Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Jun. 30, 2018 | |
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 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Period End Date | Dec. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | $ 383,876,093 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Assets: | ||
Cash and cash equivalents | $ 32,001,925 | $ 69,597,699 |
Restricted cash | 1,266,686 | 1,985,630 |
Interest receivable, net | 7,011,839 | 6,541,132 |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 645,258,873 | 710,867,447 |
Mortgage revenue bonds, at fair value (Note 6) | 86,894,562 | 77,971,208 |
Public housing capital fund trusts, at fair value (Note 7) | 48,672,086 | 49,641,588 |
Real estate assets: (Note 8) | ||
Land and improvements | 4,971,665 | 7,319,235 |
Buildings and improvements | 71,897,070 | 78,953,488 |
Real estate assets before accumulated depreciation | 76,868,735 | 86,272,723 |
Accumulated depreciation | (12,272,387) | (9,580,531) |
Net real estate assets | 64,596,348 | 76,692,192 |
Investments in unconsolidated entities (Note 9) | 76,534,306 | 39,608,927 |
Property loans, net of loan loss allowance (Note 10) | 15,961,012 | 29,513,874 |
Other assets (Note 12) | 4,515,609 | 7,348,302 |
Total Assets | 982,713,246 | 1,069,767,999 |
Liabilities: | ||
Accounts payable, accrued expenses and other liabilities | 7,543,822 | 8,494,227 |
Distribution payable | 7,576,167 | 8,423,803 |
Unsecured lines of credit (Note 13) | 35,659,200 | 50,000,000 |
Debt financing, net (Note 14) | 505,663,565 | 558,328,347 |
Mortgages payable and other secured financing, net (Note 15) | 27,454,375 | 35,540,174 |
Derivative swaps, at fair value (Note 16) | 826,852 | |
Total Liabilities | 583,897,129 | 661,613,403 |
Commitments and Contingencies (Note 17) | ||
Redeemable Series A Preferred Units, approximately $94.5 million redemption value, 9.5 million authorized, issued and outstanding, net (Note 18) | 94,350,376 | 94,314,326 |
Partnersʼ Capital: | ||
General Partner (Note 1) | 344,590 | 437,256 |
Beneficial Unit Certificates ("BUCs," Note 1) | 304,121,151 | 313,403,014 |
Total Partnersʼ Capital | 304,465,741 | 313,840,270 |
Total Liabilities and Partnersʼ Capital | $ 982,713,246 | $ 1,069,767,999 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Redeemable preferred units redemption value | $ 94.5 | $ 94.5 |
Redeemable preferred units, authorized | 9,500,000 | 9,500,000 |
Redeemable preferred units, issued | 9,500,000 | 9,500,000 |
Redeemable preferred units, outstanding | 9,500,000 | 9,500,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Property revenues | $ 9,074,805 | $ 13,499,645 | $ 17,404,439 |
Investment income | 51,479,641 | 48,225,068 | 36,892,996 |
Contingent interest income | 9,322,849 | 3,147,165 | 2,021,077 |
Other interest income | 7,636,226 | 4,681,578 | 2,660,238 |
Other income | 3,842,055 | 828,089 | |
Total revenues | 81,355,576 | 70,381,545 | 58,978,750 |
Expenses: | |||
Real estate operating (exclusive of items shown below) | 5,300,296 | 8,228,297 | 9,223,108 |
Impairment of securities | 1,141,020 | 761,960 | |
Impairment charge on real estate assets | 150,000 | 61,506 | |
Depreciation and amortization | 3,556,265 | 5,212,859 | 6,862,530 |
Amortization of deferred financing costs | 1,673,044 | 2,324,535 | 1,862,509 |
Interest expense | 23,190,012 | 22,155,443 | 15,469,639 |
General and administrative | 13,082,023 | 12,769,757 | 10,837,188 |
Total expenses | 48,092,660 | 51,452,851 | 44,316,480 |
Other Income: | |||
Gain on sales of real estate assets, net | 4,051,429 | 17,753,303 | 14,072,317 |
Gain on sale of securities | 8,097 | ||
Gain on sale of investment in an unconsolidated entity | 2,904,087 | ||
Income before income taxes | 40,218,432 | 36,681,997 | 28,742,684 |
Income tax expense (benefit) | (921,097) | 6,019,146 | 4,959,000 |
Net income | 41,139,529 | 30,662,851 | 23,783,684 |
Net income (loss) attributable to noncontrolling interest | 71,653 | (823) | |
Partnership net income | 41,139,529 | 30,591,198 | 23,784,507 |
Redeemable Series A Preferred Unit distributions and accretion | (2,871,050) | (1,982,538) | (583,407) |
Net income available to Partners | 38,268,479 | 28,608,660 | 23,201,100 |
Net income available to Partners and noncontrolling interest allocated to: | |||
General Partner | 2,285,943 | 2,140,074 | 2,992,106 |
Net income (loss) attributable to noncontrolling interest | 71,653 | (823) | |
Net income available to Partners and noncontrolling interest | $ 38,268,479 | $ 28,680,313 | $ 23,200,277 |
BUC holders' interest in net income per BUC, basic and diluted | $ 0.60 | $ 0.44 | $ 0.34 |
Distributions declared, per BUC | $ 0.50 | $ 0.50 | $ 0.50 |
Weighted average number of BUCs outstanding, basic | 60,028,120 | 59,895,229 | 60,182,264 |
Weighted average number of BUCs outstanding, diluted | 60,028,120 | 59,895,229 | 60,182,264 |
Beneficial Unit Certificate Holders [Member] | |||
Net income available to Partners and noncontrolling interest allocated to: | |||
Limited Partners | $ 35,755,806 | $ 26,293,975 | $ 20,176,693 |
Restricted Unitholders [Member] | |||
Net income available to Partners and noncontrolling interest allocated to: | |||
Limited Partners | $ 226,730 | $ 174,611 | $ 32,301 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income | $ 41,139,529 | $ 30,662,851 | $ 23,783,684 |
Reversal of net unrealized gain on sale of securities | (236,439) | ||
Unrealized gain (loss) on bond purchase commitments | (3,002,540) | 603,091 | (3,234,911) |
Comprehensive income | 24,493,741 | 67,391,197 | 1,715,481 |
Comprehensive income (loss) allocated to noncontrolling interest | 71,653 | (823) | |
Partnership comprehensive income | 24,493,741 | 67,319,544 | 1,716,304 |
Accumulated Other Comprehensive Income (Loss) [Member] | |||
Net income | 41,139,529 | 30,662,851 | 23,783,684 |
Reversal of net unrealized gain on sale of securities | (236,439) | ||
Reversal of net unrealized losses (gains) on securities with other-than-temporary impairment | 525,446 | (672,097) | |
Unrealized gain (loss) on securities | (14,168,694) | 36,797,352 | (18,596,853) |
Unrealized gain (loss) on bond purchase commitments | (3,002,540) | 603,091 | (3,234,911) |
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |||
Unrealized gain (loss) on bond purchase commitments | $ (3,002,540) | $ 603,091 | $ (3,234,911) |
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] | BUCs - Restricted and Unrestricted [Member] | BUCs - Restricted and Unrestricted [Member]Tier 2 [Member] | BUCs - Restricted and Unrestricted [Member]Tier 3 [Member] | Number of BUCs - Restricted and Unrestricted [Member] | Noncontrolling Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2015 | $ 313,124,827 | $ 399,077 | $ 312,720,264 | $ 5,486 | $ 60,963,687 | ||||||
Partners' Capital Account, Units at Dec. 31, 2015 | 60,252,928 | ||||||||||
Reversal of net unrealized gain on sale of securities | (236,439) | (2,364) | (234,075) | (236,439) | |||||||
Distributions paid or accrued: | |||||||||||
Regular distribution | (21,764,612) | (217,646) | (21,546,966) | ||||||||
Distribution of Tier 2 and Tier 3 income (Note 3) | $ (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 BUCs | (1,603,658) | (1,603,658) | |||||||||
Repurchase of BUCs | (272,307) | ||||||||||
Restricted units awarded | 272,307 | ||||||||||
Restricted units compensation expense | 833,142 | 8,331 | 824,811 | ||||||||
BUCs surrendered to pay tax withholding on vested restricted units | (153,306) | (153,306) | |||||||||
BUCs surrendered to pay tax withholding, 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 of Tier 2 and Tier 3 income (Note 3) | (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 BUCs | (1,466,222) | (1,466,222) | |||||||||
Repurchase of BUCs | (254,656) | ||||||||||
Restricted units awarded | 283,046 | ||||||||||
Restricted units compensation expense | 1,615,242 | 16,152 | 1,599,090 | ||||||||
BUCs surrendered to pay tax withholding on vested restricted units | (247,301) | (247,301) | |||||||||
BUCs surrendered to pay tax withholding, 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 | ||||||||||
Cumulative effect of accounting change(Note 2) | (216,948) | (2,169) | (214,779) | ||||||||
Distributions paid or accrued: | |||||||||||
Regular distribution | (16,608,950) | (166,089) | (16,442,861) | ||||||||
Distribution of Tier 2 and Tier 3 income (Note 3) | $ (8,248,474) | $ (7,637,602) | $ (2,062,118) | $ (6,186,356) | $ (7,637,602) | ||||||
Net income (loss) allocable to Partners | 38,268,479 | 2,285,943 | 35,982,536 | ||||||||
Sale of Beneficial Unit Certificates, net of issuance costs, value | 1,953,829 | 1,953,829 | |||||||||
Sale of Beneficial Unit Certificates, net of issuance costs, unit | 349,136 | ||||||||||
Repurchase of BUCs | (1,697,613) | (1,697,613) | |||||||||
Repurchase of BUCs | (268,575) | ||||||||||
Restricted units awarded | 309,212 | ||||||||||
Restricted units compensation expense | 1,822,525 | 18,225 | 1,804,300 | ||||||||
Restricted units forfeited | (6,957) | ||||||||||
BUCs surrendered to pay tax withholding on vested restricted units | (363,987) | (363,987) | |||||||||
BUCs surrendered to pay tax withholding, Units | (65,023) | ||||||||||
Unrealized gain (loss) on securities | (14,168,694) | (141,687) | (14,027,007) | (14,168,694) | |||||||
Unrealized gain (loss) on bond purchase commitment | (3,002,540) | (30,025) | (2,972,515) | (3,002,540) | |||||||
Reversal of net unrealized gain on securities with other-than-temporary impairment | 525,446 | 5,254 | 520,192 | 525,446 | |||||||
Balance at Dec. 31, 2018 | $ 304,465,741 | $ 344,590 | $ 304,121,151 | $ 58,978,042 | |||||||
Partners' Capital Account, Units at Dec. 31, 2018 | 60,691,467 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Cash flows from operating activities: | ||||
Net income | $ 41,139,529 | $ 30,662,851 | $ 23,783,684 | |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 3,556,265 | 5,212,859 | 6,862,530 | |
Provision for loan loss | [1] | 295,000 | ||
Gain on sale of real estate assets, net | (4,051,429) | (17,753,303) | (14,072,317) | |
Gain on sale of investment in an unconsolidated entity | (2,904,087) | |||
Contingent interest realized on investing activities | (9,322,849) | (2,927,948) | (1,379,466) | |
Gain on sale of securities | (8,097) | |||
Impairment of securities | 1,141,020 | 761,960 | ||
Impairment charge on real estate assets | 150,000 | 61,506 | ||
Gain on derivatives, net of cash paid | (856,264) | (170,031) | (17,618) | |
Restricted unit compensation expense | 1,822,525 | 1,615,242 | 833,142 | |
Bond premium/discount amortization | (67,596) | (320,382) | (153,922) | |
Amortization of deferred financing costs | 1,673,044 | 2,324,535 | 1,862,509 | |
Deferred income tax expense (benefit) & income tax payable/receivable | (957,501) | (400,000) | 366,000 | |
Change in preferred return receivable from unconsolidated entities, net | (3,498,255) | (2,922,158) | (718,701) | |
Changes in operating assets and liabilities | ||||
(Increase) decrease in interest receivable | (470,707) | 442,071 | (1,762,344) | |
(Increase) decrease in other assets | (870,098) | 245,564 | (112,174) | |
Increase (decrease) in accounts payable and accrued expenses | (818,176) | 73,267 | (251,695) | |
Net cash provided by operating activities | 25,665,421 | 17,139,527 | 15,231,531 | |
Cash flows from investing activities: | ||||
Capital expenditures | (532,977) | (441,790) | (635,739) | |
Proceeds from sale of MF Properties | 13,450,000 | 46,525,000 | 45,850,000 | |
Proceeds from sale of land held for development | 3,000,000 | |||
Proceeds from sale of mortgage revenue bond | 9,295,000 | |||
Proceeds from the sale of MBS Securities | 14,997,069 | |||
Proceeds from sale of investment in an unconsolidated entity | 11,002,761 | |||
Acquisition of mortgage revenue bonds | (41,708,000) | (121,347,000) | (130,620,000) | |
Contributions to unconsolidated entities | (38,646,325) | (14,096,478) | (18,751,305) | |
Acquisition of MF Property | (9,867,847) | |||
Principal payments received on taxable mortgage revenue bonds | 979,808 | 1,565,455 | 551,162 | |
Cash paid for land held for development and deposits on potential purchases | (2,764,403) | (381,066) | (100,000) | |
Advances on property loans | (66,652) | (2,712,816) | (8,414,215) | |
Principal payments received on property loans and contingent interest | 18,696,269 | 2,667,276 | 2,806,056 | |
Net cash provided by (used in) investing activities | 49,118,433 | (26,277,233) | (85,245,061) | |
Cash flows from financing activities: | ||||
Distributions paid | (36,161,829) | (33,465,038) | (34,245,664) | |
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 BUCs | (1,697,613) | (1,466,222) | (1,603,658) | |
Proceeds from the sale of BUCs | 2,033,731 | 978,628 | ||
Payment of offering costs related to the sale of BUCs | (40,703) | (101,143) | ||
Payment of tax withholding related to restricted unit awards | (363,987) | (400,607) | ||
Distribution to noncontrolling interest | (76,316) | |||
Proceeds from debt financing | 238,920,000 | 144,100,000 | 173,302,645 | |
Principal payments on debt financing | (292,601,847) | (81,773,730) | (129,465,032) | |
Principal payments on other secured financing | (7,500,000) | |||
Principal borrowing on mortgages payable | 7,500,000 | |||
Principal payments on mortgages payable | (8,215,176) | (15,952,005) | (17,997,186) | |
Principal borrowing on unsecured and secured lines of credit | 52,708,000 | 80,560,000 | 87,487,639 | |
Principal payments on unsecured and secured lines of credit | (67,048,800) | (90,560,000) | (44,984,639) | |
Increase (decrease) in security deposit liability related to restricted cash | 19,213 | (227,029) | (44,984) | |
Debt financing and other deferred costs | (649,561) | (1,467,831) | (1,697,713) | |
Net cash provided by (used in) financing activities | (113,098,572) | 53,214,815 | 71,533,594 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (38,314,718) | 44,077,109 | 1,520,064 | |
Cash, cash equivalents and restricted cash at beginning of period | 71,583,329 | 27,506,220 | 25,986,156 | |
Cash, cash equivalents and restricted cash at end of period | 33,268,611 | 71,583,329 | 27,506,220 | |
Supplemental disclosure of cash flow information: | ||||
Cash paid during the period for interest | 23,534,203 | 21,558,593 | 15,175,628 | |
Cash paid during the period for income taxes | 180,476 | 5,890,835 | 4,615,000 | |
Supplemental disclosure of noncash investing and financing activities: | ||||
Distributions declared but not paid for BUCs and General Partner | 7,576,167 | 8,423,803 | 8,017,950 | |
Distributions declared but not paid for Series A Preferred Units | 708,750 | 692,917 | 271,518 | |
Land contributed as investment in an unconsolidated entity | 2,879,473 | 3,091,023 | ||
Capital expenditures financed through accounts payable | 43,673 | 72,390 | 46,528 | |
Deferred financing costs financed through accounts payable | 90,339 | 234,372 | ||
Liabilities assumed in the acquisition of MF Property | 135,326 | |||
BUCs surrendered for tax withholding liabilities on restricted units | 153,306 | |||
Public housing capital fund trusts [Member] | ||||
Cash flows from investing activities: | ||||
Principal payments received | 701,614 | 5,979,738 | 2,014,120 | |
Mortgage Revenue Bonds and Contingent Interest [Member] | ||||
Cash flows from investing activities: | ||||
Principal payments received | $ 88,006,338 | $ 52,964,448 | $ 7,630,638 | |
[1] | Activity for the year ended December 31, 2017 consisted of the reversal of a $55,000 allowance for loan loss related to Lake Forest and the increase of $350,000 in the allowance for loan loss related to Ashley Square. The net provision for loan loss for the year ended December 31, 2017 was recorded as a reduction to other interest income on the consolidated statements of operations. |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Of Cash Flows [Abstract] | |||
Cash and cash equivalents | $ 32,001,925 | $ 69,597,699 | $ 20,748,521 |
Restricted cash | 1,266,686 | 1,985,630 | 6,757,699 |
Total cash, cash equivalents and restricted cash | $ 33,268,611 | $ 71,583,329 | $ 27,506,220 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2018 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation America First Multifamily Investors, L.P. (the “Partnership”) was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act for the purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds (“MRBs”) 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 MRBs is excludable from gross income for federal income tax purposes. 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 MRBs held by the Partnership. The Partnership may acquire real estate securing its MRBs 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 MRBs issued to finance these properties or to operate the MF Property until its “highest and best use” can be determined by management. The Partnership’s 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 (“BUC holders”). The Partnership has issued non-cumulative, non-voting, non-convertible Series A Preferred Units (“Series A Preferred Units”) in private placements. The Series A Preferred Units represent limited interests in the Partnership under the Partnerships” First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as further amended (the “Amended and Restated LP Agreement”). 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 (see Note 18). The holders of the BUCs and Series A Preferred Units are referred to herein as “Unitholders.” All disclosures of the number of rental units for properties related to MRBs, taxable MRBs and MF Properties are unaudited. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
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, its consolidated subsidiaries and consolidated variable interest entities. All intercompany transactions are eliminated. As of December 31, 2018, the consolidated subsidiaries of the Partnership consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the Tax-Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“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 TEBS IV, LLC, a special purpose entity owned and controlled by the Partnership created to hold MRBs to facilitate the fourth TEBS Financing (“M45 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 wholly-owned corporation (“the Greens Hold Co”). The Greens Hold Co owns 100% of The 50/50 MF Property and certain property loans as of December 31, 2018. The Greens Hold Co held a 99% limited partnership interest in the Northern View MF Property until its sale in March 2017 and held 100% ownership interests in the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties until their sales in November 2017, and • The Suites on Paseo MF Property is owned directly by the Partnership. The Partnership owned, through a wholly-owned subsidiary, 100% of the Jade Park MF Property until selling the property in September 2018. The Partnership also consolidates variable interest entities (“VIEs”) in which it is deemed to be the primary beneficiary. See Note 5 for information regarding the Partnership’s consolidated VIEs. Variable Interest Entities Under the accounting guidance for consolidation, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are 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 its consolidated financial statements. The Partnership has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Partnership’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 Partnership does not believe that the consolidation of VIEs for reporting under accounting principles generally accepted in the United States of America (“GAAP”) impacts its status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership. In addition, the consolidation of VIEs is not expected to impact the treatment of the MRBs owned by consolidated VIEs, the tax-exempt nature of the interest payments on secured debt financings, or the manner in which the Partnership’s income is reported to Unitholders on IRS Schedule K-1. Acquisition Accounting Pursuant to the accounting guidance for acquisitions, 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. Costs incurred to acquire a property that is considered a business for accounting purposes are expensed. Costs associated with an asset acquisition for accounting purposes are capitalized. 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 have 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 short-term investment 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. Restricted cash is presented with cash and cash equivalents on the consolidated statement of cash flows in accordance with the adoption of Accounting Standards Update (“ASU”) 2016-18, effective for the Partnership as of January 1, 2018. Investments in Mortgage Revenue Bonds, Taxable Mortgage Revenue Bonds and Bond Purchase Commitments The Partnership accounts for its investments in MRBs, taxable MRBs and bond purchase commitments under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of 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 22 for a description of the Partnership’s methodology for estimating fair value of MRBs, 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 impairments 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 Partnership’s 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, 2018, 2017 and 2016. Investment in PHC Certificates and MBS Securities The Partnership accounts for its investments in PHC Certificates under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of 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 22 for a description of the Partnership’s methodology for estimating fair value for the PHC Certificates. The Partnership sold its remaining MBS Securities in the first quarter of 2016. The Partnership periodically reviews the PHC Certificates for impairment. The Partnership evaluates whether declines in the fair value of the investments below amortized cost are other-than temporary. Factors considered include: • 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 Standard & Poor’s, and • Volatility of the fair value of the security. See Note 7 for information on recognized impairment of the PHC Certificates. 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 expense 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 for impairment 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 a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. 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 8 for information on recognized impairment charges. Investments in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited membership interests using 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. Factors considered include: • 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 • Estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment of whether a 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. The Partnership earns a return on its investment that is guaranteed by an unrelated third party. The term of the third-party guarantee is from the initial investment date through the second anniversary of construction completion. The Partnership recognizes a return based upon the guarantee provided by an unrelated third-party, the guarantor’s financial ability to perform under the guarantee and the cash flows expected to be received from each property. These returns are reported as investment income in the Partnership’s consolidated statements of operations (see Note 9). 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 Partnership’s consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these property loans is dependent largely on the value of the related property or its cash flows. The Partnership periodically evaluates these loans for potential losses by estimating the fair value of the related property 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 that considers varying assumptions. The discounted cash flow 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 10 for additional information on the Partnership’s loan loss allowances. Accounting for TOB, Term TOB, Term A/B and TEBS 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. The Partnership recognizes interest expense for fixed-rate TEBS Financings with escalating stated interest rates using the effective interest method over the estimated term of the arrangement. Deferred Financing Costs Debt financing costs are capitalized and amortized using the effective interest method through either the stated maturity date or the optional redemption date of the related debt financing agreement. Debt financing costs associated with revolving line of credit arrangements are reported within other assets on the Partnership’s consolidated balance sheets. Deferred financing costs associated with debt financings are reported as reductions to the carrying value of the related debt financings on the Partnership’s 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 Partnership’s 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. The Greens Hold Co is subject to federal and state income taxes. The Partnership recognizes income tax expense or benefit for the federal and state income taxes incurred by this entity in its consolidated financial statements. The Partnership evaluates its tax positions taken in its consolidated financial statements under the accounting guidance for uncertain tax positions. 