Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | |
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-K | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Trading Symbol | ATAX | |
Entity Common Stock, Units Outstanding | 0 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Public Float | $ 358,504,922 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and cash equivalents | $ 69,597,699 | $ 20,748,521 |
Restricted cash | 1,985,630 | 6,757,699 |
Interest receivable, net | 6,541,132 | 6,983,203 |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 710,867,447 | 590,194,179 |
Mortgage revenue bonds, at fair value (Note 6) | 77,971,208 | 90,016,872 |
Public housing capital fund trusts, at fair value (Note 7) | 49,641,588 | 57,158,068 |
Real estate assets: (Note 9) | ||
Land and improvements | 7,319,235 | 17,354,587 |
Buildings and improvements | 78,953,488 | 113,089,041 |
Real estate assets before accumulated depreciation | 86,272,723 | 130,443,628 |
Accumulated depreciation | (9,580,531) | (16,217,028) |
Net real estate assets | 76,692,192 | 114,226,600 |
Investment in unconsolidated entities (Note 10) | 39,608,927 | 19,470,006 |
Property loans, net of loan loss allowance (Note 11) | 29,513,874 | 29,763,334 |
Other assets (Note 13) | 7,348,302 | 8,795,192 |
Total Assets | 1,069,767,999 | 944,113,674 |
Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 8,494,227 | 7,255,327 |
Distribution payable | 8,423,803 | 8,017,950 |
Unsecured lines of credit (Note 15) | 50,000,000 | 40,000,000 |
Secured line of credit, net (Note 16) | 19,816,667 | |
Debt financing, net (Note 17) | 558,328,347 | 495,383,033 |
Mortgages payable and other secured financing, net (Note 18) | 35,540,174 | 51,379,512 |
Derivative swaps, at fair value (Note 19) | 826,852 | 1,339,283 |
Total Liabilities | 661,613,403 | 623,191,772 |
Commitments and Contingencies (Note 20) | ||
Redeemable Series A preferred units, approximately $94.5 and $40.9 million redemption value, 10.0 million authorized, 9.5 million and 4.1 million issued and outstanding, respectively (Note 21) | 94,314,326 | 40,788,034 |
Partnersʼ Capital | ||
General Partner (Note 1) | 437,256 | 102,536 |
Beneficial Unit Certificate holders | 313,403,014 | 280,026,669 |
Total Partnersʼ Capital | 313,840,270 | 280,129,205 |
Noncontrolling interest | 4,663 | |
Total Capital | 313,840,270 | 280,133,868 |
Total Liabilities and Partnersʼ Capital | $ 1,069,767,999 | $ 944,113,674 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Redeemable preferred units redemption value | $ 94.5 | $ 40.9 |
Redeemable preferred units, authorized | 10,000,000 | 10,000,000 |
Redeemable preferred units, issued | 9,500,000 | 4,100,000 |
Redeemable preferred units, outstanding | 9,500,000 | 4,100,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Property revenues | $ 13,499,645 | $ 17,404,439 | $ 17,789,125 |
Investment income | 48,225,068 | 36,892,996 | 34,409,809 |
Contingent interest income | 3,147,165 | 2,021,077 | 4,756,716 |
Other interest income | 4,681,578 | 2,660,238 | 2,624,262 |
Other income | 828,089 | 373,379 | |
Total revenues | 70,381,545 | 58,978,750 | 59,953,291 |
Expenses: | |||
Real estate operating (exclusive of items shown below) | 8,228,297 | 9,223,108 | 10,052,669 |
Impairment of securities | 761,960 | ||
Impairment charge on real estate assets | 61,506 | ||
Depreciation and amortization | 5,212,859 | 6,862,530 | 6,505,011 |
Amortization of deferred financing costs | 2,324,535 | 1,862,509 | 1,622,789 |
Interest expense | 22,155,443 | 15,469,639 | 14,826,217 |
General and administrative | 12,769,757 | 10,837,188 | 8,660,889 |
Total expenses | 51,452,851 | 44,316,480 | 41,667,575 |
Other Income: | |||
Gain on sale of real estate assets, net | 17,753,303 | 14,072,317 | 4,599,109 |
Gain on sale of securities | 8,097 | ||
Income before income taxes | 36,681,997 | 28,742,684 | 22,884,825 |
Income tax expense | 6,019,146 | 4,959,000 | |
Income from continuing operations | 30,662,851 | 23,783,684 | 22,884,825 |
Income from discontinued operations (including gain on sale of VIEs of approximately $3.2 million in 2015) | 3,721,397 | ||
Net income | 30,662,851 | 23,783,684 | 26,606,222 |
Net income (loss) attributable to noncontrolling interest | 71,653 | (823) | (2,801) |
Partnership net income | 30,591,198 | 23,784,507 | 26,609,023 |
Redeemable Series A preferred unit distributions and accretion | (1,982,538) | (583,407) | |
Net income available to Partners | 28,608,660 | 23,201,100 | 26,609,023 |
Net income (loss) available to Partners and noncontrolling interest allocated to: | |||
General Partner | 2,140,074 | 2,992,106 | 2,474,274 |
Unallocated gain of Consolidated VIEs | 3,721,397 | ||
Net income (loss) attributable to noncontrolling interest | 71,653 | (823) | (2,801) |
Net income available to Partners and noncontrolling interest | $ 28,680,313 | $ 23,200,277 | $ 26,606,222 |
Unitholdersʼ interest in net income per Unit (basic and diluted): | |||
Income from continuing operations | $ 0.44 | $ 0.34 | $ 0.34 |
Net income per Unit, basic and diluted | 0.44 | 0.34 | 0.34 |
Distributions declared, per Unit | $ 0.50 | $ 0.50 | $ 0.50 |
Weighted average number of Units outstanding, basic | 59,895,229 | 60,182,264 | 60,252,928 |
Weighted average number of Units outstanding, diluted | 59,895,229 | 60,182,264 | 60,252,928 |
Unitholders [Member] | |||
Net income (loss) available to Partners and noncontrolling interest allocated to: | |||
Limited Partners | $ 26,293,975 | $ 20,176,693 | $ 20,413,352 |
Restricted Unitholders [Member] | |||
Net income (loss) available to Partners and noncontrolling interest allocated to: | |||
Limited Partners | $ 174,611 | $ 32,301 |
Consolidated Statements of Ope5
Consolidated Statements of Operations (Parenthetical) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Gain on the sale of discontinued operations | $ 3,212,447 |
Variable Interest Entity Primary Beneficiary [Member] | |
Gain on the sale of discontinued operations | $ 3,200,000 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Net income | $ 30,662,851 | $ 23,783,684 | $ 26,606,222 |
Reversal of net unrealized gain on sale of securities | (236,439) | ||
Reversal of net unrealized gain on securities with other-than-temporary impairment | (672,097) | ||
Unrealized gain (loss) on bond purchase commitments | 603,091 | (3,234,911) | (146,053) |
Comprehensive income | 67,391,197 | 1,715,481 | 36,502,410 |
Comprehensive income (loss) allocated to noncontrolling interest | 71,653 | (823) | (2,801) |
Partnership comprehensive income | 67,319,544 | 1,716,304 | 36,505,211 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Net income | 30,662,851 | 23,783,684 | 26,606,222 |
Reversal of net unrealized gain on sale of securities | (236,439) | ||
Reversal of net unrealized gain on securities with other-than-temporary impairment | (672,097) | ||
Unrealized gain (loss) on securities | 36,797,352 | (18,596,853) | 10,042,241 |
Unrealized gain (loss) on bond purchase commitments | 603,091 | (3,234,911) | (146,053) |
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Unrealized gain (loss) on bond purchase commitments | $ 603,091 | $ (3,234,911) | $ (146,053) |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) | Total | Tier 2 [Member] | Tier 3 [Member] | General Partner [Member] | General Partner [Member]Tier 2 [Member] | Beneficial Unit Certificate Holders - Restricted and Unrestricted [Member] | Beneficial Unit Certificate Holders - Restricted and Unrestricted [Member]Tier 2 [Member] | Beneficial Unit Certificate Holders - Restricted and Unrestricted [Member]Tier 3 [Member] | Unallocated Deficit of Consolidated VIEs [Member] | Number of Units - Restricted and Unrestricted [Member] | Noncontrolling Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2014 | $ 309,927,904 | $ 578,238 | $ 330,457,117 | $ (21,091,456) | $ (15,995) | $ 51,698,418 | ||||||
Partners' Capital Account, Units at Dec. 31, 2014 | 60,252,928 | |||||||||||
Bond redemption related to MF Property acquisition | (630,919) | (6,309) | (624,610) | (630,919) | ||||||||
Sale of MF Property | 24,282 | 24,282 | ||||||||||
Deconsolidation of VIEs | (173,701) | (17,196,359) | 17,370,059 | |||||||||
Distributions paid or accrued: | ||||||||||||
Regular distribution | (23,343,025) | (233,430) | (23,109,595) | |||||||||
Distribution earnings | $ (9,355,825) | $ (2,338,956) | $ (7,016,869) | |||||||||
Net income (loss) allocable to Partners | 26,606,222 | 2,474,274 | 20,413,352 | $ 3,721,397 | (2,801) | |||||||
Unrealized Gain (Loss) on Securities | 10,042,241 | 100,422 | 9,941,819 | 10,042,241 | ||||||||
Unrealized gain (loss) on bond purchase commitment | (146,053) | (1,461) | (144,592) | (146,053) | ||||||||
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 | (21,764,612) | (217,646) | (21,546,966) | |||||||||
Distribution earnings | (11,434,599) | (2,858,650) | (8,575,949) | |||||||||
Net income (loss) allocable to Partners | 23,200,277 | 2,992,106 | 20,208,994 | (823) | ||||||||
Repurchase of Beneficial Unit Certificates | (1,603,658) | (1,603,658) | ||||||||||
Repurchase of Beneficial Unit Certificates, Units | (272,307) | |||||||||||
Restricted units awarded | 272,307 | |||||||||||
Restricted units compensation expense | 833,142 | 8,331 | 824,811 | |||||||||
Beneficial unit certificates surrendered to pay tax withholding on vested restricted units, values | (153,306) | (153,306) | ||||||||||
Beneficial Unit Certificates surrendered to pay tax withholding on vested restricted units | (28,390) | |||||||||||
Unrealized Gain (Loss) on Securities | (18,596,853) | (185,969) | (18,410,884) | (18,596,853) | ||||||||
Unrealized gain (loss) on bond purchase commitment | (3,234,911) | (32,349) | (3,202,562) | (3,234,911) | ||||||||
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 earnings | $ (7,978,073) | $ (4,928,231) | $ (1,994,518) | $ (5,983,555) | $ (4,928,231) | |||||||
Net income (loss) allocable to Partners | 28,680,313 | 2,140,074 | 26,468,586 | $ 71,653 | ||||||||
Sale of Beneficial Unit Certificates, net of issuance costs, value | 805,890 | 805,890 | ||||||||||
Sale of Beneficial Unit Certificates, net of issuance costs, unit | 161,383 | |||||||||||
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 | 1,615,242 | 16,152 | 1,599,090 | |||||||||
Beneficial unit certificates surrendered to pay tax withholding on vested restricted units, values | (247,301) | (247,301) | ||||||||||
Beneficial Unit Certificates surrendered to pay tax withholding on vested restricted units | (40,637) | |||||||||||
Unrealized Gain (Loss) on Securities | 36,797,352 | 367,974 | 36,429,378 | 36,797,352 | ||||||||
Unrealized gain (loss) on bond purchase commitment | 603,091 | 6,031 | 597,060 | 603,091 | ||||||||
Reversal of net unrealized gain on securities with other-than-temporary impairment | (672,097) | (6,721) | (665,376) | (672,097) | ||||||||
Balance at Dec. 31, 2017 | $ 313,840,270 | $ 437,256 | $ 313,403,014 | $ 75,623,830 | ||||||||
Partners' Capital Account, Units at Dec. 31, 2017 | 60,373,674 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Cash flows from operating activities: | ||||
Net income | $ 30,662,851 | $ 23,783,684 | $ 26,606,222 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 5,212,859 | 6,862,530 | 6,505,011 | |
Provision for loan loss | [1] | 295,000 | ||
Gain on sale of real estate assets, net | (17,753,303) | (14,072,317) | (4,599,109) | |
Gain on the sale of discontinued operations | (3,212,447) | |||
Contingent interest realized on investing activities | (2,927,948) | (1,379,466) | (4,756,716) | |
Note interest income realized from the sale of Fairmont Oaks, Consolidated VIE | (1,454,621) | |||
Gain on sale of securities | (8,097) | |||
Impairment of securities | 761,960 | |||
Loss (gain) on derivatives, net of cash paid | (170,031) | (17,618) | 1,802,655 | |
Restricted unit compensation expense | 1,615,242 | 833,142 | ||
Bond premium/discount amortization | (320,382) | (153,922) | 238,996 | |
Amortization of deferred financing costs | 2,324,535 | 1,862,509 | 1,622,789 | |
Deferred income tax expense (benefit) | (400,000) | 366,000 | ||
Change in preferred return receivable from unconsolidated entities | (2,922,158) | (718,701) | ||
Changes in operating assets and liabilities, net of effect of acquisitions | ||||
(Increase) decrease in interest receivable | 442,071 | (1,762,344) | (2,452,084) | |
(Increase) decrease in other assets | 245,564 | (112,174) | (416,419) | |
Decrease in accounts payable and accrued expenses | 73,267 | (251,695) | (496,859) | |
Net cash provided by operating activities | 17,139,527 | 15,231,531 | 19,387,418 | |
Cash flows from investing activities: | ||||
Capital expenditures | (441,790) | (635,739) | (3,282,107) | |
Restructure and acquisition of interest rate derivative | (562,088) | |||
Proceeds from sale of MF Properties | 46,525,000 | 45,850,000 | 16,196,510 | |
Proceeds from sale of land held for development | 3,000,000 | |||
Proceeds from sale of discontinued operations | 22,900,000 | |||
Proceeds from sale of mortgage revenue bond | 9,295,000 | |||
Proceeds from the sale of MBS Securities | 14,997,069 | |||
Cash realized from the bond exchange for the Suites on Paseo property | 514,095 | |||
Acquisition of mortgage revenue bonds | (121,347,000) | (130,620,000) | (188,572,000) | |
Contributions to unconsolidated entities | (14,096,478) | (18,751,305) | ||
Acquisition of MF Property | (9,882,800) | |||
Restricted cash - debt collateral paid | (1,043,283) | (2,564,000) | (4,815,000) | |
Restricted cash - debt collateral released | 5,038,371 | 4,429,019 | 7,522,959 | |
Increase (decrease) in restricted cash | 776,981 | 342,609 | (16,004) | |
Acquisition of taxable mortgage revenue bonds | (500,000) | |||
Principal payments received on taxable mortgage revenue bonds | 1,565,455 | 551,162 | 153,821 | |
Cash paid for land held for development and deposits on potential purchases | (381,066) | (100,000) | (2,889,400) | |
Advances on property loans | (2,712,816) | (8,414,215) | (11,208,763) | |
Principal payments received on property loans | 2,667,276 | 2,806,056 | 2,958,415 | |
Net cash used in investing activities | (21,505,164) | (83,052,386) | (138,703,473) | |
Cash flows from financing activities: | ||||
Distributions paid | (33,465,038) | (34,245,664) | (31,556,898) | |
Proceeds from the sale of redeemable Series A Preferred Units | 53,631,000 | 40,869,000 | ||
Payment of offering costs related to the sale of redeemable Series A Preferred Units | (8,875) | (86,814) | ||
Acquisition of interest rate derivatives | (556,017) | |||
Repurchase of Beneficial Unit Certificates | (1,466,222) | (1,603,658) | ||
Proceeds from the sale of Beneficial Unit Certificates | 978,628 | |||
Payment of offering costs related to the sale of Beneficial Unit Certificates | (101,143) | |||
Payment of tax withholding related to restricted unit awards | (400,607) | |||
Distribution to noncontrolling interest | (76,316) | |||
Proceeds from debt financing | 144,100,000 | 173,302,645 | 293,205,000 | |
Principal payments on debt financing | (81,773,730) | (129,465,032) | (182,132,712) | |
Principal payments on other secured financing | (7,500,000) | |||
Principal borrowing on mortgages payable | 7,500,000 | |||
Principal payments on mortgages payable | (15,952,005) | (17,997,186) | (8,415,981) | |
Principal borrowing on unsecured lines of credit | 80,560,000 | 87,487,639 | 74,071,261 | |
Principal payments on unsecured and secured lines of credit | (90,560,000) | (44,984,639) | (55,149,000) | |
Decrease in security deposit liability related to restricted cash | (227,029) | (44,984) | 16,004 | |
Deferred costs related to future equity raises | (169,667) | |||
Debt financing and other deferred costs | (1,467,831) | (1,697,713) | (2,709,513) | |
Net cash provided by financing activities | 53,214,815 | 71,533,594 | 87,158,494 | |
Net increase (decrease) in cash and cash equivalents | 48,849,178 | 3,712,739 | (32,157,561) | |
Cash and cash equivalents at beginning of period | 20,748,521 | 17,035,782 | 49,193,343 | |
Cash and cash equivalents at end of period | 69,597,699 | 20,748,521 | 17,035,782 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid during the period for interest | 21,558,593 | 15,175,628 | 12,866,079 | |
Cash paid during the period for income taxes | 5,890,835 | 4,615,000 | ||
Supplemental disclosure of noncash investing and financing activities: | ||||
Distributions declared but not paid for Beneficial Unit Certificates and general partner | 8,423,803 | 8,017,950 | 8,759,343 | |
Distributions declared but not paid for Series A Preferred Units | 692,917 | 271,518 | ||
Land contributed as investment in an unconsolidated entity | 3,091,023 | |||
Capital expenditures financed through accounts payable | 72,390 | 46,528 | 26,368 | |
Deferred financing and equity issuance costs financed through accounts payable | 90,339 | 234,372 | ||
Liabilities assumed in the acquisition of MF Property | 135,326 | |||
Beneficial Unit Certificates surrendered for tax withholding liabilities on restricted units | 153,306 | |||
Exchange of Suites on Paseo assets held for the Suites on Paseo property | 42,665,912 | |||
Public housing capital fund trusts [Member] | ||||
Cash flows from investing activities: | ||||
Principal payments received | 5,979,738 | 2,014,120 | 963,526 | |
Mortgage Revenue Bonds [Member] | ||||
Cash flows from investing activities: | ||||
Principal payments received | $ 52,964,448 | $ 7,630,638 | $ 21,932,563 | |
[1] | See table below for a summary of terms for the individual Term A/B Trust securitizations. Activity for the year ended December 31, 2017 consists of the reversal of $55,000 allowance for loan loss related to Lake Forest and the increase of $350,000 allowance for loan loss related to Ashley Square. The net provision for loan loss for the year ended December 31, 2017 is recorded as a reduction to other interest income on the consolidated statements of operations. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation America First Multifamily Investors, L.P. (the “Company” or “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”) that have been issued to provide construction and/or permanent financing for affordable multifamily and student housing residential properties (collectively “Residential Properties”) and commercial properties. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. Thus, most of the income earned by the Partnership is exempt from federal income taxes. The Partnership may also invest in other types of securities that may or may not be secured by real estate and may make property loans secured by multifamily residential properties which may or may not be financed by mortgage revenue bonds held by the Partnership. The Partnership may acquire real estate securing its mortgage revenue bonds or property loans through foreclosure in the event of a default or through the receipt of a fee simple deed in lieu of foreclosure. 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 mortgage revenue bonds 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 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”). During 2017 and 2016, the Partnership issued non-cumulative, non-voting, non-convertible Series A Preferred Units (“Series A Preferred Units”) in private placements. The Series A Preferred Units are redeemable in the future and represent limited partnership interests in the Partnership pursuant to a subscription agreement with five financial institutions (Note 21). All disclosures of the number of units for properties related to mortgage revenue bonds, taxable MRBs and MF Properties are unaudited. |
Summary of Significant Accounti
Summary of Significant Accounting Policies Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 the Partnership and its consolidated subsidiaries. All intercompany transactions are eliminated. At December 31, 2017, the consolidated subsidiaries of the Partnership (“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 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. • One MF Property is 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. The Greens Hold Co held 100% ownership interest in the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties until their sale in November 2017. • Two MF Properties are owned directly by the Partnership. Prior to January 1, 2016, the Partnership has consolidated two variable interest entities (“VIE”), Bent Tree and Fairmont Oaks properties (the “Consolidated VIEs”), in the consolidated financial statements. The Partnership did not hold an ownership interest in the Consolidated VIEs but did own the MRBs that financed the Consolidated VIEs. The Partnership was determined to be the primary beneficiary of these VIEs. The Consolidated VIEs are presented as discontinued operations for all periods presented and all significant transactions and accounts between the Partnership and the VIEs have been eliminated in consolidation. The Company’s consolidated financial statements reported in this Form 10-K include the financial position and results of operations of the Partnership and the Consolidated VIEs. The Consolidated VIEs were sold in the fourth quarter of 2015. Variable Interest Entities Under the consolidation guidance, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are variable interest entities (“VIEs”) and if the Partnership is the primary beneficiary. The entity that is deemed to have (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it must consolidate the VIEs in the consolidated financial statements. The Company has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Company’s consolidated financial statements, all transactions and accounts between the Partnership and the Consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the Consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. The General Partner does not believe that the consolidation of VIEs for reporting under accounting principles generally accepted in the United States of America (“GAAP”) impacts the Partnership’s status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership, the treatment of the MRBs on the properties owned by Consolidated VIEs as debt, the nature of the interest payments, which it believes to be tax-exempt, received on the MRBs secured by the properties owned by Consolidated VIEs or the manner in which the Partnership’s income is reported to Unitholders on IRS Form K-1. The unallocated deficit of the Consolidated VIEs consists of the accumulated historical net losses of the Consolidated VIEs since the applicable consolidation date. The unallocated deficit of the Consolidated VIEs and the Consolidated VIEs’ net losses subsequent to that date are not allocated to the General Partner and Unitholders as such activity is not contemplated by, or addressed in, the First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as amended (the “Amended and Restated LP Agreement”). The Partnership sold its variable interests in Bent Tree and Fairmont Oaks (the Consolidated VIEs) in the fourth quarter of 2015. The sale of the Consolidated VIEs met the criteria for discontinued operations presentation and have been classified as such in the Company’s consolidated financial statements for all periods presented. The gains and results of operations of the Consolidated VIEs are reported as part of the discontinued operations in net income for the year ended December 31, 2015 (see Notes 14). 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. Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased. Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at three financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s portfolio being restricted to investment grade securities. Restricted Cash Restricted cash is legally restricted to use and is comprised of resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities and the Partnership’s interest rate derivatives. Investments in Mortgage Revenue Bond, Taxable Mortgage Revenue Bonds and Bond Purchase Commitments The Partnership accounts for its investments in MRBs, taxable MRBs and bond purchase commitments under the guidance for accounting for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale securities and are reported at estimated fair value. The net unrealized gains or losses on these investments is reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 25 for a description of the Partnership’s methodology for estimating fair value of mortgage revenue bonds, taxable MRBs and bond purchase commitments. The Partnership periodically reviews each of its MRBs, taxable MRBs and bond purchase commitments for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary based on various factors including: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Adverse conditions specifically related to the security, its collateral, or both, • Volatility of the fair value of the security, • The likelihood of the borrower being able to make payments, • Failure of the issuer to make scheduled interest or principal payments, and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost, if the Partnership has the intent to sell or may be required to sell the security prior to the time that the value recovers or until maturity, and whether the Partnership expects to recover the security’s entire amortized cost basis. The recognition of other-than-temporary impairment and the potential impairment analysis are subject to a considerable degree of judgment, the results of which when applied under different conditions or assumptions could have a material impact on the consolidated financial statements. If the Partnership experiences deterioration in the values of its investment portfolio, the Partnership may incur impairments to its investment portfolio that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. There were no impairment charges reported by the Partnership related to MRBs, taxable MRBs or bond purchase commitments during the years ended December 31, 2017, 2016 and 2015. The Partnership owns some MRBs which were purchased at a discount or premium. The discount or premium on an investment is amortized on an effective yield method over the term of the related MRB and is recognized as investment income in the current period. The Partnership eliminates the MRBs and the associated interest income and interest receivable when it consolidates the underlying real estate collateral in accordance with implementation of the consolidation guidance for VIEs. Investment in PHC Certificates and MBS Securities The Partnership accounts for its investments in PHC Certificates under the guidance for accounting for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale securities and are reported at estimated fair value. The net unrealized gains or losses on these investments is reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the underlying contractual payments, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 25 for a description of the Partnership’s methodology for estimating fair value for the PHC Certificates and MBS Securities. The Partnership sold its remaining MBS Securities in the first quarter of 2016. The Partnership periodically reviews the PHC Certificates and MBS Securities for impairment. The Partnership evaluates whether a decline in the fair value of the investments is below its amortized cost is other-than temporary. Factors considered are: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Downgrade in the security’s rating by S&P, and • Volatility of the fair value of the security. See Note 7 for information on recognized impairment of the PHC Certificates. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at a discount. The discount or premium on an investment is amortized on an effective yield method over the term of the related PHC Certificate and is recognized as investment income in the current period. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily, student housing, and senior citizen residential apartment buildings and five to 15 years on capital improvements. Depreciation expenses is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gains and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of the real estate assets may not be recoverable, the Partnership compares the carrying amount to the undiscounted net cash flows expected to be generated from the use of the assets. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. See Note 9 for information on recognized impairment charges. Investment in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited partnership interest under The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Evidence of a loss in value that is other than temporary includes, but is not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment, or, where applicable, estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment as to whether any decline in value is other than temporary is based on its ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered other than temporary, an impairment charge is recorded equal to the excess of the carrying value over the estimated fair value of the investment. Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily properties. Most of the property loans are with multifamily properties that secure MRBs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and is reported within other interest income on the consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these taxable property loans is dependent largely on the value of the property or its cash flows that collateralize the loans. The Partnership periodically evaluates these loans for potential losses by estimating the fair value of the property that collateralizes the loans and comparing the fair value to the outstanding MRBs or senior financing plus the Partnership’s property loans. The Partnership utilizes a discounted cash flow model (“DCF”) that considers varying assumptions. The DCF analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the property, after deducting the amortized cost basis of the MRB or senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. See Note 11 for additional information on the Partnership’s loan loss allowances. Assets Held for Sale The Partnership reports assets and related liabilities as held for sale on the consolidated balance sheet in the period that the Partnership has committed to a plan to dispose of an asset or asset group, the asset or asset group is being marketed for sale, and it is probable the sale will be completed within one year. Once an asset or asset group is determined to be held for sale, the Partnership discontinues depreciation of the asset or asset group. Accounting for TEBS, Term A/B and TOB Financing Arrangements The Partnership has evaluated the accounting guidance related its TOB, Term TOB, Term A/B and TEBS Financings and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and will, therefore, be accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets. The financing agreements contain certain provisions that allow the Partnership to unilaterally cause the holder to return the securitized assets, other than through a cleanup call. Based on these terms, the Partnership has concluded that it has not transferred effective control over the transferred assets and, as such, the transactions do not meet the conditions to de-recognize the transferred assets. In addition, the Partnership has evaluated the securitization trusts associated with the TOB, Term TOB, Term A/B and TEBS Financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts in the Partnership’s consolidated financial statements. Deferred Financing Costs Debt financing costs are capitalized and amortized utilizing the effective interest method through either the stated maturity or the optional redemption of the related debt financing agreement. Debt financing costs associated with revolving line of credit arrangements are reported within other assets on the consolidated balance sheets. Debt financing costs for other debt financings are reported as reductions to the carrying value of the related debt financings on the consolidated balance sheets. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the stated maturity of the related MRBs. Bond issuance costs are reported as an adjustment to the carrying cost of the related MRB on the consolidated balance sheets. 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. Certain of the Consolidated VIEs and The Greens Hold Co are corporations 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 these entities on the Partnership’s consolidated financial statements. The Partnership evaluates its tax positions taken in the Partnership’s 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 values its deferred tax assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse, and reflects changes to enacted rates contained in the Tax Cuts and Jobs Act of 2017 that was signed into law in December 2017. 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. Revenue Recognition on Investments in Mortgage Revenue Bonds The interest income received by the Partnership from its MRBs is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing MRBs is recognized as it is earned. Base interest income on MRBs not fully performing is recognized as it is received. Past due base interest on MRBs previously not fully performing is recognized as it is received. The Partnership reinstates the accrual of base interest once the MRBs’ ability to perform is adequately demonstrated. Base interest income related to tax-exempt and taxable MRBs are disclosed within investment income and other interest income, respectively, on the consolidated statements of operations. Certain MRBs contain contingent interest provisions that generate excess available cash flow. Contingent interest income is recognized when realized or realizable. Past due contingent interest on MRBs, which are or were previously not fully performing, is recognized when realized or realizable. At December 31, 2017 and 2016, the Partnership’s MRBs were fully performing as to their base interest. Revenue Recognition on Investments in Real Estate, MBS, and PHC Certificates The Partnership’s Consolidated VIEs and the MF Properties are lessors of multifamily, student housing, and senior citizen rental units under leases with terms of one year or less. Rental revenue is recognized, net of rental concessions, on a straight-line method over the related lease term. Interest income on the MBS and PHC Certificates is recognized as it is earned. Derivative Instruments and Hedging Activities The Partnership reports all derivative instrument assets or liabilities in the consolidated balance sheets at fair value. The Partnership’s derivative instruments are not designated as hedging instruments and changes in fair value are recognized in the consolidated statements of operations as interest expense. The Partnership is exposed to loss should a counterparty to its derivative instruments default. The Partnership does not anticipate non-performance by any counterparty. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units, which represent limited partnership interests in the Partnership, to various financial institutions. The Series A Preferred Units are recorded as mezzanine equity due to the holders’ redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. In addition, the costs of issuing the Series A Preferred Units are netted against the carrying value and amortized to the first redemption date (Note 21). Beneficial Unit Certificates (“BUCs”) The Partnership has issued BUCs representing assigned limited partnership interests to investors. Costs related to the issuance of BUCs are recorded as a reduction to partners’ capital when issued. 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 Unit Awards (“RUA” or “RUAs”) 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 up to three years. RUAs currently provide for the payment of 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 accounts 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. Net Income per BUC The Partnership uses the two-class method to allocate net income available to BUCs and the unvested Restricted Units as the Restricted Units are participating securities. 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. Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with GAAP requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining investment valuations, investment impairments, impairment of real estate assets, allocation of the purchase price for acquisition accounting and allowances for loan losses. Recently Issued Accounting Pronouncements In March 2017, the FASB ASU The Partnership has determined adoption of the standard will not have a material impact on the 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 also requires certain disclosure regarding the nature of restrictions on cash balances. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2017 and is applied retrospectively. The Partnership has determined adoption of the standard will not have a material impact on the 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 has determined adoption of the standard will not have a material impact on the 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 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 and is currently evaluating the impact this standard will have on its 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 has determined adoption of the standard will not have a material impact on the 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. D |
Partnership Income, Expenses an
Partnership Income, Expenses and Cash Distributions | 12 Months Ended |
Dec. 31, 2017 | |
Partnership Income Expenses And Cash Distributions [Abstract] | |
Partnership Income, Expenses and Cash Distributions | 3. Partnership Income, Expenses and Cash Distributions The Amended and Restated LP Agreement of the Partnership contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments. Income and losses will be allocated to each Unitholder on a periodic basis, as determined by the General Partner, based on the number of BUCs held by each Unitholder as of the last day of the period for which such allocation is to be made. Distributions of Net Interest Income and Net Residual Proceeds will be made to each Unitholder of record on the last day of each distribution period based on the number of BUCs held by each Unitholder 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 (Note 9) 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 (Tier 1) is distributed 99% to the limited partners and Unitholders as a class and 1% to AFCA 2. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) representing contingent interest up to 0.9% per annum of the principal amount of the MRBs on a cumulative basis are distributed 75% to the limited partners and Unitholders as a class and 25% to AFCA 2. Net Interest Income (Tier 3) and Net Residual Proceeds (Tier 3) received by the Partnership in excess of any contingent interest included in Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) are distributed 100% to the limited partners and Unitholders as a class. The distributions paid or accrued per BUC during the fiscal years ended December 31, 2017, 2016, and 2015 were as follows: For the Years Ended December 31, 2017 2016 2015 Cash distributions $ 0.5000 $ 0.5000 $ 0.5000 |
Net Income per BUC
Net Income per BUC | 12 Months Ended |
Dec. 31, 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 consolidated statements of operations. The unvested RUAs issued under the Plan are considered participating securities. There were no dilutive Units for the years ended December 31, 2017, 2016 and 2015. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities Consolidated VIEs The capital structure of Bent Tree and Fairmont Oaks (the “Consolidated VIEs”) consisted of senior debt, subordinated debt, and equity capital. The senior debt was in the form of a MRB and accounts for the majority of the total capital of each VIE. As the bondholder, the Partnership was entitled to principal and interest payments and has certain protective rights as established by the MRB documents. The equity ownership in these entities is ultimately held by corporations which are owned by three individuals, one of which is a related party to the Partnership. Additionally, each of these properties was managed by an affiliate of the Partnership, Properties Management, which is an affiliate of Burlington. The Partnership determined it was the primary beneficiary of the Consolidated VIEs. The Consolidated VIEs were sold in the fourth quarter of 2015 with the gains and results of operations of the Consolidated VIEs reported as part of the discontinued operations in net income for all periods presented. No net income or loss from these properties’ operations or sale accrued to the Unitholders or the General Partner during 2017, 2016 and 2015. The Partnership determined the TOB Trusts, Term A/B Trusts and TEBS Financings are VIEs and the Partnership is the primary beneficiary. 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. As the primary beneficiary, 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 consolidated balance sheets (Note 17). The MRBs secured by the TOB Trusts, Term A/B Trusts and TEBS Financings are reported as assets on the consolidated balance sheets (Note 6). Non-Consolidated VIEs The Partnership has variable interests in various entities in the form of MRBs, property loans and investments in unconsolidated entities. These variable interests do not allow the Partnership 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 VIEs in the consolidated financial statements. The Partnership held variable interest in 23 and 20 non-consolidated VIEs at December 31, 2017 and 2016, respectively. The following table summarizes the Partnerships variable interests in these entities at December 31, 2017 and 2016: Maximum Exposure to Loss December 31, 2017 December 31, 2016 Mortgage revenue bonds $ 146,344,195 $ 137,921,000 Property loans 15,824,613 16,476,073 Investment in unconsolidated entities 39,608,927 19,470,006 $ 201,777,735 $ 173,867,079 The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns at December 31, 2017 and 2016. The difference between a MRB’s carrying value on the 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 December 31, 2017 and 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 recorded against the property loans. |
Investments in Mortgage Revenue
Investments in Mortgage Revenue Bonds | 12 Months Ended |
