at DeCordova [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Units | 110 | 110 | ||
Land and land improvements | 1,137,832 | 1,137,832 | ||
Buildings and improvements | 8,007,390 | 7,965,574 | ||
Carrying Value | 9,145,222 | 9,103,406 | ||
Real Estate [Member] | Residences at Weatherford [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Units | 76 | 76 | ||
Land and land improvements | 1,942,229 | 1,927,701 | ||
Buildings and improvements | 5,724,456 | 5,695,600 | ||
Carrying Value | 7,666,685 | 7,623,301 | ||
Real Estate [Member] | Woodland Park [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Units | 236 | 236 | ||
Land and land improvements | 1,265,160 | 1,260,032 | ||
Buildings and improvements | 14,167,096 | 14,033,777 | ||
Carrying Value | 15,432,256 | 15,293,809 | ||
Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Units | 475 | |||
Land and land improvements | 0 | 0 | [1] | |
Buildings and improvements | 32,820,776 | 13,130,325 | [1] | |
Carrying Value | 32,820,776 | 13,130,325 | [1] | |
Real Estate [Member] | Maples on 97th [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Number of Units | 258 | 258 | ||
Land and land improvements | 1,180,058 | 1,180,058 | ||
Buildings and improvements | 7,822,681 | 7,613,668 | ||
Carrying Value | $9,002,739 | $8,793,726 | ||
[1] | (1) The construction work in process represents pre-development architecture and engineering costs related to The 50/50 Student Housing at UNL, a 475 bed student housing project, which was built above a 1,605 parking stall garage to be constructed at the University of Nebraska-Lincoln. |
Real_Estate_Assets_Variable_In
Real Estate Assets Variable Interest Entities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $5,741,590 | $5,171,703 | $4,029,711 |
Land and land improvements | 15,589,893 | 11,081,992 | |
Buildings and improvements | 131,910,221 | 111,195,695 | |
Carrying Value | 147,500,114 | 122,277,687 | |
VIE Property, Plant and Equipment, Gross | 23,040,448 | 22,778,839 | |
Accumulated Depreciation - VIES | -10,583,646 | -9,741,942 | |
VIE Property Property, Plant and Equipment, Net | 12,456,802 | 13,036,897 | |
Bent Tree [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Units | 232 | 232 | |
Land and land improvements | 986,000 | 986,000 | |
Buildings and improvements | 12,303,982 | 12,097,419 | |
Carrying Value | 13,289,982 | 13,083,419 | |
Fairmont Oaks [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of Units | 178 | 178 | |
Land and land improvements | 850,400 | 850,400 | |
Buildings and improvements | 8,900,066 | 8,845,020 | |
Carrying Value | $9,750,466 | $9,695,420 |
Real_Estate_Assets_Narrative_T
Real Estate Assets Narrative Tagging (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jun. 30, 2013 | |
Unit | ||||
Long-term Debt | $57,087,320 | $76,707,834 | ||
Woodland Park [Member] | ||||
Business Acquisition, Pro Forma Revenue | 1,000,000 | |||
Net Income (Loss) Attributable to Parent | 164,000 | |||
Real Estate Acquired Through Foreclosure | 15,700,000 | |||
Maples on 97th [Member] | ||||
Business Acquisition, Pro Forma Revenue | 604,000 | |||
Net Income (Loss) Attributable to Parent | 235,000 | |||
Business Acquisition, Effective Date of Acquisition | 29-Aug-12 | |||
The 50/50 Student Housing--UNL [Member] | ||||
Operating Leases, Rent Expense | 100 | |||
Number of Parking Stalls | 1,605 | |||
Number of Units in Real Estate Property | 475 | |||
Third Party Contribution to Building | 16,700,000 | |||
Estimated Total Cost of Construction | 33,800,000 | |||
Consolidated Properties [Member] | ||||
Number of Real Estate Properties | 9 | |||
Limited Partner [Member] | Consolidated Properties [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.00% | |||
Number of Real Estate Properties | 3 | |||
Limited Liability Company [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||
Number of Limited Liability Companies | 6 | |||
General Partner [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | |||
Real Estate [Member] | ||||
Number of Real Estate Properties | 9 | |||
Number of Units in Real Estate Property | 2,163 | |||
Long-term Debt | 57,087,320 | 76,707,834 | ||
Real Estate [Member] | Eagle Village [Member] | ||||
Number of Units in Real Estate Property | 511 | 511 | ||
Long-term Debt | 8,828,435 | 8,224,671 | ||
Long Term Debt, Maturity date at a point in time | 1-Jun-14 | 1-Sep-15 | ||
Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | ||||
Number of Units in Real Estate Property | 475 | |||
Long-term Debt | 7,177,438 | |||
Long Term Debt, Maturity date at a point in time | 1-Mar-20 | |||
Available-for-sale Securities [Member] | ||||
Land | 4,500,000 | |||
Available-for-sale Securities [Member] | St. Petersburg [Member] | ||||
Land | 3,000,000 | |||
Available-for-sale Securities [Member] | Kansas and California [Member] | ||||
Land | 1,500,000 | |||
KANSAS | Real Estate [Member] | ||||
Number of Real Estate Properties | 1 | |||
NEBRASKA | Real Estate [Member] | ||||
Number of Real Estate Properties | 3 | |||
KENTUCKY | Real Estate [Member] | ||||
Number of Real Estate Properties | 1 | |||
INDIANA | Real Estate [Member] | ||||
Number of Real Estate Properties | 1 | |||
GEORGIA | Real Estate [Member] | ||||
Number of Real Estate Properties | 1 | |||
TEXAS | Real Estate [Member] | ||||
Number of Real Estate Properties | 2 | |||
Conventional Mortgage Loan [Member] | The 50/50 Student Housing--UNL [Member] | ||||
Long-term Debt | 25,500,000 | 25,500,000 | ||
Long Term Debt, Maturity date at a point in time | 1-Apr-20 | |||
Tax Increment Financing [Member] | The 50/50 Student Housing--UNL [Member] | ||||
Long-term Debt | 4,300,000 | |||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.70% | |||
Long Term Debt, Maturity date at a point in time | 1-Jan-19 | |||
Tax Increment Financing [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | ||||
Long-term Debt | $4,299,990 | |||
Long Term Debt, Maturity date at a point in time | 1-Dec-19 |
Real_Estate_Assets_Parenthetic
Real Estate Assets Parenthetical Tagging (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Depreciation | $5,741,590 | $5,171,703 | $4,029,711 |
Consolidated Properties [Member] | |||
Depreciation | 4,800,000 | 3,800,000 | |
Variable Interest Entity, Primary Beneficiary [Member] | |||
Depreciation | $940,000 | $1,400,000 |
Other_Assets_Other_Assets_Deta
Other Assets Other Assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property loan receivable, gross | $22,191,515 | $21,549,927 |
Loans and Leases Receivable, Allowance | 7,098,814 | 7,023,814 |
Deferred Finance Costs, Net | 4,659,104 | 2,503,679 |
Interest Rate Derivatives, at Fair Value, Net | 267,669 | 888,120 |
Available-for-sale Securities, Debt Securities | 4,616,565 | 4,075,953 |
Inventory, Land Held-for-sale | 0 | 1,465,000 |
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 5,780,413 | 0 |
Other Assets, Miscellaneous | 885,075 | 899,426 |
Other Assets | $31,301,527 | $24,358,291 |
Other_Assets_Loan_Receivable_a
Other Assets Loan Receivable and Allowance (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, outstanding balance | $22,191,515 | $21,549,927 |
Accrued interest | 8,324,812 | 6,770,593 |
Loan loss reserves | -7,098,814 | -7,023,814 |
Interest Allowance | -7,427,074 | -6,194,477 |
Net taxable loans | 15,990,439 | 15,102,229 |
Arbors at Hickory Ridge [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 191,264 | 191,264 |
Accrued interest | 26,047 | 12,979 |
Loan loss reserves | 0 | 0 |
Interest Allowance | 0 | 0 |
Net taxable loans | 217,311 | 204,243 |
Ashley Square [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 5,078,342 | 5,078,342 |
Accrued interest | 2,455,660 | 2,053,415 |
Loan loss reserves | -3,596,342 | -3,596,342 |
Interest Allowance | -2,455,660 | -2,053,415 |
Net taxable loans | 1,482,000 | 1,482,000 |
Avistar Portfolio [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 274,496 | |
Accrued interest | 16,470 | |
Loan loss reserves | 0 | |
Interest Allowance | 0 | |
Net taxable loans | 290,966 | |
Avistar Portolio-2 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 251,622 | |
Accrued interest | 15,097 | |
Loan loss reserves | 0 | |
Interest Allowance | 0 | |
Net taxable loans | 266,719 | |
Cross Creek [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 6,976,087 | 6,821,087 |
Accrued interest | 2,084,804 | 1,825,389 |
Loan loss reserves | -3,447,472 | -3,372,472 |
Interest Allowance | -2,084,804 | -1,825,389 |
Net taxable loans | 3,528,615 | 3,448,615 |
Greens of Pine Glen [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 850,000 | 876,000 |
Accrued interest | 231,342 | 130,563 |
Loan loss reserves | 0 | 0 |
Interest Allowance | 0 | -921 |
Net taxable loans | 1,081,342 | 1,005,642 |
Foundation for Affordable Housing [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 1,560,553 | 1,603,083 |
Accrued interest | 1,735 | 13,989 |
Loan loss reserves | 0 | 0 |
Interest Allowance | 0 | 0 |
Net taxable loans | 1,562,288 | 1,617,072 |
Lake Forest [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 4,618,704 | 4,618,704 |
Accrued interest | 2,599,613 | 2,148,881 |
Loan loss reserves | -55,000 | -55,000 |
Interest Allowance | -2,578,778 | -2,128,046 |
Net taxable loans | 4,584,539 | 4,584,539 |
Ohio Properties [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 2,390,447 | 2,361,447 |
Accrued interest | 894,044 | 585,377 |
Loan loss reserves | 0 | 0 |
Interest Allowance | -307,832 | -186,706 |
Net taxable loans | $2,976,659 | $2,760,118 |
Other_Assets_Schedule_of_Loan_
Other Assets Schedule of Loan Receivable (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loan Receivable beginning of period | $7,023,814 | $12,272,671 | $12,272,671 |
Gain (Loss) on Sale of Notes Receivable | 0 | -4,557,741 | 0 |
Provision for Doubtful Accounts | 75,000 | 168,000 | 0 |
Deconsolidation of VIE | 0 | 55,000 | 0 |
Allowance for Loan and Lease Losses, Write-offs | 0 | -914,116 | 0 |
Loan receivable end of period | $7,098,814 | $7,023,814 | $12,272,671 |
Other_Assets_Narrative_Tagging
Other Assets Narrative Tagging (Details) (USD $) | 12 Months Ended | 6 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2009 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||
Loans Receivable, Net | $15,990,439 | $15,102,229 | |||||||||
Proceeds from Notes Payable | 145,000 | 0 | 160,000 | ||||||||
Property loan receivable, gross | 22,191,515 | 21,549,927 | |||||||||
Allowance for Loan and Lease Losses, Write-offs | 0 | -914,116 | 0 | ||||||||
Available-for-sale Securities, at Par Value | 409,506,066 | 299,841,918 | |||||||||
Provision for Loan and Lease Losses | 75,000 | 168,000 | 0 | ||||||||
Contingent Interest Income | 40,000 | 6,497,160 | 0 | ||||||||
Mortgage Loans on Real Estate, Write-down or Reserve, Amt | 0 | -4,557,741 | 0 | ||||||||
Avistar Portfolio 1 and 2 [Member] | |||||||||||
Loans Receivable, Net | 526,000 | ||||||||||
The Palms at Premier Park [Member] | |||||||||||
Asset Held For Sale Valuation | 1,100,000 | ||||||||||
Number of Units in Real Estate Property | 240 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [1] | 6.25% | ||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-50 | [1] | 1-Jan-50 | ||||||||
Available-for-sale Securities, at Par Value | 20,152,000 | [1] | 20,152,000 | ||||||||
Ashley Square [Member] | |||||||||||
Loans Receivable, Net | 1,482,000 | 1,482,000 | |||||||||
Advances to Affiliate | 184,000 | ||||||||||