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 (“NOLs”) generated in prior years that had been recognized as deferred income tax assets. The Partnership values its deferred tax assets and liabilities 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. Investment Income from 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. Current and past due base interest income on MRBs 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 is included within investment income and other interest income, respectively, on the Partnership’s consolidated statements of operations. Certain MRBs contain contingent interest provisions that may 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. As of December 31, 2018 and 2017, the Partnership’s MRBs were fully performing as to their base interest. As of December 31, 2018, there were no MRBs outstanding that included contingent interest provisions. The Partnership adopted the provisions of ASU 2017-08 relating to premiums on purchased callable debt securities effective January 1, 2018. Upon adoption of this ASU, premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Prior to January 1, 2018, the Partnership amortized premiums on callable debt securities as a yield adjustment to the stated maturity date. On January 1, 2018, the Partnership recorded a cumulative adjustment to partners’ capital of approximately $217,000. Results for periods prior to January 1, 2018 were not adjusted. The impact of the adoption of the ASU to net income for the year ended December 31, 2018 was a decrease in investment income of approximately $68,000 as compared to the previous accounting policy. Discounts on MRB investments Investment Income from PHC Certificates and MBS Securities Interest income on the PHC Certificates is recognized as it is earned. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at a discount. The premiums and discounts are amortized using the effective yield method over the term of the related PHC Certificate and amortization is recognized as investment income on the Partnership’s consolidated statements of operations. Interest income on the MBS Securities is recognized as it is earned. Revenue Recognition on Investments in Real Estate The Partnership’s 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. The Partnership also recognizes other non-lease revenues related to other operations at the MF Properties such as parking and food service revenues at student housing properties. Such revenues are recognized over time as services are provided. Such non-lease revenue streams are within the scope of Accounting Standards Codification (“ASC”) 606, which was effective for the Partnership as of January 1, 2018. The adoption of ASC 606 did not have a material impact on the Partnership’s consolidated financial statements. 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 Partnership’s 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. The costs of issuing the Series A Preferred Units have been netted against the carrying value of the Series A Preferred Units and are being amortized to the first redemption date (see Note 18). 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 (“RUA” or “RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the BUC holders in September 2015, permits the grant of RUAs and other awards to the employees of Burlington, or any affiliate, who performs services for Burlington, the Partnership or an affiliate, 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 RUAs as the RUAs are participating securities. Unvested RUAs 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 as of 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 (i) the fair value of MRBs, PHC Certificates, bond purchase commitments and interest rate derivatives, (ii) investment impairments, (iii) impairment of real estate assets, (iv) allocation of the purchase price for acquisition accounting and (v) allowances for loan losses. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842)” that requires lessees to recognize right-to-use assets and related lease liabilities on the balance sheet and disclose key information about leasing arrangements. Lessees are required to classify their leases as financing leases or operating leases, with the classification affecting the pattern and classification of expense recognition in the statement of operations. The ASU requires lessors to classify leases as sales-type leases, direct financing leases, or operating leases. In July 2018, the FASB issued ASUs 2018-10 and 2018-11 containing further implementation guidance. ASU 2018-11 allows the Partnership to apply the new lease requirements as of the effective date, January 1, 2019, and not apply the guidance retrospectively to comparative periods. The Partnership will use this adoption method and will continue to report comparative periods prior to adoption using previously effective lease accounting guidance. Furthermore, the Partnership anticipates adopting the “package” of practical expedients, electing to not apply new guidance to short-term leases, and electing to combine lease and non-lease components for lessor and lessee leases. The Partnership has performed a comprehensive assessment of its lessor and lessee leasing arrangements. The accounting for lessor arrangements with tenants at the MF Properties, which have been determined to be operating leases, is not expected to be materially impacted by the new guidance. For the Partnership’s lessee leases, the Partnership has identified operating leases for office equipment and a ground lease at The 50/50 MF Property. At adoption of the ASU on January 1, 2019, the Partnership will recognize net right-of-use assets totaling approximately $1.7 million and lease liabilities totaling approximately $2.1 million. 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 for financial assets, to include the use of reasonable and supportable forward-looking information to better estimate credit losses. The ASU potentially impacts the Partnership’s accounting for receivables, property loans, financial guarantees and commitments. The ASU also makes changes to the impairment model for available-for-sale debt securities. These changes will potentially impact the Partnership’s impairment analysis for MRBs, PHC Certificates, taxable MRBs and bond purchase commitments. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2019 and is applied using a modified-retrospective approach. The Partnership is currently assessing the impact of the adoption of this pronouncement on the Partnership’s consolidated financial statements. |
Partnership Income Allocation a
Partnership Income Allocation and Cash Distributions | 12 Months Ended |
Dec. 31, 2018 | |
Partnership Income Expenses And Cash Distributions [Abstract] | |
Partnership Income Allocation and Cash Distributions | 3. Partnership Income Allocation 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 Series A Preferred Units and 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 Series A Preferred Units and BUCs held by each Unitholder on that date. For purposes of the Amended and Restated LP Agreement, income and cash received by the Partnership from its investments in MF Properties, investments in unconsolidated entities and property loans will be included in the Partnership’s Net Interest Income, and cash distributions received by the Partnership from the sale or redemption of such investments 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 of 3.0% per annum prior to payment of distributions to other Unitholders. Cash distributions are currently made on a quarterly basis. The General Partner 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 BUC holders 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 and carrying value of other investments on a cumulative basis are distributed 75% to the limited partners and BUC holders as a class and 25% to the General Partner. Contingent interest received by the Partnership in excess of the maximum Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) is considered Net Interest Income (Tier 3) and Net Residual Proceeds (Tier 3) and distributed 100% to the limited partners and BUC holders as a class. The distributions paid or accrued per BUC during the fiscal years ended December 31, 2018, 2017, and 2016 were as follows: For the Years Ended December 31, 2018 2017 2016 Cash distributions $ 0.5000 $ 0.5000 $ 0.5000 |
Net Income per BUC
Net Income per BUC | 12 Months Ended |
Dec. 31, 2018 | |
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 Partnership’s consolidated statements of operations. The unvested RUAs issued under the Plan are considered participating securities. There were no dilutive BUCs for the years ended December 31, 2018, 2017 and 2016. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2018 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities Consolidated VIEs The Partnership has determined the TOB, Term TOB, Term A/B 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, Term TOB, Term A/B 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, Term TOB, Term A/B 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 the Term A/B Trusts and TEBS Financings as secured debt financings on the Partnership’s consolidated balance sheets (see Note 14). The MRBs secured by the TOB, Term TOB, Term A/B and TEBS Financings are reported as assets on the Partnership’s consolidated balance sheets (see 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 Partnership’s consolidated financial statements. The Partnership held variable interests in 17 and 23 non-consolidated VIEs as of December 31, 2018 and 2017, respectively. The following table summarizes the Partnerships variable interests in these entities as of December 31, 2018 and 2017: Maximum Exposure to Loss December 31, 2018 December 31, 2017 Mortgage revenue bonds $ 51,791,000 $ 146,344,195 Property loans 8,367,635 15,824,613 Investment in unconsolidated entities 76,534,306 39,608,927 $ 136,692,941 $ 201,777,735 The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns as of December 31, 2018 and 2017. The difference between a MRB’s carrying value on the Partnership’s 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 for the property loans as of December 31, 2018 and 2017 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, if any, that have been recorded against the property loans. The maximum exposure to loss for investments in unconsolidated entities as of December 31, 2018 and 2017 is equal to the Partnership’s carrying value. |
Investments in Mortgage Revenue
Investments in Mortgage Revenue Bonds | 12 Months Ended |
Dec. 31, 2018 | |
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 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 certain MRBs may provide for the payment of additional contingent interest that is payable from available net cash flow generated by the related property. There were no outstanding MRBs with contingent interest provisions as of December 31, 2018. The following tables present information regarding the MRBs owned by the Partnership as of December 31, 2018 and 2017: December 31, 2018 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 (5) CA $ 10,230,000 $ 954,573 $ - $ 11,184,573 Glenview Apartments - Series A (4) CA 4,581,930 524,024 - 5,105,954 Harmony Court Bakersfield - Series A (5) CA 3,730,000 312,844 - 4,042,844 Harmony Terrace - Series A (5) CA 6,900,000 647,686 - 7,547,686 Harden Ranch - Series A (3) CA 6,775,508 1,007,557 - 7,783,065 Las Palmas II - Series A (5) CA 1,692,774 141,187 - 1,833,961 Montclair Apartments - Series A (4) CA 2,482,288 246,752 - 2,729,040 Montecito at Williams Ranch Apartments - Series A (2) CA 7,690,000 973,133 - 8,663,133 San Vicente - Series A (5) CA 3,490,410 291,121 - 3,781,531 Santa Fe Apartments - Series A (4) CA 3,007,198 401,203 - 3,408,401 Seasons at Simi Valley - Series A (5) CA 4,325,536 655,326 - 4,980,862 Seasons Lakewood - Series A (5) CA 7,350,000 654,929 - 8,004,929 Seasons San Juan Capistrano - Series A (5) CA 12,375,000 1,102,687 - 13,477,687 Summerhill - Series A (5) CA 6,423,000 508,639 - 6,931,639 Sycamore Walk - Series A (5) CA 3,598,006 363,405 - 3,961,411 The Village at Madera - Series A (5) CA 3,085,000 229,934 - 3,314,934 Tyler Park Townhomes - Series A (3) CA 5,903,368 731,073 - 6,634,441 Vineyard Gardens - Series A (2) CA 3,995,000 534,351 - 4,529,351 Westside Village Market - Series A (3) CA 3,857,839 483,436 - 4,341,275 Brookstone (1) IL 7,432,076 1,956,010 - 9,388,086 Copper Gate Apartments (3) IN 5,055,000 643,012 - 5,698,012 Renaissance - Series A (4) LA 11,123,800 1,383,680 - 12,507,480 Live 929 Apartments (2) MD 40,240,405 2,873,978 - 43,114,383 Woodlynn Village (1) MN 4,221,000 34,155 - 4,255,155 Greens Property - Series A (3) NC 8,032,000 818,686 - 8,850,686 Silver Moon - Series A (4) NM 7,822,610 778,940 - 8,601,550 Ohio Properties - Series A (1) OH 13,989,000 241,675 - 14,230,675 Bridle Ridge (1) SC 7,395,000 90,349 - 7,485,349 Columbia Gardens (5) SC 13,222,480 1,396,828 - 14,619,308 Companion at Thornhill Apartments (5) SC 11,294,928 1,148,219 - 12,443,147 Cross Creek (1) SC 6,143,919 2,540,949 - 8,684,868 The Palms at Premier Park Apartments (3) SC 19,044,617 2,194,791 - 21,239,408 Village at River's Edge (5) SC 9,938,059 1,421,114 - 11,359,173 Willow Run (5) SC 13,040,029 1,375,542 - 14,415,571 Arbors at Hickory Ridge (3) TN 11,194,690 1,399,461 - 12,594,151 Pro Nova 2014-1 (2) TN 10,027,413 19,710 - 10,047,123 Avistar at Copperfield - Series A (2) TX 10,000,000 589,196 - 10,589,196 Avistar at the Crest - Series A (3) TX 9,357,374 1,036,288 - 10,393,662 Avistar at the Oaks - Series A (3) TX 7,558,240 706,970 - 8,265,210 Avistar at the Parkway - Series A (4) TX 13,114,418 1,232,292 - 14,346,710 Avistar at Wilcrest - Series A (2) TX 3,775,000 206,263 - 3,981,263 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,624,687 - 33,474,687 Avistar in 09 - Series A (3) TX 6,526,247 525,939 - 7,052,186 Avistar on the Boulevard - Series A (3) TX 15,941,296 1,628,269 - 17,569,565 Avistar on the Hills - Series A (3) TX 5,221,971 557,084 - 5,779,055 Bruton Apartments (5) TX 17,933,482 2,046,056 - 19,979,538 Concord at Gulfgate - Series A (5) TX 19,144,400 2,222,555 - 21,366,955 Concord at Little York - Series A (5) TX 13,411,558 1,617,217 - 15,028,775 Concord at Williamcrest - Series A (5) TX 20,775,940 2,505,243 - 23,281,183 Crossing at 1415 - Series A (5) TX 7,474,716 600,738 - 8,075,454 Decatur Angle (5) TX 22,630,276 1,945,516 - 24,575,792 Esperanza at Palo Alto (5) TX 19,487,713 2,350,453 - 21,838,166 Heights at 515 - Series A (5) TX 6,843,232 722,522 - 7,565,754 Heritage Square - Series A (4) TX 10,958,661 893,881 - 11,852,542 Oaks at Georgetown - Series A (5) TX 12,330,000 693,579 - 13,023,579 Runnymede (1) TX 10,040,000 64,280 - 10,104,280 Southpark (1) TX 11,623,649 2,482,923 - 14,106,572 15 West Apartments (5) WA 9,737,418 1,480,489 - 11,217,907 Mortgage revenue bonds held in trust $ 586,445,474 $ 58,813,399 $ - $ 645,258,873 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 14 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 14 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 14 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 14 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 14 December 31, 2018 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 B CA $ 6,228,000 $ 2,450 $ - $ 6,230,450 Seasons San Juan Capistrano - Series B CA 5,574,000 - (1,078 ) 5,572,922 Solano Vista - Series A & B CA 5,768,000 - - 5,768,000 Greens Property - Series B NC 933,928 149,789 - 1,083,717 Village at Avalon - Series A NM 16,400,000 1,408,802 - 17,808,802 Ohio Properties - Series B OH 3,520,900 51,334 - 3,572,234 Rosewood Townhomes - Series A & B SC 9,750,000 - (644,962 ) 9,105,038 South Pointe Apartments - Series A & B SC 22,700,000 - (1,411,986 ) 21,288,014 Avistar at Copperfield - Series B TX 4,000,000 11,730 - 4,011,730 Avistar at the Crest - Series B TX 745,358 50,965 - 796,323 Avistar at the Oaks - Series B TX 545,321 28,738 - 574,059 Avistar at the Parkway - Series B TX 124,600 32,220 - 156,820 Avistar at Wilcrest - Series B TX 1,550,000 4,013 - 1,554,013 Avistar at Wood Hollow - Series B TX 8,410,000 23,940 - 8,433,940 Avistar in 09 - Series B TX 449,841 18,742 - 468,583 Avistar on the Boulevard - Series B TX 442,894 27,023 - 469,917 Mortgage revenue bonds held by the Partnership $ 87,142,842 $ 1,809,746 $ (2,058,026 ) $ 86,894,562 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) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 14 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 14 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 14 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 14 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 See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership’s consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. MRB Activity in 2018: Acquisitions: The following MRBs were acquired during the year ended December 31, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Esperanza at Palo Alto (1) May San Antonio, TX 322 7/1/2058 5.80 % $ 19,540,000 Solano Vista - Series A December Vallejo, CA 96 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B December Vallejo, CA 96 1/1/2021 5.85 % 3,103,000 Village at Avalon (1) December Albuquerque, NM 240 1/1/2059 5.80 % 16,400,000 $ 41,708,000 (1) Previously reported bond purchase commitment that converted to an MRB. Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2018: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Sycamore Walk - Series B January Bakersfield, CA 112 1/1/2018 8.00 % $ 1,815,000 Seasons Lakewood - Series B March Lakewood, CA 85 1/1/2019 8.00 % 5,260,000 Summerhill - Series B March Bakersfield, CA 128 12/1/2018 8.00 % 3,372,000 Oaks at Georgetown - Series B April Georgetown, TX 192 1/1/2019 8.00 % 5,512,000 Seasons at Simi Valley - Series B April Simi Valley, CA 69 9/1/2018 8.00 % 1,944,000 San Vicente - Series B May Soledad, CA 50 11/1/2018 8.00 % 1,825,000 The Village at Madera - Series B May Madera, CA 75 12/1/2018 8.00 % 1,719,000 Las Palmas - Series B July Coachella, CA 81 11/1/2018 8.00 % 1,770,000 Harmony Terrace - Series B August Simi Valley, CA 136 1/1/2019 8.00 % 7,400,000 Lake Forest September Daytona Beach, FL 240 12/1/2031 6.25 % 8,397,000 Bella Vista October Gainesville, TX 144 4/1/2046 6.15 % 6,225,000 Montecito at Williams Ranch Apartments - Series B December Salinas, CA 132 10/1/2019 8.00 % 4,781,000 Vantage at Judson - Series B December San Antonio, TX 288 1/1/2053 6.00 % 25,908,568 Vineyard Gardens - Series B December Oxnard, CA 62 1/1/2020 5.50 % 2,846,000 $ 78,774,568 Upon redemption of the Lake Forest MRB, the Partnership realized contingent interest income of approximately $4.2 million, which is considered either Tier 2 or Tier 3 income (see Note 3). The Partnership also realized additional income due to the early redemption of the MRB of approximately $1.5 million. The additional income is reported within other income on the Partnership’s consolidated statements of operations. Upon redemption of the Vantage at Judson Series B MRB, the Partnership realized additional income for the early redemption of the MRB of approximately $2.2 million. The additional income is reported within other income on the Partnership’s consolidated statements of operations. MRB Activity in 2017 Acquisitions: The following MRBs were acquired during the year ended December 31, 2017: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Avistar at Copperfield - Series A February Houston, TX 192 5/1/2054 5.75 % $ 10,000,000 Avistar at Copperfield - Series B February Houston, TX 192 6/1/2054 12.00 % 4,000,000 Avistar at Wilcrest - Series A February Houston, TX 88 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B February Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series A February Austin, TX 409 5/1/2054 5.75 % 31,850,000 Avistar at Wood Hollow - Series B February Austin, TX 409 6/1/2054 12.00 % 8,410,000 Montecito at Williams Ranch Apartments - Series A September Salinas, CA 132 10/1/2034 5.50 % 7,690,000 Montecito at Williams Ranch Apartments - Series B September Salinas, CA 132 10/1/2019 5.50 % 4,781,000 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 an MRB . Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2017: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Harmony Court Bakersfield - Series B August Bakersfield, CA 96 12/1/2018 5.50 % $ 1,997,000 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 MRB, 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 Partnership’s 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 Partnership’s consolidated statements of operations. The Partnership also realized additional interest income 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 Partnership’s consolidated statements of operations. Upon redemption of the Ashley Square MRB, the Partnership realized contingent interest income of approximately $2.9 million. Restructurings: 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 Heights at 515 - Series A MRB and the Series B MRB was eliminated. No cash was paid or received on restructuring. The terms of the Heights at 515 - Series B MRB that was eliminated were as follows: Property Name Month Restructured Property Location Units 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 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. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding: December 31, 2018 December 31, 2017 Texas 43 % 44 % California 18 % 20 % South Carolina 17 % 16 % The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2018, and 2017: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2018 15 West Apartments - Series A (5) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,737,418 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,115,410 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 % 15,941,296 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,357,374 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,188,251 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,558,240 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,526,247 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,221,971 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 995,162 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,114,418 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,600 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 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,395,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,876,298 Bruton (5) 2014 Dallas, TX 8/1/2054 6.00 % 17,933,482 Columbia Gardens (5) 2015 Columbia, SC 12/1/2050 5.50 % 13,061,000 Companion at Thornhill Apartments (5) 2016 Lexington, SC 1/1/2052 5.80 % 11,294,928 Concord at Gulfgate - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 19,144,400 Concord at Little York - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 13,411,558 Concord at Williamcrest - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 20,775,940 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,055,000 Courtyard Apartments - Series A (5) 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B 2016 Fullerton, CA 6/1/2019 8.00 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,072,754 Crossing at 1415 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 7,474,716 Decatur Angle (5) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,630,276 Esperanza at Palo Alto (5) 2018 San Antonio, TX 7/1/2058 5.80 % 19,487,713 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,581,930 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,032,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 12.00 % 933,928 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,775,508 Harmony Court Bakersfield - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Terrace - Series A (5) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Heights at 515 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 6,843,232 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 10,958,661 Las Palmas II - Series A (5) 2016 Coachella, CA 11/1/2033 5.00 % 1,692,774 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 39,875,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,482,288 Montecito at Williams Ranch - Series A (2) 2017 Salinas, CA 10/1/2034 5.50 % 7,690,000 Oaks at Georgetown - Series A (5) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,989,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,520,900 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 % 11,123,800 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 % 10,040,000 San Vicente - Series A (5) 2016 Soledad, CA 11/1/2033 5.00 % 3,490,410 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,007,198 Seasons at Simi Valley - Series A (5) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,325,536 Seasons Lakewood - Series A (5) 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons San Juan Capistrano - Series A (5) 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 8.00 % 5,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,822,610 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B 2018 Vallejo, CA 1/1/2021 5.85 % 3,103,000 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 % 13,155,000 Summerhill - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Sycamore Walk - Series A (5) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,598,006 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,044,617 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,903,368 The Village at Madera - Series A (5) 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 Village at Avalon 2018 Albuquerque, NM 1/1/2059 5.80 % 16,400,000 Village at River's Edge (5) 2017 Columbia, SC 6/1/2033 6.00 % 9,938,059 Vineyard Gardens - Series A (2) 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,857,839 Willow Run (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,879,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,221,000 $ 677,698,116 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 14 (2) MRB held by Deutsche Bank AG in a secured financing transaction, see Note 14 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 14 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 14 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 14 Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of 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 |
