Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2017shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | AMERICA FIRST Multifamily INVESTORS, L.P. |
Entity Central Index Key | 1,059,142 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Trading Symbol | ATAX |
Entity Common Stock, Units Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 35,556,115 | $ 20,748,521 |
Restricted cash | 2,449,346 | 6,757,699 |
Interest receivable, net | 7,319,913 | 6,983,203 |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 739,967,192 | 590,194,179 |
Mortgage revenue bonds, at fair value (Note 6) | 39,346,686 | 90,016,872 |
Public housing capital fund trusts, at fair value (Note 7) | 54,913,748 | 57,158,068 |
Real estate assets: (Note 8) | ||
Land and improvements | 10,798,832 | 17,354,587 |
Buildings and improvements | 105,323,268 | 113,089,041 |
Real estate assets before accumulated depreciation | 116,122,100 | 130,443,628 |
Accumulated depreciation | (17,623,467) | (16,217,028) |
Net real estate assets | 98,498,633 | 114,226,600 |
Investment in unconsolidated entities (Note 9) | 34,335,649 | 19,470,006 |
Property loans, net of loan loss allowance (Note 10) | 31,194,704 | 29,763,334 |
Other assets (Note 12) | 9,613,734 | 8,795,192 |
Total Assets | 1,053,195,720 | 944,113,674 |
Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 8,297,418 | 7,255,327 |
Distribution payable | 7,607,693 | 8,017,950 |
Unsecured lines of credit (Note 13) | 12,471,000 | 40,000,000 |
Secured line of credit, net (Note 14) | 19,816,667 | |
Debt financing, net (Note 15) | 594,635,819 | 495,383,033 |
Mortgages payable and other secured financing, net (Note 16) | 50,579,400 | 51,379,512 |
Derivative swaps, at fair value (Note 17) | 1,196,701 | 1,339,283 |
Total Liabilities | 674,788,031 | 623,191,772 |
Commitments and Contingencies (Note 18) | ||
Redeemable Series A preferred units, approximately $77.0 and $40.9 million redemption value, 10.0 million authorized, 7.7 million and 4.1 million issued and outstanding, respectively (Note 19) | 76,855,492 | 40,788,034 |
Partnersʼ Capital | ||
General Partner (Note 1) | 331,429 | 102,536 |
Beneficial Unit Certificate holders | 301,220,768 | 280,026,669 |
Total Partnersʼ Capital | 301,552,197 | 280,129,205 |
Noncontrolling interest | 4,663 | |
Total Capital | 301,552,197 | 280,133,868 |
Total Liabilities and Partnersʼ Capital | $ 1,053,195,720 | $ 944,113,674 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Redeemable preferred units redemption value | $ 77 | $ 40.9 |
Redeemable preferred units, authorized | 10,000,000 | 10,000,000 |
Redeemable preferred units, issued | 7,700,000 | 4,100,000 |
Redeemable preferred units, outstanding | 7,700,000 | 4,100,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenues: | ||||
Property revenues | $ 3,244,440 | $ 3,414,788 | $ 10,280,940 | $ 13,483,760 |
Investment income | 12,242,533 | 9,071,460 | 35,886,934 | 27,238,601 |
Contingent interest income | 90,000 | 219,217 | 309,396 | |
Other interest income | 735,123 | 645,691 | 2,047,056 | 2,043,162 |
Other income | 12,734 | 75,371 | ||
Total revenues | 16,234,830 | 13,221,939 | 48,509,518 | 43,074,919 |
Expenses: | ||||
Real estate operating (exclusive of items shown below) | 2,225,845 | 2,252,939 | 6,331,145 | 7,259,071 |
Impairment charge | 61,506 | |||
Depreciation and amortization | 1,259,055 | 1,361,259 | 4,122,260 | 5,292,889 |
Amortization of deferred financing costs | 577,413 | 425,520 | 1,880,236 | 1,350,200 |
Interest expense | 5,714,181 | 3,485,172 | 16,997,761 | 12,577,361 |
General and administrative | 3,197,853 | 2,377,148 | 9,205,183 | 7,474,500 |
Total expenses | 12,974,347 | 9,902,038 | 38,536,585 | 34,015,527 |
Other Income: | ||||
Gain (loss) on sale of real estate assets | 1,633,973 | 7,152,512 | 14,076,902 | |
Gain on sale of securities | 8,097 | |||
Income before income taxes | 3,260,483 | 4,953,874 | 17,125,445 | 23,144,391 |
Income tax expense (benefit) | (285,000) | 331,000 | 2,110,047 | 4,984,000 |
Net income | 3,545,483 | 4,622,874 | 15,015,398 | 18,160,391 |
Net income (loss) attributable to noncontrolling interest | (668) | 71,653 | (781) | |
Partnership net income | 3,545,483 | 4,623,542 | 14,943,745 | 18,161,172 |
Redeemable Series A preferred unit distributions and accretion | (523,682) | (181,969) | (1,280,874) | (308,635) |
Net income available to Partners | 3,021,801 | 4,441,573 | 13,662,871 | 17,852,537 |
Net income (loss) available to Partners and noncontrolling interest allocated to: | ||||
General Partner | 30,218 | 324,059 | 1,212,429 | 2,513,126 |
Net income (loss) attributable to noncontrolling interest | (668) | 71,653 | (781) | |
Net income available to Partners and noncontrolling interest | $ 3,021,801 | $ 4,440,905 | $ 13,734,524 | $ 17,851,756 |
Unitholdersʼ interest in net income per unit (basic and diluted): | ||||
Net income per unit, basic and diluted | $ 0.05 | $ 0.07 | $ 0.21 | $ 0.25 |
Distributions declared, per unit | $ 0.125 | $ 0.125 | $ 0.375 | $ 0.375 |
Weighted average number of units outstanding, basic | 59,811,578 | 60,176,937 | 59,904,078 | 60,227,413 |
Weighted average number of units outstanding, diluted | 59,811,578 | 60,176,937 | 59,904,078 | 60,227,413 |
Unitholders [Member] | ||||
Net income (loss) available to Partners and noncontrolling interest allocated to: | ||||
Limited Partners | $ 2,936,408 | $ 4,115,889 | $ 12,325,639 | $ 15,337,786 |
Restricted Unitholders [Member] | ||||
Net income (loss) available to Partners and noncontrolling interest allocated to: | ||||
Limited Partners | $ 55,175 | $ 1,625 | $ 124,803 | $ 1,625 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Net income | $ 3,545,483 | $ 4,622,874 | $ 15,015,398 | $ 18,160,391 |
Reversal of net unrealized gain on sale of securities | (236,439) | |||
Unrealized gain (loss) on bond purchase commitments | 955,598 | 6,988,349 | ||
Comprehensive income (loss) | 5,548,672 | (29,406,041) | 46,991,364 | 67,651,252 |
Comprehensive income (loss) allocated to noncontrolling interest | (668) | 71,653 | (781) | |
Partnership comprehensive income (loss) | 5,548,672 | (29,405,373) | 46,919,711 | 67,652,033 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Net income | 3,545,483 | 4,622,874 | 15,015,398 | 18,160,391 |
Reversal of net unrealized gain on sale of securities | (236,439) | |||
Unrealized gain (loss) on securities | 1,813,314 | (29,432,805) | 31,020,368 | 42,738,951 |
Unrealized gain (loss) on bond purchase commitments | 955,598 | 6,988,349 | ||
Commitments | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Unrealized gain (loss) on bond purchase commitments | $ 189,875 | $ (4,596,110) | $ 955,598 | $ 6,988,349 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($) | Total | General Partner [Member] | Beneficial Unit Certificate Holders [Member] | Beneficial Unit Certificate Holders - Restricted and Unrestricted [Member] | Number of Units [Member] | Number of Units - Restricted and Unrestricted [Member] | Noncontrolling Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2015 | $ 313,124,827 | $ 399,077 | $ 312,720,264 | $ 5,486 | $ 60,963,687 | |||
Partners' Capital Account, Units at Dec. 31, 2015 | 60,252,928 | |||||||
Reversal of net unrealized gain on sale of securities | (236,439) | (2,364) | (234,075) | (236,439) | ||||
Distributions paid or accrued | ||||||||
Regular distribution | (25,181,261) | (2,586,413) | (22,594,848) | |||||
Net income (loss) allocated to Partners and noncontrolling interests: | ||||||||
Net income (loss) allocable to Partners | 17,851,756 | 2,513,126 | 15,339,411 | (781) | ||||
Repurchase of Beneficial Unit Certificates | (1,409,726) | (1,409,726) | ||||||
Repurchase of Beneficial Unit Certificates, Units | (238,936) | |||||||
Restricted units awarded | 238,936 | |||||||
Restricted units compensation expense | 31,050 | 311 | 30,739 | |||||
Unrealized gain on securities | 42,738,951 | 427,390 | 42,311,561 | 42,738,951 | ||||
Unrealized gain (loss) on bond purchase commitments | 6,988,349 | 69,883 | 6,918,466 | 6,988,349 | ||||
Balance at Sep. 30, 2016 | 353,907,507 | 821,010 | $ 353,081,792 | 4,705 | 110,454,548 | |||
Partners' Capital Account, Units at Sep. 30, 2016 | 60,252,928 | |||||||
Balance at Dec. 31, 2016 | 280,133,868 | 102,536 | $ 280,026,669 | 4,663 | 38,895,484 | |||
Partners' Capital Account, Units at Dec. 31, 2016 | 60,224,538 | |||||||
Distribution to noncontrolling interest | (76,316) | (76,316) | ||||||
Distributions paid or accrued | ||||||||
Regular distribution | (19,427,246) | (194,272) | (19,232,974) | |||||
Distribution of Tier 2 earnings (Note 3) | (4,482,500) | (1,120,625) | (3,361,875) | |||||
Net income (loss) allocated to Partners and noncontrolling interests: | ||||||||
Net income (loss) allocable to Partners | 13,734,524 | 1,212,429 | 12,450,442 | $ 71,653 | ||||
Repurchase of Beneficial Unit Certificates | (1,466,222) | (1,466,222) | ||||||
Repurchase of Beneficial Unit Certificates, Units | (254,656) | |||||||
Restricted units awarded | 283,046 | |||||||
Restricted units compensation expense | 1,160,123 | 11,601 | 1,148,522 | |||||
Unrealized gain on securities | 31,020,368 | 310,204 | 30,710,164 | 31,020,368 | ||||
Unrealized gain (loss) on bond purchase commitments | 955,598 | 9,556 | 946,042 | 955,598 | ||||
Balance at Sep. 30, 2017 | $ 301,552,197 | $ 331,429 | $ 301,220,768 | $ 70,871,450 | ||||
Partners' Capital Account, Units at Sep. 30, 2017 | 60,252,928 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 15,015,398 | $ 18,160,391 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,122,260 | 5,292,889 |
Provision for loan loss | (55,000) | |
Gain on sale of real estate assets | (7,152,512) | (14,076,902) |
Gain on sale of securities | (8,097) | |
Non-cash loss on derivatives | 369,686 | 1,378,112 |
Restricted unit compensation expense | 1,160,123 | 31,050 |
Bond premium/discount amortization | (113,861) | (113,923) |
Amortization of deferred financing costs | 1,880,236 | 1,350,200 |
Deferred income tax expense (benefit) | (374,000) | 417,000 |
Change in preferred return receivable from unconsolidated entities | (2,176,131) | (307,165) |
Changes in operating assets and liabilities, net of effect of acquisitions | ||
Increase in interest receivable | (336,710) | (1,662,253) |
(Increase) decrease in other assets | (231,498) | 133,761 |
Increase (decrease) in accounts payable and accrued expenses | 1,058,638 | (827,131) |
Net cash provided by operating activities | 13,166,629 | 9,767,932 |
Cash flows from investing activities: | ||
Capital expenditures | (290,042) | (540,602) |
Proceeds from sale of MF Properties | 13,750,000 | 45,850,001 |
Proceeds from sale of land held for development | 3,000,000 | |
Proceeds from sale of mortgage revenue bond | 9,295,000 | |
Proceeds from the sale of MBS Securities | 14,997,069 | |
Acquisition of mortgage revenue bonds | (72,056,000) | (20,285,000) |
Contributions to unconsolidated entities | (9,569,227) | (12,843,042) |
Acquisition of MF Property | (9,882,800) | |
Restricted cash - debt collateral paid | (585,712) | (1,589,456) |
Restricted cash - debt collateral released | 4,576,407 | 2,704,840 |
Decrease in restricted cash | 317,658 | 289,112 |
Principal payments received on taxable bonds | 31,930 | 527,359 |
Cash paid for land held for development and deposits on potential purchases | (168,693) | |
Advances on property loans | (2,376,370) | (8,414,216) |
Principal payments received on property loans | 1,000,000 | 8,516 |
Net cash provided by (used in) investing activities | (55,915,419) | 28,497,939 |
Cash flows from financing activities: | ||
Distributions paid | (25,339,844) | (26,175,652) |
Proceeds from the sale of redeemable Series A Preferred Units | 36,131,000 | 33,869,000 |
Payment of offering costs related to the sale of redeemable Series A Preferred Units | (668) | (63,400) |
Acquisition of interest rate derivatives | (556,017) | |
Repurchase of beneficial unit certificates | (1,466,222) | (1,409,726) |
Payment of tax withholding related to restricted unit awards | (153,306) | |
Distribution to noncontrolling interest | (76,316) | |
Proceeds from debt financing | 135,100,000 | 134,392,645 |
Principal payments on debt financing | (36,093,863) | (128,348,340) |
Principal payments on other secured financing | (7,500,000) | |
Principal borrowing on mortgages payable | 7,500,000 | |
Principal payments on mortgages payable | (884,826) | (17,520,435) |
Principal borrowing on unsecured lines of credit | 43,031,000 | 19,987,639 |
Principal payments on unsecured and secured lines of credit | (90,560,000) | (37,484,639) |
Decrease in security deposit liability related to restricted cash | (105,320) | (94,593) |
Debt financing and other deferred costs | (1,469,234) | (1,539,150) |
Net cash provided by (used in) financing activities | 57,556,384 | (24,386,651) |
Net increase in cash and cash equivalents | 14,807,594 | 13,879,220 |
Cash and cash equivalents at beginning of period | 20,748,521 | 17,035,782 |
Cash and cash equivalents at end of period | 35,556,115 | 30,915,002 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 16,158,444 | 11,048,099 |
Cash paid during the period for income taxes | 3,007,000 | |
Supplemental disclosure of noncash investing and financing activities: | ||
Distributions declared but not paid for beneficial unit certificates and general partner | 7,607,693 | 7,890,161 |
Distributions declared but not paid for Series A Preferred Units | 517,500 | 179,851 |
Land contributed as investment in an unconsolidated entity | 3,091,023 | |
Capital expenditures financed through accounts payable | 76,064 | 12,112 |
Deferred financing costs financed through accounts payable | 1,887 | |
Liabilities assumed in the acquisition of MF Property | 135,326 | |
Public housing capital fund trusts [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | 1,610,302 | 1,584,455 |
Mortgage Revenue Bonds [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | $ 4,844,328 | $ 6,796,703 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation General 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 (“MRBs”) which have been issued to provide construction and/or permanent financing for affordable multifamily and student housing residential properties (collectively “Residential Properties”) and commercial properties. In addition, the Partnership may acquire interests in multifamily, student, and senior citizen residential properties (“MF Properties”) in order to position itself for future investments in MRBs issued to finance these properties or to operate the MF Property until its “highest and best use” can be determined by management. The general partner of the Partnership is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”). The general partner of AFCA 2 is Burlington Capital LLC (“Burlington”). The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partner interests to investors (“Unitholders”). The Partnership has also issued non-cumulative, non-voting and non-convertible Series A Preferred Units which represent limited partnership interests in the Partnership. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2017 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P. and its wholly-owned subsidiaries. All intercompany transactions are eliminated. At September 30, 2017, the consolidated subsidiaries of the Partnership (the “Consolidated Subsidiaries”) consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac. • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the second TEBS Financing, (“M31 TEBS Financing”) with Freddie Mac. • ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the third TEBS Financing (“M33 TEBS Financing”), with Freddie Mac. • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, committed to loan money or provide equity for the development of multifamily properties. • Four MF Properties are owned by a wholly-owned corporation (“the Greens Hold Co”). The Greens Hold Co held a 99% limited partnership interest in the northern View MF Property until its sale in March 2017. • One MF Property is owned by a wholly-owned subsidiary of the Partnership and one MF Property is owned directly by the Partnership. Acquisition Accounting Pursuant to the guidance on acquisition accounting, the Partnership allocates the contractual purchase price of a property acquired to the land, building, improvements 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. Investment in unconsolidated entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited partnership interests using Income Taxes No provision has been made for income taxes of the Partnership because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. The Partnership recognizes franchise margin tax expense on revenues in certain jurisdictions relating to MF Properties and Investments in unconsolidated entities. The Greens Hold Co, a wholly-owned subsidiary of the Partnership, is a corporation subject to federal and state income taxes. The Partnership will recognize income tax expense or benefit for the federal and state income taxes incurred by the Greens Hold Co on the Partnership’s condensed consolidated financial statements. The Partnership evaluates its tax positions taken in the Partnership’s condensed consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. The Partnership accrues interest and penalties as incurred within income tax expense. Deferred income tax expense, or benefit, is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes such as depreciation, amortization of financing costs, etc.) and the utilization of tax net operating losses (“NOL”) generated in prior years that had been previously recognized as deferred income tax assets. The Partnership fully utilized its NOL carryforwards during 2016. The Partnership records a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred income tax expense. Restricted Unit Awards (“RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the Unitholders in September 2015, permits the grant of Restricted Units and other awards to the employees of Burlington, the Partnership, or any affiliate of either, and members of Burlington’s Board of Managers for up to 3.0 million BUCs. RUAs are generally granted with vesting conditions ranging from three months to three years. RUAs currently provide for the payment of quarterly distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control or upon death or disability of the Participant. The Partnership accounts for forfeitures when they occur. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The Partnership will account for modifications to RUAs as they occur if the fair value of the RUAs change, there are changes to vesting conditions or the awards no longer qualify for equity classification. Estimates and assumptions The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016. These condensed consolidated financial statements and notes have been prepared consistently with the 2016 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position at September 30, 2017, and the results of operations for the interim periods presented have been made. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet at December 31, 2016, was derived from audited annual financial statements, but does not contain all the footnote disclosures from the annual consolidated financial statements. Recently Issued Accounting Pronouncements In March 2017, the FASB ASU The Partnership is currently evaluating the impact this standard will have on its condensed consolidated financial statements. In February 2017, the FASB ASU The Partnership is currently evaluating the impact this standard will have on its condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations; Clarifying the Definition of a Business.” The ASU modifies the requirements to meet the definition of a business under Topic 805, “Business Combinations.” The amendments provide a screen to determine when a set of identifiable assets and liabilities is not a business. The screen requires that when substantially all the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The impact is expected to result in fewer transactions being accounted for as business combinations. The ASU is effective for the Partnership for fiscal years beginning after December 15, 2017 and is applied prospectively. It is expected that the new standard would reduce the number of future real estate acquisitions that will be accounted for as business combinations and, therefore, reduce the amount of acquisition costs that will be expensed. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows; Restricted Cash.” The ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2017 and is applied retrospectively. The Partnership is currently assessing the impact this standard will have on its condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230).” The ASU clarifies the presentation of cash receipts and cash payments related to certain transactions. The ASU is effective for the Partnership for fiscal years beginning after December 15, 2017 and is applied retrospectively. The Partnership is currently assessing the impact of the adoption of this pronouncement on the condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326).” The ASU enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2019 and is applied under a modified-retrospective approach. The Partnership is currently assessing the impact of the adoption of this pronouncement on the condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The ASU requires the recognition of right-of-use assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The ASU offers specific accounting guidance for embedded lease arrangements, lease terms and incentives, sale-leaseback agreements, and related disclosures. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2018 and requires a modified retrospective adoption, with early adoption permitted. The Partnership has performed a preliminary assessment of its lessor and lessee leasing arrangements. Lessor arrangements with tenants at the MF Properties are not expected to be materially impacted by adoption of the standard as substantially all leases are for terms of 12 months or less. The Partnership has four lessee arrangements for which it is assessing the quantitative and qualitative impact of the standard. The Partnership has not elected early adoption of the standard as of September 30, 2017 and is currently evaluating the impact this standard will have on its condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall (Subtopic 825-10).” The ASU simplifies and clarifies the recognition, measurement, presentation, and disclosure of financial instruments. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2017. The Partnership continues to assess the impact of the adoption of this standard but preliminarily does not believe adoption will have a material impact on the Partnership’s condensed consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year. During 2016, the FASB issued ASU Nos. 2016-10, 2016-12 and 2016-20 that provide additional guidance related to the identification of performance obligations within a contract, assessing collectability, contract costs, and other technical corrections and improvements. The Partnership expects to use the modified retrospective transition method and will adopt the standard effective January 1, 2018. The Partnership has completed an assessment of its revenue streams and performance obligations and is currently evaluating the quantitative and qualitative impacts of the new standard on the business. The Partnership has determined that revenues within investment income, contingent interest income, other interest income are not within the scope of this standard. Furthermore, the majority of property revenues are within the scope of the Lease ASU and outside the scope of the Revenue ASU. The Partnership believes the new standard will only impact property revenues related to non-lease revenue streams and certain provisions that apply to gains on sale of real estate assets. The impact to non-lease revenue streams within the scope of this standard is immaterial to the condensed consolidated financial statements. |
Partnership Income, Expense and
Partnership Income, Expense and Cash Distributions | 9 Months Ended |
Sep. 30, 2017 | |
Partnership Income Expenses And Cash Distributions [Abstract] | |
Partnership Income, Expenses and Cash Distributions | 3. Partnership Income, Expenses and Cash Distributions The Partnership’s Amended and Restated Agreement of Limited Partnership (the “Amended and Restated LP Agreement”) 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 on that date. For purposes of the Amended and Restated LP Agreement, cash distributions, if any, received by the Partnership from its investment in MF Properties will be included in the Partnership’s Net Interest Income and cash distributions received by the Partnership from the sale of such properties will be included in the Partnership’s Net Residual Proceeds. Series A Preferred Units were created pursuant to the First Amendment to the Amended and Restated LP Agreement (the “First Amendment”), which became effective on March 30, 2016. The holders of the Series A Preferred Units are entitled to distributions at a fixed rate prior to payment of distributions to other Unitholders. Cash distributions are currently made on a quarterly basis. AFCA 2 can elect to make distributions on a monthly or semi-annual basis. On each distribution date, Net Interest Income is distributed 99% to the limited partners and Unitholders as a class and 1% to AFCA 2 and Net Residual Proceeds are distributed 100% to the limited partners and Unitholders as a class, 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 MRBs on a cumulative basis (defined as Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2), respectively) are distributed 75% to the limited partners and Unitholders as a class and 25% to AFCA 2. |
Net Income per BUC
Net Income per BUC | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income per BUC | 4. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC on the condensed consolidated statements of operations. The unvested RUAs issued under the Plan are considered participating securities. The Partnership uses the two-class method to allocate net income available to BUCs and the unvested Restricted Units. Unvested Restricted Units are included with BUCs for the calculation of diluted net income per BUC using the treasury stock method, if the treasury stock method is more dilutive than the two-class method. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities Consolidated Variable Interest Entities (“VIEs”) The Partnership determined the TOB Trusts, Term A/B Trusts and TEBS Financings are VIEs and the Partnership is the primary beneficiary. As such, the Partnership reports the TOB Trusts, Term A/B Trusts and TEBS Financings on a consolidated basis. The Partnership reports the senior floating-rate participation interests (“SPEARS”) related to the TOB Trusts and the Class A Certificates for both the Term A/B Trusts and TEBS Financings as secured debt financings on the condensed consolidated balance sheets. The MRBs secured by the TOB Trusts, Term A/B Trusts and TEBS Financings are reported as assets on the condensed consolidated balance sheets. In determining the primary beneficiary of these specific VIEs, the Partnership considered which party 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 executed agreements related to the TOB Trusts, Term A/B Trusts and TEBS Financings stipulate the Partnership has the sole right to cause the Trusts to sell the underlying assets. If they were sold, the extent to which the VIEs will be exposed to gains or losses would result from decisions made by the Partnership. Non-Consolidated VIEs The Partnership has variable interests in certain entities that are the borrowers on the Partnership’s MRBs and/or property loans. The Partnership has no equity ownership interest in the entities, but the MRBs and property loans issued by the Partnership are considered variable interests. In addition, the Partnership’s investments in unconsolidated entities are considered variable interests. The Partnership does not have the power to direct the activities that most significantly impact the economic performance of such VIEs. As a result, the Partnership is not considered the primary beneficiary and does not consolidate the financial statements of these entities in the condensed consolidated financial statements. The Partnership held variable interests in 21 and 20 non-consolidated VIEs at September 30, 2017 and December 31, 2016, respectively. The following table summarizes information regarding the Partnership’s variable interests in these entities at September 30, 2017 and December 31, 2016: Maximum Exposure to Loss September 30, 2017 December 31, 2016 Mortgage revenue bonds $ 144,529,000 $ 137,921,000 Property loans 17,369,365 16,476,073 Investment in unconsolidated entities 34,335,649 19,470,006 $ 196,234,014 $ 173,867,079 The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns at September 30, 2017 and December 31, 2016. The difference between a MRB’s carrying value on the condensed consolidated balance sheets and the maximum exposure to loss is a function of the unrealized gains or losses on the MRB. The maximum exposure to loss on the property loans at September 30, 2017 and December 31, 2016 is equal to the unpaid principal balance plus accrued interest. The difference between a property loans’ carrying value and the maximum exposure is the value of loan loss allowances that have been previously recorded against the property loans. |
Investments in Mortgage Revenue
Investments in Mortgage Revenue Bonds ("MRBs") | 9 Months Ended |