Dec. 31, 2017 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Investments in Mortgage Revenue Bonds | 6. Investments in Mortgage Revenue Bonds The Partnership owns MRBs that were issued by various state and local governments, their agencies and authorities to finance the construction or rehabilitation of income-producing real estate properties. However, the MRBs do not constitute an obligation of any state or local government, agency or authority and no state or local government, agency or authority is liable on them, nor is the taxing power of any state or local government pledged to the payment of principal or interest on the MRBs. The MRBs are non-recourse obligations of the respective owners of the properties. The sole source of the funds to pay principal and interest on the MRBs is the net cash flow or the sale or refinancing proceeds from the properties. Each MRB is collateralized by a mortgage on all real and personal property included in the related property. The MRBs bear interest at a fixed rate and two of the mortgage revenue bonds provide for the payment of additional contingent interest that is payable from available net cash flow generated by the related property. The following tables present information regarding the mortgage revenue bonds owned by the Partnership as of December 31, 2017 and 2016: December 31, 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 $ 1,226,192 $ - $ 17,684,192 Glenview Apartments - Series A (4) CA 4,627,228 523,464 - 5,150,692 Harmony Court Bakersfield - Series A (2) CA 3,730,000 430,637 - 4,160,637 Harmony Terrace - Series A & B (2) CA 14,300,000 871,221 - 15,171,221 Harden Ranch - Series A (3) CA 6,845,985 1,182,914 - 8,028,899 Las Palmas II - Series A & B (2) CA 3,465,000 193,418 - 3,658,418 Montclair Apartments - Series A (4) CA 2,506,828 398,840 - 2,905,668 San Vicente - Series A & B (2) CA 5,320,000 309,038 - 5,629,038 Santa Fe Apartments - Series A (4) CA 3,036,928 535,673 - 3,572,601 Seasons at Simi Valley - Series A (2) CA 4,366,195 807,864 - 5,174,059 Seasons Lakewood - Series A & B (2) CA 12,610,000 884,537 - 13,494,537 Seasons San Juan Capistrano - Series A & B (2) CA 18,949,000 1,233,570 - 20,182,570 Summerhill - Series A & B (2) CA 9,795,000 738,806 - 10,533,806 Sycamore Walk - Series A (2) CA 3,632,000 490,314 - 4,122,314 The Village at Madera - Series A & B (2) CA 4,804,000 355,303 - 5,159,303 Tyler Park Townhomes - Series A (3) CA 5,965,475 807,688 - 6,773,163 Westside Village Market - Series A (3) CA 3,898,427 568,423 - 4,466,850 Lake Forest (1) FL 8,505,000 1,579,885 - 10,084,885 Brookstone (1) IL 7,450,595 2,017,019 - 9,467,614 Copper Gate Apartments (3) IN 5,100,000 778,339 - 5,878,339 Renaissance - Series A (4) LA 11,239,441 2,096,328 - 13,335,769 Live 929 Apartments (2) MD 40,573,347 3,710,942 - 44,284,289 Woodlynn Village (1) MN 4,267,000 44,428 - 4,311,428 Greens Property - Series A (3) NC 8,126,000 1,113,852 - 9,239,852 Silver Moon - Series A (4) NM 7,879,590 1,140,448 - 9,020,038 Ohio Properties - Series A (1) OH 14,113,000 788,199 - 14,901,199 Bridle Ridge (1) SC 7,465,000 1,199 - 7,466,199 Columbia Gardens (2) SC 13,396,856 1,413,831 - 14,810,687 Companion at Thornhill Apartments (2) SC 11,404,758 1,284,441 - 12,689,199 Cross Creek (1) SC 6,136,553 2,850,344 - 8,986,897 The Palms at Premier Park Apartments (3) SC 19,238,297 2,712,429 - 21,950,726 Village at River's Edge (2) SC 10,000,000 1,182,706 - 11,182,706 Willow Run (2) SC 13,212,587 1,391,536 - 14,604,123 Arbors at Hickory Ridge (3) TN 11,342,234 1,693,626 - 13,035,860 Pro Nova 2014-1 (2) TN 10,038,889 133,878 - 10,172,767 Avistar at Copperfield - Series A (2) TX 10,000,000 628,644 - 10,628,644 Avistar at the Crest - Series A (3) TX 9,456,384 1,187,142 - 10,643,526 Avistar at the Oaks - Series A (3) TX 7,635,895 938,465 - 8,574,360 Avistar at the Parkway - Series A (4) TX 13,233,665 932,753 - 14,166,418 Avistar at Wilcrest - Series A (2) TX 3,775,000 125,170 - 3,900,170 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,865,826 - 33,715,826 Avistar in 09 - Series A (3) TX 6,593,300 716,944 - 7,310,244 Avistar on the Boulevard - Series A (3) TX 16,109,972 1,947,465 - 18,057,437 Avistar on the Hills - Series A (3) TX 5,275,623 648,383 - 5,924,006 Bella Vista (1) TX 6,295,000 42,718 - 6,337,718 Bruton Apartments (2) TX 18,051,775 3,042,939 - 21,094,714 Concord at Gulfgate - Series A (2) TX 19,185,000 2,759,654 - 21,944,654 Concord at Little York - Series A (2) TX 13,440,000 1,999,572 - 15,439,572 Concord at Williamcrest - Series A (2) TX 20,820,000 2,994,839 - 23,814,839 Crossing at 1415 - Series A (2) TX 7,540,000 634,091 - 8,174,091 Decatur Angle (2) TX 22,794,912 2,985,955 - 25,780,867 Heights at 515 - Series A (2) TX 6,903,000 580,522 - 7,483,522 Heritage Square - Series A (4) TX 11,063,027 993,609 - 12,056,636 Oaks at Georgetown - Series A & B (2) TX 17,842,000 915,705 - 18,757,705 Runnymede (1) TX 10,150,000 79,514 - 10,229,514 Southpark (1) TX 11,693,138 2,960,294 - 14,653,432 Vantage at Judson -Series B (4) TX 26,133,557 3,117,969 - 29,251,526 15 West Apartments (2) WA 9,797,833 1,839,648 - 11,637,481 Mortgage revenue bonds held in trust $ 639,438,294 $ 71,429,153 $ - $ 710,867,447 (1) Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17 (2) Bond held by Deutsche Bank in a secured financing transaction, see Note 17 (3) Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17 (4) Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17 December 31, 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 $ 1,111,807 $ - $ 13,582,807 Seasons at Simi Valley - Series B CA 1,944,000 - (466 ) 1,943,534 Sycamore Walk - Series B CA 1,815,000 - (151 ) 1,814,849 Vineyard Gardens - Series A & B CA 6,841,000 - - 6,841,000 Greens Property - Series B NC 937,399 193,991 - 1,131,390 Ohio Properties - Series B OH 3,536,060 149,630 - 3,685,690 Rosewood Townhomes - Series A & B SC 9,750,000 - - 9,750,000 South Pointe Apartments - Series A & B SC 22,700,000 - - 22,700,000 Avistar at Copperfield - Series B TX 4,000,000 13,514 - 4,013,514 Avistar at the Crest - Series B TX 749,455 58,871 - 808,326 Avistar at the Oaks - Series B TX 548,202 41,286 - 589,488 Avistar at the Parkway - Series B TX 124,861 30,715 - 155,576 Avistar at Wilcrest - Series B TX 1,550,000 5,306 - 1,555,306 Avistar at Wood Hollow - Series B TX 8,410,000 30,276 - 8,440,276 Avistar in 09 - Series B TX 452,217 28,675 - 480,892 Avistar on the Boulevard - Series B TX 445,328 33,232 - 478,560 Mortgage revenue bonds held by the Partnership $ 76,274,522 $ 1,697,303 $ (617 ) $ 77,971,208 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) Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17 (2) Bond held by Deutsche Bank in a secured financing transaction, see Note 17 (3) Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17 (4) Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17 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 25 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 consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. Bond Activity in 2017 Acquisitions: Property Name Month Acquired Property Location Units (Unaudited) 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 Village at River's Edge (1) November Columbia, SC 124 6/1/2033 6.00 % 10,000,000 Rosewood Townhomes - Series A December Goose Creek, SC 100 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B December Goose Creek, SC 100 8/1/2055 12.00 % 470,000 South Pointe Apartments - Series A December Hanahan, SC 256 7/1/2055 5.75 % 21,600,000 South Pointe Apartments - Series B December Hanahan, SC 256 8/1/2055 12.00 % 1,100,000 Vineyard Gardens - Series A December Oxnard, CA 62 1/1/2035 5.50 % 3,995,000 Vineyard Gardens - Series B December Oxnard, CA 62 1/1/2020 5.50 % 2,846,000 $ 121,347,000 (1) Previously reported bond purchase commitment that converted to a mortgage revenue bond in November 2017 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest. Property Name Month Redeemed Property Location Units (Unaudited) 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 Vantage at Harlingen - Series B October San Antonio, TX 288 9/1/2053 6.00 % 24,363,221 Ashley Square November Des Moines, IA 144 12/1/2025 6.25 % 4,982,000 Avistar at Chase Hill - Series A November San Antonio, TX 232 3/1/2050 6.00 % 9,757,084 Avistar at Chase Hill - Series B November San Antonio, TX 232 4/1/2050 9.00 % 953,278 Crossing at 1415 - Series B November San Antonio, TX 112 1/1/2053 12.00 % 335,000 $ 42,387,583 Upon redemption of the Vantage at Harlingen – Series B, the Partnership realized additional income for the early redemption of the MRB of approximately $424,000. The additional income is reported within other income on the consolidated statements of operations. Upon redemption of the Avistar at Chase Hill MRBs, the Partnership realized additional income for the early redemption of the MRB of approximately $200,000. The additional income is reported within other income on the consolidated statements of operations. The Partnership also realized additional interest related to the redemption of the Avistar at Chase Hill - Series B MRB of approximately $101,000. The additional interest income is reported within investment income on the consolidated statements of operations. Upon redemption of the Ashley Square MRB, the Partnership realized contingent interest income of approximately $2.9 million. Restructuring: In December 2017, the Heights at 515 MRBs were restructured. The $510,000 of principal outstanding on the Heights at 515 - Series B MRB was collapsed into the Series A MRB and the Series B MRB was eliminated. No cash was paid or received on restructuring. The terms of the Series B MRB that was eliminated are as follows: Property Name Month Restructured Property Location Units (Unaudited) Original Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Heights at 515 - Series B November San Antonio, TX 97 1/1/2053 12.00 % $ 510,000 Bond Activity in 2016 Acquisitions: Property Name Month Acquired Property Location Units (Unaudited) 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 Harmony Court Bakersfield - Series A November Bakersfield, CA 96 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B November Bakersfield, CA 96 12/1/2018 5.50 % 1,997,000 Summerhill - Series A November Bakersfield, CA 128 12/1/2033 5.00 % 6,423,000 Summerhill - Series B November Bakersfield, CA 128 12/1/2018 5.50 % 3,372,000 The Village at Madera - Series A November Madera, CA 75 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B November Madera, CA 75 12/1/2018 5.50 % 1,719,000 15 West Apartments (1) December Vancouver, WA 120 7/1/2054 6.25 % 9,850,000 Courtyard Apartments - Series A December Fullerton, CA 108 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B December Fullerton, CA 108 12/1/2018 5.50 % 6,228,000 Harmony Terrace - Series A December Simi Valley, CA 136 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B December Simi Valley, CA 136 1/1/2019 5.50 % 7,400,000 Oaks at Georgetown - Series A December Georgetown, TX 192 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B December Georgetown, TX 192 1/1/2019 5.50 % 5,512,000 Seasons Lakewood - Series A December Lakewood, CA 85 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B December Lakewood, CA 85 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A December San Juan Capistrano, CA 112 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B December San Juan Capistrano, CA 112 1/1/2019 5.50 % 6,574,000 $ 130,620,000 (1) Previously reported bond purchase commitment that converted to a mortgage revenue bond in December 2016 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest. Property Name Month Redeemed Property Location Units (Unaudited) 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 $ 5,172,000 Restructurings: During 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 MRBs. No cash was paid or received on restructuring. The terms of the three Series MRBs that were redeemed are as follows: The terms of the mortgage revenue bond after restructuring is as follows: Property Name Month Restructured Property Location Units (Unaudited) 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 Sales: During 2016, the Partnership sold the Pro Nova 2014-2 MRB at a price that 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 Term TOB Trust securitizing this MRB (Note 17). The terms of the Pro Nova 2014-2 MRB redeemed are as follows: Property Name Month Exchanged Property Location Units (Unaudited) 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. Geographic Concentrations The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. At December 31, 2017, and 2016, the concentration in Texas as a percentage of principal outstanding was approximately 44% and 45%, respectively. At December 31, 2017, and 2016, the concentration in California as a percentage of principal outstanding was approximately 20% and 20%, respectively. At December 31, 2017, and 2016, the concentration in South Carolina as a percentage of principal outstanding was approximately 16% and 12%, respectively. The following tables represent a description of certain terms of the Partnership’s MRBs at December 31, 2017, and 2016: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2017 15 West Apartments - Series A (2) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,797,833 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,237,041 Avistar at Copperfield - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 10,000,000 Avistar at Copperfield - Series B 2017 Houston, TX 6/1/2054 12.00 % 4,000,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,109,972 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,456,384 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,194,783 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,635,895 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,593,300 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,275,623 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,000,419 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,233,665 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,861 Avistar at Wilcrest - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B 2017 Houston, TX 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series A (2) 2017 Austin, TX 5/1/2054 5.75 % 31,850,000 Avistar at Wood Hollow - Series B 2017 Austin, TX 6/1/2054 12.00 % 8,410,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,295,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,465,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,979,174 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,051,775 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 13,193,000 Companion at Thornhill Apartments (2) 2016 Lexington, SC 1/1/2052 5.80 % 11,404,758 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 19,185,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 13,440,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 20,820,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,100,000 Courtyard Apartments - Series A (2) 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B (2) 2016 Fullerton, CA 12/1/2018 8.00 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,168,529 Crossing at 1415 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 7,540,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,794,912 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,627,228 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,126,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 937,399 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,845,985 Harmony Court Bakersfield - Series A (2) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Terrace - Series A (2) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B (2) 2016 Simi Valley, CA 1/1/2019 5.50 % 7,400,000 Heights at 515 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 6,903,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,063,027 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,505,000 Las Palmas II - Series A (2) 2016 Coachella, CA 11/1/2033 5.00 % 1,695,000 Las Palmas II - Series B (2) 2016 Coachella, CA 11/1/2018 8.00 % 1,770,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 39,995,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,506,828 Montecito at Williams Ranch - Series A 2017 Salinas, CA 10/1/2034 5.50 % 7,690,000 Montecito at Williams Ranch - Series B 2017 Salinas, CA 10/1/2019 5.50 % 4,781,000 Oaks at Georgetown - Series A (2) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B (2) 2016 Georgetown, TX 1/1/2019 5.50 % 5,512,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,113,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,536,060 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,239,441 Rosewood Townhomes - Series A 2017 Goose Creek, SC 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 470,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,150,000 San Vicente - Series A (2) 2016 Soledad, CA 11/1/2033 5.00 % 3,495,000 San Vicente - Series B (2) 2016 Soledad, CA 11/1/2018 8.00 % 1,825,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,036,928 Seasons at Simi Valley - Series A (2) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,366,195 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2018 8.00 % 1,944,000 Seasons Lakewood - Series A (2) 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B (2) 2016 Lakewood, CA 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A (2) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B (2) 2016 San Juan Capistrano, CA 1/1/2019 5.50 % 6,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,879,590 South Pointe - Series A 2017 Hanahan, SC 7/1/2055 5.75 % 21,600,000 South Pointe - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,100,000 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,300,000 Summerhill - Series A (2) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Summerhill - Series B (2) 2016 Bakersfield, CA 12/1/2018 8.00 % 3,372,000 Sycamore Walk - Series A (2) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B 2015 Bakersfield, CA 1/1/2018 8.00 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,238,297 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,965,475 Vantage at Judson (4) 2015 San Antonio, TX 1/1/2053 6.00 % 26,133,557 The Village at Madera - Series A (2) 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B (2) 2016 Madera, CA 12/1/2018 8.00 % 1,719,000 Village at River's Edge (2) 2017 Columbia, SC 6/1/2033 6.00 % 10,000,000 Vineyard Gardens - Series A 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Vineyard Gardens - Series B 2017 Oxnard, CA 1/1/2020 5.50 % 2,846,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,898,427 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 13,009,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,267,000 $ 719,750,361 (1) Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17 (2) Bond held by Deutsche Bank AG in a secured financing transaction, see Note 17 (3) Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17 (4) Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17 Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2016 15 West Apartments - Series A (2) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,850,000 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,351,321 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,039,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,268,850 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,844,994 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,549,644 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,158,382 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,709,040 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,656,458 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,326,157 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,005,226 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,365,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,535,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,076,558 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Companion at Thornhill Apartments (2) 2016 Lexington, SC 1/1/2052 5.80 % 11,500,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 19,185,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 13,440,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 20,820,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,145,000 Courtyard Apartments - Series A 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B 2016 Fullerton, CA 12/1/2018 5.50 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,258,605 Crossing at 1415 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,950,214 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,210,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 940,479 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,912,535 Harmony Court Bakersfield - Series A 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B 2016 Bakersfield, CA 12/1/2018 5.50 % 1,997,000 Harmony Terrace - Series A (2) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B (2) 2016 Simi Valley, CA 1/1/2019 5.50 % 7,400,000 Heights at 515 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,161,330 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,639,000 Las Palmas II - Series A 2016 Coachella, CA 11/1/2033 5.00 % 1,695,000 Las Palmas II - Series B 2016 Coachella, CA 11/1/2018 5.50 % 1,770,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,085,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Oaks at Georgetown - Series A (2) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B (2) 2016 Georgetown, TX 1/1/2019 5.50 % 5,512,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,215,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,549,780 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,348,364 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,250,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 San Vicente - Series A 2016 Soledad, CA 11/1/2033 5.00 % 3,495,000 San Vicente - Series B 2016 Soledad, CA 11/1/2018 5.50 % 1,825,000 Seasons at Simi Valley - Series A (2) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,376,000 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2017 8.00 % 1,944,000 Seasons Lakewood - Series A 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B 2016 Lakewood, CA 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Serie |
PHC Certificates
PHC Certificates | 12 Months Ended |
Dec. 31, 2017 | |
Public Housing Capital Fund Trusts [Abstract] | |
PHC Certificates | 7. PHC Certificates The Partnership owns 100% of the LIFERs of three TOB Trusts (“PHC Trusts”) sponsored by DB. The TOB Trusts are consolidated VIEs (Note 5) and the Partnership consolidates the assets of the PHC Trusts in the consolidated financial statements. The assets held by the PHC Trusts consist of custodial receipts evidencing loans made to numerous 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 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, nor guaranteed by the government of 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 on December 31, 2017 and 2016: December 31, 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 7.31 AA- 5.39% $ 25,109,305 $ - $ - $ 25,109,305 PHC Certificate Trust II 6.37 A+ 4.32% 9,606,480 - (248,189 ) 9,358,291 PHC Certificate Trust III 7.61 BBB 5.23% 15,451,249 - (277,257 ) 15,173,992 $ 50,167,034 $ - $ (525,446 ) $ 49,641,588 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 25 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 consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the PHC Certificates . The Partnership recognized an impairment charge on PHC Certificate Trust I of approximately $762,000 during the year ended December 31, 2017. There were no impairment charges recorded for the years ended December 31, 2016 and 2015. See Note 2 for information considered in the Partnership’s evaluation of impairment of the PHC Certificates. |
Mortgage-Backed Securities (_MB
Mortgage-Backed Securities (“MBS Securities”) | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Backed Securities [Abstract] | |
Mortgage-Backed Securities (“MBS Securities”) | 8. Mortgage-Backed Securities (“MBS Securities”) In January 2016, the Partnership sold its three remaining MBS Securities for approximately $15.0 million, which approximated the amortized cost and accrued interest. The Partnership then collapsed the related three remaining MBS Trusts and paid all obligations in full from the proceeds of the sales. The Partnership owned 100% of the LIFERs of TOB Trusts (“MBS Trusts”) sponsored by DB. The MBS Trusts are consolidated VIEs (Note 5) and the Partnership consolidates the assets of the MBS Trusts in the consolidated financial statements. The MBS Securities are backed by residential mortgage loans and interest received is expected to be exempt from federal income taxation. |
Real Estate Assets
Real Estate Assets | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Real Estate Assets | 9. Real Estate Assets The Partnership owns the Jade Park and Suites on Paseo MF Properties directly. The Partnership owns all other MF Properties through the Greens Hold Co, a wholly-owned subsidiary. The Greens Hold Co owns 100% of the MF Properties, except for Northern View for which it owned a 99% limited partner position. The general partner of Northern View is an unaffiliated party and its 1% ownership interest is reflected in the Partnership’s consolidated financial statements as noncontrolling interest. The financial statements of the MF properties are consolidated with those of the Partnership. The Partnership also invests in land with plans to develop into rental properties in the future. These investments are reported as “Land held for development” below. The following tables represent information regarding the real estate assets owned by the Partnership at December 31, 2017 and 2016: Real Estate Assets at December 31, 2017 Property Name Location Number of Units (Unaudited) Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2017 Suites on Paseo San Diego, CA 394 $ 3,166,463 $ 38,454,894 $ 41,621,357 The 50/50 MF Property Lincoln, NE 475 - 32,932,981 32,932,981 Jade Park Daytona, FL 144 2,292,035 7,565,613 9,857,648 Land held for development (1) (1) 1,860,737 - 1,860,737 $ 86,272,723 Less accumulated depreciation (9,580,531 ) Total real estate assets $ 76,692,192 (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 at December 31, 2016 Property Name Location Number of Units (Unaudited) 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) Land held for development consists of parcels of land in St. Petersburg, FL, Johnson County, KS, and Richland County, SC and land and development costs for a site in Panama City Beach, FL. Activity in 2017 During 2017, the Partnership sold four of its MF Properties to unrelated third parties. The table below summarizes information related to the sales. The gains on sale, net of income taxes, are considered either Tier 2 or Tier 3 income (See Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units (Unaudited) Gross Proceeds Gain on Sale before Income Taxes Northern View March Highland Heights, KY 294 $ 13,750,000 $ 7,174,183 Eagle Village November Evansville, IN 511 12,775,000 2,782,107 Residences of DeCordova November Granbury, TX 110 12,100,000 5,174,645 Residences of Weatherford November Weatherford, TX 76 7,900,000 2,644,040 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 and the property is no longer listed for sale at December 31, 2017. In December 2017, the Partnership executed a listing agreement with a broker to market the Jade Park MF Property for sale. Activity in 2016 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 recorded an impairment charge of approximately $62,000 in the second quarter of 2016. During 2016, the Partnership sold two of its MF Properties to unrelated third parties. The table below summarizes information related to the sales. The gains on sale, net of income taxes, are considered Tier 2 income (See Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units (Unaudited) Gross Proceeds Gain on Sale before Income Taxes Arboretum June Omaha, NE 145 $ 30,200,000 $ 12,410,444 Woodland Park July Topeka, KS 236 15,650,000 1,661,873 In August and November 2016, the Partnership executed PSA’s to acquire two contiguous tracts of land in Omaha, Nebraska. If these tracts of land are successfully acquired, they will be classified as “Land held for development.” Activity in 2015 During 2015, the Partnership sold two of its MF Properties to unrelated third parties. The table below summarizes information related to the sales. The gains on sale, net of income taxes, are considered Tier 2 income (See Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units (Unaudited) Gross Proceeds Gain on Sale before Income Taxes The Colonial May Omaha, NE 258 $ 10,696,510 $ 3,427,044 Glynn Place August Brunswick, GA 128 5,500,000 1,172,065 Net income, exclusive of the gains on sale, related to the sales of MF Properties for the years ended December 31, 2017, 2016 and 2015 are as follows: For the Years Ended December 31, 2017 2016 2015 Net loss $ (290,494 ) $ (457,201 ) $ (433,784 ) Jade Park Acquisition 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 land improvements and buildings and improvements are being depreciated on a straight-line basis over a weighted average useful life of 22.7 years. The in-place lease assets are amortized over a useful life of 6 months. The Partnership incurred approximately $135,000 of acquisition costs related to the purchase. A condensed balance sheet at the date of acquisition for the Jade Park acquisition is as follows: Jade Park 9/30/2016 (Date of Acquisition) Land $ 2,292,035 Buildings and improvements 7,244,534 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 Pro Forma Consolidated Results of Operations The table below shows the unaudited pro forma condensed consolidated results of operations of the Partnership as if Jade Park had been acquired at January 1, 2015: 2016 2015 Pro forma revenues $ 60,008,686 $ 64,162,327 Pro forma net income $ 24,663,645 $ 23,075,438 Pro forma net income allocated to Unitholders $ 21,047,854 $ 16,917,875 Pro forma Unitholder's interest in net income per Unit (basic and diluted) $ 0.35 $ 0.28 For the year ended December 31, 2016, Jade Park added approximately $0.4 million in total revenue and approximately $0.4 million in net loss to the Partnership since the acquisition on September 30, 2016. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | 10. 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 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 The following table provides the details of the investments in unconsolidated entities at December 31, 2017 and 2016 and remaining equity commitment amounts at December 31, 2017: Property Name Location Units (Unaudited) Month Commitment Executed Construction Completion Date Carrying Value at December 31, 2017 Carrying Value at December 31, 2016 Maximum Remaining Equity Commitment at December 31, 2017 Vantage at Corpus Christi Corpus Christi, TX 288 March 2016 August 2017 $ 9,178,139 $ 8,447,343 $ 1,550,000 Vantage at Boerne Boerne, TX 288 August 2016 December 2017 8,272,810 5,057,802 1,475,936 Vantage at Waco Waco, TX 288 August 2016 N/A 8,748,091 5,964,861 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 N/A 10,349,416 - 1,996,500 Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 3,060,471 - 7,702,305 $ 39,608,927 $ 19,470,006 $ 14,316,780 |
Property Loan, Net of Loan Loss
Property Loan, Net of Loan Loss Allowances | 12 Months Ended |
Dec. 31, 2017 | |
Property Loan Net Of Loan Loss Allowances [Abstract] | |
Property Loan, Net of Loan Loss Allowances | 11. Property Loan, Net of Loan Loss Allowances The following table summarizes the Partnership’s property loans, net of loan loss allowances, at December 31, 2017 and 2016: December 31, 2017 Outstanding Balance Loan Loss Allowances Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,995,884 - 4,995,884 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,417,635 - 8,417,635 Vantage at New Braunfels, LLC 7,406,978 - 7,406,978 Winston Group, Inc 1,100,000 - 1,100,000 Total $ 36,907,688 $ (7,393,814 ) $ 29,513,874 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 New 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 Funds were received related to Ashley Square property loans when the associated property was sold in November 2017. The Partnership received approximately $1.1 million of principal and approximately $1.7 million of interest on the property loans. The interest received was not previously recognized as the property loans were on nonaccrual status. The interest realized is reported within other interest income on the consolidated statements of operations for the year ended December 31, 2017. Upon sale, the remaining unpaid principal and interest on the Ashley Square property loans transferred to Cross Creek due to cross-collateralization provisions within the property loan documents. All such balances transferred are fully reserved as of December 31, 2017. During the year ended December 31, 2016, the Foundation for Affordable Housing (“FAH”) property loan and all accrued interest were paid off in full. In addition, the Partnership received and recognized approximately $1.4 million of contingent interest from the net cash proceeds on the sale of the property underlying the FAH property loan. The contingent interest income is considered Tier 2 income (Note 3). During the years ended December 31, 2017 and 2016, the interest to be earned on the Ashley Square, Cross Creek, and the Lake Forest operating property loans receivable was in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest earned since inception was not probable. In addition, the Partnership deferred less than 100% of the interest earned on the property loans on the Ohio Properties as, in management’s opinion, the remainder was considered collectible at December 31, 2017. The following table summarizes the changes in the Partnership’s loan loss reserves for the years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Balance, beginning of year $ 7,098,814 $ 7,098,814 $ 7,098,814 Provision for loan loss (1) 295,000 - - Balance, end of year $ 7,393,814 $ 7,098,814 $ 7,098,814 (1) See table below for a summary of terms for the individual Term A/B Trust securitizations. Activity for the year ended December 31, 2017 consists of the reversal of $55,000 allowance for loan loss related to Lake Forest and the increase of $350,000 allowance for loan loss related to Ashley Square. The net provision for loan loss for the year ended December 31, 2017 is recorded as a reduction to other interest income on the consolidated statements of operations. |
Income Tax Provision
Income Tax Provision | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | 12. 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. For the year ended December 31, 2015, the Greens Hold Co reported no income tax expense or benefit due to current net operating losses or the utilization of net operating loss carryforwards. The following table summarizes income tax expense for the years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Current income tax expense $ 6,419,146 $ 4,593,000 $ - Deferred income tax expense (benefit) (400,000 ) 366,000 - Total income tax expense $ 6,019,146 $ 4,959,000 $ - 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 deferred tax assets and liabilities are valued based on enacted tax rates, including consideration of the Jobs and Tax Cuts Act of 2017. This legislation reduced the maximum corporate income tax rate from 35% to 21% and resulted in a net deferred income tax benefit to the Partnership of approximately $15,000 for the year ended December 31, 2017. The net operating loss carryover reported on the Greens Hold Co 2015 tax return was utilized in its entirety in 2016 due to the gain on sale of the Arboretum. Accordingly, all valuation allowances, totaling $405,000, were reversed during the year ended December 31, 2016. For the years ended December 31, 2017, income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes for the Greens Hold Co differ from the provision for income taxes due primarily to state income taxes (net of the effect on federal income tax) and the impact of tax rate changes on deferred income tax asset and liabilities. For the years ended December 31, 2016, income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes for the Greens Hold Co differ from the provision for income taxes due primarily to state income taxes (net of the effect on federal income tax) and the impact of changes in NOL valuation allowances. The Partnership accrues interest and penalties associated with uncertain tax positions as part of income tax expense. There was no accrued interest or penalties at December 31, 2017 and 2016. The Company files U.S. Federal and state tax returns. The Partnership’s returns for years 2014 through 2016 remain subject to examination by the Internal Revenue Service. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Other Assets | 13. Other Assets The Partnership had the following Other Assets at December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Deferred financing costs - net $ 383,133 $ 456,890 Fair value of derivative instruments (Note 19) 597,221 383,604 Taxable mortgage revenue bonds at fair market value 2,422,459 4,084,599 Bond purchase commitments - fair value (Note 20) 3,002,540 2,399,449 Other assets 942,949 1,470,650 Total other assets $ 7,348,302 $ 8,795,192 See Note 25 for a description of the methodology and significant assumptions for determining the fair value of the derivative instruments, taxable MRBs and bond purchase commitments. Unrealized gains or losses on these assets are recorded in the consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. The following table includes the details of the taxable MRBs redeemed during the year ended December 31, 2017. The taxable MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest. The Partnership also realized additional interest related to redemption of the Vantage at Harlingen Series D and Avistar at Chase Hill Series C MRBs of approximately $169,000 and $35,000, respectively. The additional interest income is reported within other interest income on the consolidated statements of operations. Property Name Redemption Date Location Units (Unaudited) Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Vantage at Harlingen - Series D October San Antonio, TX 288 10/1/2053 9.00 % $ 1,278,117 Avistar at Chase Hill - Series C November San Antonio, TX 232 4/1/2050 9.00 % 232,145 The following table includes the details of the taxable MRB redeemed during the year ended December 31, 2016. The taxable MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest. Property Name Redemption Date Location Units (Unaudited) 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 |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |
Discontinued Operations | 14. Discontinued Operations The Partnership sold its variable interests in Bent Tree and Fairmont Oaks, the Consolidated VIEs, in the fourth quarter of 2015. The sale of the Consolidated VIEs met the criteria for discontinued operations presentation at the time they were disposed and have been classified as such in the Partnership’s consolidated financial statements for all periods presented. The gains and results of operations of the Consolidated VIEs are reported as part of the discontinued operations in net income for all periods presented. There are no assets or liabilities related to discontinued operations at December 31, 2017 and 2016. The following presents the revenues, expenses and income from discontinued operations for the year ended December 31, 2015: December 31, 2015 Rental revenues $ 2,952,383 Expenses 2,394,074 Net income from discontinued operations 558,309 Gain on sale of discontinued operations 3,163,088 Net income from discontinued operations $ 3,721,397 Depreciation and amortization expense related to discontinued operations was approximately $301,000 for the year ended December 31, 2015. Amortization of deferred financing costs related to discontinued operations was approximately $17,000 for the year ended December 31, 2015. Capital expenditures related to discontinued operations were approximately $201,000 for the year ended December 31, 2015. |
Unsecured Lines of Credit
Unsecured Lines of Credit | 12 Months Ended |
Dec. 31, 2017 | |
Unsecured Lines of Credit | 17. Debt Financing The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2017 and 2016: Outstanding Debt Financings on December 31, 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 $ 46,787,036 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 279,533,565 - 2016 - 2017 June 2018 - November 2027 N/A N/A N/A 3.64% - 4.52% Variable - TOB 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% TEBS Financings Variable - TEBS I 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - TEBS II (1) 81,003,688 176,685 2014 July 2019 Weekly 1.77% 1.39% 3.16% Variable - TEBS III (1) 57,406,058 57,364 2015 July 2020 Weekly 1.77% 1.16% 2.93% Total Debt Financings $ 558,328,347 (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 171,778,950 1,373,695 2016 March 2017 - December 2026 N/A N/A N/A 3.64% - 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) Tender Option Bond (“TOB”), Term TOB and Term A/B Trust Financings The Partnership executed a Master Trust Agreement with DB which allows the Partnership to execute multiple TOB, Term TOB and Term A/B Trust (collectively, “Trusts”) structures upon the approval and agreement of terms by DB. Under each TOB Trust structure, the trustee issues SPEARS and LIFERS that represent beneficial interests in the securitized asset held by the TOB Trusts. Under each Term TOB and Term A/B Trust structure, the trustee issues Class A and Class B Certificates that represent beneficial interests in the securitized asset held by the Term TOB or Term A/B Trusts. DB has purchased the SPEARS and Class A Certificates and the Partnership has retained the LIFERS and Class B Certificates of each Trust. Pursuant to the terms of the Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS or Class A Certificates. The LIFERS and Class B Certificates grant the Partnership certain rights to the securitized assets. The Trusts are VIEs, and the Partnership is the primary beneficiary due to its rights to the underlying assets. The Partnership consolidates the Trusts in the consolidated financial statements accordingly. The Partnership is required to meet certain covenants under the Master Trust Agreement. At December 31, 2017, the most restrictive covenant requiring that cash available to distribute plus interest expense for the trailing twelve months must be at least twice the trailing twelve-month interest expense. On December 31, 2017, the Partnership was in compliance with all covenants. If the Partnership were to be out of compliance with any of these covenants, it would trigger a termination event of the financing facilities. The variable TOB Financings at December 31, 2017 and 2016 are secured by three PHC Certificates (See Note 7). The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2017: Outstanding Financing at December 31, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,777,036 2014 October 2019 4.39 % Pro Nova 1 9,010,000 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,787,036 4.31 % Term A/B Trusts Securitization Willow Run $ 10,029,289 2016 September 2026 3.64 % Columbia Gardens 10,172,857 2016 September 2026 3.64 % Concord at Little York 11,315,538 2016 September 2026 3.64 % Concord at Williamscrest 17,526,516 2016 September 2026 3.64 % Concord at Gulfgate 16,154,584 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,608,733 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,675,323 2016 September 2026 3.64 % Sycamore Walk 3,054,841 2016 September 2026 3.64 % Decatur-Angle Apartments 21,276,657 2016 September 2026 3.64 % Heights at 515 5,380,814 2016 September 2026 3.64 % Crossing at 1415 6,344,418 2016 September 2026 3.64 % Bruton Apartments 15,199,181 2016 September 2026 3.64 % 15 West Apartments 8,326,731 2016 December 2026 3.64 % San Vicente - Series A 3,112,976 2017 February 2022 3.89 % San Vicente - Series B 1,545,930 2017 June 2018 3.76 % Las Palmas - Series A 1,507,389 2017 February 2022 3.89 % Las Palmas - Series B 1,494,702 2017 June 2018 3.76 % The Village at Madera - Series A 2,746,364 2017 February 2022 3.89 % The Village at Madera - Series B 1,455,570 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,322,157 2017 February 2022 3.89 % Summerhill - Series A 5,730,185 2017 February 2022 3.89 % Summerhill - Series B 2,855,809 2017 July 2018 3.76 % Courtyard - Series A 9,131,896 2017 February 2022 3.89 % Courtyard - Series B 5,272,090 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,555,646 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,453,076 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,047,869 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,564,539 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,838,000 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,168,088 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,414,834 2017 February 2027 4.46 % Oaks at Georgetown - Series A 11,087,478 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,686,120 2017 August 2018 3.76 % Harmony Terrace - Series A 6,199,955 2017 March 2022 3.89 % Harmony Terrace - Series B 6,284,318 2017 August 2018 3.76 % Village at River's Edge 8,993,092 2017 November 2027 4.52 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 279,533,565 3.85 % 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 24). In March 2017, the Partnership refinanced the Term A/B Trusts associated with Oaks at Georgetown and Harmony Terrace 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. In August 2017, the Term A/B Trust financing for the Harmony Court Bakersfield – Series B MRB was collapsed and paid off in full. The Partnership paid approximately $1.7 million at settlement, which approximated the outstanding principal plus accrued interest. The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2016: Outstanding Financing at December 31, 2016, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,851,960 2014 July 2019 4.39 % Pro Nova 1 9,008,739 2014 July 2017 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,860,699 4.31 % Term A/B Trusts Securitization Willow Run $ 11,564,852 2016 September 2026 3.64 % Columbia Gardens 11,565,068 2016 September 2026 3.64 % Concord at Little York 11,301,031 2016 September 2026 3.64 % Concord at Williamscrest 17,504,186 2016 September 2026 3.64 % Concord at Gulfgate 16,133,987 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,666,656 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,678,770 2016 September 2026 3.64 % Sycamore Walk 3,050,786 2016 September 2026 3.64 % Decatur-Angle Apartments 21,387,126 2016 September 2026 3.64 % Heights at 515 5,409,361 2016 September 2026 3.64 % Crossing at 1415 6,378,482 2016 September 2026 3.64 % Bruton Apartments 15,258,925 2016 September 2026 3.64 % 15 West Apartments 8,366,804 2016 December 2026 3.64 % Oaks at Georgetown A 11,709,479 2016 March 2017 4.56 % Harmony Terrace A 6,549,479 2016 March 2017 4.56 % Oaks at Georgetown B 5,229,479 2016 March 2017 4.56 % Harmony Terrace B 7,024,479 2016 March 2017 4.56 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 171,778,950 3.80 % In January 2016, the three MBS TOB Trusts were paid in full and collapsed upon sale of the related MBSs. In March 2016, the Term TOB Trust collateralized by the Pro Nova 2014-2 mortgage revenue bond was paid in full and collapsed. During the third quarter of 2016, the Partnership paid off and collapsed seven of its Term TOB Trusts, and simultaneously executed twelve new Term A/B Trust agreements secured by MRBs. Based on the terms of the Term A/B Trusts, 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 24). In December 2016, the Partnership entered into four new short-term Term A/B Trusts with an original maturity date in March 2017. Tax Exempt Bond Securitization (“TEBS”) Financings At December 31, 2017 and 2016, the Partnership, through three wholly-owned subsidiaries (collectively, the “Sponsors”), sponsored three separate TEBS Financings – the M24 TEBS Financing (“TEBS I”), M31 TEBS Financing (“TEBS II”) and M33 TEBS Financing (“TEBS III”). The TEBS Financings are structured such that the Partnership transfers MRBs to Freddie Mac to be securitized into the TEBS Financings. Freddie Mac then issues Class A and Class B Freddie Mac Multifamily Variable Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets. The TEBS Financings are VIEs, and the Partnership is the primary beneficiary due to its rights to the underlying assets. The Partnership consolidates the TEBS Financings in the consolidated financial statements accordingly. See Note 6 for information regarding the MRBs securitized within each TEBS Financing. Under the terms of TEBS Financings, the Sponsors have one extension option for each TEBS to extend the term for a set additional period. At the end of the original term of TEBS I in September 2017, the Partnership elected to extend the term of the financing for an additional three-year period through September 2020. At the end of the original term of TEBS II in July 2019, the Partnership may elect to extend the financing for an additional five-year period through July 2024. At the end of the original term of TEBS III in July 2020, the Partnership may elect to extend the financing for an additional five-year period through July 2025. Should the Sponsors elect not to extend the terms of TEBS II and TEBS III, the Sponsor must pay all remaining amounts due to the Class A Certificates plus any unpaid trust fees. The terms of the TEBS Financings require the Partnership to fund cash into certain escrow accounts. Balances in the escrow accounts are reported as restricted cash on the consolidated balance sheets at December 31, 2017 and 2016. There were three unscheduled paydowns during 2017, one each for TEBS I, TEBS II and TEBS III, due to redemptions of MRBs held by the respective TEBS. The following table summarizes the MRBs redeemed and the amount of Class A Certificates redeemed upon redemption: Mortgage Revenue Bond TEBS Facility Month Paydown Applied Vantage at Harlingen TEBS III October 2017 $ 24,363,221 Ashley Square TEBS I November 2017 4,472,000 Avistar at Chase Hill TEBS II November 2017 9,757,084 The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2018 $ 75,557,815 2019 130,870,901 2020 113,134,225 2021 2,357,601 2022 61,282,111 Thereafter 179,392,519 Total 562,595,172 Deferred financing costs (4,266,825 ) Total debt financing, net $ 558,328,347 Certain Term A/B Trusts mature in 2018. The Partnership expects these Term A/B Trusts to be settled upon redemption of the related MRBs prior to maturity. If the MRBs are not redeemed prior to maturity of the Term A/B Trusts, the Partnership expects to refinance the Term A/B Trusts with the current lender. The Partnership expects to renew each TOB financing facility maturing in 2018 for an additional one-year term with DB. |