PHC Certificates
PHC Certificates | 12 Months Ended |
Dec. 31, 2018 | |
Public Housing Capital Fund Trusts [Abstract] | |
PHC Certificates | 7. PHC Certificates The Partnership’s PHC Certificates are Residual Participation Receipts (“LIFERs”) in three tender option bond trusts (“PHC Trusts”). The assets held by the PHC Trusts consist of custodial receipts evidencing loans made to numerous local public housing authorities. Principal and interest on these loans are payable by the respective public housing authorities out of annual appropriations to be made to the public housing authorities under the Department of Housing and Urban Development’s (“HUD”) Capital Fund Program established under the Quality Housing and Work Responsibility Act of 1998 (the “Capital Fund Program”). The PHC Trusts have a first lien on these annual Capital Fund Program payments to secure the public housing authorities’ respective obligations to pay principal and interest on their loans. The loans payable by the public housing authorities are not debts of, or guaranteed by, the United States of America or HUD. Interest payable on the public housing authority debt held by the PHC Trusts is exempt from federal income taxes. The PHC Certificates issued by each of the PHC Trusts have been rated investment grade by Standard & Poor’s. The Partnership had the following investments in the PHC Certificates as of December 31, 2018 and 2017: December 31, 2018 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 6.49 AA- 5.33% $ 24,608,543 $ 285,984 $ - $ 24,894,527 PHC Certificate Trust II 5.56 A+ 4.35% 9,071,785 44,768 - 9,116,553 PHC Certificate Trust III 6.76 BBB 5.30% 14,566,975 94,031 - 14,661,006 $ 48,247,303 $ 424,783 $ - $ 48,672,086 December 31, 2017 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment 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 See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the PHC Certificates. Unrealized gains or losses on the PHC Certificates are recorded in the Partnership’s consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the PHC Certificates . The Partnership recognized impairment charges on PHC Certificates of approximately $1.1 million and $762,000 during the years ended December 31, 2018 and 2017. There were no impairment charges recorded for the year ended December 31, 2016. See Note 2 for information considered in the Partnership’s evaluation of impairment of the PHC Certificates. |
Real Estate Assets
Real Estate Assets | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate Assets | 8. Real Estate Assets The Partnership owns MF Properties either directly or through wholly-owned subsidiaries, as described in Note 2. 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 or for future sale. These investments are reported as “Land held for development” below. The following tables represent information regarding the real estate assets owned by the Partnership as of December 31, 2018 and 2017: Real Estate Assets as of December 31, 2018 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,195,468 $ 38,961,163 $ 42,156,631 The 50/50 MF Property Lincoln, NE 475 - 32,935,907 32,935,907 Land held for development (1) (1) 1,776,197 - 1,776,197 $ 76,868,735 Less accumulated depreciation (12,272,387 ) Total real estate assets $ 64,596,348 (1) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. Real Estate Assets as of December 31, 2017 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value 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 (2) (2) 1,860,737 - 1,860,737 $ 86,272,723 Less accumulated depreciation (9,580,531 ) Total real estate assets $ 76,692,192 (2) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. Activity in 2018 During 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is 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 Gross Proceeds Gain on Sale Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429 During 2018, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded an impairment charge of $150,000 during the third quarter of 2018, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. Activity in 2017 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. During 2017, the Partnership sold four 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 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 Activity in 2016 During 2016, the Partnership sold two 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 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 2016, the Partnership determined that land held for development in St. Petersburg, Florida was impaired. The Partnership recorded an impairment charge of approximately $62,000 in the second quarter of 2016, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. Net income, exclusive of the gains on sale, related to the MF Properties that were sold during the years ended December 31, 2018, 2017 and 2016 are as follows: For the Years Ended December 31, 2018 2017 2016 Net income (loss) $ 162,595 $ (849,766 ) $ (848,126 ) Jade Park Acquisition In September 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 an MRB. The Partnership incurred approximately $135,000 of acquisition costs related to the purchase. The table below shows the unaudited pro forma condensed consolidated results of operations of the Partnership as if Jade Park had been acquired on January 1, 2016: 2016 Pro forma revenues $ 60,008,686 Pro forma net income $ 24,663,645 Pro forma net income allocated to BUC holders $ 21,047,854 Pro forma BUC holder's interest in net income per BUC (basic and diluted) $ 0.35 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. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | 9. Investments in Unconsolidated Entities ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, has equity commitments and reported equity contributions as investments in unconsolidated entities on the Partnership’s consolidated balance sheets. The carrying value of 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 as of December 31, 2018 and 2017 and remaining equity commitment amounts as of December 31, 2018: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of December 31, 2018 Carrying Value as of December 31, 2017 Maximum Remaining Equity Commitment as of December 31, 2018 Vantage at Corpus Christi Corpus Christi, TX 288 March 2016 August 2017 $ - $ 9,178,139 $ - Vantage at Boerne Boerne, TX 288 August 2016 December 2017 8,830,000 8,272,810 1,475,936 Vantage at Waco Waco, TX 288 August 2016 January 2018 9,337,166 8,748,091 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 June 2018 11,408,135 10,349,416 1,996,500 Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 11,535,895 3,060,471 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,572,819 - - Vantage at Bulverde Bulverde, TX 288 March 2018 N/A 9,182,522 - - Vantage at Germantown Germantown, TN 288 June 2018 N/A 7,033,398 - 3,633,366 Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 6,254,104 - 6,145,817 Vantage at Coventry Omaha, NE 288 September 2018 N/A 5,380,267 - 2,893,390 2,886 $ 76,534,306 $ 39,608,927 $ 17,737,048 In December 2018, Vantage at Corpus Christi sold substantially all its assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $12.1 million upon sale. The Partnership recognized approximately $590,000 of investment income on sale. In addition, the Partnership recognized approximately $2.9 million as gain on sale of investment in an unconsolidated entity, which is considered either Tier 2 or Tier 3 income (see Note 3). The following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2018, 2017 and 2016: 2018 2017 2016 Property Revenues $ 9,262,127 $ 1,362,457 $ - Gain on sale of property $ 7,424,879 $ - $ - Net income (loss) $ 5,001,702 $ (1,782,456 ) $ - |
Property Loans, Net of Loan Los
Property Loans, Net of Loan Loss Allowances | 12 Months Ended |
Dec. 31, 2018 | |
Property Loan Net Of Loan Loss Allowances [Abstract] | |
Property Loans, Net of Loan Loss Allowances | 10. Property Loans, Net of Loan Loss Allowances The following table summarizes the Partnership’s property loans, net of loan loss allowances, as of December 31, 2018 and 2017: December 31, 2018 Outstanding Balance Loan Loss Allowance 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 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,367,635 - 8,367,635 Total $ 23,354,826 $ (7,393,814 ) $ 15,961,012 December 31, 2017 Outstanding Balance Loan Loss Allowance 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 During the year ended December 31, 2018, the interest to be earned on the Cross Creek property loans was in nonaccrual status. During the year ended December 31, 2017, the interest to be earned on the Ashley Square (sold in November 2017), Cross Creek, and the Lake Forest (sold in September 2018) property loans 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, for the years ended December 31, 2018, 2017 and 2016, interest to be earned on approximately $983,000 of property loan principal for the Ohio Properties was in nonaccrual status as, in management’s opinion, the interest was not considered collectible. Activity in 2018 In September 2018, the Lake Forest property was sold by its owner. Upon the sale, the Partnership received all outstanding principal and accrued interest on the Lake Forest property loans. The Partnership received approximately $5.1 million of principal and $4.6 million of interest on the property loans at sale. The interest received was not previously recognized as income as the property loans were on nonaccrual status. The interest realized is reported within other interest income on the Partnership’s consolidated statements of operations for the year ended December 31, 2018. In December 2018, the Vantage at New Braunfels, LLC property was sold by its owner. Upon the sale, the Partnership received all outstanding principal and accrued interest on the Vantage at New Braunfels, LLC property loan. The Partnership received additional proceeds totaling approximately $5.1 million, which is recorded as contingent interest on the Partnership’s consolidated statements of operations. The contingent interest recognized is considered Tier 2 or Tier 3 for purposes of distributions to BUC holders (see Note 3). Activity in 2017 In November 2017, the Ashley Square property was sold by its owner. Upon the sale, the Partnership received portions of principal and accrued interest on the Ashley Square property loans. 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 Partnership’s 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 were fully reserved as of December 31, 2018 and 2017. Activity in 2016 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 was considered Tier 2 income (see Note 3). The following table summarizes the changes in the Partnership’s loan loss reserves for the years ended December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Balance, beginning of year $ 7,393,814 $ 7,098,814 $ 7,098,814 Provision for loan loss (1) - 295,000 - Balance, end of year $ 7,393,814 $ 7,393,814 $ 7,098,814 (1) Activity for the year ended December 31, 2017 consisted of the reversal of a $55,000 allowance for loan loss related to Lake Forest and the increase of $350,000 in the allowance for loan loss related to Ashley Square. The net provision for loan loss for the year ended December 31, 2017 was 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, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | 11. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by the Greens Hold Co, which owns The 50/50 MF Property and certain property loans. The following table summarizes income tax expense (benefit) for the years ended December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Current income tax expense (benefit) $ (678,862 ) $ 6,419,146 $ 4,593,000 Deferred income tax expense (benefit) (242,235 ) (400,000 ) 366,000 Total income tax expense (benefit) $ (921,097 ) $ 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, predominantly due to gains on sale of MF Properties owned by the Greens Hold Co. 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 (“NOLs”) generated in prior years that had been previously recognized as deferred income tax assets. 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 Greens Hold Co had net deferred tax assets of approximately $268,000 and $34,000 as of December 31, 2018 and 2017, respectively. These amounts are reported within other assets on the Partnership’s consolidated balance sheets. The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable and recorded no valuation allowance as of December 31, 2018 and 2017. The Partnership reversed valuation allowances for NOLs totaling $405,000 during the year ended December 31, 2016 as the NOLs were utilized to offset the gain on sale of the Arboretum MF Property. For the year ended December 31, 2018, 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 to state income taxes (net of the effect on federal income tax). For the year 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 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 year 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 as of December 31, 2018, 2017 and 2016. The Partnership files U.S. federal and state tax returns. The Partnership’s returns for years 2015 through 2017 remain subject to examination by the Internal Revenue Service. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Other Assets | 12. Other Assets The Partnership had the following Other Assets as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Deferred financing costs, net $ 397,823 $ 383,133 Fair value of derivative instruments (Note 16) 626,633 597,221 Taxable mortgage revenue bonds, at fair value 1,409,895 2,422,459 Bond purchase commitments, at fair value (Note 17) - 3,002,540 Other assets 2,081,258 942,949 Total other assets $ 4,515,609 $ 7,348,302 See Note 22 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 Partnership’s consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. The following table includes the details of the taxable MRBs redeemed during the year ended December 31, 2018. The taxable MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest. Property Name Redemption Date Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Vantage at Judson - Series D December San Antonio, TX 288 2/1/2053 9.00 % $ 923,502 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 income 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 Partnership’s consolidated statements of operations. Property Name Redemption Date Location Units 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 |
Unsecured Lines of Credit
Unsecured Lines of Credit | 12 Months Ended |
Dec. 31, 2018 | |
Unsecured Lines of Credit | 14. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 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 $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2017: Outstanding Debt Financings as of December 31, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 55,468,000 $ 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - M31 (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - M33 (1) 57,406,058 57,364 2015 July 2020 (3) Weekly 1.77% 1.16% 2.93% TOB & Term A/B Trusts Securitization Variable - TOB (4) 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% Fixed - Term TOB (5) 46,787,036 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (5) 279,533,565 - 2016 - 2017 June 2018 - November 2027 N/A N/A N/A 3.64% - 4.52% Total Debt Financings $ 558,328,347 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (5) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2017: Outstanding Financing as of 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 % Tax Exempt Bond Securitization (“TEBS”) Financings The Partnership, through four wholly-owned subsidiaries (collectively, the “Sponsors”), has sponsored four separate TEBS Financings – the M24 TEBS Financing, the M31 TEBS Financing, the M33 TEBS Financing, and the M45 TEBS Financing. The TEBS Financings are structured such that the Partnership transferred MRBs to Freddie Mac to be securitized into the TEBS Financings. Freddie Mac then issued Class A and Class B Freddie Mac Multifamily Variable Rate Certificates or Class A and Class B Freddie Mac Multifamily Fixed 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 A TEBS Certificates are credit enhanced by Freddie Mac such that Freddie Mac will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Class A TEBS Certificate holders. The Sponsors or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. 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. Accordingly, the Partnership consolidates the TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TEBS Financing. In August 2018, the Partnership and its newly created consolidated subsidiary, ATAX TEBS IV, LLC (the “2018 Sponsor”), entered into a long-term debt financing facility provided through the securitization of 25 MRBs, with an initial par value of approximately $260.6 million owned by the 2018 Sponsor pursuant to the M45 TEBS Financing. The M45 TEBS Financing facility provides the Partnership with a long-term fixed-rate facility. The M45 TEBS Financing is structured such that the Partnership transferred ownership of the 25 MRBs to Freddie Mac to be securitized into a TEBS Trust. The Class A TEBS Certificates had an aggregate initial par value of approximately $221.5 million. Of the 25 MRBs securitized in the M45 TEBS Financings, 24 MRBs were in Term A/B Trusts that were collapsed prior to the closing of the M45 TEBS Financing. The collapse of the Term A/B Trusts and subsequent closing of the M45 TEBS Financing resulted in a debt modification for accounting purposes and the Partnership capitalized transaction costs totaling approximately $371,000 as deferred financing costs. Under the terms of M31 and M33 Financings, the Sponsors have one extension option for each TEBS to extend the term, at the end of their original term, for an additional five-year period. The original term of the M31 TEBS Financing ends in July 2019 and the Partnership may elect to extend the financing through July 2024. The original term of M33 TEBS Financing ends in July 2020 and the Partnership may elect to extend the financing through July 2025. Should the Sponsors elect not to extend the terms of M31 and M33 TEBS Financings, the Sponsor must pay all remaining amounts due to the Class A Certificates plus any unpaid trust fees. In September 2017, the Partnership elected to extend the term of M24 TEBS Financing through September 2020. 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 Partnership’s consolidated balance sheets as of December 31, 2018 and 2017. There were three unscheduled paydowns during the year ended December 31, 2018 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 Redeemed TEBS Facility Month Paydown Applied Lake Forest M24 TEBS September 2018 $ 8,122,000 Bella Vista M24 TEBS October 2018 5,076,000 Vantage at Judson - Series B M33 TEBS December 2018 25,908,568 There were three unscheduled paydowns during the year ended December 31, 2017 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 Redeemed TEBS Facility Month Paydown Applied Vantage at Harlingen - Series B M33 TEBS October 2017 $ 24,363,221 Ashley Square M24 TEBS November 2017 4,472,000 Avistar at Chase Hill - Series A M31 TEBS November 2017 9,757,084 Tender Option Bond (“TOB”), Term TOB and Term A/B Trust Financings The Partnership executed a Master Trust Agreement with Deutsche Bank (“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 assets 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. Accordingly, the Partnership consolidates the Trusts in the Partnership’s consolidated financial statements. The Partnership is required to meet certain covenants under the Master Trust Agreement. As of December 31, 2018, the most restrictive covenant required that cash available to distribute plus interest expense for the trailing twelve months must be at least twice the trailing twelve-month interest expense. As of December 31, 2018, 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. 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 (see Note 21). 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. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2019 $ 178,652,274 2020 74,597,920 2021 2,456,696 2022 2,600,981 2023 2,751,089 Thereafter 247,854,366 Total 508,913,326 Deferred financing costs (3,249,761 ) Total debt financing, net $ 505,663,565 The Partnership expects to either refinance the M31 TEBS Financing or unilaterally elect to extend the financing for an additional five-year period through July 2024. The Term TOB Trusts and certain Term A/B Trusts mature in 2019. The Partnership expects to refinance these financings with either the current lender or a similar lender. In addition, the Partnership expects to renew each TOB financing facility maturing in 2019. There can be no assurances that the Partnership’s efforts to refinance will be successful. |
Unsecured Lines of Credit [Member] | |
Unsecured Lines of Credit | 13. Unsecured Lines of Credit The following tables summarize the Partnership’s unsecured lines of credit as of December 31, 2018 and 2017: Unsecured Lines of Credit Outstanding as of December 31, 2018 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 35,659,200 $ 50,000,000 June 2020 Variable (1) Monthly 5.38 % Bankers Trust operating - 10,000,000 June 2020 Variable (1) Monthly 5.63 % Total unsecured lines of credit $ 35,659,200 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 2017 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 50,000,000 $ 50,000,000 May 2019 Variable (2) Monthly 4.38 % Bankers Trust operating - 10,000,000 May 2019 Variable (2) Monthly 4.62 % Total unsecured lines of credit $ 50,000,000 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin. 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. 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, 2018. The proceeds of the non-operating LOC are 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 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 as of December 31, 2018, exclusive of available extensions, range from June 2019 to September 2019. 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 was in compliance with all covenants as of December 31, 2018. During 2018 and 2017, the Partnership had an unsecured operating Line of Credit (“operating LOC”) with Bankers Trust. 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 LOC to zero for fifteen consecutive days during each calendar quarter. The Partnership fulfilled this requirement throughout 2018 and for the first quarter of 2019. |
Debt Financing
Debt Financing | 12 Months Ended |
Dec. 31, 2018 | |
Debt Financing [Abstract] | |