Property loan receivable, gross | 5,078,342 | 5,078,342 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [2] | 6.25% | [2] | |||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-25 | [2] | 1-Dec-25 | [2] | |||||||
Available-for-sale Securities, at Par Value | 5,159,000 | [2] | 5,212,000 | [2] | |||||||
Cross Creek [Member] | |||||||||||
Loans Receivable, Net | 3,528,615 | 3,448,615 | |||||||||
Advances to Affiliate | 155,000 | 233,000 | |||||||||
Property loan receivable, gross | 6,976,087 | 6,821,087 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.15% | ||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-49 | ||||||||||
Available-for-sale Securities, at Par Value | 8,422,997 | ||||||||||
Impairment of Intangible Assets (Excluding Goodwill) | 75,000 | 168,000 | |||||||||
Foundation for Affordable Housing [Member] | |||||||||||
Loans Receivable, Net | 1,562,288 | 1,617,072 | |||||||||
Number of Units in Real Estate Property | 96 | 96 | |||||||||
Proceeds from Notes Payable | 43,000 | ||||||||||
Property loan receivable, gross | 1,560,553 | 1,603,083 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||||||||||
Greens of Pine Glen [Member] | |||||||||||
Loans Receivable, Net | 1,081,342 | 1,005,642 | |||||||||
Advances to Affiliate | 26,000 | ||||||||||
Proceeds from Notes Payable | 26,000 | ||||||||||
Property loan receivable, gross | 850,000 | 876,000 | |||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-47 | ||||||||||
Ohio Properties [Member] | |||||||||||
Loans Receivable, Net | 2,976,659 | 2,760,118 | |||||||||
Advances to Affiliate | 29,000 | 42,000 | |||||||||
Property loan receivable, gross | 2,390,447 | 2,361,447 | |||||||||
Prairiebrook Village [Member] | |||||||||||
Asset Held For Sale Valuation | 375,000 | ||||||||||
Provision for Loan and Lease Losses | 711,000 | 700,000 | |||||||||
Vantage at Harlingen [Member] | |||||||||||
Number of Units in Real Estate Property | 288 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | |||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-53 | 1-Oct-53 | |||||||||
Available-for-sale Securities, at Par Value | 6,692,000 | 6,692,000 | |||||||||
Woodland Park [Member] | |||||||||||
Proceeds from Notes Payable | 6,000,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | ||||||||||
Allowance for Loan and Lease Losses, Write-offs | 1,300,000 | ||||||||||
Avistar Portolio-2 [Member] | |||||||||||
Loans Receivable, Net | 266,719 | ||||||||||
Property loan receivable, gross | 251,622 | ||||||||||
Avistar Portfolio [Member] | |||||||||||
Loans Receivable, Net | 290,966 | ||||||||||
Property loan receivable, gross | 274,496 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | ||||||||||
Debt Instrument, Maturity Date | 26-Jun-24 | ||||||||||
Iona Lakes [Member] | |||||||||||
Proceeds from Sale of Available-for-sale Securities | 21,900,000 | 21,900,000 | |||||||||
Contingent Interest Income | 6,500,000 | 6,500,000 | |||||||||
Mortgage Loans on Real Estate, Write-down or Reserve, Amt | 4,600,000 | 4,600,000 | |||||||||
Vantage at Judson [Member] | |||||||||||
Number of Units in Real Estate Property | 288 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | ||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Feb-53 | 1-Feb-53 | 1-Feb-53 | ||||||||
Available-for-sale Securities, at Par Value | 6,049,000 | 6,049,000 | |||||||||
Arbors at Hickory Ridge [Member] | |||||||||||
Loans Receivable, Net | 217,311 | 204,243 | |||||||||
Property loan receivable, gross | 191,264 | 191,264 | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [1] | 6.25% | [3] | |||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-49 | [1] | 1-Dec-49 | [3] | |||||||
Available-for-sale Securities, at Par Value | 11,450,000 | [1] | 11,450,000 | [3] | |||||||
Series D [Member] | Vantage at Harlingen [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-53 | ||||||||||
Available-for-sale Securities, at Par Value | 1,283,000 | ||||||||||
Series D [Member] | Vantage at Judson [Member] | |||||||||||
Available-for-sale Securities, at Par Value | 934,000 | ||||||||||
Series C [Member] | Vantage at Harlingen [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | ||||||||||
Available-for-sale Securities, at Par Value | 6,700,000 | ||||||||||
Series C [Member] | Avistar Portolio-2 [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | |||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Sep-50 | 1-Sep-50 | |||||||||
Available-for-sale Securities, at Par Value | 831,000 | 831,000 | |||||||||
Series C [Member] | Avistar Portfolio [Member] | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 9.00% | 9.00% | ||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-50 | 1-Apr-50 | 1-Apr-50 | ||||||||
Available-for-sale Securities, at Par Value | 804,000 | 804,000 | 804,000 | ||||||||
Series C [Member] | Vantage at Judson [Member] | |||||||||||
Available-for-sale Securities, at Par Value | 6,000,000 | 6,000,000 | |||||||||
Minimum [Member] | |||||||||||
Discount Rate for Impairment Analysis | 5.75% | ||||||||||
Maximum [Member] | |||||||||||
Discount Rate for Impairment Analysis | 7.00% | ||||||||||
Available-for-sale Securities [Member] | |||||||||||
Land | 4,500,000 | ||||||||||
Available-for-sale Securities [Member] | St. Petersburg [Member] | |||||||||||
Land | 3,000,000 | ||||||||||
Available-for-sale Securities [Member] | Prairiebrook Village [Member] | |||||||||||
Land | $400,000 | ||||||||||
[1] | (3) Bonds owned by ATAX TEBS II, LLC, Note 11 | ||||||||||
[2] | Bonds owned by ATAX TEBS I, LLC, Note 11 | ||||||||||
[3] | Bond held by Deutsche Bank in a secured financing transaction, Note 11 |
Discontined_Operations_Discont
Discontined Operations Discontinued Operations Balance Sheet (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | $0 | $0 | $158,727 | $126,572 |
Discontined_Operations_Discont1
Discontined Operations Discontinued Operations Income Statement (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | $0 | $3,177,183 | $1,406,608 |
Income from discontinued operations | 3,442,404 | 2,232,276 | |
Churchland, Eagle Ridge and Greens of Pine Glen [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Rental revenues | 807,924 | 5,843,173 | |
Expenses | 542,703 | 5,017,505 | |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | 265,221 | 825,668 | |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 3,177,183 | 1,406,608 | |
Income from discontinued operations | $3,442,404 | $2,232,276 |
Discontined_Operations_Discont2
Discontined Operations Discontinued Operations Narrative (Details) (USD $) | 12 Months Ended | 9 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Available-for-sale Securities, at Par Value | $409,506,066 | $299,841,918 | ||||||
Property, Plant and Equipment, Net | 122,808,314 | 103,148,934 | ||||||
Property, Plant and Equipment, Gross | 147,500,114 | 122,277,687 | ||||||
Interest Income, Operating | 856,217 | 1,772,338 | 150,882 | |||||
Other income | 188,000 | 250,000 | 555,328 | |||||
Eagle Ridge [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Assets of Disposal Group, Including Discontinued Operation | 2,500,000 | |||||||
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Net of Tax | 126,000 | |||||||
Greens of Pine Glen [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Limited Partners' Contributed Capital | 800,000 | 961,000 | 800,000 | |||||
Available-for-Sale Securities, Asset Ownership | 100.00% | |||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-47 | |||||||
Loans Payable | 850,000 | |||||||
Assets of Disposal Group, Including Discontinued Operation | 0 | |||||||
business disposal, sales price | 7,300,000 | |||||||
Gain (Loss) on Sale of Properties | 1,400,000 | |||||||
Investment Income, Interest | 500,000 | |||||||
churchland [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
business disposal, sales price | 8,100,000 | |||||||
Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Net of Tax | 1,300,000 | |||||||
Ohio Properties [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Limited Partners' Contributed Capital | 6,500,000 | 6,500,000 | ||||||
Assets of Disposal Group, Including Discontinued Operation | 0 | |||||||
Gain (Loss) on Sale of Properties | 1,800,000 | |||||||
Investment Income, Interest | 3,500,000 | |||||||
Interest Income, Operating | 1,100,000 | |||||||
Other income | 250,000 | |||||||
Boston Capital Limited Partners [Member] | Greens of Pine Glen [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Limited Partners | 2 | |||||||
Series A [Member] | Greens of Pine Glen [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.50% | [1] | 6.50% | [2] | 6.50% | |||
Available-for-sale Securities, at Par Value | 8,366,000 | [1] | 8,437,501 | [2] | 8,515,000 | |||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-47 | [1] | 1-Oct-47 | [2] | ||||
Series A [Member] | Ohio Properties [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 7.00% | [3] | 7.00% | [2] | ||||
Available-for-sale Securities, at Par Value | 14,407,000 | [3] | 14,498,000 | [2] | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | [3] | 1-Jun-50 | [2] | ||||
Series B [Member] | Greens of Pine Glen [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | 12.00% | [2] | 12.00% | ||||
Available-for-sale Securities, at Par Value | 945,638 | 948,291 | [2] | 950,000 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-47 | 1-Oct-47 | [2] | |||||
Series B [Member] | Ohio Properties [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | 10.00% | ||||||
Available-for-sale Securities, at Par Value | $3,573,430 | $3,583,590 | ||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-50 | 1-Jun-50 | ||||||
[1] | (3) Bonds owned by ATAX TEBS II, LLC, Note 11 | |||||||
[2] | Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||
[3] | Bonds owned by ATAX TEBS I, LLC, Note 11 |
Debt_Financing_Details
Debt Financing (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | ||
TEBS II Facility [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | $118,342,000 | $118,372,000 | |||
TEBS II Facility [Member] | Arbors at Hickory Ridge [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 11,450,000 | 11,450,000 | |||
TEBS II Facility [Member] | Copper Gate [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 5,220,000 | 5,220,000 | |||
TEBS II Facility [Member] | The Palms at Premier Park [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 20,152,000 | 20,152,000 | |||
TEB Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 103,516,998 | 122,536,536 | |||
TEB Facility [Member] | Ashley Square [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 5,159,000 | 5,212,000 | |||
TEB Facility [Member] | Bella Vista [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 6,490,000 | 6,545,000 | |||
TEB Facility [Member] | Bent Tree [Member] | Consolidated VIEs [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 7,465,000 | 7,542,000 | |||
TEB Facility [Member] | Bridle Ridge [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 7,655,000 | 7,715,000 | |||
TEB Facility [Member] | Brookstone [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 9,256,001 | 9,338,603 | |||
TEB Facility [Member] | Cross Creek [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 8,422,997 | 8,497,933 | |||
TEB Facility [Member] | Fairmont Oaks [Member] | Consolidated VIEs [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 7,266,000 | 7,355,000 | |||