Unsecured Lines of Credit [Member] | |
Unsecured Lines of Credit | 15. Unsecured Lines of Credit The following tables summarize the Partnership’s unsecured lines of credit (“LOC”) at December 31, 2017 and 2016: Unsecured Lines of Credit Outstanding on December 31, 2017 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 50,000,000 $ 50,000,000 May 2019 Variable (1) Monthly 4.38 % Bankers Trust operating - 10,000,000 May 2019 Variable (1) Monthly 4.62 % Total unsecured lines of credit $ 50,000,000 $ 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 The Partnership has entered into an unsecured Credit Agreement (the “Credit Agreement”) for a Line of Credit (“non-operating LOC”) of up to $50.0 million with Bankers Trust, the Partnership’s sole lead arranger and administrative agent. The Credit Agreement originated in March 2015 and was subsequently amended. In April 2017, the available commitment was increased $10.0 million to a total commitment of $50.0 million. The non-operating LOC bears interest at a variable rate equal to 3.0% plus the 30-day London Interbank Offered Rate (“LIBOR”) as of December 31, 2017. The principal amount of each acquisition advance is due on the 270th day following the advance date (the “Repayment Date”). The Partnership may extend any Repayment Date for up to three additional 90-day periods. In order to extend the Repayment Date, the Partnership must make principal payments equal to 5% of the original advance for the first extension, 10% for the second extension, and 20% for the third extension. The Repayment Date may not be extended beyond the stated maturity of the non-operating LOC. The Repayment Dates for the balance outstanding at December 31, 2017, exclusive of available extensions, range from June 2018 to September 2018. The proceeds of the non-operating LOC will be used by the Partnership for the purchase of multifamily real estate, taxable MRBs, MRBs, PHC certificates, or mortgage-backed securities. The Partnership intends to repay each advance either through alternative long-term debt or equity financing. The non-operating LOC contains a covenant, among others, that the Partnership’s ratio of the lender’s senior debt will not exceed a specified percentage of the market value of the Partnership’s assets, as defined in the Credit Agreement. The Partnership is in compliance with all covenants at December 31, 2017. During 2017 and 2016, the Partnership had an unsecured operating LOC with Bankers Trust with a maturity date in May 2019. In March 2016, the available commitment on the operating LOC was increased from $5.0 million to $7.5 million. In May 2017, the available commitment on the operating LOC was further increased to $10 million. The operating LOC bears interest at a variable rate equal to 3.25% plus the 30-day LIBOR. The Partnership is required to make prepayments of the principal to reduce outstanding principal balance on the operating line to zero for fifteen consecutive days during each calendar quarter. The Partnership fulfilled this requirement during the three months ended December 31, 2017 and the first quarter of 2018. |
Secured Line of Credit
Secured Line of Credit | 12 Months Ended |
Dec. 31, 2017 | |
Unsecured Lines of Credit | 17. Debt Financing The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2017 and 2016: Outstanding Debt Financings on December 31, 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 $ 46,787,036 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 279,533,565 - 2016 - 2017 June 2018 - November 2027 N/A N/A N/A 3.64% - 4.52% Variable - TOB 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% TEBS Financings Variable - TEBS I 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - TEBS II (1) 81,003,688 176,685 2014 July 2019 Weekly 1.77% 1.39% 3.16% Variable - TEBS III (1) 57,406,058 57,364 2015 July 2020 Weekly 1.77% 1.16% 2.93% Total Debt Financings $ 558,328,347 (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 171,778,950 1,373,695 2016 March 2017 - December 2026 N/A N/A N/A 3.64% - 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) Tender Option Bond (“TOB”), Term TOB and Term A/B Trust Financings The Partnership executed a Master Trust Agreement with DB which allows the Partnership to execute multiple TOB, Term TOB and Term A/B Trust (collectively, “Trusts”) structures upon the approval and agreement of terms by DB. Under each TOB Trust structure, the trustee issues SPEARS and LIFERS that represent beneficial interests in the securitized asset held by the TOB Trusts. Under each Term TOB and Term A/B Trust structure, the trustee issues Class A and Class B Certificates that represent beneficial interests in the securitized asset held by the Term TOB or Term A/B Trusts. DB has purchased the SPEARS and Class A Certificates and the Partnership has retained the LIFERS and Class B Certificates of each Trust. Pursuant to the terms of the Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS or Class A Certificates. The LIFERS and Class B Certificates grant the Partnership certain rights to the securitized assets. The Trusts are VIEs, and the Partnership is the primary beneficiary due to its rights to the underlying assets. The Partnership consolidates the Trusts in the consolidated financial statements accordingly. The Partnership is required to meet certain covenants under the Master Trust Agreement. At December 31, 2017, the most restrictive covenant requiring that cash available to distribute plus interest expense for the trailing twelve months must be at least twice the trailing twelve-month interest expense. On December 31, 2017, the Partnership was in compliance with all covenants. If the Partnership were to be out of compliance with any of these covenants, it would trigger a termination event of the financing facilities. The variable TOB Financings at December 31, 2017 and 2016 are secured by three PHC Certificates (See Note 7). The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2017: Outstanding Financing at December 31, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,777,036 2014 October 2019 4.39 % Pro Nova 1 9,010,000 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,787,036 4.31 % Term A/B Trusts Securitization Willow Run $ 10,029,289 2016 September 2026 3.64 % Columbia Gardens 10,172,857 2016 September 2026 3.64 % Concord at Little York 11,315,538 2016 September 2026 3.64 % Concord at Williamscrest 17,526,516 2016 September 2026 3.64 % Concord at Gulfgate 16,154,584 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,608,733 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,675,323 2016 September 2026 3.64 % Sycamore Walk 3,054,841 2016 September 2026 3.64 % Decatur-Angle Apartments 21,276,657 2016 September 2026 3.64 % Heights at 515 5,380,814 2016 September 2026 3.64 % Crossing at 1415 6,344,418 2016 September 2026 3.64 % Bruton Apartments 15,199,181 2016 September 2026 3.64 % 15 West Apartments 8,326,731 2016 December 2026 3.64 % San Vicente - Series A 3,112,976 2017 February 2022 3.89 % San Vicente - Series B 1,545,930 2017 June 2018 3.76 % Las Palmas - Series A 1,507,389 2017 February 2022 3.89 % Las Palmas - Series B 1,494,702 2017 June 2018 3.76 % The Village at Madera - Series A 2,746,364 2017 February 2022 3.89 % The Village at Madera - Series B 1,455,570 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,322,157 2017 February 2022 3.89 % Summerhill - Series A 5,730,185 2017 February 2022 3.89 % Summerhill - Series B 2,855,809 2017 July 2018 3.76 % Courtyard - Series A 9,131,896 2017 February 2022 3.89 % Courtyard - Series B 5,272,090 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,555,646 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,453,076 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,047,869 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,564,539 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,838,000 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,168,088 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,414,834 2017 February 2027 4.46 % Oaks at Georgetown - Series A 11,087,478 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,686,120 2017 August 2018 3.76 % Harmony Terrace - Series A 6,199,955 2017 March 2022 3.89 % Harmony Terrace - Series B 6,284,318 2017 August 2018 3.76 % Village at River's Edge 8,993,092 2017 November 2027 4.52 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 279,533,565 3.85 % 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 24). In March 2017, the Partnership refinanced the Term A/B Trusts associated with Oaks at Georgetown and Harmony Terrace 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. In August 2017, the Term A/B Trust financing for the Harmony Court Bakersfield – Series B MRB was collapsed and paid off in full. The Partnership paid approximately $1.7 million at settlement, which approximated the outstanding principal plus accrued interest. The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2016: Outstanding Financing at December 31, 2016, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,851,960 2014 July 2019 4.39 % Pro Nova 1 9,008,739 2014 July 2017 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,860,699 4.31 % Term A/B Trusts Securitization Willow Run $ 11,564,852 2016 September 2026 3.64 % Columbia Gardens 11,565,068 2016 September 2026 3.64 % Concord at Little York 11,301,031 2016 September 2026 3.64 % Concord at Williamscrest 17,504,186 2016 September 2026 3.64 % Concord at Gulfgate 16,133,987 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,666,656 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,678,770 2016 September 2026 3.64 % Sycamore Walk 3,050,786 2016 September 2026 3.64 % Decatur-Angle Apartments 21,387,126 2016 September 2026 3.64 % Heights at 515 5,409,361 2016 September 2026 3.64 % Crossing at 1415 6,378,482 2016 September 2026 3.64 % Bruton Apartments 15,258,925 2016 September 2026 3.64 % 15 West Apartments 8,366,804 2016 December 2026 3.64 % Oaks at Georgetown A 11,709,479 2016 March 2017 4.56 % Harmony Terrace A 6,549,479 2016 March 2017 4.56 % Oaks at Georgetown B 5,229,479 2016 March 2017 4.56 % Harmony Terrace B 7,024,479 2016 March 2017 4.56 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 171,778,950 3.80 % In January 2016, the three MBS TOB Trusts were paid in full and collapsed upon sale of the related MBSs. In March 2016, the Term TOB Trust collateralized by the Pro Nova 2014-2 mortgage revenue bond was paid in full and collapsed. During the third quarter of 2016, the Partnership paid off and collapsed seven of its Term TOB Trusts, and simultaneously executed twelve new Term A/B Trust agreements secured by MRBs. Based on the terms of the Term A/B Trusts, 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 24). In December 2016, the Partnership entered into four new short-term Term A/B Trusts with an original maturity date in March 2017. Tax Exempt Bond Securitization (“TEBS”) Financings At December 31, 2017 and 2016, the Partnership, through three wholly-owned subsidiaries (collectively, the “Sponsors”), sponsored three separate TEBS Financings – the M24 TEBS Financing (“TEBS I”), M31 TEBS Financing (“TEBS II”) and M33 TEBS Financing (“TEBS III”). The TEBS Financings are structured such that the Partnership transfers MRBs to Freddie Mac to be securitized into the TEBS Financings. Freddie Mac then issues Class A and Class B Freddie Mac Multifamily Variable Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets. The TEBS Financings are VIEs, and the Partnership is the primary beneficiary due to its rights to the underlying assets. The Partnership consolidates the TEBS Financings in the consolidated financial statements accordingly. See Note 6 for information regarding the MRBs securitized within each TEBS Financing. Under the terms of TEBS Financings, the Sponsors have one extension option for each TEBS to extend the term for a set additional period. At the end of the original term of TEBS I in September 2017, the Partnership elected to extend the term of the financing for an additional three-year period through September 2020. At the end of the original term of TEBS II in July 2019, the Partnership may elect to extend the financing for an additional five-year period through July 2024. At the end of the original term of TEBS III in July 2020, the Partnership may elect to extend the financing for an additional five-year period through July 2025. Should the Sponsors elect not to extend the terms of TEBS II and TEBS III, the Sponsor must pay all remaining amounts due to the Class A Certificates plus any unpaid trust fees. The terms of the TEBS Financings require the Partnership to fund cash into certain escrow accounts. Balances in the escrow accounts are reported as restricted cash on the consolidated balance sheets at December 31, 2017 and 2016. There were three unscheduled paydowns during 2017, one each for TEBS I, TEBS II and TEBS III, due to redemptions of MRBs held by the respective TEBS. The following table summarizes the MRBs redeemed and the amount of Class A Certificates redeemed upon redemption: Mortgage Revenue Bond TEBS Facility Month Paydown Applied Vantage at Harlingen TEBS III October 2017 $ 24,363,221 Ashley Square TEBS I November 2017 4,472,000 Avistar at Chase Hill TEBS II November 2017 9,757,084 The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2018 $ 75,557,815 2019 130,870,901 2020 113,134,225 2021 2,357,601 2022 61,282,111 Thereafter 179,392,519 Total 562,595,172 Deferred financing costs (4,266,825 ) Total debt financing, net $ 558,328,347 Certain Term A/B Trusts mature in 2018. The Partnership expects these Term A/B Trusts to be settled upon redemption of the related MRBs prior to maturity. If the MRBs are not redeemed prior to maturity of the Term A/B Trusts, the Partnership expects to refinance the Term A/B Trusts with the current lender. The Partnership expects to renew each TOB financing facility maturing in 2018 for an additional one-year term with DB. |
Secured Line of Credit [Member] | |
Unsecured Lines of Credit | 16. Secured Line of Credit In December 2016, the Partnership entered into a secured Credit Agreement for a secured Line of Credit (“secured LOC”) of up to $20.0 million with Bankers Trust. The secured LOC bears interest at a variable interest rate equal to 2.5% plus the 30-day LIBOR. The following table summarizes the secured LOC, net of deferred financing costs, at December 31, 2016: Unsecured Lines of Credit Outstanding on December 31, 2016, net Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 19,816,667 $ 20,000,000 March 2017 Variable (1) Monthly 3.13 % (1) The variable rate is indexed to LIBOR plus 2.5%. The Partnership used the proceeds from the secured LOC to purchase MRBs in December 2016, to which the lender retained a security interest. The lender further had a mortgage lien on the Northern View MF Property as additional collateral. The secured LOC was paid in full in February 2017 and the Credit Agreement matured in March 2017. |
Debt Financing
Debt Financing | 12 Months Ended |
Dec. 31, 2017 | |
Debt Financing [Abstract] | |
Unsecured Lines of Credit | 17. Debt Financing The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2017 and 2016: Outstanding Debt Financings on December 31, 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 $ 46,787,036 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 279,533,565 - 2016 - 2017 June 2018 - November 2027 N/A N/A N/A 3.64% - 4.52% Variable - TOB 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% TEBS Financings Variable - TEBS I 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - TEBS II (1) 81,003,688 176,685 2014 July 2019 Weekly 1.77% 1.39% 3.16% Variable - TEBS III (1) 57,406,058 57,364 2015 July 2020 Weekly 1.77% 1.16% 2.93% Total Debt Financings $ 558,328,347 (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 171,778,950 1,373,695 2016 March 2017 - December 2026 N/A N/A N/A 3.64% - 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) Tender Option Bond (“TOB”), Term TOB and Term A/B Trust Financings The Partnership executed a Master Trust Agreement with DB which allows the Partnership to execute multiple TOB, Term TOB and Term A/B Trust (collectively, “Trusts”) structures upon the approval and agreement of terms by DB. Under each TOB Trust structure, the trustee issues SPEARS and LIFERS that represent beneficial interests in the securitized asset held by the TOB Trusts. Under each Term TOB and Term A/B Trust structure, the trustee issues Class A and Class B Certificates that represent beneficial interests in the securitized asset held by the Term TOB or Term A/B Trusts. DB has purchased the SPEARS and Class A Certificates and the Partnership has retained the LIFERS and Class B Certificates of each Trust. Pursuant to the terms of the Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS or Class A Certificates. The LIFERS and Class B Certificates grant the Partnership certain rights to the securitized assets. The Trusts are VIEs, and the Partnership is the primary beneficiary due to its rights to the underlying assets. The Partnership consolidates the Trusts in the consolidated financial statements accordingly. The Partnership is required to meet certain covenants under the Master Trust Agreement. At December 31, 2017, the most restrictive covenant requiring that cash available to distribute plus interest expense for the trailing twelve months must be at least twice the trailing twelve-month interest expense. On December 31, 2017, the Partnership was in compliance with all covenants. If the Partnership were to be out of compliance with any of these covenants, it would trigger a termination event of the financing facilities. The variable TOB Financings at December 31, 2017 and 2016 are secured by three PHC Certificates (See Note 7). The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2017: Outstanding Financing at December 31, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,777,036 2014 October 2019 4.39 % Pro Nova 1 9,010,000 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,787,036 4.31 % Term A/B Trusts Securitization Willow Run $ 10,029,289 2016 September 2026 3.64 % Columbia Gardens 10,172,857 2016 September 2026 3.64 % Concord at Little York 11,315,538 2016 September 2026 3.64 % Concord at Williamscrest 17,526,516 2016 September 2026 3.64 % Concord at Gulfgate 16,154,584 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,608,733 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,675,323 2016 September 2026 3.64 % Sycamore Walk 3,054,841 2016 September 2026 3.64 % Decatur-Angle Apartments 21,276,657 2016 September 2026 3.64 % Heights at 515 5,380,814 2016 September 2026 3.64 % Crossing at 1415 6,344,418 2016 September 2026 3.64 % Bruton Apartments 15,199,181 2016 September 2026 3.64 % 15 West Apartments 8,326,731 2016 December 2026 3.64 % San Vicente - Series A 3,112,976 2017 February 2022 3.89 % San Vicente - Series B 1,545,930 2017 June 2018 3.76 % Las Palmas - Series A 1,507,389 2017 February 2022 3.89 % Las Palmas - Series B 1,494,702 2017 June 2018 3.76 % The Village at Madera - Series A 2,746,364 2017 February 2022 3.89 % The Village at Madera - Series B 1,455,570 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,322,157 2017 February 2022 3.89 % Summerhill - Series A 5,730,185 2017 February 2022 3.89 % Summerhill - Series B 2,855,809 2017 July 2018 3.76 % Courtyard - Series A 9,131,896 2017 February 2022 3.89 % Courtyard - Series B 5,272,090 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,555,646 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,453,076 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,047,869 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,564,539 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,838,000 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,168,088 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,414,834 2017 February 2027 4.46 % Oaks at Georgetown - Series A 11,087,478 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,686,120 2017 August 2018 3.76 % Harmony Terrace - Series A 6,199,955 2017 March 2022 3.89 % Harmony Terrace - Series B 6,284,318 2017 August 2018 3.76 % Village at River's Edge 8,993,092 2017 November 2027 4.52 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 279,533,565 3.85 % 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 24). In March 2017, the Partnership refinanced the Term A/B Trusts associated with Oaks at Georgetown and Harmony Terrace 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. In August 2017, the Term A/B Trust financing for the Harmony Court Bakersfield – Series B MRB was collapsed and paid off in full. The Partnership paid approximately $1.7 million at settlement, which approximated the outstanding principal plus accrued interest. The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2016: Outstanding Financing at December 31, 2016, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,851,960 2014 July 2019 4.39 % Pro Nova 1 9,008,739 2014 July 2017 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,860,699 4.31 % Term A/B Trusts Securitization Willow Run $ 11,564,852 2016 September 2026 3.64 % Columbia Gardens 11,565,068 2016 September 2026 3.64 % Concord at Little York 11,301,031 2016 September 2026 3.64 % Concord at Williamscrest 17,504,186 2016 September 2026 3.64 % Concord at Gulfgate 16,133,987 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,666,656 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,678,770 2016 September 2026 3.64 % Sycamore Walk 3,050,786 2016 September 2026 3.64 % Decatur-Angle Apartments 21,387,126 2016 September 2026 3.64 % Heights at 515 5,409,361 2016 September 2026 3.64 % Crossing at 1415 6,378,482 2016 September 2026 3.64 % Bruton Apartments 15,258,925 2016 September 2026 3.64 % 15 West Apartments 8,366,804 2016 December 2026 3.64 % Oaks at Georgetown A 11,709,479 2016 March 2017 4.56 % Harmony Terrace A 6,549,479 2016 March 2017 4.56 % Oaks at Georgetown B 5,229,479 2016 March 2017 4.56 % Harmony Terrace B 7,024,479 2016 March 2017 4.56 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 171,778,950 3.80 % In January 2016, the three MBS TOB Trusts were paid in full and collapsed upon sale of the related MBSs. In March 2016, the Term TOB Trust collateralized by the Pro Nova 2014-2 mortgage revenue bond was paid in full and collapsed. During the third quarter of 2016, the Partnership paid off and collapsed seven of its Term TOB Trusts, and simultaneously executed twelve new Term A/B Trust agreements secured by MRBs. Based on the terms of the Term A/B Trusts, 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 24). In December 2016, the Partnership entered into four new short-term Term A/B Trusts with an original maturity date in March 2017. Tax Exempt Bond Securitization (“TEBS”) Financings At December 31, 2017 and 2016, the Partnership, through three wholly-owned subsidiaries (collectively, the “Sponsors”), sponsored three separate TEBS Financings – the M24 TEBS Financing (“TEBS I”), M31 TEBS Financing (“TEBS II”) and M33 TEBS Financing (“TEBS III”). The TEBS Financings are structured such that the Partnership transfers MRBs to Freddie Mac to be securitized into the TEBS Financings. Freddie Mac then issues Class A and Class B Freddie Mac Multifamily Variable Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets. The TEBS Financings are VIEs, and the Partnership is the primary beneficiary due to its rights to the underlying assets. The Partnership consolidates the TEBS Financings in the consolidated financial statements accordingly. See Note 6 for information regarding the MRBs securitized within each TEBS Financing. Under the terms of TEBS Financings, the Sponsors have one extension option for each TEBS to extend the term for a set additional period. At the end of the original term of TEBS I in September 2017, the Partnership elected to extend the term of the financing for an additional three-year period through September 2020. At the end of the original term of TEBS II in July 2019, the Partnership may elect to extend the financing for an additional five-year period through July 2024. At the end of the original term of TEBS III in July 2020, the Partnership may elect to extend the financing for an additional five-year period through July 2025. Should the Sponsors elect not to extend the terms of TEBS II and TEBS III, the Sponsor must pay all remaining amounts due to the Class A Certificates plus any unpaid trust fees. The terms of the TEBS Financings require the Partnership to fund cash into certain escrow accounts. Balances in the escrow accounts are reported as restricted cash on the consolidated balance sheets at December 31, 2017 and 2016. There were three unscheduled paydowns during 2017, one each for TEBS I, TEBS II and TEBS III, due to redemptions of MRBs held by the respective TEBS. The following table summarizes the MRBs redeemed and the amount of Class A Certificates redeemed upon redemption: Mortgage Revenue Bond TEBS Facility Month Paydown Applied Vantage at Harlingen TEBS III October 2017 $ 24,363,221 Ashley Square TEBS I November 2017 4,472,000 Avistar at Chase Hill TEBS II November 2017 9,757,084 The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2018 $ 75,557,815 2019 130,870,901 2020 113,134,225 2021 2,357,601 2022 61,282,111 Thereafter 179,392,519 Total 562,595,172 Deferred financing costs (4,266,825 ) Total debt financing, net $ 558,328,347 Certain Term A/B Trusts mature in 2018. The Partnership expects these Term A/B Trusts to be settled upon redemption of the related MRBs prior to maturity. If the MRBs are not redeemed prior to maturity of the Term A/B Trusts, the Partnership expects to refinance the Term A/B Trusts with the current lender. The Partnership expects to renew each TOB financing facility maturing in 2018 for an additional one-year term with DB. |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 12 Months Ended |
Dec. 31, 2017 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing | 18. Mortgages Payable and Other Secured Financing The Partnership reports the mortgage loans and other secured financings secured by certain MF Properties on its consolidated financial statements as Mortgages payable and other secured financing. The following is a MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2017, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate The 50/50 MF Property--TIF Loan $ 3,358,370 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,713,256 2013 March 2020 Variable Monthly 4.25 % (1) N/A 4.25 % Jade Park 7,468,548 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 35,540,174 4.21 % (1) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2016, net Year Acquired or Refinanced 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 2015 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) Variable rate is based on 30-day LIBOR (2) Variable rate is based on Wall Street Journal Prime Rate Activity in 2017 In June 2017, the Partnership refinanced the mortgages payable for the Residences of DeCordova and Residences of 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. The Partnership sold the Residences of DeCordova, Residences of Weatherford and Eagle Village Activity in 2016 The Partnership sold the Arboretum and Woodland Park MF Properties in June and July 2016, respectively. At the closing of the sales, the Partnership paid all of the outstanding mortgage payables and accrued interest associated with these MF Properties. In September 2016, the Partnership acquired the Jade Park MF Property. Concurrent with the purchase, the Partnership entered into a mortgage payable arrangement to partially fund the acquisition price. The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st : 2018 $ 763,246 2019 3,989,951 2020 24,155,733 2021 6,858,994 2022 - Thereafter - Total 35,767,924 Deferred financing costs (227,750 ) Total mortgages payable and other secured financings, net $ 35,540,174 |
Interest Rate Derivatives
Interest Rate Derivatives | 12 Months Ended |
Dec. 31, 2017 | |
Interest Rate Derivative Agreements [Abstract] | |
Interest Rate Derivatives | 19. Interest Rate Derivatives The following table summarizes the Partnership’s interest rate derivatives, except for interest rate swaps, at December 31, 2017 and 2016: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2017 July 2014 $ 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ 169 July 2014 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 169 July 2014 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 169 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 3,213 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 3,213 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 3,213 June 2017 91,956,883 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 160,174 June 2017 83,000,217 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 425,978 Sept 2017 59,935,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 923 $ 597,221 Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2016 Sept 2010 $ 29,855,000 Sept 2017 3.0 % SIFMA M24 TEBS Bank of New York Mellon $ 2 Sept 2010 29,855,000 Sept 2017 3.0 % SIFMA M24 TEBS Barclays Bank PLC 2 Sept 2010 29,855,000 Sept 2017 3.0 % SIFMA M24 TEBS Royal Bank of Canada 2 Aug 2013 89,565,000 Sept 2017 1.5 % SIFMA M24 TEBS Deutsche Bank 619 Feb 2014 41,250,000 March 2017 1.0 % SIFMA PHC TOB Trusts SMBC Capital Markets, Inc 2 July 2014 31,028,195 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC 34,614 July 2014 31,028,195 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 34,614 July 2014 31,028,195 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 34,614 July 2015 27,940,701 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 93,045 July 2015 27,940,701 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 93,045 July 2015 27,940,701 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 93,045 $ 383,604 (1) For additional details, see Note 25 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 $59,000 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 December 31, 2017 and 2016: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty December 31, 2017 - Fair Value of Liability Sept 2014 $ 22,821,429 Oct 2016 Oct 2021 1.96 % 1.08 % 70% 30-day LIBOR Deutsche Bank $ (402,261 ) Sept 2014 18,051,775 April 2017 April 2022 2.06 % 1.08 % 70% 30-day LIBOR Deutsche Bank (424,591 ) $ (826,852 ) Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty December 31, 2016 - Fair Value of Liability Sept 2014 $ 22,975,228 Oct 2016 Oct 2021 1.96 % 0.53 % 70% 30-day LIBOR Deutsche Bank $ (738,574 ) Sept 2014 18,126,731 April 2017 April 2022 2.06 % N/A 70% 30-day LIBOR Deutsche Bank (600,709 ) $ (1,339,283 ) The Partnership is required to fund a cash collateral account at DB for an amount greater than or equal to the fair value of the interest rate swaps. Such cash balances were approximately $850,000 and $1.4 million at December 31, 2017 and 2016, respectively, and are reported within restricted cash on the consolidated balance sheets. These interest rate derivatives and interest rate swaps are not designated as hedging instruments and, accordingly, they are recorded at fair value with changes in fair value included in current period earnings as interest expense. See Note 25 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 consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. 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 to occur, the estimated amount of the loss is accrued in the consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, the Partnership believes the outcome of such matters will not have a material effect on the Company’s consolidated financial statements. Bond Purchase Commitments As part of the Partnership’s strategy of acquiring MRBs, the Partnership will enter into bond purchase commitments related to MRBs to be issued and secured by properties under construction. Upon execution of the bond purchase commitment, the proceeds from the MRBs will be used to pay off the construction related debt. The Partnership bears no construction or stabilization risk during the commitment period. The Partnership accounts for its 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 summarizes the Partnership’s bond purchase commitments at December 31, 2017 and 2016: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at December 31, 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 - 6.00 % Q4 2017 - 467,720 Palo Alto July 2015 19,540,000 5.80 % Q2 2018 1,616,143 627,429 Village at Avalon November 2015 16,400,000 5.80 % Q4 2018 1,386,397 466,100 Total $ 35,940,000 $ 3,002,540 $ 2,399,449 (1) The closing date is actual or 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. The bond purchase commitment for Village at Rivers Edge was executed in November 2017. The terms of the Village at Rivers Edge MRB issued upon execution are summarized in Note 6. Property Loan Commitments ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, has committed to loan approximately $17.0 million to an unrelated third party to build two new multifamily residential properties. The Partnership’s remaining maximum commitments totaled approximately $1.2 million at December 31, 2017. See Note 11 for additional information related to the property loans. Investment Commitments ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, has outstanding commitments to contribute equity to unconsolidated entities. See Note 10 for additional information. Other Guarantees 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. The outstanding balance on the construction loan was approximately $8.6 million at December 31, 2017, which is the Partnership’s current exposure under the guarantee. No amount has been accrued for this contingent liability because the likelihood of a guarantee claim is remote. The Partnership is also required to maintain minimum cash and net worth requirements, which were met at December 31, 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 December 31, 2017, under the guarantee provision of the repurchase clause is approximately $2.6 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 December 31, 2017, under the guarantee provision of the repurchase clause is approximately $4.1 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 regular payments, when cash is available at the property, to the University of Nebraska-Lincoln based on its revenues. At December 31, 2017, the minimum aggregate annual payment due under the agreement is approximately $127,000. The minimum aggregate annual payment increases 2% annually until July 31, 2034 and increases of 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 $125,000 and $21,000 at December 31, 2017 and 2016, respectively. The Partnership reported expenses related to the agreement of approximately $168,000, $168,000 and $120,000 for the years ended December 31, 2017, 2016 and 2015, respectively. 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 $562.6 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 | 12 Months Ended |
Dec. 31, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Series A Preferred Units | 21. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units via private placements to five financial institutions. Series A Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless repurchased or redeemed by the Partnership or holder. Upon the sixth anniversary of the closing of the sale of Series A Preferred Units to a subscriber, and upon each anniversary thereafter, the Partnership and each holder of Series A Preferred Units will have the right to redeem, in whole or in part, the Series A Preferred Units held by such holder at a per unit redemption price equal to $10.00 per unit plus an amount equal to all declared and unpaid distributions. In the event of any liquidation, dissolution, or winding up of the Partnership, the holders of the Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units The following table summarizes the Series A Preferred Units outstanding at December 31, 2017: Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date Preferred Units at January 1, 2016 - $ - 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 Preferred Units at December 31, 2016 4,086,900 $ 40,869,000 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 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Preferred Units at December 31, 2017 9,450,000 $ 94,500,000 |
Issuances of Additional Benefic
Issuances of Additional Beneficial Unit Certificates | 12 Months Ended |
Dec. 31, 2017 | |
Issuances Of Additional Beneficial Unit Certificates [Abstract] | |
Issuances of Additional Beneficial Unit Certificates | 22. Issuances of Additional Beneficial Unit Certificates In November 2016, a Registration Statement on Form S-3 was declared effective by the SEC under which the Partnership may offer up to $225.0 million of additional BUCs from time to time. The Registration Statement will expire in November 2019. In December 2017, the Partnership initiated an “at the market offering” to sell up to $75.0 million of BUCs at market prices on the date of sale. The Partnership sold 161,383 BUCs under the program for net proceeds of approximately $806,000, net of issuance costs, during the year ended December 31, 2017. |
Restricted Unit Awards ("RUAs")
Restricted Unit Awards ("RUAs") | 12 Months Ended |
Dec. 31, 2017 | |
Restricted Unit Awards [Member] | |
Restricted Unit Awards ("RUAs") | 23. 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 distributions during the restriction period. The RUAs 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 $1.6 million and $833,000 for the years ended December 31, 2017 and 2016. No compensation expense for RUAs was recognized for the year ended December 31, 2015. The following table summarizes the RUA activity for the year ended December 31, 2017: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested at January 1, 2016 - $ - Granted 272,307 6.03 Vested (114,003 ) 6.03 Nonvested at December 31, 2016 158,304 $ 6.03 Granted 283,046 5.74 Vested (199,281 ) 5.85 Nonvested at December 31, 2017 242,069 $ 5.83 At December 31, 2017, there was approximately $817,000 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 1.3 years. The total intrinsic value of nonvested RUAs was approximately $1.5 million at December 31, 2017. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Transactions with Related Party | 24. Transactions with Related Parties A substantial portion of the Partnership’s general and administrative expenses and certain costs capitalized by the Partnership are paid by AFCA 2 or an affiliate and are reimbursed by the Partnership. Additionally, costs are typically incurred in connection with the acquisition or reissuance of certain MRBs, acquisition of PHC Certificates and MBS Securities, debt financing transactions, and other capital transactions. The amounts in the following table represent amounts reimbursable to AFCA 2 or an affiliate for such expenses: 2017 2016 2015 Reimbursable salaries and benefits $ 3,350,267 $ 2,921,762 $ 1,744,855 Other expenses 143,350 5,883 6,819 Insurance 216,263 204,357 224,946 Professional fees and expenses 191,177 390,961 284,767 Consulting and travel expenses 3,554 11,634 15,372 $ 3,904,611 $ 3,534,597 $ 2,276,759 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 $3.6 million, $2.8 million, and $2.6 million for the years ended December 31, 2017, 2016, and 2015, 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 $173,000, $95,000, and $53,000 for the years ended December 31, 2017, 2016, and 2015, respectively. Additionally, in connection with the sale of Bent Tree, a Consolidated VIE, the property paid accrued and deferred administrative fees to AFCA2 totaling approximately $635,000 for the year ended December 31, 2015. Although these third party administrative fees are not Partnership expenses, they have been reflected in the accompanying consolidated financial statements of the Company as a result of the consolidation of the VIEs. Such fees are payable by the financed property prior to the payment of any contingent interest on the MRBs secured by these properties. If the Partnership were to acquire any of these properties in foreclosure, it would assume the obligation to pay the administrative fees relating to MRBs on these properties. AFCA 2 earns mortgage placement fees in connection with the acquisition of MRBs and other investments by the Partnership. These mortgage placement fees and other investment fees were paid by the owners of the respective property or the third-party seller of the respective bonds and, accordingly, have not been reflected in the accompanying consolidated financial statements because these properties are not consolidated VIEs. Investment/mortgage placement fees earned by AFCA 2 totaled approximately $1.8 million, $2.1 million, and $1.9 million for the years ended December 31, 2017, 2016, and 2015, respectively. AFCA 2 received a one-time administrative fee of $300,000 related to early redemption of the Avistar at Chase Hill Series A, B and C MRBs in November 2017. The payment of the one-time administrative fee was paid directly by the property owner. 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 year ended December 31, 2016. During the year ended December 31, 2015, approximately $300,000 in mortgage placement fees were paid by the Partnership to AFCA2 related to two MRB acquisitions, which were recorded into the cost basis of the MRBs and are being amortized against interest income on an effective yield basis over the term of the MRBs. An affiliate of AFCA 2, Properties Management, provided property management, administrative and marketing services for all MF Properties (excluding Suites on Paseo), seven of the properties collateralizing earned total fees related to the MF Properties and Consolidated VIEs of approximately $390,000, $555,000 and $881,000 for the years ended December 31, 2017, 2016 and 2015, 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 , 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 and property loans, if applicable. During the year ended December 31, 2017, the Partnership performed due diligence services for Properties Management related to the sales of the Residences of Weatherford, Residences of DeCordova and Eagle Village MF properties and the sale of the property collateralizing the Ashley Square MRB. The Partnership received fees totaling approximately $128,000, which is recorded in other income on the consolidated statements of operations. An affiliate of AFCA 2, FCA, acts as an origination advisor and consultant to the borrowers when MRBs and financing facilities are acquired by the Partnership. Origination fees paid to this affiliate by the borrower of certain acquired bonds were approximately $705,000, $1.0 million, and $1.8 million for the years ended December 31, 2017, 2016 and 2015, respectively. These origination fees have not been reflected in the accompanying consolidated financial statements. In addition, the Partnership paid consulting and origination fees to this affiliate related to MRB acquisitions of approximately $150,000 for the year ended December 31, 2015. The fees paid to the affiliate were recorded into the cost basis of the MRBs and are being amortized against interest income on an effective yield basis. The Partnership paid consulting fees to the affiliate for services related to the partnership’s debt financing transactions that totaled approximately $921,000 and $1.2 million for the years ended December 31, 2017 and 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 during the year ended December 31, 2017. The Partnership paid approximately $63,000 for services to this affiliate during the year ended December 31. 2017. The Partnership had outstanding liabilities due to related parties totaling approximately $391,000 and $415,000 at December 31, 2017 and 2016, respectively. All amounts due are reported within accounts payable, accrued expenses and other liabilities on the Partnership’s consolidated balance sheets. One of the owners of two limited-purpose corporations which owned multifamily residential properties (the Consolidated VIEs) financed with MRBs and taxable property loans held by the Partnership were employees of Burlington. They were not involved in the operation or management of the Partnership and were not executive officers or Managers of Burlington. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments | 25. 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 Mortgage Revenue Bonds and Bond Purchase Commitments The fair value of the Partnership’s investments in MRBs and bond purchase commitments at December 31, 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 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 bond purchase commitments is categorized as a Level 3 input. At December 31, 2017, the range of effective yields on the individual MRBs and bond purchase commitments was 2.9% to 8.8% per annum. Prior to the second quarter of 2017, the fair value of the Partnership’s investments in MRBs and 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 mortgage revenue bonds was 4.9% to 12.4% per annum. Investments in PHC Certificates The fair value of the Partnership’s investment in PHC Certificates at December 31, 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. At December 31, 2017, the range of effective yields on the PHC Certificates was 5.1% to 5.8% per annum. 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 December 31, 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. At December 31, 2017, the range of effective yields on the individual taxable bonds was 7.9% to 9.2% per annum 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 is 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 December 31, 2017 are summarized as follows: Fair Value Measurements at December 31, 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 $ 710,867,447 $ - $ - $ 710,867,447 Mortgage revenue bonds 77,971,208 - - 77,971,208 Bond purchase commitments (reported within other assets) 3,002,540 - - 3,002,540 PHC Certificates 49,641,588 - - 49,641,588 Taxable mortgage revenue bonds (reported within other assets) 2,422,459 - - 2,422,459 Derivative contracts (reported within other assets) 597,221 - - 597,221 Derivative swap liability (826,852 ) - - (826,852 ) Total Assets and Liabilities at Fair Value, net $ 843,675,611 $ - $ - $ 843,675,611 The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2017: For the Years Ended December 31, 2017 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue 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) 212,712 - (654,290 ) - (240,091 ) (681,669 ) Included in other comprehensive (loss) income 37,104,392 603,091 (882,452 ) (96,685 ) - 36,728,346 Purchases 121,347,000 - - - 556,017 121,903,017 Settlements (50,036,500 ) - (5,979,738 ) (1,565,455 ) 410,122 (57,171,571 ) Ending Balance December 31, 2017 $ 788,838,655 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,675,611 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 December 31, 2017 $ - $ - $ (761,960 ) $ - $ (240,091 ) $ (1,002,051 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. 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 mortgage revenue 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 year ended December 31, 2016: For Twelve Months Ended December 31, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue 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) 175,769 - (54,605 ) - 17,618 138,782 Included in other comprehensive (loss) income (17,342,217 ) (3,234,911 ) (1,480,497 ) (188,299 ) - (22,245,924 ) Purchases 130,620,000 - - - - 130,620,000 Sale of securities (9,295,000 ) - - - (399 ) (9,295,399 ) Settlements (7,630,638 ) - (2,014,120 ) (551,162 ) - (10,195,920 ) Ending Balance December 31, 2016 $ 680,211,051 $ 2,399,449 $ 57,158,068 $ 4,084,599 $ (955,679 ) $ 742,897,488 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2016 $ - $ - $ - $ - $ 17,618 $ 17,618 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2015: For Twelve Months Ended December 31, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2015 $ 449,024,137 $ 5,780,413 $ 61,263,123 $ 4,616,565 $ 267,669 $ 520,951,907 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (1,802,655 ) (1,802,655 ) Included in other comprehensive (loss) income 9,370,264 (146,053 ) 462,297 (138,682 ) - 9,547,826 Purchases 188,572,000 - - - - 188,572,000 Mortgage revenue bond exchanged for MF Property (41,580,919 ) - - - - (41,580,919 ) Purchase interest rate derivative - - - - 562,088 562,088 Settlements (21,702,345 ) - (1,018,130 ) 346,177 - (22,374,298 ) Ending Balance December 31, 2015 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2015 $ - $ - $ - $ - $ (1,802,655 ) $ (1,802,655 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. Income and losses included in earnings for the periods shown above are included in interest expense. At December 31, 2017, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s financial liabilities, which are indicative of market prices. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each financial liabilities as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure, seniority to other obligations, operating results of the underlying assets, and asset quality. The financial liabilities 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 financial liabilities 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 measurements of the Partnership’s financial liabilities are categorized as a Level 3 input. The TEBS and variable-rate TOB debt financings are credit enhanced by Freddie Mac and DB, respectively. The table below summarizes the fair value of the Partnership’s financial liabilities at December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 608,328,347 $ 618,412,150 $ 555,199,700 $ 553,083,924 Mortgages payable and other secured financing 35,540,174 35,767,924 51,379,512 51,595,281 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Segments | 26. 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 the MBS Securities Investments 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 that have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties in their market areas. Such MRBs are held as investments and the related property loans, net of loan loss, are reported as such on the Partnership’s consolidated balance sheets. At December 31, 2017, the Partnership held 87 MRBs. The Residential Properties financed by the MRBs contain a total of 10,666 rental units (unaudited). In addition, one MRB (Pro Nova 2014-1) is collateralized by commercial real estate. All general and administrative expenses on the consolidated statements of operations are allocated to 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 December 31, 2017, the Partnership consolidates three MF Properties containing a total of 1,013 rental units (unaudited, see Note 9). 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 10) and has issued property loans due from Vantage at Brooks LLC and Vantage at New Braunfels LLC (Note 11). The following table details certain key financial information for the Partnership’s reportable segments for the three years ended December 31: For the Years Ended December 31, 2017 2016 2015 Total revenues Mortgage Revenue Bond Investments $ 49,100,423 $ 36,673,232 $ 38,772,872 MF Properties 13,677,635 17,404,439 17,789,125 Public Housing Capital Fund Trust 2,951,735 2,888,035 2,994,482 MBS Securities Investments - 17,921 225,890 Other Investments 4,651,752 1,995,123 170,922 Total revenues $ 70,381,545 $ 58,978,750 $ 59,953,291 Interest expense Mortgage Revenue Bond Investments $ 18,705,398 $ 11,904,616 $ 10,787,252 MF Properties 2,099,840 2,200,531 2,659,350 Public Housing Capital Fund Trust 1,350,205 1,349,800 1,221,713 MBS Securities Investments - 14,692 157,902 Other Investments - - - Total interest expense $ 22,155,443 $ 15,469,639 $ 14,826,217 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - MF Properties 4,949,935 5,980,483 5,888,973 Public Housing Capital Fund Trust - - - MBS Securities Investments - - - Other Investments - - - Total depreciation expense $ 4,949,935 $ 5,980,483 $ 5,888,973 Income from continuing operations Mortgage Revenue Bond Investments $ 15,438,583 $ 11,755,639 $ 17,924,037 MF Properties 9,739,704 8,442,704 2,964,297 Public Housing Capital Fund Trust 839,570 1,538,234 1,758,022 MBS Securities Investments - 51,984 67,547 Other Investments 4,644,994 1,995,123 170,922 Income from continuing operations $ 30,662,851 $ 23,783,684 $ 22,884,825 Partnership Net income Mortgage Revenue Bond Investments $ 15,438,583 $ 11,755,639 $ 17,924,037 MF Properties 9,668,051 8,443,527 2,967,098 Public Housing Capital Fund Trust 839,570 1,538,234 1,758,022 MBS Securities Investments - 51,984 67,547 Other Investments 4,644,994 1,995,123 170,922 Discontinued Operations - - 3,721,397 Partnership net income $ 30,591,198 $ 23,784,507 $ 26,609,023 The following table details total assets for the Company’s reportable segments for the two years ended December 31: December 31, 2017 December 31, 2016 Total assets Mortgage Revenue Bond Investments $ 937,565,390 $ 764,995,675 MF Properties 83,514,758 129,895,112 Public Housing Capital Fund Trust Certificates 49,918,434 57,461,268 Other Investments 55,573,834 34,540,280 Consolidation/eliminations (56,804,417 ) (42,778,661 ) Total assets $ 1,069,767,999 $ 944,113,674 |
Summary of Unaudited Quarterly
Summary of Unaudited Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Results of Operations | 27. Summary of Unaudited Quarterly Results of Operations 2017 March 31, June 30, September 30, December 31, Revenues and other income $ 23,208,975 $ 16,218,225 $ 16,234,830 $ 32,472,818 Income from continuing operations 7,360,515 4,109,400 3,545,483 15,647,453 Income from discontinuing operations - - - - Net income - America First Multifamily Investors, L.P. $ 7,360,515 $ 4,109,400 $ 3,545,483 $ 15,647,453 Income from continuing operations, per Unit $ 0.10 $ 0.06 $ 0.05 $ 0.23 Income from discontinued operations, per Unit - - - - Net income, basic and diluted, per Unit $ 0.10 $ 0.06 $ 0.05 $ 0.23 2016 March 31, June 30, September 30, December 31, Revenues and other income $ 14,927,956 $ 27,376,050 $ 14,855,912 $ 15,899,246 Income from continuing operations 2,531,688 11,005,829 4,622,874 5,623,293 Income from discontinuing operations - - - - Net income - America First Multifamily Investors, L.P. $ 2,531,700 $ 11,005,930 $ 4,623,542 $ 5,623,335 Income from continuing operations, per Unit $ 0.04 $ 0.15 $ 0.06 $ 0.09 Income from discontinued operations, per Unit - - - - Net income, basic and diluted, per Unit $ 0.04 $ 0.15 $ 0.06 $ 0.09 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 28. Subsequent Events In February 2018, the Partnership executed a PSA to acquire a tract of land in Douglas County, NE. If the land is successfully acquired, it will be classified as “Land held for development.” In February 2018, the Partnership closed on the purchase of two contiguous tracks of land for future development in Douglas County, NE. The purchase price totaled approximately $2.6 million. |
Summary of Significant Accoun37
Summary of Significant Accounting Policies Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The “Partnership,” as used herein, includes the Partnership and its consolidated subsidiaries. All intercompany transactions are eliminated. At December 31, 2017, the consolidated subsidiaries of the Partnership (“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 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. • One MF Property is 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. The Greens Hold Co held 100% ownership interest in the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties until their sale in November 2017. • Two MF Properties are owned directly by the Partnership. Prior to January 1, 2016, the Partnership has consolidated two variable interest entities (“VIE”), Bent Tree and Fairmont Oaks properties (the “Consolidated VIEs”), in the consolidated financial statements. The Partnership did not hold an ownership interest in the Consolidated VIEs but did own the MRBs that financed the Consolidated VIEs. The Partnership was determined to be the primary beneficiary of these VIEs. The Consolidated VIEs are presented as discontinued operations for all periods presented and all significant transactions and accounts between the Partnership and the VIEs have been eliminated in consolidation. The Company’s consolidated financial statements reported in this Form 10-K include the financial position and results of operations of the Partnership and the Consolidated VIEs. The Consolidated VIEs were sold in the fourth quarter of 2015. |
Variable Interest Entities | Variable Interest Entities Under the consolidation guidance, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are variable interest entities (“VIEs”) and if the Partnership is the primary beneficiary. The entity that is deemed to have (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it must consolidate the VIEs in the consolidated financial statements. The Company has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Company’s consolidated financial statements, all transactions and accounts between the Partnership and the Consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the Consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. The General Partner does not believe that the consolidation of VIEs for reporting under accounting principles generally accepted in the United States of America (“GAAP”) impacts the Partnership’s status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership, the treatment of the MRBs on the properties owned by Consolidated VIEs as debt, the nature of the interest payments, which it believes to be tax-exempt, received on the MRBs secured by the properties owned by Consolidated VIEs or the manner in which the Partnership’s income is reported to Unitholders on IRS Form K-1. The unallocated deficit of the Consolidated VIEs consists of the accumulated historical net losses of the Consolidated VIEs since the applicable consolidation date. The unallocated deficit of the Consolidated VIEs and the Consolidated VIEs’ net losses subsequent to that date are not allocated to the General Partner and Unitholders as such activity is not contemplated by, or addressed in, the First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as amended (the “Amended and Restated LP Agreement”). The Partnership sold its variable interests in Bent Tree and Fairmont Oaks (the Consolidated VIEs) in the fourth quarter of 2015. The sale of the Consolidated VIEs met the criteria for discontinued operations presentation and have been classified as such in the Company’s consolidated financial statements for all periods presented. The gains and results of operations of the Consolidated VIEs are reported as part of the discontinued operations in net income for the year ended December 31, 2015 (see Notes 14). Accounting for TEBS, Term A/B and TOB Financing Arrangements The Partnership has evaluated the accounting guidance related its TOB, Term TOB, Term A/B and TEBS Financings and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and will, therefore, be accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets. The financing agreements contain certain provisions that allow the Partnership to unilaterally cause the holder to return the securitized assets, other than through a cleanup call. Based on these terms, the Partnership has concluded that it has not transferred effective control over the transferred assets and, as such, the transactions do not meet the conditions to de-recognize the transferred assets. In addition, the Partnership has evaluated the securitization trusts associated with the TOB, Term TOB, Term A/B and TEBS Financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts in the Partnership’s consolidated financial statements. |
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. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased. |
Concentration of Credit Risk | Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at three financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s portfolio being restricted to investment grade securities. |
Restricted Cash | Restricted Cash Restricted cash is legally restricted to use and is comprised of resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities and the Partnership’s interest rate derivatives. |
Investments | Investments in Mortgage Revenue Bond, Taxable Mortgage Revenue Bonds and Bond Purchase Commitments The Partnership accounts for its investments in MRBs, taxable MRBs and bond purchase commitments under the guidance for accounting for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale securities and are reported at estimated fair value. The net unrealized gains or losses on these investments is reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 25 for a description of the Partnership’s methodology for estimating fair value of mortgage revenue bonds, taxable MRBs and bond purchase commitments. The Partnership periodically reviews each of its MRBs, taxable MRBs and bond purchase commitments for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary based on various factors including: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Adverse conditions specifically related to the security, its collateral, or both, • Volatility of the fair value of the security, • The likelihood of the borrower being able to make payments, • Failure of the issuer to make scheduled interest or principal payments, and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost, if the Partnership has the intent to sell or may be required to sell the security prior to the time that the value recovers or until maturity, and whether the Partnership expects to recover the security’s entire amortized cost basis. The recognition of other-than-temporary impairment and the potential impairment analysis are subject to a considerable degree of judgment, the results of which when applied under different conditions or assumptions could have a material impact on the consolidated financial statements. If the Partnership experiences deterioration in the values of its investment portfolio, the Partnership may incur impairments to its investment portfolio that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. There were no impairment charges reported by the Partnership related to MRBs, taxable MRBs or bond purchase commitments during the years ended December 31, 2017, 2016 and 2015. The Partnership owns some MRBs which were purchased at a discount or premium. The discount or premium on an investment is amortized on an effective yield method over the term of the related MRB and is recognized as investment income in the current period. The Partnership eliminates the MRBs and the associated interest income and interest receivable when it consolidates the underlying real estate collateral in accordance with implementation of the consolidation guidance for VIEs. Investment in PHC Certificates and MBS Securities The Partnership accounts for its investments in PHC Certificates under the guidance for accounting for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale securities and are reported at estimated fair value. The net unrealized gains or losses on these investments is reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the underlying contractual payments, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 25 for a description of the Partnership’s methodology for estimating fair value for the PHC Certificates and MBS Securities. The Partnership sold its remaining MBS Securities in the first quarter of 2016. The Partnership periodically reviews the PHC Certificates and MBS Securities for impairment. The Partnership evaluates whether a decline in the fair value of the investments is below its amortized cost is other-than temporary. Factors considered are: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Downgrade in the security’s rating by S&P, and • Volatility of the fair value of the security. See Note 7 for information on recognized impairment of the PHC Certificates. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at a discount. The discount or premium on an investment is amortized on an effective yield method over the term of the related PHC Certificate and is recognized as investment income in the current period. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily, student housing, and senior citizen residential apartment buildings and five to 15 years on capital improvements. Depreciation expenses is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gains and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of the real estate assets may not be recoverable, the Partnership compares the carrying amount to the undiscounted net cash flows expected to be generated from the use of the assets. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. See Note 9 for information on recognized impairment charges. Investment in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited partnership interest under The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Evidence of a loss in value that is other than temporary includes, but is not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment, or, where applicable, estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment as to whether any decline in value is other than temporary is based on its ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered other than temporary, an impairment charge is recorded equal to the excess of the carrying value over the estimated fair value of the investment. |
Property Loans, Net of Loan Loss Allowance | Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily properties. Most of the property loans are with multifamily properties that secure MRBs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and is reported within other interest income on the consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these taxable property loans is dependent largely on the value of the property or its cash flows that collateralize the loans. The Partnership periodically evaluates these loans for potential losses by estimating the fair value of the property that collateralizes the loans and comparing the fair value to the outstanding MRBs or senior financing plus the Partnership’s property loans. The Partnership utilizes a discounted cash flow model (“DCF”) that considers varying assumptions. The DCF analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the property, after deducting the amortized cost basis of the MRB or senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. See Note 11 for additional information on the Partnership’s loan loss allowances. |
Assets Held for Sale | Assets Held for Sale The Partnership reports assets and related liabilities as held for sale on the consolidated balance sheet in the period that the Partnership has committed to a plan to dispose of an asset or asset group, the asset or asset group is being marketed for sale, and it is probable the sale will be completed within one year. Once an asset or asset group is determined to be held for sale, the Partnership discontinues depreciation of the asset or asset group. |
Deferred Financing Costs | Deferred Financing Costs Debt financing costs are capitalized and amortized utilizing the effective interest method through either the stated maturity or the optional redemption of the related debt financing agreement. Debt financing costs associated with revolving line of credit arrangements are reported within other assets on the consolidated balance sheets. Debt financing costs for other debt financings are reported as reductions to the carrying value of the related debt financings on the consolidated balance sheets. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the stated maturity of the related MRBs. Bond issuance costs are reported as an adjustment to the carrying cost of the related MRB on the consolidated balance sheets. |
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. Certain of the Consolidated VIEs and The Greens Hold Co are corporations 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 these entities on the Partnership’s consolidated financial statements. The Partnership evaluates its tax positions taken in the Partnership’s 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 values its deferred tax assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse, and reflects changes to enacted rates contained in the Tax Cuts and Jobs Act of 2017 that was signed into law in December 2017. 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. |
Revenue Recognition on Investments in Mortgage Revenue Bonds | Revenue Recognition on Investments in Mortgage Revenue Bonds The interest income received by the Partnership from its MRBs is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing MRBs is recognized as it is earned. Base interest income on MRBs not fully performing is recognized as it is received. Past due base interest on MRBs previously not fully performing is recognized as it is received. The Partnership reinstates the accrual of base interest once the MRBs’ ability to perform is adequately demonstrated. Base interest income related to tax-exempt and taxable MRBs are disclosed within investment income and other interest income, respectively, on the consolidated statements of operations. Certain MRBs contain contingent interest provisions that generate excess available cash flow. Contingent interest income is recognized when realized or realizable. Past due contingent interest on MRBs, which are or were previously not fully performing, is recognized when realized or realizable. At December 31, 2017 and 2016, the Partnership’s MRBs were fully performing as to their base interest. Revenue Recognition on Investments in Real Estate, MBS, and PHC Certificates The Partnership’s Consolidated VIEs and the MF Properties are lessors of multifamily, student housing, and senior citizen rental units under leases with terms of one year or less. Rental revenue is recognized, net of rental concessions, on a straight-line method over the related lease term. Interest income on the MBS and PHC Certificates is recognized as it is earned. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Partnership reports all derivative instrument assets or liabilities in the consolidated balance sheets at fair value. The Partnership’s derivative instruments are not designated as hedging instruments and changes in fair value are recognized in the consolidated statements of operations as interest expense. The Partnership is exposed to loss should a counterparty to its derivative instruments default. The Partnership does not anticipate non-performance by any counterparty. |
Redeemable Series A Preferred Units | Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units, which represent limited partnership interests in the Partnership, to various financial institutions. The Series A Preferred Units are recorded as mezzanine equity due to the holders’ redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. In addition, the costs of issuing the Series A Preferred Units are netted against the carrying value and amortized to the first redemption date (Note 21). |
Beneficial Unit Certificates (“BUCs”) | Beneficial Unit Certificates (“BUCs”) The Partnership has issued BUCs representing assigned limited partnership interests to investors. Costs related to the issuance of BUCs are recorded as a reduction to partners’ capital when issued. |
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 Unit Awards (“RUA” or “RUAs”) 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 up to three years. RUAs currently provide for the payment of 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 accounts 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. |
Net Income per BUC | Net Income per BUC The Partnership uses the two-class method to allocate net income available to BUCs and the unvested Restricted Units as the Restricted Units are participating securities. 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. |
Use of Estimates in Preparation of Consolidated Financial Statements | Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with GAAP requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining investment valuations, investment impairments, impairment of real estate assets, allocation of the purchase price for acquisition accounting and allowances for loan losses. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2017, the FASB ASU The Partnership has determined adoption of the standard will not have a material impact on the 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 also requires certain disclosure regarding the nature of restrictions on cash balances. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2017 and is applied retrospectively. The Partnership has determined adoption of the standard will not have a material impact on the 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 has determined adoption of the standard will not have a material impact on the 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 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 and is currently evaluating the impact this standard will have on its 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 has determined adoption of the standard will not have a material impact on the 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, other income, 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 consolidated financial statements. In February 2017, the FASB ASU The Partnership has determined adoption of the standard will not have a material impact on the consolidated financial statements. |
Partnership Income, Expenses 38
Partnership Income, Expenses and Cash Distributions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Partnership Income Expenses And Cash Distributions [Abstract] | |
Schedule of Distributions Paid or Accrued per Beneficial Unit Certificates | The distributions paid or accrued per BUC during the fiscal years ended December 31, 2017, 2016, and 2015 were as follows: For the Years Ended December 31, 2017 2016 2015 Cash distributions $ 0.5000 $ 0.5000 $ 0.5000 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure | The following table summarizes the Partnerships variable interests in these entities at December 31, 2017 and 2016: Maximum Exposure to Loss December 31, 2017 December 31, 2016 Mortgage revenue bonds $ 146,344,195 $ 137,921,000 Property loans 15,824,613 16,476,073 Investment in unconsolidated entities 39,608,927 19,470,006 $ 201,777,735 $ 173,867,079 |
Investments in Mortgage Reven40
Investments in Mortgage Revenue Bonds (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Information Regarding Mortgage Revenue Bonds Owned | The following tables present information regarding the mortgage revenue bonds owned by the Partnership as of December 31, 2017 and 2016: December 31, 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 $ 1,226,192 $ - $ 17,684,192 Glenview Apartments - Series A (4) CA 4,627,228 523,464 - 5,150,692 Harmony Court Bakersfield - Series A (2) CA 3,730,000 430,637 - 4,160,637 Harmony Terrace - Series A & B (2) CA 14,300,000 871,221 - 15,171,221 Harden Ranch - Series A (3) CA 6,845,985 1,182,914 - 8,028,899 Las Palmas II - Series A & B (2) CA 3,465,000 193,418 - 3,658,418 Montclair Apartments - Series A (4) CA 2,506,828 398,840 - 2,905,668 San Vicente - Series A & B (2) CA 5,320,000 309,038 - 5,629,038 Santa Fe Apartments - Series A (4) CA 3,036,928 535,673 - 3,572,601 Seasons at Simi Valley - Series A (2) CA 4,366,195 807,864 - 5,174,059 Seasons Lakewood - Series A & B (2) CA 12,610,000 884,537 - 13,494,537 Seasons San Juan Capistrano - Series A & B (2) CA 18,949,000 1,233,570 - 20,182,570 Summerhill - Series A & B (2) CA 9,795,000 738,806 - 10,533,806 Sycamore Walk - Series A (2) CA 3,632,000 490,314 - 4,122,314 The Village at Madera - Series A & B (2) CA 4,804,000 355,303 - 5,159,303 Tyler Park Townhomes - Series A (3) CA 5,965,475 807,688 - 6,773,163 Westside Village Market - Series A (3) CA 3,898,427 568,423 - 4,466,850 Lake Forest (1) FL 8,505,000 1,579,885 - 10,084,885 Brookstone (1) IL 7,450,595 2,017,019 - 9,467,614 Copper Gate Apartments (3) IN 5,100,000 778,339 - 5,878,339 Renaissance - Series A (4) LA 11,239,441 2,096,328 - 13,335,769 Live 929 Apartments (2) MD 40,573,347 3,710,942 - 44,284,289 Woodlynn Village (1) MN 4,267,000 44,428 - 4,311,428 Greens Property - Series A (3) NC 8,126,000 1,113,852 - 9,239,852 Silver Moon - Series A (4) NM 7,879,590 1,140,448 - 9,020,038 Ohio Properties - Series A (1) OH 14,113,000 788,199 - 14,901,199 Bridle Ridge (1) SC 7,465,000 1,199 - 7,466,199 Columbia Gardens (2) SC 13,396,856 1,413,831 - 14,810,687 Companion at Thornhill Apartments (2) SC 11,404,758 1,284,441 - 12,689,199 Cross Creek (1) SC 6,136,553 2,850,344 - 8,986,897 The Palms at Premier Park Apartments (3) SC 19,238,297 2,712,429 - 21,950,726 Village at River's Edge (2) SC 10,000,000 1,182,706 - 11,182,706 Willow Run (2) SC 13,212,587 1,391,536 - 14,604,123 Arbors at Hickory Ridge (3) TN 11,342,234 1,693,626 - 13,035,860 Pro Nova 2014-1 (2) TN 10,038,889 133,878 - 10,172,767 Avistar at Copperfield - Series A (2) TX 10,000,000 628,644 - 10,628,644 Avistar at the Crest - Series A (3) TX 9,456,384 1,187,142 - 10,643,526 Avistar at the Oaks - Series A (3) TX 7,635,895 938,465 - 8,574,360 Avistar at the Parkway - Series A (4) TX 13,233,665 932,753 - 14,166,418 Avistar at Wilcrest - Series A (2) TX 3,775,000 125,170 - 3,900,170 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,865,826 - 33,715,826 Avistar in 09 - Series A (3) TX 6,593,300 716,944 - 7,310,244 Avistar on the Boulevard - Series A (3) TX 16,109,972 1,947,465 - 18,057,437 Avistar on the Hills - Series A (3) TX 5,275,623 648,383 - 5,924,006 Bella Vista (1) TX 6,295,000 42,718 - 6,337,718 Bruton Apartments (2) TX 18,051,775 3,042,939 - 21,094,714 Concord at Gulfgate - Series A (2) TX 19,185,000 2,759,654 - 21,944,654 Concord at Little York - Series A (2) TX 13,440,000 1,999,572 - 15,439,572 Concord at Williamcrest - Series A (2) TX 20,820,000 2,994,839 - 23,814,839 Crossing at 1415 - Series A (2) TX 7,540,000 634,091 - 8,174,091 Decatur Angle (2) TX 22,794,912 2,985,955 - 25,780,867 Heights at 515 - Series A (2) TX 6,903,000 580,522 - 7,483,522 Heritage Square - Series A (4) TX 11,063,027 993,609 - 12,056,636 Oaks at Georgetown - Series A & B (2) TX 17,842,000 915,705 - 18,757,705 Runnymede (1) TX 10,150,000 79,514 - 10,229,514 Southpark (1) TX 11,693,138 2,960,294 - 14,653,432 Vantage at Judson -Series B (4) TX 26,133,557 3,117,969 - 29,251,526 15 West Apartments (2) WA 9,797,833 1,839,648 - 11,637,481 Mortgage revenue bonds held in trust $ 639,438,294 $ 71,429,153 $ - $ 710,867,447 (1) Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17 (2) Bond held by Deutsche Bank in a secured financing transaction, see Note 17 (3) Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17 (4) Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17 December 31, 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 $ 1,111,807 $ - $ 13,582,807 Seasons at Simi Valley - Series B CA 1,944,000 - (466 ) 1,943,534 Sycamore Walk - Series B CA 1,815,000 - (151 ) 1,814,849 Vineyard Gardens - Series A & B CA 6,841,000 - - 6,841,000 Greens Property - Series B NC 937,399 193,991 - 1,131,390 Ohio Properties - Series B OH 3,536,060 149,630 - 3,685,690 Rosewood Townhomes - Series A & B SC 9,750,000 - - 9,750,000 South Pointe Apartments - Series A & B SC 22,700,000 - - 22,700,000 Avistar at Copperfield - Series B TX 4,000,000 13,514 - 4,013,514 Avistar at the Crest - Series B TX 749,455 58,871 - 808,326 Avistar at the Oaks - Series B TX 548,202 41,286 - 589,488 Avistar at the Parkway - Series B TX 124,861 30,715 - 155,576 Avistar at Wilcrest - Series B TX 1,550,000 5,306 - 1,555,306 Avistar at Wood Hollow - Series B TX 8,410,000 30,276 - 8,440,276 Avistar in 09 - Series B TX 452,217 28,675 - 480,892 Avistar on the Boulevard - Series B TX 445,328 33,232 - 478,560 Mortgage revenue bonds held by the Partnership $ 76,274,522 $ 1,697,303 $ (617 ) $ 77,971,208 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) Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17 (2) Bond held by Deutsche Bank in a secured financing transaction, see Note 17 (3) Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17 (4) Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17 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 |
Mortgage Revenue Bonds Acquisitions | Acquisitions: Property Name Month Acquired Property Location Units (Unaudited) 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 Village at River's Edge (1) November Columbia, SC 124 6/1/2033 6.00 % 10,000,000 Rosewood Townhomes - Series A December Goose Creek, SC 100 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B December Goose Creek, SC 100 8/1/2055 12.00 % 470,000 South Pointe Apartments - Series A December Hanahan, SC 256 7/1/2055 5.75 % 21,600,000 South Pointe Apartments - Series B December Hanahan, SC 256 8/1/2055 12.00 % 1,100,000 Vineyard Gardens - Series A December Oxnard, CA 62 1/1/2035 5.50 % 3,995,000 Vineyard Gardens - Series B December Oxnard, CA 62 1/1/2020 5.50 % 2,846,000 $ 121,347,000 (1) Previously reported bond purchase commitment that converted to a mortgage revenue bond in November 2017 Acquisitions: Property Name Month Acquired Property Location Units (Unaudited) 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 Harmony Court Bakersfield - Series A November Bakersfield, CA 96 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B November Bakersfield, CA 96 12/1/2018 5.50 % 1,997,000 Summerhill - Series A November Bakersfield, CA 128 12/1/2033 5.00 % 6,423,000 Summerhill - Series B November Bakersfield, CA 128 12/1/2018 5.50 % 3,372,000 The Village at Madera - Series A November Madera, CA 75 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B November Madera, CA 75 12/1/2018 5.50 % 1,719,000 15 West Apartments (1) December Vancouver, WA 120 7/1/2054 6.25 % 9,850,000 Courtyard Apartments - Series A December Fullerton, CA 108 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B December Fullerton, CA 108 12/1/2018 5.50 % 6,228,000 Harmony Terrace - Series A December Simi Valley, CA 136 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B December Simi Valley, CA 136 1/1/2019 5.50 % 7,400,000 Oaks at Georgetown - Series A December Georgetown, TX 192 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B December Georgetown, TX 192 1/1/2019 5.50 % 5,512,000 Seasons Lakewood - Series A December Lakewood, CA 85 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B December Lakewood, CA 85 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A December San Juan Capistrano, CA 112 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B December San Juan Capistrano, CA 112 1/1/2019 5.50 % 6,574,000 $ 130,620,000 (1) Previously reported bond purchase commitment that converted to a mortgage revenue bond in December 2016 |
Schedule of MRBs Redeemed | Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest. Property Name Month Redeemed Property Location Units (Unaudited) 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 Vantage at Harlingen - Series B October San Antonio, TX 288 9/1/2053 6.00 % 24,363,221 Ashley Square November Des Moines, IA 144 12/1/2025 6.25 % 4,982,000 Avistar at Chase Hill - Series A November San Antonio, TX 232 3/1/2050 6.00 % 9,757,084 Avistar at Chase Hill - Series B November San Antonio, TX 232 4/1/2050 9.00 % 953,278 Crossing at 1415 - Series B November San Antonio, TX 112 1/1/2053 12.00 % 335,000 $ 42,387,583 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest. Property Name Month Redeemed Property Location Units (Unaudited) 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 $ 5,172,000 The terms of the Pro Nova 2014-2 MRB redeemed are as follows Property Name Month Exchanged Property Location Units (Unaudited) 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. |
Term of MRB Eliminated | The terms of the Series B MRB that was eliminated are as follows: Property Name Month Restructured Property Location Units (Unaudited) Original Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Heights at 515 - Series B November San Antonio, TX 97 1/1/2053 12.00 % $ 510,000 |
Term of Mortgage Revenue Bond After Restructuring | During 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 MRBs. No cash was paid or received on restructuring. The terms of the three Series MRBs that were redeemed are as follows: The terms of the mortgage revenue bond after restructuring is as follows: Property Name Month Restructured Property Location Units (Unaudited) 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 |
Description of Certain Terms of Partnership’s MRBs | The following tables represent a description of certain terms of the Partnership’s MRBs at December 31, 2017, and 2016: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2017 15 West Apartments - Series A (2) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,797,833 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,237,041 Avistar at Copperfield - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 10,000,000 Avistar at Copperfield - Series B 2017 Houston, TX 6/1/2054 12.00 % 4,000,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,109,972 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,456,384 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,194,783 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,635,895 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,593,300 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,275,623 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,000,419 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,233,665 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,861 Avistar at Wilcrest - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B 2017 Houston, TX 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series A (2) 2017 Austin, TX 5/1/2054 5.75 % 31,850,000 Avistar at Wood Hollow - Series B 2017 Austin, TX 6/1/2054 12.00 % 8,410,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,295,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,465,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,979,174 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,051,775 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 13,193,000 Companion at Thornhill Apartments (2) 2016 Lexington, SC 1/1/2052 5.80 % 11,404,758 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 19,185,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 13,440,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 20,820,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,100,000 Courtyard Apartments - Series A (2) 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B (2) 2016 Fullerton, CA 12/1/2018 8.00 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,168,529 Crossing at 1415 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 7,540,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,794,912 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,627,228 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,126,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 937,399 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,845,985 Harmony Court Bakersfield - Series A (2) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Terrace - Series A (2) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B (2) 2016 Simi Valley, CA 1/1/2019 5.50 % 7,400,000 Heights at 515 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 6,903,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,063,027 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,505,000 Las Palmas II - Series A (2) 2016 Coachella, CA 11/1/2033 5.00 % 1,695,000 Las Palmas II - Series B (2) 2016 Coachella, CA 11/1/2018 8.00 % 1,770,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 39,995,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,506,828 Montecito at Williams Ranch - Series A 2017 Salinas, CA 10/1/2034 5.50 % 7,690,000 Montecito at Williams Ranch - Series B 2017 Salinas, CA 10/1/2019 5.50 % 4,781,000 Oaks at Georgetown - Series A (2) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B (2) 2016 Georgetown, TX 1/1/2019 5.50 % 5,512,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,113,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,536,060 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,239,441 Rosewood Townhomes - Series A 2017 Goose Creek, SC 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 470,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,150,000 San Vicente - Series A (2) 2016 Soledad, CA 11/1/2033 5.00 % 3,495,000 San Vicente - Series B (2) 2016 Soledad, CA 11/1/2018 8.00 % 1,825,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,036,928 Seasons at Simi Valley - Series A (2) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,366,195 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2018 8.00 % 1,944,000 Seasons Lakewood - Series A (2) 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B (2) 2016 Lakewood, CA 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A (2) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B (2) 2016 San Juan Capistrano, CA 1/1/2019 5.50 % 6,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,879,590 South Pointe - Series A 2017 Hanahan, SC 7/1/2055 5.75 % 21,600,000 South Pointe - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,100,000 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,300,000 Summerhill - Series A (2) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Summerhill - Series B (2) 2016 Bakersfield, CA 12/1/2018 8.00 % 3,372,000 Sycamore Walk - Series A (2) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B 2015 Bakersfield, CA 1/1/2018 8.00 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,238,297 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,965,475 Vantage at Judson (4) 2015 San Antonio, TX 1/1/2053 6.00 % 26,133,557 The Village at Madera - Series A (2) 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B (2) 2016 Madera, CA 12/1/2018 8.00 % 1,719,000 Village at River's Edge (2) 2017 Columbia, SC 6/1/2033 6.00 % 10,000,000 Vineyard Gardens - Series A 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Vineyard Gardens - Series B 2017 Oxnard, CA 1/1/2020 5.50 % 2,846,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,898,427 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 13,009,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,267,000 $ 719,750,361 (1) Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17 (2) Bond held by Deutsche Bank AG in a secured financing transaction, see Note 17 (3) Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17 (4) Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17 Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2016 15 West Apartments - Series A (2) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,850,000 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,351,321 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,039,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,268,850 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,844,994 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,549,644 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,158,382 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,709,040 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,656,458 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,326,157 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,005,226 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,365,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,535,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,076,558 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Companion at Thornhill Apartments (2) 2016 Lexington, SC 1/1/2052 5.80 % 11,500,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 19,185,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 13,440,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 20,820,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,145,000 Courtyard Apartments - Series A 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B 2016 Fullerton, CA 12/1/2018 5.50 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,258,605 Crossing at 1415 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,950,214 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,210,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 940,479 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,912,535 Harmony Court Bakersfield - Series A 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B 2016 Bakersfield, CA 12/1/2018 5.50 % 1,997,000 Harmony Terrace - Series A (2) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B (2) 2016 Simi Valley, CA 1/1/2019 5.50 % 7,400,000 Heights at 515 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,161,330 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,639,000 Las Palmas II - Series A 2016 Coachella, CA 11/1/2033 5.00 % 1,695,000 Las Palmas II - Series B 2016 Coachella, CA 11/1/2018 5.50 % 1,770,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,085,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Oaks at Georgetown - Series A (2) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B (2) 2016 Georgetown, TX 1/1/2019 5.50 % 5,512,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,215,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,549,780 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,348,364 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,250,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 San Vicente - Series A 2016 Soledad, CA 11/1/2033 5.00 % 3,495,000 San Vicente - Series B 2016 Soledad, CA 11/1/2018 5.50 % 1,825,000 Seasons at Simi Valley - Series A (2) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,376,000 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2017 8.00 % 1,944,000 Seasons Lakewood - Series A 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B 2016 Lakewood, CA 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B 2016 San Juan Capistrano, CA 1/1/2019 5.50 % 6,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,933,259 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,435,000 Summerhill - Series A 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Summerhill - Series B 2016 Bakersfield, CA 12/1/2018 5.50 % 3,372,000 Sycamore Walk - Series A (2) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B 2015 Bakersfield, CA 1/1/2018 5.50 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,826,716 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 6,024,120 Vantage at Judson (4) 2015 San Antonio, TX 1/1/2053 6.00 % 26,356,498 Vantage at Harlingen (4) 2015 San Antonio, TX 9/1/2053 6.00 % 24,529,580 The Village at Madera - Series A 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B 2016 Madera, CA 12/1/2018 5.50 % 1,719,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,936,750 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,310,000 $ 648,439,860 (1) Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17 (2) Bonds held by Deutsche Bank AG in a secured financing transaction, see Note 17 (3) Bonds held by ATAX TEBS II, LLC (M31 TEBS), see Note 17 (4) Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17 |