Unsecured Lines of Credit | 14. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 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 $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2017: Outstanding Debt Financings as of December 31, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 55,468,000 $ 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - M31 (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - M33 (1) 57,406,058 57,364 2015 July 2020 (3) Weekly 1.77% 1.16% 2.93% TOB & Term A/B Trusts Securitization Variable - TOB (4) 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% Fixed - Term TOB (5) 46,787,036 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (5) 279,533,565 - 2016 - 2017 June 2018 - November 2027 N/A N/A N/A 3.64% - 4.52% Total Debt Financings $ 558,328,347 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (5) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2017: Outstanding Financing as of 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 % Tax Exempt Bond Securitization (“TEBS”) Financings The Partnership, through four wholly-owned subsidiaries (collectively, the “Sponsors”), has sponsored four separate TEBS Financings – the M24 TEBS Financing, the M31 TEBS Financing, the M33 TEBS Financing, and the M45 TEBS Financing. The TEBS Financings are structured such that the Partnership transferred MRBs to Freddie Mac to be securitized into the TEBS Financings. Freddie Mac then issued Class A and Class B Freddie Mac Multifamily Variable Rate Certificates or Class A and Class B Freddie Mac Multifamily Fixed 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 A TEBS Certificates are credit enhanced by Freddie Mac such that Freddie Mac will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Class A TEBS Certificate holders. The Sponsors or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. 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. Accordingly, the Partnership consolidates the TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TEBS Financing. In August 2018, the Partnership and its newly created consolidated subsidiary, ATAX TEBS IV, LLC (the “2018 Sponsor”), entered into a long-term debt financing facility provided through the securitization of 25 MRBs, with an initial par value of approximately $260.6 million owned by the 2018 Sponsor pursuant to the M45 TEBS Financing. The M45 TEBS Financing facility provides the Partnership with a long-term fixed-rate facility. The M45 TEBS Financing is structured such that the Partnership transferred ownership of the 25 MRBs to Freddie Mac to be securitized into a TEBS Trust. The Class A TEBS Certificates had an aggregate initial par value of approximately $221.5 million. Of the 25 MRBs securitized in the M45 TEBS Financings, 24 MRBs were in Term A/B Trusts that were collapsed prior to the closing of the M45 TEBS Financing. The collapse of the Term A/B Trusts and subsequent closing of the M45 TEBS Financing resulted in a debt modification for accounting purposes and the Partnership capitalized transaction costs totaling approximately $371,000 as deferred financing costs. Under the terms of M31 and M33 Financings, the Sponsors have one extension option for each TEBS to extend the term, at the end of their original term, for an additional five-year period. The original term of the M31 TEBS Financing ends in July 2019 and the Partnership may elect to extend the financing through July 2024. The original term of M33 TEBS Financing ends in July 2020 and the Partnership may elect to extend the financing through July 2025. Should the Sponsors elect not to extend the terms of M31 and M33 TEBS Financings, the Sponsor must pay all remaining amounts due to the Class A Certificates plus any unpaid trust fees. In September 2017, the Partnership elected to extend the term of M24 TEBS Financing through September 2020. 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 Partnership’s consolidated balance sheets as of December 31, 2018 and 2017. There were three unscheduled paydowns during the year ended December 31, 2018 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 Redeemed TEBS Facility Month Paydown Applied Lake Forest M24 TEBS September 2018 $ 8,122,000 Bella Vista M24 TEBS October 2018 5,076,000 Vantage at Judson - Series B M33 TEBS December 2018 25,908,568 There were three unscheduled paydowns during the year ended December 31, 2017 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 Redeemed TEBS Facility Month Paydown Applied Vantage at Harlingen - Series B M33 TEBS October 2017 $ 24,363,221 Ashley Square M24 TEBS November 2017 4,472,000 Avistar at Chase Hill - Series A M31 TEBS November 2017 9,757,084 Tender Option Bond (“TOB”), Term TOB and Term A/B Trust Financings The Partnership executed a Master Trust Agreement with Deutsche Bank (“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 assets 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. Accordingly, the Partnership consolidates the Trusts in the Partnership’s consolidated financial statements. The Partnership is required to meet certain covenants under the Master Trust Agreement. As of December 31, 2018, the most restrictive covenant required that cash available to distribute plus interest expense for the trailing twelve months must be at least twice the trailing twelve-month interest expense. As of December 31, 2018, 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. 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 (see Note 21). 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. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2019 $ 178,652,274 2020 74,597,920 2021 2,456,696 2022 2,600,981 2023 2,751,089 Thereafter 247,854,366 Total 508,913,326 Deferred financing costs (3,249,761 ) Total debt financing, net $ 505,663,565 The Partnership expects to either refinance the M31 TEBS Financing or unilaterally elect to extend the financing for an additional five-year period through July 2024. The Term TOB Trusts and certain Term A/B Trusts mature in 2019. The Partnership expects to refinance these financings with either the current lender or a similar lender. In addition, the Partnership expects to renew each TOB financing facility maturing in 2019. There can be no assurances that the Partnership’s efforts to refinance will be successful. |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 12 Months Ended |
Dec. 31, 2018 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing | 15. Mortgages Payable and Other Secured Financing The Partnership has entered into mortgages payable and other secured financings collateralized by MF Properties. The following is a MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2018, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 3,118,478 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,335,897 2013 March 2020 Variable Monthly 5.00 % (1) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,454,375 4.96 % (1) MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2017, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 3,358,370 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,713,256 2013 March 2020 Variable Monthly 4.25 % (2) 4.25 % Jade Park 7,468,548 2016 October 2021 Fixed N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 35,540,174 4.21 % (2) Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0% Activity in 2018 In September 2018, the Partnership sold the Jade Park MF Property. At the closing of the sale, the Partnership paid all outstanding principal and accrued interest on the related mortgage payable. 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 Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st : 2019 $ 3,608,223 2020 23,944,525 2021 - 2022 - 2023 - Thereafter - Total 27,552,748 Deferred financing costs (98,373 ) Total mortgages payable and other secured financings, net $ 27,454,375 |
Interest Rate Derivatives
Interest Rate Derivatives | 12 Months Ended |
Dec. 31, 2018 | |
Interest Rate Derivative Agreements [Abstract] | |
Interest Rate Derivatives | 16. Interest Rate Derivatives The following table summarizes the Partnership’s interest rate derivatives, except for interest rate swaps, as of December 31, 2018 and 2017: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2018 July 2014 $ 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc - July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 536 June 2017 90,757,226 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 158,989 June 2017 82,079,066 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 465,983 Sept 2017 59,038,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 53 $ 626,633 Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (2) 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 (1 ) For additional details, see Note 22 to the Partnership’s 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 previously contracted for two interest rate swaps with DB. On a quarterly basis, the Partnership reassessed 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 remaining interest rate swaps are intended to mitigate interest rate risk for the variable rate TOB Trusts secured by the PHC Certificates. The Partnership terminated its interest rate swaps in September and October 2018. The interest rate swaps were net settled and the Partnership received approximately $7,000 upon settlement. The following table summarizes the terms of the interest rate swaps as of December 31, 2017: 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 The Partnership was 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. The cash collateral balance was approximately $850,000 as of December 31, 2017 and was reported within restricted cash on the Partnership’s 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 interest expense. See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the interest rate derivatives and interest rate swap arrangements. The interest rate derivatives are presented within other assets and the interest rate swap arrangements were reported as a derivative swap liability on the Partnership’s consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. Commitments and Contingencies Legal Proceedings 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 Partnership’s 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 Partnership’s consolidated financial statements. Bond Purchase Commitments As part of the Partnership’s strategy of acquiring MRBs, the Partnership has entered 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 debt securities and reports the asset or liability at fair value. Changes in the fair value of bond purchase commitments are reflected in the Partnership’s consolidated statements of comprehensive income. The following table summarizes the Partnership’s bond purchase commitments as of December 31, 2018 and 2017: Bond Purchase Commitments Commitment Date Maximum Committed Amounts Remaining Rate Closing Date (1) Fair Value as of December 31, 2018 Fair Value as of December 31, 2017 Esperanza at Palo Alto July 2015 $ - 5.80 % May 2018 $ - $ 1,616,143 Village at Avalon November 2015 - 5.80 % December 2018 - 1,386,397 Total $ - $ - $ 3,002,540 (1) The closing date is actual. Property Loan Commitments As of December 31, 2018, ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, had a remaining property loan commitment to Vantage at Brooks, LLC totaling approximately $612,000. This commitment was terminated upon repayment in full of the related property loan in January 2019. See Note 25 for additional information. Investment Commitments ATAX Vantage Holdings, LLC has outstanding commitments to contribute equity to unconsolidated entities. See Note 9 for additional information. Construction Loan Guarantees The Partnership entered into guaranty agreements for construction loans related to certain investments in unconsolidated entities. The Partnership will only have to perform on the guarantees if a default by the borrower were to occur. All guarantees were initially for the entire amount of the construction loans and decrease based on the achievement of certain events or financial ratios, as defined by the respective construction loan agreements. The Partnership has not accrued any amount for these contingent liabilities because the likelihood of guarantee claims is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2018: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of December 31, 2018 Partnership's Maximum Exposure as of December 31, 2018 Guarantee Terms Vantage at Panama City Beach 2017 $ 25,600,000 $ 23,659,040 $ 11,829,520 (1) Vantage at Stone Creek 2018 30,824,000 7,734,675 7,734,675 (2) Vantage at Coventry 2018 31,500,000 - - (2) (1) The Partnership’s maximum exposure decreased to 50% when the project received its certificate of occupancy and will decrease to 25% upon achievement and maintenance of a specified debt service coverage ratio by the borrower. The Partnership is also required to maintain minimum cash and net worth requirements, which were met as of December 31, 2018. (2) The Partnership’s maximum exposure will decrease to 50% and 25% as certain debt service coverage levels are achieved by the borrower. Other Guarantees The Partnership has entered into guarantee agreements with unaffiliated entities under which the Partnership has guaranteed certain obligations of the general partners of certain limited partnerships. The guarantees include 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. The Partnership’s maximum exposure represents 75% of the equity contributed by BC Partners to each limited partnership. No amount has been accrued for these guarantees because the likelihood of repurchase events is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2018: Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of December 31, 2018 Ohio Properties 2011 2026 $ 3,712,436 Greens of Pine Glen, LP 2012 2027 2,429,658 Lease Commitments The 50/50 MF Property has a ground lease with the University of Nebraska-Lincoln with an initial lease term expiring in March 2038. The Partnership has an option to extend the lease for an additional five-year period. Annual lease payments are $100 per year. The Partnership is also required to make monthly payments, when cash is available at The 50/50 MF Property, to the University of Nebraska-Lincoln. Payment amounts are based on The 50/50 MF Property’s revenues, subject to an annual guaranteed minimum amount. As of December 31, 2018, the minimum aggregate annual payment due under the agreement is approximately $130,000. 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 Partnership reported accounts payable related to the ground lease of approximately $55,000 and $125,000 as of December 31, 2018 and 2017, respectively. The Partnership reported expenses related to the agreement of approximately $168,000, $168,000 and $168,000 for the years ended December 31, 2018, 2017 and 2016, respectively. Other Commitments As the holder of residual interests issued in its TOB, Term TOB, Term A/B 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 $508.9 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, 2018 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Series A Preferred Units | 18. 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 as of December 31, 2018: Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding as of December 31, 2018 and 2017 9,450,000 $ 94,500,000 |
Issuances of Additional Benefic
Issuances of Additional Beneficial Unit Certificates | 12 Months Ended |
Dec. 31, 2018 | |
Issuances Of Additional Beneficial Unit Certificates [Abstract] | |
Issuances of Additional Beneficial Unit Certificates | 19. Issuances of Additional Beneficial Unit Certificates In November 2016, a Registration Statement on Form S-3 was declared effective by the Securities and Exchange Commission under which the Partnership may offer up to $225.0 million of 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 BUCs at market prices on the date of sale. The Partnership sold 38,617 and 161,383 BUCs under this program for net proceeds of approximately $192,000 and $806,000, net of issuance costs, during the years ended December 31, 2018 and 2017, respectively. The offering was terminated in March 2018. In August 2018, the Partnership initiated a new “at the market offering” to sell up to $75.0 million of BUCs at market prices on the date of sale. The amount available under this program represented a portion of the Registration Statement. The Partnership sold 310,519 BUCs under this program for net proceeds of approximately $1.8 million, net of issuance costs, during the year ended December 31, 2018. This offering was terminated effective February 8, 2019. |
Restricted Unit Awards ("RUAs")
Restricted Unit Awards ("RUAs") | 12 Months Ended |
Dec. 31, 2018 | |
Restricted Unit Awards [Member] | |
Restricted Unit Awards ("RUAs") | 20. Restricted Unit Awards (“RUAs”) The Partnership’s 2015 Equity Incentive Plan (“Plan”), as approved by the BUC holders, 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. Unvested RUAs are entitled to receive distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control related to the Partnership, the General Partner, or Burlington, 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 $1.8 million, $1.6 million and $833,000 for the years ended December 31, 2018, 2017 and 2016, respectively. The following table summarizes the RUA activity for years ended December 31, 2018, 2017 and 2016: 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 Granted 309,212 6.31 Vested (279,034 ) 6.06 Forfeited (6,957 ) 6.31 Nonvested at December 31, 2018 265,290 $ 6.14 As of December 31, 2018, there was approximately $902,000 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 as of December 31, 2018. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 21. Transactions with Related Parties The Partnership is managed by AFCA 2, which is controlled by its general partner, Burlington. The Board of Managers of Burlington and certain employees of Burlington act as managers (and effectively as the directors) and executive officers of the Partnership. Certain services are provided to the Partnership by employees of Burlington and the Partnership reimburses Burlington, through AFCA 2, for its allocated share of these salaries and benefits. The Partnership also reimburses Burlington for its share of general and administrative expenses. These reimbursed costs represent a substantial portion of the Partnership’s general and administrative expenses. The amounts in the following table represent amounts reimbursable to AFCA 2 or an affiliate: 2018 2017 2016 Reimbursable salaries and benefits $ 3,993,067 $ 3,350,267 $ 2,921,762 Other expenses 13,121 143,350 5,883 Insurance 215,867 216,263 204,357 Professional fees and expenses 154,653 191,177 390,961 Consulting and travel expenses - 3,554 11,634 $ 4,376,708 $ 3,904,611 $ 3,534,597 The Partnership incurs costs for services and contractual payments payable to AFCA 2, Burlington and affiliates. The costs are reported either as expenses or capitalized costs depending on the nature of each item. The following table summarizes transactions with related parties that are reflected in the Partnership’s consolidated financial statements for the years ended December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Partnership administrative fees paid to AFCA 2 (1) $ 3,721,000 $ 3,576,000 $ 2,773,000 Property management fees paid to an affiliate (2) 190,000 390,000 555,000 Consulting fees paid to an affiliate (3) - 921,000 1,186,000 Construction fees paid to an affiliate (4) - 63,000 - Due diligence services revenue received from an affiliate (5) - 128,000 - Reimbursement of franchise margin taxes paid on behalf of unconsolidated entities (6) 77,000 - - (1) The General Partner of the Partnership, AFCA 2, is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within general and administrative expenses on the Partnership’s consolidated statements of operations. (2) An affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). The property management fees are reported within real estate operating expenses in the Partnership’s consolidated statements of operations. (3) An affiliate of AFCA 2, Farnam Capital Advisors (“FCA”), provides consulting services when certain debt financing facilities are acquired by the Partnership. These fees were capitalized as deferred financing costs in the Partnership’s consolidated balance sheets. (4) An affiliate of AFCA 2, Burlington Capital Construction Services, LLC, was the general contractor for certain exterior rehabilitation services for the Jade Park MF Property. These service fees were capitalized as real estate assets in the Partnership’s consolidated balance sheets. (5) 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 fees earned were reported within other income on the Partnership’s consolidated statements of operations. (6) The Partnership pays franchise margin taxes on revenues in certain jurisdictions relating to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. The Partnership is then reimbursed for franchise margin taxes paid on behalf of the unconsolidated entities. AFCA 2, Burlington and affiliates receive fees from the borrowers of the Partnership’s MRBs for services provided to the borrower and based on the occurrence of certain investment and debt financing transactions. These fees were paid by the borrowers and are not reflected in the Partnership’s consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s MRBs and affiliates for the years ended December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Non-Partnership property administrative fees received by AFCA 2 (1) $ 69,000 $ 173,000 $ 95,000 Investment/mortgage placement fees received by AFCA 2 (2) 2,873,000 1,814,000 2,079,000 MRB redemption administrative fee received by AFCA 2 (3) 283,000 300,000 - Consulting fees received by an affiliate (4) - 705,000 1,040,000 Negotiated placement fee to AFCA 2 (5) - - 125,000 Negotiated origination fee to an affiliate (6) - - 125,000 (1) AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs, investments in unconsolidated entities and certain property loans. (3) AFCA 2 rec eived one-time administrative fees related to early redemptions of the Lake Forest MRB in September 2018 and the Vantage at Judson MRBs in December 2018. (4) FCA received consulting fees in connection with the acquisition of certain MRBs, investments in unconsolidated entities and certain property loans. (5) AFCA 2 received a one-time negotiated mortgage placement fee related to work performed for a transaction that did not materialize during the year ended December 31, 2016. (6) FCA received a one-time origination fee for work performed related to a transaction that did not materialize during the year ended December 31, 2016. In addition, Properties Management provides services to seven of the properties collateralizing MRBs of the Partnership. In addition, Properties Management provides services to one of our investments in unconsolidated entities. These property management fees are paid out of the revenues generated by the respective property prior to the payment of debt service on the Partnership's MRBs and property loans, as applicable, and the construction loan for the unconsolidated entity. The Partnership reported receivables due from unconsolidated entities of approximately $77,000 and zero as of December 31, 2018 and 2017, respectively. These amounts are reported within other assets on the Partnership’s consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $330,000 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments | 22. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The Partnership early adopted ASU 2018-13, “Fair Value Measurement (Topic 820),” that modified required disclosures related to fair value measurements effective September 30, 2018. The modified disclosures are incorporated in the disclosures within this note. The 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 as of December 31, 2018 and 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, collateral, seniority to other obligations, operating results of the underlying property, geographic location, and property quality. These characteristics are used to estimate an effective yield for each MRB. The MRB fair value is estimated using a discounted cash flow and yield to maturity or call analysis by applying the effective yield to contractual cash flows. Significant increases (decreases) in the effective yield would have resulted in a significantly lower (higher) fair value estimate. Changes in fair value due to an increase or decrease in the effective yield do not impact the Partnership’s cash flows. The Partnership evaluates pricing data received from the third-party pricing service by evaluating consistency with information from either the third-party pricing service or public sources. The fair value estimates of the MRBs and bond purchase commitments 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 the Partnership. Due to the judgments involved, the fair value measurements of the Partnership’s investments in MRBs and bond purchase commitments are categorized as a Level 3 input. As of December 31, 2018, the range of effective yields on the individual MRBs and bond purchase commitments was 3.3% to 9.1% per annum, with a weighted average effective yield of 4.6% when weighted by the principal outstanding of MRBs as of the reporting date. As of December 31, 2017, the range of effective yields on the individual MRBs and bond purchase commitments was 2.9% to 8.8% per annum. Investments in PHC Certificates The fair value of the Partnership’s investment in PHC Certificates as of December 31, 2018 and 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 PHC 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 Certificate 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. The Partnership reviews the inputs used by the primary third-party pricing service by reviewing source information and reviews the methodology for reasonableness. The Partnership also engages a second third-party pricing service to confirm the values developed by the primary third-party pricing service. The valuation methodologies used by the third-party pricing services 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. As of December 31, 2018, the range of effective yields on the PHC Certificates was 5.3% to 6.0% per annum, with a weighted average effective yield of 5.5% when weighted by the principal outstanding of PHC Certificates as of the reporting date. As of December 31, 2017, the range of effective yields on the PHC Certificates was 5.1% to 5.8% per annum. Taxable MRBs The fair value of the Partnership’s taxable MRBs as of December 31, 2018 and 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 MRBs, 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 MRB as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure of the borrower, collateral, subordination to other obligations, operating results of the underlying property, geographic location, and property quality. These characteristics are used to estimate an effective yield for each taxable MRB. The taxable MRB fair value is estimated using a discounted cash flow and yield to maturity or call analysis by applying the effective yield to contractual cash flows. Significant increases (decreases) in the effective yield would have resulted in a significantly lower (higher) fair value estimate. Changes in fair value due to an increase or decrease in the effective yield do not impact the Partnership’s cash flows. The Partnership evaluates pricing data received from the third-party pricing service by evaluating consistency with information from either the third-party pricing service or public sources. The fair value estimates of the taxable 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 taxable MRBs is categorized as a Level 3 input. As of December 31, 2018, the range of effective yields on the individual taxable bonds was 8.3% to 9.3% per annum, with a weighted average effective yield of 9.1% when weighted by the principal outstanding of taxable MRBs as of the reporting date. As of December 31, 2017, the range of effective yields on the individual taxable bonds was 7.9% to 9.2% per annum. 