TEB Facility [Member] | Lake Forest [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 8,886,000 | ||||
TEB Facility [Member] | Lake Forest [Member] | Consolidated VIEs [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 8,997,000 | ||||
TEB Facility [Member] | Runnymede [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 10,440,000 | 10,525,000 | |||
TEB Facility [Member] | Southpark [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 13,680,000 | 13,795,000 | |||
TEB Facility [Member] | Woodlynn Village [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 4,390,000 | 4,426,000 | |||
TEB Facility [Member] | Ohio Properties [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 14,407,000 | [1] | 14,498,000 | [1] | |
TEB Facility [Member] | Lost Creek [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 0 | 18,090,000 | |||
Series A [Member] | TEBS II Facility [Member] | Avistar at Chase Hill [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 10,000,000 | 10,000,000 | |||
Series A [Member] | TEBS II Facility [Member] | Avistar at the Crest [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 9,700,000 | 9,700,000 | |||
Series A [Member] | TEBS II Facility [Member] | Avistar at the Oaks [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 7,800,000 | 7,800,000 | |||
Series A [Member] | TEBS II Facility [Member] | Avistar in 09 [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 6,735,000 | 6,735,000 | |||
Series A [Member] | TEBS II Facility [Member] | Avistar on the Boulevard [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 16,525,000 | 16,525,000 | |||
Series A [Member] | TEBS II Facility [Member] | Avistar on the Hills [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 5,389,000 | 5,389,000 | |||
Series A [Member] | TEBS II Facility [Member] | Greens of Pine Glen [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 8,366,000 | 8,396,000 | |||
Series A [Member] | TEBS II Facility [Member] | Harden Ranch [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 6,960,000 | 6,960,000 | |||
Series A [Member] | TEBS II Facility [Member] | Tyler Park Apartments [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | 6,075,000 | 6,075,000 | |||
Series A [Member] | TEBS II Facility [Member] | Westside Village Market [Member] | Available-for-sale Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Available for Sale Securities at Par Value | $3,970,000 | $3,970,000 | |||
[1] | Collateralized by Crescent Village, Post Woods and Willow Bend which are eliminated upon consolidation (Note 3) |
Debt_Financing_Footnote_XBRL_d
Debt Financing Footnote XBRL details (Details) (USD $) | 12 Months Ended | 6 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Jul. 01, 2014 | Sep. 30, 2014 | Mar. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2010 | Sep. 30, 2010 | Jun. 30, 2013 | Sep. 30, 2012 | |||
Integer | Integer | ||||||||||||||
Debt financing | $345,359,000 | $257,274,000 | |||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 378,423,092 | 216,371,801 | |||||||||||||
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 7,214,136 | 2,764,286 | 970,298 | ||||||||||||
Payments to Acquire Available-for-sale Securities | 142,794,827 | 148,624,000 | 28,561,857 | ||||||||||||
Derivative, Fixed Interest Rate | 3.00% | ||||||||||||||
Arbors at Hickory Ridge [Member] | |||||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 13,363,236 | [1] | 11,801,899 | [2] | |||||||||||
TOB Financing | 7,000,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | [1] | 6.25% | [2] | |||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Dec-49 | [1] | 1-Dec-49 | [2] | |||||||||||
Autumn Pines [Member] | |||||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 11,952,518 | [2] | |||||||||||||
Proceeds from Sale of Available-for-sale Securities | 13,100,000 | ||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | [2] | |||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-46 | [2] | |||||||||||||
Lost Creek [Member] | |||||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 17,626,172 | [3] | 18,500,000 | ||||||||||||
Proceeds from Sale of Available-for-sale Securities | 18,700,000 | 18,700,000 | |||||||||||||
TOB Facility [Member] | |||||||||||||||
Number of Available for Sale Securities, Held in a Trust | 4 | ||||||||||||||
Number of Collateralized Bonds | 10 | ||||||||||||||
TEBS II Facility [Member] | |||||||||||||||
Debt financing | 94,700,000 | 94,700,000 | |||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 118,400,000 | ||||||||||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 1.40% | 1.40% | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | 0.00% | |||||||||||||
Debt Instrument, Total Rate of Borrowing | 1.50% | 1.50% | |||||||||||||
Number of Available for Sale Securities, Held in a Trust | 13 | ||||||||||||||
Debt Financing, Net | 91,600,000 | ||||||||||||||
Payments to Acquire Available-for-sale Securities | 72,400,000 | ||||||||||||||
Restricted Cash and Cash Equivalents | 6,300,000 | 6,300,000 | |||||||||||||
Derivative Asset, Notional Amount | 31,600,000 | ||||||||||||||
Derivative, Fixed Interest Rate | 3.00% | ||||||||||||||
Derivative, Maturity Date at a point in time | 15-Aug-19 | ||||||||||||||
TEB Facility [Member] | |||||||||||||||
Debt financing | 76,400,000 | 93,000,000 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.07% | 0.13% | |||||||||||||
Debt, Weighted Average Interest Rate | 2.00% | 2.03% | |||||||||||||
Number of Available for Sale Securities, Held in a Trust | 13 | ||||||||||||||
Restricted Cash and Cash Equivalents | 1,000,000 | 700,000 | |||||||||||||
Class A TEBS Certificates [Member] | TEB Facility [Member] | |||||||||||||||
Debt financing | 95,800,000 | ||||||||||||||
Class B TEBS Certificates [Member] | TEB Facility [Member] | |||||||||||||||
Debt financing | 20,300,000 | ||||||||||||||
SPEARS [Member] | TOB Facility [Member] | |||||||||||||||
Proceeds from Sale of Available-for-sale Securities, Debt | 45,900,000 | ||||||||||||||
LIFERS [Member] | TOB Facility [Member] | |||||||||||||||
Proceeds from Sale of Available-for-sale Securities, Debt | 26,500,000 | ||||||||||||||
Trust Portfolio--MBS Bonds [Member] | |||||||||||||||
Available for Sale Securities, not Including Premiums | 14,765,000 | 42,830,000 | 31,620,000 | 3,700,000 | |||||||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 0.90% | ||||||||||||||
Cash Collateral for Borrowed Securities | 2,100,000 | 4,100,000 | |||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.40% | ||||||||||||||
Debt Instrument, Total Rate of Borrowing | 1.30% | ||||||||||||||
Debt, Weighted Average Interest Rate | 1.10% | 1.30% | |||||||||||||
Trust Portfolio--MBS Bonds [Member] | Georgia MBS Bonds [Member] | |||||||||||||||
Available for Sale Securities, not Including Premiums | 10,000,000 | ||||||||||||||
Trust Portfolio--MBS Bonds [Member] | SPEARS [Member] | |||||||||||||||
TOB Financing | 34,900,000 | ||||||||||||||
Trust Portfolio--MBS Bonds [Member] | SPEARS [Member] | Georgia MBS Bonds [Member] | |||||||||||||||
TOB Financing | 7,800,000 | ||||||||||||||
Trust Portfolio--MBS Bonds [Member] | LIFERS [Member] | |||||||||||||||
Available for Sale Securities, not Including Premiums | 9,200,000 | ||||||||||||||
TOB Financing | 6,500,000 | ||||||||||||||
Trust Portfolio--MBS Bonds [Member] | LIFERS [Member] | Georgia MBS Bonds [Member] | |||||||||||||||
TOB Financing | 2,200,000 | ||||||||||||||
Trading Securities [Member] | |||||||||||||||
Debt financing | 174,250,000 | 164,295,000 | |||||||||||||
Trading Securities [Member] | TOB Facility-11 [Member] | |||||||||||||||
Debt financing | 34,975,000 | ||||||||||||||
TOB Financing | 35,000,000 | 35,000,000 | |||||||||||||
Debt Instrument, Total Rate of Borrowing | 4.47% | ||||||||||||||
Debt, Weighted Average Interest Rate | 4.50% | ||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-19 | 1-Jul-19 | |||||||||||||
Trading Securities [Member] | TOB Facility-10 [Member] | |||||||||||||||
Debt financing | 21,850,000 | ||||||||||||||
TOB Financing | 21,900,000 | 17,300,000 | 21,900,000 | ||||||||||||
Debt Instrument, Total Rate of Borrowing | 4.34% | ||||||||||||||
Debt, Weighted Average Interest Rate | 4.30% | ||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-16 | 1-Oct-16 | |||||||||||||
Trading Securities [Member] | TOB facility-13 [Member] | |||||||||||||||
Debt financing | 9,010,000 | ||||||||||||||
Debt Instrument, Total Rate of Borrowing | 4.05% | ||||||||||||||
Debt, Weighted Average Interest Rate | 4.00% | ||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-17 | ||||||||||||||
Trading Securities [Member] | TOB facility-13 and 14 [Member] | |||||||||||||||
Debt financing | 18,000,000 | ||||||||||||||
Trading Securities [Member] | TOB Facility-12 [Member] [Member] | |||||||||||||||
Debt financing | 17,250,000 | ||||||||||||||
TOB Financing | 17,300,000 | 17,300,000 | |||||||||||||
Debt Instrument, Total Rate of Borrowing | 4.55% | ||||||||||||||
Debt, Weighted Average Interest Rate | 4.60% | ||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-17 | 1-Jul-17 | |||||||||||||
Trading Securities [Member] | TOB facility-9 [Member] | |||||||||||||||
Debt financing | 25,535,000 | 25,750,000 | |||||||||||||
TOB Financing | 25,500,000 | 25,800,000 | |||||||||||||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 1.60% | ||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.40% | ||||||||||||||
Debt Instrument, Total Rate of Borrowing | 1.96% | 1.96% | |||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-15 | 1-Dec-14 | |||||||||||||
Trading Securities [Member] | TOB facility-8 [Member] | |||||||||||||||
Debt financing | 13,210,000 | [4] | |||||||||||||
TOB Financing | 13,200,000 | ||||||||||||||
Debt Instrument, Total Rate of Borrowing | 2.21% | [4] | |||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-14 | [4] | |||||||||||||
Trading Securities [Member] | TOB facility-7 [Member] | |||||||||||||||
Debt financing | 20,000,000 | [5] | |||||||||||||
TOB Financing | 20,000,000 | ||||||||||||||
Debt Instrument, Total Rate of Borrowing | 2.21% | [5] | |||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-14 | [5] | |||||||||||||
Trading Securities [Member] | TOB facility-6 [Member] | |||||||||||||||
Debt financing | 7,000,000 | ||||||||||||||
Debt Instrument, Total Rate of Borrowing | 2.40% | ||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-14 | ||||||||||||||
Trading Securities [Member] | TOB facility-5 [Member] | |||||||||||||||
Debt financing | 5,700,000 | ||||||||||||||
Debt Instrument, Total Rate of Borrowing | 2.40% | ||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-14 | ||||||||||||||
Trading Securities [Member] | TOB Facility-1 [Member] | |||||||||||||||
Debt financing | 9,770,000 | 9,800,000 | 9,800,000 | ||||||||||||
Debt Instrument, Total Rate of Borrowing | 1.96% | ||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-14 | ||||||||||||||
Trading Securities [Member] | TOB facility-2 [Member] | |||||||||||||||
Debt financing | 44,675,000 | 48,995,000 | |||||||||||||
Debt Instrument, Total Rate of Borrowing | 2.20% | 2.32% | |||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-15 | 1-Jun-14 | |||||||||||||
Public housing capital fund trusts [Member] | |||||||||||||||
Available for Sale Securities, not Including Premiums | 59,308,398 | 65,264,703 | 65,264,703 | 59,300,000 | |||||||||||