PHC Certificates (Tables)
PHC Certificates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Public Housing Capital Fund Trusts [Abstract] | |
Schedule of Investments in PHC Certificates | The Partnership had the following investments in the PHC Certificates on December 31, 2017 and 2016: December 31, 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 7.31 AA- 5.39% $ 25,109,305 $ - $ - $ 25,109,305 PHC Certificate Trust II 6.37 A+ 4.32% 9,606,480 - (248,189 ) 9,358,291 PHC Certificate Trust III 7.61 BBB 5.23% 15,451,249 - (277,257 ) 15,173,992 $ 50,167,034 $ - $ (525,446 ) $ 49,641,588 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) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Line Items] | |
Real Estate Assets Owned by Partnership | The following tables represent information regarding the real estate assets owned by the Partnership at December 31, 2017 and 2016: Real Estate Assets at December 31, 2017 Property Name Location Number of Units (Unaudited) Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2017 Suites on Paseo San Diego, CA 394 $ 3,166,463 $ 38,454,894 $ 41,621,357 The 50/50 MF Property Lincoln, NE 475 - 32,932,981 32,932,981 Jade Park Daytona, FL 144 2,292,035 7,565,613 9,857,648 Land held for development (1) (1) 1,860,737 - 1,860,737 $ 86,272,723 Less accumulated depreciation (9,580,531 ) Total real estate assets $ 76,692,192 (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 at December 31, 2016 Property Name Location Number of Units (Unaudited) 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) Land held for development consists of parcels of land in St. Petersburg, FL, Johnson County, KS, and Richland County, SC and land and development costs for a site in Panama City Beach, FL. |
Net Income, Exclusive of the Gains on Sale | Net income, exclusive of the gains on sale, related to the sales of MF Properties for the years ended December 31, 2017, 2016 and 2015 are as follows: For the Years Ended December 31, 2017 2016 2015 Net loss $ (290,494 ) $ (457,201 ) $ (433,784 ) |
Jade Park [Member] | |
Real Estate [Line Items] | |
Condensed Balance Sheet at the Date of Acquisition | A condensed balance sheet at the date of acquisition for the Jade Park acquisition is as follows: Jade Park 9/30/2016 (Date of Acquisition) Land $ 2,292,035 Buildings and improvements 7,244,534 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 |
Unaudited Pro Forma Condensed Consolidated Results Of Operations of the Partnership | The table below shows the unaudited pro forma condensed consolidated results of operations of the Partnership as if Jade Park had been acquired at January 1, 2015: 2016 2015 Pro forma revenues $ 60,008,686 $ 64,162,327 Pro forma net income $ 24,663,645 $ 23,075,438 Pro forma net income allocated to Unitholders $ 21,047,854 $ 16,917,875 Pro forma Unitholder's interest in net income per Unit (basic and diluted) $ 0.35 $ 0.28 |
MF Properties [Member] | |
Real Estate [Line Items] | |
Gains on Sale, Net of Income Taxes | During 2017, the Partnership sold four of its MF Properties to unrelated third parties. The table below summarizes information related to the sales. The gains on sale, net of income taxes, are considered either Tier 2 or Tier 3 income (See Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units (Unaudited) Gross Proceeds Gain on Sale before Income Taxes Northern View March Highland Heights, KY 294 $ 13,750,000 $ 7,174,183 Eagle Village November Evansville, IN 511 12,775,000 2,782,107 Residences of DeCordova November Granbury, TX 110 12,100,000 5,174,645 Residences of Weatherford November Weatherford, TX 76 7,900,000 2,644,040 During 2016, the Partnership sold two of its MF Properties to unrelated third parties. The table below summarizes information related to the sales. The gains on sale, net of income taxes, are considered Tier 2 income (See Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units (Unaudited) Gross Proceeds Gain on Sale before Income Taxes Arboretum June Omaha, NE 145 $ 30,200,000 $ 12,410,444 Woodland Park July Topeka, KS 236 15,650,000 1,661,873 During 2015, the Partnership sold two of its MF Properties to unrelated third parties. The table below summarizes information related to the sales. The gains on sale, net of income taxes, are considered Tier 2 income (See Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units (Unaudited) Gross Proceeds Gain on Sale before Income Taxes The Colonial May Omaha, NE 258 $ 10,696,510 $ 3,427,044 Glynn Place August Brunswick, GA 128 5,500,000 1,172,065 |
Investment in Unconsolidated 43
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016 and remaining equity commitment amounts at December 31, 2017: Property Name Location Units (Unaudited) Month Commitment Executed Construction Completion Date Carrying Value at December 31, 2017 Carrying Value at December 31, 2016 Maximum Remaining Equity Commitment at December 31, 2017 Vantage at Corpus Christi Corpus Christi, TX 288 March 2016 August 2017 $ 9,178,139 $ 8,447,343 $ 1,550,000 Vantage at Boerne Boerne, TX 288 August 2016 December 2017 8,272,810 5,057,802 1,475,936 Vantage at Waco Waco, TX 288 August 2016 N/A 8,748,091 5,964,861 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 N/A 10,349,416 - 1,996,500 Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 3,060,471 - 7,702,305 $ 39,608,927 $ 19,470,006 $ 14,316,780 |
Property Loan, Net of Loan Lo44
Property Loan, Net of Loan Loss Allowances (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016: December 31, 2017 Outstanding Balance Loan Loss Allowances Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,995,884 - 4,995,884 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,417,635 - 8,417,635 Vantage at New Braunfels, LLC 7,406,978 - 7,406,978 Winston Group, Inc 1,100,000 - 1,100,000 Total $ 36,907,688 $ (7,393,814 ) $ 29,513,874 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 New 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 |
Summary of Changes in Partnership’s Loan Loss Reserves | The following table summarizes the changes in the Partnership’s loan loss reserves for the years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Balance, beginning of year $ 7,098,814 $ 7,098,814 $ 7,098,814 Provision for loan loss (1) 295,000 - - Balance, end of year $ 7,393,814 $ 7,098,814 $ 7,098,814 (1) See table below for a summary of terms for the individual Term A/B Trust securitizations. Activity for the year ended December 31, 2017 consists of the reversal of $55,000 allowance for loan loss related to Lake Forest and the increase of $350,000 allowance for loan loss related to Ashley Square. The net provision for loan loss for the year ended December 31, 2017 is recorded as a reduction to other interest income on the consolidated statements of operations. |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense | . The following table summarizes income tax expense for the years ended December 31, 2017, 2016 and 2015: For the Years Ended December 31, 2017 2016 2015 Current income tax expense $ 6,419,146 $ 4,593,000 $ - Deferred income tax expense (benefit) (400,000 ) 366,000 - Total income tax expense $ 6,019,146 $ 4,959,000 $ - |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The Partnership had the following Other Assets at December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Deferred financing costs - net $ 383,133 $ 456,890 Fair value of derivative instruments (Note 19) 597,221 383,604 Taxable mortgage revenue bonds at fair market value 2,422,459 4,084,599 Bond purchase commitments - fair value (Note 20) 3,002,540 2,399,449 Other assets 942,949 1,470,650 Total other assets $ 7,348,302 $ 8,795,192 |
Investments Classified by Contractual Maturity Date | The following table includes the details of the taxable MRBs redeemed during the year ended December 31, 2017. The taxable MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest. The Partnership also realized additional interest related to redemption of the Vantage at Harlingen Series D and Avistar at Chase Hill Series C MRBs of approximately $169,000 and $35,000, respectively. The additional interest income is reported within other interest income on the consolidated statements of operations. Property Name Redemption Date Location Units (Unaudited) Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Vantage at Harlingen - Series D October San Antonio, TX 288 10/1/2053 9.00 % $ 1,278,117 Avistar at Chase Hill - Series C November San Antonio, TX 232 4/1/2050 9.00 % 232,145 The following table includes the details of the taxable MRB redeemed during the year ended December 31, 2016. The taxable MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest. Property Name Redemption Date Location Units (Unaudited) 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 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations [Abstract] | |
Schedule of Revenue, Expenses and Income From Discontinued Operations | The following presents the revenues, expenses and income from discontinued operations for the year ended December 31, 2015: December 31, 2015 Rental revenues $ 2,952,383 Expenses 2,394,074 Net income from discontinued operations 558,309 Gain on sale of discontinued operations 3,163,088 Net income from discontinued operations $ 3,721,397 |
Unsecured Lines of Credit (Tabl
Unsecured Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Unsecured Lines of Credit [Member] | |
Summary of Unsecured Lines of Credit | The following tables summarize the Partnership’s unsecured lines of credit (“LOC”) at December 31, 2017 and 2016: Unsecured Lines of Credit Outstanding on December 31, 2017 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 50,000,000 $ 50,000,000 May 2019 Variable (1) Monthly 4.38 % Bankers Trust operating - 10,000,000 May 2019 Variable (1) Monthly 4.62 % Total unsecured lines of credit $ 50,000,000 $ 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 |
Secured Lines of Credit (Tables
Secured Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Secured Line of Credit [Member] | |
Summary of Unsecured Lines of Credit | The following table summarizes the secured LOC, net of deferred financing costs, at December 31, 2016: Unsecured Lines of Credit Outstanding on December 31, 2016, net Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 19,816,667 $ 20,000,000 March 2017 Variable (1) Monthly 3.13 % (1) The variable rate is indexed to LIBOR plus 2.5%. |
Debt Financing (Tables)
Debt Financing (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Financing [Abstract] | |
Schedule of Total Debt Financing | The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2017 and 2016: Outstanding Debt Financings on December 31, 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 $ 46,787,036 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 279,533,565 - 2016 - 2017 June 2018 - November 2027 N/A N/A N/A 3.64% - 4.52% Variable - TOB 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% TEBS Financings Variable - TEBS I 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - TEBS II (1) 81,003,688 176,685 2014 July 2019 Weekly 1.77% 1.39% 3.16% Variable - TEBS III (1) 57,406,058 57,364 2015 July 2020 Weekly 1.77% 1.16% 2.93% Total Debt Financings $ 558,328,347 (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 171,778,950 1,373,695 2016 March 2017 - December 2026 N/A N/A N/A 3.64% - 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) The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2017: Outstanding Financing at December 31, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,777,036 2014 October 2019 4.39 % Pro Nova 1 9,010,000 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,787,036 4.31 % Term A/B Trusts Securitization Willow Run $ 10,029,289 2016 September 2026 3.64 % Columbia Gardens 10,172,857 2016 September 2026 3.64 % Concord at Little York 11,315,538 2016 September 2026 3.64 % Concord at Williamscrest 17,526,516 2016 September 2026 3.64 % Concord at Gulfgate 16,154,584 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,608,733 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,675,323 2016 September 2026 3.64 % Sycamore Walk 3,054,841 2016 September 2026 3.64 % Decatur-Angle Apartments 21,276,657 2016 September 2026 3.64 % Heights at 515 5,380,814 2016 September 2026 3.64 % Crossing at 1415 6,344,418 2016 September 2026 3.64 % Bruton Apartments 15,199,181 2016 September 2026 3.64 % 15 West Apartments 8,326,731 2016 December 2026 3.64 % San Vicente - Series A 3,112,976 2017 February 2022 3.89 % San Vicente - Series B 1,545,930 2017 June 2018 3.76 % Las Palmas - Series A 1,507,389 2017 February 2022 3.89 % Las Palmas - Series B 1,494,702 2017 June 2018 3.76 % The Village at Madera - Series A 2,746,364 2017 February 2022 3.89 % The Village at Madera - Series B 1,455,570 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,322,157 2017 February 2022 3.89 % Summerhill - Series A 5,730,185 2017 February 2022 3.89 % Summerhill - Series B 2,855,809 2017 July 2018 3.76 % Courtyard - Series A 9,131,896 2017 February 2022 3.89 % Courtyard - Series B 5,272,090 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,555,646 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,453,076 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,047,869 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,564,539 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,838,000 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,168,088 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,414,834 2017 February 2027 4.46 % Oaks at Georgetown - Series A 11,087,478 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,686,120 2017 August 2018 3.76 % Harmony Terrace - Series A 6,199,955 2017 March 2022 3.89 % Harmony Terrace - Series B 6,284,318 2017 August 2018 3.76 % Village at River's Edge 8,993,092 2017 November 2027 4.52 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 279,533,565 3.85 % The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2016: Outstanding Financing at December 31, 2016, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,851,960 2014 July 2019 4.39 % Pro Nova 1 9,008,739 2014 July 2017 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,860,699 4.31 % Term A/B Trusts Securitization Willow Run $ 11,564,852 2016 September 2026 3.64 % Columbia Gardens 11,565,068 2016 September 2026 3.64 % Concord at Little York 11,301,031 2016 September 2026 3.64 % Concord at Williamscrest 17,504,186 2016 September 2026 3.64 % Concord at Gulfgate 16,133,987 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,666,656 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,678,770 2016 September 2026 3.64 % Sycamore Walk 3,050,786 2016 September 2026 3.64 % Decatur-Angle Apartments 21,387,126 2016 September 2026 3.64 % Heights at 515 5,409,361 2016 September 2026 3.64 % Crossing at 1415 6,378,482 2016 September 2026 3.64 % Bruton Apartments 15,258,925 2016 September 2026 3.64 % 15 West Apartments 8,366,804 2016 December 2026 3.64 % Oaks at Georgetown A 11,709,479 2016 March 2017 4.56 % Harmony Terrace A 6,549,479 2016 March 2017 4.56 % Oaks at Georgetown B 5,229,479 2016 March 2017 4.56 % Harmony Terrace B 7,024,479 2016 March 2017 4.56 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 171,778,950 3.80 % |
Summary of MRBs Redeemed and Class A Certificates Redeemed Upon Redemption | The following table summarizes the MRBs redeemed and the amount of Class A Certificates redeemed upon redemption: Mortgage Revenue Bond TEBS Facility Month Paydown Applied Vantage at Harlingen TEBS III October 2017 $ 24,363,221 Ashley Square TEBS I November 2017 4,472,000 Avistar at Chase Hill TEBS II November 2017 9,757,084 |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2018 $ 75,557,815 2019 130,870,901 2020 113,134,225 2021 2,357,601 2022 61,282,111 Thereafter 179,392,519 Total 562,595,172 Deferred financing costs (4,266,825 ) Total debt financing, net $ 558,328,347 |
Mortgages Payable and Other S51
Mortgages Payable and Other Secured Financing (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Total Debt Financing | The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2017 and 2016: Outstanding Debt Financings on December 31, 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 $ 46,787,036 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 279,533,565 - 2016 - 2017 June 2018 - November 2027 N/A N/A N/A 3.64% - 4.52% Variable - TOB 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% TEBS Financings Variable - TEBS I 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - TEBS II (1) 81,003,688 176,685 2014 July 2019 Weekly 1.77% 1.39% 3.16% Variable - TEBS III (1) 57,406,058 57,364 2015 July 2020 Weekly 1.77% 1.16% 2.93% Total Debt Financings $ 558,328,347 (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 171,778,950 1,373,695 2016 March 2017 - December 2026 N/A N/A N/A 3.64% - 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) The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2017: Outstanding Financing at December 31, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,777,036 2014 October 2019 4.39 % Pro Nova 1 9,010,000 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,787,036 4.31 % Term A/B Trusts Securitization Willow Run $ 10,029,289 2016 September 2026 3.64 % Columbia Gardens 10,172,857 2016 September 2026 3.64 % Concord at Little York 11,315,538 2016 September 2026 3.64 % Concord at Williamscrest 17,526,516 2016 September 2026 3.64 % Concord at Gulfgate 16,154,584 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,608,733 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,675,323 2016 September 2026 3.64 % Sycamore Walk 3,054,841 2016 September 2026 3.64 % Decatur-Angle Apartments 21,276,657 2016 September 2026 3.64 % Heights at 515 5,380,814 2016 September 2026 3.64 % Crossing at 1415 6,344,418 2016 September 2026 3.64 % Bruton Apartments 15,199,181 2016 September 2026 3.64 % 15 West Apartments 8,326,731 2016 December 2026 3.64 % San Vicente - Series A 3,112,976 2017 February 2022 3.89 % San Vicente - Series B 1,545,930 2017 June 2018 3.76 % Las Palmas - Series A 1,507,389 2017 February 2022 3.89 % Las Palmas - Series B 1,494,702 2017 June 2018 3.76 % The Village at Madera - Series A 2,746,364 2017 February 2022 3.89 % The Village at Madera - Series B 1,455,570 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,322,157 2017 February 2022 3.89 % Summerhill - Series A 5,730,185 2017 February 2022 3.89 % Summerhill - Series B 2,855,809 2017 July 2018 3.76 % Courtyard - Series A 9,131,896 2017 February 2022 3.89 % Courtyard - Series B 5,272,090 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,555,646 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,453,076 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,047,869 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,564,539 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,838,000 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,168,088 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,414,834 2017 February 2027 4.46 % Oaks at Georgetown - Series A 11,087,478 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,686,120 2017 August 2018 3.76 % Harmony Terrace - Series A 6,199,955 2017 March 2022 3.89 % Harmony Terrace - Series B 6,284,318 2017 August 2018 3.76 % Village at River's Edge 8,993,092 2017 November 2027 4.52 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 279,533,565 3.85 % The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2016: Outstanding Financing at December 31, 2016, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,851,960 2014 July 2019 4.39 % Pro Nova 1 9,008,739 2014 July 2017 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,860,699 4.31 % Term A/B Trusts Securitization Willow Run $ 11,564,852 2016 September 2026 3.64 % Columbia Gardens 11,565,068 2016 September 2026 3.64 % Concord at Little York 11,301,031 2016 September 2026 3.64 % Concord at Williamscrest 17,504,186 2016 September 2026 3.64 % Concord at Gulfgate 16,133,987 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,666,656 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,678,770 2016 September 2026 3.64 % Sycamore Walk 3,050,786 2016 September 2026 3.64 % Decatur-Angle Apartments 21,387,126 2016 September 2026 3.64 % Heights at 515 5,409,361 2016 September 2026 3.64 % Crossing at 1415 6,378,482 2016 September 2026 3.64 % Bruton Apartments 15,258,925 2016 September 2026 3.64 % 15 West Apartments 8,366,804 2016 December 2026 3.64 % Oaks at Georgetown A 11,709,479 2016 March 2017 4.56 % Harmony Terrace A 6,549,479 2016 March 2017 4.56 % Oaks at Georgetown B 5,229,479 2016 March 2017 4.56 % Harmony Terrace B 7,024,479 2016 March 2017 4.56 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 171,778,950 3.80 % |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2018 $ 75,557,815 2019 130,870,901 2020 113,134,225 2021 2,357,601 2022 61,282,111 Thereafter 179,392,519 Total 562,595,172 Deferred financing costs (4,266,825 ) Total debt financing, net $ 558,328,347 |
Mortgages payable [Member] | |
Schedule of Total Debt Financing | The following is a summary of the Mortgages payable and other secured financing on the MF Properties, net of deferred financing costs, at December 31, 2017 and 2016: MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2017, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate The 50/50 MF Property--TIF Loan $ 3,358,370 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,713,256 2013 March 2020 Variable Monthly 4.25 % (1) N/A 4.25 % Jade Park 7,468,548 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 35,540,174 4.21 % (1) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2016, net Year Acquired or Refinanced 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 2015 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) Variable rate is based on 30-day LIBOR (2) Variable rate is based on Wall Street Journal Prime Rate |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st : 2018 $ 763,246 2019 3,989,951 2020 24,155,733 2021 6,858,994 2022 - Thereafter - Total 35,767,924 Deferred financing costs (227,750 ) Total mortgages payable and other secured financings, net $ 35,540,174 |
Interest Rate Derivatives (Tabl
Interest Rate Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Interest Rate Derivative Agreements [Abstract] | |
Summary of Partnership’s Interest Rate Derivatives, Except for Interest Rate Swaps | The following table summarizes the Partnership’s interest rate derivatives, except for interest rate swaps, at December 31, 2017 and 2016: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2017 July 2014 $ 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ 169 July 2014 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 169 July 2014 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 169 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 3,213 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 3,213 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 3,213 June 2017 91,956,883 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 160,174 June 2017 83,000,217 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 425,978 Sept 2017 59,935,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 923 $ 597,221 Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2016 Sept 2010 $ 29,855,000 Sept 2017 3.0 % SIFMA M24 TEBS Bank of New York Mellon $ 2 Sept 2010 29,855,000 Sept 2017 3.0 % SIFMA M24 TEBS Barclays Bank PLC 2 Sept 2010 29,855,000 Sept 2017 3.0 % SIFMA M24 TEBS Royal Bank of Canada 2 Aug 2013 89,565,000 Sept 2017 1.5 % SIFMA M24 TEBS Deutsche Bank 619 Feb 2014 41,250,000 March 2017 1.0 % SIFMA PHC TOB Trusts SMBC Capital Markets, Inc 2 July 2014 31,028,195 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC 34,614 July 2014 31,028,195 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 34,614 July 2014 31,028,195 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 34,614 July 2015 27,940,701 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 93,045 July 2015 27,940,701 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 93,045 July 2015 27,940,701 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 93,045 $ 383,604 |
Summary of Terms of Interest Rate Swaps | The following table summarizes the terms of the interest rate swaps at December 31, 2017 and 2016: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty December 31, 2017 - Fair Value of Liability Sept 2014 $ 22,821,429 Oct 2016 Oct 2021 1.96 % 1.08 % 70% 30-day LIBOR Deutsche Bank $ (402,261 ) Sept 2014 18,051,775 April 2017 April 2022 2.06 % 1.08 % 70% 30-day LIBOR Deutsche Bank (424,591 ) $ (826,852 ) Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty December 31, 2016 - Fair Value of Liability Sept 2014 $ 22,975,228 Oct 2016 Oct 2021 1.96 % 0.53 % 70% 30-day LIBOR Deutsche Bank $ (738,574 ) Sept 2014 18,126,731 April 2017 April 2022 2.06 % N/A 70% 30-day LIBOR Deutsche Bank (600,709 ) $ (1,339,283 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Partnership's Bond Purchase Commitments | The following table summarizes the Partnership’s bond purchase commitments at December 31, 2017 and 2016: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at December 31, 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 - 6.00 % Q4 2017 - 467,720 Palo Alto July 2015 19,540,000 5.80 % Q2 2018 1,616,143 627,429 Village at Avalon November 2015 16,400,000 5.80 % Q4 2018 1,386,397 466,100 Total $ 35,940,000 $ 3,002,540 $ 2,399,449 (1) The closing date is actual or estimated. |
Redeemable Series A Preferred54
Redeemable Series A Preferred Units (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Issuances of Series A Preferred Units | The following table summarizes the Series A Preferred Units outstanding at December 31, 2017: Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date Preferred Units at January 1, 2016 - $ - 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 Preferred Units at December 31, 2016 4,086,900 $ 40,869,000 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 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Preferred Units at December 31, 2017 9,450,000 $ 94,500,000 |
Restricted Unit Awards ("RUAs55
Restricted Unit Awards ("RUAs") (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of RUA Activity | The following table summarizes the RUA activity for the year ended December 31, 2017: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested at January 1, 2016 - $ - Granted 272,307 6.03 Vested (114,003 ) 6.03 Nonvested at December 31, 2016 158,304 $ 6.03 Granted 283,046 5.74 Vested (199,281 ) 5.85 Nonvested at December 31, 2017 242,069 $ 5.83 |
Transactions with Related Par56
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The amounts in the following table represent amounts reimbursable to AFCA 2 or an affiliate for such expenses: 2017 2016 2015 Reimbursable salaries and benefits $ 3,350,267 $ 2,921,762 $ 1,744,855 Other expenses 143,350 5,883 6,819 Insurance 216,263 204,357 224,946 Professional fees and expenses 191,177 390,961 284,767 Consulting and travel expenses 3,554 11,634 15,372 $ 3,904,611 $ 3,534,597 $ 2,276,759 |
Fair Value of Financial Instr57
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 are summarized as follows: Fair Value Measurements at December 31, 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 $ 710,867,447 $ - $ - $ 710,867,447 Mortgage revenue bonds 77,971,208 - - 77,971,208 Bond purchase commitments (reported within other assets) 3,002,540 - - 3,002,540 PHC Certificates 49,641,588 - - 49,641,588 Taxable mortgage revenue bonds (reported within other assets) 2,422,459 - - 2,422,459 Derivative contracts (reported within other assets) 597,221 - - 597,221 Derivative swap liability (826,852 ) - - (826,852 ) Total Assets and Liabilities at Fair Value, net $ 843,675,611 $ - $ - $ 843,675,611 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 mortgage revenue 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 year ended December 31, 2017: For the Years Ended December 31, 2017 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue 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) 212,712 - (654,290 ) - (240,091 ) (681,669 ) Included in other comprehensive (loss) income 37,104,392 603,091 (882,452 ) (96,685 ) - 36,728,346 Purchases 121,347,000 - - - 556,017 121,903,017 Settlements (50,036,500 ) - (5,979,738 ) (1,565,455 ) 410,122 (57,171,571 ) Ending Balance December 31, 2017 $ 788,838,655 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,675,611 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 December 31, 2017 $ - $ - $ (761,960 ) $ - $ (240,091 ) $ (1,002,051 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2016: For Twelve Months Ended December 31, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue 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) 175,769 - (54,605 ) - 17,618 138,782 Included in other comprehensive (loss) income (17,342,217 ) (3,234,911 ) (1,480,497 ) (188,299 ) - (22,245,924 ) Purchases 130,620,000 - - - - 130,620,000 Sale of securities (9,295,000 ) - - - (399 ) (9,295,399 ) Settlements (7,630,638 ) - (2,014,120 ) (551,162 ) - (10,195,920 ) Ending Balance December 31, 2016 $ 680,211,051 $ 2,399,449 $ 57,158,068 $ 4,084,599 $ (955,679 ) $ 742,897,488 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2016 $ - $ - $ - $ - $ 17,618 $ 17,618 (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2015: For Twelve Months Ended December 31, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2015 $ 449,024,137 $ 5,780,413 $ 61,263,123 $ 4,616,565 $ 267,669 $ 520,951,907 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (1,802,655 ) (1,802,655 ) Included in other comprehensive (loss) income 9,370,264 (146,053 ) 462,297 (138,682 ) - 9,547,826 Purchases 188,572,000 - - - - 188,572,000 Mortgage revenue bond exchanged for MF Property (41,580,919 ) - - - - (41,580,919 ) Purchase interest rate derivative - - - - 562,088 562,088 Settlements (21,702,345 ) - (1,018,130 ) 346,177 - (22,374,298 ) Ending Balance December 31, 2015 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2015 $ - $ - $ - $ - $ (1,802,655 ) $ (1,802,655 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. |
Summary of Fair Value of Partnership's Financial Liabilities | The table below summarizes the fair value of the Partnership’s financial liabilities at December 31, 2017 and 2016: December 31, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 608,328,347 $ 618,412,150 $ 555,199,700 $ 553,083,924 Mortgages payable and other secured financing 35,540,174 35,767,924 51,379,512 51,595,281 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Summary of Partnership Reportable Segment Information | The following table details certain key financial information for the Partnership’s reportable segments for the three years ended December 31: For the Years Ended December 31, 2017 2016 2015 Total revenues Mortgage Revenue Bond Investments $ 49,100,423 $ 36,673,232 $ 38,772,872 MF Properties 13,677,635 17,404,439 17,789,125 Public Housing Capital Fund Trust 2,951,735 2,888,035 2,994,482 MBS Securities Investments - 17,921 225,890 Other Investments 4,651,752 1,995,123 170,922 Total revenues $ 70,381,545 $ 58,978,750 $ 59,953,291 Interest expense Mortgage Revenue Bond Investments $ 18,705,398 $ 11,904,616 $ 10,787,252 MF Properties 2,099,840 2,200,531 2,659,350 Public Housing Capital Fund Trust 1,350,205 1,349,800 1,221,713 MBS Securities Investments - 14,692 157,902 Other Investments - - - Total interest expense $ 22,155,443 $ 15,469,639 $ 14,826,217 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - MF Properties 4,949,935 5,980,483 5,888,973 Public Housing Capital Fund Trust - - - MBS Securities Investments - - - Other Investments - - - Total depreciation expense $ 4,949,935 $ 5,980,483 $ 5,888,973 Income from continuing operations Mortgage Revenue Bond Investments $ 15,438,583 $ 11,755,639 $ 17,924,037 MF Properties 9,739,704 8,442,704 2,964,297 Public Housing Capital Fund Trust 839,570 1,538,234 1,758,022 MBS Securities Investments - 51,984 67,547 Other Investments 4,644,994 1,995,123 170,922 Income from continuing operations $ 30,662,851 $ 23,783,684 $ 22,884,825 Partnership Net income Mortgage Revenue Bond Investments $ 15,438,583 $ 11,755,639 $ 17,924,037 MF Properties 9,668,051 8,443,527 2,967,098 Public Housing Capital Fund Trust 839,570 1,538,234 1,758,022 MBS Securities Investments - 51,984 67,547 Other Investments 4,644,994 1,995,123 170,922 Discontinued Operations - - 3,721,397 Partnership net income $ 30,591,198 $ 23,784,507 $ 26,609,023 The following table details total assets for the Company’s reportable segments for the two years ended December 31: December 31, 2017 December 31, 2016 Total assets Mortgage Revenue Bond Investments $ 937,565,390 $ 764,995,675 MF Properties 83,514,758 129,895,112 Public Housing Capital Fund Trust Certificates 49,918,434 57,461,268 Other Investments 55,573,834 34,540,280 Consolidation/eliminations (56,804,417 ) (42,778,661 ) Total assets $ 1,069,767,999 $ 944,113,674 |
Summary of Unaudited Quarterl59
Summary of Unaudited Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2017 March 31, June 30, September 30, December 31, Revenues and other income $ 23,208,975 $ 16,218,225 $ 16,234,830 $ 32,472,818 Income from continuing operations 7,360,515 4,109,400 3,545,483 15,647,453 Income from discontinuing operations - - - - Net income - America First Multifamily Investors, L.P. $ 7,360,515 $ 4,109,400 $ 3,545,483 $ 15,647,453 Income from continuing operations, per Unit $ 0.10 $ 0.06 $ 0.05 $ 0.23 Income from discontinued operations, per Unit - - - - Net income, basic and diluted, per Unit $ 0.10 $ 0.06 $ 0.05 $ 0.23 2016 March 31, June 30, September 30, December 31, Revenues and other income $ 14,927,956 $ 27,376,050 $ 14,855,912 $ 15,899,246 Income from continuing operations 2,531,688 11,005,829 4,622,874 5,623,293 Income from discontinuing operations - - - - Net income - America First Multifamily Investors, L.P. $ 2,531,700 $ 11,005,930 $ 4,623,542 $ 5,623,335 Income from continuing operations, per Unit $ 0.04 $ 0.15 $ 0.06 $ 0.09 Income from discontinued operations, per Unit - - - - Net income, basic and diluted, per Unit $ 0.04 $ 0.15 $ 0.06 $ 0.09 |
Summary of Significant Accoun60
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2017USD ($)PropertyArrangementshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Property | Nov. 30, 2017 | Mar. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Cash, FDIC Insured Amount | $ | $ 250,000 | ||||
Number of lessee arrangements | Arrangement | 4 | ||||
Minimum [Member] | Restricted Unit Awards [Member] | Burlington [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
RUAs granted with vesting range | 3 months | ||||
Maximum [Member] | RUA and Other Awards [Member] | Burlington [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Approved grant of restricted units and other awards to employees | shares | 3,000,000 | ||||
Maximum [Member] | Restricted Unit Awards [Member] | Burlington [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 | ||||
Mortgage Revenue Bonds, Taxable Bonds or Bond Purchase Commitments | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Impairment charges | $ | $ 0 | $ 0 | $ 0 | ||
Owned Directly By Partnership [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of Real Estate Properties | 2 | ||||
Real Estate Buildings [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of the related asset | 19 years | ||||
Real Estate Buildings [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of the related asset | 40 years | ||||
Capital Improvements [Member] | Minimum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of the related asset | 5 years | ||||
Capital Improvements [Member] | Maximum [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Estimated useful life of the related asset | 15 years | ||||
Variable Interest Entity Primary Beneficiary [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of Real Estate Properties | 2 | ||||
Greens Hold Co [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of Real Estate Properties | 1 | ||||
Greens Hold Co [Member] | Northern View [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Ownership interest percentage in MF property | 99.00% | ||||
Greens Hold Co [Member] | Eagle Village [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Ownership interest percentage in MF property | 100.00% | ||||
Greens Hold Co [Member] | Residences at DeCordova [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Ownership interest percentage in MF property | 100.00% | ||||
Greens Hold Co [Member] | Residences at Weatherford [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Ownership interest percentage in MF property | 100.00% |
Partnership Income, Expenses 61
Partnership Income, Expenses and Cash Distributions - Additional Information (Details) | Dec. 31, 2017 |
Tier 1 [Member] | Limited Partner [Member] | |
Percent of Regular Distributions | 99.00% |
Tier 1 [Member] | General Partner [Member] | |
Percent of Regular Distributions | 1.00% |
Tier 2 [Member] | |
Penalty on Outstanding Contingent Interest | 0.90% |
Tier 2 [Member] | Limited Partner [Member] | |
Special Distribution | 75.00% |
Tier 2 [Member] | General Partner [Member] | |
Special Distribution | 25.00% |
Tier 3 [Member] | Limited Partner [Member] | |
Special Distribution | 100.00% |
Partnership Income, Expenses 62
Partnership Income, Expenses and Cash Distributions Cash Distributions - Schedule of Distributions Paid or Accrued per Beneficial Unit Certificates (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit | $ 0.5000 | $ 0.5000 | $ 0.5000 |
Net Income per BUC (Details)
Net Income per BUC (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |||
Dilutive Units | 0 | 0 | 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)PropertyOwner | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Gain (Loss) on Sale of Properties | $ | $ 17,753,303 | $ 14,072,317 | $ 4,599,109 |
Number of Variable Interest Entities | Property | 23 | 20 | |
Consolidated Properties [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Gain (Loss) on Sale of Properties | $ | $ 0 | $ 0 | $ 0 |
Total Owners [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of Owners | Owner | 3 | ||
Related party owner [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Number of Owners | Owner | 1 |
Variable Interest Entities - Va
Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 201,777,735 | $ 173,867,079 |
Available-for-sale Securities [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 146,344,195 | 137,921,000 |
Property Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 15,824,613 | 16,476,073 |
Investment in Unconsolidated Entities [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 39,608,927 | $ 19,470,006 |
Investments in Mortgage Reven66
Investments in Mortgage Revenue Bonds - Information Regarding Mortgage Revenue Bonds Owned (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
Mortgage Revenue Bonds Held In Trust [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | $ 639,438,294 | $ 554,678,736 | |
Cumulative Unrealized Gain | 71,429,153 | 37,814,237 | |
Cumulative Unrealized Loss | (2,298,794) | ||
Estimated Fair Value | 710,867,447 | 590,194,179 | |
Mortgage Revenue Bonds Held In Trust [Member] | Courtyard [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 16,458,000 | |
Cumulative Unrealized Gain | [1] | 1,226,192 | |
Estimated Fair Value | [1] | 17,684,192 | |
Mortgage Revenue Bonds Held In Trust [Member] | Arbors at Hickory Ridge [Member] | TN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 11,342,234 | 11,461,719 |
Cumulative Unrealized Gain | [2] | 1,693,626 | 891,274 |
Estimated Fair Value | [2] | 13,035,860 | 12,352,993 |
Mortgage Revenue Bonds Held In Trust [Member] | Harmony Terrace [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 14,300,000 | 14,300,000 |
Cumulative Unrealized Gain | [1] | 871,221 | |
Estimated Fair Value | [1] | 15,171,221 | 14,300,000 |
Mortgage Revenue Bonds Held In Trust [Member] | Harmony Court Bakersfield [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 3,730,000 | |
Cumulative Unrealized Gain | [1] | 430,637 | |
Estimated Fair Value | [1] | 4,160,637 | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Crest [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 9,456,384 | 9,549,644 |
Cumulative Unrealized Gain | [2] | 1,187,142 | 753,267 |
Estimated Fair Value | [2] | 10,643,526 | 10,302,911 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Oaks [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 7,635,895 | 7,709,040 |
Cumulative Unrealized Gain | [2] | 938,465 | 563,138 |
Estimated Fair Value | [2] | 8,574,360 | 8,272,178 |
Mortgage Revenue Bonds Held In Trust [Member] | Las Palmas II [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 3,465,000 | |
Cumulative Unrealized Gain | [1] | 193,418 | |
Estimated Fair Value | [1] | 3,658,418 | |