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 financings equal to the notional amount of the derivative agreement. The effect of the Partnership’s interest rate swaps is to change a variable rate debt obligation to a fixed rate for that portion of the debt equal to the notional amount of the derivative agreement. The fair value of the interest rate derivatives is based on a model whose inputs are not observable and therefore is categorized as a Level 3 input. The inputs in the valuation model include three-month LIBOR rates, unobservable adjustments to account for the SIFMA index, as well as any recent interest rate cap trades with similar terms. Assets measured at fair value on a recurring basis as of December 31, 2018 are summarized as follows: Fair Value Measurements as of December 31, 2018 Description Assets 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 Mortgage revenue bonds, held in trust $ 645,258,873 $ - $ - $ 645,258,873 Mortgage revenue bonds 86,894,562 - - 86,894,562 PHC Certificates 48,672,086 - - 48,672,086 Taxable mortgage revenue bonds (reported within other assets) 1,409,895 - - 1,409,895 Derivative instruments (reported within other assets) 626,633 - - 626,633 Total Assets at Fair Value, net $ 782,862,049 $ - $ - $ 782,862,049 The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2018: For the Years Ended December 31, 2018 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, 2018 $ 788,621,707 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,458,663 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 144,692 - (77,096 ) - 724,579 792,175 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive income (14,560,720 ) (3,002,540 ) 950,228 (32,756 ) - (16,645,788 ) Purchases 41,708,000 - - - - 41,708,000 Settlements (83,760,244 ) - (701,614 ) (979,808 ) 131,685 (85,309,981 ) Ending Balance December 31, 2018 $ 732,153,435 $ - $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on December 31, 2018 $ - $ - $ (1,141,020 ) $ - $ 724,579 $ (416,441 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018. (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 as of December 31, 2017 are summarized as follows: Fair Value Measurements as of December 31, 2017 Description Assets (Liabilities) at Fair Value Quoted Prices in Active Markets for Identical Assets (Liabilities) (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 instruments (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 table 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 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 include 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 table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2016: For the Years 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 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 include 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. Total gains and loss included in earnings for the interest rate derivatives are reported as interest expense in the Partnership’s consolidated statements of operations. As of December 31, 2018, 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 liability 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 liability 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 Trust financings are credit enhanced by Freddie Mac and DB, respectively. The table below summarizes the fair value of the Partnership’s financial liabilities as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 541,322,765 $ 550,766,809 $ 608,328,347 $ 618,412,150 Mortgages payable and other secured financing 27,454,375 27,552,748 35,540,174 35,767,924 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Segments | 23. Segments The Partnership has four reportable segments - Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. The Partnership 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 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 allowances, are reported as such on the Partnership’s consolidated balance sheets. As of December 31, 2018, the Partnership held 77 MRBs. The Residential Properties financed by the MRBs contain a total of 10,650 rental units. In addition, one MRB (Pro Nova 2014-1) is collateralized by commercial real estate. All general and administrative expenses on the Partnership’s consolidated statements of operations are allocated to this operating segment. MF Properties Segment The MF Properties segment consists of multifamily, student housing, and senior citizen residential properties held by the Partnership (see Note 8). 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. As of December 31, 2018, the Partnership owns two MF Properties containing a total of 859 rental units. Income tax expense (benefit) for the Greens Hold Co is reported within this segment. Public Housing Capital Fund 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). Other Investments Segment The Other Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which is invested in unconsolidated entities (see Note 9) and property loans to Vantage at Brooks LLC and Vantage at New Braunfels LLC (see Note 10). The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Total revenues Mortgage Revenue Bond Investments $ 57,625,273 $ 49,100,423 $ 36,673,232 MF Properties 9,149,105 13,677,635 17,404,439 Public Housing Capital Fund Trust 2,479,494 2,951,735 2,888,035 MBS Securities Investments - - 17,921 Other Investments 12,101,704 4,651,752 1,995,123 Total revenues $ 81,355,576 $ 70,381,545 $ 58,978,750 Interest expense Mortgage Revenue Bond Investments $ 20,687,812 $ 18,705,398 $ 11,904,616 MF Properties 1,569,744 2,099,840 2,200,531 Public Housing Capital Fund Trust 932,456 1,350,205 1,349,800 MBS Securities Investments - - 14,692 Other Investments - - - Total interest expense $ 23,190,012 $ 22,155,443 $ 15,469,639 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - MF Properties 3,488,058 4,949,935 5,980,483 Public Housing Capital Fund Trust - - - MBS Securities Investments - - - Other Investments - - - Total depreciation expense $ 3,488,058 $ 4,949,935 $ 5,980,483 Partnership net income (loss) Mortgage Revenue Bond Investments $ 22,048,372 $ 15,438,583 $ 11,755,639 MF Properties 3,676,560 9,668,051 8,443,527 Public Housing Capital Fund Trust 406,019 839,570 1,538,234 MBS Securities Investments - - 51,984 Other Investments 15,008,578 4,644,994 1,995,123 Partnership net income $ 41,139,529 $ 30,591,198 $ 23,784,507 The following table details total assets for the Partnership’s reportable segments as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Total assets Mortgage Revenue Bond Investments $ 864,311,647 $ 937,565,390 MF Properties 71,120,280 83,514,758 Public Housing Capital Fund Trust Certificates 48,942,334 49,918,434 Other Investments 85,048,514 55,573,834 Consolidation/eliminations (86,709,529 ) (56,804,417 ) Total assets $ 982,713,246 $ 1,069,767,999 |
Summary of Unaudited Quarterly
Summary of Unaudited Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Results of Operations | 24. Summary of Unaudited Quarterly Results of Operations 2018 March 31, June 30, September 30, December 31, Revenues and other income $ 16,458,034 $ 15,785,165 $ 30,052,544 $ 26,015,349 Income from continuing operations 6,004,304 3,338,121 17,883,055 13,914,049 Net income $ 6,004,304 $ 3,338,121 $ 17,883,055 $ 13,914,049 Income from continuing operations, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22 Net income, basic and diluted, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22 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 Net income $ 7,360,515 $ 4,109,400 $ 3,545,483 $ 15,647,453 Income from continuing operations, per BUC $ 0.10 $ 0.06 $ 0.05 $ 0.23 Net income, basic and diluted, per BUC $ 0.10 $ 0.06 $ 0.05 $ 0.23 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events In January 2019, the Vantage at Brooks, LLC property was sold by its owner. Upon the sale, the Partnership received all outstanding principal and accrued interest on the Vantage at Brooks, LLC property loan (see Note 10). The Partnership received additional proceeds totaling approximately $3.0 million, which will be recorded as contingent interest on the Partnership’s consolidated statements of operations in the first quarter of 2019. The contingent interest recognized will be considered Tier 2 income for purposes of distributions to BUC holders (see Note 3). In February 2019, the Partnership terminated its “at the market offering” (see Note 19). The following table summarizes the MRBs acquired by the Partnership subsequent to December 31, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Gateway Village - Series A February Hillsborough, NC 64 4/1/2032 6.10 % $ 2,600,000 Lynnhaven - Series A February Durham, NC 75 4/1/2032 6.10 % 3,450,000 In February 2019, the Partnership executed two new Term A/B Trust financings related to these MRBs and received gross proceeds of approximately $5.3 million. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The “Partnership,” as used herein, includes the Partnership, its consolidated subsidiaries and consolidated variable interest entities. All intercompany transactions are eliminated. As of December 31, 2018, the consolidated subsidiaries of the Partnership consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the Tax-Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“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 TEBS IV, LLC, a special purpose entity owned and controlled by the Partnership created to hold MRBs to facilitate the fourth TEBS Financing (“M45 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 wholly-owned corporation (“the Greens Hold Co”). The Greens Hold Co owns 100% of The 50/50 MF Property and certain property loans as of December 31, 2018. The Greens Hold Co held a 99% limited partnership interest in the Northern View MF Property until its sale in March 2017 and held 100% ownership interests in the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties until their sales in November 2017, and • The Suites on Paseo MF Property is owned directly by the Partnership. The Partnership owned, through a wholly-owned subsidiary, 100% of the Jade Park MF Property until selling the property in September 2018. The Partnership also consolidates variable interest entities (“VIEs”) in which it is deemed to be the primary beneficiary. See Note 5 for information regarding the Partnership’s consolidated VIEs. |
Variable Interest Entities | Variable Interest Entities Under the accounting guidance for consolidation, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are 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 its consolidated financial statements. The Partnership has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Partnership’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 Partnership does not believe that the consolidation of VIEs for reporting under accounting principles generally accepted in the United States of America (“GAAP”) impacts its status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership. In addition, the consolidation of VIEs is not expected to impact the treatment of the MRBs owned by consolidated VIEs, the tax-exempt nature of the interest payments on secured debt financings, or the manner in which the Partnership’s income is reported to Unitholders on IRS Schedule K-1. Accounting for TOB, Term TOB, Term A/B and TEBS 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. The Partnership recognizes interest expense for fixed-rate TEBS Financings with escalating stated interest rates using the effective interest method over the estimated term of the arrangement. |
Acquisition Accounting | Acquisition Accounting Pursuant to the accounting guidance for acquisitions, 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. Costs incurred to acquire a property that is considered a business for accounting purposes are expensed. Costs associated with an asset acquisition for accounting purposes are capitalized. |
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 have 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 short-term investment 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. Restricted cash is presented with cash and cash equivalents on the consolidated statement of cash flows in accordance with the adoption of Accounting Standards Update (“ASU”) 2016-18, effective for the Partnership as of January 1, 2018. |
Investments in Mortgage Revenue Bonds, Taxable Mortgage Revenue Bonds and Bond Purchase Commitments | Investments in Mortgage Revenue Bonds, Taxable Mortgage Revenue Bonds and Bond Purchase Commitments The Partnership accounts for its investments in MRBs, taxable MRBs and bond purchase commitments under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of 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 22 for a description of the Partnership’s methodology for estimating fair value of MRBs, 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 impairments 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 Partnership’s 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, 2018, 2017 and 2016. Investment in PHC Certificates and MBS Securities The Partnership accounts for its investments in PHC Certificates under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of 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 22 for a description of the Partnership’s methodology for estimating fair value for the PHC Certificates. The Partnership sold its remaining MBS Securities in the first quarter of 2016. The Partnership periodically reviews the PHC Certificates for impairment. The Partnership evaluates whether declines in the fair value of the investments below amortized cost are other-than temporary. Factors considered include: • 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 Standard & Poor’s, and • Volatility of the fair value of the security. See Note 7 for information on recognized impairment of the PHC Certificates. 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 expense 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 for impairment 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 a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. 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 8 for information on recognized impairment charges. Investments in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited membership interests using 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. Factors considered include: • 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 • Estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment of whether a 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. The Partnership earns a return on its investment that is guaranteed by an unrelated third party. The term of the third-party guarantee is from the initial investment date through the second anniversary of construction completion. The Partnership recognizes a return based upon the guarantee provided by an unrelated third-party, the guarantor’s financial ability to perform under the guarantee and the cash flows expected to be received from each property. These returns are reported as investment income in the Partnership’s consolidated statements of operations (see Note 9). |
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 Partnership’s consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these property loans is dependent largely on the value of the related property or its cash flows. The Partnership periodically evaluates these loans for potential losses by estimating the fair value of the related property 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 that considers varying assumptions. The discounted cash flow 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 10 for additional information on the Partnership’s loan loss allowances. |
Deferred Financing Costs | Deferred Financing Costs Debt financing costs are capitalized and amortized using the effective interest method through either the stated maturity date or the optional redemption date of the related debt financing agreement. Debt financing costs associated with revolving line of credit arrangements are reported within other assets on the Partnership’s consolidated balance sheets. Deferred financing costs associated with debt financings are reported as reductions to the carrying value of the related debt financings on the Partnership’s 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 Partnership’s 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. The Greens Hold Co is subject to federal and state income taxes. The Partnership recognizes income tax expense or benefit for the federal and state income taxes incurred by this entity in its consolidated financial statements. The Partnership evaluates its tax positions taken in its consolidated financial statements under the accounting guidance for uncertain tax positions. 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 (“NOLs”) generated in prior years that had been recognized as deferred income tax assets. The Partnership values its deferred tax assets and liabilities 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. |
Investment Income from Investments in Mortgage Revenue Bonds | Investment Income from 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. Current and past due base interest income on MRBs 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 is included within investment income and other interest income, respectively, on the Partnership’s consolidated statements of operations. Certain MRBs contain contingent interest provisions that may 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. As of December 31, 2018 and 2017, the Partnership’s MRBs were fully performing as to their base interest. As of December 31, 2018, there were no MRBs outstanding that included contingent interest provisions. The Partnership adopted the provisions of ASU 2017-08 relating to premiums on purchased callable debt securities effective January 1, 2018. Upon adoption of this ASU, premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Prior to January 1, 2018, the Partnership amortized premiums on callable debt securities as a yield adjustment to the stated maturity date. On January 1, 2018, the Partnership recorded a cumulative adjustment to partners’ capital of approximately $217,000. Results for periods prior to January 1, 2018 were not adjusted. The impact of the adoption of the ASU to net income for the year ended December 31, 2018 was a decrease in investment income of approximately $68,000 as compared to the previous accounting policy. Discounts on MRB investments Investment Income from PHC Certificates and MBS Securities Interest income on the PHC Certificates is recognized as it is earned. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at a discount. The premiums and discounts are amortized using the effective yield method over the term of the related PHC Certificate and amortization is recognized as investment income on the Partnership’s consolidated statements of operations. Interest income on the MBS Securities is recognized as it is earned. Revenue Recognition on Investments in Real Estate The Partnership’s 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. The Partnership also recognizes other non-lease revenues related to other operations at the MF Properties such as parking and food service revenues at student housing properties. Such revenues are recognized over time as services are provided. Such non-lease revenue streams are within the scope of Accounting Standards Codification (“ASC”) 606, which was effective for the Partnership as of January 1, 2018. The adoption of ASC 606 did not have a material impact on the Partnership’s consolidated financial statements. |
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 Partnership’s 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. The costs of issuing the Series A Preferred Units have been netted against the carrying value of the Series A Preferred Units and are being amortized to the first redemption date (see Note 18). |
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 (“RUA” or “RUAs”) | Restricted Unit Awards (“RUA” or “RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the BUC holders in September 2015, permits the grant of RUAs and other awards to the employees of Burlington, or any affiliate, who performs services for Burlington, the Partnership or an affiliate, 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 RUAs as the RUAs are participating securities. Unvested RUAs 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 as of 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 (i) the fair value of MRBs, PHC Certificates, bond purchase commitments and interest rate derivatives, (ii) investment impairments, (iii) impairment of real estate assets, (iv) allocation of the purchase price for acquisition accounting and (v) allowances for loan losses. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842)” that requires lessees to recognize right-to-use assets and related lease liabilities on the balance sheet and disclose key information about leasing arrangements. Lessees are required to classify their leases as financing leases or operating leases, with the classification affecting the pattern and classification of expense recognition in the statement of operations. The ASU requires lessors to classify leases as sales-type leases, direct financing leases, or operating leases. In July 2018, the FASB issued ASUs 2018-10 and 2018-11 containing further implementation guidance. ASU 2018-11 allows the Partnership to apply the new lease requirements as of the effective date, January 1, 2019, and not apply the guidance retrospectively to comparative periods. The Partnership will use this adoption method and will continue to report comparative periods prior to adoption using previously effective lease accounting guidance. Furthermore, the Partnership anticipates adopting the “package” of practical expedients, electing to not apply new guidance to short-term leases, and electing to combine lease and non-lease components for lessor and lessee leases. The Partnership has performed a comprehensive assessment of its lessor and lessee leasing arrangements. The accounting for lessor arrangements with tenants at the MF Properties, which have been determined to be operating leases, is not expected to be materially impacted by the new guidance. For the Partnership’s lessee leases, the Partnership has identified operating leases for office equipment and a ground lease at The 50/50 MF Property. At adoption of the ASU on January 1, 2019, the Partnership will recognize net right-of-use assets totaling approximately $1.7 million and lease liabilities totaling approximately $2.1 million. 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 for financial assets, to include the use of reasonable and supportable forward-looking information to better estimate credit losses. The ASU potentially impacts the Partnership’s accounting for receivables, property loans, financial guarantees and commitments. The ASU also makes changes to the impairment model for available-for-sale debt securities. These changes will potentially impact the Partnership’s impairment analysis for MRBs, PHC Certificates, taxable MRBs and bond purchase commitments. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2019 and is applied using a modified-retrospective approach. The Partnership is currently assessing the impact of the adoption of this pronouncement on the Partnership’s consolidated financial statements. |
Partnership Income Allocation_2
Partnership Income Allocation and Cash Distributions (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017, and 2016 were as follows: For the Years Ended December 31, 2018 2017 2016 Cash distributions $ 0.5000 $ 0.5000 $ 0.5000 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 as of December 31, 2018 and 2017: Maximum Exposure to Loss December 31, 2018 December 31, 2017 Mortgage revenue bonds $ 51,791,000 $ 146,344,195 Property loans 8,367,635 15,824,613 Investment in unconsolidated entities 76,534,306 39,608,927 $ 136,692,941 $ 201,777,735 |
Investments in Mortgage Reven_2