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 4,300,000 | ||||||||||||||
Cash Collateral for Borrowed Securities | 400,000 | ||||||||||||||
Debt Instrument, Total Rate of Borrowing | 2.20% | 2.30% | |||||||||||||
Public housing capital fund trusts [Member] | SPEARS [Member] | |||||||||||||||
TOB Financing | 44,700,000 | 49,000,000 | 49,000,000 | ||||||||||||
Public housing capital fund trusts [Member] | LIFERS [Member] | |||||||||||||||
TOB Financing | 16,000,000 | 16,000,000 | |||||||||||||
TOB Facility [Member] | |||||||||||||||
Debt Instrument, Total Rate of Borrowing | 3.90% | 2.70% | |||||||||||||
Five Points Bank [Member] | |||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000,000 | 5,000,000 | |||||||||||||
Line of Credit Facility, Interest Rate During Period | 3.50% | ||||||||||||||
Debt Instrument, Maturity Date | 1-Mar-15 | ||||||||||||||
Bankers Trust [Member] | |||||||||||||||
Line of Credit Facility, Interest Rate During Period | 3.40% | ||||||||||||||
Debt Instrument, Maturity Date | 1-Mar-16 | ||||||||||||||
Omaha State Bank [Member] | |||||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||||||||
Long Term Debt, Maturity date at a point in time | 25-Jan-14 | ||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 6,000,000 | ||||||||||||||
Mortgage Backed Securities Trusts 1 - 5 [Member] | Trust Portfolio--MBS Bonds [Member] | SPEARS [Member] | |||||||||||||||
TOB Financing | 12,000,000 | 25,100,000 | |||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-15 | ||||||||||||||
Mortgage Backed Security Trust 5 [Member] [Member] | Trust Portfolio--MBS Bonds [Member] | |||||||||||||||
TOB Financing | 5,300,000 | 2,500,000 | |||||||||||||
Mortgage Backed Security Trust 5 [Member] [Member] | Trust Portfolio--MBS Bonds [Member] | SPEARS [Member] | |||||||||||||||
TOB Financing | 2,000,000 | ||||||||||||||
Mortgage Backed Security Trust 5 [Member] [Member] | Trust Portfolio--MBS Bonds [Member] | LIFERS [Member] | |||||||||||||||
TOB Financing | 540,000 | ||||||||||||||
Mortgage Backed Security Trust 5 [Member] [Member] | Trading Securities [Member] | TOB facility-3 [Member] | |||||||||||||||
Debt financing | 5,270,000 | 10,545,000 | |||||||||||||
Debt Instrument, Total Rate of Borrowing | 1.06% | 1.27% | |||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-15 | 1-Apr-14 | |||||||||||||
Mortgage Backed Security Trust 4 [Member] | Trust Portfolio--MBS Bonds [Member] | |||||||||||||||
TOB Financing | 6,000,000 | ||||||||||||||
Mortgage Backed Security Trust 4 [Member] | Trading Securities [Member] | TOB facility-3 [Member] | |||||||||||||||
Debt financing | 5,960,000 | ||||||||||||||
Debt Instrument, Total Rate of Borrowing | 1.23% | ||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-14 | ||||||||||||||
Mortgage Backed Security Trust 6 [Member] | Trust Portfolio--MBS Bonds [Member] | |||||||||||||||
TOB Financing | 7,800,000 | ||||||||||||||
Mortgage Backed Security Trust 6 [Member] | Trading Securities [Member] | TOB facility-3 [Member] | |||||||||||||||
Debt financing | 7,825,000 | ||||||||||||||
Debt Instrument, Total Rate of Borrowing | 1.02% | ||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-14 | ||||||||||||||
Mortgage Backed Security Trusts 4, 5, 6 [Member] | Trust Portfolio--MBS Bonds [Member] | |||||||||||||||
TOB Financing | 19,100,000 | ||||||||||||||
Mortgage Backed Security Trust 3 [Member] | Trading Securities [Member] | TOB facility-3 [Member] | |||||||||||||||
Debt financing | 2,865,000 | 2,900,000 | |||||||||||||
Debt Instrument, Total Rate of Borrowing | 1.22% | ||||||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-14 | ||||||||||||||
Subsequent Event [Member] | Mortgage Backed Security Trust 5 [Member] [Member] | Trust Portfolio--MBS Bonds [Member] | |||||||||||||||
TOB Financing | 5,300,000 | ||||||||||||||
Subsequent Event [Member] | Mortgage Backed Security Trust 4 [Member] | Trust Portfolio--MBS Bonds [Member] | |||||||||||||||
TOB Financing | 6,000,000 | ||||||||||||||
Subsequent Event [Member] | Mortgage Backed Security Trust 6 [Member] | Trust Portfolio--MBS Bonds [Member] | |||||||||||||||
TOB Financing | 7,800,000 | ||||||||||||||
Subsequent Event [Member] | Mortgage Backed Security Trusts 4, 5, 6 [Member] | Trust Portfolio--MBS Bonds [Member] | |||||||||||||||
TOB Financing | 19,100,000 | ||||||||||||||
Series B [Member] | TEBS II Facility [Member] | |||||||||||||||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | $23,700,000 | ||||||||||||||
[1] | (3) Bonds owned by ATAX TEBS II, LLC, Note 11 | ||||||||||||||
[2] | Bond held by Deutsche Bank in a secured financing transaction, Note 11 | ||||||||||||||
[3] | Bonds owned by ATAX TEBS I, LLC, Note 11 | ||||||||||||||
[4] | Avistar at the Oaks Apartments, Avistar on the Hills Apartments, and Avistar in 09 Apartments is the collateral for the $20.0 million TOB Trust. | ||||||||||||||
[5] | Avistar at Chase Hill, Avistar at the Crest, and Avistar on the Boulevard is the collateral for the approximate $13.2 million TOB Trust. |
Debt_Financing_Contractual_Mat
Debt Financing Contractual Maturities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Financing, Current Maturities | $84,302,554 | |
Debt Financing, Maturities, Repayment of Principal in Year Two | 24,561,861 | |
Debt Financing, Maturities, Repayments of Principal in Year Three | 36,011,702 | |
Debt Financing, Maturities, Repayments of Principal in Year Four | 2,300,657 | |
Debt Financing, Maturities, Repayments of Principal in Year Five | 37,412,465 | |
Debt Financing, Maturities, Repayments of Principal after Year Five | 160,769,761 | |
Debt financing | $345,359,000 | $257,274,000 |
Debt_Financing_Total_Debt_Fina
Debt Financing Total Debt Financing (Details) (USD $) | 12 Months Ended | 3 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jun. 30, 2014 | ||
Debt Instrument [Line Items] | |||||
Debt financing | $345,359,000 | $257,274,000 | |||
Trading Securities [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 174,250,000 | 164,295,000 | |||
Trading Securities [Member] | TOB facility-2 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 44,675,000 | 48,995,000 | |||
Date of Debt Borrowing | 2012 | 2012 | |||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-15 | 1-Jun-14 | |||
Debt Instrument, Total Rate of Borrowing | 2.20% | 2.32% | |||
Trading Securities [Member] | TOB Facility-1 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 9,770,000 | 9,800,000 | 9,800,000 | ||
Date of Debt Borrowing | 2011 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-14 | ||||
Debt Instrument, Total Rate of Borrowing | 1.96% | ||||
Trading Securities [Member] | TOB facility-5 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 5,700,000 | ||||
Date of Debt Borrowing | 2013 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-14 | ||||
Debt Instrument, Total Rate of Borrowing | 2.40% | ||||
Trading Securities [Member] | TOB facility-6 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 7,000,000 | ||||
Date of Debt Borrowing | 2013 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-14 | ||||
Debt Instrument, Total Rate of Borrowing | 2.40% | ||||
Trading Securities [Member] | TOB facility-7 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 20,000,000 | [1] | |||
Date of Debt Borrowing | 2013 | [1] | |||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-14 | [1] | |||
Debt Instrument, Total Rate of Borrowing | 2.21% | [1] | |||
Trading Securities [Member] | TOB facility-8 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 13,210,000 | [2] | |||
Date of Debt Borrowing | 2013 | [2] | |||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-14 | [2] | |||
Debt Instrument, Total Rate of Borrowing | 2.21% | [2] | |||
Trading Securities [Member] | TOB facility-9 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 25,535,000 | 25,750,000 | |||
Date of Debt Borrowing | 2013 | 2013 | |||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-15 | 1-Dec-14 | |||
Debt Instrument, Total Rate of Borrowing | 1.96% | 1.96% | |||
Trading Securities [Member] | TOB Facility-10 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 21,850,000 | ||||
Date of Debt Borrowing | 2014 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Oct-16 | 1-Oct-16 | |||
Debt Instrument, Total Rate of Borrowing | 4.34% | ||||
Trading Securities [Member] | TOB Facility-11 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 34,975,000 | ||||
Date of Debt Borrowing | 2014 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-19 | 1-Jul-19 | |||
Debt Instrument, Total Rate of Borrowing | 4.47% | ||||
Trading Securities [Member] | TOB Facility-12 [Member] [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 17,250,000 | ||||
Date of Debt Borrowing | 2014 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-17 | 1-Jul-17 | |||
Debt Instrument, Total Rate of Borrowing | 4.55% | ||||
Trading Securities [Member] | TOB facility-13 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 9,010,000 | ||||
Date of Debt Borrowing | 2014 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-17 | ||||
Debt Instrument, Total Rate of Borrowing | 4.05% | ||||
Trading Securities [Member] | TOB facility-14 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 9,010,000 | ||||
Date of Debt Borrowing | 2014 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jul-17 | ||||
Debt Instrument, Total Rate of Borrowing | 4.05% | ||||
Trading Securities [Member] | Mortgage Backed Security Trust 1 [Member] | TOB facility-3 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 2,585,000 | 2,585,000 | |||
Date of Debt Borrowing | 2012 | 2012 | |||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-15 | 1-Apr-14 | |||
Debt Instrument, Total Rate of Borrowing | 1.12% | 1.21% | |||
Trading Securities [Member] | Mortgage Backed Security Trust 2 [Member] | TOB facility-3 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 4,090,000 | 4,090,000 | |||
Date of Debt Borrowing | 2012 | 2012 | |||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-15 | 1-Apr-14 | |||
Debt Instrument, Total Rate of Borrowing | 1.12% | 1.29% | |||
Trading Securities [Member] | Mortgage Backed Security Trust 3 [Member] | TOB facility-3 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 2,865,000 | 2,900,000 | |||
Date of Debt Borrowing | 2012 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-14 | ||||
Debt Instrument, Total Rate of Borrowing | 1.22% | ||||
Trading Securities [Member] | Mortgage Backed Security Trust 4 [Member] | TOB facility-3 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 5,960,000 | ||||
Date of Debt Borrowing | 2012 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-14 | ||||
Debt Instrument, Total Rate of Borrowing | 1.23% | ||||
Trading Securities [Member] | Mortgage Backed Security Trust 5 [Member] [Member] | TOB facility-3 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | 5,270,000 | 10,545,000 | |||
Date of Debt Borrowing | 2012 | 2012 | |||
Available-for-sale Security, Maturity Date at a point in time | 1-Apr-15 | 1-Apr-14 | |||
Debt Instrument, Total Rate of Borrowing | 1.06% | 1.27% | |||
Trading Securities [Member] | Mortgage Backed Security Trust 6 [Member] | TOB facility-3 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $7,825,000 | ||||
Date of Debt Borrowing | 2013 | ||||
Available-for-sale Security, Maturity Date at a point in time | 1-Aug-14 | ||||
Debt Instrument, Total Rate of Borrowing | 1.02% | ||||