Sep. 30, 2017 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Investments in Mortgage Revenue Bonds ("MRBs") | 6. Investments in Mortgage Revenue Bonds (“MRBs”) MRBs owned by the Partnership have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 15). The Partnership had the following investments in MRBs at September 30, 2017 and December 31, 2016: September 30, 2017 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A & B (2) CA $ 16,458,000 $ 1,138,145 $ - $ 17,596,145 Glenview Apartments - Series A (4) CA 4,638,152 640,243 - 5,278,395 Harmony Court Bakersfield - Series A & B (2) CA 3,730,000 398,115 - 4,128,115 Harmony Terrace - Series A & B (2) CA 14,300,000 812,807 - 15,112,807 Harden Ranch - Series A (3) CA 6,862,983 1,086,331 - 7,949,314 Las Palmas II - Series A & B (2) CA 3,465,000 179,028 - 3,644,028 Montclair Apartments - Series A (4) CA 2,512,746 401,052 - 2,913,798 San Vicente - Series A & B (2) CA 5,320,000 279,275 - 5,599,275 Santa Fe Apartments - Series A (4) CA 3,044,098 525,978 - 3,570,076 Seasons at Simi Valley - Series A (2) CA 4,376,000 784,070 - 5,160,070 Seasons Lakewood - Series A & B (2) CA 12,610,000 822,322 - 13,432,322 Seasons San Juan Capistrano - Series A & B (2) CA 18,949,000 1,127,068 - 20,076,068 Summerhill - Series A & B (2) CA 9,795,000 684,808 - 10,479,808 Sycamore Walk - Series A (2) CA 3,632,000 466,553 - 4,098,553 The Village at Madera - Series A & B (2) CA 4,804,000 311,708 - 5,115,708 Tyler Park Townhomes - Series A (3) CA 5,980,454 877,348 - 6,857,802 Westside Village Market - Series A (3) CA 3,908,215 604,569 - 4,512,784 Lake Forest (1) FL 8,540,000 1,485,248 - 10,025,248 Ashley Square (1) IA 4,994,000 13,538 - 5,007,538 Brookstone (1) IL 7,454,205 2,113,460 - 9,567,665 Copper Gate Apartments (3) IN 5,145,000 867,844 - 6,012,844 Renaissance - Series A (4) LA 11,267,286 1,628,900 - 12,896,186 Live 929 Apartments (2) MD 40,594,362 3,961,295 - 44,555,657 Woodlynn Village (1) MN 4,289,000 10,736 - 4,299,736 Greens Property - Series A (3) NC 8,147,000 1,230,615 - 9,377,615 Silver Moon - Series A (4) NM 7,893,310 1,079,738 - 8,973,048 Ohio Properties - Series A (1) OH 14,140,000 996,412 - 15,136,412 Bridle Ridge (1) SC 7,465,000 57,667 - 7,522,667 Columbia Gardens (2) SC 15,175,444 498,008 - 15,673,452 Companion at Thornhill Apartments (2) SC 11,431,237 1,314,765 - 12,746,002 Cross Creek (1) SC 6,133,621 3,014,744 - 9,148,365 The Palms at Premier Park Apartments (3) SC 19,284,860 2,938,148 - 22,223,008 Willow Run (2) SC 15,176,206 135,745 - 15,311,951 Arbors at Hickory Ridge (3) TN 11,372,772 1,655,828 - 13,028,600 Pro Nova 2014-1 (2) TN 10,039,648 193,874 - 10,233,522 Avistar at Chase Hill - Series A (3) TX 9,773,429 - (280,678 ) 9,492,751 Avistar at Copperfield - Series A (2) TX 10,000,000 423,447 - 10,423,447 Avistar at the Crest - Series A (3) TX 9,480,225 1,021,050 - 10,501,275 Avistar at the Oaks - Series A (3) TX 7,654,594 880,439 - 8,535,033 Avistar at the Parkway - Series A (4) TX 13,262,378 908,602 - 14,170,980 Avistar at Wilcrest - Series A (2) TX 3,775,000 207,425 - 3,982,425 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,348,678 - 33,198,678 Avistar in 09 - Series A (3) TX 6,609,446 666,232 - 7,275,678 Avistar on the Boulevard - Series A (3) TX 16,150,587 1,664,812 - 17,815,399 Avistar on the Hills - Series A (3) TX 5,288,542 608,293 - 5,896,835 Bella Vista (1) TX 6,295,000 100,991 - 6,395,991 Bruton Apartments (2) TX 18,080,240 2,607,782 - 20,688,022 Concord at Gulfgate - Series A (2) TX 19,185,000 2,611,745 - 21,796,745 Concord at Little York - Series A (2) TX 13,440,000 1,896,349 - 15,336,349 Concord at Williamcrest - Series A (2) TX 20,820,000 2,834,325 - 23,654,325 Crossing at 1415 - Series A (2) TX 7,590,000 295,343 - 7,885,343 Decatur Angle (2) TX 22,834,591 2,518,998 - 25,353,589 Heights at 515 - Series A (2) TX 6,435,000 329,490 - 6,764,490 Heritage Square - Series A (4) TX 11,088,157 989,114 - 12,077,271 Oaks at Georgetown - Series A & B (2) TX 17,842,000 808,259 - 18,650,259 Runnymede (1) TX 10,200,000 168,797 - 10,368,797 Southpark (1) TX 11,809,069 3,192,305 - 15,001,374 Vantage at Harlingen - Series B (4) TX 24,379,208 1,921,472 - 26,300,680 Vantage at Judson -Series B (4) TX 26,187,732 3,403,014 - 29,590,746 15 West Apartments (2) WA 9,812,357 1,733,769 - 11,546,126 Mortgage revenue bonds held in trust $ 672,771,154 $ 67,476,716 $ (280,678 ) $ 739,967,192 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 September 30, 2017 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montecito at Williams Ranch Apartments - Series A & B CA $ 12,471,000 $ - $ - $ 12,471,000 Seasons at Simi Valley - Series B CA 1,944,000 84 - 1,944,084 Sycamore Walk - Series B CA 1,815,000 - (1,078 ) 1,813,922 Greens Property - Series B NC 938,204 211,542 - 1,149,746 Ohio Properties - Series B OH 3,539,619 192,655 - 3,732,274 Avistar at Chase Hill - Series B TX 954,095 - (56,474 ) 897,621 Avistar at Copperfield - Series B TX 4,000,000 12,278 - 4,012,278 Avistar at the Crest - Series B TX 750,423 47,206 - 797,629 Avistar at the Oaks - Series B TX 548,883 33,008 - 581,891 Avistar at the Parkway - Series B TX 124,922 30,779 - 155,701 Avistar at Wilcrest - Series B TX 1,550,000 4,816 - 1,554,816 Avistar at Wood Hollow - Series B TX 8,410,000 27,395 - 8,437,395 Avistar in 09 - Series B TX 452,779 25,439 - 478,218 Avistar on the Boulevard - Series B TX 445,904 26,313 - 472,217 Crossing at 1415 - Series B TX 335,000 1,079 - 336,079 Heights at 515 - Series B TX 510,000 1,815 - 511,815 Mortgage revenue bonds held by the Partnership $ 38,789,829 $ 614,409 $ (57,552 ) $ 39,346,686 December 31, 2016 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Glenview Apartments - Series A (4) CA $ 4,670,000 $ 132,402 $ - $ 4,802,402 Harmony Terrace - Series A & B (2) CA 14,300,000 - - 14,300,000 Harden Ranch - Series A (3) CA 6,912,535 369,738 - 7,282,273 Montclair Apartments - Series A (4) CA 2,530,000 108,608 - 2,638,608 Santa Fe Apartments - Series A (4) CA 3,065,000 177,093 - 3,242,093 Seasons at Simi Valley - Series A (2) CA 4,376,000 308,335 - 4,684,335 Sycamore Walk - Series A (2) CA 3,632,000 130,431 - 3,762,431 Tyler Park Townhomes - Series A (3) CA 6,024,120 237,582 - 6,261,702 Westside Village Market - Series A (3) CA 3,936,750 102,641 - 4,039,391 Lake Forest (1) FL 8,639,000 899,694 - 9,538,694 Ashley Square (1) IA 5,039,000 338,556 - 5,377,556 Brookstone (1) IL 7,462,678 1,457,340 - 8,920,018 Copper Gate Apartments (3) IN 5,145,000 528,855 - 5,673,855 Renaissance - Series A (4) LA 11,348,364 826,369 - 12,174,733 Live 929 Apartments (2) MD 40,687,425 3,587,993 - 44,275,418 Woodlynn Village (1) MN 4,310,000 294,976 - 4,604,976 Greens Property - Series A (3) NC 8,210,000 844,585 - 9,054,585 Silver Moon - Series A (4) NM 7,933,259 465,382 - 8,398,641 Ohio Properties - Series A (1) OH 14,215,000 2,327,468 - 16,542,468 Bridle Ridge (1) SC 7,535,000 517,881 - 8,052,881 Columbia Gardens (2) SC 15,214,223 - (927,030 ) 14,287,193 Companion at Thornhill Apartments (2) SC 11,500,000 645,552 - 12,145,552 Cross Creek (1) SC 6,122,312 2,655,730 - 8,778,042 The Palms at Premier Park Apartments (3) SC 19,826,716 1,784,386 - 21,611,102 Willow Run (2) SC 15,214,085 - (917,852 ) 14,296,233 Arbors at Hickory Ridge (3) TN 11,461,719 891,274 - 12,352,993 Pro Nova 2014-1 (2) TN 10,041,924 685,576 - 10,727,500 Avistar at Chase Hill - Series A (3) TX 9,844,994 589,023 - 10,434,017 Avistar at the Crest - Series A (3) TX 9,549,644 753,267 - 10,302,911 Avistar at the Oaks - Series A (3) TX 7,709,040 563,138 - 8,272,178 Avistar at the Parkway - Series A (4) TX 13,300,000 - (78,749 ) 13,221,251 Avistar in 09 - Series A (3) TX 6,656,458 359,562 - 7,016,020 Avistar on the Boulevard - Series A (3) TX 16,268,850 1,283,272 - 17,552,122 Avistar on the Hills - Series A (3) TX 5,326,157 423,496 - 5,749,653 Bella Vista (1) TX 6,365,000 500,162 - 6,865,162 Bruton Apartments (2) TX 18,145,000 349,886 - 18,494,886 Concord at Gulfgate - Series A (2) TX 19,185,000 1,200,246 - 20,385,246 Concord at Little York - Series A (2) TX 13,440,000 1,044,752 - 14,484,752 Concord at Williamcrest - Series A (2) TX 20,820,000 1,302,534 - 22,122,534 Crossing at 1415 - Series A (2) TX 7,590,000 - (45,555 ) 7,544,445 Decatur Angle (2) TX 22,950,214 - (290,985 ) 22,659,229 Heights at 515 - Series A (2) TX 6,435,000 - (38,623 ) 6,396,377 Heritage Square - Series A (4) TX 11,161,330 905,455 - 12,066,785 Oaks at Georgetown - Series A & B (2) TX 17,842,000 - - 17,842,000 Runnymede (1) TX 10,250,000 774,285 - 11,024,285 Southpark (1) TX 11,751,861 3,286,203 - 15,038,064 Vantage at Harlingen - Series B (4) TX 24,529,580 917,720 - 25,447,300 Vantage at Judson -Series B (4) TX 26,356,498 1,658,508 - 28,015,006 15 West Apartments (2) WA 9,850,000 1,584,281 - 11,434,281 Mortgage revenue bonds held in trust $ 554,678,736 $ 37,814,237 $ (2,298,794 ) $ 590,194,179 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 December 31, 2016 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A & B CA $ 16,458,000 $ - $ - $ 16,458,000 Harmony Court Bakersfield - Series A & B CA 5,727,000 29,252 - 5,756,252 Las Palmas II - Series A & B CA 3,465,000 15,139 - 3,480,139 San Vicente - Series A & B CA 5,320,000 - (30,019 ) 5,289,981 Seasons at Simi Valley - Series B CA 1,944,000 27,727 - 1,971,727 Seasons Lakewood - Series A & B CA 12,610,000 - - 12,610,000 Seasons San Juan Capistrano - Series A & B CA 18,949,000 - - 18,949,000 Summerhill - Series A & B CA 9,795,000 - (174,982 ) 9,620,018 Sycamore Walk - Series B CA 1,815,000 - (64,432 ) 1,750,568 The Village at Madera - Series A & B CA 4,804,000 - (84,437 ) 4,719,563 Greens Property - Series B NC 940,479 118,216 - 1,058,695 Ohio Properties - Series B OH 3,549,780 449,068 - 3,998,848 Avistar at Chase Hill - Series B TX 957,627 41,820 - 999,447 Avistar at the Crest - Series B TX 753,201 64,228 - 817,429 Avistar at the Oaks - Series B TX 550,836 47,231 - 598,067 Avistar at the Parkway - Series B TX 125,000 - (3,341 ) 121,659 Avistar in 09 - Series B TX 454,390 38,961 - 493,351 Avistar on the Boulevard - Series B TX 447,554 38,165 - 485,719 Crossing at 1415 - Series B TX 335,000 - (2,614 ) 332,386 Heights at 515 - Series B TX 510,000 - (3,977 ) 506,023 Mortgage revenue bonds held by the Partnership $ 89,510,867 $ 869,807 $ (363,802 ) $ 90,016,872 See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. Bond Activity in the First Nine Months of 2017 The following table includes the details of the MRB acquisitions during the nine months ended September 30, 2017: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Avistar at Copperfield - Series A February Houston, TX 192 5/1/2054 5.75 % $ 10,000,000 Avistar at Copperfield - Series B February Houston, TX 192 6/1/2054 12.00 % 4,000,000 Avistar at Wilcrest - Series A February Houston, TX 88 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B February Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series A February Austin, TX 409 5/1/2054 5.75 % 31,850,000 Avistar at Wood Hollow - Series B February Austin, TX 409 6/1/2054 12.00 % 8,410,000 Montecito at Williams Ranch Apartments - Series A September Salinas, CA 132 10/1/2034 5.50 % 7,690,000 Montecito at Williams Ranch Apartments - Series B September Salinas, CA 132 10/1/2019 5.50 % 4,781,000 $ 72,056,000 In August 2017, the Partnership redeemed one MRB for approximately $2.0 million, which approximated the carrying value plus accrued interest. The following table includes details of the MRB redeemed: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Harmony Court Bakersfield - Series B August Bakersfield, CA 96 12/1/2018 5.50 % $ 1,997,000 Bond Activity in the First Nine Months of 2016 The following table includes the details of the MRB acquisitions during the nine months ended September 30, 2016: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Companion at Thornhill Apartments January Lexington, SC 178 1/1/2052 5.80 % $ 11,500,000 Las Palmas II - Series A September Coachella, CA 81 11/1/2033 5.00 % 1,695,000 Las Palmas II - Series B September Coachella, CA 81 11/1/2018 5.50 % 1,770,000 San Vicente - Series A September Soledad, CA 50 11/1/2033 5.00 % 3,495,000 San Vicente - Series B September Soledad, CA 50 11/1/2018 5.50 % 1,825,000 $ 20,285,000 In March 2016, the Partnership sold the Pro Nova 2014-2 bond for approximately $9.5 million, which approximated the MRB’s carrying value plus accrued interest. The Partnership used approximately $8.4 million of the proceeds from the sale to pay in full and collapse the TOB Trust securitizing this MRB (Note 15). The following table includes details of the MRB redeemed: Property Name Month Exchanged Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Exchange Pro Nova - 2014B 1 March Knoxville, TN - 5/1/2025 5.25 % $ 9,295,000 1 This is a commercial property. Accordingly, unit information is not applicable. In May 2016, the Partnership redeemed the four Series B MRBs for approximately $5.2 million which approximated their carrying value plus accrued interest. The following table includes details of the MRBs redeemed: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Glenview Apartments - Series B May Cameron, CA 88 12/1/2016 8.00 % $ 2,053,000 Montclair Apartments - Series B May Lemoore, CA 80 12/1/2016 8.00 % 928,000 Santa Fe Apartments - Series B May Hesperia, CA 89 12/1/2016 8.00 % 1,671,000 Heritage Square - Series B May Edinburg, TX 204 10/1/2051 12.00 % 520,000 In August 2016, six of the Partnership’s MRBs relating to three properties were restructured. For each property, the Series B mortgage revenue bond was redeemed and the outstanding principal balance was added to the outstanding principal on the Series A bonds. The terms of the three Series B mortgage revenue bonds that were redeemed are as follows: Property Name Month Restructured Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Concord at Gulfgate - Series B August Houston, TX 288 3/1/2032 12.00 % $ 2,125,000 Concord at Little York - Series B August Houston, TX 276 3/1/2032 12.00 % 960,000 Concord at Williamcrest - Series B August Houston, TX 288 3/1/2032 12.00 % 2,800,000 |
PHC Certificates
PHC Certificates | 9 Months Ended |
Sep. 30, 2017 | |
Public Housing Capital Fund Trusts [Abstract] | |
PHC Certificates | 7. PHC Certificates The Partnership owned 100% of the Residual Participation Receipts (“LIFERs”) in three tender option bond trusts (“PHC TOB Trusts”) that contain the PHC Certificates. The assets held by the PHC Trusts consist of 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 HUD under HUD’s Capital Fund Program established under the 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 of, or 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 Partnership had the following investments in the PHC Certificates at September 30, 2017 and December 31, 2016: September 30, 2017 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 7.76 AA- 5.39% $ 25,962,421 $ - $ (151,764 ) $ 25,810,657 PHC Certificate Trust II 6.80 A+ 4.32% 9,455,117 - (50,820 ) 9,404,297 PHC Certificate Trust III 8.19 BBB 5.45% 19,727,376 - (28,582 ) 19,698,794 $ 55,144,914 $ - $ (231,166 ) $ 54,913,748 December 31, 2016 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 8.31 AA- 5.36% $ 26,077,158 $ 672,097 $ - $ 26,749,255 PHC Certificate Trust II 7.65 A+ 4.31% 10,600,967 84,756 - 10,685,723 PHC Certificate Trust III 8.79 BBB 5.42% 20,122,937 - (399,847 ) 19,723,090 $ 56,801,062 $ 756,853 $ (399,847 ) $ 57,158,068 See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the PHC Certificates. Unrealized gains or losses on the PHC Certificates are recorded in the condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the PHC Certificates . |
Real Estate Assets
Real Estate Assets | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Abstract] | |
Real Estate Assets | 8. Real Estate Assets The following tables summarizes information regarding the Partnership’s real estate assets at September 30, 2017 and December 31, 2016: Real Estate Assets at September 30, 2017 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on September 30, 2017 Eagle Village Evansville, IN 511 $ 567,880 $ 12,675,216 $ 13,243,096 Residences of DeCordova Granbury, TX 110 1,170,337 8,055,928 9,226,265 Residences of Weatherford Weatherford, TX 76 1,942,229 5,777,617 7,719,846 Suites on Paseo San Diego, CA 394 3,166,463 38,413,559 41,580,022 The 50/50 MF Property Lincoln, NE 475 - 32,932,981 32,932,981 Jade Park Daytona, FL 144 2,292,035 7,467,967 9,760,002 Land held for development (1) (1) 1,659,888 - 1,659,888 $ 116,122,100 Less accumulated depreciation (17,623,467 ) Total real estate assets $ 98,498,633 1 Real Estate Assets at December 31, 2016 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2016 Eagle Village Evansville, IN 511 $ 567,880 $ 12,655,244 $ 13,223,124 Northern View Highland Heights, KY 294 688,539 8,088,059 8,776,598 Residences of DeCordova Granbury, TX 110 1,170,337 8,029,404 9,199,741 Residences of Weatherford Weatherford, TX 76 1,942,229 5,751,260 7,693,489 Suites on Paseo San Diego, CA 394 3,162,463 38,365,351 41,527,814 The 50/50 MF Property Lincoln, NE 475 - 32,928,878 32,928,878 Jade Park Daytona, FL 144 2,292,035 7,270,845 9,562,880 Land held for development (2) (2) 7,531,104 - 7,531,104 $ 130,443,628 Less accumulated depreciation (16,217,028 ) Total real estate assets $ 114,226,600 2 Activity in the First Nine Months of 2017 In March 2017, the Partnership sold its 99% limited partner interest in Northern View. Gross proceeds from the sale were approximately $13.8 million. The Partnership recognized a gain on sale of approximately $7.2 million before income taxes. The gain on sale, net of income taxes, is considered Tier 2 income (See Note 3). The Partnership determined the sale did not meet the criteria for discontinued operations. In May 2017, the Partnership closed on the sale of a parcel of land in St. Petersburg, Florida. The Partnership recognized a loss on sale of approximately $22,000, attributable to direct selling expenses. In June 2017, the Partnership executed a listing agreement with a broker to market the Suites on Paseo MF Property for sale. The listing agreement was terminated in September 2017 and the property is no longer listed for sale at September 30, 2017. During 2016, the Partnership executed Purchase and Sales Agreements (“PSAs”) to acquire two contiguous tracts of land in Douglas County, Nebraska. If these tracts of land are successfully acquired, they will be classified as “Land held for development.” At September 30, 2017, the Partnership has listed the Eagle Village, Residences of DeCordova, and Residences of Weatherford MF Properties for sale. See Note 24 for additional information. Activity in the First Nine Months of 2016 In July and June 2016, the Partnership sold the Woodland Park and Arboretum MF Properties for $15.7 million and $30.2 million, respectively. The Partnership realized gains of approximately $1.6 million and $12.4 million before income taxes, respectively. The gains on sale, net of income taxes, are considered Tier 2 income (See Note 3). The Partnership determined the sale did not meet the criteria for discontinued operations. In March 2016, the Partnership executed an agreement to sell a parcel of land in St. Petersburg, Florida, carried at a cost of approximately $3.1 million, which is part of the Land Held for Investment and Development. The asset was evaluated for impairment and the Partnership determined the carrying value of this asset is greater than its fair market value less cost to sell and recorded an impairment expense of approximately $62,000 in the second quarter of 2016. The sale of the land closed in May 2017, as noted previously. On September 30, 2016, the Partnership purchased the Jade Park MF Property for approximately $10.0 million. Jade Park is contiguous to the Lake Forest property, for which the Partnership owns a mortgage revenue bond. The buildings and improvements will be depreciated straight-line over a weighted average useful life of 22.7 years. The in-place lease assets will be amortized over an average useful life of 6 months. The Partnership incurred approximately $135,000 of acquisition costs related to the purchase. The following tables contain the assets acquired and liabilities assumed: Jade Park 9/30/2016 (Date of Acquisition) Land $ 1,993,369 Buildings and improvements 7,543,200 In-place lease assets (included in other assets) 463,431 Other assets 18,126 Total assets $ 10,018,126 Accounts payable, accrued expenses and other $ 135,326 Net assets 9,882,800 Total liabilities and net assets $ 10,018,126 The following table contains pro forma revenue, net income and net income per unit for the acquisition of Jade Park as if it occurred on January 1, 2016: For the Three Months Ended September 30, 2016 For the Nine Months Ended September 30, 2016 Pro forma revenues $ 13,573,945 $ 44,104,855 Pro forma net income $ 4,724,056 $ 18,194,751 Pro forma net income allocated to Unitholders $ 4,216,059 $ 15,371,803 Pro forma Unitholder's interest in net income per unit (basic and diluted) $ 0.07 $ 0.26 Net income (loss), exclusive of the gains on sale related to the Arboretum, Woodland Park and Northern View MF Properties, for the three and nine months ended September 30, 2017 and 2016 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Net income (loss) $ (907 ) $ (143,093 ) $ (19,642 ) $ 144,060 |
Investment in an Unconsolidated
Investment in an Unconsolidated Entity | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investment in an Unconsolidated Entity | 9. Investment in Unconsolidated Entities ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, has equity commitments and reported equity contributions as investment in unconsolidated entities on the condensed consolidated balance sheets. The investments represent the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in the unconsolidated entities. An affiliate of the unconsolidated entities guarantees ATAX Vantage Holdings, LLC’s return on its investments through the second anniversary of construction completion In March 2017, the Partnership closed on an $11.7 million equity commitment to fund construction of the Vantage at Panama City Beach multifamily property. The Partnership also entered into a guarantee agreement related to the property’s construction loan (Note 18). The following table provides the details of the investments in unconsolidated entities at September 30, 2017 and December 31, 2016: Property Name Location Units Construction Completion Date Carrying Value at September 30, 2017 Carrying Value at December 31, 2016 Maximum Remaining Equity Commitment at September 30, 2017 Vantage at Corpus Christi Corpus Christi, TX 288 August 2017 $ 9,131,689 $ 8,447,343 $ 1,550,000 Vantage at Waco Waco, TX 288 N/A 8,532,984 5,964,861 1,592,039 Vantage at Boerne Boerne, TX 288 N/A 8,069,390 5,057,802 1,475,936 Vantage at Panama City Beach Panama City Beach, FL 288 N/A 8,601,586 - 3,490,259 $ 34,335,649 $ 19,470,006 $ 8,108,234 |
Property Loans, Net of Loan Los
Property Loans, Net of Loan Loss Allowances | 9 Months Ended |
Sep. 30, 2017 | |
Property Loan Net Of Loan Loss Allowances [Abstract] | |
Property Loans, Net of Loan Loss Allowances | 10. Property Loans, Net of Loan Loss Allowances The following table summarizes the Partnership’s property loans, net of loan loss allowances, at September 30, 2017 and December 31, 2016: September 30, 2017 Outstanding Balance Loan Loss Allowances Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Ashley Square 5,078,342 (3,596,342 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 - 274,496 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 7,155,545 (3,447,472 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,659,438 - 4,659,438 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,417,635 - 8,417,635 Vantage at Braunfels, LLC 7,469,730 - 7,469,730 Winston Group, Inc 1,500,000 - 1,500,000 Total $ 38,238,518 $ (7,043,814 ) $ 31,194,704 December 31, 2016 Outstanding Balance Loan Loss Allowances Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Ashley Square 5,078,342 (3,596,342 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 - 274,496 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 7,155,545 (3,447,472 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,623,704 (55,000 ) 4,568,704 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 7,199,424 - 7,199,424 Vantage at Braunfels, LLC 6,347,305 - 6,347,305 Winston Group, Inc 2,500,000 - 2,500,000 Total $ 36,862,148 $ (7,098,814 ) $ 29,763,334 During the nine months ended September 30, 2017, the Partnership advanced funds of approximately $35,700 to Lake Forest, $1.2 million to Vantage at Brooks, LLC and $1.1 million to Vantage at Braunfels, LLC. During the nine months ended September 30, 2016, the Partnership advanced net funds of approximately $83,500 to Cross Creek, $2,500 to the Ohio Properties, $2.5 million to the Winston Group, Inc., $3.7 million to Vantage at Brooks, LLC and $2.1 million to Vantage at Braunfels, LLC. During the nine months ended September 30, 2017, the Partnership received $1.0 million of principal from the Winston Group, Inc. The Partnership’s property loans to Ashley Square, Cross Creek, and Lake Forest remain on nonaccrual status at September 30, 2017. The Partnership recognizes interest income on nonaccrual loans when cash is received, and the Partnership will reassess the property loan’s nonaccrual status. The Partnership did reverse the loan loss allowance of $55,000 on the Lake Forest property loan during the three months ended September 30, 2017. |
Income Tax Provision
Income Tax Provision | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | 11. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by our taxable subsidiary, the Greens Hold Co, which owns all the MF Properties except the Suites on Paseo and Jade Park. The Partnership’s income tax expense fluctuates from period to period based on the timing of the taxable income. Deferred income tax expense is generally a function of the period’s temporary differences (i.e. depreciation, amortization of finance costs, etc.), and the utilization of net operating losses generated in prior years that had been previously recognized as a deferred income tax asset. The following represents income tax expense for the Greens Hold Co for the three and nine months ended September 30 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Current income tax expense (benefit) $ (276,000 ) $ 467,000 $ 2,484,047 $ 4,567,000 Deferred income tax expense (benefit) (9,000 ) (136,000 ) (374,000 ) 417,000 Total income tax expense (benefit) $ (285,000 ) $ 331,000 $ 2,110,047 $ 4,984,000 The Partnership recognizes franchise margin tax expense on revenues in certain jurisdictions relating to MF Properties and investments in unconsolidated entities. The Partnership recognized franchise margin tax expense of approximately $47,000 and $52,000 for the three and nine months ended September 30, 2017, respectively. The Partnership did not recognized any franchise margin tax expense during the three and nine months ended September 30, 2016. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2017 | |
Other Assets [Abstract] | |
Other Assets | 12. Other Assets The following represents the Other Assets at September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Deferred financing costs - net $ 470,769 $ 456,890 Fair value of derivative instruments (Note 17) 427,353 383,604 Taxable bonds at fair market value 3,929,761 4,084,599 Bond purchase commitments - fair value (Note 18) 3,355,047 2,399,449 Other assets 1,430,804 1,470,650 Total other assets $ 9,613,734 $ 8,795,192 In August 2016, one of the Partnership’s taxable bonds was redeemed at a price that approximated carrying value plus accrued interest. The following table summarizes the terms of the taxable bond redeemed: Property Name Redemption Date Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Silver Moon - Series B August Albuquerque, NM 151 8/1/2055 12.00 % $ 499,461 |
Unsecured Lines of Credit
Unsecured Lines of Credit | 9 Months Ended |
Sep. 30, 2017 | |
Unsecured Lines of Credit | 15. Debt Financing The following represents the Debt Financing, net of deferred financing costs, at September 30, 2017 and December 31, 2016: Outstanding Debt Financings on September 30, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,800,842 $ - 2014 July 2019 - October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,119,616 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 38,412,589 - 2017 February 2027 N/A N/A N/A 4.46% Fixed - Term A/B 60,417,436 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 33,559,866 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Variable - TOB 41,295,000 1,217,256 2012 May 2018 Weekly 1.47 - 1.52% 1.67% 3.14 - 3.19% TEBS Financings Variable - TEBS I 60,249,000 9,687 2010 September 2020 Weekly 1.01% 1.85% 2.86% Variable - TEBS II (1) 90,944,774 176,685 2014 July 2019 Weekly 0.98% 1.49% 2.47% Variable - TEBS III (1) 81,836,696 57,364 2015 July 2020 Weekly 0.98% 1.26% 2.24% Total Debt Financings $ 594,635,819 (1) Outstanding Debt Financings on December 31, 2016, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,860,699 $ - 2014 July 2017 - July 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,266,034 1,373,695 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 30,512,916 - 2016 March 2017 N/A N/A N/A 4.56% Variable - TOB 42,455,000 - 2012 Dec 2016 Weekly 1.29 - 1.39% 1.62% 2.91 - 3.01% TEBS Financings Variable - TEBS I 60,430,991 396,412 2010 September 2017 Weekly 0.77% 1.85% 2.62% Variable - TEBS II (1) 91,768,081 170,988 2014 July 2019 Weekly 0.75% 1.62% 2.37% Variable - TEBS III (1) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75% 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) Facility fees are variable At September 30, 2017 and December 31, 2016, the Partnership posted cash collateral (i.e. restricted cash) related to the interest rate swaps associated with specific Debt Financings. The Partnership has also posted cash collateral as contractually required under the terms of the three TEBS Financings. In addition, to mitigate its exposure to interest rate fluctuations on the variable rate TEBS Financings, the Partnership also entered into interest rate cap agreements (Note 17). The TOB and Term A/B Trusts are subject to a Master Trust Agreement with DB that contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. At September 30, 2017, the Partnership was in compliance with these covenants. Debt Financing Activity in the First Nine Months of 2017 In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 were paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at September 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,110,905 2017 February 2022 3.89 % San Vicente - Series B 1,541,427 2017 June 2018 3.76 % Las Palmas - Series A 1,506,127 2017 February 2022 3.89 % Las Palmas - Series B 1,489,594 2017 June 2018 3.76 % The Village at Madera - Series A 2,744,485 2017 February 2022 3.89 % The Village at Madera - Series B 1,451,410 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,320,042 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B (1) 2017 July 2018 3.76 % Summerhill - Series A 5,727,118 2017 February 2022 3.89 % Summerhill - Series B 2,849,542 2017 July 2018 3.76 % Courtyard - Series A 9,127,523 2017 February 2022 3.89 % Courtyard - Series B 5,261,967 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,552,326 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,444,519 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,042,713 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,554,598 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,832,573 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,167,131 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,412,885 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 104,136,885 (1) In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at September 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,086,792 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,684,648 2017 August 2018 3.76 % Harmony Terrace - Series A 6,199,405 2017 March 2022 3.89 % Harmony Terrace - Series B 6,282,161 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,253,006 In June 2017, the maturity date of the Partnership’s variable TOB Trusts was extended until May 2018. In September 2017, ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, exercised its option to extend the maturity date of the M24 TEBS Financing to September 15, 2020. Debt Financing Activity in the First Nine Months of 2016 The three MBS TOB Trusts and the TOB Trust collateralized by the Pro Nova 2014-2 MRB were paid in full and collapsed in January 2016 and March 2016, respectively. During the third quarter of 2016, the Partnership paid off and collapsed seven of its nine TOB Trusts, simultaneously executing twelve new Term A/B Trust agreements secured by mortgage revenue bonds. Based on the terms of the Term A/B Trust, the restructuring of the debt was accounted for as a modification, with approximately $1.4 million capitalized as deferred financing costs. Approximately $1.2 million of capitalized costs were paid to a related party (Note 21). Future Maturities The following represents the Debt Financing contractual maturities for the next five years and thereafter: 2017 $ 3,906,966 2018 79,029,695 2019 140,731,413 2020 141,337,095 2021 2,291,329 Thereafter 231,978,541 Total $ 599,275,039 |
Unsecured Lines of Credit [Member] | |
Unsecured Lines of Credit | 13. Unsecured Lines of Credit The following represents the unsecured lines of credit (“LOC”) at September 30, 2017 and December 31, 2016: Unsecured Lines of Credit Outstanding on September 30, 2017 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 12,471,000 $ 50,000,000 May 2019 Variable (1) Monthly 4.23 % Bankers Trust operating - 10,000,000 May 2019 Variable (1) Monthly 4.48 % Total unsecured lines of credit $ 12,471,000 $ 60,000,000 1 The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding on December 31, 2016 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 40,000,000 $ 40,000,000 May 2018 Variable (2) Monthly 3.13 % Bankers Trust operating - 7,500,000 May 2018 Variable (2) Monthly 3.88 % Total unsecured lines of credit $ 40,000,000 $ 47,500,000 2 The variable rate is indexed to LIBOR plus an applicable margin. In April 2017, the commitment on the non-operating LOC was increased $10 million to a total commitment of $50 million. In May 2017, the maturity date on both Bankers Trust LOCs was extended for an additional one-year term. Additionally, the commitment on the operating LOC was increased to $10 million, from $7.5 million previously. The Partnership drew approximately $12.5 million on the Bankers Trust operating LOC in September 2017 to purchase the Montecito at Williams Ranch Apartments Series A and B MRBs. This draw has an initial maturity date in June 2018, but may be extended up to an additional 270 days, based on certain extension terms defined in the credit agreement. The Partnership is required to make prepayments of the principal to reduce the Bankers Trust Operating LOC to zero for fifteen consecutive calendar days during each calendar quarter. For all periods presented the Partnership has fulfilled its prepayment obligation. In addition, the Partnership has fulfilled its fourth quarter of 2017 prepayment obligation as it maintained a zero balance in the Operating LOC for the first fifteen days of October 2017. The Partnership is in compliance with all covenants at September 30, 2017. |
Secured Line of Credit
Secured Line of Credit | 9 Months Ended |
Sep. 30, 2017 | |