Investments in Mortgage Revenue Bonds (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Information Regarding MRBs Owned | The following tables present information regarding the MRBs owned by the Partnership as of December 31, 2018 and 2017: December 31, 2018 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 (5) CA $ 10,230,000 $ 954,573 $ - $ 11,184,573 Glenview Apartments - Series A (4) CA 4,581,930 524,024 - 5,105,954 Harmony Court Bakersfield - Series A (5) CA 3,730,000 312,844 - 4,042,844 Harmony Terrace - Series A (5) CA 6,900,000 647,686 - 7,547,686 Harden Ranch - Series A (3) CA 6,775,508 1,007,557 - 7,783,065 Las Palmas II - Series A (5) CA 1,692,774 141,187 - 1,833,961 Montclair Apartments - Series A (4) CA 2,482,288 246,752 - 2,729,040 Montecito at Williams Ranch Apartments - Series A (2) CA 7,690,000 973,133 - 8,663,133 San Vicente - Series A (5) CA 3,490,410 291,121 - 3,781,531 Santa Fe Apartments - Series A (4) CA 3,007,198 401,203 - 3,408,401 Seasons at Simi Valley - Series A (5) CA 4,325,536 655,326 - 4,980,862 Seasons Lakewood - Series A (5) CA 7,350,000 654,929 - 8,004,929 Seasons San Juan Capistrano - Series A (5) CA 12,375,000 1,102,687 - 13,477,687 Summerhill - Series A (5) CA 6,423,000 508,639 - 6,931,639 Sycamore Walk - Series A (5) CA 3,598,006 363,405 - 3,961,411 The Village at Madera - Series A (5) CA 3,085,000 229,934 - 3,314,934 Tyler Park Townhomes - Series A (3) CA 5,903,368 731,073 - 6,634,441 Vineyard Gardens - Series A (2) CA 3,995,000 534,351 - 4,529,351 Westside Village Market - Series A (3) CA 3,857,839 483,436 - 4,341,275 Brookstone (1) IL 7,432,076 1,956,010 - 9,388,086 Copper Gate Apartments (3) IN 5,055,000 643,012 - 5,698,012 Renaissance - Series A (4) LA 11,123,800 1,383,680 - 12,507,480 Live 929 Apartments (2) MD 40,240,405 2,873,978 - 43,114,383 Woodlynn Village (1) MN 4,221,000 34,155 - 4,255,155 Greens Property - Series A (3) NC 8,032,000 818,686 - 8,850,686 Silver Moon - Series A (4) NM 7,822,610 778,940 - 8,601,550 Ohio Properties - Series A (1) OH 13,989,000 241,675 - 14,230,675 Bridle Ridge (1) SC 7,395,000 90,349 - 7,485,349 Columbia Gardens (5) SC 13,222,480 1,396,828 - 14,619,308 Companion at Thornhill Apartments (5) SC 11,294,928 1,148,219 - 12,443,147 Cross Creek (1) SC 6,143,919 2,540,949 - 8,684,868 The Palms at Premier Park Apartments (3) SC 19,044,617 2,194,791 - 21,239,408 Village at River's Edge (5) SC 9,938,059 1,421,114 - 11,359,173 Willow Run (5) SC 13,040,029 1,375,542 - 14,415,571 Arbors at Hickory Ridge (3) TN 11,194,690 1,399,461 - 12,594,151 Pro Nova 2014-1 (2) TN 10,027,413 19,710 - 10,047,123 Avistar at Copperfield - Series A (2) TX 10,000,000 589,196 - 10,589,196 Avistar at the Crest - Series A (3) TX 9,357,374 1,036,288 - 10,393,662 Avistar at the Oaks - Series A (3) TX 7,558,240 706,970 - 8,265,210 Avistar at the Parkway - Series A (4) TX 13,114,418 1,232,292 - 14,346,710 Avistar at Wilcrest - Series A (2) TX 3,775,000 206,263 - 3,981,263 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,624,687 - 33,474,687 Avistar in 09 - Series A (3) TX 6,526,247 525,939 - 7,052,186 Avistar on the Boulevard - Series A (3) TX 15,941,296 1,628,269 - 17,569,565 Avistar on the Hills - Series A (3) TX 5,221,971 557,084 - 5,779,055 Bruton Apartments (5) TX 17,933,482 2,046,056 - 19,979,538 Concord at Gulfgate - Series A (5) TX 19,144,400 2,222,555 - 21,366,955 Concord at Little York - Series A (5) TX 13,411,558 1,617,217 - 15,028,775 Concord at Williamcrest - Series A (5) TX 20,775,940 2,505,243 - 23,281,183 Crossing at 1415 - Series A (5) TX 7,474,716 600,738 - 8,075,454 Decatur Angle (5) TX 22,630,276 1,945,516 - 24,575,792 Esperanza at Palo Alto (5) TX 19,487,713 2,350,453 - 21,838,166 Heights at 515 - Series A (5) TX 6,843,232 722,522 - 7,565,754 Heritage Square - Series A (4) TX 10,958,661 893,881 - 11,852,542 Oaks at Georgetown - Series A (5) TX 12,330,000 693,579 - 13,023,579 Runnymede (1) TX 10,040,000 64,280 - 10,104,280 Southpark (1) TX 11,623,649 2,482,923 - 14,106,572 15 West Apartments (5) WA 9,737,418 1,480,489 - 11,217,907 Mortgage revenue bonds held in trust $ 586,445,474 $ 58,813,399 $ - $ 645,258,873 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 14 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 14 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 14 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 14 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 14 December 31, 2018 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 B CA $ 6,228,000 $ 2,450 $ - $ 6,230,450 Seasons San Juan Capistrano - Series B CA 5,574,000 - (1,078 ) 5,572,922 Solano Vista - Series A & B CA 5,768,000 - - 5,768,000 Greens Property - Series B NC 933,928 149,789 - 1,083,717 Village at Avalon - Series A NM 16,400,000 1,408,802 - 17,808,802 Ohio Properties - Series B OH 3,520,900 51,334 - 3,572,234 Rosewood Townhomes - Series A & B SC 9,750,000 - (644,962 ) 9,105,038 South Pointe Apartments - Series A & B SC 22,700,000 - (1,411,986 ) 21,288,014 Avistar at Copperfield - Series B TX 4,000,000 11,730 - 4,011,730 Avistar at the Crest - Series B TX 745,358 50,965 - 796,323 Avistar at the Oaks - Series B TX 545,321 28,738 - 574,059 Avistar at the Parkway - Series B TX 124,600 32,220 - 156,820 Avistar at Wilcrest - Series B TX 1,550,000 4,013 - 1,554,013 Avistar at Wood Hollow - Series B TX 8,410,000 23,940 - 8,433,940 Avistar in 09 - Series B TX 449,841 18,742 - 468,583 Avistar on the Boulevard - Series B TX 442,894 27,023 - 469,917 Mortgage revenue bonds held by the Partnership $ 87,142,842 $ 1,809,746 $ (2,058,026 ) $ 86,894,562 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) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 14 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 14 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 14 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 14 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 |
Schedule of MRB Acquisitions | The following MRBs were acquired during the year ended December 31, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Esperanza at Palo Alto (1) May San Antonio, TX 322 7/1/2058 5.80 % $ 19,540,000 Solano Vista - Series A December Vallejo, CA 96 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B December Vallejo, CA 96 1/1/2021 5.85 % 3,103,000 Village at Avalon (1) December Albuquerque, NM 240 1/1/2059 5.80 % 16,400,000 $ 41,708,000 (1) Previously reported bond purchase commitment that converted to an MRB. The following MRBs were acquired during the year ended December 31, 2017: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Avistar at Copperfield - Series A February Houston, TX 192 5/1/2054 5.75 % $ 10,000,000 Avistar at Copperfield - Series B February Houston, TX 192 6/1/2054 12.00 % 4,000,000 Avistar at Wilcrest - Series A February Houston, TX 88 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B February Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series A February Austin, TX 409 5/1/2054 5.75 % 31,850,000 Avistar at Wood Hollow - Series B February Austin, TX 409 6/1/2054 12.00 % 8,410,000 Montecito at Williams Ranch Apartments - Series A September Salinas, CA 132 10/1/2034 5.50 % 7,690,000 Montecito at Williams Ranch Apartments - Series B September Salinas, CA 132 10/1/2019 5.50 % 4,781,000 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 an MRB . |
Schedule of MRBs Redeemed | The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2018: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Sycamore Walk - Series B January Bakersfield, CA 112 1/1/2018 8.00 % $ 1,815,000 Seasons Lakewood - Series B March Lakewood, CA 85 1/1/2019 8.00 % 5,260,000 Summerhill - Series B March Bakersfield, CA 128 12/1/2018 8.00 % 3,372,000 Oaks at Georgetown - Series B April Georgetown, TX 192 1/1/2019 8.00 % 5,512,000 Seasons at Simi Valley - Series B April Simi Valley, CA 69 9/1/2018 8.00 % 1,944,000 San Vicente - Series B May Soledad, CA 50 11/1/2018 8.00 % 1,825,000 The Village at Madera - Series B May Madera, CA 75 12/1/2018 8.00 % 1,719,000 Las Palmas - Series B July Coachella, CA 81 11/1/2018 8.00 % 1,770,000 Harmony Terrace - Series B August Simi Valley, CA 136 1/1/2019 8.00 % 7,400,000 Lake Forest September Daytona Beach, FL 240 12/1/2031 6.25 % 8,397,000 Bella Vista October Gainesville, TX 144 4/1/2046 6.15 % 6,225,000 Montecito at Williams Ranch Apartments - Series B December Salinas, CA 132 10/1/2019 8.00 % 4,781,000 Vantage at Judson - Series B December San Antonio, TX 288 1/1/2053 6.00 % 25,908,568 Vineyard Gardens - Series B December Oxnard, CA 62 1/1/2020 5.50 % 2,846,000 $ 78,774,568 The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2017: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Harmony Court Bakersfield - Series B August Bakersfield, CA 96 12/1/2018 5.50 % $ 1,997,000 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 |
Term of Mortgage Revenue Bond After 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 Heights at 515 - Series A MRB and the Series B MRB was eliminated. No cash was paid or received on restructuring. The terms of the Heights at 515 - Series B MRB that was eliminated were as follows: Property Name Month Restructured Property Location Units 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 |
Schedule of Percentage of MRBs Principal Outstanding | The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding: December 31, 2018 December 31, 2017 Texas 43 % 44 % California 18 % 20 % South Carolina 17 % 16 % |
Description of Certain Terms of Partnership's MRBs | The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2018, and 2017: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2018 15 West Apartments - Series A (5) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,737,418 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,115,410 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 % 15,941,296 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,357,374 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,188,251 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,558,240 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,526,247 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,221,971 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 995,162 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,114,418 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,600 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 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,395,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,876,298 Bruton (5) 2014 Dallas, TX 8/1/2054 6.00 % 17,933,482 Columbia Gardens (5) 2015 Columbia, SC 12/1/2050 5.50 % 13,061,000 Companion at Thornhill Apartments (5) 2016 Lexington, SC 1/1/2052 5.80 % 11,294,928 Concord at Gulfgate - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 19,144,400 Concord at Little York - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 13,411,558 Concord at Williamcrest - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 20,775,940 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,055,000 Courtyard Apartments - Series A (5) 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B 2016 Fullerton, CA 6/1/2019 8.00 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,072,754 Crossing at 1415 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 7,474,716 Decatur Angle (5) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,630,276 Esperanza at Palo Alto (5) 2018 San Antonio, TX 7/1/2058 5.80 % 19,487,713 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,581,930 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,032,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 12.00 % 933,928 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,775,508 Harmony Court Bakersfield - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Terrace - Series A (5) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Heights at 515 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 6,843,232 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 10,958,661 Las Palmas II - Series A (5) 2016 Coachella, CA 11/1/2033 5.00 % 1,692,774 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 39,875,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,482,288 Montecito at Williams Ranch - Series A (2) 2017 Salinas, CA 10/1/2034 5.50 % 7,690,000 Oaks at Georgetown - Series A (5) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,989,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,520,900 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 % 11,123,800 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 % 10,040,000 San Vicente - Series A (5) 2016 Soledad, CA 11/1/2033 5.00 % 3,490,410 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,007,198 Seasons at Simi Valley - Series A (5) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,325,536 Seasons Lakewood - Series A (5) 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons San Juan Capistrano - Series A (5) 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 8.00 % 5,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,822,610 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B 2018 Vallejo, CA 1/1/2021 5.85 % 3,103,000 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 % 13,155,000 Summerhill - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Sycamore Walk - Series A (5) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,598,006 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,044,617 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,903,368 The Village at Madera - Series A (5) 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 Village at Avalon 2018 Albuquerque, NM 1/1/2059 5.80 % 16,400,000 Village at River's Edge (5) 2017 Columbia, SC 6/1/2033 6.00 % 9,938,059 Vineyard Gardens - Series A (2) 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,857,839 Willow Run (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,879,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,221,000 $ 677,698,116 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 14 (2) MRB held by Deutsche Bank AG in a secured financing transaction, see Note 14 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 14 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 14 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 14 Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of 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) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 14 (2) MRB held by Deutsche Bank AG in a secured financing transaction, see Note 14 (3) MRB held by ATAX TEBS II, LLC (M31 TEBS), see Note 14 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 14 |
PHC Certificates (Tables)
PHC Certificates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Public Housing Capital Fund Trusts [Abstract] | |
Schedule of Investments in PHC Certificates | The Partnership had the following investments in the PHC Certificates as of December 31, 2018 and 2017: December 31, 2018 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 6.49 AA- 5.33% $ 24,608,543 $ 285,984 $ - $ 24,894,527 PHC Certificate Trust II 5.56 A+ 4.35% 9,071,785 44,768 - 9,116,553 PHC Certificate Trust III 6.76 BBB 5.30% 14,566,975 94,031 - 14,661,006 $ 48,247,303 $ 424,783 $ - $ 48,672,086 December 31, 2017 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment 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 |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Line Items] | |
Real Estate Assets Owned by Partnership | The following tables represent information regarding the real estate assets owned by the Partnership as of December 31, 2018 and 2017: Real Estate Assets as of December 31, 2018 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,195,468 $ 38,961,163 $ 42,156,631 The 50/50 MF Property Lincoln, NE 475 - 32,935,907 32,935,907 Land held for development (1) (1) 1,776,197 - 1,776,197 $ 76,868,735 Less accumulated depreciation (12,272,387 ) Total real estate assets $ 64,596,348 (1) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. Real Estate Assets as of December 31, 2017 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value 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 (2) (2) 1,860,737 - 1,860,737 $ 86,272,723 Less accumulated depreciation (9,580,531 ) Total real estate assets $ 76,692,192 (2) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. |
Net Income, Exclusive of the Gains on Sale | Net income, exclusive of the gains on sale, related to the MF Properties that were sold during the years ended December 31, 2018, 2017 and 2016 are as follows: For the Years Ended December 31, 2018 2017 2016 Net income (loss) $ 162,595 $ (849,766 ) $ (848,126 ) |
Jade Park [Member] | |
Real Estate [Line Items] | |
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 on January 1, 2016: 2016 Pro forma revenues $ 60,008,686 Pro forma net income $ 24,663,645 Pro forma net income allocated to BUC holders $ 21,047,854 Pro forma BUC holder's interest in net income per BUC (basic and diluted) $ 0.35 |
MF Properties [Member] | |
Real Estate [Line Items] | |
Gains on Sale, Net of Income Taxes | During 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is 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 Gross Proceeds Gain on Sale Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429 During 2017, the Partnership sold four 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 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 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 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 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 as of December 31, 2018 and 2017 and remaining equity commitment amounts as of December 31, 2018: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of December 31, 2018 Carrying Value as of December 31, 2017 Maximum Remaining Equity Commitment as of December 31, 2018 Vantage at Corpus Christi Corpus Christi, TX 288 March 2016 August 2017 $ - $ 9,178,139 $ - Vantage at Boerne Boerne, TX 288 August 2016 December 2017 8,830,000 8,272,810 1,475,936 Vantage at Waco Waco, TX 288 August 2016 January 2018 9,337,166 8,748,091 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 June 2018 11,408,135 10,349,416 1,996,500 Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 11,535,895 3,060,471 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,572,819 - - Vantage at Bulverde Bulverde, TX 288 March 2018 N/A 9,182,522 - - Vantage at Germantown Germantown, TN 288 June 2018 N/A 7,033,398 - 3,633,366 Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 6,254,104 - 6,145,817 Vantage at Coventry Omaha, NE 288 September 2018 N/A 5,380,267 - 2,893,390 2,886 $ 76,534,306 $ 39,608,927 $ 17,737,048 |
Summary of Partnership's Investments in Unconsolidated Entities | The following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2018, 2017 and 2016: 2018 2017 2016 Property Revenues $ 9,262,127 $ 1,362,457 $ - Gain on sale of property $ 7,424,879 $ - $ - Net income (loss) $ 5,001,702 $ (1,782,456 ) $ - |
Property Loans, Net of Loan L_2
Property Loans, Net of Loan Loss Allowances (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, as of December 31, 2018 and 2017: December 31, 2018 Outstanding Balance Loan Loss Allowance 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 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,367,635 - 8,367,635 Total $ 23,354,826 $ (7,393,814 ) $ 15,961,012 December 31, 2017 Outstanding Balance Loan Loss Allowance 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 |
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, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Balance, beginning of year $ 7,393,814 $ 7,098,814 $ 7,098,814 Provision for loan loss (1) - 295,000 - Balance, end of year $ 7,393,814 $ 7,393,814 $ 7,098,814 (1) Activity for the year ended December 31, 2017 consisted of the reversal of a $55,000 allowance for loan loss related to Lake Forest and the increase of $350,000 in the allowance for loan loss related to Ashley Square. The net provision for loan loss for the year ended December 31, 2017 was 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, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense | . The following table summarizes income tax expense (benefit) for the years ended December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Current income tax expense (benefit) $ (678,862 ) $ 6,419,146 $ 4,593,000 Deferred income tax expense (benefit) (242,235 ) (400,000 ) 366,000 Total income tax expense (benefit) $ (921,097 ) $ 6,019,146 $ 4,959,000 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The Partnership had the following Other Assets as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Deferred financing costs, net $ 397,823 $ 383,133 Fair value of derivative instruments (Note 16) 626,633 597,221 Taxable mortgage revenue bonds, at fair value 1,409,895 2,422,459 Bond purchase commitments, at fair value (Note 17) - 3,002,540 Other assets 2,081,258 942,949 Total other assets $ 4,515,609 $ 7,348,302 |
Investments Classified by Contractual Maturity Date | The following table includes the details of the taxable MRBs redeemed during the year ended December 31, 2018. The taxable MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest. Property Name Redemption Date Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Vantage at Judson - Series D December San Antonio, TX 288 2/1/2053 9.00 % $ 923,502 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 income 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 Partnership’s consolidated statements of operations. Property Name Redemption Date Location Units 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 |
Unsecured Lines of Credit (Tabl
Unsecured Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Unsecured Lines of Credit [Member] | |
Summary of Unsecured Lines of Credit | The following tables summarize the Partnership’s unsecured lines of credit as of December 31, 2018 and 2017: Unsecured Lines of Credit Outstanding as of December 31, 2018 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 35,659,200 $ 50,000,000 June 2020 Variable (1) Monthly 5.38 % Bankers Trust operating - 10,000,000 June 2020 Variable (1) Monthly 5.63 % Total unsecured lines of credit $ 35,659,200 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 2017 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 50,000,000 $ 50,000,000 May 2019 Variable (2) Monthly 4.38 % Bankers Trust operating - 10,000,000 May 2019 Variable (2) Monthly 4.62 % Total unsecured lines of credit $ 50,000,000 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin. |
Debt Financing (Tables)
Debt Financing (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Financing [Abstract] | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 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 $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2017: Outstanding Debt Financings as of December 31, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 55,468,000 $ 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - M31 (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - M33 (1) 57,406,058 57,364 2015 July 2020 (3) Weekly 1.77% 1.16% 2.93% TOB & Term A/B Trusts Securitization Variable - TOB (4) 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% Fixed - Term TOB (5) 46,787,036 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (5) 279,533,565 - 2016 - 2017 June 2018 - November 2027 N/A N/A N/A 3.64% - 4.52% Total Debt Financings $ 558,328,347 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (5) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2017: Outstanding Financing as of 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 % |
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 Redeemed TEBS Facility Month Paydown Applied Lake Forest M24 TEBS September 2018 $ 8,122,000 Bella Vista M24 TEBS October 2018 5,076,000 Vantage at Judson - Series B M33 TEBS December 2018 25,908,568 Mortgage Revenue Bond Redeemed TEBS Facility Month Paydown Applied Vantage at Harlingen - Series B M33 TEBS October 2017 $ 24,363,221 Ashley Square M24 TEBS November 2017 4,472,000 Avistar at Chase Hill - Series A M31 TEBS 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 2019 $ 178,652,274 2020 74,597,920 2021 2,456,696 2022 2,600,981 2023 2,751,089 Thereafter 247,854,366 Total 508,913,326 Deferred financing costs (3,249,761 ) Total debt financing, net $ 505,663,565 |
Mortgages Payable and Other S_2
Mortgages Payable and Other Secured Financing (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 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 $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2017: Outstanding Debt Financings as of December 31, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 55,468,000 $ 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - M31 (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - M33 (1) 57,406,058 57,364 2015 July 2020 (3) Weekly 1.77% 1.16% 2.93% TOB & Term A/B Trusts Securitization Variable - TOB (4) 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% Fixed - Term TOB (5) 46,787,036 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (5) 279,533,565 - 2016 - 2017 June 2018 - November 2027 N/A N/A N/A 3.64% - 4.52% Total Debt Financings $ 558,328,347 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (5) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2017: Outstanding Financing as of 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 % |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2019 $ 178,652,274 2020 74,597,920 2021 2,456,696 2022 2,600,981 2023 2,751,089 Thereafter 247,854,366 Total 508,913,326 Deferred financing costs (3,249,761 ) Total debt financing, net $ 505,663,565 |
Mortgages payable [Member] | |
Schedule of Total Debt Financing | The following is a MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2018, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 3,118,478 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,335,897 2013 March 2020 Variable Monthly 5.00 % (1) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,454,375 4.96 % (1) MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2017, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 3,358,370 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,713,256 2013 March 2020 Variable Monthly 4.25 % (2) 4.25 % Jade Park 7,468,548 2016 October 2021 Fixed N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 35,540,174 4.21 % (2) Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0% |
Schedule of Contractual Maturities of Borrowings | Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st : 2019 $ 3,608,223 2020 23,944,525 2021 - 2022 - 2023 - Thereafter - Total 27,552,748 Deferred financing costs (98,373 ) Total mortgages payable and other secured financings, net $ 27,454,375 |
Interest Rate Derivatives (Tabl
Interest Rate Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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, as of December 31, 2018 and 2017: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2018 July 2014 $ 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc - July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 536 June 2017 90,757,226 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 158,989 June 2017 82,079,066 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 465,983 Sept 2017 59,038,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 53 $ 626,633 Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (2) 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 (1 ) For additional details, see Note 22 to the Partnership’s consolidated financial statements. |
Summary of Terms of Interest Rate Swaps | The Partnership terminated its interest rate swaps in September and October 2018. The interest rate swaps were net settled and the Partnership received approximately $7,000 upon settlement. The following table summarizes the terms of the interest rate swaps as of December 31, 2017: 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 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Partnership's Bond Purchase Commitments | The following table summarizes the Partnership’s bond purchase commitments as of December 31, 2018 and 2017: Bond Purchase Commitments Commitment Date Maximum Committed Amounts Remaining Rate Closing Date (1) Fair Value as of December 31, 2018 Fair Value as of December 31, 2017 Esperanza at Palo Alto July 2015 $ - 5.80 % May 2018 $ - $ 1,616,143 Village at Avalon November 2015 - 5.80 % December 2018 - 1,386,397 Total $ - $ - $ 3,002,540 (1) The closing date is actual. |