[1] | Avistar at Chase Hill, Avistar at the Crest, and Avistar on the Boulevard is the collateral for the approximate $13.2 million TOB Trust. | ||||
[2] | Avistar at the Oaks Apartments, Avistar on the Hills Apartments, and Avistar in 09 Apartments is the collateral for the $20.0 million TOB Trust. |
Mortgages_Payable_Details
Mortgages Payable (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Loans on Real Estate [Line Items] | ||
Long-term Debt, Current Maturities | $9,137,766 | |
Long-term Debt, Maturities, Repayments of Principal in Year Two | 8,366,349 | |
Long-term Debt, Maturities, Repayments of Principal in Year Three | 31,032,366 | |
Long-term Debt, Maturities, Repayments of Principal in Year Four | 797,312 | |
Long-term Debt, Maturities, Repayments of Principal in Year Five | 3,795,004 | |
Long-term Debt, Maturities, Repayments of Principal after Year Five | 23,579,037 | |
Long-term Debt | $76,707,834 | $57,087,320 |
Mortgages_Payable_Footnote_Tag
Mortgages Payable Footnote Tagging (Details) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Jun. 30, 2013 | |
Mortgages payable | $76,707,834 | $57,087,320 | |||||||
Repayments of Long-term Debt | 98,730,000 | 2,164,000 | 8,835,000 | ||||||
Proceeds from Notes Payable | 145,000 | 0 | 160,000 | ||||||
Eagle Village [Member] | |||||||||
Repayments of Long-term Debt | 400,000 | ||||||||
Glynn Place [Member] | |||||||||
Repayments of Long-term Debt | 1,900,000 | ||||||||
Arboretum [Member] | |||||||||
Long-term Debt, Refinanced, Date | 28-Mar-17 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||||||||
Woodland Park [Member] | |||||||||
Notes Payable, Current | 7,000,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.80% | ||||||||
Long Term Debt, Maturity date at a point in time | 1-Aug-17 | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.20% | ||||||||
Debt, Weighted Average Interest Rate | 3.00% | ||||||||
Proceeds from Notes Payable | 6,000,000 | ||||||||
Maples on 97th [Member] | |||||||||
Mortgages payable | 7,500,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.60% | ||||||||
Long Term Debt, Maturity date at a point in time | 10-Feb-16 | ||||||||
Conventional Mortgage Loan [Member] | The 50/50 Student Housing--UNL [Member] | |||||||||
Mortgages payable | 25,500,000 | 25,500,000 | |||||||
Long Term Debt, Maturity date at a point in time | 1-Apr-20 | ||||||||
Tax Increment Financing [Member] | The 50/50 Student Housing--UNL [Member] | |||||||||
Mortgages payable | $4,300,000 | ||||||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 4.70% | ||||||||
Long Term Debt, Maturity date at a point in time | 1-Jan-19 |
Mortgages_Payable_Mortgage_Pay
Mortgages Payable Mortgage Payable by Property (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Mar. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | |||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | $76,707,834 | $57,087,320 | ||||
Maples on 97th [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 7,500,000 | |||||
Long Term Debt, Maturity date at a point in time | 10-Feb-16 | |||||
Woodland Park [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long Term Debt, Maturity date at a point in time | 1-Aug-17 | |||||
Real Estate [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 76,707,834 | 57,087,320 | ||||
Real Estate [Member] | Arboretum [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 17,182,764 | 17,500,000 | ||||
Date of Debt Borrowing | 2011 | 2011 | ||||
Long Term Debt, Maturity date at a point in time | 1-Mar-17 | 1-Mar-14 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.75% | [1] | 5.32% | [1] | ||
Real Estate [Member] | Eagle Village [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 8,224,671 | 8,828,435 | ||||
Date of Debt Borrowing | 2010 | 2010 | ||||
Long Term Debt, Maturity date at a point in time | 1-Sep-15 | 1-Jun-14 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.35% | [1] | 4.04% | [1] | ||
Real Estate [Member] | Glynn Place [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 1,845,058 | |||||
Date of Debt Borrowing | 2008 | |||||
Long Term Debt, Maturity date at a point in time | 1-May-14 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.81% | [1] | ||||
Real Estate [Member] | Residences at DeCordova [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 1,881,998 | 1,948,064 | ||||
Date of Debt Borrowing | 2008 | 2012 | ||||
Long Term Debt, Maturity date at a point in time | 1-Jun-17 | 1-Feb-17 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.75% | [1] | 5.00% | [1] | ||
Real Estate [Member] | Residences at Weatherford [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 6,043,673 | 6,268,311 | ||||
Date of Debt Borrowing | 2012 | 2011 | ||||
Long Term Debt, Maturity date at a point in time | 1-Jun-17 | 1-Jul-15 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 4.75% | [1] | 5.90% | [1] | ||
Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 7,177,438 | |||||
Date of Debt Borrowing | 2013 | |||||
Long Term Debt, Maturity date at a point in time | 1-Mar-20 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | [1] | ||||
Real Estate [Member] | Maples on 97th [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 7,500,000 | 7,500,000 | ||||
Date of Debt Borrowing | 2013 | 2013 | ||||
Long Term Debt, Maturity date at a point in time | 1-Feb-16 | 1-Mar-16 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 3.55% | [1] | 3.47% | [1] | ||
Real Estate [Member] | Woodland Park [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 6,074,738 | 6,020,014 | ||||
Date of Debt Borrowing | 2013 | 2013 | ||||
Long Term Debt, Maturity date at a point in time | 1-Aug-17 | 1-Mar-14 | ||||
Debt Instrument, Interest Rate, Effective Percentage | 2.96% | [1] | 2.97% | [1] | ||
Mortgage Loans on Real Estate [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 25,500,000 | |||||
Date of Debt Borrowing | 2013 | |||||
Long Term Debt, Maturity date at a point in time | 1-Mar-20 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.25% | [1] | ||||
Tax Increment Financing [Member] | The 50/50 Student Housing--UNL [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | 4,300,000 | |||||
Long Term Debt, Maturity date at a point in time | 1-Jan-19 | |||||
Tax Increment Financing [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | ||||||
Mortgage Loans on Real Estate [Line Items] | ||||||
Long-term Debt | $4,299,990 | |||||
Date of Debt Borrowing | 2014 | |||||
Long Term Debt, Maturity date at a point in time | 1-Dec-19 | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.65% | [1] | ||||
[1] | Represents the average effective interest rate, including fees, for the years ended December 31, 2014 and 2013 and excludes the effect of interest rate caps (Note 15). |
Issuances_of_Additional_Benefi1
Issuances of Additional Beneficial Certificate Units (Details) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Jun. 30, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Stock [Line Items] | |||||
Common Stock, Shares Authorized | 225,000,000 | ||||
Common Stock shares, issued | 9,200,000 | 12,650,000 | 8,280,000 | ||
Sale Price of Common Stock per Share | $5.95 | $5.06 | $6.25 | ||
Proceeds from Issuance of Common Stock | $51,300,000 | $59,948,265 | $51,288,699 | $48,213,603 | $60,003,863 |
Payments of Stock Issuance Costs | $3,500,000 | $4,000,000 | $3,451,301 | $3,536,397 | $4,005,137 |
Transactions_with_Related_Part2
Transactions with Related Parties Related Party Expenses Table (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||
Salaries, Wages and Officers' Compensation | $1,599,294 | $1,146,754 | $1,320,968 |
Other Expenses | 975 | 3,488 | 6,221 |
Compensation and Employee Benefit Plans [Text Block] | 227,265 | 228,701 | 207,203 |
Professional Fees | 208,648 | 216,962 | 212,895 |
Travel and Entertainment Expense | 1,697 | 434 | 3,390 |
Related Party Transaction, Expenses from Transactions with Related Party | $2,037,879 | $1,596,339 | $1,750,677 |
Transactions_with_Related_Part3
Transactions with Related Parties Transactions with Related Parties Narrative (Details) (USD $) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | |
entities | properties | properties | ||||
properties | ||||||
rate for administration fees | 0.45% | |||||
Fees and Commissions, Other | $1,700,000 | $1,200,000 | $1,400,000 | |||
Construction Revenue | 672,000 | |||||
Management Fees Revenue | 1,300,000 | 1,200,000 | 1,200,000 | |||
Placement Advisory Fees | 1,400,000 | 752,000 | ||||
Number of Variable Interest Entities | 11 | 6 | ||||
Majority-Owned Subsidiary, Unconsolidated [Member] | ||||||
Payment for Administrative Fees | 2,000,000 | 1,500,000 | 948,000 | |||
Affiliated Entity [Member] | ||||||
Payment for Administrative Fees | 138,000 | 144,000 | 133,000 | |||
Eagle Ridge [Member] | Affiliated Entity [Member] | ||||||
Payment for Administrative Fees | 71,000 | |||||
Trust Portfolio--PHCFT [Member] | ||||||
Debt Instrument, Unamortized Premium | 653,000 | |||||
Available-for-sale Securities [Member] | Arbors at Hickory Ridge [Member] | ||||||
Debt Instrument, Unamortized Premium | 100,000 | |||||
Trust Portfolio--MBS Bonds [Member] | ||||||
Debt Instrument, Unamortized Premium | 316,000 | |||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Number of Variable Interest Entities | 2 | |||||
Total Owners [Member] | Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Number of Variable Interest Entities | 2 | |||||
TEBS II Facility [Member] | ||||||
Placement Advisory Fees | $300,000 |
Interest_Rate_Derivative_Agree2
Interest Rate Derivative Agreements (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | |
Sep. 30, 2010 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | |
Derivative [Line Items] | ||||
Derivative, Fixed Interest Rate | 3.00% | |||
Bank of New York Mellon [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Purchase Date | 2-Sep-10 | |||
Notional Amount of Interest Rate Derivatives | $31,936,667 | |||
Derivative, Fixed Interest Rate | 3.00% | |||
Derivative, Maturity Date at a point in time | 1-Sep-17 | |||
Deriviative at purchase price | 921,000 | |||
Barclays Bank PLC [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Purchase Date | 2-Sep-10 | |||
Notional Amount of Interest Rate Derivatives | 31,936,667 | |||
Derivative, Fixed Interest Rate | 3.00% | |||
Derivative, Maturity Date at a point in time | 1-Sep-17 | |||
Deriviative at purchase price | 845,600 | |||
Royal Bank of Canada [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Purchase Date | 2-Sep-10 | |||
Notional Amount of Interest Rate Derivatives | 31,936,667 | |||
Derivative, Fixed Interest Rate | 3.00% | |||
Derivative, Maturity Date at a point in time | 1-Sep-17 | |||
Deriviative at purchase price | 928,000 | |||
Deutsche Bank [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Purchase Date | 15-Aug-13 | |||
Notional Amount of Interest Rate Derivatives | 93,305,000 | |||
Derivative, Fixed Interest Rate | 1.50% | 1.50% | ||
Derivative, Maturity Date at a point in time | 1-Sep-17 | 1-Sep-17 | ||
Deriviative at purchase price | 793,000 | 800,000 | ||
Derivative Asset, Notional Amount | 93,300,000 | |||
SMBC Capital Markets, Inc [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Purchase Date | 18-Feb-14 | |||
Derivative, Fixed Interest Rate | 1.00% | |||
Derivative, Maturity Date at a point in time | 1-Mar-17 | |||