Unsecured Lines of Credit | 15. Debt Financing The following represents the Debt Financing, net of deferred financing costs, at September 30, 2017 and December 31, 2016: Outstanding Debt Financings on September 30, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,800,842 $ - 2014 July 2019 - October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,119,616 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 38,412,589 - 2017 February 2027 N/A N/A N/A 4.46% Fixed - Term A/B 60,417,436 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 33,559,866 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Variable - TOB 41,295,000 1,217,256 2012 May 2018 Weekly 1.47 - 1.52% 1.67% 3.14 - 3.19% TEBS Financings Variable - TEBS I 60,249,000 9,687 2010 September 2020 Weekly 1.01% 1.85% 2.86% Variable - TEBS II (1) 90,944,774 176,685 2014 July 2019 Weekly 0.98% 1.49% 2.47% Variable - TEBS III (1) 81,836,696 57,364 2015 July 2020 Weekly 0.98% 1.26% 2.24% Total Debt Financings $ 594,635,819 (1) Outstanding Debt Financings on December 31, 2016, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,860,699 $ - 2014 July 2017 - July 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,266,034 1,373,695 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 30,512,916 - 2016 March 2017 N/A N/A N/A 4.56% Variable - TOB 42,455,000 - 2012 Dec 2016 Weekly 1.29 - 1.39% 1.62% 2.91 - 3.01% TEBS Financings Variable - TEBS I 60,430,991 396,412 2010 September 2017 Weekly 0.77% 1.85% 2.62% Variable - TEBS II (1) 91,768,081 170,988 2014 July 2019 Weekly 0.75% 1.62% 2.37% Variable - TEBS III (1) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75% 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) Facility fees are variable At September 30, 2017 and December 31, 2016, the Partnership posted cash collateral (i.e. restricted cash) related to the interest rate swaps associated with specific Debt Financings. The Partnership has also posted cash collateral as contractually required under the terms of the three TEBS Financings. In addition, to mitigate its exposure to interest rate fluctuations on the variable rate TEBS Financings, the Partnership also entered into interest rate cap agreements (Note 17). The TOB and Term A/B Trusts are subject to a Master Trust Agreement with DB that contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. At September 30, 2017, the Partnership was in compliance with these covenants. Debt Financing Activity in the First Nine Months of 2017 In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 were paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at September 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,110,905 2017 February 2022 3.89 % San Vicente - Series B 1,541,427 2017 June 2018 3.76 % Las Palmas - Series A 1,506,127 2017 February 2022 3.89 % Las Palmas - Series B 1,489,594 2017 June 2018 3.76 % The Village at Madera - Series A 2,744,485 2017 February 2022 3.89 % The Village at Madera - Series B 1,451,410 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,320,042 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B (1) 2017 July 2018 3.76 % Summerhill - Series A 5,727,118 2017 February 2022 3.89 % Summerhill - Series B 2,849,542 2017 July 2018 3.76 % Courtyard - Series A 9,127,523 2017 February 2022 3.89 % Courtyard - Series B 5,261,967 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,552,326 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,444,519 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,042,713 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,554,598 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,832,573 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,167,131 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,412,885 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 104,136,885 (1) In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at September 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,086,792 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,684,648 2017 August 2018 3.76 % Harmony Terrace - Series A 6,199,405 2017 March 2022 3.89 % Harmony Terrace - Series B 6,282,161 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,253,006 In June 2017, the maturity date of the Partnership’s variable TOB Trusts was extended until May 2018. In September 2017, ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, exercised its option to extend the maturity date of the M24 TEBS Financing to September 15, 2020. Debt Financing Activity in the First Nine Months of 2016 The three MBS TOB Trusts and the TOB Trust collateralized by the Pro Nova 2014-2 MRB were paid in full and collapsed in January 2016 and March 2016, respectively. During the third quarter of 2016, the Partnership paid off and collapsed seven of its nine TOB Trusts, simultaneously executing twelve new Term A/B Trust agreements secured by mortgage revenue bonds. Based on the terms of the Term A/B Trust, the restructuring of the debt was accounted for as a modification, with approximately $1.4 million capitalized as deferred financing costs. Approximately $1.2 million of capitalized costs were paid to a related party (Note 21). Future Maturities The following represents the Debt Financing contractual maturities for the next five years and thereafter: 2017 $ 3,906,966 2018 79,029,695 2019 140,731,413 2020 141,337,095 2021 2,291,329 Thereafter 231,978,541 Total $ 599,275,039 |
Secured Line of Credit [Member] | |
Unsecured Lines of Credit | 14. Secured Line of Credit In December 2016, the Partnership entered into a secured Credit Agreement of up to $20.0 million with Bankers Trust. The secured LOC was paid in full in February 2017 and is no longer available to the Partnership at September 30, 2017. |
Debt Financing
Debt Financing | 9 Months Ended |
Sep. 30, 2017 | |
Debt Financing [Abstract] | |
Unsecured Lines of Credit | 15. Debt Financing The following represents the Debt Financing, net of deferred financing costs, at September 30, 2017 and December 31, 2016: Outstanding Debt Financings on September 30, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,800,842 $ - 2014 July 2019 - October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,119,616 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 38,412,589 - 2017 February 2027 N/A N/A N/A 4.46% Fixed - Term A/B 60,417,436 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 33,559,866 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Variable - TOB 41,295,000 1,217,256 2012 May 2018 Weekly 1.47 - 1.52% 1.67% 3.14 - 3.19% TEBS Financings Variable - TEBS I 60,249,000 9,687 2010 September 2020 Weekly 1.01% 1.85% 2.86% Variable - TEBS II (1) 90,944,774 176,685 2014 July 2019 Weekly 0.98% 1.49% 2.47% Variable - TEBS III (1) 81,836,696 57,364 2015 July 2020 Weekly 0.98% 1.26% 2.24% Total Debt Financings $ 594,635,819 (1) Outstanding Debt Financings on December 31, 2016, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,860,699 $ - 2014 July 2017 - July 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,266,034 1,373,695 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 30,512,916 - 2016 March 2017 N/A N/A N/A 4.56% Variable - TOB 42,455,000 - 2012 Dec 2016 Weekly 1.29 - 1.39% 1.62% 2.91 - 3.01% TEBS Financings Variable - TEBS I 60,430,991 396,412 2010 September 2017 Weekly 0.77% 1.85% 2.62% Variable - TEBS II (1) 91,768,081 170,988 2014 July 2019 Weekly 0.75% 1.62% 2.37% Variable - TEBS III (1) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75% 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) Facility fees are variable At September 30, 2017 and December 31, 2016, the Partnership posted cash collateral (i.e. restricted cash) related to the interest rate swaps associated with specific Debt Financings. The Partnership has also posted cash collateral as contractually required under the terms of the three TEBS Financings. In addition, to mitigate its exposure to interest rate fluctuations on the variable rate TEBS Financings, the Partnership also entered into interest rate cap agreements (Note 17). The TOB and Term A/B Trusts are subject to a Master Trust Agreement with DB that contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. At September 30, 2017, the Partnership was in compliance with these covenants. Debt Financing Activity in the First Nine Months of 2017 In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 were paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at September 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,110,905 2017 February 2022 3.89 % San Vicente - Series B 1,541,427 2017 June 2018 3.76 % Las Palmas - Series A 1,506,127 2017 February 2022 3.89 % Las Palmas - Series B 1,489,594 2017 June 2018 3.76 % The Village at Madera - Series A 2,744,485 2017 February 2022 3.89 % The Village at Madera - Series B 1,451,410 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,320,042 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B (1) 2017 July 2018 3.76 % Summerhill - Series A 5,727,118 2017 February 2022 3.89 % Summerhill - Series B 2,849,542 2017 July 2018 3.76 % Courtyard - Series A 9,127,523 2017 February 2022 3.89 % Courtyard - Series B 5,261,967 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,552,326 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,444,519 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,042,713 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,554,598 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,832,573 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,167,131 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,412,885 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 104,136,885 (1) In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at September 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,086,792 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,684,648 2017 August 2018 3.76 % Harmony Terrace - Series A 6,199,405 2017 March 2022 3.89 % Harmony Terrace - Series B 6,282,161 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,253,006 In June 2017, the maturity date of the Partnership’s variable TOB Trusts was extended until May 2018. In September 2017, ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, exercised its option to extend the maturity date of the M24 TEBS Financing to September 15, 2020. Debt Financing Activity in the First Nine Months of 2016 The three MBS TOB Trusts and the TOB Trust collateralized by the Pro Nova 2014-2 MRB were paid in full and collapsed in January 2016 and March 2016, respectively. During the third quarter of 2016, the Partnership paid off and collapsed seven of its nine TOB Trusts, simultaneously executing twelve new Term A/B Trust agreements secured by mortgage revenue bonds. Based on the terms of the Term A/B Trust, the restructuring of the debt was accounted for as a modification, with approximately $1.4 million capitalized as deferred financing costs. Approximately $1.2 million of capitalized costs were paid to a related party (Note 21). Future Maturities The following represents the Debt Financing contractual maturities for the next five years and thereafter: 2017 $ 3,906,966 2018 79,029,695 2019 140,731,413 2020 141,337,095 2021 2,291,329 Thereafter 231,978,541 Total $ 599,275,039 |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 9 Months Ended |
Sep. 30, 2017 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing | 16. Mortgages Payable and Other Secured Financing The following represents the Mortgages payable and other secured financing, net of deferred financing costs, at September 30, 2017 and December 31, 2016: MF Property Mortgage Payables Outstanding Mortgage Payable at September 30, 2017, net Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Eagle Village $ 7,702,257 2010 September 2018 Variable Monthly 1.25 % (1) 3.00 % 4.25 % Residences of DeCordova 1,697,492 2012 June 2019 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,426,767 2011 June 2019 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--TIF Loan 3,480,379 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,805,855 2013 March 2020 Variable Monthly 4.25 % (2) N/A 4.25 % Jade Park 7,466,650 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 50,579,400 4.29 % (1) (2) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2016, net Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Residences of DeCordova $ 1,744,858 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,589,086 2011 June 2017 Fixed N/A N/A N/A 4.75 % Eagle Village 7,845,711 2010 September 2018 Variable Monthly 0.63 % (1) 3.00 % 3.63 % The 50/50 MF Property--TIF Loan 3,656,090 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 25,082,636 2013 March 2020 Variable Monthly 3.50 % (2) N/A 3.50 % Jade Park 7,461,131 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 51,379,512 3.83 % (1) (2) Activity in the First Nine Months of 2017 In June 2017, the Partnership refinanced the mortgages payable for the Residences and DeCordova and Residences at Weatherford. The interest rates did not change, no commitments fees were paid, the maturity dates for the mortgages payable were extended for additional two-year terms and the mortgages payable can be prepaid prior to maturity with no penalty. Activity in the First Nine Months of 2016 In June 2016, the Arboretum mortgage payable was paid off in full in conjunction with the sale of the MF property. No prepayment penalties were paid upon settlement of the mortgage payable. The Partnership entered into a mortgage payable to finance the acquisition of the Jade Park MF Property on September 30, 2016. The initial principal balance on the mortgage payable was $7.5 million, bears interest at a fixed annual rate of 3.85%, and matures in October 2021. Future Maturities The following represents the Mortgages payable and other secured financing contractual maturities for the next five years and thereafter: 2017 $ 380,147 2018 8,809,354 2019 10,768,977 2020 24,017,631 2021 6,858,994 Thereafter - Total mortgages payable and other secured financings $ 50,835,103 |
Interest Rate Derivative Agreem
Interest Rate Derivative Agreements | 9 Months Ended |
Sep. 30, 2017 | |
Interest Rate Derivative Agreements [Abstract] | |
Interest Rate Derivative Agreements | 17. Interest Rate Derivative Agreements The following represents the interest rate derivatives, excluding interest rate swaps, at September 30, 2017: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of September 30, 2017 (1) July 2014 $ 30,759,409 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ 579 July 2014 30,759,409 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 579 July 2014 30,759,409 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 579 July 2015 27,740,685 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 7,674 July 2015 27,740,685 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 7,674 July 2015 27,740,685 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 7,674 June 2017 92,278,226 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 91,628 June 2017 83,222,056 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 305,086 Sept 2017 60,248,999 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 5,880 $ 427,353 (1) For additional details, see Note 22 to the Partnership's condensed consolidated financial statements. In June 2017, the Partnership purchased two interest rate derivatives to roll down the effective capped rate on the M31 and M33 TEBS Financings to 1.5%. The Partnership paid approximately $139,000 and $358,000 for the interest rate derivatives, respectively. In September 2017, the Partnership purchased an interest rate derivative on the M24 TEBS Financing to cap the variable interest rate at 4.0%. The Partnership paid approximately $52,000 for the interest rate derivative. The Partnership has contracted for two interest rate swaps with DB. On a quarterly basis, the Partnership reassesses its interest rate swap positions. In the second quarter of 2017, the Partnership determined that due to the stabilization of the Decatur Angle and Bruton MRB properties and securitization of the related MRBs into fixed rate Term A/B Trust financings, the interest rate swaps were not needed to mitigate interest rate risk on financings related to the MRBs. The Partnership then determined that the interest rate swaps are intended to mitigate interest rate risk for the variable rate PHC TOB Trusts. The following table summarizes the terms of the interest rate swaps at September 30, 2017 and December 31, 2016: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty September 30, 2017 - Fair Value of Liability December 31, 2016 - Fair Value of Liability Sept 2014 $ 22,860,724 Oct 2016 Oct 2021 1.96 % 0.87 % 70% 30-day LIBOR Deutsche Bank $ (603,323 ) $ (738,574 ) Sept 2014 18,080,240 April 2017 April 2022 2.06 % 0.87 % 70% 30-day LIBOR Deutsche Bank (593,378 ) (600,709 ) $ (1,196,701 ) $ (1,339,283 ) The Partnership’s interest rate derivatives and interest rate swaps are not designated as hedging instruments and, accordingly, they are recorded at fair value. Changes in fair value are included in current period earnings as interest expense. See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the interest rate derivatives and interest rate swap arrangements. The interest rate derivatives are presented within Other assets and the interest rate swap arrangements are reported as a derivative swap liability on the condensed consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies The Partnership, 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, the estimated amount of the loss is accrued in the condensed 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 Partnership’s condensed consolidated financial statements. Bond Purchase Commitments As part of the Partnership’s strategy of acquiring MRBs, it will enter into bond purchase commitments related to MRBs to be issued and secured by properties under construction. Upon satisfaction of the terms of the bond purchase commitment, the proceeds from the MRBs issued will be used to pay off the construction related debt of the underlying collateral of the MRB to be issued. The Partnership bears no construction or stabilization risk during the commitment period. The Partnership accounts for bond purchase commitments as available-for-sale securities and reports the asset or liability at fair value. Changes in the fair value of bond purchase commitments are recorded in Other comprehensive income. The following table represents the bond purchase commitments at September 30, 2017 and December 31, 2016: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at September 30, 2017 Fair Value at December 31, 2016 Villas at Plano Gateway Apartments December 2014 $ - $ - 6.00 % N/A $ - $ 838,200 Village at Rivers Edge May 2015 11,000,000 - 6.00 % Q4 2017 881,335 467,720 Palo Alto July 2015 - 19,540,000 5.80 % Q1 2018 1,276,802 627,429 Village at Avalon November 2015 - 16,400,000 5.80 % Q2 2018 1,196,910 466,100 Total $ 11,000,000 $ 35,940,000 $ 3,355,047 $ 2,399,449 (1) The closing dates are estimated. The bond purchase commitment for the Villas at Plano Gateway Apartments expired effective April 1, 2017. The bond purchase commitment was cancelled and the Partnership has no obligation under the agreement after expiration. Property Loan Commitments ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, committed to loan approximately $17.0 million to unrelated third parties to build two new multifamily residential properties, Vantage at Brooks, LLC and Vantage at Braunfels, LLC, both located in Texas. At September 30, 2017, the Partnership’s remaining maximum commitments totaled approximately $1.1 million. See Note 10 for disclosures related to these property loans. Other Guarantees & Commitments In March 2017, the Partnership entered into a guaranty agreement whereby the Partnership has guaranteed payment of the construction loan of Vantage at Panama City Beach, LLC. The Partnership will only have to perform on the guarantee upon a default by Vantage at Panama City Beach, LLC. The guarantee is initially for the entire amount of the construction loan and decreases to 50% and 25% as certain debt service coverage levels are obtained by the borrower. The construction loan has a maximum available balance of $25.6 million. At September 30, 2017, there was no outstanding balance on the construction loan and the Partnership had no exposure under the guarantee. The Partnership is also required to maintain minimum cash and net worth requirements, which were met as of September 30, 2017. Pursuant to the sale of the Greens Property in 2012, the Partnership entered into guarantee agreements with an unaffiliated entity under which the Partnership has guaranteed certain obligations of the general partner of the Greens of Pine Glen limited partnership, including an obligation to repurchase the interests of BC Partners if certain “repurchase events” occur. Remaining potential repurchase events relate primarily to the delivery of LIHTCs, or 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 Partnership at September 30, 2017, under the guarantee provision of the repurchase clause is approximately $2.8 million and represents 75% of the equity contributed by BC Partners. The term of the guarantee agreement ends in 2027. Pursuant to the Ohio Properties transaction in 2011, the Partnership entered into guarantee agreements with an unaffiliated entity under which the Partnership has guaranteed certain obligations of the general partner of these limited partnerships, including an obligation to repurchase the interests of BC Partners if certain “repurchase events” occur. Remaining potential repurchase events relate primarily to the delivery of LIHTCs, or 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 Partnership at September 30, 2017, under the guarantee provision of the repurchase clause is approximately $4.4 million and represents 75% of the equity contributed by BC Partners. The term of the guarantee agreement ends in 2026. The 50/50 MF Property has a ground lease with the University of Nebraska-Lincoln with an initial lease term expiring in March 2038. There is also an option to extend the lease for an additional five-year period. Annual lease payments are $100 per year. In conjunction with the ground lease, the 50/50 MF Property has entered into an agreement whereby it is required to make monthly payments, when cash is available at the property, to the University of Nebraska-Lincoln based on its revenues. The minimum aggregate annual payment due under the agreement for the twelve-month period from August 1, 2017 through July 31, 2018 is approximately $127,000. The minimum aggregate annual expense increases 2% annually until July 31, 2034 and increases 3% annually thereafter. The 50/50 MF Property may be required to make additional payments under the agreement if its gross revenues exceed certain thresholds. The agreement will terminate upon termination of the ground lease. The Partnership reported accounts payable related to this agreement of approximately $115,000 and $21,000 at September 30, 2017 and December 31, 2016. The Partnership reported expenses related to the agreement of approximately $42,000 and $126,000 for the three and nine months ended September 30, 2017 and 2016. As the holder of residual interests issued in its TOB Trust, Term A/B Trust and TEBS 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 PHCs 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 the case of the TEBS, Freddie Mac will step in first on an immediate basis and the Partnership will have 10 to 14 days to remedy. If the Partnership does not remedy, the trust will be collapsed. If such an event occurs, the trust collateral may be sold and if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall pursuant to its guarantee. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. In the event of a shortfall the maximum exposure to loss would be approximately $599.3 million prior to the consideration of the proceeds from the sale of the trust collateral. The Partnership has never been, and does not expect in the future, to be required to reimburse the financing facilities for any shortfall. |
Redeemable Series A Preferred U
Redeemable Series A Preferred Units | 9 Months Ended |
Sep. 30, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Series A Preferred Units | 19. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units via private placements to four financial institutions. The Series A Preferred Units are redeemable in the future and represent limited partnership interests in the Partnership. The Partnership issued 2.0 million Series A Preferred Units to a financial institution during the three months ended 30, 2017, in a private placement. The following table summarizes the outstanding Series A Preferred Units at 30, 2017: September 30, 2017 Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 7,700,000 $ 77,000,000 |
Restricted Unit Awards ("RUAs")
Restricted Unit Awards ("RUAs") | 9 Months Ended |
Sep. 30, 2017 | |
Restricted Unit Awards [Member] | |
Restricted Unit Awards ("RUAs") | 20. Restricted Unit Awards (“RUAs”) The Partnership’s 2015 Equity Incentive Plan (“Plan”), as approved by the Unitholders, permits the grant of Restricted Units and other awards to the employees of Burlington, the Partnership, or any affiliate of either, and members of Burlington’s Board of Managers for up to 3.0 million BUCs. RUAs are generally granted with vesting conditions ranging from three months to approximately three years. RUAs currently provide for the payment of quarterly distributions during the vesting period. The RUA’s provide for accelerated vesting if there is a change in control or death or disability of the Participant. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The compensation expense for RUAs totaled approximately $550,000 and $1,160,000 for the three and nine months ended September 30, 2017. The compensation expense for RUAs totaled approximately $31,000 for the three and nine months ended September 30, 2016. The following table represents nonvested Restricted Units at and for the nine months ended September 30, 2017. Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested at January 1, 2017 158,304 $ 6.03 Granted 283,046 5.74 Vested - - Nonvested at September 30, 2017 441,350 $ 5.84 At September 30, 2017, there was approximately $1.3 million of total unrecognized compensation expense related to nonvested RUAs granted under the Plan. The remaining expense is expected to be recognized over a weighted-average period of 0.9 years. The total intrinsic value of nonvested RUAs was approximately $2.7 million at September 30, 2017. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2017 | |
Transactions With Related Parties [Abstract] | |
Transactions with Related Parties | 21. Transactions with Related Parties The General Partner of the Partnership, 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 MRBs, property 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. The Partnership paid or accrued administrative fees to AFCA 2 of approximately $909,000 and $2.7 million for the three and nine months ended September 30, 2017, respectively. The Partnership paid or accrued administrative fees to AFCA 2 of approximately $682,000 and $2.0 million for the three and nine months ended September 30, 2016, 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 MRBs held by the Partnership. These administrative fees also equal 0.45% per annum of the outstanding principal balance of these MRBs and totaled approximately $22,000 and $74,000 for the three and nine months ended September 30, 2017, respectively. Such administrative fees totaled approximately $25,000 and $74,000 for the three and nine months ended September 30, 2016, respectively. AFCA 2 earns placement fees in connection with the acquisition of certain MRBs, equity investments in unconsolidated entities and select property loans. These placement fees were paid by the owners of the respective properties and, accordingly, have not been reflected in the accompanying condensed consolidated financial statements because these properties are not considered consolidated VIEs or related parties. AFCA 2 earned placement fees of approximately $125,000 and $1.1 million for the three and nine months ended September 30, 2017. AFCA 2 earned placement fees of approximately $687,000 and $1.2 million for the three and nine months ended September 30, 2016, respectively. In addition, AFCA 2 received a one-time $125,000 negotiated mortgage placement fee related to work performed for a transaction that did not materialize during the second quarter of 2016. An affiliate of AFCA 2, Burlington Capital Properties, LLC (f/k/a America First Properties Management Company, LLC) (“Properties Management”) provided property management services for the MF Properties (excluding Suites on Paseo) and seven of the properties collateralizing MRBs during the three and nine months ended September 30, 2017. Properties Management earned management fees related to the MF Properties of approximately $94,000 and $299,000 for the three and nine months ended September 30, 2017, respectively. Properties Management earned management fees related to the MF Properties of approximately $141,000 and $541,000 for the three and nine months ended September 30, 2016, respectively. For MF Properties, the property management fees are reflected as real estate operating expenses on the Partnership’s condensed consolidated statements of operations. For the seven properties collateralizing MRBs, the property management fees are not Partnership expenses, but are paid in each case by the owner of the Residential Properties. These property management fees are paid out of the revenues generated by the respective property prior to the payment of debt service on the Partnership's MRBs and property loans, if applicable. An affiliate of AFCA 2, Farnam Capital Advisors, LLC (“Farnam Cap”), acts as an origination advisor and consultant to the borrowers when MRBs, Investments in unconsolidated entities, select notes receivable, and financing facilities are acquired by the Partnership. The borrowers paid origination fees of approximately $62,000 and $331,000 for the three and nine months ended September 30, 2017. The borrowers paid origination fees of approximately $343,000 and $537,000 for the three and nine months ended September 30, 2016, respectively. These origination fees were paid by the borrower and since they are not Partnership expenses, they have not been reflected in the accompanying condensed consolidated financial statements. The Partnership paid consulting fees to the affiliate of zero and approximately $921,000 for services related to the origination of Term A/B Trusts during the three and nine months ended September 30, 2017, respectively. The Partnership paid consulting fees to Farnam Cap of approximately $1.2 million for services related to origination of the Term A/B Trusts during the three and nine months ended September 30, 2016. In addition, Farnam Cap received a $125,000 origination fee for work performed related to a transaction that did not materialize during the second quarter of 2016. An affiliate of AFCA 2, Burlington Capital Construction Services, LLC, is the general contractor for certain exterior rehabilitation services for the Jade Park MF Property commencing in June 2017. The contracted services are expected to be completed by the end of 2017. The Partnership paid approximately $6,000 for services under the contract during the three and nine months ended September 30, 2017. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments | 22. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for 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 on 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 MRBs and Bond Purchase Commitments. The fair value of the Partnership’s investments in MRBs and mortgage bond purchase commitments at September 30, 2017 is based upon prices obtained from a third-party pricing service, which are indicative of market prices. There is no active trading market for the MRBs and price quotes for the MRBs are not available. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each MRB as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure of the borrower, seniority to other obligations, operating results of the underlying property, geographic location, and property quality. The MRB values are then estimated using a discounted cash flow and yield to maturity or call analysis. The Partnership evaluates pricing data received from the third-party pricing service, including consideration of current market interest rates, quantitative and qualitative characteristics of the underlying collateral, and other information from either the third-party pricing service or public sources. The fair value estimates of these MRBs are based largely on unobservable inputs the believed to be used by market participants and requires the use of judgment on the part of the third-party pricing service and management. Due to the judgments involved, the fair value measurement of the Partnership’s investments in MRBs and mortgage bond purchase commitments are categorized as a Level 3 input. At September 30, 2017, the range of effective yields on the individual MRBs was 2.6% to 9.9% per annum. Prior to the second quarter of 2017, the fair value of the Partnership’s investments in MRBs and mortgage bond purchase commitments were based on a discounted cash flow and yield to maturity analysis performed by the Partnership. If available, the Partnership considered price quotes on similar MRBs or other information from external sources, such as pricing services. The estimates of the fair values of these MRBs, whether estimated by the Partnership or based on external sources, were based largely on unobservable inputs the Partnership believed would be used by market participants. Additionally, the calculation methodology used by the external sources and the Partnership encompassed the use of judgment in its application. To validate changes in the fair value of the Partnership’s investments in MRBs between reporting periods, the Partnership looked at the key inputs such as changes in the ‘A’ rated municipal bond rates on similar MRBs as well as changes in the operating performance of the underlying property serving as collateral for each MRB. The Partnership validated that the changes in the estimated fair value of the MRBs move with the changes in these monitored factors. Given these facts, the fair value measurement of the Partnership’s investment in MRBs was categorized as a Level 3 input. At December 31, 2016, the range of effective yields on the individual MRBs was 4.9% to 12.4% per annum. Investments in Public Housing Capital Fund Trust Certificates. The fair value of the Partnership’s investment in PHC Certificates at September 30, 2017 is based upon prices obtained from a third-party pricing service, which are indicative of market prices. There is no active trading market for the trusts’ certificates owned by the Partnership. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each PHC Trust as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, security ratings from rating agencies, the impact of potential political and regulatory change, and other inputs. During the second quarter of 2017, the Partnership analyzed pricing data received from the third-party pricing service by comparing it to the Partnership’s internal valuation methodology. The Partnership’s internal valuation methodology utilized 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 Partnership believes would be used by market participants. During the third quarter of 2017, the Partnership continued to utilize the third-party pricing service to obtain prices, which are indicative of market prices, for its PHC Certificates. The Partnership engaged a second third-party pricing service whose methodology was consistent with the Partnership’s internal valuation methodology and is utilized by the Partnership to confirm the values developed by its primary third-party pricing service. As such, the Partnership did not utilize its internal methodology to price the PHC Certificates. The Partnership reviews the inputs used by the primary third-party pricing service by reviewing source information and reviews the methodology for reasonableness. The valuation methodologies used by the third-party pricing services and the Partnership encompass the use of judgment in their application. Due to the judgments involved, the fair value measurement of the Partnership’s investment in PHC Certificates is categorized as a Level 3 input. The fair value of the Partnership’s investment in PHC Certificates at December 31, 2016 was based on a yield to maturity analysis performed by the Partnership. The Partnership’s valuation methodology 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 Partnership believes would be used by market participants. The Partnership validates that the changes in the estimated fair value of PHC Certificates move with the changes in the market yield rates of investment grade rated mortgage revenue municipal bonds with terms of similar length. Given these facts, the fair value measurement of the Partnership’s investment in PHC Certificates is categorized as a Level 3 input. At December 31, 2016, the range of effective yields on the PHC Certificates was 4.3% to 6.0% per annum. Taxable Bonds. The fair value of the Partnership’s taxable bonds at September 30, 2017 is based upon prices obtained from a third-party pricing service, which are indicative of market prices. There is no active trading market for the taxable bonds and price quotes are not available. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each taxable bond as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure of the borrower, subordinate to other obligations, operating results of the underlying property, geographic location, and property quality. The taxable bonds values are then estimated using a discounted cash flow and yield to maturity or call analysis. The Partnership evaluates pricing data received from the third-party pricing service, including consideration of current market interest rates, quantitative and qualitative characteristics of the underlying collateral, and other information from either the third-party pricing service or public sources. The fair value estimates of these taxable bonds are based largely on unobservable inputs believed to be used by market participants and requires the use of judgment on the part of the third-party pricing service and management. Due to the judgments involved, the fair value measurement of the Partnership’s investments in taxable bonds is categorized as a Level 3 input. Prior to the second quarter of 2017, the fair values of the Partnership’s investments in taxable bonds were based on a discounted cash flow and yield to maturity analysis performed by the Partnership. 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 Partnership or based on external sources, were based largely on unobservable inputs the Partnership believed would be used by market participants. Additionally, the calculation methodology used by the external sources and the Partnership encompassed the use of judgment in its application. To validate changes in the fair value of the Partnership’s investments in taxable bonds between reporting periods, management looked 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. The Partnership validated that the changes in the estimated fair value of the taxable bonds moved with the changes in these monitored factors. Given these facts the fair value measurement of the Partnership’s investment in taxable bonds was categorized as a Level 3 input. Interest Rate Derivatives. The effect of the Partnership’s interest rate derivatives is to set a cap, or upper limit, on the base rate of interest paid on the Partnership’s variable rate debt equal to the notional amount of the derivative agreement. The effect of the Partnership’s interest rate swaps 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 fair value of the interest rate derivatives is based on a model whose inputs are not observable and therefore is 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 at September 30, 2017 are summarized as follows: Fair Value Measurements at September 30, 2017 Description Assets and Liabilities at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and Liabilities Mortgage revenue bonds, held in trust $ 739,967,192 $ - $ - $ 739,967,192 Mortgage revenue bonds 39,346,686 - - 39,346,686 Bond purchase commitments (reported within other assets) 3,355,047 - - 3,355,047 PHC Certificates 54,913,748 - - 54,913,748 Taxable bonds (reported within other assets) 3,929,761 - - 3,929,761 Derivative contracts (reported within other assets) 427,353 - - 427,353 Derivative swap liability (1,196,701 ) - - (1,196,701 ) Total Assets and Liabilities at Fair Value, net $ 840,743,086 $ - $ - $ 840,743,086 The following tables summarizes the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2017: For the Three Months Ended September 30, 2017 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance July 1, 2017 $ 768,129,658 $ 3,165,172 $ 55,791,371 $ 3,931,471 $ (761,648 ) $ 830,256,024 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 53,117 - (14,129 ) - (66,917 ) (27,929 ) Included in other comprehensive (loss) income 1,501,150 189,875 309,808 2,356 - 2,003,189 Purchases 12,471,000 - - - 59,217 12,530,217 Settlements (2,841,047 ) - (1,173,302 ) (4,066 ) - (4,018,415 ) Ending Balance September 30, 2017 $ 779,313,878 $ 3,355,047 $ 54,913,748 $ 3,929,761 $ (769,348 ) $ 840,743,086 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2017 $ - $ - $ - $ - $ (66,917 ) $ (66,917 ) (1) (2) For the Nine Months Ended September 30, 2017 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2017 $ 680,211,051 $ 2,399,449 $ 57,158,068 $ 4,084,599 $ (955,679 ) $ 742,897,488 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 159,707 - (45,846 ) - (369,686 ) (255,825 ) Included in other comprehensive (loss) income 31,731,448 955,598 (588,172 ) (122,908 ) - 31,975,966 Purchases 72,056,000 - - - 556,017 72,612,017 Settlements (4,844,328 ) - (1,610,302 ) (31,930 ) - (6,486,560 ) Ending Balance September 30, 2017 $ 779,313,878 $ 3,355,047 $ 54,913,748 $ 3,929,761 $ (769,348 ) $ 840,743,086 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2017 $ - $ - $ - $ - $ (369,686 ) $ (369,686 ) (1) (2) Assets and liabilities measured at fair value on a recurring basis at December 31, 2016 are summarized as follows: Fair Value Measurements at December 31, 2016 Description Assets and Liabilities at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and Liabilities Mortgage revenue bonds held in trust $ 590,194,179 $ - $ - $ 590,194,179 Mortgage revenue bonds 90,016,872 - - 90,016,872 Bond purchase commitments (reported within other assets) 2,399,449 - - 2,399,449 PHC Certificates 57,158,068 - - 57,158,068 Taxable bonds (reported within other assets) 4,084,599 - - 4,084,599 Derivative contracts (reported within other assets) 383,604 - - 383,604 Interest swap liability (1,339,283 ) - - (1,339,283 ) Total Assets and Liabilities at Fair Value $ 742,897,488 $ - $ - $ 742,897,488 The following tables summarizes the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2016: For the Three Months Ended September 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance July 1, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - 263,684 263,684 Included in other comprehensive (loss) income (28,336,831 ) (4,596,110 ) (780,342 ) (315,633 ) - (34,028,916 ) Purchases 8,785,000 - - - - 8,785,000 Settlements (479,253 ) - (540,463 ) (502,211 ) - (1,521,927 ) Ending Balance September 30, 2016 $ 628,366,288 $ 12,622,709 $ 60,859,254 $ 4,476,385 $ (2,351,409 ) $ 703,973,227 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2016 $ - $ - $ - $ - $ 263,684 $ 263,684 (1) (2) For Nine Months Ended September 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2016 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (1,378,112 ) (1,378,112 ) Included in other comprehensive (loss) income 40,781,894 6,988,349 1,777,372 179,684 - 49,727,299 Purchases 20,285,000 - - - - 20,285,000 Sale of securities (9,747,124 ) - - - (399 ) (9,747,523 ) Settlements (6,636,619 ) - (1,625,408 ) (527,359 ) - (8,789,386 ) Ending Balance September 30, 2016 $ 628,366,288 $ 12,622,709 $ 60,859,254 $ 4,476,385 $ (2,351,409 ) $ 703,973,227 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2016 $ - $ - $ - $ - $ (1,378,112 ) $ (1,378,112 ) (1) (2) Total gains and losses included in earnings for the periods shown above are included in the Partnership’s condensed consolidated statements of operations as interest expense. The Partnership estimates the fair value of each financial liability using a discounted cash flow model based on the debt amortization schedules and the effective rate of interest for each period presented. This estimate of fair value is based on Level 3 inputs. The TEBS and variable-rate TOB debt financings are credit enhanced by Freddie Mac and DB, respectively. The table below represents the fair value of the financial liabilities held on the condensed consolidated balance sheets at September 30, 2017 and December 31, 2016. September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 607,106,819 $ 606,173,812 $ 555,199,700 $ 553,083,924 Mortgages payable and other secured financing 50,579,400 50,650,974 51,379,512 51,595,281 |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segments | 23. Segments The Partnership has four reportable segments, Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. In addition to the four reportable segments, the Partnership also separately reports its consolidation and elimination information because it does not allocate certain items to the segments. In January 2016, the Partnership sold its three remaining MBS Securities and eliminated this operating segment. The Amended and Restated LP Agreement authorizes the Partnership to make investments in tax-exempt securities other than in MRBs provided that the tax-exempt investments are rated in one of the four highest rating categories by a national securities rating agency. The Amended and Restated LP Agreement also allows the Partnership to invest in other securities whose interest may be taxable for federal income tax purposes. Total tax-exempt and other investments cannot exceed 25% of the Partnership’s total assets at the time of acquisition as required under the Amended and Restated LP Agreement. In addition, the amount of other investments is limited based on the conditions to the exemption from registration under the Investment Company Act of 1940. The Partnership’s tax-exempt and other investments include PHC Certificates, MBS Securities, and Other Investments, which are reported as three separate segments. Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of MRBs and related property loans which have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties in their market areas. Such MRBs are held as investments and the related property loans, net of loan loss, are reported as such on the Partnership’s condensed consolidated balance sheets. At September 30, 2017, the Partnership held 91 MRBs. The Residential Properties financed by MRBs contain a total of 10,788 rental units. In addition, one bond (Pro Nova 2014-1) is collateralized by commercial real estate. All general and administrative expenses on the condensed consolidated statements of operations are reported within this operating segment. Public Housing Capital Fund Trust Segment The Public Housing Capital Fund Trust segment consists of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates (see Note 7). MF Properties Segment The MF Properties segment consists of multifamily, student housing, and senior citizen residential properties held by the Partnership. 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. At September 30, 2017, the segment includes the six MF Properties comprised of a total of 1,710 rental units. Income tax expense for the Greens Hold Co is reported within this segment. Other Investments Segment The Other investments segment consists of the operations of ATAX Vantage Holdings, LLC, which is invested in unconsolidated entities (Note 9) and has issued property loans due from Vantage at Brooks LLC and Vantage at Braunfels LLC (Note 10). The following table details certain key financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2017 and 2016: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Total revenues Mortgage Revenue Bond Investments $ 11,035,530 $ 8,504,675 $ 32,683,968 $ 26,074,552 MF Properties 3,257,174 3,414,788 10,356,311 13,483,760 Public Housing Capital Fund Trust 711,823 724,735 2,139,791 2,178,627 MBS Securities Investments - - - 48,755 Other Investments 1,230,303 577,741 3,329,448 1,289,225 Total revenues $ 16,234,830 $ 13,221,939 $ 48,509,518 $ 43,074,919 Interest expense Mortgage Revenue Bond Investments $ 4,786,151 $ 2,691,439 $ 14,295,635 $ 9,866,978 MF Properties 556,200 441,858 1,616,032 1,708,551 Public Housing Capital Fund Trust 371,830 351,875 1,086,094 987,140 MBS Securities Investments - - - 14,692 Other Investments - - - - Total interest expense $ 5,714,181 $ 3,485,172 $ 16,997,761 $ 12,577,361 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 1,256,202 1,353,602 3,876,768 4,649,724 Public Housing Capital Fund Trust - - - - MBS Securities Investments - - - - Other Investments - - - - Total depreciation expense $ 1,256,202 $ 1,353,602 $ 3,876,768 $ 4,649,724 Partnership net income (loss) Mortgage Revenue Bond Investments $ 2,604,989 $ 2,918,500 $ 7,426,810 $ 7,169,516 MF Properties (626,827 ) 754,441 3,136,765 8,458,960 Public Housing Capital Fund Trust 339,993 372,860 1,053,697 1,191,487 MBS Securities Investments - - - 51,984 Other Investments 1,227,328 577,741 3,326,473 1,289,225 Partnership net income $ 3,545,483 $ 4,623,542 $ 14,943,745 $ 18,161,172 The following table details certain key financial information for the Partnership’s reportable segments at September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Total assets Mortgage Revenue Bond Investments $ 893,205,519 $ 764,995,675 MF Properties 106,823,052 129,895,112 Public Housing Capital Fund Trust Certificates 55,313,588 57,461,268 Other Investments 50,487,804 34,540,280 Consolidation/eliminations (52,634,243 ) (42,778,661 ) Total assets $ 1,053,195,720 $ 944,113,674 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events In October 2017, the owner of the Vantage at Harlingen property that collateralizes the Partnership’s MRBs closed on the sale of the property to an unrelated third party. At closing, the Partnership received the outstanding principal on the outstanding Series B and Series D MRBs, accrued interest and other fees from the borrower. The Partnership also settled approximately $19.5 million of the M33 TEBS Financing concurrent with the settlement of the MRBs. In October 2017, the Partnership executed Commercial Purchase Agreements to sell the Eagle Village, Residences at DeCordova and Residences at Weatherford MF Properties to unrelated third parties. On October 2, 2017, the Partnership issued 1.0 million of Series A Preferred Units to a financial institution in a private placement for gross proceeds of $10.0 million. On October 25, 2017, the Partnership issued 750,000 of Series A Preferred Units to a financial institution in a private placement for gross proceeds of $7.5 million. Effective subsequent to the transaction, the Partnership has terminated the private offering of the Series A Preferred Units. In October 2017, the Partnership executed PSAs to purchase one property in Hanahan, SC and one property in Goose Creek, SC. |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P. and its wholly-owned subsidiaries. All intercompany transactions are eliminated. At September 30, 2017, the consolidated subsidiaries of the Partnership (the “Consolidated Subsidiaries”) consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac. • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the second TEBS Financing, (“M31 TEBS Financing”) with Freddie Mac. • ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the third TEBS Financing (“M33 TEBS Financing”), with Freddie Mac. • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, committed to loan money or provide equity for the development of multifamily properties. • Four MF Properties are owned by a wholly-owned corporation (“the Greens Hold Co”). The Greens Hold Co held a 99% limited partnership interest in the northern View MF Property until its sale in March 2017. • One MF Property is owned by a wholly-owned subsidiary of the Partnership and one MF Property is owned directly by the Partnership. |
Acquisition Accounting | Acquisition Accounting Pursuant to the guidance on acquisition accounting, the Partnership allocates the contractual purchase price of a property acquired to the land, building, improvements 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. |
Investment in Unconsolidated Entities | Investment in unconsolidated entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited partnership interests using |
Income Taxes | Income Taxes No provision has been made for income taxes of the Partnership because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. The Partnership recognizes franchise margin tax expense on revenues in certain jurisdictions relating to MF Properties and Investments in unconsolidated entities. The Greens Hold Co, a wholly-owned subsidiary of the Partnership, is a corporation subject to federal and state income taxes. The Partnership will recognize income tax expense or benefit for the federal and state income taxes incurred by the Greens Hold Co on the Partnership’s condensed consolidated financial statements. The Partnership evaluates its tax positions taken in the Partnership’s condensed consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. The Partnership accrues interest and penalties as incurred within income tax expense. Deferred income tax expense, or benefit, is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes such as depreciation, amortization of financing costs, etc.) and the utilization of tax net operating losses (“NOL”) generated in prior years that had been previously recognized as deferred income tax assets. The Partnership fully utilized its NOL carryforwards during 2016. The Partnership records a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred income tax expense. |
Restricted Unit Awards ("RUAs") | Restricted Unit Awards (“RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the Unitholders in September 2015, permits the grant of Restricted Units and other awards to the employees of Burlington, the Partnership, or any affiliate of either, and members of Burlington’s Board of Managers for up to 3.0 million BUCs. RUAs are generally granted with vesting conditions ranging from three months to three years. RUAs currently provide for the payment of quarterly distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control or upon death or disability of the Participant. The Partnership accounts for forfeitures when they occur. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The Partnership will account for modifications to RUAs as they occur if the fair value of the RUAs change, there are changes to vesting conditions or the awards no longer qualify for equity classification. |
Estimates and Assumptions | Estimates and assumptions The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016. These condensed consolidated financial statements and notes have been prepared consistently with the 2016 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position at September 30, 2017, and the results of operations for the interim periods presented have been made. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet at December 31, 2016, was derived from audited annual financial statements, but does not contain all the footnote disclosures from the annual consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2017, the FASB ASU The Partnership is currently evaluating the impact this standard will have on its condensed consolidated financial statements. In February 2017, the FASB ASU The Partnership is currently evaluating the impact this standard will have on its condensed consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, “Business Combinations; Clarifying the Definition of a Business.” The ASU modifies the requirements to meet the definition of a business under Topic 805, “Business Combinations.” The amendments provide a screen to determine when a set of identifiable assets and liabilities is not a business. The screen requires that when substantially all the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The impact is expected to result in fewer transactions being accounted for as business combinations. The ASU is effective for the Partnership for fiscal years beginning after December 15, 2017 and is applied prospectively. It is expected that the new standard would reduce the number of future real estate acquisitions that will be accounted for as business combinations and, therefore, reduce the amount of acquisition costs that will be expensed. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows; Restricted Cash.” The ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2017 and is applied retrospectively. The Partnership is currently assessing the impact this standard will have on its condensed consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230).” The ASU clarifies the presentation of cash receipts and cash payments related to certain transactions. The ASU is effective for the Partnership for fiscal years beginning after December 15, 2017 and is applied retrospectively. The Partnership is currently assessing the impact of the adoption of this pronouncement on the condensed consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326).” The ASU enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2019 and is applied under a modified-retrospective approach. The Partnership is currently assessing the impact of the adoption of this pronouncement on the condensed consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The ASU requires the recognition of right-of-use assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The ASU offers specific accounting guidance for embedded lease arrangements, lease terms and incentives, sale-leaseback agreements, and related disclosures. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2018 and requires a modified retrospective adoption, with early adoption permitted. The Partnership has performed a preliminary assessment of its lessor and lessee leasing arrangements. Lessor arrangements with tenants at the MF Properties are not expected to be materially impacted by adoption of the standard as substantially all leases are for terms of 12 months or less. The Partnership has four lessee arrangements for which it is assessing the quantitative and qualitative impact of the standard. The Partnership has not elected early adoption of the standard as of September 30, 2017 and is currently evaluating the impact this standard will have on its condensed consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall (Subtopic 825-10).” The ASU simplifies and clarifies the recognition, measurement, presentation, and disclosure of financial instruments. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2017. The Partnership continues to assess the impact of the adoption of this standard but preliminarily does not believe adoption will have a material impact on the Partnership’s condensed consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year. During 2016, the FASB issued ASU Nos. 2016-10, 2016-12 and 2016-20 that provide additional guidance related to the identification of performance obligations within a contract, assessing collectability, contract costs, and other technical corrections and improvements. The Partnership expects to use the modified retrospective transition method and will adopt the standard effective January 1, 2018. The Partnership has completed an assessment of its revenue streams and performance obligations and is currently evaluating the quantitative and qualitative impacts of the new standard on the business. The Partnership has determined that revenues within investment income, contingent interest income, other interest income are not within the scope of this standard. Furthermore, the majority of property revenues are within the scope of the Lease ASU and outside the scope of the Revenue ASU. The Partnership believes the new standard will only impact property revenues related to non-lease revenue streams and certain provisions that apply to gains on sale of real estate assets. The impact to non-lease revenue streams within the scope of this standard is immaterial to the condensed consolidated financial statements. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure | The following table summarizes information regarding the Partnership’s variable interests in these entities at September 30, 2017 and December 31, 2016: Maximum Exposure to Loss September 30, 2017 December 31, 2016 Mortgage revenue bonds $ 144,529,000 $ 137,921,000 Property loans 17,369,365 16,476,073 Investment in unconsolidated entities 34,335,649 19,470,006 $ 196,234,014 $ 173,867,079 |
Investments in Bonds (Tables)
Investments in Bonds (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The Partnership had the following investments in MRBs at September 30, 2017 and December 31, 2016: September 30, 2017 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A & B (2) CA $ 16,458,000 $ 1,138,145 $ - $ 17,596,145 Glenview Apartments - Series A (4) CA 4,638,152 640,243 - 5,278,395 Harmony Court Bakersfield - Series A & B (2) CA 3,730,000 398,115 - 4,128,115 Harmony Terrace - Series A & B (2) CA 14,300,000 812,807 - 15,112,807 Harden Ranch - Series A (3) CA 6,862,983 1,086,331 - 7,949,314 Las Palmas II - Series A & B (2) CA 3,465,000 179,028 - 3,644,028 Montclair Apartments - Series A (4) CA 2,512,746 401,052 - 2,913,798 San Vicente - Series A & B (2) CA 5,320,000 279,275 - 5,599,275 Santa Fe Apartments - Series A (4) CA 3,044,098 525,978 - 3,570,076 Seasons at Simi Valley - Series A (2) CA 4,376,000 784,070 - 5,160,070 Seasons Lakewood - Series A & B (2) CA 12,610,000 822,322 - 13,432,322 Seasons San Juan Capistrano - Series A & B (2) CA 18,949,000 1,127,068 - 20,076,068 Summerhill - Series A & B (2) CA 9,795,000 684,808 - 10,479,808 Sycamore Walk - Series A (2) CA 3,632,000 466,553 - 4,098,553 The Village at Madera - Series A & B (2) CA 4,804,000 311,708 - 5,115,708 Tyler Park Townhomes - Series A (3) CA 5,980,454 877,348 - 6,857,802 Westside Village Market - Series A (3) CA 3,908,215 604,569 - 4,512,784 Lake Forest (1) FL 8,540,000 1,485,248 - 10,025,248 Ashley Square (1) IA 4,994,000 13,538 - 5,007,538 Brookstone (1) IL 7,454,205 2,113,460 - 9,567,665 Copper Gate Apartments (3) IN 5,145,000 867,844 - 6,012,844 Renaissance - Series A (4) LA 11,267,286 1,628,900 - 12,896,186 Live 929 Apartments (2) MD 40,594,362 3,961,295 - 44,555,657 Woodlynn Village (1) MN 4,289,000 10,736 - 4,299,736 Greens Property - Series A (3) NC 8,147,000 1,230,615 - 9,377,615 Silver Moon - Series A (4) NM 7,893,310 1,079,738 - 8,973,048 Ohio Properties - Series A (1) OH 14,140,000 996,412 - 15,136,412 Bridle Ridge (1) SC 7,465,000 57,667 - 7,522,667 Columbia Gardens (2) SC 15,175,444 498,008 - 15,673,452 Companion at Thornhill Apartments (2) SC 11,431,237 1,314,765 - 12,746,002 Cross Creek (1) SC 6,133,621 3,014,744 - 9,148,365 The Palms at Premier Park Apartments (3) SC 19,284,860 2,938,148 - 22,223,008 Willow Run (2) SC 15,176,206 135,745 - 15,311,951 Arbors at Hickory Ridge (3) TN 11,372,772 1,655,828 - 13,028,600 Pro Nova 2014-1 (2) TN 10,039,648 193,874 - 10,233,522 Avistar at Chase Hill - Series A (3) TX 9,773,429 - (280,678 ) 9,492,751 Avistar at Copperfield - Series A (2) TX 10,000,000 423,447 - 10,423,447 Avistar at the Crest - Series A (3) TX 9,480,225 1,021,050 - 10,501,275 Avistar at the Oaks - Series A (3) TX 7,654,594 880,439 - 8,535,033 Avistar at the Parkway - Series A (4) TX 13,262,378 908,602 - 14,170,980 Avistar at Wilcrest - Series A (2) TX 3,775,000 207,425 - 3,982,425 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,348,678 - 33,198,678 Avistar in 09 - Series A (3) TX 6,609,446 666,232 - 7,275,678 Avistar on the Boulevard - Series A (3) TX 16,150,587 1,664,812 - 17,815,399 Avistar on the Hills - Series A (3) TX 5,288,542 608,293 - 5,896,835 Bella Vista (1) TX 6,295,000 100,991 - 6,395,991 Bruton Apartments (2) TX 18,080,240 2,607,782 - 20,688,022 Concord at Gulfgate - Series A (2) TX 19,185,000 2,611,745 - 21,796,745 Concord at Little York - Series A (2) TX 13,440,000 1,896,349 - 15,336,349 Concord at Williamcrest - Series A (2) TX 20,820,000 2,834,325 - 23,654,325 Crossing at 1415 - Series A (2) TX 7,590,000 295,343 - 7,885,343 Decatur Angle (2) TX 22,834,591 2,518,998 - 25,353,589 Heights at 515 - Series A (2) TX 6,435,000 329,490 - 6,764,490 Heritage Square - Series A (4) TX 11,088,157 989,114 - 12,077,271 Oaks at Georgetown - Series A & B (2) TX 17,842,000 808,259 - 18,650,259 Runnymede (1) TX 10,200,000 168,797 - 10,368,797 Southpark (1) TX 11,809,069 3,192,305 - 15,001,374 Vantage at Harlingen - Series B (4) TX 24,379,208 1,921,472 - 26,300,680 Vantage at Judson -Series B (4) TX 26,187,732 3,403,014 - 29,590,746 15 West Apartments (2) WA 9,812,357 1,733,769 - 11,546,126 Mortgage revenue bonds held in trust $ 672,771,154 $ 67,476,716 $ (280,678 ) $ 739,967,192 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 September 30, 2017 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montecito at Williams Ranch Apartments - Series A & B CA $ 12,471,000 $ - $ - $ 12,471,000 Seasons at Simi Valley - Series B CA 1,944,000 84 - 1,944,084 Sycamore Walk - Series B CA 1,815,000 - (1,078 ) 1,813,922 Greens Property - Series B NC 938,204 211,542 - 1,149,746 Ohio Properties - Series B OH 3,539,619 192,655 - 3,732,274 Avistar at Chase Hill - Series B TX 954,095 - (56,474 ) 897,621 Avistar at Copperfield - Series B TX 4,000,000 12,278 - 4,012,278 Avistar at the Crest - Series B TX 750,423 47,206 - 797,629 Avistar at the Oaks - Series B TX 548,883 33,008 - 581,891 Avistar at the Parkway - Series B TX 124,922 30,779 - 155,701 Avistar at Wilcrest - Series B TX 1,550,000 4,816 - 1,554,816 Avistar at Wood Hollow - Series B TX 8,410,000 27,395 - 8,437,395 Avistar in 09 - Series B TX 452,779 25,439 - 478,218 Avistar on the Boulevard - Series B TX 445,904 26,313 - 472,217 Crossing at 1415 - Series B TX 335,000 1,079 - 336,079 Heights at 515 - Series B TX 510,000 1,815 - 511,815 Mortgage revenue bonds held by the Partnership $ 38,789,829 $ 614,409 $ (57,552 ) $ 39,346,686 December 31, 2016 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Glenview Apartments - Series A (4) CA $ 4,670,000 $ 132,402 $ - $ 4,802,402 Harmony Terrace - Series A & B (2) CA 14,300,000 - - 14,300,000 Harden Ranch - Series A (3) CA 6,912,535 369,738 - 7,282,273 Montclair Apartments - Series A (4) CA 2,530,000 108,608 - 2,638,608 Santa Fe Apartments - Series A (4) CA 3,065,000 177,093 - 3,242,093 Seasons at Simi Valley - Series A (2) CA 4,376,000 308,335 - 4,684,335 Sycamore Walk - Series A (2) CA 3,632,000 130,431 - 3,762,431 Tyler Park Townhomes - Series A (3) CA 6,024,120 237,582 - 6,261,702 Westside Village Market - Series A (3) CA 3,936,750 102,641 - 4,039,391 Lake Forest (1) FL 8,639,000 899,694 - 9,538,694 Ashley Square (1) IA 5,039,000 338,556 - 5,377,556 Brookstone (1) IL 7,462,678 1,457,340 - 8,920,018 Copper Gate Apartments (3) IN 5,145,000 528,855 - 5,673,855 Renaissance - Series A (4) LA 11,348,364 826,369 - 12,174,733 Live 929 Apartments (2) MD 40,687,425 3,587,993 - 44,275,418 Woodlynn Village (1) MN 4,310,000 294,976 - 4,604,976 Greens Property - Series A (3) NC 8,210,000 844,585 - 9,054,585 Silver Moon - Series A (4) NM 7,933,259 465,382 - 8,398,641 Ohio Properties - Series A (1) OH 14,215,000 2,327,468 - 16,542,468 Bridle Ridge (1) SC 7,535,000 517,881 - 8,052,881 Columbia Gardens (2) SC 15,214,223 - (927,030 ) 14,287,193 Companion at Thornhill Apartments (2) SC 11,500,000 645,552 - 12,145,552 Cross Creek (1) SC 6,122,312 2,655,730 - 8,778,042 The Palms at Premier Park Apartments (3) SC 19,826,716 1,784,386 - 21,611,102 Willow Run (2) SC 15,214,085 - (917,852 ) 14,296,233 Arbors at Hickory Ridge (3) TN 11,461,719 891,274 - 12,352,993 Pro Nova 2014-1 (2) TN 10,041,924 685,576 - 10,727,500 Avistar at Chase Hill - Series A (3) TX 9,844,994 589,023 - 10,434,017 Avistar at the Crest - Series A (3) TX 9,549,644 753,267 - 10,302,911 Avistar at the Oaks - Series A (3) TX 7,709,040 563,138 - 8,272,178 Avistar at the Parkway - Series A (4) TX 13,300,000 - (78,749 ) 13,221,251 Avistar in 09 - Series A (3) TX 6,656,458 359,562 - 7,016,020 Avistar on the Boulevard - Series A (3) TX 16,268,850 1,283,272 - 17,552,122 Avistar on the Hills - Series A (3) TX 5,326,157 423,496 - 5,749,653 Bella Vista (1) TX 6,365,000 500,162 - 6,865,162 Bruton Apartments (2) TX 18,145,000 349,886 - 18,494,886 Concord at Gulfgate - Series A (2) TX 19,185,000 1,200,246 - 20,385,246 Concord at Little York - Series A (2) TX 13,440,000 1,044,752 - 14,484,752 Concord at Williamcrest - Series A (2) TX 20,820,000 1,302,534 - 22,122,534 Crossing at 1415 - Series A (2) TX 7,590,000 - (45,555 ) 7,544,445 Decatur Angle (2) TX 22,950,214 - (290,985 ) 22,659,229 Heights at 515 - Series A (2) TX 6,435,000 - (38,623 ) 6,396,377 Heritage Square - Series A (4) TX 11,161,330 905,455 - 12,066,785 Oaks at Georgetown - Series A & B (2) TX 17,842,000 - - 17,842,000 Runnymede (1) TX 10,250,000 774,285 - 11,024,285 Southpark (1) TX 11,751,861 3,286,203 - 15,038,064 Vantage at Harlingen - Series B (4) TX 24,529,580 917,720 - 25,447,300 Vantage at Judson -Series B (4) TX 26,356,498 1,658,508 - 28,015,006 15 West Apartments (2) WA 9,850,000 1,584,281 - 11,434,281 Mortgage revenue bonds held in trust $ 554,678,736 $ 37,814,237 $ (2,298,794 ) $ 590,194,179 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 December 31, 2016 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A & B CA $ 16,458,000 $ - $ - $ 16,458,000 Harmony Court Bakersfield - Series A & B CA 5,727,000 29,252 - 5,756,252 Las Palmas II - Series A & B CA 3,465,000 15,139 - 3,480,139 San Vicente - Series A & B CA 5,320,000 - (30,019 ) 5,289,981 Seasons at Simi Valley - Series B CA 1,944,000 27,727 - 1,971,727 Seasons Lakewood - Series A & B CA 12,610,000 - - 12,610,000 Seasons San Juan Capistrano - Series A & B CA 18,949,000 - - 18,949,000 Summerhill - Series A & B CA 9,795,000 - (174,982 ) 9,620,018 Sycamore Walk - Series B CA 1,815,000 - (64,432 ) 1,750,568 The Village at Madera - Series A & B CA 4,804,000 - (84,437 ) 4,719,563 Greens Property - Series B NC 940,479 118,216 - 1,058,695 Ohio Properties - Series B OH 3,549,780 449,068 - 3,998,848 Avistar at Chase Hill - Series B TX 957,627 41,820 - 999,447 Avistar at the Crest - Series B TX 753,201 64,228 - 817,429 Avistar at the Oaks - Series B TX 550,836 47,231 - 598,067 Avistar at the Parkway - Series B TX 125,000 - (3,341 ) 121,659 Avistar in 09 - Series B TX 454,390 38,961 - 493,351 Avistar on the Boulevard - Series B TX 447,554 38,165 - 485,719 Crossing at 1415 - Series B TX 335,000 - (2,614 ) 332,386 Heights at 515 - Series B TX 510,000 - (3,977 ) 506,023 Mortgage revenue bonds held by the Partnership $ 89,510,867 $ 869,807 $ (363,802 ) $ 90,016,872 |