Summary of Partnership's Maximum Exposure Under Guarantee Agreements | The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2018: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of December 31, 2018 Partnership's Maximum Exposure as of December 31, 2018 Guarantee Terms Vantage at Panama City Beach 2017 $ 25,600,000 $ 23,659,040 $ 11,829,520 (1) Vantage at Stone Creek 2018 30,824,000 7,734,675 7,734,675 (2) Vantage at Coventry 2018 31,500,000 - - (2) (1) The Partnership’s maximum exposure decreased to 50% when the project received its certificate of occupancy and will decrease to 25% upon achievement and maintenance of a specified debt service coverage ratio by the borrower. The Partnership is also required to maintain minimum cash and net worth requirements, which were met as of December 31, 2018. (2) The Partnership’s maximum exposure will decrease to 50% and 25% as certain debt service coverage levels are achieved by the borrower. Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of December 31, 2018 Ohio Properties 2011 2026 $ 3,712,436 Greens of Pine Glen, LP 2012 2027 2,429,658 |
Redeemable Series A Preferred_2
Redeemable Series A Preferred Units (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Issuances of Series A Preferred Units | The following table summarizes the Series A Preferred Units outstanding as of December 31, 2018: Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding as of December 31, 2018 and 2017 9,450,000 $ 94,500,000 |
Restricted Unit Awards ("RUAs_2
Restricted Unit Awards ("RUAs") (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of RUA Activity | The following table summarizes the RUA activity for years ended December 31, 2018, 2017 and 2016: 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 Granted 309,212 6.31 Vested (279,034 ) 6.06 Forfeited (6,957 ) 6.31 Nonvested at December 31, 2018 265,290 $ 6.14 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | The amounts in the following table represent amounts reimbursable to AFCA 2 or an affiliate: 2018 2017 2016 Reimbursable salaries and benefits $ 3,993,067 $ 3,350,267 $ 2,921,762 Other expenses 13,121 143,350 5,883 Insurance 215,867 216,263 204,357 Professional fees and expenses 154,653 191,177 390,961 Consulting and travel expenses - 3,554 11,634 $ 4,376,708 $ 3,904,611 $ 3,534,597 |
Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements | The following table summarizes transactions with related parties that are reflected in the Partnership’s consolidated financial statements for the years ended December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Partnership administrative fees paid to AFCA 2 (1) $ 3,721,000 $ 3,576,000 $ 2,773,000 Property management fees paid to an affiliate (2) 190,000 390,000 555,000 Consulting fees paid to an affiliate (3) - 921,000 1,186,000 Construction fees paid to an affiliate (4) - 63,000 - Due diligence services revenue received from an affiliate (5) - 128,000 - Reimbursement of franchise margin taxes paid on behalf of unconsolidated entities (6) 77,000 - - (1) The General Partner of the Partnership, AFCA 2, is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within general and administrative expenses on the Partnership’s consolidated statements of operations. (2) An affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). The property management fees are reported within real estate operating expenses in the Partnership’s consolidated statements of operations. (3) An affiliate of AFCA 2, Farnam Capital Advisors (“FCA”), provides consulting services when certain debt financing facilities are acquired by the Partnership. These fees were capitalized as deferred financing costs in the Partnership’s consolidated balance sheets. (4) An affiliate of AFCA 2, Burlington Capital Construction Services, LLC, was the general contractor for certain exterior rehabilitation services for the Jade Park MF Property. These service fees were capitalized as real estate assets in the Partnership’s consolidated balance sheets. (5) 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 fees earned were reported within other income on the Partnership’s consolidated statements of operations. (6) The Partnership pays franchise margin taxes on revenues in certain jurisdictions relating to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. The Partnership is then reimbursed for franchise margin taxes paid on behalf of the unconsolidated entities. |
Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates | The following table summarizes transactions between borrowers of the Partnership’s MRBs and affiliates for the years ended December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Non-Partnership property administrative fees received by AFCA 2 (1) $ 69,000 $ 173,000 $ 95,000 Investment/mortgage placement fees received by AFCA 2 (2) 2,873,000 1,814,000 2,079,000 MRB redemption administrative fee received by AFCA 2 (3) 283,000 300,000 - Consulting fees received by an affiliate (4) - 705,000 1,040,000 Negotiated placement fee to AFCA 2 (5) - - 125,000 Negotiated origination fee to an affiliate (6) - - 125,000 (1) AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs, investments in unconsolidated entities and certain property loans. (3) AFCA 2 rec eived one-time administrative fees related to early redemptions of the Lake Forest MRB in September 2018 and the Vantage at Judson MRBs in December 2018. (4) FCA received consulting fees in connection with the acquisition of certain MRBs, investments in unconsolidated entities and certain property loans. (5) AFCA 2 received a one-time negotiated mortgage placement fee related to work performed for a transaction that did not materialize during the year ended December 31, 2016. (6) FCA received a one-time origination fee for work performed related to a transaction that did not materialize during the year ended December 31, 2016. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Fair Value Measurements [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis as of December 31, 2018 are summarized as follows: Fair Value Measurements as of December 31, 2018 Description Assets 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 Mortgage revenue bonds, held in trust $ 645,258,873 $ - $ - $ 645,258,873 Mortgage revenue bonds 86,894,562 - - 86,894,562 PHC Certificates 48,672,086 - - 48,672,086 Taxable mortgage revenue bonds (reported within other assets) 1,409,895 - - 1,409,895 Derivative instruments (reported within other assets) 626,633 - - 626,633 Total Assets at Fair Value, net $ 782,862,049 $ - $ - $ 782,862,049 Assets and liabilities measured at fair value on a recurring basis as of December 31, 2017 are summarized as follows: Fair Value Measurements as of December 31, 2017 Description Assets (Liabilities) at Fair Value Quoted Prices in Active Markets for Identical Assets (Liabilities) (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 instruments (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 |
Summary of Activity Related to Level 3 Assets and Liabilities | The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2018: For the Years Ended December 31, 2018 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, 2018 $ 788,621,707 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,458,663 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 144,692 - (77,096 ) - 724,579 792,175 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive income (14,560,720 ) (3,002,540 ) 950,228 (32,756 ) - (16,645,788 ) Purchases 41,708,000 - - - - 41,708,000 Settlements (83,760,244 ) - (701,614 ) (979,808 ) 131,685 (85,309,981 ) Ending Balance December 31, 2018 $ 732,153,435 $ - $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on December 31, 2018 $ - $ - $ (1,141,020 ) $ - $ 724,579 $ (416,441 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. The following table 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 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 include 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 table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2016: For the Years 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 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 include 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 as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 541,322,765 $ 550,766,809 $ 608,328,347 $ 618,412,150 Mortgages payable and other secured financing 27,454,375 27,552,748 35,540,174 35,767,924 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Summary of Partnership Reportable Segment Information | The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2018, 2017 and 2016: For the Years Ended December 31, 2018 2017 2016 Total revenues Mortgage Revenue Bond Investments $ 57,625,273 $ 49,100,423 $ 36,673,232 MF Properties 9,149,105 13,677,635 17,404,439 Public Housing Capital Fund Trust 2,479,494 2,951,735 2,888,035 MBS Securities Investments - - 17,921 Other Investments 12,101,704 4,651,752 1,995,123 Total revenues $ 81,355,576 $ 70,381,545 $ 58,978,750 Interest expense Mortgage Revenue Bond Investments $ 20,687,812 $ 18,705,398 $ 11,904,616 MF Properties 1,569,744 2,099,840 2,200,531 Public Housing Capital Fund Trust 932,456 1,350,205 1,349,800 MBS Securities Investments - - 14,692 Other Investments - - - Total interest expense $ 23,190,012 $ 22,155,443 $ 15,469,639 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - MF Properties 3,488,058 4,949,935 5,980,483 Public Housing Capital Fund Trust - - - MBS Securities Investments - - - Other Investments - - - Total depreciation expense $ 3,488,058 $ 4,949,935 $ 5,980,483 Partnership net income (loss) Mortgage Revenue Bond Investments $ 22,048,372 $ 15,438,583 $ 11,755,639 MF Properties 3,676,560 9,668,051 8,443,527 Public Housing Capital Fund Trust 406,019 839,570 1,538,234 MBS Securities Investments - - 51,984 Other Investments 15,008,578 4,644,994 1,995,123 Partnership net income $ 41,139,529 $ 30,591,198 $ 23,784,507 The following table details total assets for the Partnership’s reportable segments as of December 31, 2018 and 2017: December 31, 2018 December 31, 2017 Total assets Mortgage Revenue Bond Investments $ 864,311,647 $ 937,565,390 MF Properties 71,120,280 83,514,758 Public Housing Capital Fund Trust Certificates 48,942,334 49,918,434 Other Investments 85,048,514 55,573,834 Consolidation/eliminations (86,709,529 ) (56,804,417 ) Total assets $ 982,713,246 $ 1,069,767,999 |
Summary of Unaudited Quarterl_2
Summary of Unaudited Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2018 March 31, June 30, September 30, December 31, Revenues and other income $ 16,458,034 $ 15,785,165 $ 30,052,544 $ 26,015,349 Income from continuing operations 6,004,304 3,338,121 17,883,055 13,914,049 Net income $ 6,004,304 $ 3,338,121 $ 17,883,055 $ 13,914,049 Income from continuing operations, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22 Net income, basic and diluted, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22 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 Net income $ 7,360,515 $ 4,109,400 $ 3,545,483 $ 15,647,453 Income from continuing operations, per BUC $ 0.10 $ 0.06 $ 0.05 $ 0.23 Net income, basic and diluted, per BUC $ 0.10 $ 0.06 $ 0.05 $ 0.23 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Summary of Subsequent Mortgage Revenue Bonds Acquisitions | The following table summarizes the MRBs acquired by the Partnership subsequent to December 31, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Gateway Village - Series A February Hillsborough, NC 64 4/1/2032 6.10 % $ 2,600,000 Lynnhaven - Series A February Durham, NC 75 4/1/2032 6.10 % 3,450,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |||||||
Dec. 31, 2018USD ($)Propertyshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Jan. 01, 2019USD ($) | Sep. 30, 2018 | Jan. 01, 2018USD ($) | Nov. 30, 2017 | Mar. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Cash, FDIC Insured Amount | $ 250,000 | |||||||
Cumulative adjustment to partners' capital | $ (216,948) | |||||||
ASU 2017-08 [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Cumulative adjustment to partners' capital | $ 217,000 | |||||||
Decrease in investment income | 68,000 | |||||||
Mortgage Revenue Bonds [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Contingent interest provisions | $ 0 | |||||||
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 | |||||
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 | |||||||
Greens Hold Co [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Number of Real Estate Properties | Property | 1 | |||||||
Ownership interest percentage in MF property | 100.00% | |||||||
Greens Hold Co [Member] | ASU 2016-02 [Member] | Subsequent Event [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Operating leases, right-of-use assets | $ 1,700,000 | |||||||
Operating leases, liabilities for current leases | $ 2,100,000 | |||||||
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% | |||||||
Greens Hold Co [Member] | Jade Park [Member] | ||||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||||
Ownership interest percentage in MF property | 100.00% |
Partnership Income Allocation_3
Partnership Income Allocation and Cash Distributions - Additional Information (Details) | Dec. 31, 2018 | Mar. 30, 2016 |
Partners capital account, fixed rate | 3.00% | |
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 Allocation_4
Partnership Income Allocation and Cash Distributions Cash Distributions - Schedule of Distributions Paid or Accrued per Beneficial Unit Certificates (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Dilutive BUCs | 0 | 0 | 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - Property | Dec. 31, 2018 | Dec. 31, 2017 |
Variable Interest Entities [Abstract] | ||
Number of Variable Interest Entities | 17 | 23 |
Variable Interest Entities - Va
Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 136,692,941 | $ 201,777,735 |
Mortgage Revenue Bonds [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 51,791,000 | 146,344,195 |
Property Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 8,367,635 | 15,824,613 |
Investment in Unconsolidated Entities [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 76,534,306 | $ 39,608,927 |
Investments in Mortgage Reven_3
Investments in Mortgage Revenue Bonds - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Contingent interest income | $ 9,322,849 | $ 2,927,948 | $ 1,379,466 |
Investment income | 51,479,641 | 48,225,068 | $ 36,892,996 |
Lake Forest [Member] | Daytona Florida [Member] | Mortgage Revenue Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Contingent interest income | 4,200,000 | ||
Lake Forest [Member] | Daytona Florida [Member] | Mortgage Revenue Bonds [Member] | Other Income [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Gain on early redemption of mortgage revenue bonds | 1,500,000 | ||
Vantage at Judson [Member] | San Antonio, TX [Member] | Mortgage Revenue Bonds [Member] | Series B [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Gain on early redemption of mortgage revenue bonds | 2,200,000 | ||
Vantage at Harlingen [Member] | TX [Member] | Mortgage Revenue Bonds Held In Trust [Member] | Other Income [Member] | Series B [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Gain on early redemption of mortgage revenue bonds | 424,000 | ||
Avistar at Chase Hill [Member] | TX [Member] | Mortgage Revenue Bonds Held In Trust [Member] | Series B [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Investment income | 101,000 | ||
Avistar at Chase Hill [Member] | TX [Member] | Mortgage Revenue Bonds Held In Trust [Member] | Other Income [Member] | Series B [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Gain on early redemption of mortgage revenue bonds | 200,000 | ||
Ashley Square [Member] | Des Moines, Iowa [Member] | Mortgage Revenue Bonds Held In Trust [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Contingent interest income | $ 2,900,000 | ||
Heights at 515 [Member] | TX [Member] | Series B [Member] | Mortgage Revenue Bonds Held In Trust [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Principal Outstanding | $ 510,000 |
Investments in Mortgage Reven_4
Investments in Mortgage Revenue Bonds - Information Regarding MRBs Owned (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | |||
Mortgage Revenue Bonds Held In Trust [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | $ 586,445,474 | $ 639,438,294 | |||
Cumulative Unrealized Gain | 58,813,399 | 71,429,153 | |||
Estimated Fair Value | 645,258,873 | 710,867,447 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Courtyard [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 10,230,000 | |||
Cumulative Unrealized Gain | [1] | 954,573 | |||
Estimated Fair Value | [1] | 11,184,573 | |||
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 | [2] | 16,458,000 | |||
Cumulative Unrealized Gain | [2] | 1,226,192 | |||
Estimated Fair Value | [2] | 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 | [3] | 11,194,690 | 11,342,234 | ||
Cumulative Unrealized Gain | [3] | 1,399,461 | 1,693,626 | ||
Estimated Fair Value | [3] | 12,594,151 | 13,035,860 | ||
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 | 3,730,000 | [1] | 3,730,000 | [2] | |
Cumulative Unrealized Gain | 312,844 | [1] | 430,637 | [2] | |
Estimated Fair Value | 4,042,844 | [1] | 4,160,637 | [2] | |
Mortgage Revenue Bonds Held In Trust [Member] | Harmony Terrace [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 6,900,000 | |||
Cumulative Unrealized Gain | [1] | 647,686 | |||
Estimated Fair Value | [1] | 7,547,686 | |||
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 | [2] | 14,300,000 | |||
Cumulative Unrealized Gain | [2] | 871,221 | |||
Estimated Fair Value | [2] | 15,171,221 | |||
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 | [3] | 9,357,374 | 9,456,384 | ||
Cumulative Unrealized Gain | [3] | 1,036,288 | 1,187,142 | ||
Estimated Fair Value | [3] | 10,393,662 | 10,643,526 | ||
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 | [3] | 7,558,240 | 7,635,895 | ||
Cumulative Unrealized Gain | [3] | 706,970 | 938,465 | ||
Estimated Fair Value | [3] | 8,265,210 | 8,574,360 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Las Palmas II [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 1,692,774 | |||
Cumulative Unrealized Gain | [1] | 141,187 | |||
Estimated Fair Value | [1] | 1,833,961 | |||
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 | [2] | 3,465,000 | |||
Cumulative Unrealized Gain | [2] | 193,418 | |||
Estimated Fair Value | [2] | 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] | 4,325,536 | |||
Cumulative Unrealized Gain | [1] | 655,326 | |||
Estimated Fair Value | [1] | 4,980,862 | |||
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 | [4] | 13,114,418 | 13,233,665 | ||
Cumulative Unrealized Gain | [4] | 1,232,292 | 932,753 | ||
Estimated Fair Value | [4] | 14,346,710 | 14,166,418 | ||
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 | 3,598,006 | [1] | 3,632,000 | [2] | |
Cumulative Unrealized Gain | 363,405 | [1] | 490,314 | [2] | |
Estimated Fair Value | 3,961,411 | [1] | 4,122,314 | [2] | |
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 | [3] | 6,526,247 | 6,593,300 | ||
Cumulative Unrealized Gain | [3] | 525,939 | 716,944 | ||
Estimated Fair Value | [3] | 7,052,186 | 7,310,244 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Montecito at Williams Ranch Apartments [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 7,690,000 | |||
Cumulative Unrealized Gain | [2] | 973,133 | |||
Estimated Fair Value | [2] | 8,663,133 | |||
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 | [3] | 15,941,296 | 16,109,972 | ||
Cumulative Unrealized Gain | [3] | 1,628,269 | 1,947,465 | ||
Estimated Fair Value | [3] | 17,569,565 | 18,057,437 | ||
Mortgage Revenue Bonds Held In Trust [Member] | San Vicente [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 3,490,410 | |||
Cumulative Unrealized Gain | [1] | 291,121 | |||
Estimated Fair Value | [1] | 3,781,531 | |||
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 | [2] | 5,320,000 | |||
Cumulative Unrealized Gain | [2] | 309,038 | |||
Estimated Fair Value | [2] | 5,629,038 | |||
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 | [3] | 5,221,971 | 5,275,623 | ||
Cumulative Unrealized Gain | [3] | 557,084 | 648,383 | ||
Estimated Fair Value | [3] | 5,779,055 | 5,924,006 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Bridle Ridge [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 7,395,000 | 7,465,000 | ||
Cumulative Unrealized Gain | [5] | 90,349 | 1,199 | ||
Estimated Fair Value | [5] | 7,485,349 | 7,466,199 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Seasons Lakewood [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 7,350,000 | |||
Cumulative Unrealized Gain | [1] | 654,929 | |||
Estimated Fair Value | [1] | 8,004,929 | |||
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 | [2] | 12,610,000 | |||
Cumulative Unrealized Gain | [2] | 884,537 | |||
Estimated Fair Value | [2] | 13,494,537 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 7,432,076 | 7,450,595 | ||
Cumulative Unrealized Gain | [5] | 1,956,010 | 2,017,019 | ||
Estimated Fair Value | [5] | 9,388,086 | 9,467,614 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Seasons San Juan Capistrano [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 12,375,000 | |||
Cumulative Unrealized Gain | [1] | 1,102,687 | |||
Estimated Fair Value | [1] | 13,477,687 | |||
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 | [2] | 18,949,000 | |||
Cumulative Unrealized Gain | [2] | 1,233,570 | |||
Estimated Fair Value | [2] | 20,182,570 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apartments [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 17,933,482 | [1] | 18,051,775 | [2] | |
Cumulative Unrealized Gain | 2,046,056 | [1] | 3,042,939 | [2] | |
Estimated Fair Value | 19,979,538 | [1] | 21,094,714 | [2] | |
Mortgage Revenue Bonds Held In Trust [Member] | Summerhill [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 6,423,000 | |||
Cumulative Unrealized Gain | [1] | 508,639 | |||
Estimated Fair Value | [1] | 6,931,639 | |||
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 | [2] | 9,795,000 | |||
Cumulative Unrealized Gain | [2] | 738,806 | |||
Estimated Fair Value | [2] | 10,533,806 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 13,222,480 | [1] | 13,396,856 | [2] | |
Cumulative Unrealized Gain | 1,396,828 | [1] | 1,413,831 | [2] | |
Estimated Fair Value | 14,619,308 | [1] | 14,810,687 | [2] | |
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 | 19,144,400 | [1] | 19,185,000 | [2] | |
Cumulative Unrealized Gain | 2,222,555 | [1] | 2,759,654 | [2] | |
Estimated Fair Value | 21,366,955 | [1] | 21,944,654 | [2] | |
Mortgage Revenue Bonds Held In Trust [Member] | The Village at Madera [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 3,085,000 | |||
Cumulative Unrealized Gain | [1] | 229,934 | |||
Estimated Fair Value | [1] | 3,314,934 | |||
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 | [2] | 4,804,000 | |||
Cumulative Unrealized Gain | [2] | 355,303 | |||
Estimated Fair Value | [2] | 5,159,303 | |||
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 | 13,411,558 | [1] | 13,440,000 | [2] | |
Cumulative Unrealized Gain | 1,617,217 | [1] | 1,999,572 | [2] | |
Estimated Fair Value | 15,028,775 | [1] | 15,439,572 | [2] | |
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 | 20,775,940 | [1] | 20,820,000 | [2] | |
Cumulative Unrealized Gain | 2,505,243 | [1] | 2,994,839 | [2] | |
Estimated Fair Value | 23,281,183 | [1] | 23,814,839 | [2] | |
Mortgage Revenue Bonds Held In Trust [Member] | Vineyard Gardens | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 3,995,000 | |||
Cumulative Unrealized Gain | [2] | 534,351 | |||
Estimated Fair Value | [2] | 4,529,351 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Copper Gate [Member] | IN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [3] | 5,055,000 | |||
Cumulative Unrealized Gain | [3] | 643,012 | |||
Estimated Fair Value | [3] | 5,698,012 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 6,143,919 | 6,136,553 | ||
Cumulative Unrealized Gain | [5] | 2,540,949 | 2,850,344 | ||
Estimated Fair Value | [5] | 8,684,868 | 8,986,897 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Lake Forest [Member] | FL [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 8,505,000 | |||
Cumulative Unrealized Gain | [5] | 1,579,885 | |||
Estimated Fair Value | [5] | 10,084,885 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 22,630,276 | [1] | 22,794,912 | [2] | |
Cumulative Unrealized Gain | 1,945,516 | [1] | 2,985,955 | [2] | |
Estimated Fair Value | 24,575,792 | [1] | 25,780,867 | [2] | |
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 | [4] | 4,581,930 | 4,627,228 | ||
Cumulative Unrealized Gain | [4] | 524,024 | 523,464 | ||
Estimated Fair Value | [4] | 5,105,954 | 5,150,692 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Greens Property [Member] | Series A [Member] | NC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [3] | 8,032,000 | 8,126,000 | ||
Cumulative Unrealized Gain | [3] | 818,686 | 1,113,852 | ||
Estimated Fair Value | [3] | 8,850,686 | 9,239,852 | ||
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] | 11,294,928 | |||
Cumulative Unrealized Gain | [1] | 1,148,219 | |||
Estimated Fair Value | [1] | 12,443,147 | |||
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 | [3] | 6,775,508 | 6,845,985 | ||
Cumulative Unrealized Gain | [3] | 1,007,557 | 1,182,914 | ||
Estimated Fair Value | [3] | 7,783,065 | 8,028,899 | ||