Mortgage Revenue Bonds Held In Trust [Member] | Seasons at Simi Valley [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 4,366,195 | |
Cumulative Unrealized Gain | [1] | 807,864 | |
Estimated Fair Value | [1] | 5,174,059 | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Parkway [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 13,233,665 | 13,300,000 |
Cumulative Unrealized Gain | [3] | 932,753 | |
Cumulative Unrealized Loss | [3] | (78,749) | |
Estimated Fair Value | [3] | 14,166,418 | 13,221,251 |
Mortgage Revenue Bonds Held In Trust [Member] | Sycamore Walk [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 3,632,000 | 3,632,000 |
Cumulative Unrealized Gain | [1] | 490,314 | 130,431 |
Estimated Fair Value | [1] | 4,122,314 | 3,762,431 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar in 09 [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 6,593,300 | 6,656,458 |
Cumulative Unrealized Gain | [2] | 716,944 | 359,562 |
Estimated Fair Value | [2] | 7,310,244 | 7,016,020 |
Mortgage Revenue Bonds Held In Trust [Member] | San Vicente [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 5,320,000 | |
Cumulative Unrealized Gain | [1] | 309,038 | |
Estimated Fair Value | [1] | 5,629,038 | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar on the Boulevard [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 16,109,972 | 16,268,850 |
Cumulative Unrealized Gain | [2] | 1,947,465 | 1,283,272 |
Estimated Fair Value | [2] | 18,057,437 | 17,552,122 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar on the Hills [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 5,275,623 | 5,326,157 |
Cumulative Unrealized Gain | [2] | 648,383 | 423,496 |
Estimated Fair Value | [2] | 5,924,006 | 5,749,653 |
Mortgage Revenue Bonds Held In Trust [Member] | Bella Vista [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 6,295,000 | 6,365,000 |
Cumulative Unrealized Gain | [4] | 42,718 | 500,162 |
Estimated Fair Value | [4] | 6,337,718 | 6,865,162 |
Mortgage Revenue Bonds Held In Trust [Member] | Seasons Lakewood [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 12,610,000 | |
Cumulative Unrealized Gain | [1] | 884,537 | |
Estimated Fair Value | [1] | 13,494,537 | |
Mortgage Revenue Bonds Held In Trust [Member] | Bridle Ridge [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 7,465,000 | 7,535,000 |
Cumulative Unrealized Gain | [4] | 1,199 | 517,881 |
Estimated Fair Value | [4] | 7,466,199 | 8,052,881 |
Mortgage Revenue Bonds Held In Trust [Member] | Seasons San Juan Capistrano [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 18,949,000 | |
Cumulative Unrealized Gain | [1] | 1,233,570 | |
Estimated Fair Value | [1] | 20,182,570 | |
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 7,450,595 | 7,462,678 |
Cumulative Unrealized Gain | [4] | 2,017,019 | 1,457,340 |
Estimated Fair Value | [4] | 9,467,614 | 8,920,018 |
Mortgage Revenue Bonds Held In Trust [Member] | Summerhill [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 9,795,000 | |
Cumulative Unrealized Gain | [1] | 738,806 | |
Estimated Fair Value | [1] | 10,533,806 | |
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apts [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 18,051,775 | 18,145,000 |
Cumulative Unrealized Gain | [1] | 3,042,939 | 349,886 |
Estimated Fair Value | [1] | 21,094,714 | 18,494,886 |
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 13,396,856 | 15,214,223 |
Cumulative Unrealized Gain | [1] | 1,413,831 | |
Cumulative Unrealized Loss | [1] | (927,030) | |
Estimated Fair Value | [1] | 14,810,687 | 14,287,193 |
Mortgage Revenue Bonds Held In Trust [Member] | The Village at Madera [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 4,804,000 | |
Cumulative Unrealized Gain | [1] | 355,303 | |
Estimated Fair Value | [1] | 5,159,303 | |
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Gulfgate [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 19,185,000 | 19,185,000 |
Cumulative Unrealized Gain | [1] | 2,759,654 | 1,200,246 |
Estimated Fair Value | [1] | 21,944,654 | 20,385,246 |
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Little York [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 13,440,000 | 13,440,000 |
Cumulative Unrealized Gain | [1] | 1,999,572 | 1,044,752 |
Estimated Fair Value | [1] | 15,439,572 | 14,484,752 |
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Williamcrest [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 20,820,000 | 20,820,000 |
Cumulative Unrealized Gain | [1] | 2,994,839 | 1,302,534 |
Estimated Fair Value | [1] | 23,814,839 | 22,122,534 |
Mortgage Revenue Bonds Held In Trust [Member] | Copper Gate [Member] | IN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 5,100,000 | |
Cumulative Unrealized Gain | [2] | 778,339 | |
Estimated Fair Value | [2] | 5,878,339 | |
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 6,136,553 | 6,122,312 |
Cumulative Unrealized Gain | [4] | 2,850,344 | 2,655,730 |
Estimated Fair Value | [4] | 8,986,897 | 8,778,042 |
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 22,794,912 | 22,950,214 |
Cumulative Unrealized Gain | [1] | 2,985,955 | |
Cumulative Unrealized Loss | [1] | (290,985) | |
Estimated Fair Value | [1] | 25,780,867 | 22,659,229 |
Mortgage Revenue Bonds Held In Trust [Member] | Glenview Apartments [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 4,627,228 | 4,670,000 |
Cumulative Unrealized Gain | [3] | 523,464 | 132,402 |
Estimated Fair Value | [3] | 5,150,692 | 4,802,402 |
Mortgage Revenue Bonds Held In Trust [Member] | Greens of Pine Glen [Member] | Series A [Member] | NC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 8,126,000 | 8,210,000 |
Cumulative Unrealized Gain | [2] | 1,113,852 | 844,585 |
Estimated Fair Value | [2] | 9,239,852 | 9,054,585 |
Mortgage Revenue Bonds Held In Trust [Member] | Companion at Thornhill Apartments [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 11,404,758 | |
Cumulative Unrealized Gain | [1] | 1,284,441 | |
Estimated Fair Value | [1] | 12,689,199 | |
Mortgage Revenue Bonds Held In Trust [Member] | Harden Ranch [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 6,845,985 | 6,912,535 |
Cumulative Unrealized Gain | [2] | 1,182,914 | 369,738 |
Estimated Fair Value | [2] | 8,028,899 | 7,282,273 |
Mortgage Revenue Bonds Held In Trust [Member] | Heritage Square [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 11,063,027 | 11,161,330 |
Cumulative Unrealized Gain | [3] | 993,609 | 905,455 |
Estimated Fair Value | [3] | 12,056,636 | 12,066,785 |
Mortgage Revenue Bonds Held In Trust [Member] | Lake Forest [Member] | FL [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 8,505,000 | 8,639,000 |
Cumulative Unrealized Gain | [4] | 1,579,885 | 899,694 |
Estimated Fair Value | [4] | 10,084,885 | 9,538,694 |
Mortgage Revenue Bonds Held In Trust [Member] | Live 929 Apartments [Member] | MD [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 40,573,347 | 40,687,425 |
Cumulative Unrealized Gain | [1] | 3,710,942 | 3,587,993 |
Estimated Fair Value | [1] | 44,284,289 | 44,275,418 |
Mortgage Revenue Bonds Held In Trust [Member] | Montclair Apts [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 2,506,828 | 2,530,000 |
Cumulative Unrealized Gain | [3] | 398,840 | 108,608 |
Estimated Fair Value | [3] | 2,905,668 | 2,638,608 |
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova [Member] | TN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 10,038,889 | 10,041,924 |
Cumulative Unrealized Gain | [1] | 133,878 | 685,576 |
Estimated Fair Value | [1] | 10,172,767 | 10,727,500 |
Mortgage Revenue Bonds Held In Trust [Member] | Ohio Properties [Member] | Series A [Member] | OH [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 14,113,000 | 14,215,000 |
Cumulative Unrealized Gain | [4] | 788,199 | 2,327,468 |
Estimated Fair Value | [4] | 14,901,199 | 16,542,468 |
Mortgage Revenue Bonds Held In Trust [Member] | Rennaisance [Member] | Series A [Member] | LA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 11,239,441 | 11,348,364 |
Cumulative Unrealized Gain | [3] | 2,096,328 | 826,369 |
Estimated Fair Value | [3] | 13,335,769 | 12,174,733 |
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 10,150,000 | 10,250,000 |
Cumulative Unrealized Gain | [4] | 79,514 | 774,285 |
Estimated Fair Value | [4] | 10,229,514 | 11,024,285 |
Mortgage Revenue Bonds Held In Trust [Member] | Santa Fe Apts [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 3,036,928 | 3,065,000 |
Cumulative Unrealized Gain | [3] | 535,673 | 177,093 |
Estimated Fair Value | [3] | 3,572,601 | 3,242,093 |
Mortgage Revenue Bonds Held In Trust [Member] | Village at River's Edge [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 10,000,000 | |
Cumulative Unrealized Gain | [1] | 1,182,706 | |
Estimated Fair Value | [1] | 11,182,706 | |
Mortgage Revenue Bonds Held In Trust [Member] | Silver Moon [Member] | Series A [Member] | NM [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 7,879,590 | 7,933,259 |
Cumulative Unrealized Gain | [3] | 1,140,448 | 465,382 |
Estimated Fair Value | [3] | 9,020,038 | 8,398,641 |
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 11,693,138 | 11,751,861 |
Cumulative Unrealized Gain | [4] | 2,960,294 | 3,286,203 |
Estimated Fair Value | [4] | 14,653,432 | 15,038,064 |
Mortgage Revenue Bonds Held In Trust [Member] | The Palms at Premier Park [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 19,238,297 | 19,826,716 |
Cumulative Unrealized Gain | [2] | 2,712,429 | 1,784,386 |
Estimated Fair Value | [2] | 21,950,726 | 21,611,102 |
Mortgage Revenue Bonds Held In Trust [Member] | Tyler Park Apartments [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 5,965,475 | |
Cumulative Unrealized Gain | [2] | 807,688 | |
Estimated Fair Value | [2] | 6,773,163 | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Copperfield [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 10,000,000 | |
Cumulative Unrealized Gain | [1] | 628,644 | |
Estimated Fair Value | [1] | 10,628,644 | |
Mortgage Revenue Bonds Held In Trust [Member] | Vantage at Judson [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 26,133,557 | 26,356,498 |
Cumulative Unrealized Gain | [3] | 3,117,969 | 1,658,508 |
Estimated Fair Value | [3] | 29,251,526 | 28,015,006 |
Mortgage Revenue Bonds Held In Trust [Member] | Westside Village Market [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 3,898,427 | 3,936,750 |
Cumulative Unrealized Gain | [2] | 568,423 | 102,641 |
Estimated Fair Value | [2] | 4,466,850 | 4,039,391 |
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 13,212,587 | 15,214,085 |
Cumulative Unrealized Gain | [1] | 1,391,536 | |
Cumulative Unrealized Loss | [1] | (917,852) | |
Estimated Fair Value | [1] | 14,604,123 | 14,296,233 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Wilcrest [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 3,775,000 | |
Cumulative Unrealized Gain | [1] | 125,170 | |
Estimated Fair Value | [1] | 3,900,170 | |
Mortgage Revenue Bonds Held In Trust [Member] | Crossing at 1415 [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 7,540,000 | 7,590,000 |
Cumulative Unrealized Gain | [1] | 634,091 | |
Cumulative Unrealized Loss | [1] | (45,555) | |
Estimated Fair Value | [1] | 8,174,091 | 7,544,445 |
Mortgage Revenue Bonds Held In Trust [Member] | Woodlynn Village [Member] | MN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 4,267,000 | 4,310,000 |
Cumulative Unrealized Gain | [4] | 44,428 | 294,976 |
Estimated Fair Value | [4] | 4,311,428 | 4,604,976 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Wood Hollow [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 31,850,000 | |
Cumulative Unrealized Gain | [1] | 1,865,826 | |
Estimated Fair Value | [1] | 33,715,826 | |
Mortgage Revenue Bonds Held In Trust [Member] | Heights at 515 [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 6,903,000 | 6,435,000 |
Cumulative Unrealized Gain | [1] | 580,522 | |
Cumulative Unrealized Loss | [1] | (38,623) | |
Estimated Fair Value | [1] | 7,483,522 | 6,396,377 |
Mortgage Revenue Bonds Held In Trust [Member] | Oaks at Georgetown [Member] | Series A and B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 17,842,000 | 17,842,000 |
Cumulative Unrealized Gain | [1] | 915,705 | |
Estimated Fair Value | [1] | 18,757,705 | 17,842,000 |
Mortgage Revenue Bonds Held In Trust [Member] | 15 West Apartments [Member] | WA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 9,797,833 | 9,850,000 |
Cumulative Unrealized Gain | [1] | 1,839,648 | 1,584,281 |
Estimated Fair Value | [1] | 11,637,481 | 11,434,281 |
Mortgage Revenue Bonds Held In Trust [Member] | Ashley Square [Member] | IA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 5,039,000 | |
Cumulative Unrealized Gain | [4] | 338,556 | |
Estimated Fair Value | [4] | 5,377,556 | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Chase Hill [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 9,844,994 | |
Cumulative Unrealized Gain | [2] | 589,023 | |
Estimated Fair Value | [2] | 10,434,017 | |
Mortgage Revenue Bonds Held In Trust [Member] | Tyler Park Apartments [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 6,024,120 | |
Cumulative Unrealized Gain | [2] | 237,582 | |
Estimated Fair Value | [2] | 6,261,702 | |
Mortgage Revenue Bonds Held In Trust [Member] | Seasons at Simi Valley [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 4,376,000 | |
Cumulative Unrealized Gain | [1] | 308,335 | |
Estimated Fair Value | [1] | 4,684,335 | |
Mortgage Revenue Bonds Held In Trust [Member] | Copper Gate [Member] | IN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 5,145,000 | |
Cumulative Unrealized Gain | [2] | 528,855 | |
Estimated Fair Value | [2] | 5,673,855 | |
Mortgage Revenue Bonds Held In Trust [Member] | Companion At Thornhill Apts [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 11,500,000 | |
Cumulative Unrealized Gain | [1] | 645,552 | |
Estimated Fair Value | [1] | 12,145,552 | |
Mortgage Revenue Bonds Held In Trust [Member] | Vantage at Harlingen [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 24,529,580 | |
Cumulative Unrealized Gain | [3] | 917,720 | |
Estimated Fair Value | [3] | 25,447,300 | |
Mortgage Revenue Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 76,274,522 | 89,510,867 | |
Cumulative Unrealized Gain | 1,697,303 | 869,807 | |
Cumulative Unrealized Loss | (617) | (363,802) | |
Estimated Fair Value | 77,971,208 | 90,016,872 | |
Mortgage Revenue Bonds [Member] | Courtyard [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 16,458,000 | ||
Estimated Fair Value | 16,458,000 | ||
Mortgage Revenue Bonds [Member] | Harmony Court Bakersfield [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 5,727,000 | ||
Cumulative Unrealized Gain | 29,252 | ||
Estimated Fair Value | 5,756,252 | ||
Mortgage Revenue Bonds [Member] | Avistar at the Crest [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 749,455 | 753,201 | |
Cumulative Unrealized Gain | 58,871 | 64,228 | |
Estimated Fair Value | 808,326 | 817,429 | |
Mortgage Revenue Bonds [Member] | Avistar at the Oaks [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 548,202 | 550,836 | |
Cumulative Unrealized Gain | 41,286 | 47,231 | |
Estimated Fair Value | 589,488 | 598,067 | |
Mortgage Revenue Bonds [Member] | Las Palmas II [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 3,465,000 | ||
Cumulative Unrealized Gain | 15,139 | ||
Estimated Fair Value | 3,480,139 | ||
Mortgage Revenue Bonds [Member] | Seasons at Simi Valley [Member] | Series B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 1,944,000 | ||
Cumulative Unrealized Loss | (466) | ||
Estimated Fair Value | 1,943,534 | ||
Mortgage Revenue Bonds [Member] | Avistar at the Parkway [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 124,861 | 125,000 | |
Cumulative Unrealized Gain | 30,715 | ||
Cumulative Unrealized Loss | (3,341) | ||
Estimated Fair Value | 155,576 | 121,659 | |
Mortgage Revenue Bonds [Member] | Sycamore Walk [Member] | Series B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 1,815,000 | 1,815,000 | |
Cumulative Unrealized Loss | (151) | (64,432) | |
Estimated Fair Value | 1,814,849 | 1,750,568 | |
Mortgage Revenue Bonds [Member] | Avistar in 09 [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 452,217 | 454,390 | |
Cumulative Unrealized Gain | 28,675 | 38,961 | |
Estimated Fair Value | 480,892 | 493,351 | |
Mortgage Revenue Bonds [Member] | San Vicente [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 5,320,000 | ||
Cumulative Unrealized Loss | (30,019) | ||
Estimated Fair Value | 5,289,981 | ||
Mortgage Revenue Bonds [Member] | Avistar on the Boulevard [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 445,328 | 447,554 | |
Cumulative Unrealized Gain | 33,232 | 38,165 | |
Estimated Fair Value | 478,560 | 485,719 | |
Mortgage Revenue Bonds [Member] | Seasons Lakewood [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 12,610,000 | ||
Estimated Fair Value | 12,610,000 | ||
Mortgage Revenue Bonds [Member] | Seasons San Juan Capistrano [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 18,949,000 | ||
Estimated Fair Value | 18,949,000 | ||
Mortgage Revenue Bonds [Member] | Summerhill [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 9,795,000 | ||
Cumulative Unrealized Loss | (174,982) | ||
Estimated Fair Value | 9,620,018 | ||
Mortgage Revenue Bonds [Member] | The Village at Madera [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 4,804,000 | ||
Cumulative Unrealized Loss | (84,437) | ||
Estimated Fair Value | 4,719,563 | ||
Mortgage Revenue Bonds [Member] | Greens of Pine Glen [Member] | Series B [Member] | NC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 937,399 | 940,479 | |
Cumulative Unrealized Gain | 193,991 | 118,216 | |
Estimated Fair Value | 1,131,390 | 1,058,695 | |
Mortgage Revenue Bonds [Member] | Ohio Properties [Member] | Series B [Member] | OH [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 3,536,060 | 3,549,780 | |
Cumulative Unrealized Gain | 149,630 | 449,068 | |
Estimated Fair Value | 3,685,690 | 3,998,848 | |
Mortgage Revenue Bonds [Member] | Avistar at Wilcrest [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 1,550,000 | ||
Cumulative Unrealized Gain | 5,306 | ||
Estimated Fair Value | 1,555,306 | ||
Mortgage Revenue Bonds [Member] | Crossing at 1415 [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 335,000 | ||
Cumulative Unrealized Loss | (2,614) | ||
Estimated Fair Value | 332,386 | ||
Mortgage Revenue Bonds [Member] | Avistar at Wood Hollow [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 8,410,000 | ||
Cumulative Unrealized Gain | 30,276 | ||
Estimated Fair Value | 8,440,276 | ||
Mortgage Revenue Bonds [Member] | Heights at 515 [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 510,000 | ||
Cumulative Unrealized Loss | (3,977) | ||
Estimated Fair Value | 506,023 | ||
Mortgage Revenue Bonds [Member] | Montecito at Williams Ranch Apartments [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 12,471,000 | ||
Cumulative Unrealized Gain | 1,111,807 | ||
Estimated Fair Value | 13,582,807 | ||
Mortgage Revenue Bonds [Member] | Vineyard Gardens [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 6,841,000 | ||
Estimated Fair Value | 6,841,000 | ||
Mortgage Revenue Bonds [Member] | Rosewood Townhomes [Member] | Series A and B [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 9,750,000 | ||
Estimated Fair Value | 9,750,000 | ||
Mortgage Revenue Bonds [Member] | South Pointe Apartments [Member] | Series A and B [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 22,700,000 | ||
Estimated Fair Value | 22,700,000 | ||
Mortgage Revenue Bonds [Member] | Avistar at Copperfield [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 4,000,000 | ||
Cumulative Unrealized Gain | 13,514 | ||
Estimated Fair Value | $ 4,013,514 | ||
Mortgage Revenue Bonds [Member] | Avistar at Chase Hill [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 957,627 | ||
Cumulative Unrealized Gain | 41,820 | ||
Estimated Fair Value | 999,447 | ||
Mortgage Revenue Bonds [Member] | Seasons at Simi Valley [Member] | Series B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 1,944,000 | ||
Cumulative Unrealized Gain | 27,727 | ||
Estimated Fair Value | $ 1,971,727 | ||
[1] | Bond held by Deutsche Bank in a secured financing transaction, see Note 17 | ||
[2] | Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17 | ||
[3] | Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17 | ||
[4] | Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17 |
Investments in Mortgage Reven67
Investments in Mortgage Revenue Bonds - Mortgage Revenue Bonds Acquisitions (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Unit | Dec. 31, 2016USD ($)Unit | ||
Schedule Of Available For Sale Securities [Line Items] | |||
Principal Outstanding at Date of Acquisition | $ 121,347,000 | $ 130,620,000 | |
Avistar at Copperfield [Member] | Series A [Member] | Houston, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units (Unaudited) | Unit | 192 | ||
Maturity Date | May 1, 2054 | ||
Base Interest Rate | 5.75% | ||
Principal Outstanding at Date of Acquisition | $ 10,000,000 | ||
Avistar at Copperfield [Member] | Series B [Member] | Houston, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units (Unaudited) | Unit | 192 | ||
Maturity Date | Jun. 1, 2054 | ||
Base Interest Rate | 12.00% | ||
Principal Outstanding at Date of Acquisition | $ 4,000,000 | ||
Avistar at Wilcrest [Member] | Series A [Member] | Houston, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units (Unaudited) | Unit | 88 | ||
Maturity Date | May 1, 2054 | ||
Base Interest Rate | 5.75% | ||
Principal Outstanding at Date of Acquisition | $ 3,775,000 | ||
Avistar at Wilcrest [Member] | Series B [Member] | Houston, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units (Unaudited) | Unit | 88 | ||
Maturity Date | Jun. 1, 2054 | ||
Base Interest Rate | 12.00% | ||
Principal Outstanding at Date of Acquisition | $ 1,550,000 | ||
Avistar at Wood Hollow [Member] | Series A [Member] | Austin, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units (Unaudited) | Unit | 409 | ||
Maturity Date | May 1, 2054 | ||
Base Interest Rate | 5.75% | ||
Principal Outstanding at Date of Acquisition | $ 31,850,000 | ||
Avistar at Wood Hollow [Member] | Series B [Member] | Austin, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units (Unaudited) | Unit | 409 | ||
Maturity Date | Jun. 1, 2054 | ||
Base Interest Rate | 12.00% | ||
Principal Outstanding at Date of Acquisition | $ 8,410,000 | ||
Montecito at Williams Ranch Apartments [Member] | Series A [Member] | Salinas, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | September | ||
Units (Unaudited) | Unit | 132 | ||
Maturity Date | Oct. 1, 2034 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 7,690,000 | ||
Montecito at Williams Ranch Apartments [Member] | Series B [Member] | Salinas, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | September | ||
Units (Unaudited) | Unit | 132 | ||
Maturity Date | Oct. 1, 2019 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 4,781,000 | ||
Village at River's Edge [Member] | Columbia, South Carolina [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | [1] | November | |
Units (Unaudited) | Unit | [1] | 124 | |
Maturity Date | [1] | Jun. 1, 2033 | |
Base Interest Rate | [1] | 6.00% | |
Principal Outstanding at Date of Acquisition | [1] | $ 10,000,000 | |
Rosewood Townhomes [Member] | Series A [Member] | Goose Creek, South Carolina [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 100 | ||
Maturity Date | Jul. 1, 2055 | ||
Base Interest Rate | 5.75% | ||
Principal Outstanding at Date of Acquisition | $ 9,280,000 | ||
Rosewood Townhomes [Member] | Series B [Member] | Goose Creek, South Carolina [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 100 | ||
Maturity Date | Aug. 1, 2055 | ||
Base Interest Rate | 12.00% | ||
Principal Outstanding at Date of Acquisition | $ 470,000 | ||
South Pointe Apartments [Member] | Series A [Member] | Hanahan, South Carolina [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 256 | ||
Maturity Date | Jul. 1, 2055 | ||
Base Interest Rate | 5.75% | ||
Principal Outstanding at Date of Acquisition | $ 21,600,000 | ||
South Pointe Apartments [Member] | Series B [Member] | Hanahan, South Carolina [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 256 | ||
Maturity Date | Aug. 1, 2055 | ||
Base Interest Rate | 12.00% | ||
Principal Outstanding at Date of Acquisition | $ 1,100,000 | ||
Vineyard Gardens [Member] | Series A [Member] | Oxnard, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 62 | ||
Maturity Date | Jan. 1, 2035 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 3,995,000 | ||
Vineyard Gardens [Member] | Series B [Member] | Oxnard, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 62 | ||
Maturity Date | Jan. 1, 2020 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 2,846,000 | ||
Companion at Thornhill Apartments [Member] | Lexington, South California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | Jan | ||
Units (Unaudited) | Unit | 178 | ||
Maturity Date | Jan. 1, 2052 | ||
Base Interest Rate | 5.80% | ||
Principal Outstanding at Date of Acquisition | $ 11,500,000 | ||
Las Palmas II [Member] | Series A [Member] | Coachella, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | Sep | ||
Units (Unaudited) | Unit | 81 | ||
Maturity Date | Nov. 1, 2033 | ||
Base Interest Rate | 5.00% | ||
Principal Outstanding at Date of Acquisition | $ 1,695,000 | ||
Las Palmas II [Member] | Series B [Member] | Coachella, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | Sep | ||
Units (Unaudited) | Unit | 81 | ||
Maturity Date | Nov. 1, 2018 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 1,770,000 | ||
San Vicente [Member] | Series A [Member] | Soledad, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | Sep | ||
Units (Unaudited) | Unit | 50 | ||
Maturity Date | Nov. 1, 2033 | ||
Base Interest Rate | 5.00% | ||
Principal Outstanding at Date of Acquisition | $ 3,495,000 | ||
San Vicente [Member] | Series B [Member] | Soledad, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | Sep | ||
Units (Unaudited) | Unit | 50 | ||
Maturity Date | Nov. 1, 2018 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 1,825,000 | ||
Harmony Court Bakersfield [Member] | Series A [Member] | Bakersfield California | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | Nov | ||
Units (Unaudited) | Unit | 96 | ||
Maturity Date | Dec. 1, 2033 | ||
Base Interest Rate | 5.00% | ||
Principal Outstanding at Date of Acquisition | $ 3,730,000 | ||
Harmony Court Bakersfield [Member] | Series B [Member] | Bakersfield California | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | November | ||
Units (Unaudited) | Unit | 96 | ||
Maturity Date | Dec. 1, 2018 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 1,997,000 | ||
Summerhill [Member] | Series A [Member] | Bakersfield California | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | November | ||
Units (Unaudited) | Unit | 128 | ||
Maturity Date | Dec. 1, 2033 | ||
Base Interest Rate | 5.00% | ||
Principal Outstanding at Date of Acquisition | $ 6,423,000 | ||
Summerhill [Member] | Series B [Member] | Bakersfield California | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | November | ||
Units (Unaudited) | Unit | 128 | ||
Maturity Date | Dec. 1, 2018 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 3,372,000 | ||
The Village at Madera [Member] | Series A [Member] | Madera, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | November | ||
Units (Unaudited) | Unit | 75 | ||
Maturity Date | Dec. 1, 2033 | ||
Base Interest Rate | 5.00% | ||
Principal Outstanding at Date of Acquisition | $ 3,085,000 | ||
The Village at Madera [Member] | Series B [Member] | Madera, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | November | ||
Units (Unaudited) | Unit | 75 | ||
Maturity Date | Dec. 1, 2018 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 1,719,000 | ||
15 West Apartments [Member] | Vancouver, Washington [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | [2] | December | |
Units (Unaudited) | Unit | [2] | 120 | |
Maturity Date | [2] | Jul. 1, 2054 | |
Base Interest Rate | [2] | 6.25% | |
Principal Outstanding at Date of Acquisition | [2] | $ 9,850,000 | |
Courtyard Apartments [Member] | Series A [Member] | Fullerton, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 108 | ||
Maturity Date | Dec. 1, 2033 | ||
Base Interest Rate | 5.00% | ||
Principal Outstanding at Date of Acquisition | $ 10,230,000 | ||
Courtyard Apartments [Member] | Series B [Member] | Fullerton, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 108 | ||
Maturity Date | Dec. 1, 2018 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 6,228,000 | ||
Harmony Terrace [Member] | Series A [Member] | Simi Valley, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 136 | ||
Maturity Date | Jan. 1, 2034 | ||
Base Interest Rate | 5.00% | ||
Principal Outstanding at Date of Acquisition | $ 6,900,000 | ||
Harmony Terrace [Member] | Series B [Member] | Simi Valley, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 136 | ||
Maturity Date | Jan. 1, 2019 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 7,400,000 | ||
Oaks at Georgetown [Member] | Series A [Member] | Georgetown, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 192 | ||
Maturity Date | Jan. 1, 2034 | ||
Base Interest Rate | 5.00% | ||
Principal Outstanding at Date of Acquisition | $ 12,330,000 | ||
Oaks at Georgetown [Member] | Series B [Member] | Georgetown, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 192 | ||
Maturity Date | Jan. 1, 2019 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 5,512,000 | ||
Seasons Lakewood [Member] | Series A [Member] | Lakewood, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 85 | ||
Maturity Date | Jan. 1, 2034 | ||
Base Interest Rate | 5.00% | ||
Principal Outstanding at Date of Acquisition | $ 7,350,000 | ||
Seasons Lakewood [Member] | Series B [Member] | Lakewood, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 85 | ||
Maturity Date | Jan. 1, 2019 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 5,260,000 | ||
Seasons San Juan Capistrano [Member] | Series A [Member] | San Juan Capistrano, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 112 | ||
Maturity Date | Jan. 1, 2034 | ||
Base Interest Rate | 5.00% | ||
Principal Outstanding at Date of Acquisition | $ 12,375,000 | ||
Seasons San Juan Capistrano [Member] | Series B [Member] | San Juan Capistrano, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units (Unaudited) | Unit | 112 | ||
Maturity Date | Jan. 1, 2019 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 6,574,000 | ||
[1] | Previously reported bond purchase commitment that converted to a mortgage revenue bond in November 2017 | ||
[2] | Previously reported bond purchase commitment that converted to a mortgage revenue bond in December 2016 |
Investments in Mortgage Reven68
Investments in Mortgage Revenue Bonds - Schedule of MRBs Redeemed (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Unit | Dec. 31, 2016USD ($)Unit | ||
Harmony Court Bakersfield [Member] | Series B [Member] | Bakersfield California | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Units (Unaudited) | Unit | 96 | ||
Original Maturity Date | Dec. 1, 2018 | ||
Base Interest Rate | 5.50% | ||
Harmony Court Bakersfield [Member] | Series A [Member] | Bakersfield California | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Units (Unaudited) | Unit | 96 | ||
Original Maturity Date | Dec. 1, 2033 | ||
Base Interest Rate | 5.00% | ||
Pro Nova 2014B [Member] | Knoxville, Tennessee [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Original Maturity Date | [1] | May 1, 2025 | |
Base Interest Rate | [1] | 5.25% | |
Month Exchanged | [1] | March | |
Principal Outstanding at Date of Exchange | $ | [1] | $ 9,295,000 | |
Mortgage Revenue Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Principal Outstanding at Date of Redemption | $ | $ 42,387,583 | $ 5,172,000 | |
Mortgage Revenue Bonds [Member] | Harmony Court Bakersfield [Member] | Series B [Member] | Bakersfield California | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | August | ||
Units (Unaudited) | Unit | 96 | ||
Original Maturity Date | Dec. 1, 2018 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Redemption | $ | $ 1,997,000 | ||
Mortgage Revenue Bonds [Member] | Vantage at Harlingen [Member] | Series B [Member] | San Antonio, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | October | ||
Units (Unaudited) | Unit | 288 | ||
Original Maturity Date | Sep. 1, 2053 | ||
Base Interest Rate | 6.00% | ||
Principal Outstanding at Date of Redemption | $ | $ 24,363,221 | ||
Mortgage Revenue Bonds [Member] | Ashley Square [Member] | Des Moines, Iowa [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | November | ||
Units (Unaudited) | Unit | 144 | ||
Original Maturity Date | Dec. 1, 2025 | ||
Base Interest Rate | 6.25% | ||
Principal Outstanding at Date of Redemption | $ | $ 4,982,000 | ||
Mortgage Revenue Bonds [Member] | Avistar at Chase Hill [Member] | Series B [Member] | San Antonio, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | November | ||
Units (Unaudited) | Unit | 232 | ||
Original Maturity Date | Apr. 1, 2050 | ||
Base Interest Rate | 9.00% | ||
Principal Outstanding at Date of Redemption | $ | $ 953,278 | ||
Mortgage Revenue Bonds [Member] | Avistar at Chase Hill [Member] | Series A [Member] | San Antonio, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | November | ||
Units (Unaudited) | Unit | 232 | ||
Original Maturity Date | Mar. 1, 2050 | ||
Base Interest Rate | 6.00% | ||
Principal Outstanding at Date of Redemption | $ | $ 9,757,084 | ||
Mortgage Revenue Bonds [Member] | Crossing at 1415 [Member] | Series B [Member] | San Antonio, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | November | ||
Units (Unaudited) | Unit | 112 | ||
Original Maturity Date | Jan. 1, 2053 | ||
Base Interest Rate | 12.00% | ||
Principal Outstanding at Date of Redemption | $ | $ 335,000 | ||
Mortgage Revenue Bonds [Member] | Glenview Apartments [Member] | Series B [Member] | Cameron, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | May | ||
Units (Unaudited) | Unit | 88 | ||
Original Maturity Date | Dec. 1, 2016 | ||
Base Interest Rate | 8.00% | ||
Principal Outstanding at Date of Redemption | $ | $ 2,053,000 | ||
Mortgage Revenue Bonds [Member] | Montclair Apts [Member] | Series B [Member] | Lemoore, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | May | ||
Units (Unaudited) | Unit | 80 | ||
Original Maturity Date | Dec. 1, 2016 | ||
Base Interest Rate | 8.00% | ||
Principal Outstanding at Date of Redemption | $ | $ 928,000 | ||
Mortgage Revenue Bonds [Member] | Santa Fe Apts [Member] | Series B [Member] | Hesperia, California [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | May | ||
Units (Unaudited) | Unit | 89 | ||
Original Maturity Date | Dec. 1, 2016 | ||
Base Interest Rate | 8.00% | ||
Principal Outstanding at Date of Redemption | $ | $ 1,671,000 | ||
Mortgage Revenue Bonds [Member] | Heritage Square [Member] | Series B [Member] | Edinburg, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | May | ||
Units (Unaudited) | Unit | 204 | ||
Original Maturity Date | Oct. 1, 2051 | ||
Base Interest Rate | 12.00% | ||
Principal Outstanding at Date of Redemption | $ | $ 520,000 | ||
[1] | This is a commercial property. Accordingly, unit information is not applicable. |
Investments in Mortgage Reven69
Investments in Mortgage Revenue Bonds - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Schedule Of Available For Sale Securities [Line Items] | ||||
Other income | $ 828,089 | $ 373,379 | ||
Investment income | 48,225,068 | $ 36,892,996 | 34,409,809 | |
Contingent interest income | $ 3,147,165 | $ 2,021,077 | $ 4,756,716 | |
San Antonio, Texas [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Percentage of available for sale securities by location | 44.00% | 45.00% | ||
California [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Percentage of available for sale securities by location | 20.00% | 20.00% | ||
South Carolina [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Percentage of available for sale securities by location | 16.00% | 12.00% | ||
Ashley Square [Member] | IA [Member] | Mortgage Revenue Bonds Held In Trust [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Contingent interest income | $ 2,900,000 | |||
Pro Nova 2014-1 [Member] | Term TOB Facility [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Debt financing | $ 8,400,000 | |||
Series B [Member] | Vantage at Harlingen [Member] | TX [Member] | Mortgage Revenue Bonds Held In Trust [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Other income | 424,000 | |||
Series B [Member] | Avistar at Chase Hill [Member] | TX [Member] | Mortgage Revenue Bonds Held In Trust [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Other income | 200,000 | |||
Investment income | 101,000 | |||
Series B [Member] | Heights at 515 [Member] | TX [Member] | Mortgage Revenue Bonds Held In Trust [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Principal Outstanding | $ 510,000 |
Investments in Mortgage Reven70
Investments in Mortgage Revenue Bonds - Term of MRB Eliminated (Details) - Mortgage Revenue Bonds [Member] - Heights at 515 [Member] - Series B [Member] - San Antonio, Texas [Member] | 12 Months Ended |
Dec. 31, 2017USD ($)Unit | |
Schedule Of Available For Sale Securities [Line Items] | |
Month Restructured | November |
Units (Unaudited) | Unit | 97 |
Original Maturity Date | Jan. 1, 2053 |
Base Interest Rate | 12.00% |
Principal Outstanding at Date of Restructuring | $ | $ 510,000 |
Investments in Mortgage Reven71
Investments in Mortgage Revenue Bonds - Term of Mortgage Revenue Bond After Restructuring (Details) - Series B [Member] - Houston, Texas [Member] | 12 Months Ended | |
Dec. 31, 2016Unit | Aug. 31, 2016USD ($) | |
Concord at Gulfgate [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Restructured | August | |
Units (Unaudited) | Unit | 288 | |
Maturity Date | Mar. 1, 2032 | |
Base Interest Rate | 12.00% | |
Principal Outstanding at Date of Restructuring | $ | $ 2,125,000 | |
Concord at Little York [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Restructured | August | |
Units (Unaudited) | Unit | 276 | |
Maturity Date | Mar. 1, 2032 | |
Base Interest Rate | 12.00% | |
Principal Outstanding at Date of Restructuring | $ | 960,000 | |
Concord at Williamcrest [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Restructured | August | |
Units (Unaudited) | Unit | 288 | |
Maturity Date | Mar. 1, 2032 | |
Base Interest Rate | 12.00% | |
Principal Outstanding at Date of Restructuring | $ | $ 2,800,000 |
Investments in Mortgage Reven72
Investments in Mortgage Revenue Bonds - Description of Certain Terms of Partnership's MRBs (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | ||||
Summary Of Investment Holdings [Line Items] | |||||
Principal Outstanding | $ 719,750,361 | $ 648,439,860 | |||
15 West Apartments [Member] | Series A [Member] | Vancouver, Washington [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | [2] | |
Maturity Date | Jul. 1, 2054 | [1] | Jul. 1, 2054 | [2] | |
Base Interest Rate | 6.25% | [1] | 6.25% | [2] | |
Principal Outstanding | $ 9,797,833 | [1] | $ 9,850,000 | [2] | |
Arbors at Hickory Ridge [Member] | Memphis, Tennessee [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,012 | [3] | 2,012 | [4] | |
Maturity Date | Jan. 1, 2049 | [3] | Jan. 1, 2049 | [4] | |
Base Interest Rate | 6.25% | [3] | 6.25% | [4] | |
Principal Outstanding | $ 11,237,041 | [3] | $ 11,351,321 | [4] | |
Avistar at Copperfield [Member] | Series A [Member] | Houston, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2,017 | |||
Maturity Date | [1] | May 1, 2054 | |||
Base Interest Rate | [1] | 5.75% | |||
Principal Outstanding | [1] | $ 10,000,000 | |||
Avistar at Copperfield [Member] | Series B [Member] | Houston, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | ||||
Maturity Date | Jun. 1, 2054 | ||||
Base Interest Rate | 12.00% | ||||
Principal Outstanding | $ 4,000,000 | ||||
Avistar on the Boulevard [Member] | Series A [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [3] | 2,013 | |||
Maturity Date | [3] | Mar. 1, 2050 | |||
Base Interest Rate | [3] | 6.00% | |||
Principal Outstanding | [3] | $ 16,109,972 | |||
Avistar at the Crest [Member] | Series A [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,013 | [3] | 2,013 | [4] | |
Maturity Date | Mar. 1, 2050 | [3] | Mar. 1, 2050 | [4] | |
Base Interest Rate | 6.00% | [3] | 6.00% | [4] | |
Principal Outstanding | $ 9,456,384 | [3] | $ 9,549,644 | [4] | |
Avistar (February 2013 Acquisition) [Member] | Series B [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,013 | 2,013 | |||
Maturity Date | Apr. 1, 2050 | Apr. 1, 2050 | |||
Base Interest Rate | 9.00% | 9.00% | |||
Principal Outstanding | $ 1,194,783 | $ 2,158,382 | |||
Avistar at the Oaks [Member] | Series A [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,013 | [3] | 2,013 | [4] | |
Maturity Date | Aug. 1, 2050 | [3] | Aug. 1, 2050 | [4] | |
Base Interest Rate | 6.00% | [3] | 6.00% | [4] | |
Principal Outstanding | $ 7,635,895 | [3] | $ 7,709,040 | [4] | |
Avistar in 09 [Member] | Series A [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,013 | [3] | 2,013 | [4] | |
Maturity Date | Aug. 1, 2050 | [3] | Aug. 1, 2050 | [4] | |
Base Interest Rate | 6.00% | [3] | 6.00% | [4] | |
Principal Outstanding | $ 6,593,300 | [3] | $ 6,656,458 | [4] | |
Avistar on the Hills [Member] | Series A [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,013 | [3] | 2,013 | [4] | |
Maturity Date | Aug. 1, 2050 | [3] | Aug. 1, 2050 | [4] | |
Base Interest Rate | 6.00% | [3] | 6.00% | [4] | |
Principal Outstanding | $ 5,275,623 | [3] | $ 5,326,157 | [4] | |
Avistar (June 2013 Acquisition) [Member] | Series B [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,013 | 2,013 | |||
Maturity Date | Sep. 1, 2050 | Sep. 1, 2050 | |||
Base Interest Rate | 9.00% | 9.00% | |||
Principal Outstanding | $ 1,000,419 | $ 1,005,226 | |||
Avistar at the Parkway [Member] | Series A [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [5] | 2,015 | 2,015 | ||
Maturity Date | [5] | May 1, 2052 | May 1, 2052 | ||
Base Interest Rate | [5] | 6.00% | 6.00% | ||
Principal Outstanding | [5] | $ 13,233,665 | $ 13,300,000 | ||
Avistar at the Parkway [Member] | Series B [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | 2,015 | |||
Maturity Date | Jun. 1, 2052 | Jun. 1, 2052 | |||
Base Interest Rate | 12.00% | 12.00% | |||
Principal Outstanding | $ 124,861 | $ 125,000 | |||
Avistar at Wilcrest [Member] | Series A [Member] | Houston, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2,017 | |||
Maturity Date | [1] | May 1, 2054 | |||
Base Interest Rate | [1] | 5.75% | |||
Principal Outstanding | [1] | $ 3,775,000 | |||
Avistar at Wilcrest [Member] | Series B [Member] | Houston, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | ||||
Maturity Date | Jun. 1, 2054 | ||||
Base Interest Rate | 12.00% | ||||
Principal Outstanding | $ 1,550,000 | ||||
Bella Vista [Member] | Gainesville, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,006 | 2,006 | ||
Maturity Date | [6] | Apr. 1, 2046 | Apr. 1, 2046 | ||
Base Interest Rate | [6] | 6.15% | 6.15% | ||
Principal Outstanding | [6] | $ 6,295,000 | $ 6,365,000 | ||
Bridle Ridge [Member] | Greer South Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,008 | 2,008 | ||
Maturity Date | [6] | Jan. 1, 2043 | Jan. 1, 2043 | ||
Base Interest Rate | [6] | 6.00% | 6.00% | ||
Principal Outstanding | [6] | $ 7,465,000 | $ 7,535,000 | ||
Avistar at Wood Hollow [Member] | Series A [Member] | Austin, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2,017 | |||
Maturity Date | [1] | May 1, 2054 | |||
Base Interest Rate | [1] | 5.75% | |||
Principal Outstanding | [1] | $ 31,850,000 | |||
Avistar at Wood Hollow [Member] | Series B [Member] | Austin, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | ||||
Maturity Date | Jun. 1, 2054 | ||||
Base Interest Rate | 12.00% | ||||
Principal Outstanding | $ 8,410,000 | ||||
Brookstone [Member] | Waukegan, Illinois [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,009 | 2,009 | ||
Maturity Date | [6] | May 1, 2040 | May 1, 2040 | ||
Base Interest Rate | [6] | 5.45% | 5.45% | ||
Principal Outstanding | [6] | $ 8,979,174 | $ 9,076,558 | ||
Bruton [Member] | Dallas, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,014 | [1] | 2,014 | [2] | |
Maturity Date | Aug. 1, 2054 | [1] | Aug. 1, 2054 | [2] | |
Base Interest Rate | 6.00% | [1] | 6.00% | [2] | |
Principal Outstanding | $ 18,051,775 | [1] | $ 18,145,000 | [2] | |
Columbia Gardens [Member] | Columbia, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | [1] | 2,015 | [2] | |
Maturity Date | Dec. 1, 2050 | [1] | Dec. 1, 2050 | [2] | |
Base Interest Rate | 5.50% | [1] | 5.50% | [2] | |
Principal Outstanding | $ 13,193,000 | [1] | $ 15,000,000 | [2] | |
Companion at Thornhill Apartments [Member] | Lexington, South California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2,016 | |||
Maturity Date | [1] | Jan. 1, 2052 | |||
Base Interest Rate | [1] | 5.80% | |||
Principal Outstanding | [1] | $ 11,404,758 | |||
Concord at Gulfgate [Member] | Series A [Member] | Houston, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | [1] | 2,015 | [2] | |
Maturity Date | Feb. 1, 2032 | [1] | Feb. 1, 2032 | [2] | |
Base Interest Rate | 6.00% | [1] | 6.00% | [2] | |
Principal Outstanding | $ 19,185,000 | [1] | $ 19,185,000 | [2] | |
Concord at Little York [Member] | Series A [Member] | Houston, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | [1] | 2,015 | [2] | |
Maturity Date | Feb. 1, 2032 | [1] | Feb. 1, 2032 | [2] | |
Base Interest Rate | 6.00% | [1] | 6.00% | [2] | |
Principal Outstanding | $ 13,440,000 | [1] | $ 13,440,000 | [2] | |
Concord at Williamcrest [Member] | Series A [Member] | Houston, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | [1] | 2,015 | [2] | |