Investments Classified by Contractual Maturity Date | The following table includes the details of the MRB acquisitions during the nine months ended September 30, 2017: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Avistar at Copperfield - Series A February Houston, TX 192 5/1/2054 5.75 % $ 10,000,000 Avistar at Copperfield - Series B February Houston, TX 192 6/1/2054 12.00 % 4,000,000 Avistar at Wilcrest - Series A February Houston, TX 88 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B February Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series A February Austin, TX 409 5/1/2054 5.75 % 31,850,000 Avistar at Wood Hollow - Series B February Austin, TX 409 6/1/2054 12.00 % 8,410,000 Montecito at Williams Ranch Apartments - Series A September Salinas, CA 132 10/1/2034 5.50 % 7,690,000 Montecito at Williams Ranch Apartments - Series B September Salinas, CA 132 10/1/2019 5.50 % 4,781,000 $ 72,056,000 The following table includes details of the MRB redeemed: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Harmony Court Bakersfield - Series B August Bakersfield, CA 96 12/1/2018 5.50 % $ 1,997,000 The following table includes the details of the MRB acquisitions during the nine months ended September 30, 2016: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Companion at Thornhill Apartments January Lexington, SC 178 1/1/2052 5.80 % $ 11,500,000 Las Palmas II - Series A September Coachella, CA 81 11/1/2033 5.00 % 1,695,000 Las Palmas II - Series B September Coachella, CA 81 11/1/2018 5.50 % 1,770,000 San Vicente - Series A September Soledad, CA 50 11/1/2033 5.00 % 3,495,000 San Vicente - Series B September Soledad, CA 50 11/1/2018 5.50 % 1,825,000 $ 20,285,000 The following table includes details of the MRB redeemed: Property Name Month Exchanged Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Exchange Pro Nova - 2014B 1 March Knoxville, TN - 5/1/2025 5.25 % $ 9,295,000 1 This is a commercial property. Accordingly, unit information is not applicable. In May 2016, the Partnership redeemed the four Series B MRBs for approximately $5.2 million which approximated their carrying value plus accrued interest. The following table includes details of the MRBs redeemed: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Glenview Apartments - Series B May Cameron, CA 88 12/1/2016 8.00 % $ 2,053,000 Montclair Apartments - Series B May Lemoore, CA 80 12/1/2016 8.00 % 928,000 Santa Fe Apartments - Series B May Hesperia, CA 89 12/1/2016 8.00 % 1,671,000 Heritage Square - Series B May Edinburg, TX 204 10/1/2051 12.00 % 520,000 The terms of the three Series B mortgage revenue bonds that were redeemed are as follows: Property Name Month Restructured Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Concord at Gulfgate - Series B August Houston, TX 288 3/1/2032 12.00 % $ 2,125,000 Concord at Little York - Series B August Houston, TX 276 3/1/2032 12.00 % 960,000 Concord at Williamcrest - Series B August Houston, TX 288 3/1/2032 12.00 % 2,800,000 |
PHC Certificates (Tables)
PHC Certificates (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Public Housing Capital Fund Trusts [Abstract] | |
Schedule of Investments in PHC Certificates | The Partnership had the following investments in the PHC Certificates at September 30, 2017 and December 31, 2016: September 30, 2017 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 7.76 AA- 5.39% $ 25,962,421 $ - $ (151,764 ) $ 25,810,657 PHC Certificate Trust II 6.80 A+ 4.32% 9,455,117 - (50,820 ) 9,404,297 PHC Certificate Trust III 8.19 BBB 5.45% 19,727,376 - (28,582 ) 19,698,794 $ 55,144,914 $ - $ (231,166 ) $ 54,913,748 December 31, 2016 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 8.31 AA- 5.36% $ 26,077,158 $ 672,097 $ - $ 26,749,255 PHC Certificate Trust II 7.65 A+ 4.31% 10,600,967 84,756 - 10,685,723 PHC Certificate Trust III 8.79 BBB 5.42% 20,122,937 - (399,847 ) 19,723,090 $ 56,801,062 $ 756,853 $ (399,847 ) $ 57,158,068 |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Real Estate [Line Items] | |
Real Estate Assets Owned by Partnership | The following tables summarizes information regarding the Partnership’s real estate assets at September 30, 2017 and December 31, 2016: Real Estate Assets at September 30, 2017 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on September 30, 2017 Eagle Village Evansville, IN 511 $ 567,880 $ 12,675,216 $ 13,243,096 Residences of DeCordova Granbury, TX 110 1,170,337 8,055,928 9,226,265 Residences of Weatherford Weatherford, TX 76 1,942,229 5,777,617 7,719,846 Suites on Paseo San Diego, CA 394 3,166,463 38,413,559 41,580,022 The 50/50 MF Property Lincoln, NE 475 - 32,932,981 32,932,981 Jade Park Daytona, FL 144 2,292,035 7,467,967 9,760,002 Land held for development (1) (1) 1,659,888 - 1,659,888 $ 116,122,100 Less accumulated depreciation (17,623,467 ) Total real estate assets $ 98,498,633 1 Real Estate Assets at December 31, 2016 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2016 Eagle Village Evansville, IN 511 $ 567,880 $ 12,655,244 $ 13,223,124 Northern View Highland Heights, KY 294 688,539 8,088,059 8,776,598 Residences of DeCordova Granbury, TX 110 1,170,337 8,029,404 9,199,741 Residences of Weatherford Weatherford, TX 76 1,942,229 5,751,260 7,693,489 Suites on Paseo San Diego, CA 394 3,162,463 38,365,351 41,527,814 The 50/50 MF Property Lincoln, NE 475 - 32,928,878 32,928,878 Jade Park Daytona, FL 144 2,292,035 7,270,845 9,562,880 Land held for development (2) (2) 7,531,104 - 7,531,104 $ 130,443,628 Less accumulated depreciation (16,217,028 ) Total real estate assets $ 114,226,600 |
Unaudited Pro Forma Condensed Consolidated Results Of Operations of the Partnership | The following table contains pro forma revenue, net income and net income per unit for the acquisition of Jade Park as if it occurred on January 1, 2016: For the Three Months Ended September 30, 2016 For the Nine Months Ended September 30, 2016 Pro forma revenues $ 13,573,945 $ 44,104,855 Pro forma net income $ 4,724,056 $ 18,194,751 Pro forma net income allocated to Unitholders $ 4,216,059 $ 15,371,803 Pro forma Unitholder's interest in net income per unit (basic and diluted) $ 0.07 $ 0.26 |
Net income, Exclusive of the Gains on Sale | Net income (loss), exclusive of the gains on sale related to the Arboretum, Woodland Park and Northern View MF Properties, for the three and nine months ended September 30, 2017 and 2016 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Net income (loss) $ (907 ) $ (143,093 ) $ (19,642 ) $ 144,060 |
Jade Park [Member] | |
Real Estate [Line Items] | |
Condensed Balance Sheet at the Date of Acquisition | The following tables contain the assets acquired and liabilities assumed: Jade Park 9/30/2016 (Date of Acquisition) Land $ 1,993,369 Buildings and improvements 7,543,200 In-place lease assets (included in other assets) 463,431 Other assets 18,126 Total assets $ 10,018,126 Accounts payable, accrued expenses and other $ 135,326 Net assets 9,882,800 Total liabilities and net assets $ 10,018,126 |
Investment in Unconsolidated En
Investment in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summary of Investments in Unconsolidated Entities | The following table provides the details of the investments in unconsolidated entities at September 30, 2017 and December 31, 2016: Property Name Location Units Construction Completion Date Carrying Value at September 30, 2017 Carrying Value at December 31, 2016 Maximum Remaining Equity Commitment at September 30, 2017 Vantage at Corpus Christi Corpus Christi, TX 288 August 2017 $ 9,131,689 $ 8,447,343 $ 1,550,000 Vantage at Waco Waco, TX 288 N/A 8,532,984 5,964,861 1,592,039 Vantage at Boerne Boerne, TX 288 N/A 8,069,390 5,057,802 1,475,936 Vantage at Panama City Beach Panama City Beach, FL 288 N/A 8,601,586 - 3,490,259 $ 34,335,649 $ 19,470,006 $ 8,108,234 |
Property Loans, Net of Loan L38
Property Loans, Net of Loan Loss Allowances (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property Loan Net Of Loan Loss Allowances [Abstract] | |
Summary of Partnership's Property Loans, Net of Loan Loss Allowances | The following table summarizes the Partnership’s property loans, net of loan loss allowances, at September 30, 2017 and December 31, 2016: September 30, 2017 Outstanding Balance Loan Loss Allowances Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Ashley Square 5,078,342 (3,596,342 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 - 274,496 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 7,155,545 (3,447,472 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,659,438 - 4,659,438 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,417,635 - 8,417,635 Vantage at Braunfels, LLC 7,469,730 - 7,469,730 Winston Group, Inc 1,500,000 - 1,500,000 Total $ 38,238,518 $ (7,043,814 ) $ 31,194,704 December 31, 2016 Outstanding Balance Loan Loss Allowances Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Ashley Square 5,078,342 (3,596,342 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 - 274,496 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 7,155,545 (3,447,472 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,623,704 (55,000 ) 4,568,704 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 7,199,424 - 7,199,424 Vantage at Braunfels, LLC 6,347,305 - 6,347,305 Winston Group, Inc 2,500,000 - 2,500,000 Total $ 36,862,148 $ (7,098,814 ) $ 29,763,334 |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense | The following represents income tax expense for the Greens Hold Co for the three and nine months ended September 30 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Current income tax expense (benefit) $ (276,000 ) $ 467,000 $ 2,484,047 $ 4,567,000 Deferred income tax expense (benefit) (9,000 ) (136,000 ) (374,000 ) 417,000 Total income tax expense (benefit) $ (285,000 ) $ 331,000 $ 2,110,047 $ 4,984,000 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Other Assets | The following represents the Other Assets at September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Deferred financing costs - net $ 470,769 $ 456,890 Fair value of derivative instruments (Note 17) 427,353 383,604 Taxable bonds at fair market value 3,929,761 4,084,599 Bond purchase commitments - fair value (Note 18) 3,355,047 2,399,449 Other assets 1,430,804 1,470,650 Total other assets $ 9,613,734 $ 8,795,192 |
Investments Classified by Contractual Maturity Date | The following table includes the details of the MRB acquisitions during the nine months ended September 30, 2017: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Avistar at Copperfield - Series A February Houston, TX 192 5/1/2054 5.75 % $ 10,000,000 Avistar at Copperfield - Series B February Houston, TX 192 6/1/2054 12.00 % 4,000,000 Avistar at Wilcrest - Series A February Houston, TX 88 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B February Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series A February Austin, TX 409 5/1/2054 5.75 % 31,850,000 Avistar at Wood Hollow - Series B February Austin, TX 409 6/1/2054 12.00 % 8,410,000 Montecito at Williams Ranch Apartments - Series A September Salinas, CA 132 10/1/2034 5.50 % 7,690,000 Montecito at Williams Ranch Apartments - Series B September Salinas, CA 132 10/1/2019 5.50 % 4,781,000 $ 72,056,000 The following table includes details of the MRB redeemed: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Harmony Court Bakersfield - Series B August Bakersfield, CA 96 12/1/2018 5.50 % $ 1,997,000 The following table includes the details of the MRB acquisitions during the nine months ended September 30, 2016: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Companion at Thornhill Apartments January Lexington, SC 178 1/1/2052 5.80 % $ 11,500,000 Las Palmas II - Series A September Coachella, CA 81 11/1/2033 5.00 % 1,695,000 Las Palmas II - Series B September Coachella, CA 81 11/1/2018 5.50 % 1,770,000 San Vicente - Series A September Soledad, CA 50 11/1/2033 5.00 % 3,495,000 San Vicente - Series B September Soledad, CA 50 11/1/2018 5.50 % 1,825,000 $ 20,285,000 The following table includes details of the MRB redeemed: Property Name Month Exchanged Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Exchange Pro Nova - 2014B 1 March Knoxville, TN - 5/1/2025 5.25 % $ 9,295,000 1 This is a commercial property. Accordingly, unit information is not applicable. In May 2016, the Partnership redeemed the four Series B MRBs for approximately $5.2 million which approximated their carrying value plus accrued interest. The following table includes details of the MRBs redeemed: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Glenview Apartments - Series B May Cameron, CA 88 12/1/2016 8.00 % $ 2,053,000 Montclair Apartments - Series B May Lemoore, CA 80 12/1/2016 8.00 % 928,000 Santa Fe Apartments - Series B May Hesperia, CA 89 12/1/2016 8.00 % 1,671,000 Heritage Square - Series B May Edinburg, TX 204 10/1/2051 12.00 % 520,000 The terms of the three Series B mortgage revenue bonds that were redeemed are as follows: Property Name Month Restructured Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Concord at Gulfgate - Series B August Houston, TX 288 3/1/2032 12.00 % $ 2,125,000 Concord at Little York - Series B August Houston, TX 276 3/1/2032 12.00 % 960,000 Concord at Williamcrest - Series B August Houston, TX 288 3/1/2032 12.00 % 2,800,000 |
Silver Moon [Member] | |
Investments Classified by Contractual Maturity Date | The following table summarizes the terms of the taxable bond redeemed: Property Name Redemption Date Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Silver Moon - Series B August Albuquerque, NM 151 8/1/2055 12.00 % $ 499,461 |
Unsecured Lines of Credit (Tabl
Unsecured Lines of Credit (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Unsecured Lines of Credit [Member] | |
Summary of Unsecured Lines of Credit | The following represents the unsecured lines of credit (“LOC”) at September 30, 2017 and December 31, 2016: Unsecured Lines of Credit Outstanding on September 30, 2017 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 12,471,000 $ 50,000,000 May 2019 Variable (1) Monthly 4.23 % Bankers Trust operating - 10,000,000 May 2019 Variable (1) Monthly 4.48 % Total unsecured lines of credit $ 12,471,000 $ 60,000,000 1 The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding on December 31, 2016 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 40,000,000 $ 40,000,000 May 2018 Variable (2) Monthly 3.13 % Bankers Trust operating - 7,500,000 May 2018 Variable (2) Monthly 3.88 % Total unsecured lines of credit $ 40,000,000 $ 47,500,000 2 The variable rate is indexed to LIBOR plus an applicable margin. |
Debt Financing (Tables)
Debt Financing (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Financing [Abstract] | |
Schedule of Total Debt Financing | The following represents the Debt Financing, net of deferred financing costs, at September 30, 2017 and December 31, 2016: Outstanding Debt Financings on September 30, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,800,842 $ - 2014 July 2019 - October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,119,616 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 38,412,589 - 2017 February 2027 N/A N/A N/A 4.46% Fixed - Term A/B 60,417,436 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 33,559,866 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Variable - TOB 41,295,000 1,217,256 2012 May 2018 Weekly 1.47 - 1.52% 1.67% 3.14 - 3.19% TEBS Financings Variable - TEBS I 60,249,000 9,687 2010 September 2020 Weekly 1.01% 1.85% 2.86% Variable - TEBS II (1) 90,944,774 176,685 2014 July 2019 Weekly 0.98% 1.49% 2.47% Variable - TEBS III (1) 81,836,696 57,364 2015 July 2020 Weekly 0.98% 1.26% 2.24% Total Debt Financings $ 594,635,819 (1) Outstanding Debt Financings on December 31, 2016, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,860,699 $ - 2014 July 2017 - July 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,266,034 1,373,695 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 30,512,916 - 2016 March 2017 N/A N/A N/A 4.56% Variable - TOB 42,455,000 - 2012 Dec 2016 Weekly 1.29 - 1.39% 1.62% 2.91 - 3.01% TEBS Financings Variable - TEBS I 60,430,991 396,412 2010 September 2017 Weekly 0.77% 1.85% 2.62% Variable - TEBS II (1) 91,768,081 170,988 2014 July 2019 Weekly 0.75% 1.62% 2.37% Variable - TEBS III (1) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75% 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) Facility fees are variable In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 were paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at September 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,110,905 2017 February 2022 3.89 % San Vicente - Series B 1,541,427 2017 June 2018 3.76 % Las Palmas - Series A 1,506,127 2017 February 2022 3.89 % Las Palmas - Series B 1,489,594 2017 June 2018 3.76 % The Village at Madera - Series A 2,744,485 2017 February 2022 3.89 % The Village at Madera - Series B 1,451,410 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,320,042 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B (1) 2017 July 2018 3.76 % Summerhill - Series A 5,727,118 2017 February 2022 3.89 % Summerhill - Series B 2,849,542 2017 July 2018 3.76 % Courtyard - Series A 9,127,523 2017 February 2022 3.89 % Courtyard - Series B 5,261,967 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,552,326 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,444,519 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,042,713 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,554,598 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,832,573 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,167,131 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,412,885 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 104,136,885 (1) In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at September 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,086,792 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,684,648 2017 August 2018 3.76 % Harmony Terrace - Series A 6,199,405 2017 March 2022 3.89 % Harmony Terrace - Series B 6,282,161 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,253,006 |
Schedule of Maturities of Long-term Debt | Future Maturities The following represents the Debt Financing contractual maturities for the next five years and thereafter: 2017 $ 3,906,966 2018 79,029,695 2019 140,731,413 2020 141,337,095 2021 2,291,329 Thereafter 231,978,541 Total $ 599,275,039 |
Mortgages Payable and Other S43
Mortgages Payable and Other Secured Financing (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Schedule of Total Debt Financing | The following represents the Debt Financing, net of deferred financing costs, at September 30, 2017 and December 31, 2016: Outstanding Debt Financings on September 30, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,800,842 $ - 2014 July 2019 - October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,119,616 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 38,412,589 - 2017 February 2027 N/A N/A N/A 4.46% Fixed - Term A/B 60,417,436 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 33,559,866 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Variable - TOB 41,295,000 1,217,256 2012 May 2018 Weekly 1.47 - 1.52% 1.67% 3.14 - 3.19% TEBS Financings Variable - TEBS I 60,249,000 9,687 2010 September 2020 Weekly 1.01% 1.85% 2.86% Variable - TEBS II (1) 90,944,774 176,685 2014 July 2019 Weekly 0.98% 1.49% 2.47% Variable - TEBS III (1) 81,836,696 57,364 2015 July 2020 Weekly 0.98% 1.26% 2.24% Total Debt Financings $ 594,635,819 (1) Outstanding Debt Financings on December 31, 2016, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,860,699 $ - 2014 July 2017 - July 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,266,034 1,373,695 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 30,512,916 - 2016 March 2017 N/A N/A N/A 4.56% Variable - TOB 42,455,000 - 2012 Dec 2016 Weekly 1.29 - 1.39% 1.62% 2.91 - 3.01% TEBS Financings Variable - TEBS I 60,430,991 396,412 2010 September 2017 Weekly 0.77% 1.85% 2.62% Variable - TEBS II (1) 91,768,081 170,988 2014 July 2019 Weekly 0.75% 1.62% 2.37% Variable - TEBS III (1) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75% 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) Facility fees are variable In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 were paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at September 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,110,905 2017 February 2022 3.89 % San Vicente - Series B 1,541,427 2017 June 2018 3.76 % Las Palmas - Series A 1,506,127 2017 February 2022 3.89 % Las Palmas - Series B 1,489,594 2017 June 2018 3.76 % The Village at Madera - Series A 2,744,485 2017 February 2022 3.89 % The Village at Madera - Series B 1,451,410 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,320,042 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B (1) 2017 July 2018 3.76 % Summerhill - Series A 5,727,118 2017 February 2022 3.89 % Summerhill - Series B 2,849,542 2017 July 2018 3.76 % Courtyard - Series A 9,127,523 2017 February 2022 3.89 % Courtyard - Series B 5,261,967 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,552,326 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,444,519 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,042,713 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,554,598 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,832,573 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,167,131 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,412,885 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 104,136,885 (1) In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at September 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,086,792 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,684,648 2017 August 2018 3.76 % Harmony Terrace - Series A 6,199,405 2017 March 2022 3.89 % Harmony Terrace - Series B 6,282,161 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,253,006 |
Schedule of Maturities of Long-term Debt | Future Maturities The following represents the Debt Financing contractual maturities for the next five years and thereafter: 2017 $ 3,906,966 2018 79,029,695 2019 140,731,413 2020 141,337,095 2021 2,291,329 Thereafter 231,978,541 Total $ 599,275,039 |
Mortgages payable [Member] | |
Schedule of Total Debt Financing | The following represents the Mortgages payable and other secured financing, net of deferred financing costs, at September 30, 2017 and December 31, 2016: MF Property Mortgage Payables Outstanding Mortgage Payable at September 30, 2017, net Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Eagle Village $ 7,702,257 2010 September 2018 Variable Monthly 1.25 % (1) 3.00 % 4.25 % Residences of DeCordova 1,697,492 2012 June 2019 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,426,767 2011 June 2019 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--TIF Loan 3,480,379 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,805,855 2013 March 2020 Variable Monthly 4.25 % (2) N/A 4.25 % Jade Park 7,466,650 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 50,579,400 4.29 % (1) (2) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2016, net Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Residences of DeCordova $ 1,744,858 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,589,086 2011 June 2017 Fixed N/A N/A N/A 4.75 % Eagle Village 7,845,711 2010 September 2018 Variable Monthly 0.63 % (1) 3.00 % 3.63 % The 50/50 MF Property--TIF Loan 3,656,090 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 25,082,636 2013 March 2020 Variable Monthly 3.50 % (2) N/A 3.50 % Jade Park 7,461,131 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 51,379,512 3.83 % (1) (2) |
Schedule of Maturities of Long-term Debt | The following represents the Mortgages payable and other secured financing contractual maturities for the next five years and thereafter: 2017 $ 380,147 2018 8,809,354 2019 10,768,977 2020 24,017,631 2021 6,858,994 Thereafter - Total mortgages payable and other secured financings $ 50,835,103 |
Interest Rate Derivative Agre44
Interest Rate Derivative Agreements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Interest Rate Derivative Agreements [Abstract] | |
Summary of Interest Rate Derivatives, Excluding Interest Rate Swaps | The following represents the interest rate derivatives, excluding interest rate swaps, at September 30, 2017: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of September 30, 2017 (1) July 2014 $ 30,759,409 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ 579 July 2014 30,759,409 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 579 July 2014 30,759,409 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 579 July 2015 27,740,685 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 7,674 July 2015 27,740,685 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 7,674 July 2015 27,740,685 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 7,674 June 2017 92,278,226 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 91,628 June 2017 83,222,056 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 305,086 Sept 2017 60,248,999 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 5,880 $ 427,353 (1) For additional details, see Note 22 to the Partnership's condensed consolidated financial statements. |
Summary of Interest Rate Swaps | The following table summarizes the terms of the interest rate swaps at September 30, 2017 and December 31, 2016: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty September 30, 2017 - Fair Value of Liability December 31, 2016 - Fair Value of Liability Sept 2014 $ 22,860,724 Oct 2016 Oct 2021 1.96 % 0.87 % 70% 30-day LIBOR Deutsche Bank $ (603,323 ) $ (738,574 ) Sept 2014 18,080,240 April 2017 April 2022 2.06 % 0.87 % 70% 30-day LIBOR Deutsche Bank (593,378 ) (600,709 ) $ (1,196,701 ) $ (1,339,283 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments And Contingencies [Abstract] | |
Long-term Purchase Commitment | The following table represents the bond purchase commitments at September 30, 2017 and December 31, 2016: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at September 30, 2017 Fair Value at December 31, 2016 Villas at Plano Gateway Apartments December 2014 $ - $ - 6.00 % N/A $ - $ 838,200 Village at Rivers Edge May 2015 11,000,000 - 6.00 % Q4 2017 881,335 467,720 Palo Alto July 2015 - 19,540,000 5.80 % Q1 2018 1,276,802 627,429 Village at Avalon November 2015 - 16,400,000 5.80 % Q2 2018 1,196,910 466,100 Total $ 11,000,000 $ 35,940,000 $ 3,355,047 $ 2,399,449 (1) The closing dates are estimated. |
Redeemable Series A Preferred46
Redeemable Series A Preferred Units (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Issuances of Series A Preferred Units | The following table summarizes the outstanding Series A Preferred Units at September September 30, 2017 Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 7,700,000 $ 77,000,000 |
Restricted Unit Awards ("RUAs47
Restricted Unit Awards ("RUAs") (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Nonvested Restricted Units | The following table represents nonvested Restricted Units at and for the nine months ended September 30, 2017. Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested at January 1, 2017 158,304 $ 6.03 Granted 283,046 5.74 Vested - - Nonvested at September 30, 2017 441,350 $ 5.84 |
Fair Value of Financial Instr48
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Measurements [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis at September 30, 2017 are summarized as follows: Fair Value Measurements at September 30, 2017 Description Assets and Liabilities at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and Liabilities Mortgage revenue bonds, held in trust $ 739,967,192 $ - $ - $ 739,967,192 Mortgage revenue bonds 39,346,686 - - 39,346,686 Bond purchase commitments (reported within other assets) 3,355,047 - - 3,355,047 PHC Certificates 54,913,748 - - 54,913,748 Taxable bonds (reported within other assets) 3,929,761 - - 3,929,761 Derivative contracts (reported within other assets) 427,353 - - 427,353 Derivative swap liability (1,196,701 ) - - (1,196,701 ) Total Assets and Liabilities at Fair Value, net $ 840,743,086 $ - $ - $ 840,743,086 Assets and liabilities measured at fair value on a recurring basis at December 31, 2016 are summarized as follows: Fair Value Measurements at December 31, 2016 Description Assets and Liabilities at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and Liabilities Mortgage revenue bonds held in trust $ 590,194,179 $ - $ - $ 590,194,179 Mortgage revenue bonds 90,016,872 - - 90,016,872 Bond purchase commitments (reported within other assets) 2,399,449 - - 2,399,449 PHC Certificates 57,158,068 - - 57,158,068 Taxable bonds (reported within other assets) 4,084,599 - - 4,084,599 Derivative contracts (reported within other assets) 383,604 - - 383,604 Interest swap liability (1,339,283 ) - - (1,339,283 ) Total Assets and Liabilities at Fair Value $ 742,897,488 $ - $ - $ 742,897,488 |