Deriviative at purchase price | 230,500 | |||
Derivative Asset, Notional Amount | 41,250,000 | |||
SMBC Capital Markets, Inc-2 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Purchase Date | 18-Feb-14 | |||
Derivative, Fixed Interest Rate | 1.00% | |||
Derivative, Maturity Date at a point in time | 1-Mar-17 | |||
Deriviative at purchase price | 161,000 | |||
Derivative Asset, Notional Amount | 28,750,000 | |||
Barclays Bank PLC 1 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Purchase Date | 10-Jul-14 | |||
Derivative, Fixed Interest Rate | 3.00% | |||
Derivative, Maturity Date at a point in time | 15-Aug-19 | |||
Deriviative at purchase price | 315,200 | |||
Derivative Asset, Notional Amount | 31,565,000 | |||
Royal Bank of Canada-2 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Purchase Date | 10-Jul-14 | |||
Derivative, Fixed Interest Rate | 3.00% | |||
Derivative, Maturity Date at a point in time | 15-Aug-19 | |||
Deriviative at purchase price | 343,000 | |||
Derivative Asset, Notional Amount | 31,565,000 | |||
SMBC Capital Markets, Inc-3 [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Purchase Date | 10-Jul-14 | |||
Derivative, Fixed Interest Rate | 3.00% | |||
Derivative, Maturity Date at a point in time | 15-Aug-19 | |||
Deriviative at purchase price | 333,200 | |||
Derivative Asset, Notional Amount | 31,565,000 |
Interest_Rate_Derivative_Agree3
Interest Rate Derivative Agreements Footnote Tagging (Details) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2010 | |
derivatives | |||||||
Derivative [Line Items] | |||||||
Number of Derivatives | 9 | ||||||
Derivative, Fixed Interest Rate | 3.00% | ||||||
Derivative, Collateral, Right to Reclaim Cash | $500,000 | ||||||
Derivative, Loss on Derivative | 2,000,000 | 284,000,000 | |||||
Derivative Asset, Fair Value, Gross Asset | 268,000 | 888,000,000 | |||||
Barclays Bank PLC 1, Royal Bank of Canada-2 and SMBC Capital Markets, Inc-3 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative Asset, Notional Amount | 31,600,000 | 31,600,000 | |||||
Derivative, Maturity Date at a point in time | 15-Aug-19 | ||||||
Derivative, Fixed Interest Rate | 3.00% | 3.00% | |||||
Deriviative at purchase price | 991,000 | ||||||
SMBC Capital Markets, Inc 1 and 2 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative Asset, Notional Amount | 70,000,000 | ||||||
Derivative, Maturity Date at a point in time | 1-Mar-17 | ||||||
Derivative, Fixed Interest Rate | 1.00% | ||||||
Deriviative at purchase price | 390,000 | ||||||
Barclays Bank PLC, Bank of New York Mellon, and Royal Bank of Canada [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative Asset, Notional Amount | 31,900,000 | ||||||
Derivative, Fixed Interest Rate | 3.00% | ||||||
effective rate - maximum | 4.90% | ||||||
Deutsche Bank [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative Asset, Notional Amount | 93,300,000 | ||||||
Derivative, Maturity Date at a point in time | 1-Sep-17 | 1-Sep-17 | |||||
Derivative, Fixed Interest Rate | 1.50% | 1.50% | |||||
Deriviative at purchase price | $793,000 | $800,000 |
Fair_Value_Measurements_Availa
Fair Value Measurements Available for sale securities (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, Fair Value Disclosure | $385,332,107 | $244,651,688 | |
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 378,423,092 | 216,371,801 | |
Deconsolidation of VIE | 0 | 55,000 | 0 |
Gain on sale and retirement of bonds | 3,701,772 | 0 | 680,444 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 7,214,136 | 2,764,286 | 970,298 |
Available-for-sale Securities | 70,601,045 | 68,946,370 | |
Foreclosure of Available-for-Sale Securities | -4,080,734 | ||
Assets, Fair Value Disclosure | 535,793,465 | 385,332,107 | 244,651,688 |
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 0 | 4,852,177 | |
Available-for-sale Securities [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Assets, Fair Value Disclosure | 449,024,137 | 285,318,171 | 145,237,376 |
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | -4,852,177 | ||
Bond Purchase Commitment [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Assets, Fair Value Disclosure | 5,780,413 | ||
Public housing capital fund trusts [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Assets, Fair Value Disclosure | 61,263,123 | 62,056,379 | 65,389,298 |
Trust Portfolio--MBS Bonds [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Assets, Fair Value Disclosure | 14,841,558 | 37,845,661 | 32,121,412 |
Taxable Bonds [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Assets, Fair Value Disclosure | 4,616,565 | 4,075,953 | 1,524,873 |
Interest rate derivatives [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Assets, Fair Value Disclosure | 267,669 | 888,120 | 378,729 |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, Fair Value Disclosure | 347,486,446 | 212,530,276 | 137,793,568 |
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Gain (Loss) on Investments | -2,003,351 | -283,610 | -944,541 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 68,810,375 | -26,372,085 | 7,479,151 |
Deconsolidation of VIE | 8,795,630 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 142,794,827 | 151,542,000 | 99,580,757 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | -30,654,939 | ||
Deriviative at purchase price | 1,382,900 | 793,001 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -7,054,492 | -930,817 | -723,720 |
Assets, Fair Value Disclosure | 520,951,907 | 347,486,446 | 212,530,276 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 520,951,907 | 347,486,446 | 212,530,276 |
Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, Fair Value Disclosure | 285,318,171 | 145,237,376 | 135,695,352 |
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Gain (Loss) on Investments | 0 | 0 | 0 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 52,272,236 | -18,011,590 | 8,070,888 |
Deconsolidation of VIE | 8,795,630 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 142,794,827 | 148,624,000 | 32,660,864 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | -30,654,939 | ||
Deriviative at purchase price | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -896,299 | -739,296 | -534,789 |
Assets, Fair Value Disclosure | 449,024,137 | 285,318,171 | 145,237,376 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 449,024,137 | 285,318,171 | 145,237,376 |
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | -4,852,177 | ||
Fair Value, Inputs, Level 3 [Member] | Bond Purchase Commitment [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, Fair Value Disclosure | -4,852,177 | 0 | |
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Gain (Loss) on Investments | 0 | 0 | |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 10,632,590 | -4,852,177 | |
Deconsolidation of VIE | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | |
Deriviative at purchase price | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | |
Assets, Fair Value Disclosure | 5,780,413 | -4,852,177 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,780,413 | ||
Fair Value, Inputs, Level 3 [Member] | Public housing capital fund trusts [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, Fair Value Disclosure | 62,056,379 | 65,389,298 | 0 |
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Gain (Loss) on Investments | 0 | 0 | 0 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 5,219,937 | -3,276,398 | -568,335 |
Deconsolidation of VIE | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 65,985,893 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 0 | ||
Deriviative at purchase price | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -6,013,193 | -56,521 | -28,260 |
Assets, Fair Value Disclosure | 61,263,123 | 62,056,379 | 65,389,298 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 61,263,123 | 62,056,379 | 65,389,298 |
Fair Value, Inputs, Level 3 [Member] | Trust Portfolio--MBS Bonds [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | Taxable Bonds [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, Fair Value Disclosure | 4,075,953 | 1,524,873 | 774,946 |
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Gain (Loss) on Investments | 0 | 0 | 0 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 685,612 | -231,920 | -23,402 |
Deconsolidation of VIE | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 2,918,000 | 934,000 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 0 | ||
Deriviative at purchase price | 0 | 0 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | -145,000 | -135,000 | -160,671 |
Assets, Fair Value Disclosure | 4,616,565 | 4,075,953 | 1,524,873 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,616,565 | 4,075,953 | 1,524,873 |
Fair Value, Inputs, Level 3 [Member] | Interest rate derivatives [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring/Nonrecurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |||
Assets, Fair Value Disclosure | 888,120 | 378,729 | 1,323,270 |
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Gain (Loss) on Investments | -2,003,351 | -283,610 | -944,541 |
Other than Temporary Impairment Losses, Investments, Portion in Other Comprehensive Income (Loss), before Tax, Including Portion Attributable to Noncontrolling Interest, Available-for-sale Securities | 0 | 0 | 0 |
Deconsolidation of VIE | 0 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 0 | 0 | 0 |
Proceeds from Maturities, Prepayments and Calls of Available-for-sale Securities | 0 | ||
Deriviative at purchase price | 1,382,900 | 793,001 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 0 | 0 | 0 |
Assets, Fair Value Disclosure | 267,669 | 888,120 | 378,729 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 267,669 | 888,120 | 378,729 |
Fair Value, Inputs, Level 1 [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Equity Method Investment, Quoted Market Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Available-for-sale Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Equity Method Investment, Quoted Market Value | 0 | 0 | 0 |
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Bond Purchase Commitment [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Equity Method Investment, Quoted Market Value | 0 | ||
Fair Value, Inputs, Level 1 [Member] | Public housing capital fund trusts [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Equity Method Investment, Quoted Market Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Trust Portfolio--MBS Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Equity Method Investment, Quoted Market Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Taxable Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Equity Method Investment, Quoted Market Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 1 [Member] | Interest rate derivatives [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Equity Method Investment, Quoted Market Value | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Fair Value Observable inputs (level 2) | 14,841,558 | 37,845,661 | 32,121,412 |
Fair Value, Inputs, Level 2 [Member] | Available-for-sale Securities [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Fair Value Observable inputs (level 2) | 0 | 0 | 0 |
Bond Purchase Commitment - Fair Market Value Adjustment - Liability | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Bond Purchase Commitment [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Fair Value Observable inputs (level 2) | 0 | ||