Maturity Date | Feb. 1, 2032 | [1] | Feb. 1, 2032 | [2] | |
Base Interest Rate | 6.00% | [1] | 6.00% | [2] | |
Principal Outstanding | $ 20,820,000 | [1] | $ 20,820,000 | [2] | |
Courtyard Apartments [Member] | Series A [Member] | Fullerton California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Dec. 1, 2033 | [1] | Dec. 1, 2033 | ||
Base Interest Rate | 5.00% | [1] | 5.00% | ||
Principal Outstanding | $ 10,230,000 | [1] | $ 10,230,000 | ||
Courtyard Apartments [Member] | Series B [Member] | Fullerton California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Dec. 1, 2018 | [1] | Dec. 1, 2018 | ||
Base Interest Rate | 8.00% | [1] | 5.50% | ||
Principal Outstanding | $ 6,228,000 | [1] | $ 6,228,000 | ||
Cross Creek [Member] | Beaufort, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,009 | 2,009 | ||
Maturity Date | [6] | Mar. 1, 2049 | Mar. 1, 2049 | ||
Base Interest Rate | [6] | 6.15% | 6.15% | ||
Principal Outstanding | [6] | $ 8,168,529 | $ 8,258,605 | ||
Crossing at 1415 [Member] | Series A [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | [1] | 2,015 | [2] | |
Maturity Date | Dec. 1, 2052 | [1] | Dec. 1, 2052 | [2] | |
Base Interest Rate | 6.00% | [1] | 6.00% | [2] | |
Principal Outstanding | $ 7,540,000 | [1] | $ 7,590,000 | [2] | |
Crossing at 1415 [Member] | Series B [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | ||||
Maturity Date | Jan. 1, 2053 | ||||
Base Interest Rate | 12.00% | ||||
Principal Outstanding | $ 335,000 | ||||
Decatur Angle [Member] | Fort Worth, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,014 | [1] | 2,014 | [2] | |
Maturity Date | Jan. 1, 2054 | [1] | Jan. 1, 2054 | [2] | |
Base Interest Rate | 5.75% | [1] | 5.75% | [2] | |
Principal Outstanding | $ 22,794,912 | [1] | $ 22,950,214 | [2] | |
Glenview [Member] | Series A [Member] | Cameron, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [5] | 2,014 | 2,014 | ||
Maturity Date | [5] | Dec. 1, 2031 | Dec. 1, 2031 | ||
Base Interest Rate | [5] | 5.75% | 5.75% | ||
Principal Outstanding | [5] | $ 4,627,228 | $ 4,670,000 | ||
Greens of Pine Glen [Member] | Series A [Member] | Durham North Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,012 | [3] | 2,012 | [4] | |
Maturity Date | Oct. 1, 2047 | [3] | Oct. 1, 2047 | [4] | |
Base Interest Rate | 6.50% | [3] | 6.50% | [4] | |
Principal Outstanding | $ 8,126,000 | [3] | $ 8,210,000 | [4] | |
Greens of Pine Glen [Member] | Series B [Member] | Durham North Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,012 | 2,012 | |||
Maturity Date | Oct. 1, 2047 | Oct. 1, 2047 | |||
Base Interest Rate | 9.00% | 9.00% | |||
Principal Outstanding | $ 937,399 | $ 940,479 | |||
Harden Ranch [Member] | Series A [Member] | Salinas, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,014 | [3] | 2,014 | [4] | |
Maturity Date | Mar. 1, 2030 | [3] | Mar. 1, 2030 | [4] | |
Base Interest Rate | 5.75% | [3] | 5.75% | [4] | |
Principal Outstanding | $ 6,845,985 | [3] | $ 6,912,535 | [4] | |
Harmony Court Bakersfield [Member] | Series A [Member] | Bakersfield California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Dec. 1, 2033 | [1] | Dec. 1, 2033 | ||
Base Interest Rate | 5.00% | [1] | 5.00% | ||
Principal Outstanding | $ 3,730,000 | [1] | $ 3,730,000 | ||
Harmony Court Bakersfield [Member] | Series B [Member] | Bakersfield California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | ||||
Maturity Date | Dec. 1, 2018 | ||||
Base Interest Rate | 5.50% | ||||
Principal Outstanding | $ 1,997,000 | ||||
Harmony Terrace [Member] | Series A [Member] | Simi Valley, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | [2] | |
Maturity Date | Jan. 1, 2034 | [1] | Jan. 1, 2034 | [2] | |
Base Interest Rate | 5.00% | [1] | 5.00% | [2] | |
Principal Outstanding | $ 6,900,000 | [1] | $ 6,900,000 | [2] | |
Harmony Terrace [Member] | Series B [Member] | Simi Valley, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | [2] | |
Maturity Date | Jan. 1, 2019 | [1] | Jan. 1, 2019 | [2] | |
Base Interest Rate | 5.50% | [1] | 5.50% | [2] | |
Principal Outstanding | $ 7,400,000 | [1] | $ 7,400,000 | [2] | |
Heights at 515 [Member] | Series A [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | [1] | 2,015 | [2] | |
Maturity Date | Dec. 1, 2052 | [1] | Dec. 1, 2052 | [2] | |
Base Interest Rate | 6.00% | [1] | 6.00% | [2] | |
Principal Outstanding | $ 6,903,000 | [1] | $ 6,435,000 | [2] | |
Heights at 515 [Member] | Series B [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | ||||
Maturity Date | Jan. 1, 2053 | ||||
Base Interest Rate | 12.00% | ||||
Principal Outstanding | $ 510,000 | ||||
Heritage Square [Member] | Series A [Member] | Edinburg, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [5] | 2,014 | 2,014 | ||
Maturity Date | [5] | Sep. 1, 2051 | Sep. 1, 2051 | ||
Base Interest Rate | [5] | 6.00% | 6.00% | ||
Principal Outstanding | [5] | $ 11,063,027 | $ 11,161,330 | ||
Las Palmas II [Member] | Series A [Member] | Coachella, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Nov. 1, 2033 | [1] | Nov. 1, 2033 | ||
Base Interest Rate | 5.00% | [1] | 5.00% | ||
Principal Outstanding | $ 1,695,000 | [1] | $ 1,695,000 | ||
Las Palmas II [Member] | Series B [Member] | Coachella, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Nov. 1, 2018 | [1] | Nov. 1, 2018 | ||
Base Interest Rate | 8.00% | [1] | 5.50% | ||
Principal Outstanding | $ 1,770,000 | [1] | $ 1,770,000 | ||
Montclair [Member] | Series A [Member] | Lemoore, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [5] | 2,014 | 2,014 | ||
Maturity Date | [5] | Dec. 1, 2031 | Dec. 1, 2031 | ||
Base Interest Rate | [5] | 5.75% | 5.75% | ||
Principal Outstanding | [5] | $ 2,506,828 | $ 2,530,000 | ||
Oaks at Georgetown [Member] | Series A [Member] | Georgetown, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | [2] | |
Maturity Date | Jan. 1, 2034 | [1] | Jan. 1, 2034 | [2] | |
Base Interest Rate | 5.00% | [1] | 5.00% | [2] | |
Principal Outstanding | $ 12,330,000 | [1] | $ 12,330,000 | [2] | |
Oaks at Georgetown [Member] | Series B [Member] | Georgetown, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | [2] | |
Maturity Date | Jan. 1, 2019 | [1] | Jan. 1, 2019 | [2] | |
Base Interest Rate | 5.50% | [1] | 5.50% | [2] | |
Principal Outstanding | $ 5,512,000 | [1] | $ 5,512,000 | [2] | |
Montecito at Williams Ranch [Member] | Series A [Member] | Salinas, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | ||||
Maturity Date | Oct. 1, 2034 | ||||
Base Interest Rate | 5.50% | ||||
Principal Outstanding | $ 7,690,000 | ||||
Montecito at Williams Ranch [Member] | Series B [Member] | Salinas, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | ||||
Maturity Date | Oct. 1, 2019 | ||||
Base Interest Rate | 5.50% | ||||
Principal Outstanding | $ 4,781,000 | ||||
Ohio Properties [Member] | Series A [Member] | OH [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,010 | 2,010 | ||
Maturity Date | [6] | Jun. 1, 2050 | Jun. 1, 2050 | ||
Base Interest Rate | [6] | 7.00% | 7.00% | ||
Principal Outstanding | [6] | $ 14,113,000 | $ 14,215,000 | ||
Ohio Properties [Member] | Series B [Member] | OH [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,010 | 2,010 | |||
Maturity Date | Jun. 1, 2050 | Jun. 1, 2050 | |||
Base Interest Rate | 10.00% | 10.00% | |||
Principal Outstanding | $ 3,536,060 | $ 3,549,780 | |||
Pro Nova 2014-1 [Member] | Knoxville, Tennessee [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,014 | [1] | 2,014 | [2] | |
Maturity Date | May 1, 2034 | [1] | May 1, 2034 | [2] | |
Base Interest Rate | 6.00% | [1] | 6.00% | [2] | |
Principal Outstanding | $ 10,000,000 | [1] | $ 10,000,000 | [2] | |
Rennaisance [Member] | Series A [Member] | Baton Rouge, Louisiana [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [5] | 2,015 | 2,015 | ||
Maturity Date | [5] | Jun. 1, 2050 | Jun. 1, 2050 | ||
Base Interest Rate | [5] | 6.00% | 6.00% | ||
Principal Outstanding | [5] | $ 11,239,441 | $ 11,348,364 | ||
Runnymede [Member] | Austin, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,007 | 2,007 | ||
Maturity Date | [6] | Oct. 1, 2042 | Oct. 1, 2042 | ||
Base Interest Rate | [6] | 6.00% | 6.00% | ||
Principal Outstanding | [6] | $ 10,150,000 | $ 10,250,000 | ||
Santa Fe [Member] | Series A [Member] | Hesperia, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [5] | 2,014 | 2,014 | ||
Maturity Date | [5] | Dec. 1, 2031 | Dec. 1, 2031 | ||
Base Interest Rate | [5] | 5.75% | 5.75% | ||
Principal Outstanding | [5] | $ 3,036,928 | $ 3,065,000 | ||
San Vicente [Member] | Series A [Member] | Soledad, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Nov. 1, 2033 | [1] | Nov. 1, 2033 | ||
Base Interest Rate | 5.00% | [1] | 5.00% | ||
Principal Outstanding | $ 3,495,000 | [1] | $ 3,495,000 | ||
San Vicente [Member] | Series B [Member] | Soledad, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Nov. 1, 2018 | [1] | Nov. 1, 2018 | ||
Base Interest Rate | 8.00% | [1] | 5.50% | ||
Principal Outstanding | $ 1,825,000 | [1] | $ 1,825,000 | ||
Rosewood Townhomes [Member] | Series A [Member] | Goose Creek, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | ||||
Maturity Date | Jul. 1, 2055 | ||||
Base Interest Rate | 5.75% | ||||
Principal Outstanding | $ 9,280,000 | ||||
Rosewood Townhomes [Member] | Series B [Member] | Goose Creek, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | ||||
Maturity Date | Aug. 1, 2055 | ||||
Base Interest Rate | 12.00% | ||||
Principal Outstanding | $ 470,000 | ||||
Seasons at Simi Valley [Member] | Series A [Member] | Simi Valley, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | [1] | 2,015 | [2] | |
Maturity Date | Sep. 1, 2032 | [1] | Sep. 1, 2032 | [2] | |
Base Interest Rate | 5.75% | [1] | 5.75% | [2] | |
Principal Outstanding | $ 4,366,195 | [1] | $ 4,376,000 | [2] | |
Seasons at Simi Valley [Member] | Series B [Member] | Simi Valley, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | 2,015 | |||
Maturity Date | Sep. 1, 2018 | Sep. 1, 2017 | |||
Base Interest Rate | 8.00% | 8.00% | |||
Principal Outstanding | $ 1,944,000 | $ 1,944,000 | |||
Seasons Lakewood [Member] | Series A [Member] | Lakewood, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Jan. 1, 2034 | [1] | Jan. 1, 2034 | ||
Base Interest Rate | 5.00% | [1] | 5.00% | ||
Principal Outstanding | $ 7,350,000 | [1] | $ 7,350,000 | ||
Seasons Lakewood [Member] | Series B [Member] | Lakewood, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Jan. 1, 2019 | [1] | Jan. 1, 2019 | ||
Base Interest Rate | 5.50% | [1] | 5.50% | ||
Principal Outstanding | $ 5,260,000 | [1] | $ 5,260,000 | ||
Seasons San Juan Capistrano [Member] | Series A [Member] | San Juan Capistrano, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Jan. 1, 2034 | [1] | Jan. 1, 2034 | ||
Base Interest Rate | 5.00% | [1] | 5.00% | ||
Principal Outstanding | $ 12,375,000 | [1] | $ 12,375,000 | ||
Seasons San Juan Capistrano [Member] | Series B [Member] | San Juan Capistrano, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Jan. 1, 2019 | [1] | Jan. 1, 2019 | ||
Base Interest Rate | 5.50% | [1] | 5.50% | ||
Principal Outstanding | $ 6,574,000 | [1] | $ 6,574,000 | ||
Silver Moon [Member] | Series A [Member] | Albuquerque New Mexico | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [5] | 2,015 | 2,015 | ||
Maturity Date | [5] | Aug. 1, 2055 | Aug. 1, 2055 | ||
Base Interest Rate | [5] | 6.00% | 6.00% | ||
Principal Outstanding | [5] | $ 7,879,590 | $ 7,933,259 | ||
Southpark [Member] | Austin, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,009 | 2,009 | ||
Maturity Date | [6] | Dec. 1, 2049 | Dec. 1, 2049 | ||
Base Interest Rate | [6] | 6.13% | 6.13% | ||
Principal Outstanding | [6] | $ 13,300,000 | $ 13,435,000 | ||
Summerhill [Member] | Series A [Member] | Bakersfield California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Dec. 1, 2033 | [1] | Dec. 1, 2033 | ||
Base Interest Rate | 5.00% | [1] | 5.00% | ||
Principal Outstanding | $ 6,423,000 | [1] | $ 6,423,000 | ||
Summerhill [Member] | Series B [Member] | Bakersfield California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Dec. 1, 2018 | [1] | Dec. 1, 2018 | ||
Base Interest Rate | 8.00% | [1] | 5.50% | ||
Principal Outstanding | $ 3,372,000 | [1] | $ 3,372,000 | ||
Sycamore Walk [Member] | Series A [Member] | Bakersfield California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | [1] | 2,015 | [2] | |
Maturity Date | Jan. 1, 2033 | [1] | Jan. 1, 2033 | [2] | |
Base Interest Rate | 5.25% | [1] | 5.25% | [2] | |
Principal Outstanding | $ 3,632,000 | [1] | $ 3,632,000 | [2] | |
Sycamore Walk [Member] | Series B [Member] | Bakersfield California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | 2,015 | |||
Maturity Date | Jan. 1, 2018 | Jan. 1, 2018 | |||
Base Interest Rate | 8.00% | 5.50% | |||
Principal Outstanding | $ 1,815,000 | $ 1,815,000 | |||
South Pointe [Member] | Series A [Member] | Hanahan, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | ||||
Maturity Date | Jul. 1, 2055 | ||||
Base Interest Rate | 5.75% | ||||
Principal Outstanding | $ 21,600,000 | ||||
South Pointe [Member] | Series B [Member] | Hanahan, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | ||||
Maturity Date | Aug. 1, 2055 | ||||
Base Interest Rate | 12.00% | ||||
Principal Outstanding | $ 1,100,000 | ||||
The Palms at Premier Park [Member] | Columbia, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [3] | 2,013 | |||
Maturity Date | [3] | Jan. 1, 2050 | |||
Base Interest Rate | [3] | 6.25% | |||
Principal Outstanding | [3] | $ 19,238,297 | |||
Tyler Park Townhomes [Member] | Greenfield California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,013 | [3] | 2,013 | [4] | |
Maturity Date | Jan. 1, 2030 | [3] | Jan. 1, 2030 | [4] | |
Base Interest Rate | 5.75% | [3] | 5.75% | [4] | |
Principal Outstanding | $ 5,965,475 | [3] | $ 6,024,120 | [4] | |
Vantage at Judson [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [5] | 2,015 | 2,015 | ||
Maturity Date | [5] | Jan. 1, 2053 | Jan. 1, 2053 | ||
Base Interest Rate | [5] | 6.00% | 6.00% | ||
Principal Outstanding | [5] | $ 26,133,557 | $ 26,356,498 | ||
The Village at Madera [Member] | Series A [Member] | Madera, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Dec. 1, 2033 | [1] | Dec. 1, 2033 | ||
Base Interest Rate | 5.00% | [1] | 5.00% | ||
Principal Outstanding | $ 3,085,000 | [1] | $ 3,085,000 | ||
The Village at Madera [Member] | Series B [Member] | Madera, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | ||
Maturity Date | Dec. 1, 2018 | [1] | Dec. 1, 2018 | ||
Base Interest Rate | 8.00% | [1] | 5.50% | ||
Principal Outstanding | $ 1,719,000 | [1] | $ 1,719,000 | ||
Westside Village Market [Member] | Shafter, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,013 | [3] | 2,013 | [4] | |
Maturity Date | Jan. 1, 2030 | [3] | Jan. 1, 2030 | [4] | |
Base Interest Rate | 5.75% | [3] | 5.75% | [4] | |
Principal Outstanding | $ 3,898,427 | [3] | $ 3,936,750 | [4] | |
Willow Run [Member] | Columbia, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | [1] | 2,015 | [2] | |
Maturity Date | Dec. 1, 2050 | [1] | Dec. 1, 2050 | [2] | |
Base Interest Rate | 5.50% | [1] | 5.50% | [2] | |
Principal Outstanding | $ 13,009,000 | [1] | $ 15,000,000 | [2] | |
Woodlynn Village [Member] | Maplewood, Minnesota [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,008 | 2,008 | ||
Maturity Date | [6] | Nov. 1, 2042 | Nov. 1, 2042 | ||
Base Interest Rate | [6] | 6.00% | 6.00% | ||
Principal Outstanding | [6] | $ 4,267,000 | $ 4,310,000 | ||
Village at River's Edge [Member] | Columbia, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2,017 | |||
Maturity Date | [1] | Jun. 1, 2033 | |||
Base Interest Rate | [1] | 6.00% | |||
Principal Outstanding | [1] | $ 10,000,000 | |||
Vineyard Gardens [Member] | Series A [Member] | Oxnard, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | ||||
Maturity Date | Jan. 1, 2035 | ||||
Base Interest Rate | 5.50% | ||||
Principal Outstanding | $ 3,995,000 | ||||
Vineyard Gardens [Member] | Series B [Member] | Oxnard, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | ||||
Maturity Date | Jan. 1, 2020 | ||||
Base Interest Rate | 5.50% | ||||
Principal Outstanding | $ 2,846,000 | ||||
Ashley Square [Member] | Des Moines, Iowa [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 1,999 | |||
Maturity Date | [6] | Dec. 1, 2025 | |||
Base Interest Rate | [6] | 6.25% | |||
Principal Outstanding | [6] | $ 5,039,000 | |||
Avistar on the Boulevard [Member] | Series A [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [4] | 2,013 | |||
Maturity Date | [4] | Mar. 1, 2050 | |||
Base Interest Rate | [4] | 6.00% | |||
Principal Outstanding | [4] | $ 16,268,850 | |||
Avistar at Chase Hill [Member] | Series A [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [4] | 2,013 | |||
Maturity Date | [4] | Mar. 1, 2050 | |||
Base Interest Rate | [4] | 6.00% | |||
Principal Outstanding | [4] | $ 9,844,994 | |||
Copper Gate Apartments [Member] | Lafayette, Indiana [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,013 | [5] | 2,013 | [4] | |
Maturity Date | Dec. 1, 2029 | [5] | Dec. 1, 2029 | [4] | |
Base Interest Rate | 6.25% | [5] | 6.25% | [4] | |
Principal Outstanding | $ 5,100,000 | [5] | $ 5,145,000 | [4] | |
Companion At Thornhill Apts [Member] | Lexington, South California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [2] | 2,016 | |||
Maturity Date | [2] | Jan. 1, 2052 | |||
Base Interest Rate | [2] | 5.80% | |||
Principal Outstanding | [2] | $ 11,500,000 | |||
Lake Forest Apartments [Member] | Daytona Florida | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,001 | 2,001 | ||
Maturity Date | [6] | Dec. 1, 2031 | Dec. 1, 2031 | ||
Base Interest Rate | [6] | 6.25% | 6.25% | ||
Principal Outstanding | [6] | $ 8,505,000 | $ 8,639,000 | ||
Live 929 Apartments [Member] | Baltimore Maryland | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,014 | [1] | 2,014 | [2] | |
Maturity Date | Jul. 1, 2049 | [1] | Jul. 1, 2049 | [2] | |
Base Interest Rate | 5.78% | [1] | 5.78% | [2] | |
Principal Outstanding | $ 39,995,000 | [1] | $ 40,085,000 | [2] | |
The Palms At Premier Park | Columbia, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [4] | 2,013 | |||
Maturity Date | [4] | Jan. 1, 2050 | |||
Base Interest Rate | [4] | 6.25% | |||
Principal Outstanding | [4] | $ 19,826,716 | |||
Vantage at Harlingen [Member] | San Antonio, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [5] | 2,015 | |||
Maturity Date | [5] | Sep. 1, 2053 | |||
Base Interest Rate | [5] | 6.00% | |||
Principal Outstanding | [5] | $ 24,529,580 | |||
[1] | Bond held by Deutsche Bank in a secured financing transaction, see Note 17 | ||||
[2] | Bonds held by Deutsche Bank AG in a secured financing transaction, see Note 17 | ||||
[3] | Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17 | ||||
[4] | Bonds held by ATAX TEBS II, LLC (M31 TEBS), see Note 17 | ||||
[5] | Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17 | ||||
[6] | Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17 |
PHC Certificates - Additional I
PHC Certificates - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($)Integer | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |||
Impairment charge | $ 761,960 | ||
Public Housing Capital Fund Trust I [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Impairment charge | $ 762,000 | $ 0 | $ 0 |
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 | Integer | 3 |
PHC Certificates - Schedule of
PHC Certificates - Schedule of Investments in PHC Certificates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value, held in trust | $ 77,971,208 | $ 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 | 50,167,034 | 56,801,062 |
Cumulative Unrealized Gain, held in trust | 756,853 | |
Cumulative Unrealized Loss, held in trust | (525,446) | (399,847) |
Estimated Fair Value, held in trust | 49,641,588 | 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 | 25,109,305 | 26,077,158 |
Cumulative Unrealized Gain, held in trust | 672,097 | |
Estimated Fair Value, held in trust | $ 25,109,305 | $ 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 3 months 21 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 | $ 9,606,480 | $ 10,600,967 |
Cumulative Unrealized Gain, held in trust | 84,756 | |
Cumulative Unrealized Loss, held in trust | (248,189) | |
Estimated Fair Value, held in trust | $ 9,358,291 | $ 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 4 months 13 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 | $ 15,451,249 | $ 20,122,937 |
Cumulative Unrealized Loss, held in trust | (277,257) | (399,847) |
Estimated Fair Value, held in trust | $ 15,173,992 | $ 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) | 7 years 7 months 9 days | 8 years 9 months 14 days |
Investment Rating | BBB | BBB |
Weighted Average Interest Rate Over Life | 5.23% | 5.42% |
Mortgage-Backed Securities (MBS
Mortgage-Backed Securities (MBS Securities) - Additional Information (Details) | Jan. 31, 2016USD ($)Integer | Dec. 31, 2017 | Dec. 31, 2016USD ($) |
Proceeds from Sale of Available-for-sale Securities | $ 9,295,000 | ||
Trust Portfolio M B S Bonds | |||
Proceeds from Sale of Available-for-sale Securities | $ 15,000,000 | ||
Number of Available for Sale Securities, Held in a Trust | Integer | 3 | ||
Trust Portfolio M B S Bonds | LIFERS [Member] | |||
Available-for-Sale Securities, Ownership Percentage | 100.00% |
Real Estate Assets - Additional
Real Estate Assets - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
May 31, 2017USD ($) | Jun. 30, 2016USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($)Property | Nov. 30, 2016Land | Aug. 31, 2016Land | Mar. 31, 2016USD ($) | |
Real Estate [Line Items] | |||||||||
Gain on sale of real estate assets, net | $ 17,753,303 | $ 14,072,317 | $ 4,599,109 | ||||||
Jade Park [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Land | $ 2,292,035 | ||||||||
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 12 days | ||||||||
Jade Park [Member] | Land improvements [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Buildings and improvements, weighted average useful life | 22 years 8 months 12 days | ||||||||
St. Petersburg, Florida [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Gain on sale of real estate assets, net | $ (22,000) | ||||||||
Impairment charges | $ 62,000 | ||||||||
St. Petersburg, Florida [Member] | Available-for-sale Securities [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Land | $ 3,100,000 | ||||||||
Omaha, NE [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of contiguous tracts of land to be acquired | Land | 2 | 2 | |||||||
MF Properties [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of properties sold to unrelated third parties | Property | 4 | 2 | 2 | ||||||
MF Properties [Member] | Jade Park [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Total revenues | $ 400,000 | ||||||||
Net loss | 400,000 | ||||||||
Consolidated Properties [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Gain on sale of real estate assets, net | $ 0 | $ 0 | $ 0 | ||||||
Greens Hold Co [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | ||||||||
Limited Partner [Member] | Consolidated Properties [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.00% | ||||||||
General Partner [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% |
Real Estate Assets - Real Estat
Real Estate Assets - Real Estate Assets Owned by Partnership (Details) | Dec. 31, 2017USD ($)Unit | Dec. 31, 2016USD ($)Unit | ||
Real Estate [Line Items] | ||||
Land and Land Improvements | $ 7,319,235 | $ 17,354,587 | ||
Buildings and improvements | 78,953,488 | 113,089,041 | ||
Carrying Value | 86,272,723 | 130,443,628 | ||
Accumulated depreciation | (9,580,531) | (16,217,028) | ||
Net real estate assets | $ 76,692,192 | $ 114,226,600 | ||
Suites on Paseo [Member] | San Diego, CA [Member] | ||||
Real Estate [Line Items] | ||||
Number of Units (Unaudited) | Unit | 394 | 394 | ||
Land and Land Improvements | $ 3,166,463 | $ 3,162,463 | ||
Buildings and improvements | 38,454,894 | 38,365,351 | ||
Carrying Value | $ 41,621,357 | $ 41,527,814 | ||
The 50/50 Student Housing--UNL [Member] | Lincoln, NE [Member] | ||||
Real Estate [Line Items] | ||||
Number of Units (Unaudited) | Unit | 475 | 475 | ||
Buildings and improvements | $ 32,932,981 | $ 32,928,878 | ||
Carrying Value | $ 32,932,981 | $ 32,928,878 | ||
Jade Park [Member] | Daytona Florida | ||||
Real Estate [Line Items] | ||||
Number of Units (Unaudited) | Unit | 144 | 144 | ||
Land and Land Improvements | $ 2,292,035 | $ 2,292,035 | ||
Buildings and improvements | 7,565,613 | 7,270,845 | ||
Carrying Value | 9,857,648 | 9,562,880 | ||
Land Held for Development [Member] | ||||
Real Estate [Line Items] | ||||
Land and Land Improvements | 1,860,737 | [1] | 7,531,104 | [2] |
Carrying Value | $ 1,860,737 | [1] | $ 7,531,104 | [2] |
Eagle Village [Member] | Evansville, IN [Member] | ||||
Real Estate [Line Items] | ||||
Number of Units (Unaudited) | Unit | 511 | |||
Land and Land Improvements | $ 567,880 | |||
Buildings and improvements | 12,655,244 | |||
Carrying Value | $ 13,223,124 | |||
Northern View [Member] | Highland Heights, KY [Member] | ||||
Real Estate [Line Items] | ||||
Number of Units (Unaudited) | Unit | 294 | |||
Land and Land Improvements | $ 688,539 | |||
Buildings and improvements | 8,088,059 | |||
Carrying Value | $ 8,776,598 | |||
Residences at DeCordova [Member] | Granbury, TX [Member] | ||||
Real Estate [Line Items] | ||||
Number of Units (Unaudited) | Unit | 110 | |||
Land and Land Improvements | $ 1,170,337 | |||
Buildings and improvements | 8,029,404 | |||
Carrying Value | $ 9,199,741 | |||
Residences at Weatherford [Member] | Weatherford, TX [Member] | ||||
Real Estate [Line Items] | ||||
Number of Units (Unaudited) | Unit | 76 | |||
Land and Land Improvements | $ 1,942,229 | |||
Buildings and improvements | 5,751,260 | |||
Carrying Value | $ 7,693,489 | |||
[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 | |||
[2] | Land held for development consists of parcels of land in St. Petersburg, FL, Johnson County, KS, and Richland County, SC and land and development costs for a site in Panama City Beach, FL. |
Real Estate Assets - Gains on S
Real Estate Assets - Gains on Sale, Net of Income Taxes (Details) | 1 Months Ended | 12 Months Ended | |||||||
Nov. 30, 2017USD ($)Unit | Mar. 31, 2017USD ($)Unit | Jul. 31, 2016USD ($)Unit | Jun. 30, 2016USD ($)Unit | Aug. 31, 2015USD ($)Unit | May 31, 2015USD ($)Unit | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)Unit | Dec. 31, 2015USD ($) | |
Real Estate [Line Items] | |||||||||
Gain (Loss) on Sale of Properties | $ 17,753,303 | $ 14,072,317 | $ 4,599,109 | ||||||
Northern View [Member] | Highland Heights, KY [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 294 | ||||||||
Eagle Village [Member] | Evansville, IN [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 511 | ||||||||
Residences at DeCordova [Member] | Granbury, TX [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 110 | ||||||||
Residences at Weatherford [Member] | Weatherford, TX [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 76 | ||||||||
MF Properties [Member] | Northern View [Member] | Highland Heights, KY [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 294 | ||||||||
Gross Proceeds | $ 13,750,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 7,174,183 | ||||||||
MF Properties [Member] | Eagle Village [Member] | Evansville, IN [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 511 | ||||||||
Gross Proceeds | $ 12,775,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 2,782,107 | ||||||||
MF Properties [Member] | Residences at DeCordova [Member] | Granbury, TX [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 110 | ||||||||
Gross Proceeds | $ 12,100,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 5,174,645 | ||||||||
MF Properties [Member] | Residences at Weatherford [Member] | Weatherford, TX [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 76 | ||||||||
Gross Proceeds | $ 7,900,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 2,644,040 | ||||||||
MF Properties [Member] | Arboretum [Member] | Omaha, NE [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 145 | ||||||||
Gross Proceeds | $ 30,200,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 12,410,444 | ||||||||
MF Properties [Member] | Woodland Park [Member] | Topeka, KS [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 236 | ||||||||
Gross Proceeds | $ 15,650,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 1,661,873 | ||||||||
MF Properties [Member] | The Colonial [Member] | Omaha, NE [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 258 | ||||||||
Gross Proceeds | $ 10,696,510 | ||||||||
Gain (Loss) on Sale of Properties | $ 3,427,044 | ||||||||
MF Properties [Member] | Glynn Place [Member] | Brunswick, GA [Member] | |||||||||
Real Estate [Line Items] | |||||||||
Number of Units (Unaudited) | Unit | 128 | ||||||||
Gross Proceeds | $ 5,500,000 | ||||||||
Gain (Loss) on Sale of Properties | $ 1,172,065 |
Real Estate Assets - Net Income
Real Estate Assets - Net Income, Exclusive of the Gains on Sale (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
MF Properties [Member] | |||
Real Estate [Line Items] | |||
Net loss | $ (290,494) | $ (457,201) | $ (433,784) |
Real Estate Assets - Condensed
Real Estate Assets - Condensed Balance Sheet at Acquisition Date (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Real Estate [Line Items] | |||
Other assets | $ 7,348,302 | $ 8,795,192 | |
Total Assets | 1,069,767,999 | 944,113,674 | |
Accounts payable, accrued expenses and other liabilities | 8,494,227 | 7,255,327 | |
Net assets | 313,840,270 | 280,129,205 | |
Total Liabilities and Partnersʼ Capital | $ 1,069,767,999 | $ 944,113,674 | |
Jade Park [Member] | |||
Real Estate [Line Items] | |||
Land | $ 2,292,035 | ||
Buildings and improvements | 7,244,534 | ||
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 liabilities | 135,326 | ||
Net assets | 9,882,800 | ||
Total Liabilities and Partnersʼ Capital | $ 10,018,126 |
Real Estate Assets - Unaudited
Real Estate Assets - Unaudited Pro Forma Condensed Consolidated Results of Operations of the Partnership (Details) - Jade Park [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate [Line Items] | ||
Pro forma revenues | $ 60,008,686 | $ 64,162,327 |
Pro forma net income | 24,663,645 | 23,075,438 |
Pro forma net income allocated to Unitholders | $ 21,047,854 | $ 16,917,875 |
Pro forma Unitholder's interest in net income per Unit (basic and diluted) | $ 0.35 | $ 0.28 |
Investment in Unconsolidated 82
Investment in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)Unit | Dec. 31, 2016USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||
Carrying Value | $ 39,608,927 | $ 19,470,006 |
Maximum Remaining Equity Commitment | $ 14,316,780 | |
Vantage at Corpus Christi | Corpus Christi T X | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units (Unaudited) | Unit | 288 | |
Month Commitment Executed | March 2,016 | |
Construction Completion Date | 2017-08 | |
Carrying Value | $ 9,178,139 | 8,447,343 |
Maximum Remaining Equity Commitment | $ 1,550,000 | |
Vantage At Waco | Waco T X | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units (Unaudited) | Unit | 288 | |
Month Commitment Executed | August 2,016 | |
Carrying Value | $ 8,748,091 | 5,964,861 |
Maximum Remaining Equity Commitment | $ 1,592,039 | |
Vantage At Boerne | Boerne T X | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units (Unaudited) | Unit | 288 | |
Month Commitment Executed | August 2,016 | |
Construction Completion Date | 2017-12 | |
Carrying Value | $ 8,272,810 | $ 5,057,802 |
Maximum Remaining Equity Commitment | $ 1,475,936 | |
Vantage At Panama City Beach | Panama City Beach F L | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units (Unaudited) | Unit | 288 | |
Month Commitment Executed | March 2,017 | |
Carrying Value | $ 10,349,416 | |
Maximum Remaining Equity Commitment | $ 1,996,500 | |
Vantage At Powdersville | Powdersville S C | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units (Unaudited) | Unit | 288 | |
Month Commitment Executed | November 2,017 | |
Carrying Value | $ 3,060,471 | |
Maximum Remaining Equity Commitment | $ 7,702,305 |
Property Loan, Net of Loan Lo83
Property Loan, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | $ 36,907,688 | $ 36,862,148 | ||
Loan Loss Allowances | (7,393,814) | (7,098,814) | $ (7,098,814) | $ (7,098,814) |
Property Loan Principal, net of allowance | 29,513,874 | 29,763,334 | ||
Arbors at Hickory Ridge [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 191,264 | 191,264 | ||
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 | |||
Loan Loss Allowances | (3,596,342) | |||
Property Loan Principal, net of allowance | 1,482,000 | |||
Avistar (February 2013 Portfolio) [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 201,972 | 274,496 | ||
Property Loan Principal, net of allowance | 201,972 | 274,496 | ||
Avistar (June 2013 Portfolio) [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 251,622 | 251,622 | ||
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 | 11,101,887 | 7,155,545 | ||
Loan Loss Allowances | (7,393,814) | (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 | |||
Property Loan Principal, net of allowance | 850,000 | |||
Lake Forest [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 4,995,884 | 4,623,704 | ||
Loan Loss Allowances | (55,000) | |||
Property Loan Principal, net of allowance | 4,995,884 | 4,568,704 | ||
Ohio Properties [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 2,390,446 | 2,390,446 | ||
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 | ||
Property Loan Principal, net of allowance | 8,417,635 | 7,199,424 | ||
Vantage at New Braunfels, LLC [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 7,406,978 | 6,347,305 | ||
Property Loan Principal, net of allowance | 7,406,978 | 6,347,305 | ||
Winston Group, Inc [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 1,100,000 | 2,500,000 | ||
Property Loan Principal, net of allowance | $ 1,100,000 | 2,500,000 | ||
Greens of Pine Glen [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 850,000 | |||
Property Loan Principal, net of allowance | $ 850,000 |
Property Loan, Net of Loan Lo84
Property Loan, Net of Loan Loss Allowances - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property Loan Net Of Loan Loss Allowances [Line Items] | |||
Contingent interest | $ 3,147,165 | $ 2,021,077 | $ 4,756,716 |
Ashley Square [Member] | |||
Property Loan Net Of Loan Loss Allowances [Line Items] | |||
Principal received from property loans | 1,100,000 | ||
Interest received from property loans | $ 1,700,000 | ||
Foundation For Affordable Housing | |||
Property Loan Net Of Loan Loss Allowances [Line Items] | |||
Contingent interest | $ 1,400,000 | ||
Ohio Properties [Member] | |||
Property Loan Net Of Loan Loss Allowances [Line Items] | |||
Percentage of deferred interest earned on property loans | 100.00% |
Property Loan, Net of Loan Lo85
Property Loan, Net of Loan Loss Allowances - Loan Loss Reserves (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($) | ||
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | ||
Balance, beginning of year | $ 7,098,814 | |
Provision for loan loss | 295,000 | [1] |
Balance, end of year | $ 7,393,814 | |
[1] | See table below for a summary of terms for the individual Term A/B Trust securitizations. Activity for the year ended December 31, 2017 consists of the reversal of $55,000 allowance for loan loss related to Lake Forest and the increase of $350,000 allowance for loan loss related to Ashley Square. The net provision for loan loss for the year ended December 31, 2017 is recorded as a reduction to other interest income on the consolidated statements of operations. |
Property Loan, Net of Loan Lo86
Property Loan, Net of Loan Loss Allowances - Loan Loss Reserves (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Lake Forest [Member] | |
Property Loan Net Of Loan Loss Allowances [Line Items] | |
Reversal of allowance for loan loss | $ 55,000 |
Ashley Square [Member] | |
Property Loan Net Of Loan Loss Allowances [Line Items] | |
Increase in allowance for loan loss | $ 350,000 |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Provision [Line Items] | ||||
Income tax expense | $ 6,019,146 | $ 4,959,000 | ||
Effective corporate income tax rate | 35.00% | |||
Net deferred income tax benefit remeasurement | $ 15,000 | |||
Valuation allowance reversed | 405,000 | |||
Accrued interest or penalties | $ 0 | $ 0 | ||
Minimum [Member] | ||||
Income Tax Provision [Line Items] | ||||
Partnership tax returns subjected to examination | 2,014 | |||
Maximum [Member] | ||||
Income Tax Provision [Line Items] | ||||
Partnership tax returns subjected to examination | 2,016 | |||
Scenario, Forecast [Member] | ||||
Income Tax Provision [Line Items] | ||||
Effective corporate income tax rate | 21.00% | |||
Greens Hold Co [Member] | ||||
Income Tax Provision [Line Items] | ||||
Income tax expense | $ 0 |
Income Tax Provision - Summary
Income Tax Provision - Summary of Income Tax Expense (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Current income tax expense | $ 6,419,146 | $ 4,593,000 |
Deferred income tax expense (benefit) | (400,000) | 366,000 |
Total income tax expense | $ 6,019,146 | $ 4,959,000 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Other Assets [Abstract] | ||
Deferred financing costs - net | $ 383,133 | $ 456,890 |
Fair value of derivative instruments (Note 19) | 597,221 | 383,604 |
Taxable mortgage revenue bonds at fair market value | 2,422,459 | 4,084,599 |
Bond purchase commitments - fair value (Note 20) | 3,002,540 | 2,399,449 |
Other assets | 942,949 | 1,470,650 |
Total other assets | $ 7,348,302 | $ 8,795,192 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Vantage at Harlingen [Member] | Series D [Member] | |
Other Assets [Line Items] | |
Additional interest related to redemption of taxable MRB | $ 169,000 |
Avistar at Chase Hill [Member] | Series C [Member] | |
Other Assets [Line Items] | |
Additional interest related to redemption of taxable MRB | $ 35,000 |
Other Assets - Summary of the T
Other Assets - Summary of the Terms of the Taxable MRBs Redeemed (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)Unit | Dec. 31, 2016USD ($)Unit | |
Vantage at Harlingen [Member] | Series C [Member] | San Antonio, Texas [Member] | ||
Other Assets [Line Items] | ||
Units (Unaudited) | Unit | 288 | |
Maturity Date | Oct. 1, 2053 | |
Base Interest Rate | 9.00% | |
Principal Outstanding at Date of Redemption | $ | $ 1,278,117 | |
Avistar at Chase Hill [Member] | Series D [Member] | San Antonio, Texas [Member] | ||
Other Assets [Line Items] | ||
Units (Unaudited) | Unit | 232 | |
Maturity Date | Apr. 1, 2050 | |
Base Interest Rate | 9.00% | |
Principal Outstanding at Date of Redemption | $ | $ 232,145 | |
Silver Moon [Member] | Series B [Member] | Albuquerque New Mexico | ||
Other Assets [Line Items] | ||
Units (Unaudited) | Unit | 151 | |
Maturity Date | Aug. 1, 2055 | |
Base Interest Rate | 12.00% | |
Principal Outstanding at Date of Redemption | $ | $ 499,461 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Depreciation and amortization expenses, discontinued operations | $ 301,000 | ||
Amortization of Deferred financing costs, discontinued operations | 17,000 | ||
Capital expenditure, discontinued operations | $ 201,000 | ||
Consolidated Properties [Member] | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Assets related to discontinued operations | $ 0 | $ 0 | |
Liabilities related to discontinued operations | $ 0 | $ 0 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Revenue, Expenses and Income From Discontinued Operations (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Gain on sale of discontinued operations | $ 3,212,447 |
Net income from discontinued operations | 3,721,397 |
Discontinued Operations [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Rental revenues | 2,952,383 |
Expenses | 2,394,074 |
Net income from discontinued operations | 558,309 |
Gain on sale of discontinued operations | 3,163,088 |
Net income from discontinued operations | $ 3,721,397 |
Unsecured Lines of Credit - Sum
Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | May 31, 2017 | Apr. 30, 2017 | Mar. 31, 2016 | Feb. 29, 2016 | ||
Line Of Credit Facility [Line Items] | |||||||
Lines of credit | $ 50,000,000 | $ 40,000,000 | |||||
Unsecured Lines of Credit [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Lines of credit | 50,000,000 | 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 | $ 50,000,000 | |||||
Debt instrument, maturity date | May 31, 2019 | May 31, 2019 | |||||
Unsecured Lines of Credit [Member] | Bankers Trust Operating [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Lines of credit | $ 0 | ||||||
Line of credit facility maximum borrowing capacity | $ 10,000,000 | $ 7,500,000 | $ 7,500,000 | $ 5,000,000 | |||
Unsecured Lines of Credit [Member] | 4.38% Interest Bearing Line of Credit [Member] | Bankers Trust [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Lines of credit | 50,000,000 | ||||||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||||||
Debt instrument, maturity date | May 31, 2019 | ||||||
Variable / Fixed | [1] | Variable | |||||
Reset Frequency | Monthly | ||||||
Line of credit facility, interest rate during period | 4.38% | ||||||
Unsecured Lines of Credit [Member] | 4.62% 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 | [1] | Variable | |||||
Reset Frequency | Monthly | ||||||
Line of credit facility, interest rate during period | 4.62% | ||||||
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 | [1] | 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 | May 31, 2018 | ||||||
Variable / Fixed | [1] | Variable | |||||
Reset Frequency | Monthly | ||||||
Line of credit facility, interest rate during period | 3.88% | ||||||
[1] | The variable rate is indexed to LIBOR plus an applicable margin |
Unsecured Lines of Credit - Add
Unsecured Lines of Credit - Additional Information (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2018 | May 31, 2017 | Apr. 30, 2017 | Mar. 31, 2016 | Feb. 29, 2016 | |
Line Of Credit Facility [Line Items] | |||||||
Lines of credit | $ 50,000,000 | $ 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 | 50,000,000 | $ 40,000,000 | |||||
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | $ 50,000,000 | |||||
Line of credit facility, increase in borrowing capacity | 10,000,000 | ||||||
Debt instrument, maturity date range start | Jun. 30, 2018 | ||||||
Debt instrument, maturity date range end | Sep. 30, 2018 | ||||||
Debt instrument, covenant compliance | The Partnership is in compliance with all covenants at December 31, 2017. | ||||||
Debt instrument, maturity date | May 31, 2019 | May 31, 2019 | |||||
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | First Extension [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Principal amount repayment on extension | 5.00% | ||||||
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | Second Extension [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Principal amount repayment on extension | 10.00% | ||||||
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | Third Extension [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Principal amount repayment on extension | 20.00% | ||||||
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | London Interbank Offered Rate [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Debt instrument variable rate | 3.00% | ||||||
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 | $ 7,500,000 | $ 5,000,000 | |||
Debt instrument variable rate | 3.25% | ||||||
Lines of credit | $ 0 | ||||||
Bankers Trust Operating [Member] | Unsecured Lines of Credit [Member] | Scenario, Forecast [Member] | |||||||
Line Of Credit Facility [Line Items] | |||||||
Lines of credit | $ 0 |
Secured Lines of Credit - Addit
Secured Lines of Credit - Additional Information (Details) - Secured Line of Credit [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2016USD ($) | |
London Interbank Offered Rate [Member] | |
Line Of Credit Facility [Line Items] | |
Debt instrument variable rate | 2.50% |
Bankers Trust [Member] | |
Line Of Credit Facility [Line Items] | |
Line of credit facility maximum borrowing capacity | $ 20 |
Secured Line of Credit - Summar
Secured Line of Credit - Summary of Secured Lines of Credit (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2017 | ||
Line Of Credit Facility [Line Items] | |||
Unsecured lines of credit (Note 15) | $ 40,000,000 | $ 50,000,000 | |
Secured Line of Credit [Member] | Bankers Trust [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | 20,000,000 | ||
Secured Line of Credit [Member] | 3.13% Interest Bearing Line of Credit [Member] | Bankers Trust [Member] | |||
Line Of Credit Facility [Line Items] | |||
Unsecured lines of credit (Note 15) | 19,816,667 | ||
Line of credit facility maximum borrowing capacity | $ 20,000,000 | ||
Debt instrument, maturity date | Mar. 31, 2017 | ||
Variable / Fixed | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 3.13% | ||
[1] | The variable rate is indexed to LIBOR plus 2.5%. |
Secured Line of Credit - Summ98
Secured Line of Credit - Summary of Secured Lines of Credit (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
London Interbank Offered Rate [Member] | Secured Line of Credit [Member] | |
Line Of Credit Facility [Line Items] | |
Debt instrument variable rate | 2.50% |
Debt Financing - Schedule of To
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Short Term Debt [Line Items] | |||
Debt financing | $ 558,328,347 | $ 495,383,033 | |
Period End Rates | 4.21% | 3.83% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 46,787,036 | $ 46,860,699 | |
Year Acquired | 2,014 | ||
Stated Maturities | 2019-10 | ||
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 | 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 | 2019-07 | ||
Period End Rates | 4.39% | 4.39% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 279,533,565 | $ 171,778,950 | |