Summary of Activity Related to Level 3 Assets and Liabilities | The following tables summarizes the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2017: For the Three Months Ended September 30, 2017 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance July 1, 2017 $ 768,129,658 $ 3,165,172 $ 55,791,371 $ 3,931,471 $ (761,648 ) $ 830,256,024 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 53,117 - (14,129 ) - (66,917 ) (27,929 ) Included in other comprehensive (loss) income 1,501,150 189,875 309,808 2,356 - 2,003,189 Purchases 12,471,000 - - - 59,217 12,530,217 Settlements (2,841,047 ) - (1,173,302 ) (4,066 ) - (4,018,415 ) Ending Balance September 30, 2017 $ 779,313,878 $ 3,355,047 $ 54,913,748 $ 3,929,761 $ (769,348 ) $ 840,743,086 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2017 $ - $ - $ - $ - $ (66,917 ) $ (66,917 ) (1) (2) For the Nine Months Ended September 30, 2017 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2017 $ 680,211,051 $ 2,399,449 $ 57,158,068 $ 4,084,599 $ (955,679 ) $ 742,897,488 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 159,707 - (45,846 ) - (369,686 ) (255,825 ) Included in other comprehensive (loss) income 31,731,448 955,598 (588,172 ) (122,908 ) - 31,975,966 Purchases 72,056,000 - - - 556,017 72,612,017 Settlements (4,844,328 ) - (1,610,302 ) (31,930 ) - (6,486,560 ) Ending Balance September 30, 2017 $ 779,313,878 $ 3,355,047 $ 54,913,748 $ 3,929,761 $ (769,348 ) $ 840,743,086 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2017 $ - $ - $ - $ - $ (369,686 ) $ (369,686 ) The following tables summarizes the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2016: For the Three Months Ended September 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance July 1, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - 263,684 263,684 Included in other comprehensive (loss) income (28,336,831 ) (4,596,110 ) (780,342 ) (315,633 ) - (34,028,916 ) Purchases 8,785,000 - - - - 8,785,000 Settlements (479,253 ) - (540,463 ) (502,211 ) - (1,521,927 ) Ending Balance September 30, 2016 $ 628,366,288 $ 12,622,709 $ 60,859,254 $ 4,476,385 $ (2,351,409 ) $ 703,973,227 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2016 $ - $ - $ - $ - $ 263,684 $ 263,684 (1) (2) For Nine Months Ended September 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2016 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (1,378,112 ) (1,378,112 ) Included in other comprehensive (loss) income 40,781,894 6,988,349 1,777,372 179,684 - 49,727,299 Purchases 20,285,000 - - - - 20,285,000 Sale of securities (9,747,124 ) - - - (399 ) (9,747,523 ) Settlements (6,636,619 ) - (1,625,408 ) (527,359 ) - (8,789,386 ) Ending Balance September 30, 2016 $ 628,366,288 $ 12,622,709 $ 60,859,254 $ 4,476,385 $ (2,351,409 ) $ 703,973,227 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2016 $ - $ - $ - $ - $ (1,378,112 ) $ (1,378,112 ) (1) (2) |
Summary of Fair Value of Financial Liabilities held on Condensed Consolidated Balance Sheets | The table below represents the fair value of the financial liabilities held on the condensed consolidated balance sheets at September 30, 2017 and December 31, 2016. September 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 607,106,819 $ 606,173,812 $ 555,199,700 $ 553,083,924 Mortgages payable and other secured financing 50,579,400 50,650,974 51,379,512 51,595,281 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table details certain key financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2017 and 2016: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2017 2016 2017 2016 Total revenues Mortgage Revenue Bond Investments $ 11,035,530 $ 8,504,675 $ 32,683,968 $ 26,074,552 MF Properties 3,257,174 3,414,788 10,356,311 13,483,760 Public Housing Capital Fund Trust 711,823 724,735 2,139,791 2,178,627 MBS Securities Investments - - - 48,755 Other Investments 1,230,303 577,741 3,329,448 1,289,225 Total revenues $ 16,234,830 $ 13,221,939 $ 48,509,518 $ 43,074,919 Interest expense Mortgage Revenue Bond Investments $ 4,786,151 $ 2,691,439 $ 14,295,635 $ 9,866,978 MF Properties 556,200 441,858 1,616,032 1,708,551 Public Housing Capital Fund Trust 371,830 351,875 1,086,094 987,140 MBS Securities Investments - - - 14,692 Other Investments - - - - Total interest expense $ 5,714,181 $ 3,485,172 $ 16,997,761 $ 12,577,361 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 1,256,202 1,353,602 3,876,768 4,649,724 Public Housing Capital Fund Trust - - - - MBS Securities Investments - - - - Other Investments - - - - Total depreciation expense $ 1,256,202 $ 1,353,602 $ 3,876,768 $ 4,649,724 Partnership net income (loss) Mortgage Revenue Bond Investments $ 2,604,989 $ 2,918,500 $ 7,426,810 $ 7,169,516 MF Properties (626,827 ) 754,441 3,136,765 8,458,960 Public Housing Capital Fund Trust 339,993 372,860 1,053,697 1,191,487 MBS Securities Investments - - - 51,984 Other Investments 1,227,328 577,741 3,326,473 1,289,225 Partnership net income $ 3,545,483 $ 4,623,542 $ 14,943,745 $ 18,161,172 The following table details certain key financial information for the Partnership’s reportable segments at September 30, 2017 and December 31, 2016: September 30, 2017 December 31, 2016 Total assets Mortgage Revenue Bond Investments $ 893,205,519 $ 764,995,675 MF Properties 106,823,052 129,895,112 Public Housing Capital Fund Trust Certificates 55,313,588 57,461,268 Other Investments 50,487,804 34,540,280 Consolidation/eliminations (52,634,243 ) (42,778,661 ) Total assets $ 1,053,195,720 $ 944,113,674 |
Summary of Significant Accoun50
Summary of Significant Accounting Policies Narrative Tagging (Details) | 9 Months Ended | |
Sep. 30, 2017PropertyArrangementshares | Mar. 31, 2017Property | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of lessee arrangements | Arrangement | 4 | |
Restricted Unit Awards [Member] | Burlington [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Approved grant of restricted units and other awards to employees | shares | 3,000,000 | |
RUAs granted with vesting range | 3 years | |
Restricted Unit Awards [Member] | Burlington [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
RUAs granted with vesting range | 3 months | |
Consolidated Properties [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of Real Estate Properties | 4 | |
Consolidated Properties [Member] | Wholly Owned Subsidiary [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of Real Estate Properties | 1 | |
Consolidated Properties [Member] | Owned Directly By Partnership [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of Real Estate Properties | 1 | |
Consolidated Properties [Member] | Beneficial Unit Certificate Holders [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 99.00% |
Partnership Income, Expenses an
Partnership Income, Expenses and Cash Distributions (Details) | Sep. 30, 2017 |
Percent of Regular Distributions | 100.00% |
Penalty on Outstanding Contingent Interest | 0.90% |
Unitholders [Member] | |
Percent of Regular Distributions | 99.00% |
Special Distribution | 75.00% |
General Partner [Member] | |
Percent of Regular Distributions | 1.00% |
Special Distribution | 25.00% |
Variable Interest Entities Narr
Variable Interest Entities Narrative Tagging (Details) - Property | Sep. 30, 2017 | Dec. 31, 2016 |
Variable Interest Entities [Abstract] | ||
Number of Variable Interest Entities | 21 | 20 |
Variable Interest Entities Prop
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 196,234,014 | $ 173,867,079 |
Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 144,529,000 | 137,921,000 |
Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 17,369,365 | 16,476,073 |
Investment in Unconsolidated Entities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 34,335,649 | $ 19,470,006 |
Investments in Bonds (Details)
Investments in Bonds (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Estimated Fair Value, held in trust | $ 39,346,686 | $ 90,016,872 | |
Mortgage Revenue Bonds Held In Trust [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 672,771,154 | 554,678,736 | |
Cumulative Unrealized Gain, held in trust | 67,476,716 | 37,814,237 | |
Cumulative Unrealized Loss, held in trust | (280,678) | (2,298,794) | |
Estimated Fair Value, held in trust | 739,967,192 | 590,194,179 | |
Mortgage Revenue Bonds Held In Trust [Member] | Arbors at Hickory Ridge [Member] | TN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 11,372,772 | 11,461,719 |
Cumulative Unrealized Gain, held in trust | [1] | 1,655,828 | 891,274 |
Estimated Fair Value, held in trust | [1] | 13,028,600 | 12,352,993 |
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova [Member] | TN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 10,039,648 | 10,041,924 |
Cumulative Unrealized Gain, held in trust | [2] | 193,874 | 685,576 |
Estimated Fair Value, held in trust | [2] | 10,233,522 | 10,727,500 |
Mortgage Revenue Bonds Held In Trust [Member] | Lake Forest [Member] | FL [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 8,540,000 | 8,639,000 |
Cumulative Unrealized Gain, held in trust | [3] | 1,485,248 | 899,694 |
Estimated Fair Value, held in trust | [3] | 10,025,248 | 9,538,694 |
Mortgage Revenue Bonds Held In Trust [Member] | Ashley Square [Member] | IA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 4,994,000 | 5,039,000 |
Cumulative Unrealized Gain, held in trust | [3] | 13,538 | 338,556 |
Estimated Fair Value, held in trust | [3] | 5,007,538 | 5,377,556 |
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 7,454,205 | 7,462,678 |
Cumulative Unrealized Gain, held in trust | [3] | 2,113,460 | 1,457,340 |
Estimated Fair Value, held in trust | [3] | 9,567,665 | 8,920,018 |
Mortgage Revenue Bonds Held In Trust [Member] | Copper Gate [Member] | IN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 5,145,000 | 5,145,000 |
Cumulative Unrealized Gain, held in trust | [1] | 867,844 | 528,855 |
Estimated Fair Value, held in trust | [1] | 6,012,844 | 5,673,855 |
Mortgage Revenue Bonds Held In Trust [Member] | Bella Vista [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 6,295,000 | 6,365,000 |
Cumulative Unrealized Gain, held in trust | [3] | 100,991 | 500,162 |
Estimated Fair Value, held in trust | [3] | 6,395,991 | 6,865,162 |
Mortgage Revenue Bonds Held In Trust [Member] | Live 929 Apartments [Member] | MD [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 40,594,362 | 40,687,425 |
Cumulative Unrealized Gain, held in trust | [2] | 3,961,295 | 3,587,993 |
Estimated Fair Value, held in trust | [2] | 44,555,657 | 44,275,418 |
Mortgage Revenue Bonds Held In Trust [Member] | Woodlynn Village [Member] | MN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 4,289,000 | 4,310,000 |
Cumulative Unrealized Gain, held in trust | [3] | 10,736 | 294,976 |
Estimated Fair Value, held in trust | [3] | 4,299,736 | 4,604,976 |
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apts [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 18,080,240 | 18,145,000 |
Cumulative Unrealized Gain, held in trust | [2] | 2,607,782 | 349,886 |
Estimated Fair Value, held in trust | [2] | 20,688,022 | 18,494,886 |
Mortgage Revenue Bonds Held In Trust [Member] | Bridle Ridge [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 7,465,000 | 7,535,000 |
Cumulative Unrealized Gain, held in trust | [3] | 57,667 | 517,881 |
Estimated Fair Value, held in trust | [3] | 7,522,667 | 8,052,881 |
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 15,175,444 | 15,214,223 |
Cumulative Unrealized Gain, held in trust | [2] | 498,008 | |
Cumulative Unrealized Loss, held in trust | [2] | (927,030) | |
Estimated Fair Value, held in trust | [2] | 15,673,452 | 14,287,193 |
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 6,133,621 | 6,122,312 |
Cumulative Unrealized Gain, held in trust | [3] | 3,014,744 | 2,655,730 |
Estimated Fair Value, held in trust | [3] | 9,148,365 | 8,778,042 |
Mortgage Revenue Bonds Held In Trust [Member] | The Palms at Premier Park [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 19,284,860 | 19,826,716 |
Cumulative Unrealized Gain, held in trust | [1] | 2,938,148 | 1,784,386 |
Estimated Fair Value, held in trust | [1] | 22,223,008 | 21,611,102 |
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 22,834,591 | 22,950,214 |
Cumulative Unrealized Gain, held in trust | [2] | 2,518,998 | |
Cumulative Unrealized Loss, held in trust | [2] | (290,985) | |
Estimated Fair Value, held in trust | [2] | 25,353,589 | 22,659,229 |
Mortgage Revenue Bonds Held In Trust [Member] | Companion At Thornhill Apts [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 11,431,237 | 11,500,000 |
Cumulative Unrealized Gain, held in trust | [2] | 1,314,765 | 645,552 |
Estimated Fair Value, held in trust | [2] | 12,746,002 | 12,145,552 |
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 15,176,206 | 15,214,085 |
Cumulative Unrealized Gain, held in trust | [2] | 135,745 | |
Cumulative Unrealized Loss, held in trust | [2] | (917,852) | |
Estimated Fair Value, held in trust | [2] | 15,311,951 | 14,296,233 |
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 10,200,000 | 10,250,000 |
Cumulative Unrealized Gain, held in trust | [3] | 168,797 | 774,285 |
Estimated Fair Value, held in trust | [3] | 10,368,797 | 11,024,285 |
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 11,809,069 | 11,751,861 |
Cumulative Unrealized Gain, held in trust | [3] | 3,192,305 | 3,286,203 |
Estimated Fair Value, held in trust | [3] | 15,001,374 | 15,038,064 |
Mortgage Revenue Bonds Held In Trust [Member] | 15 West Apartments [Member] | WA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 9,812,357 | 9,850,000 |
Cumulative Unrealized Gain, held in trust | [2] | 1,733,769 | 1,584,281 |
Estimated Fair Value, held in trust | [2] | 11,546,126 | 11,434,281 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | Courtyard [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 16,458,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 1,138,145 | |
Estimated Fair Value, held in trust | [2] | 17,596,145 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | Harmony Court Bakersfield [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 3,730,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 398,115 | |
Estimated Fair Value, held in trust | [2] | 4,128,115 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | Harmony Terrace [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 14,300,000 | 14,300,000 |
Cumulative Unrealized Gain, held in trust | [2] | 812,807 | |
Estimated Fair Value, held in trust | [2] | 15,112,807 | 14,300,000 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | Las Palmas II [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 3,465,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 179,028 | |
Estimated Fair Value, held in trust | [2] | 3,644,028 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | San Vicente [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 5,320,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 279,275 | |
Estimated Fair Value, held in trust | [2] | 5,599,275 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | Seasons Lakewood [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 12,610,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 822,322 | |
Estimated Fair Value, held in trust | [2] | 13,432,322 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | Seasons San Juan Capistrano [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 18,949,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 1,127,068 | |
Estimated Fair Value, held in trust | [2] | 20,076,068 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | Summerhill [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 9,795,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 684,808 | |
Estimated Fair Value, held in trust | [2] | 10,479,808 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | The Village at Madera [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 4,804,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 311,708 | |
Estimated Fair Value, held in trust | [2] | 5,115,708 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | Oaks at Georgetown [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 17,842,000 | 17,842,000 |
Cumulative Unrealized Gain, held in trust | [2] | 808,259 | |
Estimated Fair Value, held in trust | [2] | 18,650,259 | 17,842,000 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Glenview Apartments [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 4,638,152 | 4,670,000 |
Cumulative Unrealized Gain, held in trust | [4] | 640,243 | 132,402 |
Estimated Fair Value, held in trust | [4] | 5,278,395 | 4,802,402 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Harden Ranch [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 6,862,983 | 6,912,535 |
Cumulative Unrealized Gain, held in trust | [1] | 1,086,331 | 369,738 |
Estimated Fair Value, held in trust | [1] | 7,949,314 | 7,282,273 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Montclair Apts [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 2,512,746 | 2,530,000 |
Cumulative Unrealized Gain, held in trust | [4] | 401,052 | 108,608 |
Estimated Fair Value, held in trust | [4] | 2,913,798 | 2,638,608 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at Chase Hill - [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 9,773,429 | 9,844,994 |
Cumulative Unrealized Gain, held in trust | [1] | 589,023 | |
Cumulative Unrealized Loss, held in trust | [1] | (280,678) | |
Estimated Fair Value, held in trust | [1] | 9,492,751 | 10,434,017 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Santa Fe Apts [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 3,044,098 | 3,065,000 |
Cumulative Unrealized Gain, held in trust | [4] | 525,978 | 177,093 |
Estimated Fair Value, held in trust | [4] | 3,570,076 | 3,242,093 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at the Crest [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 9,480,225 | 9,549,644 |
Cumulative Unrealized Gain, held in trust | [1] | 1,021,050 | 753,267 |
Estimated Fair Value, held in trust | [1] | 10,501,275 | 10,302,911 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Seasons at Simi Valley [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 4,376,000 | 4,376,000 |
Cumulative Unrealized Gain, held in trust | [2] | 784,070 | 308,335 |
Estimated Fair Value, held in trust | [2] | 5,160,070 | 4,684,335 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Sycamore Walk [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 3,632,000 | 3,632,000 |
Cumulative Unrealized Gain, held in trust | [2] | 466,553 | 130,431 |
Estimated Fair Value, held in trust | [2] | 4,098,553 | 3,762,431 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at the Oaks [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 7,654,594 | 7,709,040 |
Cumulative Unrealized Gain, held in trust | [1] | 880,439 | 563,138 |
Estimated Fair Value, held in trust | [1] | 8,535,033 | 8,272,178 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Westside Village Market [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 3,908,215 | 3,936,750 |
Cumulative Unrealized Gain, held in trust | [1] | 604,569 | 102,641 |
Estimated Fair Value, held in trust | [1] | 4,512,784 | 4,039,391 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at the Parkway [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 13,262,378 | 13,300,000 |
Cumulative Unrealized Gain, held in trust | [4] | 908,602 | |
Cumulative Unrealized Loss, held in trust | [4] | (78,749) | |
Estimated Fair Value, held in trust | [4] | 14,170,980 | 13,221,251 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Tyler Park Apartments [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 5,980,454 | 6,024,120 |
Cumulative Unrealized Gain, held in trust | [1] | 877,348 | 237,582 |
Estimated Fair Value, held in trust | [1] | 6,857,802 | 6,261,702 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar in 09 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 6,609,446 | 6,656,458 |
Cumulative Unrealized Gain, held in trust | [1] | 666,232 | 359,562 |
Estimated Fair Value, held in trust | [1] | 7,275,678 | 7,016,020 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar on the Boulevard [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 16,150,587 | 16,268,850 |
Cumulative Unrealized Gain, held in trust | [1] | 1,664,812 | 1,283,272 |
Estimated Fair Value, held in trust | [1] | 17,815,399 | 17,552,122 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar on the Hills [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 5,288,542 | 5,326,157 |
Cumulative Unrealized Gain, held in trust | [1] | 608,293 | 423,496 |
Estimated Fair Value, held in trust | [1] | 5,896,835 | 5,749,653 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Rennaisance [Member] | LA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 11,267,286 | 11,348,364 |
Cumulative Unrealized Gain, held in trust | [4] | 1,628,900 | 826,369 |
Estimated Fair Value, held in trust | [4] | 12,896,186 | 12,174,733 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Greens of Pine Glen [Member] | NC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 8,147,000 | 8,210,000 |
Cumulative Unrealized Gain, held in trust | [1] | 1,230,615 | 844,585 |
Estimated Fair Value, held in trust | [1] | 9,377,615 | 9,054,585 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Silver Moon [Member] | NM [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 7,893,310 | 7,933,259 |
Cumulative Unrealized Gain, held in trust | [4] | 1,079,738 | 465,382 |
Estimated Fair Value, held in trust | [4] | 8,973,048 | 8,398,641 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Gulfgate [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 19,185,000 | 19,185,000 |
Cumulative Unrealized Gain, held in trust | [2] | 2,611,745 | 1,200,246 |
Estimated Fair Value, held in trust | [2] | 21,796,745 | 20,385,246 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Ohio Properties [Member] | OH [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 14,140,000 | 14,215,000 |
Cumulative Unrealized Gain, held in trust | [3] | 996,412 | 2,327,468 |
Estimated Fair Value, held in trust | [3] | 15,136,412 | 16,542,468 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Little York [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 13,440,000 | 13,440,000 |
Cumulative Unrealized Gain, held in trust | [2] | 1,896,349 | 1,044,752 |
Estimated Fair Value, held in trust | [2] | 15,336,349 | 14,484,752 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Williamcrest [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 20,820,000 | 20,820,000 |
Cumulative Unrealized Gain, held in trust | [2] | 2,834,325 | 1,302,534 |
Estimated Fair Value, held in trust | [2] | 23,654,325 | 22,122,534 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Heritage Square [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 11,088,157 | 11,161,330 |
Cumulative Unrealized Gain, held in trust | [4] | 989,114 | 905,455 |
Estimated Fair Value, held in trust | [4] | 12,077,271 | 12,066,785 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at Copperfield [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 10,000,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 423,447 | |
Estimated Fair Value, held in trust | [2] | 10,423,447 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Crossing at 1415 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 7,590,000 | 7,590,000 |
Cumulative Unrealized Gain, held in trust | [2] | 295,343 | |
Cumulative Unrealized Loss, held in trust | [2] | (45,555) | |
Estimated Fair Value, held in trust | [2] | 7,885,343 | 7,544,445 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at Wilcrest [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 3,775,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 207,425 | |
Estimated Fair Value, held in trust | [2] | 3,982,425 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Heights at 515 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 6,435,000 | 6,435,000 |
Cumulative Unrealized Gain, held in trust | [2] | 329,490 | |
Cumulative Unrealized Loss, held in trust | [2] | (38,623) | |
Estimated Fair Value, held in trust | [2] | 6,764,490 | 6,396,377 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at Wood Hollow [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 31,850,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 1,348,678 | |
Estimated Fair Value, held in trust | [2] | 33,198,678 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series B [Member] | Vantage at Harlingen [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 24,379,208 | 24,529,580 |
Cumulative Unrealized Gain, held in trust | [4] | 1,921,472 | 917,720 |
Estimated Fair Value, held in trust | [4] | 26,300,680 | 25,447,300 |
Mortgage Revenue Bonds Held In Trust [Member] | Series B [Member] | Vantage at Judson [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 26,187,732 | 26,356,498 |
Cumulative Unrealized Gain, held in trust | [4] | 3,403,014 | 1,658,508 |
Estimated Fair Value, held in trust | [4] | 29,590,746 | 28,015,006 |
Mortgage Revenue Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 38,789,829 | 89,510,867 | |
Cumulative Unrealized Gain, held in trust | 614,409 | 869,807 | |
Cumulative Unrealized Loss, held in trust | (57,552) | (363,802) | |
Estimated Fair Value, held in trust | 39,346,686 | 90,016,872 | |
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Courtyard [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 16,458,000 | ||
Estimated Fair Value, held in trust | 16,458,000 | ||
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Harmony Court Bakersfield [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 5,727,000 | ||
Cumulative Unrealized Gain, held in trust | 29,252 | ||
Estimated Fair Value, held in trust | 5,756,252 | ||
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Las Palmas II [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 3,465,000 | ||
Cumulative Unrealized Gain, held in trust | 15,139 | ||
Estimated Fair Value, held in trust | 3,480,139 | ||
Mortgage Revenue Bonds [Member] | Series A and B [Member] | San Vicente [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 5,320,000 | ||
Cumulative Unrealized Loss, held in trust | (30,019) | ||
Estimated Fair Value, held in trust | 5,289,981 | ||
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Seasons Lakewood [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 12,610,000 | ||
Estimated Fair Value, held in trust | 12,610,000 | ||
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Seasons San Juan Capistrano [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 18,949,000 | ||
Estimated Fair Value, held in trust | 18,949,000 | ||
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Summerhill [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 9,795,000 | ||
Cumulative Unrealized Loss, held in trust | (174,982) | ||
Estimated Fair Value, held in trust | 9,620,018 | ||
Mortgage Revenue Bonds [Member] | Series A and B [Member] | The Village at Madera [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 4,804,000 | ||
Cumulative Unrealized Loss, held in trust | (84,437) | ||
Estimated Fair Value, held in trust | 4,719,563 | ||
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Montecito at Williams Ranch Apartments [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 12,471,000 | ||
Estimated Fair Value, held in trust | 12,471,000 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at Chase Hill - [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 954,095 | 957,627 | |
Cumulative Unrealized Gain, held in trust | 41,820 | ||
Cumulative Unrealized Loss, held in trust | (56,474) | ||
Estimated Fair Value, held in trust | 897,621 | 999,447 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at the Crest [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 750,423 | 753,201 | |
Cumulative Unrealized Gain, held in trust | 47,206 | 64,228 | |
Estimated Fair Value, held in trust | 797,629 | 817,429 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Seasons at Simi Valley [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 1,944,000 | 1,944,000 | |
Cumulative Unrealized Gain, held in trust | 84 | 27,727 | |
Estimated Fair Value, held in trust | 1,944,084 | 1,971,727 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Sycamore Walk [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 1,815,000 | 1,815,000 | |
Cumulative Unrealized Loss, held in trust | (1,078) | (64,432) | |
Estimated Fair Value, held in trust | 1,813,922 | 1,750,568 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at the Oaks [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 548,883 | 550,836 | |
Cumulative Unrealized Gain, held in trust | 33,008 | 47,231 | |
Estimated Fair Value, held in trust | 581,891 | 598,067 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at the Parkway [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 124,922 | 125,000 | |
Cumulative Unrealized Gain, held in trust | 30,779 | ||
Cumulative Unrealized Loss, held in trust | (3,341) | ||
Estimated Fair Value, held in trust | 155,701 | 121,659 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar in 09 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 452,779 | 454,390 | |
Cumulative Unrealized Gain, held in trust | 25,439 | 38,961 | |
Estimated Fair Value, held in trust | 478,218 | 493,351 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar on the Boulevard [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 445,904 | 447,554 | |
Cumulative Unrealized Gain, held in trust | 26,313 | 38,165 | |
Estimated Fair Value, held in trust | 472,217 | 485,719 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Greens of Pine Glen [Member] | NC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 938,204 | 940,479 | |
Cumulative Unrealized Gain, held in trust | 211,542 | 118,216 | |
Estimated Fair Value, held in trust | 1,149,746 | 1,058,695 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Ohio Properties [Member] | OH [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 3,539,619 | 3,549,780 | |
Cumulative Unrealized Gain, held in trust | 192,655 | 449,068 | |
Estimated Fair Value, held in trust | 3,732,274 | 3,998,848 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at Copperfield [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 4,000,000 | ||
Cumulative Unrealized Gain, held in trust | 12,278 | ||
Estimated Fair Value, held in trust | 4,012,278 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Crossing at 1415 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 335,000 | 335,000 | |
Cumulative Unrealized Gain, held in trust | 1,079 | ||
Cumulative Unrealized Loss, held in trust | (2,614) | ||
Estimated Fair Value, held in trust | 336,079 | 332,386 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Heights at 515 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 510,000 | 510,000 | |
Cumulative Unrealized Gain, held in trust | 1,815 | ||
Cumulative Unrealized Loss, held in trust | (3,977) | ||
Estimated Fair Value, held in trust | 511,815 | $ 506,023 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at Wilcrest [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 1,550,000 | ||
Cumulative Unrealized Gain, held in trust | 4,816 | ||
Estimated Fair Value, held in trust | 1,554,816 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at Wood Hollow [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 8,410,000 | ||
Cumulative Unrealized Gain, held in trust | 27,395 | ||
Estimated Fair Value, held in trust | $ 8,437,395 | ||
[1] | MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 | ||
[2] | MRBs held by Deutsche Bank in a secured financing transaction, Note 15 | ||
[3] | MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 | ||
[4] | MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 |
Investments in Mortgage Reven55
Investments in Mortgage Revenue Bonds Acquisitions (Details) | 1 Months Ended | 9 Months Ended | |||||
Aug. 31, 2017USD ($)Unit | Aug. 31, 2016USD ($)Unit | May 31, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2017USD ($)Unit | Sep. 30, 2016USD ($)Unit | ||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Principal Outstanding | $ 72,056,000 | $ 20,285,000 | |||||
Companion At Thornhill Apts [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 178 | ||||||
Original Maturity Date | Jan. 1, 2052 | ||||||
Base Interest Rate | 5.80% | ||||||
Principal Outstanding | $ 11,500,000 | ||||||
Pro Nova 2014B [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Original Maturity Date | [1] | May 1, 2025 | |||||
Base Interest Rate | [1] | 5.25% | |||||
Principal Outstanding | [1] | $ 9,295,000 | |||||
Series A [Member] | Avistar at Copperfield [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 192 | ||||||
Original Maturity Date | May 1, 2054 | ||||||
Base Interest Rate | 5.75% | ||||||
Principal Outstanding | $ 10,000,000 | ||||||
Series A [Member] | Avistar at Wilcrest [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 88 | ||||||
Original Maturity Date | May 1, 2054 | ||||||
Base Interest Rate | 5.75% | ||||||
Principal Outstanding | $ 3,775,000 | ||||||
Series A [Member] | Avistar at Wood Hollow [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 409 | ||||||
Original Maturity Date | May 1, 2054 | ||||||
Base Interest Rate | 5.75% | ||||||
Principal Outstanding | $ 31,850,000 | ||||||
Series A [Member] | Montecito at Williams Ranch Apartments [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 132 | ||||||
Original Maturity Date | Oct. 1, 2034 | ||||||
Base Interest Rate | 5.50% | ||||||
Principal Outstanding | $ 7,690,000 | ||||||
Series A [Member] | Las Palmas II [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 81 | ||||||
Original Maturity Date | Nov. 1, 2033 | ||||||
Base Interest Rate | 5.00% | ||||||
Principal Outstanding | $ 1,695,000 | ||||||
Series A [Member] | San Vicente [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 50 | ||||||
Original Maturity Date | Nov. 1, 2033 | ||||||
Base Interest Rate | 5.00% | ||||||
Principal Outstanding | $ 3,495,000 | ||||||
Series B [Member] | Avistar at Copperfield [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 192 | ||||||
Original Maturity Date | Jun. 1, 2054 | ||||||
Base Interest Rate | 12.00% | ||||||
Principal Outstanding | $ 4,000,000 | ||||||
Series B [Member] | Avistar at Wilcrest [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 88 | ||||||
Original Maturity Date | Jun. 1, 2054 | ||||||