Fair Value, Inputs, Level 2 [Member] | Public housing capital fund trusts [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Fair Value Observable inputs (level 2) | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Trust Portfolio--MBS Bonds [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Fair Value Observable inputs (level 2) | 14,841,558 | 37,845,661 | 32,121,412 |
Fair Value, Inputs, Level 2 [Member] | Taxable Bonds [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Fair Value Observable inputs (level 2) | 0 | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | Interest rate derivatives [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Fair Value Observable inputs (level 2) | 0 | 0 | 0 |
Lost Creek, Autumn Pines and MBS Trust 3 [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | -30,464,798 | ||
Lost Creek, Autumn Pines and MBS Trust 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | -30,464,798 | ||
Lost Creek, Autumn Pines and MBS Trust 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Bond Purchase Commitment [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | 0 | ||
Lost Creek, Autumn Pines and MBS Trust 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Public housing capital fund trusts [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | 0 | ||
Lost Creek, Autumn Pines and MBS Trust 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Taxable Bonds [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | 0 | ||
Lost Creek, Autumn Pines and MBS Trust 3 [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate derivatives [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | 0 | ||
Greens of Pine Glen [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 9,465,000 | ||
Greens of Pine Glen [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 9,465,000 | ||
Greens of Pine Glen [Member] | Fair Value, Inputs, Level 3 [Member] | Bond Purchase Commitment [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 0 | ||
Greens of Pine Glen [Member] | Fair Value, Inputs, Level 3 [Member] | Public housing capital fund trusts [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 0 | ||
Greens of Pine Glen [Member] | Fair Value, Inputs, Level 3 [Member] | Taxable Bonds [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 0 | ||
Greens of Pine Glen [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate derivatives [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 0 | ||
Iona Lakes [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | -16,052,849 | ||
Iona Lakes [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | -16,052,849 | ||
Iona Lakes [Member] | Fair Value, Inputs, Level 3 [Member] | Bond Purchase Commitment [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | 0 | ||
Iona Lakes [Member] | Fair Value, Inputs, Level 3 [Member] | Public housing capital fund trusts [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | 0 | ||
Iona Lakes [Member] | Fair Value, Inputs, Level 3 [Member] | Taxable Bonds [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | 0 | ||
Iona Lakes [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate derivatives [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities | 0 | ||
Woodland Park [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Foreclosure of Available-for-Sale Securities | -11,581,266 | ||
Woodland Park [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Foreclosure of Available-for-Sale Securities | -11,581,266 | ||
Woodland Park [Member] | Fair Value, Inputs, Level 3 [Member] | Bond Purchase Commitment [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Foreclosure of Available-for-Sale Securities | 0 | ||
Woodland Park [Member] | Fair Value, Inputs, Level 3 [Member] | Public housing capital fund trusts [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Foreclosure of Available-for-Sale Securities | 0 | ||
Woodland Park [Member] | Fair Value, Inputs, Level 3 [Member] | Taxable Bonds [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Foreclosure of Available-for-Sale Securities | 0 | ||
Woodland Park [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate derivatives [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Foreclosure of Available-for-Sale Securities | 0 | ||
Ohio Properties [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 19,581,166 | ||
Ohio Properties [Member] | Fair Value, Inputs, Level 3 [Member] | Available-for-sale Securities [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 19,581,166 | ||
Ohio Properties [Member] | Fair Value, Inputs, Level 3 [Member] | Bond Purchase Commitment [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 0 | ||
Ohio Properties [Member] | Fair Value, Inputs, Level 3 [Member] | Public housing capital fund trusts [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 0 | ||
Ohio Properties [Member] | Fair Value, Inputs, Level 3 [Member] | Taxable Bonds [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | 0 | ||
Ohio Properties [Member] | Fair Value, Inputs, Level 3 [Member] | Interest rate derivatives [Member] | |||
Total gains (lossses) (realized/unrealized) [Abstract] | |||
Available-for-sale Securities, Fair Value Disclosure Held in Trust | $0 |
Fair_Value_Measurements_Fair_M
Fair Value Measurements Fair Market Value of Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Debt financing | $345,359,000 | $257,274,000 |
Mortgages payable | 76,707,834 | 57,087,320 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Debt financing | 345,359,000 | 257,274,000 |
Mortgages payable | 76,707,845 | 57,087,320 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ||
Debt financing | 346,813,909 | 258,639,691 |
Mortgages payable | $76,134,465 | $58,117,798 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements Fair Value Measurements Narrative Tagging (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ($10,632,590) | $4,852,177 |
Tolerable Range of Difference in Valuation | 0.00% | |
Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Net of Tax | ($10,600,000) | $4,900,000 |
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies Narrative Tagging (Details) (USD $) | 12 Months Ended | 3 Months Ended | 6 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2013 | |
Unit | ||||
parkingstalls | ||||
Property loan receivable, gross | $21,549,927 | $22,191,515 | ||
Long-term Debt | 57,087,320 | 76,707,834 | ||
Foundation for Affordable Housing [Member] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 2,800,000 | |||
Number of Units in Real Estate Property | 96 | 96 | ||
Property loan receivable, gross | 1,603,083 | 1,560,553 | ||
Debt Instrument, Interest Rate, Stated Percentage | 9.00% | |||
Greens of Pine Glen [Member] | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,300,000 | |||
Property loan receivable, gross | 876,000 | 850,000 | ||
Percentage of Loss Contingency, Range of Possible Loss, Maximum | 75.00% | |||
Ohio Properties [Member] | ||||
Property loan receivable, gross | 2,361,447 | 2,390,447 | ||
Percentage of Loss Contingency, Range of Possible Loss, Maximum | 75.00% | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 25.00% | |||
Loss Contingency, Range of Possible Loss, Maximum | 4,900,000 | |||
The 50/50 Student Housing--UNL [Member] | ||||
Number of Units in Real Estate Property | 475 | |||
Operating Leases, Rent Expense | 100 | |||
Number of Parking Stalls | 1,605 | |||
Estimated Total Cost of Construction | 33,800,000 | |||
Available-for-sale Securities [Member] | Villas at Plano Gateway [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Available-For-Sale Securities, Gross Unrealized Loss MTM | 1,100,000 | |||
Long-term Purchase Commitment, Amount | 20,000,000 | |||
Available-for-sale Securities [Member] | 15 West Apartments [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.30% | |||
Available-For-Sale Securities, Gross Unrealized Loss MTM | 809,000 | |||
Long-term Purchase Commitment, Amount | 9,900,000 | |||
Available-for-sale Securities [Member] | Silver Moon [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||
Long-term Purchase Commitment, Amount | 8,000,000 | |||
Forward Bond Commitment, Gross Unrealized Loss | -600,000 | 400,000 | ||
Taxable Municipal Bonds [Member] | Silver Moon [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||
Long-term Purchase Commitment, Amount | $500,000 |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events Footnote Tagging (Details) (USD $) | 12 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 3 Months Ended | |||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Sep. 30, 2013 | Dec. 31, 2010 | Sep. 30, 2010 | |||
Integer | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | $338,861,752 | $219,511,490 | ||||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | -2,413,713 | -651,849 | ||||||||||
Debt financing | 345,359,000 | 257,274,000 | ||||||||||
Available-for-sale Securities | 70,601,045 | 68,946,370 | ||||||||||
Derivative, Fixed Interest Rate | 3.00% | |||||||||||
Restricted cash debt collateral | 1,699,973 | -3,992,848 | 7,247,341 | |||||||||
Lost Creek [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Proceeds from Sale of Available-for-sale Securities | 18,700,000 | 18,700,000 | ||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 15,883,084 | [1] | 15,900,000 | |||||||||
Available-for-sale Securities, Gross Realized Gain (Loss) | 2,800,000 | |||||||||||
Harden Ranch [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of Units in Real Estate Property | 100 | |||||||||||
Decatur-Angle [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 23,000,000 | [2] | ||||||||||
Available-for-sale Securities | 23,000,000 | |||||||||||
Number of Units in Real Estate Property | 302 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | [2] | 5.80% | |||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jan-54 | [2] | 1-Jan-54 | |||||||||
TEB Facility [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt financing | 76,400,000 | 93,000,000 | ||||||||||
Debt, Weighted Average Interest Rate | 2.00% | 2.03% | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.07% | 0.13% | ||||||||||
Number of Available for Sale Securities, Held in a Trust | 13 | |||||||||||
Series A [Member] | Lost Creek [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Jun-41 | |||||||||||
Series A [Member] | Harden Ranch [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 6,960,000 | [3] | ||||||||||
Available-for-sale Securities | 7,000,000 | |||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | [3] | 5.80% | |||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-30 | [3] | 1-Mar-30 | |||||||||
Series B [Member] | Harden Ranch [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Available-for-sale Securities | 2,338,499 | 2,300,000 | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.50% | 5.50% | 8.00% | |||||||||
Available-for-sale Security, Maturity Date at a point in time | 1-Mar-16 | 1-Mar-16 | ||||||||||
SMBC Capital Markets, Inc [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Derivative Asset, Notional Amount | 41,250,000 | |||||||||||
Derivative, Fixed Interest Rate | 1.00% | |||||||||||
Derivative, Maturity Date at a point in time | 1-Mar-17 | |||||||||||
Deriviative at purchase price | 230,500 | |||||||||||
Subsequent Event [Member] | Concord at Gulfgate [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of Units in Real Estate Property | 288 | |||||||||||