Restricted Cash | $ 1,373,695 | ||
Year Acquired | 2,016 | ||
Reset Frequency | N/A | N/A | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Year Acquired | 2,016 | ||
Stated Maturities | 2018-06 | 2017-03 | |
Period End Rates | 3.64% | 3.64% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Year Acquired | 2,017 | ||
Stated Maturities | 2027-11 | 2026-12 | |
Period End Rates | 4.52% | 4.56% | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 38,130,000 | $ 42,455,000 | |
Restricted Cash | $ 850,327 | ||
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 | 2.24% | 1.29% | |
Period End Rates | 3.91% | 2.91% | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
SIFMA Based Rates | 2.29% | 1.39% | |
Period End Rates | 3.96% | 3.01% | |
TEBS Financings [Member] | Variable - TEBS I [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 55,468,000 | $ 60,430,991 | |
Restricted Cash | $ 372,222 | $ 396,412 | |
Year Acquired | 2,010 | 2,010 | |
Stated Maturities | 2020-09 | 2017-09 | |
Reset Frequency | Weekly | Weekly | |
SIFMA Based Rates | 1.79% | 0.77% | |
Facility Fees | 1.85% | 1.85% | |
Period End Rates | 3.64% | 2.62% | |
TEBS Financings [Member] | Variable - TEBS II [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | [1] | $ 81,003,688 | $ 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] | 1.77% | 0.75% |
Facility Fees | [1] | 1.39% | 1.62% |
Period End Rates | [1] | 3.16% | 2.37% |
TEBS Financings [Member] | Variable - TEBS III [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | [1] | $ 57,406,058 | $ 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] | 1.77% | 0.75% |
Facility Fees | [1] | 1.16% | 1.39% |
Period End Rates | [1] | 2.93% | 2.14% |
[1] | Facility fees have a variable component. |
Debt Financing - Summary of Ind
Debt Financing - Summary of Individual Debt Financing (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Short Term Debt [Line Items] | ||
Debt financing | $ 558,328,347 | $ 495,383,033 |
TOB Trusts Securitization [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 46,787,036 | $ 46,860,699 |
Fixed Interest Rate | 4.31% | 4.31% |
TOB Trusts Securitization [Member] | Live 929 Apartments [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 37,777,036 | $ 37,851,960 |
Year Acquired | 2,014 | 2,014 |
Stated Maturities | 2019-10 | 2019-07 |
Fixed Interest Rate | 4.39% | 4.39% |
TOB Trusts Securitization [Member] | Pro Nova 2014-1 [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 9,010,000 | $ 9,008,739 |
Year Acquired | 2,014 | 2,014 |
Stated Maturities | 2019-10 | 2017-07 |
Fixed Interest Rate | 4.01% | 4.01% |
Term A/B Trust [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 279,533,565 | $ 171,778,950 |
Fixed Interest Rate | 3.85% | 3.80% |
Term A/B Trust [Member] | Willow Run [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 10,029,289 | $ 11,564,852 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | Columbia Gardens [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 10,172,857 | $ 11,565,068 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | Concord at Little York [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 11,315,538 | $ 11,301,031 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | Concord at Gulfgate [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 16,154,584 | $ 16,133,987 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | Sycamore Walk [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 3,054,841 | $ 3,050,786 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | Decatur-Angle Apartments [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 21,276,657 | $ 21,387,126 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | Heights at 515 [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 5,380,814 | $ 5,409,361 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | Crossing at 1415 [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 6,344,418 | $ 6,378,482 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | 15 West Apartments [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 8,326,731 | $ 8,366,804 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-12 | 2026-12 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | San Vicente Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 3,112,976 | |
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 | $ 1,545,930 | |
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 | $ 1,507,389 | |
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 | $ 1,494,702 | |
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 | $ 2,746,364 | |
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 | $ 1,455,570 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-07 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | Harmony Court Bakersfield Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 3,322,157 | |
Year Acquired | 2,017 | |
Stated Maturities | 2022-02 | |
Fixed Interest Rate | 3.89% | |
Term A/B Trust [Member] | Summerhill Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 5,730,185 | |
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 | $ 2,855,809 | |
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 | $ 9,131,896 | |
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 | $ 5,272,090 | |
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 | $ 6,555,646 | |
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 | $ 4,453,076 | |
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 | $ 11,047,869 | |
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 | $ 5,564,539 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-08 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | Avistar at Wood Hollow - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 26,838,000 | |
Year Acquired | 2,017 | |
Stated Maturities | 2027-02 | |
Fixed Interest Rate | 4.46% | |
Term A/B Trust [Member] | Avistar at Wilcrest - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 3,168,088 | |
Year Acquired | 2,017 | |
Stated Maturities | 2027-02 | |
Fixed Interest Rate | 4.46% | |
Term A/B Trust [Member] | Avistar at Copperfield - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 8,414,834 | |
Year Acquired | 2,017 | |
Stated Maturities | 2027-02 | |
Fixed Interest Rate | 4.46% | |
Term A/B Trust [Member] | Oaks at Georgetown - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 11,087,478 | $ 11,709,479 |
Year Acquired | 2,017 | 2,016 |
Stated Maturities | 2022-03 | 2017-03 |
Fixed Interest Rate | 3.89% | 4.56% |
Term A/B Trust [Member] | Oaks at Georgetown - Series B [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 4,686,120 | $ 5,229,479 |
Year Acquired | 2,017 | 2,016 |
Stated Maturities | 2018-08 | 2017-03 |
Fixed Interest Rate | 3.76% | 4.56% |
Term A/B Trust [Member] | Harmony Terrace - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 6,199,955 | $ 6,549,479 |
Year Acquired | 2,017 | 2,016 |
Stated Maturities | 2022-03 | 2017-03 |
Fixed Interest Rate | 3.89% | 4.56% |
Term A/B Trust [Member] | Harmony Terrace - Series B [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 6,284,318 | $ 7,024,479 |
Year Acquired | 2,017 | 2,016 |
Stated Maturities | 2018-08 | 2017-03 |
Fixed Interest Rate | 3.76% | 4.56% |
Term A/B Trust [Member] | Village at River's Edge [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 8,993,092 | |
Year Acquired | 2,017 | |
Stated Maturities | 2027-11 | |
Fixed Interest Rate | 4.52% | |
Term A/B Trust [Member] | Concord at Williamcrest [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 17,526,516 | $ 17,504,186 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | Companion At Thornhill Apts [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 9,608,733 | $ 9,666,656 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | Seasons at Simi Valley [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 3,675,323 | $ 3,678,770 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Term A/B Trust [Member] | Bruton Apts [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 15,199,181 | $ 15,258,925 |
Year Acquired | 2,016 | 2,016 |
Stated Maturities | 2026-09 | 2026-09 |
Fixed Interest Rate | 3.64% | 3.64% |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Aug. 31, 2017USD ($) | Feb. 28, 2017USD ($)Agreement | Jan. 31, 2016Trust | Sep. 30, 2016USD ($)AgreementTrust | Dec. 31, 2017USD ($)OptionPaydown | Dec. 31, 2016USD ($) | Mar. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||||||
Deferred financing costs - net | $ 4,266,825 | ||||||
Extension option for each TEBS | Option | 1 | ||||||
Number of unscheduled paydowns for each TEBS | Paydown | 3 | ||||||
TEBS I Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, maturity date | 2017-09 | ||||||
Debt instrument additional maturity period | 3 years | ||||||
Debt instrument extended maturity date | 2020-09 | ||||||
TEBS II Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, maturity date | 2019-07 | ||||||
Debt instrument additional maturity period | 5 years | ||||||
Debt instrument extended maturity date | 2024-07 | ||||||
TEBS III Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, maturity date | 2020-07 | ||||||
Debt instrument additional maturity period | 5 years | ||||||
Debt instrument extended maturity date | 2025-07 | ||||||
Farnam Capital Advisors, LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consulting fees | $ 921,000 | $ 1,200,000 | |||||
Term A/B Trust [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deferred financing costs - net | $ 1,200,000 | $ 1,400,000 | $ 47,000 | ||||
Number of paid off and collapsed TOB Trusts | Trust | 7 | ||||||
Term A/B Trust [Member] | Harmony Court Bakers field Series B [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Payments for debt financing liabilities | $ 1,700,000 | ||||||
Term A/B Trust [Member] | Farnam Capital Advisors, LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consulting fees | $ 921,000 | $ 1,200,000 | |||||
TOB Financing Facility [Mmeber] | DB [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instruments, addtional renewal period, in years | 1 year | ||||||
Mortgage Revenue Bonds [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of paid off and collapsed TOB Trusts | Trust | 3 | ||||||
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of new agreements | Agreement | 19 | 12 |
Debt Financing - Summary of MRB
Debt Financing - Summary of MRBs Redeemed and Class A Certificates Redeemed Upon Redemption (Details) - Mortgage Revenue Bonds [Member] - USD ($) | 1 Months Ended | |
Nov. 30, 2017 | Oct. 31, 2017 | |
Vantage at Harlingen [Member] | TEBS III Facility [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 24,363,221 | |
Ashley Square [Member] | TEBS I Facility [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 4,472,000 | |
Avistar at Chase Hill [Member] | TEBS II Facility [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 9,757,084 |
Debt Financing - Schedule of Co
Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Financing [Abstract] | ||
2,018 | $ 75,557,815 | |
2,019 | 130,870,901 | |
2,020 | 113,134,225 | |
2,021 | 2,357,601 | |
2,022 | 61,282,111 | |
Thereafter | 179,392,519 | |
Total | 562,595,172 | |
Deferred financing costs | (4,266,825) | |
Total debt financing, net | $ 558,328,347 | $ 495,383,033 |
Mortgage Payable and Other Secu
Mortgage Payable and Other Secured Financing - Summary of Mortgage Payable and Other Secured Financing on the MF Properties, Net of Deferred Financing Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 35,540,174 | $ 51,379,512 | |
Period End Rate | 4.21% | 3.83% | |
Real Estate [Member] | Jade Park [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 7,468,548 | $ 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% | |
Real Estate [Member] | Eagle Village [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 7,845,711 | ||
Year Acquired | 2,015 | ||
Debt instrument, maturity date | Sep. 1, 2018 | ||
Variable / Fixed | Variable | ||
Reset Frequency | Monthly | ||
Variable Based Rate | [1] | 0.63% | |
Facility Fees | 3.00% | ||
Period End Rate | 3.63% | ||
Real Estate [Member] | Residences at DeCordova [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 1,744,858 | ||
Year Acquired | 2,012 | ||
Debt instrument, maturity date | Jun. 1, 2017 | ||
Variable / Fixed | Fixed | ||
Reset Frequency | N/A | ||
Period End Rate | 4.75% | ||
Real Estate [Member] | Residences at Weatherford [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 5,589,086 | ||
Year Acquired | 2,011 | ||
Debt instrument, maturity date | Jun. 1, 2017 | ||
Variable / Fixed | Fixed | ||
Reset Frequency | N/A | ||
Period End Rate | 4.75% | ||
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 | $ 3,358,370 | $ 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 | $ 24,713,256 | $ 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 S105
Mortgage Payable and Other Secured Financing - Additional Information (Details) - Residences at DeCordova and Weatherford [Member] - Mortgages payable [Member] | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |
Line of credit, commitment fee | $ 0 |
Debt instrument, extended for additional maturity period | 2 years |
Mortgage Payable and Other S106
Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans on Real Estate [Line Items] | ||
Deferred financing costs | $ (4,266,825) | |
Total mortgages payable and other secured financings, net | 35,540,174 | $ 51,379,512 |
Mortgages Payable and Other Secured Financing [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
2,018 | 763,246 | |
2,019 | 3,989,951 | |
2,020 | 24,155,733 | |
2,021 | 6,858,994 | |
Total | 35,767,924 | |
Deferred financing costs | (227,750) | |
Total mortgages payable and other secured financings, net | $ 35,540,174 |
Interest Rate Derivatives - Sum
Interest Rate Derivatives - Summary of Partnership's Interest Rate Derivatives, Except for Interest Rate Swaps (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Derivative [Line Items] | |||||||
Derivative, Fair Value - Asset (Liability) | $ 597,221 | $ 383,604 | |||||
Barclays Bank PLC 4 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2017-09 | 2017-09 | |||||
Derivative, Notional Amount | $ 59,935,000 | ||||||
Derivative, Maturity Date | 2020-09 | ||||||
Derivative, Effective Capped Rate | [1] | 4.00% | |||||
Derivative, Index | SIFMA | ||||||
Derivative, Variable Debt Financing Facility Hedged | M24 TEBS | M24 TEBS | [1] | ||||
Derivative, Fair Value - Asset (Liability) | $ 923 | ||||||
Barclays Bank PLC 1 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2014-07 | 2010-09 | |||||
Derivative, Notional Amount | $ 30,652,294 | $ 29,855,000 | |||||
Derivative, Maturity Date | 2019-08 | 2017-09 | |||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | M24 TEBS | ||||
Derivative, Fair Value - Asset (Liability) | $ 169 | $ 2 | |||||
Royal Bank of Canada-1 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2014-07 | 2010-09 | |||||
Derivative, Notional Amount | $ 30,652,294 | $ 29,855,000 | |||||
Derivative, Maturity Date | 2019-08 | 2017-09 | |||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | M24 TEBS | ||||
Derivative, Fair Value - Asset (Liability) | $ 169 | $ 2 | |||||
SMBC Capital Markets, Inc-1 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2014-07 | 2014-02 | |||||
Derivative, Notional Amount | $ 30,652,294 | $ 41,250,000 | |||||
Derivative, Maturity Date | 2019-08 | 2017-03 | |||||
Derivative, Effective Capped Rate | [1] | 3.00% | 1.00% | ||||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | PHC TOB Trusts | ||||
Derivative, Fair Value - Asset (Liability) | $ 169 | $ 2 | |||||
Barclays Bank PLC 3 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2017-06 | 2017-06 | |||||
Derivative, Notional Amount | $ 83,000,217 | ||||||
Derivative, Maturity Date | 2020-08 | ||||||
Derivative, Effective Capped Rate | 1.50% | 1.50% | [1] | ||||
Derivative, Index | SIFMA | ||||||
Derivative, Variable Debt Financing Facility Hedged | M33 TEBS | M33 TEBS | [1] | ||||
Derivative, Fair Value - Asset (Liability) | $ 425,978 | ||||||
Wells Fargo Bank [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2015-07 | 2015-07 | |||||
Derivative, Notional Amount | $ 27,666,739 | $ 27,940,701 | |||||
Derivative, Maturity Date | 2020-08 | 2020-08 | |||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | M33 TEBS | ||||
Derivative, Fair Value - Asset (Liability) | $ 3,213 | $ 93,045 | |||||
Royal Bank of Canada-2 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2015-07 | 2014-07 | |||||
Derivative, Notional Amount | $ 27,666,739 | $ 31,028,195 | |||||
Derivative, Maturity Date | 2020-08 | 2019-08 | |||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | M31 TEBS | ||||
Derivative, Fair Value - Asset (Liability) | $ 3,213 | $ 34,614 | |||||
SMBC Capital Markets, Inc-2 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2015-07 | 2014-07 | |||||
Derivative, Notional Amount | $ 27,666,739 | $ 31,028,195 | |||||
Derivative, Maturity Date | 2020-08 | 2019-08 | |||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | M31 TEBS | ||||
Derivative, Fair Value - Asset (Liability) | $ 3,213 | $ 34,614 | |||||
Barclays Bank PLC 2 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2017-06 | 2017-06 | 2014-07 | ||||
Derivative, Notional Amount | $ 91,956,883 | $ 31,028,195 | |||||
Derivative, Maturity Date | 2019-08 | 2019-08 | |||||
Derivative, Effective Capped Rate | 1.50% | 1.50% | [1] | 3.00% | [1] | ||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | M31 TEBS | M31 TEBS | [1] | M31 TEBS | [1] | ||
Derivative, Fair Value - Asset (Liability) | $ 160,174 | $ 34,614 | |||||
Bank of New York Mellon [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2010-09 | ||||||
Derivative, Notional Amount | $ 29,855,000 | ||||||
Derivative, Maturity Date | 2017-09 | ||||||
Derivative, Effective Capped Rate | [1] | 3.00% | |||||
Derivative, Index | SIFMA | ||||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M24 TEBS | |||||
Derivative, Fair Value - Asset (Liability) | $ 2 | ||||||
Deutsche Bank [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2013-08 | ||||||
Derivative, Notional Amount | $ 89,565,000 | ||||||
Derivative, Maturity Date | 2017-09 | ||||||
Derivative, Effective Capped Rate | [1] | 1.50% | |||||
Derivative, Index | SIFMA | ||||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M24 TEBS | |||||
Derivative, Fair Value - Asset (Liability) | $ 619 | ||||||
Royal Bank of Canada-3 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2015-07 | ||||||
Derivative, Notional Amount | $ 27,940,701 | ||||||
Derivative, Maturity Date | 2020-08 | ||||||
Derivative, Effective Capped Rate | [1] | 3.00% | |||||
Derivative, Index | SIFMA | ||||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | |||||
Derivative, Fair Value - Asset (Liability) | $ 93,045 | ||||||
SMBC Capital Markets, Inc-3 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2015-07 | ||||||
Derivative, Notional Amount | $ 27,940,701 | ||||||
Derivative, Maturity Date | 2020-08 | ||||||
Derivative, Effective Capped Rate | [1] | 3.00% | |||||
Derivative, Index | SIFMA | ||||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | |||||
Derivative, Fair Value - Asset (Liability) | $ 93,045 | ||||||
[1] | For additional details, see Note 25 to the Partnership's condensed consolidated financial statements. |
Interest Rate Derivatives - Add
Interest Rate Derivatives - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||
Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | ||||
Barclays Bank PLC 2 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2017-06 | 2017-06 | 2014-07 | ||||
Derivative, variable debt financing facility hedged | M31 TEBS | M31 TEBS | [1] | M31 TEBS | [1] | ||
Fixed Interest Rate | 1.50% | 1.50% | [1] | 3.00% | [1] | ||
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 | 1.50% | 1.50% | [1] | ||||
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% | |||||
Derivative, purchase price | $ 59,000 | ||||||
Derivative, variable interest rate | 4.00% | ||||||
Deutsche Bank [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2013-08 | ||||||
Derivative, variable debt financing facility hedged | [1] | M24 TEBS | |||||
Fixed Interest Rate | [1] | 1.50% | |||||
Deutsche Bank [Member] | Interest Rate Swaps [Member] | |||||||
Derivative [Line Items] | |||||||
Cash collateral balances | $ 850,000 | $ 1,400,000 | |||||
[1] | For additional details, see Note 25 to the Partnership's condensed consolidated financial statements. |
Interest Rate Derivatives - Sch
Interest Rate Derivatives - Schedule of Terms of Interest Rate Swaps (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Derivative [Line Items] | |||
Fair Value of Liability | $ (826,852) | $ (1,339,283) | |
Deutsche Bank [Member] | |||
Derivative [Line Items] | |||
Purchase Date | 2013-08 | ||
Fixed Rate Paid | [1] | 1.50% | |
Interest Rate Swaps [Member] | |||
Derivative [Line Items] | |||
Fair Value of Liability | $ (826,852) | $ (1,339,283) | |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur-Angle Apartments [Member] | |||
Derivative [Line Items] | |||
Purchase Date | 2014-09 | 2014-09 | |
Notional Amount | $ 22,821,429 | $ 22,975,228 | |
Effective Date | 2016-10 | 2016-10 | |
Termination Date | 2021-10 | 2021-10 | |
Fixed Rate Paid | 1.96% | 1.96% | |
Period End Variable Rate Received | 1.08% | 0.53% | |
Fair Value of Liability | $ (402,261) | $ (738,574) | |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur-Angle Apartments [Member] | London Interbank Offered Rate [Member] | |||
Derivative [Line Items] | |||
Variable Based Rate | 70.00% | 70.00% | |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Bruton Apts [Member] | |||
Derivative [Line Items] | |||
Purchase Date | 2014-09 | 2014-09 | |
Notional Amount | $ 18,051,775 | $ 18,126,731 | |
Effective Date | 2017-04 | 2017-04 | |
Termination Date | 2022-04 | 2022-04 | |
Fixed Rate Paid | 2.06% | 2.06% | |
Period End Variable Rate Received | 1.08% | ||
Fair Value of Liability | $ (424,591) | $ (600,709) | |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Bruton Apts [Member] | London Interbank Offered Rate [Member] | |||
Derivative [Line Items] | |||
Variable Based Rate | 70.00% | 70.00% | |
[1] | For additional details, see Note 25 to the Partnership's condensed consolidated financial statements. |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Partnership's Bond Purchase Commitments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Long-term Purchase Commitment [Line Items] | ||
Bond Purchase Commitments, Fair Value | $ 3,002,540 | $ 2,399,449 |
Bond Purchase Commitments, Maximum Committed Amounts for 2018 | $ 35,940,000 | |
Villas at Plano Gateway Apartments [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Bond Purchase Commitments, Commitment Date | Dec. 31, 2014 | |
Bond Purchase Commitments, Rate | 6.00% | |
Bond Purchase Commitments, Fair Value | 838,200 | |
Village at River's Edge [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Bond Purchase Commitments, Commitment Date | May 31, 2015 | |
Bond Purchase Commitments, Rate | 6.00% | |
Bond Purchase Commitments, Fair Value | 467,720 | |
Palo Alto [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Bond Purchase Commitments, Commitment Date | Jul. 31, 2015 | |
Bond Purchase Commitments, Rate | 5.80% | |
Bond Purchase Commitments, Fair Value | $ 1,616,143 | 627,429 |
Bond Purchase Commitments, Maximum Committed Amounts for 2018 | $ 19,540,000 | |
Village at Avalon [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Bond Purchase Commitments, Commitment Date | Nov. 30, 2015 | |
Bond Purchase Commitments, Rate | 5.80% | |
Bond Purchase Commitments, Fair Value | $ 1,386,397 | $ 466,100 |
Bond Purchase Commitments, Maximum Committed Amounts for 2018 | $ 16,400,000 |
Commitments and Contingencie111
Commitments and Contingencies - Additional Information (Details) | Apr. 02, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)Unit | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Commitments And Other Guarantees [Line Items] | |||||
Property loans receivable | $ 36,907,688 | $ 36,862,148 | |||
Construction loan maximum available amount | $ 25,600,000 | ||||
Outstanding construction loan amount | 8,600,000 | ||||
Concentration risk, credit risk, financial instrument, maximum exposure | 562,600,000 | ||||
Maximum [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Construction loan guarantee percentage on debt service coverage levels | 50.00% | ||||
Minimum [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Construction loan guarantee percentage on debt service coverage levels | 25.00% | ||||
Vantage at Brooks and Vantage at New Braunfels [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Property loans receivable | $ 17,000,000 | ||||
Number of units in real estate property | Unit | 2 | ||||
Remaining maximum amount committed | $ 1,200,000 | ||||
Villas at Plano Gateway Apartments [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Partnership purchase commitment obligation after agreement expiration | $ 0 | ||||
Greens of Pine Glen [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Property loans receivable | 850,000 | ||||
Guarantor obligations, maximum exposure, undiscounted | $ 2,600,000 | ||||
Percentage of loss contingency, range of possible loss, maximum | 75.00% | ||||
Year of guarantee agreement term ending | 2,027 | ||||
Ohio Properties [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Property loans receivable | $ 2,390,446 | 2,390,446 | |||
Percentage of loss contingency, range of possible loss, maximum | 75.00% | ||||
Year of guarantee agreement term ending | 2,026 | ||||
Loss contingency, range of possible loss, maximum | $ 4,100,000 | ||||
The 50/50 Student Housing--UNL [Member] | |||||
Commitments And Other Guarantees [Line Items] | |||||
Initial lease term expiration period | 2038-03 | ||||
Lease agreement extend term | 5 years | ||||
Annual lease payments | $ 100 | ||||
Minimum regular rentals under lease agreement | $ 127,000 | ||||
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 | $ 125,000 | 21,000 | |||
Expenses related to the agreement | $ 168,000 | $ 168,000 | $ 120,000 |
Redeemable Series A Preferre112
Redeemable Series A Preferred Units - Additional Information (Details) - $ / shares | Dec. 31, 2017 | Oct. 31, 2017 | Aug. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 |
Redemption Price per Unit | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | |
Series A Preferred Units [Member] | ||||||||
Redemption Price per Unit | $ 10 |
Redeemable Series A Preferre113
Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2017 | Aug. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Temporary Equity Disclosure [Abstract] | |||||||||
Issuance of preferred units through private placements | 1,750,000 | 2,000,000 | 1,613,100 | 700,000 | 1,000,000 | 1,386,900 | 1,000,000 | 9,450,000 | 4,086,900 |
Purchase Price | $ 17,500,000 | $ 20,000,000 | $ 16,131,000 | $ 7,000,000 | $ 10,000,000 | $ 13,869,000 | $ 10,000,000 | $ 94,500,000 | $ 40,869,000 |
Distribution Rate | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | ||
Redemption Price per Unit | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | |
Earliest Redemption Date | 2023-10 | 2023-08 | 2023-03 | 2022-12 | 2022-09 | 2022-05 | 2022-03 |
Issuances of Additional Bene114
Issuances of Additional Beneficial Unit Certificates (Details) - Beneficial Unit Certificates [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Nov. 30, 2016 | |
Issuances Of Additional Beneficial Unit Certificates [Line Items] | ||
Partnership capital unit, amount authorised | $ 225,000,000 | |
At The Marked Offering [Member] | ||
Issuances Of Additional Beneficial Unit Certificates [Line Items] | ||
Partnership capital unit, amount authorised | $ 75,000,000 | |
Sale of Beneficial Unit Certificates, net of issuance costs, unit | 161,383 | |
Net proceeds from partnership capital unit sold | $ 806,000 |
Restricted Unit Awards ("RUA115
Restricted Unit Awards ("RUAs") - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 1,600,000 | $ 833,000 | $ 0 |
Unrecognized compensation expense related to nonvested RUAs granted | $ 817,000 | ||
Remaining expense expected to be recognized over a weighted-average period | 1 year 3 months 18 days | ||
Intrinsic value of nonvested RUAs | $ 1,500,000 | ||
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 | ||
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 ("RUA116
Restricted Unit Awards ("RUAs") - Summary of RUA activity (Details) - Restricted Unit Awards [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Units Awarded | ||
Beginning Balance | 158,304 | |
Granted | 283,046 | 272,307 |
Vested | (199,281) | (114,003) |
Ending Balance | 242,069 | 158,304 |
Weighted-average Grant-Date Fair Value | ||
Beginning Balance | $ 6.03 | |
Granted | 5.74 | $ 6.03 |
Vested | 5.85 | 6.03 |
Ending Balance | $ 5.83 | $ 6.03 |
Transactions with Related Pa117
Transactions with Related Parties - Summary of Amounts Reimbursable to AFCA 2 or an Affiliate (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | $ 391,000 | $ 415,000 | |
AFCA 2 [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | 3,904,611 | 3,534,597 | $ 2,276,759 |
AFCA 2 [Member] | Reimbursable Salaries and Benefits [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | 3,350,267 | 2,921,762 | 1,744,855 |
AFCA 2 [Member] | Other Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | 143,350 | 5,883 | 6,819 |
AFCA 2 [Member] | Insurance [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | 216,263 | 204,357 | 224,946 |
AFCA 2 [Member] | Professional Fees and Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | 191,177 | 390,961 | 284,767 |
AFCA 2 [Member] | Consulting and Travel Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | $ 3,554 | $ 11,634 | $ 15,372 |
Transactions with Related Pa118
Transactions with Related Parties - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2017USD ($) | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property | Dec. 31, 2015USD ($)Property | Sep. 30, 2013Property | |
Rate for administration fees | 0.45% | ||||
Placement advisory fees | $ 150,000 | ||||
Outstanding liabilities due to related parties | $ 391,000 | $ 415,000 | |||
Number of Variable Interest Entities | Property | 23 | 20 | |||
Variable Interest Entity Primary Beneficiary [Member] | |||||
Number of Real Estate Properties | Property | 2 | ||||
Total Owners [Member] | Variable Interest Entity Primary Beneficiary [Member] | |||||
Number of Variable Interest Entities | Property | 2 | ||||
Other Income [Member] | |||||
Fees received related to due diligence services performed for sale of properties | $ 128,000 | ||||
MF Properties Managed [Member] | |||||
Number of Real Estate Properties | Property | 7 | ||||
Management fees revenue | $ 390,000 | $ 555,000 | $ 881,000 | ||
Jade Park MF Property [Member] | |||||
Exterior rehabilitation services fees paid | 63,000 | ||||
AFCA 2 [Member] | |||||
Administrative fees paid by partnership | 3,600,000 | 2,800,000 | 2,600,000 | ||
Investment/mortgage fees received | 1,800,000 | 2,100,000 | 1,900,000 | ||
Administrative fee received | $ 300,000 | 125,000 | |||
Investment/mortgage fees paid by partnership | 300,000 | ||||
Outstanding liabilities due to related parties | 3,904,611 | 3,534,597 | 2,276,759 | ||
AFCA 2 [Member] | Bent Tree [Member] | |||||
Administrative fees paid by partnership | 635,000 | ||||
AFCA 2 [Member] | Mortgage Revenue Bonds [Member] | |||||
Administrative fees paid by partnership | 173,000 | 95,000 | 53,000 | ||
Farnam Capital Advisors, LLC [Member] | |||||
Placement advisory fees | 705,000 | 1,000,000 | $ 1,800,000 | ||
Consulting fees | $ 921,000 | 1,200,000 | |||
Origination fees | $ 125,000 |
Fair Value of Financial Inst119
Fair Value of Financial Instruments - Additional Information (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
Effective rate - minimum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 7.90% | |
Effective rate - minimum [Member] | Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 5.10% | 4.30% |
Effective rate - minimum [Member] | MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 2.90% | 4.90% |
Effective rate - maximum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 9.20% | |
Effective rate - maximum [Member] | Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 5.80% | 6.00% |
Effective rate - maximum [Member] | MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 8.80% | 12.40% |
Fair Value of Financial Inst120
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | $ 843,675,611 | $ 742,897,488 | ||
Bond Purchase Commitments (Reported within Other Assets) [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 3,002,540 | 2,399,449 | ||
Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 49,641,588 | 57,158,068 | ||
Taxable Mortgage Revenue Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 2,422,459 | 4,084,599 | ||
Derivative Contracts (Reported within Other Assets) [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 597,221 | 383,604 | ||
Derivative Swap Liability [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Liabilities at fair value | (826,852) | (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 | 843,675,611 | 742,897,488 | $ 653,875,949 | $ 520,951,907 |
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 | 3,002,540 | 2,399,449 | 5,634,360 | 5,780,413 |
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 | 49,641,588 | 57,158,068 | 60,707,290 | 61,263,123 |
Fair Value, Inputs, Level 3 [Member] | Taxable Mortgage Revenue Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,422,459 | 4,084,599 | $ 4,824,060 | $ 4,616,565 |
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 | 597,221 | 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 | (826,852) | (1,339,283) | ||
Mortgage Revenue Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 77,971,208 | 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 | 77,971,208 | 90,016,872 | ||
Mortgage Revenue Bonds Held In Trust [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 710,867,447 | 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 | $ 710,867,447 | $ 590,194,179 |
Fair Value of Financial Inst121
Fair Value of Financial Instruments - Summary of Activity Related to Level 3 Assets and Liabilities (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Total gains (losses) (realized/unrealized) [Abstract] | ||||
Mortgage revenue bond exchanged for MF Property | $ (77,971,208) | $ (90,016,872) | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value, beginning balance | 742,897,488 | 653,875,949 | $ 520,951,907 | |
Total gains (losses) (realized/unrealized) [Abstract] | ||||
Total gain (losses) included in earnings (interest income and interest expense) | (681,669) | 138,782 | (1,802,655) | |
Total gain (losses) included in other comprehensive (loss) income | 36,728,346 | (22,245,924) | 9,547,826 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 121,903,017 | 130,620,000 | 188,572,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | (9,295,399) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (57,171,571) | (10,195,920) | (22,374,298) | |
Mortgage revenue bond exchanged for MF Property | (41,580,919) | |||
Derivative, purchase price | 562,088 | |||
Assets at Fair Value, ending balance | 843,675,611 | 742,897,488 | 653,875,949 | |
Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | (1,002,051) | 17,618 | (1,802,655) | |
Fair Value, Inputs, Level 3 [Member] | Interest rate derivatives [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Liabilities at Fair value, beginning balance | [1] | (955,679) | (972,898) | 267,669 |
Total gains (losses) (realized/unrealized) [Abstract] | ||||
Total gain (losses) included in earnings (interest income and interest expense) | [1] | (240,091) | 17,618 | (1,802,655) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 556,017 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | [1] | (399) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 410,122 | ||
Derivative, purchase price | [1] | 562,088 | ||
Liabilities at Fair value, ending balance | [1] | (229,631) | (955,679) | (972,898) |
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] | (240,091) | 17,618 | (1,802,655) |
Fair Value, Inputs, Level 3 [Member] | Bond Purchase Commitment [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value, beginning balance | 2,399,449 | 5,634,360 | 5,780,413 | |
Total gains (losses) (realized/unrealized) [Abstract] | ||||
Total gain (losses) included in other comprehensive (loss) income | 603,091 | (3,234,911) | (146,053) | |
Assets at Fair Value, ending balance | 3,002,540 | 2,399,449 | 5,634,360 | |
Fair Value, Inputs, Level 3 [Member] | Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value, beginning balance | 57,158,068 | 60,707,290 | 61,263,123 | |
Total gains (losses) (realized/unrealized) [Abstract] | ||||
Total gain (losses) included in earnings (interest income and interest expense) | (654,290) | (54,605) | ||
Total gain (losses) included in other comprehensive (loss) income | (882,452) | (1,480,497) | 462,297 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (5,979,738) | (2,014,120) | (1,018,130) | |
Assets at Fair Value, ending balance | 49,641,588 | 57,158,068 | 60,707,290 | |
Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | (761,960) | |||
Fair Value, Inputs, Level 3 [Member] | Taxable Mortgage Revenue Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value, beginning balance | 4,084,599 | 4,824,060 | 4,616,565 | |
Total gains (losses) (realized/unrealized) [Abstract] | ||||
Total gain (losses) included in other comprehensive (loss) income | (96,685) | (188,299) | (138,682) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1,565,455) | (551,162) | 346,177 | |
Assets at Fair Value, ending balance | 2,422,459 | 4,084,599 | 4,824,060 | |
Fair Value, Inputs, Level 3 [Member] | Mortgage Revenue Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value, beginning balance | [2] | 680,211,051 | 583,683,137 | 449,024,137 |
Total gains (losses) (realized/unrealized) [Abstract] | ||||
Total gain (losses) included in earnings (interest income and interest expense) | [2] | 212,712 | 175,769 | |
Total gain (losses) included in other comprehensive (loss) income | [2] | 37,104,392 | (17,342,217) | 9,370,264 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [2] | 121,347,000 | 130,620,000 | 188,572,000 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | [2] | (9,295,000) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [2] | (50,036,500) | (7,630,638) | (21,702,345) |
Mortgage revenue bond exchanged for MF Property | [2] | (41,580,919) | ||
Assets at Fair Value, ending balance | [2] | $ 788,838,655 | $ 680,211,051 | $ 583,683,137 |
[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. |
Fair Value of Financial Inst122
Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Mortgages payable and other secured financing | $ 35,540,174 | $ 51,379,512 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Debt financing and LOCs | 608,328,347 | 555,199,700 |
Mortgages payable and other secured financing | 35,540,174 | 51,379,512 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Debt financing and LOCs | 618,412,150 | 553,083,924 |
Mortgages payable and other secured financing | $ 35,767,924 | $ 51,595,281 |
Segments - Additional Informati
Segments - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2017PropertyUnitSegmentSecurityRating | Jan. 31, 2016Security | |
Segment Reporting Information [Line Items] | ||
Number of Reportable Segments | Segment | 4 | |
Number of segments where tax exempted and other investments Reported | Segment | 3 | |
Minimum [Member] | ||
Segment Reporting Information [Line Items] | ||
Required rating for tax exempted investments other than mortgage revenue bonds | Rating | 1 | |
Maximum [Member] | ||
Segment Reporting Information [Line Items] | ||
Required rating for tax exempted investments other than mortgage revenue bonds | Rating | 4 | |
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. | 3 | |
Mortgage Revenue Bond Investments Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of Available for Sale Securities | 87 | |
Mortgage Revenue Bond Investments Segment [Member] | Residential Properties [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of rental units financed by mortgage revenue bonds | Unit | 10,666 | |
Mortgage Revenue Bond Investments Segment [Member] | Commercial Real Estate [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of collateralized securities | 1 | |
Real Estate [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of Real Estate Properties | Property | 3 | |
Number of rental units under MF properties segment. | Unit | 1,013 |
Segments - Summary of Partnersh
Segments - Summary of Partnership Reportable Segment Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total revenues | |||||||||||
Total revenues | $ 70,381,545 | $ 58,978,750 | $ 59,953,291 | ||||||||
Interest expense | |||||||||||
Interest expense | 22,155,443 | 15,469,639 | 14,826,217 | ||||||||
Depreciation expense | |||||||||||
Depreciation expense | 4,949,935 | 5,980,483 | 5,888,973 | ||||||||
Income from continuing operations | |||||||||||
Income from continuing operations | $ 15,647,453 | $ 3,545,483 | $ 4,109,400 | $ 7,360,515 | $ 5,623,293 | $ 4,622,874 | $ 11,005,829 | $ 2,531,688 | 30,662,851 | 23,783,684 | 22,884,825 |
Partnership Net income | |||||||||||
Partnership Net income | 30,591,198 | 23,784,507 | 26,609,023 | ||||||||
Total assets | |||||||||||
Total assets | 1,069,767,999 | 944,113,674 | 1,069,767,999 | 944,113,674 | |||||||
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member] | |||||||||||
Total revenues | |||||||||||
Total revenues | 49,100,423 | 36,673,232 | 38,772,872 | ||||||||
Interest expense | |||||||||||
Interest expense | 18,705,398 | 11,904,616 | 10,787,252 | ||||||||
Income from continuing operations | |||||||||||
Income from continuing operations | 15,438,583 | 11,755,639 | 17,924,037 | ||||||||
Partnership Net income | |||||||||||
Partnership Net income | 15,438,583 | 11,755,639 | 17,924,037 | ||||||||
Total assets | |||||||||||
Total assets | 937,565,390 | 764,995,675 | 937,565,390 | 764,995,675 | |||||||
Operating Segments [Member] | MF Properties [Member] | |||||||||||
Total revenues | |||||||||||
Total revenues | 13,677,635 | 17,404,439 | 17,789,125 | ||||||||
Interest expense | |||||||||||
Interest expense | 2,099,840 | 2,200,531 | 2,659,350 | ||||||||
Depreciation expense | |||||||||||
Depreciation expense | 4,949,935 | 5,980,483 | 5,888,973 | ||||||||
Income from continuing operations | |||||||||||
Income from continuing operations | 9,739,704 | 8,442,704 | 2,964,297 | ||||||||
Partnership Net income | |||||||||||
Partnership Net income | 9,668,051 | 8,443,527 | 2,967,098 | ||||||||
Total assets | |||||||||||
Total assets | 83,514,758 | 129,895,112 | 83,514,758 | 129,895,112 | |||||||
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member] | |||||||||||
Total revenues | |||||||||||
Total revenues | 2,951,735 | 2,888,035 | 2,994,482 | ||||||||
Interest expense | |||||||||||
Interest expense | 1,350,205 | 1,349,800 | 1,221,713 | ||||||||
Income from continuing operations | |||||||||||
Income from continuing operations | 839,570 | 1,538,234 | 1,758,022 | ||||||||
Partnership Net income | |||||||||||
Partnership Net income | 839,570 | 1,538,234 | 1,758,022 | ||||||||
Total assets | |||||||||||
Total assets | 49,918,434 | 57,461,268 | 49,918,434 | 57,461,268 | |||||||
Operating Segments [Member] | MBS Securities Investments [Member] | |||||||||||
Total revenues | |||||||||||
Total revenues | 17,921 | 225,890 | |||||||||
Interest expense | |||||||||||
Interest expense | 14,692 | 157,902 | |||||||||
Income from continuing operations | |||||||||||
Income from continuing operations | 51,984 | 67,547 | |||||||||
Partnership Net income | |||||||||||
Partnership Net income | 51,984 | 67,547 | |||||||||
Operating Segments [Member] | Other Investments [Member] | |||||||||||
Total revenues | |||||||||||
Total revenues | 4,651,752 | 1,995,123 | 170,922 | ||||||||
Income from continuing operations | |||||||||||
Income from continuing operations | 4,644,994 | 1,995,123 | 170,922 | ||||||||
Partnership Net income | |||||||||||
Partnership Net income | 4,644,994 | 1,995,123 | 170,922 | ||||||||
Total assets | |||||||||||
Total assets | 55,573,834 | 34,540,280 | 55,573,834 | 34,540,280 | |||||||
Operating Segments [Member] | Discontinued Operations [Member] | |||||||||||
Partnership Net income | |||||||||||
Partnership Net income | $ 3,721,397 | ||||||||||
Consolidation, Eliminations [Member] | |||||||||||
Total assets | |||||||||||
Total assets | $ (56,804,417) | $ (42,778,661) | $ (56,804,417) | $ (42,778,661) |
Summary of Unaudited Quarter125
Summary of Unaudited Quarterly Results of Operations - Summary of Unaudited Quarterly Results of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues and other income | $ 32,472,818 | $ 16,234,830 | $ 16,218,225 | $ 23,208,975 | $ 15,899,246 | $ 14,855,912 | $ 27,376,050 | $ 14,927,956 | |||
Income from continuing operations | 15,647,453 | 3,545,483 | 4,109,400 | 7,360,515 | 5,623,293 | 4,622,874 | 11,005,829 | 2,531,688 | $ 30,662,851 | $ 23,783,684 | $ 22,884,825 |
Net income - America First Multifamily Investors, L.P. | $ 15,647,453 | $ 3,545,483 | $ 4,109,400 | $ 7,360,515 | $ 5,623,335 | $ 4,623,542 | $ 11,005,930 | $ 2,531,700 | |||
Income from continuing operations, per Unit | $ 0.23 | $ 0.05 | $ 0.06 | $ 0.10 | $ 0.09 | $ 0.06 | $ 0.15 | $ 0.04 | $ 0.44 | $ 0.34 | $ 0.34 |
Net income, basic and diluted, per Unit | $ 0.23 | $ 0.05 | $ 0.06 | $ 0.10 | $ 0.09 | $ 0.06 | $ 0.15 | $ 0.04 | $ 0.44 | $ 0.34 | $ 0.34 |
Subsequent Events - Additonal I
Subsequent Events - Additonal Information (Details) - Douglas County [Member] - Subsequent Event [Member] $ in Millions | Feb. 28, 2018USD ($)Land |
Subsequent Event [Line Items] | |
Number of contiguous tracts of land to be acquired | Land | 2 |
Land | $ | $ 2.6 |