Base Interest Rate | 12.00% | ||||||
Principal Outstanding | $ 1,550,000 | ||||||
Series B [Member] | Avistar at Wood Hollow [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 409 | ||||||
Original Maturity Date | Jun. 1, 2054 | ||||||
Base Interest Rate | 12.00% | ||||||
Principal Outstanding | $ 8,410,000 | ||||||
Series B [Member] | Montecito at Williams Ranch Apartments [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 132 | ||||||
Original Maturity Date | Oct. 1, 2019 | ||||||
Base Interest Rate | 5.50% | ||||||
Principal Outstanding | $ 4,781,000 | ||||||
Series B [Member] | Harmony Court Bakersfield [Member] | Mortgage Revenue Bonds Held In Trust [Member] | CA [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 96 | ||||||
Original Maturity Date | Dec. 1, 2018 | ||||||
Base Interest Rate | 5.50% | ||||||
Principal Outstanding | $ 1,997,000 | ||||||
Series B [Member] | Las Palmas II [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 81 | ||||||
Original Maturity Date | Nov. 1, 2018 | ||||||
Base Interest Rate | 5.50% | ||||||
Principal Outstanding | $ 1,770,000 | ||||||
Series B [Member] | San Vicente [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 50 | ||||||
Original Maturity Date | Nov. 1, 2018 | ||||||
Base Interest Rate | 5.50% | ||||||
Principal Outstanding | $ 1,825,000 | ||||||
Series B [Member] | Glenview Apartments [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | 88 | ||||||
Original Maturity Date | Dec. 1, 2016 | ||||||
Base Interest Rate | 8.00% | ||||||
Principal Outstanding | $ 2,053,000 | ||||||
Series B [Member] | Montclair Apts [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | 80 | ||||||
Original Maturity Date | Dec. 1, 2016 | ||||||
Base Interest Rate | 8.00% | ||||||
Principal Outstanding | $ 928,000 | ||||||
Series B [Member] | Santa Fe Apartments [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | 89 | ||||||
Original Maturity Date | Dec. 1, 2016 | ||||||
Base Interest Rate | 8.00% | ||||||
Principal Outstanding | $ 1,671,000 | ||||||
Series B [Member] | Heritage Square [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | 204 | ||||||
Original Maturity Date | Oct. 1, 2051 | ||||||
Base Interest Rate | 12.00% | ||||||
Principal Outstanding | $ 520,000 | ||||||
Series B [Member] | Concord at Gulfgate [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 288 | ||||||
Original Maturity Date | Mar. 1, 2032 | ||||||
Base Interest Rate | 12.00% | ||||||
Principal Outstanding | $ 2,125,000 | ||||||
Series B [Member] | Concord at Little York [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 276 | ||||||
Original Maturity Date | Mar. 1, 2032 | ||||||
Base Interest Rate | 12.00% | ||||||
Principal Outstanding | $ 960,000 | ||||||
Series B [Member] | Concord at Williamcrest [Member] | |||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||
Units | Unit | 288 | ||||||
Original Maturity Date | Mar. 1, 2032 | ||||||
Base Interest Rate | 12.00% | ||||||
Principal Outstanding | $ 2,800,000 | ||||||
[1] | This is a commercial property. Accordingly, unit information is not applicable. |
Investments in Mortgage Reven56
Investments in Mortgage Revenue Bonds Investment in Bonds Narrative Tagging (Details) | 1 Months Ended | 6 Months Ended | 9 Months Ended | ||
Aug. 31, 2017USD ($) | May 31, 2016USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Aug. 31, 2016Property | |
Proceeds from sale of mortgage revenue bond | $ 9,295,000 | ||||
Series B [Member] | |||||
Principal payments received | $ 5,200,000 | ||||
Number of properties restructured | Property | 3 | ||||
Pro Nova 2014-1 [Member] | |||||
Proceeds from sale of mortgage revenue bond | $ 9,500,000 | ||||
Pro Nova 2014-1 [Member] | TOB Facility [Member] | |||||
Debt financing | $ 8,400,000 | ||||
Mortgage Revenue Bonds Held In Trust [Member] | |||||
Principal payments received | $ 2,000,000 |
PHC Certificates Narrative Tagg
PHC Certificates Narrative Tagging (Details) | 9 Months Ended |
Sep. 30, 2017Integer | |
LIFERS [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Available-for-Sale Securities, Ownership Percentage | 100.00% |
Public housing capital fund trusts [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Number of Available for Sale Securities, Public Housing Authorities | 3 |
PHC Certificates Mark to Market
PHC Certificates Mark to Market PHC (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2017 | Dec. 31, 2016 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value, held in trust | $ 39,346,686 | $ 90,016,872 |
Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 55,144,914 | 56,801,062 |
Cumulative Unrealized Gain, held in trust | 756,853 | |
Cumulative Unrealized Loss, held in trust | (231,166) | (399,847) |
Estimated Fair Value, held in trust | 54,913,748 | 57,158,068 |
Public Housing Capital Fund Trust I [Member] | Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 25,962,421 | 26,077,158 |
Cumulative Unrealized Gain, held in trust | 672,097 | |
Cumulative Unrealized Loss, held in trust | (151,764) | |
Estimated Fair Value, held in trust | $ 25,810,657 | $ 26,749,255 |
Public Housing Capital Fund Trust I [Member] | Public housing capital fund trusts [Member] | Standard & Poor's, AA- Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Weighted Average Lives (Years) | 7 years 9 months 3 days | 8 years 3 months 22 days |
Investment Rating | AA- | AA- |
Weighted Average Interest Rate Over Life | 5.39% | 5.36% |
Public Housing Capital Fund Trust II [Member] | Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | $ 9,455,117 | $ 10,600,967 |
Cumulative Unrealized Gain, held in trust | 84,756 | |
Cumulative Unrealized Loss, held in trust | (50,820) | |
Estimated Fair Value, held in trust | $ 9,404,297 | $ 10,685,723 |
Public Housing Capital Fund Trust II [Member] | Public housing capital fund trusts [Member] | Standard & Poor's, A+ Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Weighted Average Lives (Years) | 6 years 9 months 18 days | 7 years 7 months 24 days |
Investment Rating | A+ | A+ |
Weighted Average Interest Rate Over Life | 4.32% | 4.31% |
Public Housing Capital Fund Trust III [Member] | Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | $ 19,727,376 | $ 20,122,937 |
Cumulative Unrealized Loss, held in trust | (28,582) | (399,847) |
Estimated Fair Value, held in trust | $ 19,698,794 | $ 19,723,090 |
Public Housing Capital Fund Trust III [Member] | Public housing capital fund trusts [Member] | Standard & Poor's, BBB Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Weighted Average Lives (Years) | 8 years 2 months 8 days | 8 years 9 months 15 days |
Investment Rating | BBB | BBB |
Weighted Average Interest Rate Over Life | 5.45% | 5.42% |
Real Estate Assets Owned by Par
Real Estate Assets Owned by Partnership (Details) | Sep. 30, 2017USD ($)Unit | Dec. 31, 2016USD ($)Unit | |
Real Estate [Line Items] | |||
Land and Land Improvements | $ 10,798,832 | $ 17,354,587 | |
Buildings and improvements | 105,323,268 | 113,089,041 | |
Carrying Value | 116,122,100 | 130,443,628 | |
Accumulated depreciation | (17,623,467) | (16,217,028) | |
Net real estate assets | $ 98,498,633 | $ 114,226,600 | |
Eagle Village [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 511 | 511 | |
Land and Land Improvements | $ 567,880 | $ 567,880 | |
Buildings and improvements | 12,675,216 | 12,655,244 | |
Carrying Value | $ 13,243,096 | $ 13,223,124 | |
Northern View [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 294 | ||
Land and Land Improvements | $ 688,539 | ||
Buildings and improvements | 8,088,059 | ||
Carrying Value | $ 8,776,598 | ||
Residences at DeCordova [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 110 | 110 | |
Land and Land Improvements | $ 1,170,337 | $ 1,170,337 | |
Buildings and improvements | 8,055,928 | 8,029,404 | |
Carrying Value | $ 9,226,265 | $ 9,199,741 | |
Residences at Weatherford [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 76 | 76 | |
Land and Land Improvements | $ 1,942,229 | $ 1,942,229 | |
Buildings and improvements | 5,777,617 | 5,751,260 | |
Carrying Value | $ 7,719,846 | $ 7,693,489 | |
Suites on Paseo [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 394 | 394 | |
Land and Land Improvements | $ 3,166,463 | $ 3,162,463 | |
Buildings and improvements | 38,413,559 | 38,365,351 | |
Carrying Value | $ 41,580,022 | $ 41,527,814 | |
The 50/50 Student Housing--UNL [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 475 | 475 | |
Buildings and improvements | $ 32,932,981 | $ 32,928,878 | |
Carrying Value | $ 32,932,981 | 32,928,878 | |
Land Held for Development [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | [1] | ||
Land and Land Improvements | $ 1,659,888 | 7,531,104 | |
Carrying Value | $ 1,659,888 | $ 7,531,104 | |
Jade Park [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 144 | 144 | |
Land and Land Improvements | $ 2,292,035 | $ 2,292,035 | |
Buildings and improvements | 7,467,967 | 7,270,845 | |
Carrying Value | $ 9,760,002 | $ 9,562,880 | |
[1] | Land held for development consists of parcels of land in Johnson County, KS and Richland County, SC and land development costs for a site in Douglas County, NE. |
Real Estate Assets Narrative Ta
Real Estate Assets Narrative Tagging (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||||
May 31, 2017USD ($) | Mar. 31, 2017USD ($) | Jul. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2016Land | Mar. 31, 2016USD ($) | |
Real Estate [Line Items] | ||||||||||
Gain (Loss) on Sale of Properties | $ 1,633,973 | $ 7,152,512 | $ 14,076,902 | |||||||
Impairment charge | 61,506 | |||||||||
Douglas County [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Number of contiguous tracts of land to be acquired | Land | 2 | |||||||||
Northern View [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Percentage of limited partnership interest sold | 99.00% | |||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 13,800,000 | |||||||||
Gain (Loss) on Sale of Properties | $ 7,200,000 | |||||||||
St. Petersburg [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Gain (Loss) on Sale of Properties | $ (22,000) | |||||||||
Impairment charge | $ 62,000 | |||||||||
St. Petersburg [Member] | Available-for-sale Securities [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Land | $ 3,100,000 | |||||||||
Woodland Park and Arboretum MF Properties [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 15,700,000 | $ 30,200,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 1,600,000 | $ 12,400,000 | ||||||||
Jade Park [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Land | $ 1,993,369 | 1,993,369 | ||||||||
Purchase of property | $ 10,000,000 | |||||||||
Weighted Average Lives (Years) | 6 months | |||||||||
Business combination, acquisition related costs | $ 135,000 | |||||||||
Jade Park [Member] | buildings and Improvements [Member] | ||||||||||
Real Estate [Line Items] | ||||||||||
Buildings and improvements, weighted average useful life | 22 years 8 months 13 days |
Real Estate Assets Condensed Ba
Real Estate Assets Condensed Balance Sheet at Acquisition Date (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Real Estate [Line Items] | |||
Other assets (Note 12) | $ 9,613,734 | $ 8,795,192 | |
Total Assets | 1,053,195,720 | 944,113,674 | |
Accounts payable, accrued expenses and other liabilities | 8,297,418 | 7,255,327 | |
Net assets | 301,552,197 | 280,129,205 | |
Total Liabilities and Partnersʼ Capital | $ 1,053,195,720 | $ 944,113,674 | |
Jade Park [Member] | |||
Real Estate [Line Items] | |||
Land | $ 1,993,369 | ||
Buildings and improvements | 7,543,200 | ||
In-place lease assets (included in other assets) | 463,431 | ||
Other assets (Note 12) | 18,126 | ||
Total Assets | 10,018,126 | ||
Accounts payable, accrued expenses and other liabilities | 135,326 | ||
Net assets | 9,882,800 | ||
Total Liabilities and Partnersʼ Capital | $ 10,018,126 |
Real Estate Assets Recent Trans
Real Estate Assets Recent Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Arboretum, Woodland Park, and Northern View MF Properties [Member] | ||||
Real Estate [Line Items] | ||||
Net income (loss) | $ (907) | $ (143,093) | $ (19,642) | $ 144,060 |
Real Estate Assets Unaudited Pr
Real Estate Assets Unaudited Pro Forma Condensed Consolidated Results of Operations of the Partnership (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Real Estate [Abstract] | ||
Pro forma revenues | $ 13,573,945 | $ 44,104,855 |
Pro forma net income | 4,724,056 | 18,194,751 |
Pro forma net income allocated to Unitholders | $ 4,216,059 | $ 15,371,803 |
Pro forma Unitholder's interest in net income per unit (basic and diluted) | $ 0.07 | $ 0.26 |
Investment in an Unconsolidat64
Investment in an Unconsolidated Entity (Details) - USD ($) | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule Of Equity Method Investments [Line Items] | |||
Partnership's investment in an unconsolidated entity | $ 34,335,649 | $ 19,470,006 | |
Vantage At Panama City Beach [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Partnership's investment in an unconsolidated entity | $ 11,700,000 |
Investment in Unconsolidated 65
Investment in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) | 9 Months Ended | ||
Sep. 30, 2017USD ($)Unit | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Schedule Of Equity Method Investments [Line Items] | |||
Investment in unconsolidated entities (Note 9) | $ 34,335,649 | $ 19,470,006 | |
Maximum Remaining Equity Commitment | $ 8,108,234 | ||
Vantage at Corpus Christi [Member] | Corpus Christi T X | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Construction Completion Date | 2017-08 | ||
Investment in unconsolidated entities (Note 9) | $ 9,131,689 | 8,447,343 | |
Maximum Remaining Equity Commitment | $ 1,550,000 | ||
Vantage At Waco | Waco T X | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Investment in unconsolidated entities (Note 9) | $ 8,532,984 | 5,964,861 | |
Maximum Remaining Equity Commitment | $ 1,592,039 | ||
Vantage At Boerne | Boerne T X | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Investment in unconsolidated entities (Note 9) | $ 8,069,390 | $ 5,057,802 | |
Maximum Remaining Equity Commitment | $ 1,475,936 | ||
Vantage At Panama City Beach | |||
Schedule Of Equity Method Investments [Line Items] | |||
Investment in unconsolidated entities (Note 9) | $ 11,700,000 | ||
Vantage At Panama City Beach | Panama City Beach FL | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Investment in unconsolidated entities (Note 9) | $ 8,601,586 | ||
Maximum Remaining Equity Commitment | $ 3,490,259 |
Summary of Partnership's Proper
Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | $ 38,238,518 | $ 36,862,148 |
Loan Loss Allowances | (7,043,814) | (7,098,814) |
Property Loan Principal, net of allowance | 31,194,704 | 29,763,334 |
Arbors at Hickory Ridge [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 191,264 | 191,264 |
Loan Loss Allowances | 0 | 0 |
Property Loan Principal, net of allowance | 191,264 | 191,264 |
Ashley Square [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 5,078,342 | 5,078,342 |
Loan Loss Allowances | (3,596,342) | (3,596,342) |
Property Loan Principal, net of allowance | 1,482,000 | 1,482,000 |
Avistar (February 2013 Portfolio) [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 274,496 | 274,496 |
Loan Loss Allowances | 0 | 0 |
Property Loan Principal, net of allowance | 274,496 | 274,496 |
Avistar (June 2013 Portfolio) [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 251,622 | 251,622 |
Loan Loss Allowances | 0 | 0 |
Property Loan Principal, net of allowance | 251,622 | 251,622 |
Cross Creek [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 7,155,545 | 7,155,545 |
Loan Loss Allowances | (3,447,472) | (3,447,472) |
Property Loan Principal, net of allowance | 3,708,073 | 3,708,073 |
Greens of Pine Glen [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 850,000 | 850,000 |
Loan Loss Allowances | 0 | 0 |
Property Loan Principal, net of allowance | 850,000 | 850,000 |
Lake Forest [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 4,659,438 | 4,623,704 |
Loan Loss Allowances | 0 | (55,000) |
Property Loan Principal, net of allowance | 4,659,438 | 4,568,704 |
Ohio Properties [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 2,390,446 | 2,390,446 |
Loan Loss Allowances | 0 | 0 |
Property Loan Principal, net of allowance | 2,390,446 | 2,390,446 |
Vantage at Brooks LLC [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 8,417,635 | 7,199,424 |
Loan Loss Allowances | 0 | 0 |
Property Loan Principal, net of allowance | 8,417,635 | 7,199,424 |
Vantage at Braunfels LLC [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 7,469,730 | 6,347,305 |
Loan Loss Allowances | 0 | 0 |
Property Loan Principal, net of allowance | 7,469,730 | 6,347,305 |
Winston Group, Inc [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 1,500,000 | 2,500,000 |
Loan Loss Allowances | 0 | 0 |
Property Loan Principal, net of allowance | $ 1,500,000 | $ 2,500,000 |
Property Loans, Net of Loan L67
Property Loans, Net of Loan Loss Allowances Narrative Tagging (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | |
Property Loan Net Of Loan Loss Allowances [Line Items] | ||||
Property loan receivable, net | $ 31,194,704 | $ 31,194,704 | $ 29,763,334 | |
Lake Forest [Member] | ||||
Property Loan Net Of Loan Loss Allowances [Line Items] | ||||
Property loan receivable, net | 35,700 | 35,700 | ||
Loan loss allowance reversed | 55,000 | |||
Cross Creek [Member] | ||||
Property Loan Net Of Loan Loss Allowances [Line Items] | ||||
Property loan receivable, net | $ 83,500 | |||
Vantage at Brooks LLC [Member] | ||||
Property Loan Net Of Loan Loss Allowances [Line Items] | ||||
Property loan receivable, net | 1,200,000 | 1,200,000 | 3,700,000 | |
Ohio Properties [Member] | ||||
Property Loan Net Of Loan Loss Allowances [Line Items] | ||||
Property loan receivable, net | 2,500 | |||
Vantage at Braunfels LLC [Member] | ||||
Property Loan Net Of Loan Loss Allowances [Line Items] | ||||
Property loan receivable, net | $ 1,100,000 | 1,100,000 | 2,100,000 | |
Winston Group, Inc [Member] | ||||
Property Loan Net Of Loan Loss Allowances [Line Items] | ||||
Property loan receivable, net | $ 2,500,000 | |||
Repayment of property loan, principal | $ 1,000,000 |
Income Tax Provision - Summary
Income Tax Provision - Summary of Income Tax Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Tax Provision [Line Items] | ||||
Deferred income tax expense (benefit) | $ (374,000) | $ 417,000 | ||
Income tax expense (benefit) | $ (285,000) | $ 331,000 | 2,110,047 | 4,984,000 |
Greens Hold Co | ||||
Income Tax Provision [Line Items] | ||||
Current income tax expense (benefit) | (276,000) | 467,000 | 2,484,047 | 4,567,000 |
Deferred income tax expense (benefit) | (9,000) | (136,000) | (374,000) | 417,000 |
Income tax expense (benefit) | $ (285,000) | $ 331,000 | $ 2,110,047 | $ 4,984,000 |
Income Tax Provision Narrative
Income Tax Provision Narrative Tagging (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Investment in Unconsolidated Entities [Member] | ||||
Income Tax Provision [Line Items] | ||||
Franchise margin tax expense recognized | $ 47,000 | $ 0 | $ 52,000 | $ 0 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Other Assets [Abstract] | ||
Deferred financing costs - net | $ 470,769 | $ 456,890 |
Fair value of derivative instruments (Note 17) | 427,353 | 383,604 |
Taxable bonds at fair market value | 3,929,761 | 4,084,599 |
Bond purchase commitments - fair value (Note 18) | 3,355,047 | 2,399,449 |
Other assets | 1,430,804 | 1,470,650 |
Total other assets | $ 9,613,734 | $ 8,795,192 |
Other Assets - Summary of the T
Other Assets - Summary of the Terms of the Taxable Bond Redeemed (Details) | 9 Months Ended | |
Sep. 30, 2017USD ($)Unit | Sep. 30, 2016USD ($) | |
Principal Outstanding | $ 72,056,000 | $ 20,285,000 |
Silver Moon [Member] | Series B [Member] | 2016 Redemption [Member] | ||
Units | Unit | 151 | |
Original Maturity Date | Aug. 1, 2055 | |
Base Interest Rate | 12.00% | |
Principal Outstanding | $ 499,461 |
Summary of Unsecured Lines of C
Summary of Unsecured Lines of Credit (Details) - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Dec. 31, 2016 | May 31, 2017 | Apr. 30, 2017 | |
Line Of Credit Facility [Line Items] | ||||
Lines of credit | $ 12,471,000 | $ 40,000,000 | ||
Bankers Trust Operating [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Lines of credit | 0 | |||
Unsecured Lines of Credit [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Lines of credit | 12,471,000 | 40,000,000 | ||
Line of credit facility maximum borrowing capacity | 60,000,000 | 47,500,000 | ||
Unsecured Lines of Credit [Member] | Bankers Trust [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | |||
Unsecured Lines of Credit [Member] | Bankers Trust Operating [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 10,000,000 | $ 7,500,000 | ||
Unsecured Lines of Credit [Member] | 4.22% Interest Bearing Line of Credit [Member] | Bankers Trust [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Lines of credit | 12,471,000 | |||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | |||
Debt instrument, maturity date | May 31, 2019 | |||
Variable / Fixed | Variable | |||
Reset Frequency | Monthly | |||
Line of credit facility, interest rate during period | 4.23% | |||
Unsecured Lines of Credit [Member] | 4.47% Interest Bearing Line of Credit [Member] | Bankers Trust Operating [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 10,000,000 | |||
Debt instrument, maturity date | May 31, 2019 | |||
Variable / Fixed | Variable | |||
Reset Frequency | Monthly | |||
Line of credit facility, interest rate during period | 4.48% | |||
Unsecured Lines of Credit [Member] | 3.13% Interest Bearing Line of Credit [Member] | Bankers Trust [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Lines of credit | 40,000,000 | |||
Line of credit facility maximum borrowing capacity | $ 40,000,000 | |||
Debt instrument, maturity date | May 31, 2018 | |||
Variable / Fixed | Variable | |||
Reset Frequency | Monthly | |||
Line of credit facility, interest rate during period | 3.13% | |||
Unsecured Lines of Credit [Member] | 3.88% Interest Bearing Line of Credit [Member] | Bankers Trust Operating [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Line of credit facility maximum borrowing capacity | $ 7,500,000 | |||
Debt instrument, maturity date | Mar. 31, 2018 | |||
Variable / Fixed | Variable | |||
Reset Frequency | Monthly | |||
Line of credit facility, interest rate during period | 3.88% |
Unsecured Lines of Credit Narra
Unsecured Lines of Credit Narrative (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||||
May 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2017 | Apr. 30, 2017 | Dec. 31, 2016 | |
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, amount drawn | $ 43,031,000 | $ 19,987,639 | ||||
Lines of credit | 12,471,000 | $ 40,000,000 | ||||
Unsecured Lines of Credit [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility maximum borrowing capacity | 60,000,000 | 47,500,000 | ||||
Lines of credit | 12,471,000 | $ 40,000,000 | ||||
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, increase in borrowing capacity | $ 10,000,000 | |||||
Line of credit facility maximum borrowing capacity | 50,000,000 | |||||
Line of credit facility extension term | 1 year | |||||
Bankers Trust Operating [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Lines of credit | 0 | |||||
Bankers Trust Operating [Member] | Scenario, Forecast [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Lines of credit | $ 0 | |||||
Bankers Trust Operating [Member] | Unsecured Lines of Credit [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility maximum borrowing capacity | $ 10,000,000 | $ 7,500,000 | ||||
Line of credit facility extension term | 1 year | |||||
Bankers Trust Operating [Member] | Montecito at Williams Ranch Apartments [Member] | Series A and B MRBs [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility, amount drawn | $ 12,500,000 | |||||
Line of credit facility initial maturity date | 2018-06 | |||||
Bankers Trust Operating [Member] | Montecito at Williams Ranch Apartments [Member] | Series A and B MRBs [Member] | Maximum [Member] | ||||||
Line Of Credit Facility [Line Items] | ||||||
Line of credit facility extension term | 270 days |
Secured Line of Credit Narrativ
Secured Line of Credit Narrative (Details) | Dec. 31, 2016USD ($) |
Secured Line of Credit [Member] | Bankers Trust [Member] | |
Line Of Credit Facility [Line Items] | |
Line of credit facility maximum borrowing capacity | $ 20,000,000 |
Debt Financing Total Debt Finan
Debt Financing Total Debt Financing (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | ||
Short Term Debt [Line Items] | |||
Debt financing | $ 594,635,819 | $ 495,383,033 | |
Period End Rates | 4.29% | 3.83% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 46,800,842 | $ 46,860,699 | |
Year Acquired | 2,014 | 2,014 | |
Reset Frequency | N/A | N/A | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2019-07 | 2017-07 | |
Period End Rates | 4.01% | 4.01% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2019-10 | 2019-07 | |
Period End Rates | 4.39% | 4.39% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 141,119,616 | ||
Year Acquired | 2,016 | ||
Reset Frequency | N/A | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2026-09 | ||
Period End Rates | 3.64% | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2026-12 | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 38,412,589 | $ 141,266,034 | |
Restricted Cash | $ 1,373,695 | ||
Year Acquired | 2,017 | 2,016 | |
Stated Maturities | 2027-02 | ||
Reset Frequency | N/A | N/A | |
Period End Rates | 4.46% | 3.64% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2026-09 | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2026-12 | ||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 41,295,000 | $ 42,455,000 | |
Restricted Cash | $ 1,217,256 | ||
Year Acquired | 2,012 | 2,012 | |
Stated Maturities | 2018-05 | 2016-12 | |
Reset Frequency | Weekly | Weekly | |
Facility Fees | 1.67% | 1.62% | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
SIFMA Based Rates | 1.47% | 1.29% | |
Period End Rates | 3.14% | 2.91% | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
SIFMA Based Rates | 1.52% | 1.39% | |
Period End Rates | 3.19% | 3.01% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 60,417,436 | ||
Year Acquired | 2,017 | ||
Reset Frequency | N/A | ||
Period End Rates | 4.46% | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2022-02 | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2022-03 | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B IV [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 33,559,866 | ||
Year Acquired | 2,017 | ||
Reset Frequency | N/A | ||
Period End Rates | 3.76% | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B IV [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2018-06 | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B IV [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2018-08 | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B II [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 30,512,916 | ||
Year Acquired | 2,016 | ||
Stated Maturities | 2017-03 | ||
Reset Frequency | N/A | ||
Period End Rates | 4.56% | ||
TEBS Financings [Member] | Variable - TEBS I [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 60,249,000 | $ 60,430,991 | |
Restricted Cash | $ 9,687 | $ 396,412 | |
Year Acquired | 2,010 | 2,010 | |
Stated Maturities | 2020-09 | 2017-09 | |
Reset Frequency | Weekly | Weekly | |
SIFMA Based Rates | 1.01% | 0.77% | |
Facility Fees | 1.85% | 1.85% | |
Period End Rates | 2.86% | 2.62% | |
TEBS Financings [Member] | Variable - TEBS II [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | [1] | $ 90,944,774 | $ 91,768,081 |
Restricted Cash | [1] | $ 176,685 | $ 170,988 |
Year Acquired | [1] | 2,014 | 2,014 |
Stated Maturities | [1] | 2019-07 | 2019-07 |
Reset Frequency | [1] | Weekly | Weekly |
SIFMA Based Rates | [1] | 0.98% | 0.75% |
Facility Fees | [1] | 1.49% | 1.62% |
Period End Rates | [1] | 2.47% | 2.37% |
TEBS Financings [Member] | Variable - TEBS III [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | [1] | $ 81,836,696 | $ 82,089,312 |
Restricted Cash | [1] | $ 57,364 | $ 3,495,592 |
Year Acquired | [1] | 2,015 | 2,015 |
Stated Maturities | [1] | 2020-07 | 2020-07 |
Reset Frequency | [1] | Weekly | Weekly |
SIFMA Based Rates | [1] | 0.98% | 0.75% |
Facility Fees | [1] | 1.26% | 1.39% |
Period End Rates | [1] | 2.24% | 2.14% |
[1] | Facility fees are variable |
Debt Financing Narrative Taggin
Debt Financing Narrative Tagging (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2017USD ($) | Jun. 30, 2017 | Mar. 31, 2017USD ($)Trust | Feb. 28, 2017USD ($)Agreement | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($)AgreementTrust | Sep. 30, 2017USD ($)Trust | Sep. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||||||
Deferred financing costs - net | $ | $ 470,769 | $ 470,769 | $ 470,769 | $ 456,890 | |||||
M24 TEBS Financing [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument extended maturity date | Sep. 15, 2020 | ||||||||
Variable - TOB [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument extended maturity period | 2018-05 | ||||||||
Term A/B Trust [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Deferred financing costs - net | $ | $ 47,000 | $ 1,200,000 | $ 1,400,000 | $ 1,400,000 | |||||
Number of Term Trusts refinanced | 4 | ||||||||
Number of paid off and collapsed TOB Trusts | 7 | ||||||||
Number Of T O B Trusts | 9 | ||||||||
Term A/B Trust [Member] | Farnam Capital Advisors, LLC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Consulting fees | $ | $ 921,000 | $ 0 | $ 1,200,000 | $ 921,000 | $ 1,200,000 | ||||
Mortgage Revenue Bonds [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of paid off and collapsed TOB Trusts | 3 | ||||||||
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of new agreements | Agreement | 19 | 12 |
Summary Of Term A_B Trust Finan
Summary Of Term A/B Trust Financings (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Short Term Debt [Line Items] | ||
Debt financing | $ 594,635,819 | $ 495,383,033 |
Term A/B Trust [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | 104,136,885 | |
Term A/B Trust [Member] | San Vicente Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 3,110,905 | |
Year Acquired | 2,017 | |
Stated Maturities | 2022-02 | |
Fixed Interest Rate | 3.89% | |
Term A/B Trust [Member] | San Vicente Series B [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 1,541,427 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-06 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | Las Palmas Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 1,506,127 | |
Year Acquired | 2,017 | |
Stated Maturities | 2022-02 | |
Fixed Interest Rate | 3.89% | |
Term A/B Trust [Member] | Las Palmas Series B [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 1,489,594 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-06 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | The Village At Madera Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 2,744,485 | |
Year Acquired | 2,017 | |
Stated Maturities | 2022-02 | |
Fixed Interest Rate | 3.89% | |
Term A/B Trust [Member] | The Village At Madera Series B [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 1,451,410 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-07 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | Harmony Court Bakers field Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 3,320,042 | |
Year Acquired | 2,017 | |
Stated Maturities | 2022-02 | |
Fixed Interest Rate | 3.89% | |
Term A/B Trust [Member] | Harmony Court Bakers field Series B [Member] | ||
Short Term Debt [Line Items] | ||
Year Acquired | 2,017 | |
Stated Maturities | 2018-07 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | Summerhill Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 5,727,118 | |
Year Acquired | 2,017 | |
Stated Maturities | 2022-02 | |
Fixed Interest Rate | 3.89% | |
Term A/B Trust [Member] | Summerhill Series B [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 2,849,542 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-07 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | Courtyard Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 9,127,523 | |
Year Acquired | 2,017 | |
Stated Maturities | 2022-02 | |
Fixed Interest Rate | 3.89% | |
Term A/B Trust [Member] | Courtyard Series B [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 5,261,967 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-07 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | Seasons Lakewood Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 6,552,326 | |
Year Acquired | 2,017 | |
Stated Maturities | 2022-02 | |
Fixed Interest Rate | 3.89% | |
Term A/B Trust [Member] | Seasons Lakewood Series B [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 4,444,519 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-08 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | Seasons San Juan Capistrano Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 11,042,713 | |
Year Acquired | 2,017 | |
Stated Maturities | 2022-02 | |
Fixed Interest Rate | 3.89% | |