Subsequent Event [Member] | Concord at Little York [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of Units in Real Estate Property | 276 | |||||||||||
Subsequent Event [Member] | Concord at Williamcrest [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of Units in Real Estate Property | 288 | |||||||||||
Subsequent Event [Member] | Concord Portfolio [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of Available for Sale Securities, Held in a Trust | 3 | |||||||||||
Subsequent Event [Member] | Series A [Member] | Concord at Gulfgate [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Available-for-sale Securities | 17,100,000 | |||||||||||
Subsequent Event [Member] | Series A [Member] | Concord at Little York [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Available-for-sale Securities | 12,500,000 | |||||||||||
Subsequent Event [Member] | Series A [Member] | Concord at Williamcrest [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Available-for-sale Securities | 18,000,000 | |||||||||||
Subsequent Event [Member] | Series A [Member] | Concord Portfolio [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |||||||||||
Debt Instrument, Maturity Date | 1-Feb-32 | |||||||||||
Subsequent Event [Member] | Series B [Member] | Concord at Gulfgate [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Available-for-sale Securities | 2,100,000 | |||||||||||
Subsequent Event [Member] | Series B [Member] | Concord at Little York [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Available-for-sale Securities | 1,000,000 | |||||||||||
Subsequent Event [Member] | Series B [Member] | Concord at Williamcrest [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Available-for-sale Securities | 2,800,000 | |||||||||||
Subsequent Event [Member] | Series B [Member] | Concord Portfolio [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 12.00% | |||||||||||
Debt Instrument, Maturity Date | 1-Mar-32 | |||||||||||
Trading Securities [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt financing | 174,250,000 | 164,295,000 | ||||||||||
Trading Securities [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Restricted cash debt collateral | 6,600,000 | |||||||||||
Trading Securities [Member] | Subsequent Event [Member] | TOB facility-15 [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt financing | 33,300,000 | |||||||||||
Debt, Weighted Average Interest Rate | 2.80% | |||||||||||
Available-for-sale Security, Maturity Date at a point in time | 19-Feb-18 | |||||||||||
[1] | Bonds owned by ATAX TEBS I, LLC, Note 11 | |||||||||||
[2] | Bond held by Deutsche Bank in a secured financing transaction, Note 11 | |||||||||||
[3] | (3) Bonds owned by ATAX TEBS II, LLC, Note 11 |
Segment_Reporting_Segment_Repo
Segment Reporting Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues [Abstract] | |||||||||||
Revenues | $12,526,708 | $11,842,949 | $11,252,978 | $13,200,840 | $9,432,691 | $9,764,177 | $15,140,583 | $12,944,409 | $48,823,475 | $47,281,860 | $25,119,651 |
Interest Expense [Abstract] | |||||||||||
Interest expense | 11,398,649 | 7,235,336 | 5,530,995 | ||||||||
Depreciation [Abstract] | |||||||||||
Depreciation | 5,741,590 | 5,171,703 | 4,029,711 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 15,029,188 | 14,534,438 | 2,763,762 | ||||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
Operating Income (Loss) | 2,020,746 | 3,307,829 | 3,658,457 | 6,046,829 | 2,027,074 | 3,411,259 | 3,955,160 | 8,321,426 | 15,033,861 | 17,714,919 | 4,446,844 |
Assets [Abstract] | |||||||||||
Assets | 744,239,217 | 534,233,032 | 744,239,217 | 534,233,032 | 413,150,755 | ||||||
Partners' Capital | |||||||||||
Partners' Capital | 309,943,899 | 203,134,087 | 309,943,899 | 203,134,087 | 181,917,192 | ||||||
Available-for-sale Securities [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Revenues | 27,858,725 | 27,766,013 | 12,169,336 | ||||||||
Interest Expense [Abstract] | |||||||||||
Interest expense | 7,379,830 | 3,327,231 | 3,510,182 | ||||||||
Depreciation [Abstract] | |||||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 13,870,294 | 14,491,581 | 4,136,126 | ||||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
Operating Income (Loss) | 13,870,294 | 14,491,581 | 4,136,126 | ||||||||
Assets [Abstract] | |||||||||||
Assets | 698,637,412 | 442,175,645 | 698,637,412 | 442,175,645 | 357,606,420 | ||||||
Partners' Capital | |||||||||||
Partners' Capital | 355,480,225 | 231,042,138 | 355,480,225 | 231,042,138 | 221,665,286 | ||||||
MF Properties [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Revenues | 14,250,572 | 11,358,719 | 7,846,813 | ||||||||
Interest Expense [Abstract] | |||||||||||
Interest expense | 2,319,928 | 2,152,010 | 1,439,370 | ||||||||
Depreciation [Abstract] | |||||||||||
Depreciation | 4,801,533 | 3,804,499 | 2,485,365 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -938,151 | -1,837,076 | -1,065,819 | ||||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
Operating Income (Loss) | -933,478 | 1,343,405 | 617,263 | ||||||||
Assets [Abstract] | |||||||||||
Assets | 101,696,234 | 83,580,479 | 101,696,234 | 83,580,479 | 51,379,479 | ||||||
Partners' Capital | |||||||||||
Partners' Capital | 18,600,449 | 23,107,538 | 18,600,449 | 23,107,538 | 6,643,315 | ||||||
Public Housing Capital Fund Trust Certificates [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Revenues | 3,038,819 | 3,261,611 | 1,624,534 | ||||||||
Interest Expense [Abstract] | |||||||||||
Interest expense | 1,295,238 | 1,292,540 | 542,479 | ||||||||
Depreciation [Abstract] | |||||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 1,714,968 | 1,940,459 | 1,067,749 | ||||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
Operating Income (Loss) | 1,714,968 | 1,940,459 | 1,067,749 | ||||||||
Assets [Abstract] | |||||||||||
Assets | 61,577,848 | 62,449,028 | 61,577,848 | 62,449,028 | 65,811,361 | ||||||
Partners' Capital | |||||||||||
Partners' Capital | 16,803,457 | 13,336,761 | 16,803,457 | 13,336,761 | 16,720,915 | ||||||
Mortgage-backed Securities, Issued by US Government Sponsored Enterprises [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Revenues | 1,423,958 | 1,601,270 | 194,039 | ||||||||
Interest Expense [Abstract] | |||||||||||
Interest expense | 403,653 | 463,555 | 38,964 | ||||||||
Depreciation [Abstract] | |||||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 1,017,637 | 1,055,736 | 148,552 | ||||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
Operating Income (Loss) | 1,017,637 | 1,055,736 | 148,552 | ||||||||
Assets [Abstract] | |||||||||||
Assets | 15,101,309 | 38,427,654 | 15,101,309 | 38,427,654 | 32,488,363 | ||||||
Partners' Capital | |||||||||||
Partners' Capital | 3,095,526 | 4,397,356 | 3,095,526 | 4,397,356 | 7,334,399 | ||||||
Segment, Discontinued Operations [Member] | |||||||||||
Assets [Abstract] | |||||||||||
Assets | 0 | 0 | 0 | 0 | 32,580,427 | ||||||
Consolidated VIEs [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Revenues | 3,180,680 | 13,938,850 | 4,805,746 | ||||||||
Interest Expense [Abstract] | |||||||||||
Interest expense | 2,254,786 | 3,221,000 | 3,240,306 | ||||||||
Depreciation [Abstract] | |||||||||||
Depreciation | 940,057 | 1,367,204 | 1,544,346 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | -1,987,839 | 6,265,571 | -3,285,896 | ||||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
Operating Income (Loss) | -1,987,839 | 6,265,571 | -3,285,896 | ||||||||
Assets [Abstract] | |||||||||||
Assets | 13,456,861 | 14,019,837 | 13,456,861 | 14,019,837 | 30,207,191 | ||||||
Partners' Capital | |||||||||||
Partners' Capital | -23,499,616 | -21,511,776 | -23,499,616 | -21,511,776 | -22,480,214 | ||||||
Consolidation, Eliminations [Member] | |||||||||||
Revenues [Abstract] | |||||||||||
Revenues | -929,279 | -10,644,603 | -1,520,817 | ||||||||
Interest Expense [Abstract] | |||||||||||
Interest expense | -2,254,786 | -3,221,000 | -3,240,306 | ||||||||
Depreciation [Abstract] | |||||||||||
Depreciation | 0 | 0 | 0 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||||||||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 1,352,279 | -7,381,833 | 1,763,050 | ||||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
Operating Income (Loss) | 1,352,279 | -7,381,833 | 1,763,050 | ||||||||
Assets [Abstract] | |||||||||||
Assets | -146,230,447 | -106,419,611 | -146,230,447 | -106,419,611 | -156,922,486 | ||||||
Partners' Capital | |||||||||||
Partners' Capital | ($60,536,142) | ($47,237,930) | ($60,536,142) | ($47,237,930) | ($47,966,509) |
Segment_Reporting_Footnote_Tag
Segment Reporting Footnote Tagging (Details) | 3 Months Ended | 12 Months Ended | 6 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | |
Integer | segments | Integer | properties | Unit | Integer | |
properties | properties | |||||
entities | entities | |||||
Segment Reporting Information [Line Items] | ||||||
Number of Reportable Segments | 5 | |||||
Number of Available for Sale Securities | 2 | |||||
Number of Variable Interest Entities | 4 | 4 | 6 | |||
MF Properties [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of Units in Real Estate Property | 2,163 | 2,163 | ||||
Number of Real Estate Properties | 9 | 9 | ||||
Variable Interest Entity, Primary Beneficiary [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of Available for Sale Securities | 2 | |||||
Number of Units in Real Estate Property | 410 | |||||
Number of Variable Interest Entities | 2 | 2 | ||||
Public housing capital fund trusts [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of Available for Sale Securities, Public Housing Authorities | 3 | 3 | 3 | |||
Partnership [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of Available for Sale Securities | 50 | |||||
Number of Units in Real Estate Property | 6,527 | 6,527 | ||||
Variable Interest Entity, Not Primary Beneficiary [Member] | Partnership [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Number of Available for Sale Securities | 53 |
Summary_of_Unaudited_Quarterly2
Summary of Unaudited Quarterly Results of Operations Quarterly Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Revenues | $12,526,708 | $11,842,949 | $11,252,978 | $13,200,840 | $9,432,691 | $9,764,177 | $15,140,583 | $12,944,409 | $48,823,475 | $47,281,860 | $25,119,651 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 2,019,699 | 3,304,680 | 3,658,083 | 6,046,726 | 2,025,413 | 2,008,848 | 3,939,119 | 6,561,058 | 15,029,188 | 14,534,438 | 2,763,762 |
Income (loss) from discontinued operations | 0 | 1,342,498 | 166,887 | 1,933,019 | 0 | 3,442,404 | 2,232,276 | ||||
Operating Income (Loss) | $2,020,746 | $3,307,829 | $3,658,457 | $6,046,829 | $2,027,074 | $3,411,259 | $3,955,160 | $8,321,426 | $15,033,861 | $17,714,919 | $4,446,844 |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $0.04 | $0.05 | $0.08 | $0.15 | $0.25 | $0.32 | $0.09 | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic and Diluted Share | $0 | $0 | $0.01 | $0.04 | $0 | $0.08 | $0.05 | ||||
Earnings Per Share, Basic and Diluted | $0.04 | $0.06 | $0.05 | $0.10 | $0.04 | $0.08 | $0 | $0.19 | $0.25 | $0.40 | $0.14 |
Uncategorized_Items
Uncategorized Items | 12/31/09 | |
USD ($) | ||
[us-gaap_CashAndCashEquivalentsAtCarryingValueIncludingDiscontinuedOperations] | 20,213,413 | |
[us-gaap_PartnersCapitalAccountUnits] | 60,252,928 |