Term A/B Trust [Member] | Seasons San Juan Capistrano Series B [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 5,554,598 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-08 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | Avistar at Wood Hollow [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 26,832,573 | |
Year Acquired | 2,017 | |
Stated Maturities | 2027-02 | |
Fixed Interest Rate | 4.46% | |
Term A/B Trust [Member] | Avistar at Wilcrest [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 3,167,131 | |
Year Acquired | 2,017 | |
Stated Maturities | 2027-02 | |
Fixed Interest Rate | 4.46% | |
Term A/B Trust [Member] | Avistar at Copperfield [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 8,412,885 | |
Year Acquired | 2,017 | |
Stated Maturities | 2027-02 | |
Fixed Interest Rate | 4.46% | |
Term A/B Trust [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 28,253,006 | |
Term A/B Trust [Member] | Oaks at Georgetown - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 11,086,792 | |
Year Acquired | 2,017 | |
Stated Maturities | 2022-03 | |
Fixed Interest Rate | 3.89% | |
Term A/B Trust [Member] | Oaks at Georgetown - Series B [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 4,684,648 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-08 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | Harmony Terrace - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 6,199,405 | |
Year Acquired | 2,017 | |
Stated Maturities | 2022-03 | |
Fixed Interest Rate | 3.89% | |
Term A/B Trust [Member] | Harmony Terrace - Series B [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 6,282,161 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-08 | |
Fixed Interest Rate | 3.76% |
Summary Of Term A_B Trust Fin78
Summary Of Term A/B Trust Financings (Parenthetical) (Details) $ in Millions | 1 Months Ended |
Aug. 31, 2017USD ($) | |
Term A/B Trust [Member] | Harmony Court Bakers field Series B [Member] | |
Short Term Debt [Line Items] | |
Payments for debt financing liabilities | $ 1.7 |
Debt Financing Contractual Matu
Debt Financing Contractual Maturities (Details) - USD ($) | Sep. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Total | $ 50,579,400 | $ 51,379,512 | |
Debt Financing [Member] | |||
2,017 | $ 3,906,966 | ||
2,018 | 79,029,695 | ||
2,019 | 140,731,413 | ||
2,020 | 141,337,095 | ||
2,021 | 2,291,329 | ||
Thereafter | 231,978,541 | ||
Total | $ 599,275,039 |
Mortgage Payable and Other Secu
Mortgage Payable and Other Secured Financing by Property Net of Deferred Financing Costs (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | ||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 50,579,400 | $ 51,379,512 | |
Period End Rate | 4.29% | 3.83% | |
Real Estate [Member] | Eagle Village [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 7,702,257 | $ 7,845,711 | |
Year Acquired | 2,010 | 2,010 | |
Debt instrument, maturity date | Sep. 1, 2018 | Sep. 1, 2018 | |
Variable / Fixed | Variable | Variable | |
Reset Frequency | Monthly | Monthly | |
Variable Based Rate | [1] | 1.25% | 0.63% |
Facility Fees | 3.00% | 3.00% | |
Period End Rate | 4.25% | 3.63% | |
Real Estate [Member] | Residences at DeCordova [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 1,697,492 | $ 1,744,858 | |
Year Acquired | 2,012 | 2,012 | |
Debt instrument, maturity date | Jun. 1, 2019 | Jun. 1, 2017 | |
Variable / Fixed | Fixed | Fixed | |
Reset Frequency | N/A | N/A | |
Period End Rate | 4.75% | 4.75% | |
Real Estate [Member] | Residences at Weatherford [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 5,426,767 | $ 5,589,086 | |
Year Acquired | 2,011 | 2,011 | |
Debt instrument, maturity date | Jun. 1, 2019 | Jun. 1, 2017 | |
Variable / Fixed | Fixed | Fixed | |
Reset Frequency | N/A | N/A | |
Period End Rate | 4.75% | 4.75% | |
Real Estate [Member] | Jade Park [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 7,466,650 | $ 7,461,131 | |
Year Acquired | 2,016 | 2,016 | |
Debt instrument, maturity date | Oct. 1, 2021 | Oct. 1, 2021 | |
Variable / Fixed | Fixed | Fixed | |
Reset Frequency | N/A | N/A | |
Period End Rate | 3.85% | 3.85% | |
Tax Increment Financing [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 3,480,379 | $ 3,656,090 | |
Year Acquired | 2,014 | 2,014 | |
Debt instrument, maturity date | Dec. 1, 2019 | Dec. 1, 2019 | |
Variable / Fixed | Fixed | Fixed | |
Reset Frequency | N/A | N/A | |
Period End Rate | 4.65% | 4.65% | |
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 24,805,855 | $ 25,082,636 | |
Year Acquired | 2,013 | 2,013 | |
Debt instrument, maturity date | Mar. 1, 2020 | Mar. 1, 2020 | |
Variable / Fixed | Variable | Variable | |
Reset Frequency | Monthly | Monthly | |
Variable Based Rate | [2] | 4.25% | 3.50% |
Period End Rate | 4.25% | 3.50% | |
[1] | Variable rate is based on 30-day LIBOR | ||
[2] | Variable rate is based on Wall Street Journal Prime Rate |
Mortgage Payable and Other Se81
Mortgage Payable and Other Secured Financing - Additional Information (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Line Items] | |||
Initial principal balance on mortgage payable | $ 50,579,400 | $ 51,379,512 | |
Mortgages payable [Member] | Residences at DeCordova and Weatherford [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Line of credit, commitment fee | $ 0 | ||
Debt instrument, extended for additional maturity period | 2 years | ||
Mortgages payable [Member] | Arboretum [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Prepayment penalties paid, settlement | $ 0 | ||
Mortgages payable [Member] | Jade Park MF Property [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Initial principal balance on mortgage payable | $ 7,500,000 | ||
Debt instrument, bears interest at fixed annual rate | 3.85% | ||
Debt instrument, maturity month and year | 2021-10 |
Contractual Maturities of Mortg
Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - Mortgages Payable and Other Secured Financing [Member] | Sep. 30, 2017USD ($) |
Mortgage Loans on Real Estate [Line Items] | |
2,017 | $ 380,147 |
2,018 | 8,809,354 |
2,019 | 10,768,977 |
2,020 | 24,017,631 |
2,021 | 6,858,994 |
Total mortgages payable and other secured financings | $ 50,835,103 |
Interest Rate Derivative Agre83
Interest Rate Derivative Agreements (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | |||
Derivative [Line Items] | |||||
Derivative, Fair Value - Asset (Liability) | [1] | $ 427,353 | $ 427,353 | ||
Barclays Bank PLC 3 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2017-06 | 2017-06 | |||
Derivative, Notional Amount | $ 83,222,056 | $ 83,222,056 | |||
Derivative, Maturity Date | 2020-08 | ||||
Derivative, Effective Capped Rate | [1] | 1.50% | 1.50% | ||
Derivative, Index | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | M33 TEBS | M33 TEBS | [1] | ||
Derivative, Fair Value - Asset (Liability) | [1] | $ 305,086 | $ 305,086 | ||
Barclays Bank PLC 1 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2014-07 | ||||
Derivative, Notional Amount | $ 30,759,409 | $ 30,759,409 | |||
Derivative, Maturity Date | 2019-08 | ||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||
Derivative, Index | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | |||
Derivative, Fair Value - Asset (Liability) | [1] | $ 579 | $ 579 | ||
Royal Bank of Canada-1 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2014-07 | ||||
Derivative, Notional Amount | $ 30,759,409 | $ 30,759,409 | |||
Derivative, Maturity Date | 2019-08 | ||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||
Derivative, Index | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | |||
Derivative, Fair Value - Asset (Liability) | [1] | $ 579 | $ 579 | ||
SMBC Capital Markets, Inc-1 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2014-07 | ||||
Derivative, Notional Amount | $ 30,759,409 | $ 30,759,409 | |||
Derivative, Maturity Date | 2019-08 | ||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||
Derivative, Index | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | |||
Derivative, Fair Value - Asset (Liability) | [1] | $ 579 | $ 579 | ||
Wells Fargo Bank [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2015-07 | ||||
Derivative, Notional Amount | $ 27,740,685 | $ 27,740,685 | |||
Derivative, Maturity Date | 2020-08 | ||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||
Derivative, Index | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | |||
Derivative, Fair Value - Asset (Liability) | [1] | $ 7,674 | $ 7,674 | ||
Royal Bank of Canada-2 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2015-07 | ||||
Derivative, Notional Amount | $ 27,740,685 | $ 27,740,685 | |||
Derivative, Maturity Date | 2020-08 | ||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||
Derivative, Index | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | |||
Derivative, Fair Value - Asset (Liability) | [1] | $ 7,674 | $ 7,674 | ||
SMBC Capital Markets, Inc-2 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2015-07 | ||||
Derivative, Notional Amount | $ 27,740,685 | $ 27,740,685 | |||
Derivative, Maturity Date | 2020-08 | ||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||
Derivative, Index | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | |||
Derivative, Fair Value - Asset (Liability) | [1] | $ 7,674 | $ 7,674 | ||
Barclays Bank PLC 2 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2017-06 | 2017-06 | |||
Derivative, Notional Amount | $ 92,278,226 | $ 92,278,226 | |||
Derivative, Maturity Date | 2019-08 | ||||
Derivative, Effective Capped Rate | [1] | 1.50% | 1.50% | ||
Derivative, Index | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | M31 TEBS | M31 TEBS | [1] | ||
Derivative, Fair Value - Asset (Liability) | [1] | $ 91,628 | $ 91,628 | ||
Barclays Bank PLC 4 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2017-09 | 2017-09 | |||
Derivative, Notional Amount | $ 60,248,999 | $ 60,248,999 | |||
Derivative, Maturity Date | 2020-09 | ||||
Derivative, Effective Capped Rate | [1] | 4.00% | 4.00% | ||
Derivative, Index | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | M24 TEBS | M24 TEBS | [1] | ||
Derivative, Fair Value - Asset (Liability) | [1] | $ 5,880 | $ 5,880 | ||
[1] | For additional details, see Note 22 to the Partnership's condensed consolidated financial statements. |
Interest Rate Derivative Agre84
Interest Rate Derivative Agreements Narrative Tagging (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Jun. 30, 2017 | Sep. 30, 2017 | |||
Barclays Bank PLC 2 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2017-06 | 2017-06 | |||
Derivative, variable debt financing facility hedged | M31 TEBS | M31 TEBS | [1] | ||
Fixed Interest Rate | [1] | 1.50% | 1.50% | ||
Derivative, purchase price | $ 139,000 | ||||
Barclays Bank PLC 3 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2017-06 | 2017-06 | |||
Derivative, variable debt financing facility hedged | M33 TEBS | M33 TEBS | [1] | ||
Fixed Interest Rate | [1] | 1.50% | 1.50% | ||
Derivative, purchase price | $ 358,000 | ||||
Barclays Bank PLC 4 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Purchase Date | 2017-09 | 2017-09 | |||
Derivative, variable debt financing facility hedged | M24 TEBS | M24 TEBS | [1] | ||
Fixed Interest Rate | [1] | 4.00% | 4.00% | ||
Derivative, purchase price | $ 52,000 | ||||
Derivative, variable interest rate | 4.00% | 4.00% | |||
[1] | For additional details, see Note 22 to the Partnership's condensed consolidated financial statements. |
Interest Rate Derivative Agre85
Interest Rate Derivative Agreements - Schedule of Terms of Interest Rate Swaps (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | ||
Fair Value of Liability | $ (1,196,701) | $ (1,339,283) |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Fair Value of Liability | $ (1,196,701) | (1,339,283) |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur Angle [Member] | ||
Derivative [Line Items] | ||
Purchase Date | 2014-09 | |
Notional Amount | $ 22,860,724 | |
Effective Date | 2016-10 | |
Termination Date | 2021-10 | |
Fixed Rate Paid | 1.96% | |
Period End Variable Rate Received | 0.87% | |
Fair Value of Liability | $ (603,323) | (738,574) |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur Angle [Member] | London Interbank Offered Rate [Member] | ||
Derivative [Line Items] | ||
Variable Based Rate | 70.00% | |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Bruton Apartments [Member] | ||
Derivative [Line Items] | ||
Purchase Date | 2014-09 | |
Notional Amount | $ 18,080,240 | |
Effective Date | 2017-04 | |
Termination Date | 2022-04 | |
Fixed Rate Paid | 2.06% | |
Period End Variable Rate Received | 0.87% | |
Fair Value of Liability | $ (593,378) | $ (600,709) |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Bruton Apartments [Member] | London Interbank Offered Rate [Member] | ||
Derivative [Line Items] | ||
Variable Based Rate | 70.00% |
Commitments and Contingencies F
Commitments and Contingencies Fair Market Value Table (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Bond Purchase Commitments - Fair Value | $ 3,355,047 | $ 2,399,449 |
Maximum Committed Amounts for 2017 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | 11,000,000 | |
Maximum Committed Amounts for 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 35,940,000 | |
Villas at Plano Gateway [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward Bond Commitment, Purchase Date | Dec. 31, 2014 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Bond Purchase Commitments - Fair Value | 838,200 | |
Village at River's Edge [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward Bond Commitment, Purchase Date | May 31, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Bond Purchase Commitments - Fair Value | $ 881,335 | 467,720 |
Village at River's Edge [Member] | Maximum Committed Amounts for 2017 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 11,000,000 | |
Palo Alto [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward Bond Commitment, Purchase Date | Jul. 31, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | |
Bond Purchase Commitments - Fair Value | $ 1,276,802 | 627,429 |
Palo Alto [Member] | Maximum Committed Amounts for 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 19,540,000 | |
Village at Avalon [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward Bond Commitment, Purchase Date | Nov. 30, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | |
Bond Purchase Commitments - Fair Value | $ 1,196,910 | $ 466,100 |
Village at Avalon [Member] | Maximum Committed Amounts for 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 16,400,000 |
Commitments and Contingencies N
Commitments and Contingencies Narrative Tagging (Details) | Apr. 02, 2017USD ($) | Sep. 30, 2017USD ($)Unit | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)Unit | Sep. 30, 2016USD ($) | Jul. 31, 2018USD ($) | Dec. 31, 2016USD ($)Unit |
Property loans receivable | $ 38,238,518 | $ 38,238,518 | $ 36,862,148 | ||||
Construction loan maximum available amount | 25,600,000 | 25,600,000 | |||||
Outstanding construction loan amount | 0 | 0 | |||||
Concentration risk, credit risk, financial instrument, maximum exposure | $ 599,300,000 | ||||||
Maximum [Member] | |||||||
Construction loan guarantee percentage on debt service coverage levels | 50.00% | ||||||
Minimum [Member] | |||||||
Construction loan guarantee percentage on debt service coverage levels | 25.00% | ||||||
Villas at Plano Gateway [Member] | |||||||
Partnership purchase commitment obligation after agreement expiration | $ 0 | ||||||
Vantage at Brooks and Vantage at New Braunfels [Member] | |||||||
Property loans receivable | $ 17,000,000 | $ 17,000,000 | |||||
Number of units in real estate property | Unit | 2 | 2 | |||||
Remaining maximum amount committed | $ 1,100,000 | $ 1,100,000 | |||||
Greens of Pine Glen [Member] | |||||||
Property loans receivable | 850,000 | 850,000 | 850,000 | ||||
Guarantor obligations, maximum exposure, undiscounted | $ 2,800,000 | $ 2,800,000 | |||||
Percentage of loss contingency, range of possible loss, maximum | 75.00% | 75.00% | |||||
Year of guarantee agreement term ending | 2,027 | ||||||
Ohio Properties [Member] | |||||||
Property loans receivable | $ 2,390,446 | $ 2,390,446 | $ 2,390,446 | ||||
Percentage of loss contingency, range of possible loss, maximum | 75.00% | 75.00% | |||||
Year of guarantee agreement term ending | 2,026 | ||||||
Loss contingency, range of possible loss, maximum | $ 4,400,000 | $ 4,400,000 | |||||
The 50/50 Student Housing--UNL [Member] | |||||||
Number of units in real estate property | Unit | 475 | 475 | 475 | ||||
Initial lease term expiration period | 2038-03 | ||||||
Lease agreement extend term | 5 years | ||||||
Annual lease payments | $ 100 | ||||||
Minimum monthly rentals under lease agreement period | 12 months | ||||||
Annual increment Percentage in lease rent | 2.00% | ||||||
Lease expiration date | Jul. 31, 2034 | ||||||
Lease agreement annual renewable increase percentage | 3.00% | ||||||
Accounts payable related to agreement | $ 115,000 | $ 115,000 | $ 21,000 | ||||
Expenses related to the agreement | $ 42,000 | $ 42,000 | $ 126,000 | $ 126,000 | |||
The 50/50 Student Housing--UNL [Member] | Subsequent Event [Member] | |||||||
Minimum monthly rentals under lease agreement | $ 127,000 |
Redeemable Series A Preferred88
Redeemable Series A Preferred Units Narrative Tagging (Details) shares in Millions | 3 Months Ended |
Sep. 30, 2017shares | |
Series A Preferred Units [Member] | Private Placement [Member] | |
Redeemable preferred units, issued | 2 |
Redeemable Series A Preferred89
Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||
Aug. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | |
Temporary Equity Disclosure [Abstract] | |||||||
Issuance of preferred units through private placements | 2,000,000 | 1,613,100 | 700,000 | 1,000,000 | 1,386,900 | 1,000,000 | 7,700,000 |
Purchase Price | $ 20,000,000 | $ 16,131,000 | $ 7,000,000 | $ 10,000,000 | $ 13,869,000 | $ 10,000,000 | $ 77,000,000 |
Distribution Rate | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | |
Redemption Price per Unit | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | |
Earliest Redemption Date | 2023-08 | 2023-03 | 2022-12 | 2022-09 | 2022-05 | 2022-03 |
Restricted Unit Awards Narrativ
Restricted Unit Awards Narrative (Details) - Restricted Unit Awards [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 550,000 | $ 31,000 | $ 1,160,000 | $ 31,000 |
Unrecognized compensation expense related to nonvested RUAs granted | 1,300,000 | $ 1,300,000 | ||
Remaining expense expected to be recognized over a weighted-average period | 10 months 25 days | |||
Intrinsic value of nonvested RUAs | $ 2,700,000 | $ 2,700,000 | ||
Burlington [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Approved grant of restricted units and other awards to employees | 3,000,000 | 3,000,000 | ||
RUAs granted with vesting range | 3 years | |||
Burlington [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
RUAs granted with vesting range | 3 months |
Restricted Unit Awards - Summar
Restricted Unit Awards - Summary of Nonvested Restricted Units (Details) - Restricted Unit Awards [Member] | 9 Months Ended |
Sep. 30, 2017$ / sharesshares | |
Restricted Units Awarded | |
Beginning Balance | shares | 158,304 |
Granted | shares | 283,046 |
Ending Balance | shares | 441,350 |
Weighted-average Grant-Date Fair Value | |
Beginning Balance | $ / shares | $ 6.03 |
Granted | $ / shares | 5.74 |
Ending Balance | $ / shares | $ 5.84 |
Transactions with Related Par92
Transactions with Related Parties Transactions with Related Parties Narrative (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2017USD ($) | Sep. 30, 2017USD ($)Property | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2017USD ($)Property | Sep. 30, 2016USD ($) | |
Rate for administration fees | 0.45% | |||||
Fees and commissions, other | $ 125,000 | $ 687,000 | $ 125,000 | $ 1,100,000 | $ 1,200,000 | |
MF Properties Managed [Member] | ||||||
Number of Real Estate Properties | Property | 7 | 7 | ||||
Management fees revenue | $ 94,000 | 141,000 | $ 299,000 | 541,000 | ||
Jade Park MF Property [Member] | ||||||
Contract for exterior rehabilitation service beginning period | 2017-06 | |||||
Contract for exterior rehabilitation service expiration period | 2,017 | |||||
Exterior rehabilitation services received | 6,000 | $ 6,000 | ||||
Majority-Owned Subsidiary, Unconsolidated [Member] | ||||||
Payment for administrative fees | 909,000 | 682,000 | 2,700,000 | 2,000,000 | ||
Affiliated Entity [Member] | ||||||
Payment for administrative fees | 22,000 | 25,000 | 74,000 | 74,000 | ||
Farnam Capital Advisors, LLC [Member] | ||||||
Placement advisory fees | 62,000 | 343,000 | $ 125,000 | 331,000 | 537,000 | |
Farnam Capital Advisors, LLC [Member] | Term A/B Trust [Member] | ||||||
Consulting fees | $ 921,000 | $ 0 | $ 1,200,000 | $ 921,000 | $ 1,200,000 |
Fair Value of Financial Instr93
Fair Value of Financial Instruments Narrative Tagging (Details) | Sep. 30, 2017 | Dec. 31, 2016 |
Effective rate - minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 2.60% | 4.90% |
Effective rate - minimum [Member] | Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 4.30% | |
Effective rate - maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 9.90% | 12.40% |
Effective rate - maximum [Member] | Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 6.00% |
Summary of Assets and Liabiliti
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | $ 840,743,086 | $ 742,897,488 | ||||
Bond Purchase Commitments (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 3,355,047 | 2,399,449 | ||||
Taxable Bonds (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 3,929,761 | 4,084,599 | ||||
Public housing capital fund trusts [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 54,913,748 | 57,158,068 | ||||
Derivative Contracts (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 427,353 | 383,604 | ||||
Derivative Swap Liability [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Liabilities at fair value | (1,196,701) | (1,339,283) | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 840,743,086 | $ 830,256,024 | 742,897,488 | $ 703,973,227 | $ 730,475,386 | $ 653,875,949 |
Fair Value, Inputs, Level 3 [Member] | Bond Purchase Commitments (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,355,047 | 3,165,172 | 2,399,449 | 12,622,709 | 17,218,819 | 5,634,360 |
Fair Value, Inputs, Level 3 [Member] | Taxable Bonds (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 3,929,761 | 3,931,471 | 4,084,599 | 4,476,385 | 5,294,229 | 4,824,060 |
Fair Value, Inputs, Level 3 [Member] | Public housing capital fund trusts [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 54,913,748 | $ 55,791,371 | 57,158,068 | $ 60,859,254 | $ 62,180,059 | $ 60,707,290 |
Fair Value, Inputs, Level 3 [Member] | Derivative Contracts (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 427,353 | 383,604 | ||||
Fair Value, Inputs, Level 3 [Member] | Derivative Swap Liability [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liabilities Value | (1,196,701) | (1,339,283) | ||||
Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 39,346,686 | 90,016,872 | ||||
Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 39,346,686 | 90,016,872 | ||||
Mortgage Revenue Bonds Held In Trust [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 739,967,192 | 590,194,179 | ||||
Mortgage Revenue Bonds Held In Trust [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 739,967,192 | $ 590,194,179 |
Summary of Activity Related to
Summary of Activity Related to Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Assets at Fair Value, beginning balance | $ 830,256,024 | $ 730,475,386 | $ 742,897,488 | $ 653,875,949 | |||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||||
Total gain (losses) included in earnings (interest income and interest expense) | (27,929) | 263,684 | (255,825) | (1,378,112) | |||||
Total gain (losses) included in other comprehensive (loss) income | 2,003,189 | (34,028,916) | 31,975,966 | 49,727,299 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 12,530,217 | 8,785,000 | 72,612,017 | 20,285,000 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | (9,747,523) | ||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (4,018,415) | (1,521,927) | (6,486,560) | (8,789,386) | |||||
Assets at Fair Value, ending balance | 840,743,086 | 703,973,227 | 840,743,086 | 703,973,227 | |||||
Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | (66,917) | 263,684 | (369,686) | (1,378,112) | |||||
Interest rate derivatives [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Liabilities at Fair value, beginning balance | [1] | (761,648) | (2,615,093) | (955,679) | (972,898) | ||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||||
Total gain (losses) included in earnings (interest income and interest expense) | [1] | (66,917) | 263,684 | (369,686) | (1,378,112) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 59,217 | 556,017 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | [1] | (399) | |||||||
Liabilities at Fair value, ending balance | [1] | (769,348) | (2,351,409) | (769,348) | (2,351,409) | ||||
Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | [1] | (66,917) | 263,684 | (369,686) | (1,378,112) | ||||
Bond Purchase Commitment [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Assets at Fair Value, beginning balance | 3,165,172 | 17,218,819 | 2,399,449 | 5,634,360 | |||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||||
Total gain (losses) included in other comprehensive (loss) income | 189,875 | (4,596,110) | 955,598 | 6,988,349 | |||||
Assets at Fair Value, ending balance | 3,355,047 | 12,622,709 | 3,355,047 | 12,622,709 | |||||
Taxable Bonds [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Assets at Fair Value, beginning balance | 3,931,471 | 5,294,229 | 4,084,599 | 4,824,060 | |||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||||
Total gain (losses) included in other comprehensive (loss) income | 2,356 | (315,633) | (122,908) | 179,684 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (4,066) | (502,211) | (31,930) | (527,359) | |||||
Assets at Fair Value, ending balance | 3,929,761 | 4,476,385 | 3,929,761 | 4,476,385 | |||||
Public housing capital fund trusts [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Assets at Fair Value, beginning balance | 55,791,371 | 62,180,059 | 57,158,068 | 60,707,290 | |||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||||
Total gain (losses) included in earnings (interest income and interest expense) | (14,129) | (45,846) | |||||||
Total gain (losses) included in other comprehensive (loss) income | 309,808 | (780,342) | (588,172) | 1,777,372 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1,173,302) | (540,463) | (1,610,302) | (1,625,408) | |||||
Assets at Fair Value, ending balance | 54,913,748 | 60,859,254 | 54,913,748 | 60,859,254 | |||||
Mortgage Revenue Bonds [Member] | |||||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||||
Assets at Fair Value, beginning balance | 768,129,658 | [2] | 648,397,372 | [3] | 680,211,051 | [4] | 583,683,137 | [3] | |
Total gains (losses) (realized/unrealized) [Abstract] | |||||||||
Total gain (losses) included in earnings (interest income and interest expense) | 53,117 | [2] | 159,707 | [4] | |||||
Total gain (losses) included in other comprehensive (loss) income | 1,501,150 | [2] | (28,336,831) | [3] | 31,731,448 | [4] | 40,781,894 | [3] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 12,471,000 | [2] | 8,785,000 | [3] | 72,056,000 | [4] | 20,285,000 | [3] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | [3] | (9,747,124) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (2,841,047) | [2] | (479,253) | [3] | (4,844,328) | [4] | (6,636,619) | [3] | |
Assets at Fair Value, ending balance | $ 779,313,878 | [2],[4] | $ 628,366,288 | [3] | $ 779,313,878 | [2],[4] | $ 628,366,288 | [3] | |
[1] | Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. | ||||||||
[2] | Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership | ||||||||
[3] | Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. | ||||||||
[4] | Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. |
Summary of Fair Value of Financ
Summary of Fair Value of Financial Liabilities held on Condensed Consolidated Balance Sheets (Details) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Mortgages payable and other secured financing | $ 50,579,400 | $ 51,379,512 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Debt financing and LOCs | 607,106,819 | 555,199,700 |
Mortgages payable and other secured financing | 50,579,400 | 51,379,512 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Debt financing and LOCs | 606,173,812 | 553,083,924 |
Mortgages payable and other secured financing | $ 50,650,974 | $ 51,595,281 |
Segment Reporting Footnote Tagg
Segment Reporting Footnote Tagging (Details) | 9 Months Ended | |
Sep. 30, 2017PropertyUnitIntegerSegment | Jan. 31, 2016Security | |
Segment Reporting Information [Line Items] | ||
Number of Reportable Segments | Segment | 4 | |
Commercial Real Estate [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of collateralized securities | Integer | 1 | |
Tax-exempt and Other Investments [Member] | ||
Segment Reporting Information [Line Items] | ||
Assets percentage | 25.00% | |
MBS Securities Investments [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of partnership securities sold and eliminated. | Security | 3 | |
Mortgage Revenue Bond Investments Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of Available for Sale Securities | Integer | 91 | |
Mortgage Revenue Bond Investments Segment [Member] | Residential Properties [Member] | ||
Segment Reporting Information [Line Items] | ||
Units | Unit | 10,788 | |
Real Estate [Member] | ||
Segment Reporting Information [Line Items] | ||
Units | Unit | 1,710 | |
Number of Real Estate Properties | Property | 6 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Revenues [Abstract] | |||||
Total revenues | $ 16,234,830 | $ 13,221,939 | $ 48,509,518 | $ 43,074,919 | |
Interest Expense [Abstract] | |||||
Interest expense | 5,714,181 | 3,485,172 | 16,997,761 | 12,577,361 | |
Depreciation [Abstract] | |||||
Depreciation expense | 1,256,202 | 1,353,602 | 3,876,768 | 4,649,724 | |
Partnership net income (loss) [Abstract] | |||||
Operating Income (Loss) | 3,545,483 | 4,623,542 | 14,943,745 | 18,161,172 | |
Assets | |||||
Total assets | 1,053,195,720 | 1,053,195,720 | $ 944,113,674 | ||
Mortgage Revenue Bond Investments Segment [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 11,035,530 | 8,504,675 | 32,683,968 | 26,074,552 | |
Interest Expense [Abstract] | |||||
Interest expense | 4,786,151 | 2,691,439 | 14,295,635 | 9,866,978 | |
Partnership net income (loss) [Abstract] | |||||
Operating Income (Loss) | 2,604,989 | 2,918,500 | 7,426,810 | 7,169,516 | |
Assets | |||||
Total assets | 893,205,519 | 893,205,519 | 764,995,675 | ||
MF Properties [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 3,257,174 | 3,414,788 | 10,356,311 | 13,483,760 | |
Interest Expense [Abstract] | |||||
Interest expense | 556,200 | 441,858 | 1,616,032 | 1,708,551 | |
Depreciation [Abstract] | |||||
Depreciation expense | 1,256,202 | 1,353,602 | 3,876,768 | 4,649,724 | |
Partnership net income (loss) [Abstract] | |||||
Operating Income (Loss) | (626,827) | 754,441 | 3,136,765 | 8,458,960 | |
Assets | |||||
Total assets | 106,823,052 | 106,823,052 | 129,895,112 | ||
Public Housing Capital Fund Trusts [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 711,823 | 724,735 | 2,139,791 | 2,178,627 | |
Interest Expense [Abstract] | |||||
Interest expense | 371,830 | 351,875 | 1,086,094 | 987,140 | |
Partnership net income (loss) [Abstract] | |||||
Operating Income (Loss) | 339,993 | 372,860 | 1,053,697 | 1,191,487 | |
Assets | |||||
Total assets | 55,313,588 | 55,313,588 | 57,461,268 | ||
MBS Securities Investments [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 48,755 | ||||
Interest Expense [Abstract] | |||||
Interest expense | 14,692 | ||||
Partnership net income (loss) [Abstract] | |||||
Operating Income (Loss) | 51,984 | ||||
Other Investments [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 1,230,303 | 577,741 | 3,329,448 | 1,289,225 | |
Partnership net income (loss) [Abstract] | |||||
Operating Income (Loss) | 1,227,328 | $ 577,741 | 3,326,473 | $ 1,289,225 | |
Assets | |||||
Total assets | 50,487,804 | 50,487,804 | 34,540,280 | ||
Consolidation, Eliminations [Member] | |||||
Assets | |||||
Total assets | $ (52,634,243) | $ (52,634,243) | $ (42,778,661) |
Subsequent Events Footnote Tagg
Subsequent Events Footnote Tagging (Details) - USD ($) | Oct. 25, 2017 | Oct. 02, 2017 | Oct. 31, 2017 | Aug. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Subsequent Event [Line Items] | |||||||||||
Settlement of M33 TEBS financing | $ 90,560,000 | $ 37,484,639 | |||||||||
Issuance of preferred units through private placements | 2,000,000 | 1,613,100 | 700,000 | 1,000,000 | 1,386,900 | 1,000,000 | 7,700,000 | ||||
Subsequent Event [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Settlement of M33 TEBS financing | $ 19,500,000 | ||||||||||
Subsequent Event [Member] | Series A Preferred Units [Member] | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Issuance of preferred units through private placements | 750,000 | 1 | |||||||||
Proceeds from issuance of preferred units through private placements | $ 7,500,000 | $ 10,000,000 |