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 | [4] | 10,958,661 | 11,063,027 | ||
Cumulative Unrealized Gain | [4] | 893,881 | 993,609 | ||
Estimated Fair Value | [4] | 11,852,542 | 12,056,636 | ||
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 | [2] | 40,240,405 | 40,573,347 | ||
Cumulative Unrealized Gain | [2] | 2,873,978 | 3,710,942 | ||
Estimated Fair Value | [2] | 43,114,383 | 44,284,289 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Montclair Apartments [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [4] | 2,482,288 | 2,506,828 | ||
Cumulative Unrealized Gain | [4] | 246,752 | 398,840 | ||
Estimated Fair Value | [4] | 2,729,040 | 2,905,668 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova [Member] | TN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 10,027,413 | 10,038,889 | ||
Cumulative Unrealized Gain | [2] | 19,710 | 133,878 | ||
Estimated Fair Value | [2] | 10,047,123 | 10,172,767 | ||
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 | [5] | 13,989,000 | 14,113,000 | ||
Cumulative Unrealized Gain | [5] | 241,675 | 788,199 | ||
Estimated Fair Value | [5] | 14,230,675 | 14,901,199 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Renaissance [Member] | Series A [Member] | LA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [4] | 11,123,800 | 11,239,441 | ||
Cumulative Unrealized Gain | [4] | 1,383,680 | 2,096,328 | ||
Estimated Fair Value | [4] | 12,507,480 | 13,335,769 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 10,040,000 | 10,150,000 | ||
Cumulative Unrealized Gain | [5] | 64,280 | 79,514 | ||
Estimated Fair Value | [5] | 10,104,280 | 10,229,514 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Santa Fe Apartments [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [4] | 3,007,198 | 3,036,928 | ||
Cumulative Unrealized Gain | [4] | 401,203 | 535,673 | ||
Estimated Fair Value | [4] | 3,408,401 | 3,572,601 | ||
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 | 9,938,059 | [1] | 10,000,000 | [2] | |
Cumulative Unrealized Gain | 1,421,114 | [1] | 1,182,706 | [2] | |
Estimated Fair Value | 11,359,173 | [1] | 11,182,706 | [2] | |
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 | [4] | 7,822,610 | 7,879,590 | ||
Cumulative Unrealized Gain | [4] | 778,940 | 1,140,448 | ||
Estimated Fair Value | [4] | 8,601,550 | 9,020,038 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 11,623,649 | 11,693,138 | ||
Cumulative Unrealized Gain | [5] | 2,482,923 | 2,960,294 | ||
Estimated Fair Value | [5] | 14,106,572 | 14,653,432 | ||
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 | [3] | 19,044,617 | 19,238,297 | ||
Cumulative Unrealized Gain | [3] | 2,194,791 | 2,712,429 | ||
Estimated Fair Value | [3] | 21,239,408 | 21,950,726 | ||
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 | [3] | 5,903,368 | |||
Cumulative Unrealized Gain | [3] | 731,073 | |||
Estimated Fair Value | [3] | 6,634,441 | |||
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 | [2] | 10,000,000 | 10,000,000 | ||
Cumulative Unrealized Gain | [2] | 589,196 | 628,644 | ||
Estimated Fair Value | [2] | 10,589,196 | 10,628,644 | ||
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 | [3] | 3,857,839 | 3,898,427 | ||
Cumulative Unrealized Gain | [3] | 483,436 | 568,423 | ||
Estimated Fair Value | [3] | 4,341,275 | 4,466,850 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 13,040,029 | [1] | 13,212,587 | [2] | |
Cumulative Unrealized Gain | 1,375,542 | [1] | 1,391,536 | [2] | |
Estimated Fair Value | 14,415,571 | [1] | 14,604,123 | [2] | |
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 | [2] | 3,775,000 | 3,775,000 | ||
Cumulative Unrealized Gain | [2] | 206,263 | 125,170 | ||
Estimated Fair Value | [2] | 3,981,263 | 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 | 7,474,716 | [1] | 7,540,000 | [2] | |
Cumulative Unrealized Gain | 600,738 | [1] | 634,091 | [2] | |
Estimated Fair Value | 8,075,454 | [1] | 8,174,091 | [2] | |
Mortgage Revenue Bonds Held In Trust [Member] | Woodlynn Village [Member] | MN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 4,221,000 | 4,267,000 | ||
Cumulative Unrealized Gain | [5] | 34,155 | 44,428 | ||
Estimated Fair Value | [5] | 4,255,155 | 4,311,428 | ||
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 | [2] | 31,850,000 | 31,850,000 | ||
Cumulative Unrealized Gain | [2] | 1,624,687 | 1,865,826 | ||
Estimated Fair Value | [2] | 33,474,687 | 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 | 6,843,232 | [1] | 6,903,000 | [2] | |
Cumulative Unrealized Gain | 722,522 | [1] | 580,522 | [2] | |
Estimated Fair Value | 7,565,754 | [1] | 7,483,522 | [2] | |
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 | 9,737,418 | [1] | 9,797,833 | [2] | |
Cumulative Unrealized Gain | 1,480,489 | [1] | 1,839,648 | [2] | |
Estimated Fair Value | 11,217,907 | [1] | 11,637,481 | [2] | |
Mortgage Revenue Bonds Held In Trust [Member] | Esperanza at Palo Alto [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 19,487,713 | |||
Cumulative Unrealized Gain | [1] | 2,350,453 | |||
Estimated Fair Value | [1] | 21,838,166 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Oaks at Georgetown [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 12,330,000 | |||
Cumulative Unrealized Gain | [1] | 693,579 | |||
Estimated Fair Value | [1] | 13,023,579 | |||
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 | [2] | 17,842,000 | |||
Cumulative Unrealized Gain | [2] | 915,705 | |||
Estimated Fair Value | [2] | 18,757,705 | |||
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 | [3] | 5,965,475 | |||
Cumulative Unrealized Gain | [3] | 807,688 | |||
Estimated Fair Value | [3] | 6,773,163 | |||
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 | [2] | 4,366,195 | |||
Cumulative Unrealized Gain | [2] | 807,864 | |||
Estimated Fair Value | [2] | 5,174,059 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Bella Vista [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 6,295,000 | |||
Cumulative Unrealized Gain | [5] | 42,718 | |||
Estimated Fair Value | [5] | 6,337,718 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Copper Gate [Member] | IN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [3] | 5,100,000 | |||
Cumulative Unrealized Gain | [3] | 778,339 | |||
Estimated Fair Value | [3] | 5,878,339 | |||
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 | [2] | 11,404,758 | |||
Cumulative Unrealized Gain | [2] | 1,284,441 | |||
Estimated Fair Value | [2] | 12,689,199 | |||
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 | [4] | 26,133,557 | |||
Cumulative Unrealized Gain | [4] | 3,117,969 | |||
Estimated Fair Value | [4] | 29,251,526 | |||
Mortgage Revenue Bonds [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 87,142,842 | 76,274,522 | |||
Cumulative Unrealized Gain | 1,809,746 | 1,697,303 | |||
Cumulative Unrealized Loss | (2,058,026) | (617) | |||
Estimated Fair Value | 86,894,562 | 77,971,208 | |||
Mortgage Revenue Bonds [Member] | Courtyard [Member] | Series B [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 6,228,000 | ||||
Cumulative Unrealized Gain | 2,450 | ||||
Estimated Fair Value | 6,230,450 | ||||
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 | 745,358 | 749,455 | |||
Cumulative Unrealized Gain | 50,965 | 58,871 | |||
Estimated Fair Value | 796,323 | 808,326 | |||
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 | 545,321 | 548,202 | |||
Cumulative Unrealized Gain | 28,738 | 41,286 | |||
Estimated Fair Value | 574,059 | 589,488 | |||
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 | 124,600 | 124,861 | |||
Cumulative Unrealized Gain | 32,220 | 30,715 | |||
Estimated Fair Value | 156,820 | 155,576 | |||
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 | ||||
Cumulative Unrealized Loss | (151) | ||||
Estimated Fair Value | 1,814,849 | ||||
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 | 449,841 | 452,217 | |||
Cumulative Unrealized Gain | 18,742 | 28,675 | |||
Estimated Fair Value | 468,583 | 480,892 | |||
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] | Avistar on the Boulevard [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 442,894 | 445,328 | |||
Cumulative Unrealized Gain | 27,023 | 33,232 | |||
Estimated Fair Value | 469,917 | 478,560 | |||
Mortgage Revenue Bonds [Member] | Seasons San Juan Capistrano [Member] | Series B [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 5,574,000 | ||||
Cumulative Unrealized Loss | (1,078) | ||||
Estimated Fair Value | 5,572,922 | ||||
Mortgage Revenue Bonds [Member] | Vineyard Gardens | 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] | Greens Property [Member] | Series B [Member] | NC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 933,928 | 937,399 | |||
Cumulative Unrealized Gain | 149,789 | 193,991 | |||
Estimated Fair Value | 1,083,717 | 1,131,390 | |||
Mortgage Revenue Bonds [Member] | Ohio Properties [Member] | Series B [Member] | OH [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 3,520,900 | 3,536,060 | |||
Cumulative Unrealized Gain | 51,334 | 149,630 | |||
Estimated Fair Value | 3,572,234 | 3,685,690 | |||
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 | 9,750,000 | |||
Cumulative Unrealized Loss | (644,962) | ||||
Estimated Fair Value | 9,105,038 | 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 | 22,700,000 | |||
Cumulative Unrealized Loss | (1,411,986) | ||||
Estimated Fair Value | 21,288,014 | 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 Wilcrest [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 1,550,000 | 1,550,000 | |||
Cumulative Unrealized Gain | 4,013 | 5,306 | |||
Estimated Fair Value | 1,554,013 | 1,555,306 | |||
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 | 8,410,000 | |||
Cumulative Unrealized Gain | 23,940 | 30,276 | |||
Estimated Fair Value | 8,433,940 | 8,440,276 | |||
Mortgage Revenue Bonds [Member] | Solano Vista [Member] | Series A and B [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 5,768,000 | ||||
Estimated Fair Value | 5,768,000 | ||||
Mortgage Revenue Bonds [Member] | Village at Avalon [Member] | Series A [Member] | NM [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 16,400,000 | ||||
Cumulative Unrealized Gain | 1,408,802 | ||||
Estimated Fair Value | 17,808,802 | ||||
Mortgage Revenue Bonds [Member] | Avistar at Copperfield - Series B [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 4,000,000 | ||||
Cumulative Unrealized Gain | 11,730 | ||||
Estimated Fair Value | $ 4,011,730 | ||||
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 | ||||
[1] | MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 14 | ||||
[2] | MRB held by Deutsche Bank in a secured financing transaction, see Note 14 | ||||
[3] | MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 14 | ||||
[4] | MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 14 | ||||
[5] | MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 14 |
Investments in Mortgage Reven_5
Investments in Mortgage Revenue Bonds - Mortgage Revenue Bonds Acquisitions (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Unit | Dec. 31, 2017USD ($)Unit | ||
Schedule Of Available For Sale Securities [Line Items] | |||
Units | Unit | 2,886 | ||
Principal Outstanding at Date of Acquisition | $ | $ 41,708,000 | $ 121,347,000 | |
Esperanza at Palo Alto [Member] | San Antonio, TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | [1] | May | |
Units | Unit | [1] | 322 | |
Maturity Date | [1] | Jul. 1, 2058 | |
Base Interest Rate | [1] | 5.80% | |
Principal Outstanding at Date of Acquisition | $ | [1] | $ 19,540,000 | |
Solano Vista [Member] | Series A [Member] | Vallejo, CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units | Unit | 96 | ||
Maturity Date | Jan. 1, 2036 | ||
Base Interest Rate | 5.85% | ||
Principal Outstanding at Date of Acquisition | $ | $ 2,665,000 | ||
Solano Vista [Member] | Series B [Member] | Vallejo, CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units | Unit | 96 | ||
Maturity Date | Jan. 1, 2021 | ||
Base Interest Rate | 5.85% | ||
Principal Outstanding at Date of Acquisition | $ | $ 3,103,000 | ||
Village at Avalon [Member] | Albuquerque, NM [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | [1] | December | |
Units | Unit | [1] | 240 | |
Maturity Date | [1] | Jan. 1, 2059 | |
Base Interest Rate | [1] | 5.80% | |
Principal Outstanding at Date of Acquisition | $ | [1] | $ 16,400,000 | |
Avistar at Copperfield [Member] | Series A [Member] | Houston, Texas [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units | 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 | 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 | 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 | 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 | 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 | 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 | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | September | ||
Units | 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 | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | September | ||
Units | 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, SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | [2] | November | |
Units | Unit | [2] | 124 | |
Maturity Date | [2] | Jun. 1, 2033 | |
Base Interest Rate | [2] | 6.00% | |
Principal Outstanding at Date of Acquisition | $ | [2] | $ 10,000,000 | |
Rosewood Townhomes [Member] | Series A [Member] | Goose Creek, SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units | 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, SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units | 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 | 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 | Unit | 256 | ||
Maturity Date | Aug. 1, 2055 | ||
Base Interest Rate | 12.00% | ||
Principal Outstanding at Date of Acquisition | $ | $ 1,100,000 | ||
Vineyard Gardens | Series A [Member] | Oxnard, CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units | Unit | 62 | ||
Maturity Date | Jan. 1, 2035 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ | $ 3,995,000 | ||
Vineyard Gardens | Series B [Member] | Oxnard, CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units | Unit | 62 | ||
Maturity Date | Jan. 1, 2020 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ | $ 2,846,000 | ||
[1] | Previously reported bond purchase commitment that converted to an MRB. | ||
[2] | Previously reported bond purchase commitment that converted to an MRB . |
Investments in Mortgage Reven_6
Investments in Mortgage Revenue Bonds - Schedule of MRBs Redeemed (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)Unit | Dec. 31, 2017USD ($)Unit | |
Schedule Of Available For Sale Securities [Line Items] | ||
Units | 2,886 | |
Montecito at Williams Ranch Apartments [Member] | Series B [Member] | Salinas California | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Units | 132 | |
Maturity Date | Oct. 1, 2019 | |
Base Interest Rate | 5.50% | |
Montecito at Williams Ranch Apartments [Member] | Series A [Member] | Salinas California | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Units | 132 | |
Maturity Date | Oct. 1, 2034 | |
Base Interest Rate | 5.50% | |
Vineyard Gardens | Series B [Member] | Oxnard, CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Units | 62 | |
Maturity Date | Jan. 1, 2020 | |
Base Interest Rate | 5.50% | |
Vineyard Gardens | Series A [Member] | Oxnard, CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Units | 62 | |
Maturity Date | Jan. 1, 2035 | |
Base Interest Rate | 5.50% | |
Mortgage Revenue Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Principal Outstanding at Date of Redemption | $ | $ 78,774,568 | $ 42,387,583 |
Mortgage Revenue Bonds [Member] | Sycamore Walk [Member] | Series B [Member] | Bakersfield, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | January | |
Units | 112 | |
Maturity Date | Jan. 1, 2018 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 1,815,000 | |
Mortgage Revenue Bonds [Member] | Seasons Lakewood [Member] | Series B [Member] | Lakewood, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | March | |
Units | 85 | |
Maturity Date | Jan. 1, 2019 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 5,260,000 | |
Mortgage Revenue Bonds [Member] | Summerhill [Member] | Series B [Member] | Bakersfield, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | March | |
Units | 128 | |
Maturity Date | Dec. 1, 2018 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 3,372,000 | |
Mortgage Revenue Bonds [Member] | Oaks at Georgetown [Member] | Series B [Member] | Georgetown, Texas [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | April | |
Units | 192 | |
Maturity Date | Jan. 1, 2019 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 5,512,000 | |
Mortgage Revenue Bonds [Member] | Seasons at Simi Valley [Member] | Series B [Member] | Simi Valley, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | April | |
Units | 69 | |
Maturity Date | Sep. 1, 2018 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 1,944,000 | |
Mortgage Revenue Bonds [Member] | San Vicente [Member] | Series B [Member] | Soledad, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | May | |
Units | 50 | |
Maturity Date | Nov. 1, 2018 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 1,825,000 | |
Mortgage Revenue Bonds [Member] | The Village at Madera [Member] | Series B [Member] | Madera, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | May | |
Units | 75 | |
Maturity Date | Dec. 1, 2018 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 1,719,000 | |
Mortgage Revenue Bonds [Member] | Las Palmas Series B [Member] | Series B [Member] | Coachella, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | July | |
Units | 81 | |
Maturity Date | Nov. 1, 2018 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 1,770,000 | |
Mortgage Revenue Bonds [Member] | Harmony Terrace B [Member] | Series B [Member] | Simi Valley, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | August | |
Units | 136 | |
Maturity Date | Jan. 1, 2019 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 7,400,000 | |
Mortgage Revenue Bonds [Member] | Lake Forest [Member] | Daytona Florida [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | September | |
Units | 240 | |
Maturity Date | Dec. 1, 2031 | |
Base Interest Rate | 6.25% | |
Principal Outstanding at Date of Redemption | $ | $ 8,397,000 | |
Mortgage Revenue Bonds [Member] | Bella Vista [Member] | Gainesville, TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | October | |
Units | 144 | |
Maturity Date | Apr. 1, 2046 | |
Base Interest Rate | 6.15% | |
Principal Outstanding at Date of Redemption | $ | $ 6,225,000 | |
Mortgage Revenue Bonds [Member] | Montecito at Williams Ranch Apartments [Member] | Series B [Member] | Salinas California | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | December | |
Units | 132 | |
Maturity Date | Oct. 1, 2019 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 4,781,000 | |
Mortgage Revenue Bonds [Member] | Vantage at Judson [Member] | Series B [Member] | San Antonio, TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | December | |
Units | 288 | |
Maturity Date | Jan. 1, 2053 | |
Base Interest Rate | 6.00% | |
Principal Outstanding at Date of Redemption | $ | $ 25,908,568 | |
Mortgage Revenue Bonds [Member] | Vineyard Gardens | Series B [Member] | Oxnard, CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | December | |
Units | 62 | |
Maturity Date | Jan. 1, 2020 | |
Base Interest Rate | 5.50% | |
Principal Outstanding at Date of Redemption | $ | $ 2,846,000 | |
Mortgage Revenue Bonds [Member] | Harmony Court Bakersfield [Member] | Series B [Member] | Bakersfield, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | August | |
Units | 96 | |
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, TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | October | |
Units | 288 | |
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 | 144 | |
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, TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | November | |
Units | 232 | |
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, TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | November | |
Units | 232 | |
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, TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | November | |
Units | 112 | |
Maturity Date | Jan. 1, 2053 | |
Base Interest Rate | 12.00% | |
Principal Outstanding at Date of Redemption | $ | $ 335,000 |
Investments in Mortgage Reven_7
Investments in Mortgage Revenue Bonds - Term of MRB Eliminated (Details) | 12 Months Ended | |
Dec. 31, 2017USD ($)Unit | Dec. 31, 2018Unit | |
Schedule Of Available For Sale Securities [Line Items] | ||
Units | 2,886 | |
Mortgage Revenue Bonds [Member] | Heights at 515 [Member] | Series B [Member] | San Antonio, TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Restructured | November | |
Units | 97 | |
Maturity Date | Jan. 1, 2053 | |
Base Interest Rate | 12.00% | |
Principal Outstanding at Date of Restructuring | $ | $ 510,000 |
Investments in Mortgage Reven_8
Investments in Mortgage Revenue Bonds - Schedule of Percentage of MRBs Principal Outstanding (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of available for sale securities by location | 43.00% | 44.00% |
CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of available for sale securities by location | 18.00% | 20.00% |
SC [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of available for sale securities by location | 17.00% | 16.00% |
Investments in Mortgage Reven_9
Investments in Mortgage Revenue Bonds - Description of Certain Terms of Partnership's MRBs (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | ||||
Summary Of Investment Holdings [Line Items] | |||||
Principal Outstanding | $ 677,698,116 | $ 719,750,361 | |||
15 West Apartments [Member] | Series A [Member] | Vancouver Washington | |||||
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 | $ 9,737,418 | [1] | $ 9,797,833 | [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 | $ 11,115,410 | [3] | $ 11,237,041 | [4] | |
Avistar at Copperfield [Member] | Series A [Member] | Houston, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | [5] | 2,017 | [2] | |
Maturity Date | May 1, 2054 | [5] | May 1, 2054 | [2] | |
Base Interest Rate | 5.75% | [5] | 5.75% | [2] | |
Principal Outstanding | $ 10,000,000 | [5] | $ 10,000,000 | [2] | |
Avistar at Copperfield [Member] | Series B [Member] | Houston, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | 2,017 | |||
Maturity Date | Jun. 1, 2054 | Jun. 1, 2054 | |||
Base Interest Rate | 12.00% | 12.00% | |||
Principal Outstanding | $ 4,000,000 | $ 4,000,000 | |||
Avistar on the Boulevard [Member] | Series A [Member] | San Antonio, TX [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] | $ 15,941,296 | |||
Avistar at the Crest [Member] | Series A [Member] | San Antonio, TX [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 | $ 9,357,374 | [3] | $ 9,456,384 | [4] | |
Avistar (February 2013 Acquisition) [Member] | Series B [Member] | San Antonio, TX [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 | $ 1,188,251 | $ 1,194,783 | |||
Avistar at the Oaks [Member] | Series A [Member] | San Antonio, TX [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 | $ 7,558,240 | [3] | $ 7,635,895 | [4] | |
Avistar in 09 [Member] | Series A [Member] | San Antonio, TX [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 | $ 6,526,247 | [3] | $ 6,593,300 | [4] | |
Avistar on the Hills [Member] | Series A [Member] | San Antonio, TX [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 | $ 5,221,971 | [3] | $ 5,275,623 | [4] | |
Avistar (June 2013 Acquisition) [Member] | Series B [Member] | San Antonio, TX [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 | $ 995,162 | $ 1,000,419 | |||
Avistar at the Parkway [Member] | Series A [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,015 | 2,015 | ||
Maturity Date | [6] | May 1, 2052 | May 1, 2052 | ||
Base Interest Rate | [6] | 6.00% | 6.00% | ||
Principal Outstanding | [6] | $ 13,114,418 | $ 13,233,665 | ||
Avistar at the Parkway [Member] | Series B [Member] | San Antonio, TX [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 | $ 124,600 | $ 124,861 | |||
Avistar at Wilcrest [Member] | Series A [Member] | Houston, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | [5] | 2,017 | [2] | |
Maturity Date | May 1, 2054 | [5] | May 1, 2054 | [2] | |
Base Interest Rate | 5.75% | [5] | 5.75% | [2] | |
Principal Outstanding | $ 3,775,000 | [5] | $ 3,775,000 | [2] | |
Avistar at Wilcrest [Member] | Series B [Member] | Houston, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | 2,017 | |||
Maturity Date | Jun. 1, 2054 | Jun. 1, 2054 | |||
Base Interest Rate | 12.00% | 12.00% | |||
Principal Outstanding | $ 1,550,000 | $ 1,550,000 | |||
Bridle Ridge [Member] | Greer South Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2,008 | 2,008 | ||
Maturity Date | [7] | Jan. 1, 2043 | Jan. 1, 2043 | ||
Base Interest Rate | [7] | 6.00% | 6.00% | ||
Principal Outstanding | [7] | $ 7,395,000 | $ 7,465,000 | ||
Avistar at Wood Hollow [Member] | Series A [Member] | Austin, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | [5] | 2,017 | [2] | |
Maturity Date | May 1, 2054 | [5] | May 1, 2054 | [2] | |
Base Interest Rate | 5.75% | [5] | 5.75% | [2] | |
Principal Outstanding | $ 31,850,000 | [5] | $ 31,850,000 | [2] | |
Avistar at Wood Hollow [Member] | Series B [Member] | Austin, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | 2,017 | |||
Maturity Date | Jun. 1, 2054 | Jun. 1, 2054 | |||
Base Interest Rate | 12.00% | 12.00% | |||
Principal Outstanding | $ 8,410,000 | $ 8,410,000 | |||
Brookstone [Member] | Waukegan, Illinois [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2,009 | 2,009 | ||
Maturity Date | [7] | May 1, 2040 | May 1, 2040 | ||
Base Interest Rate | [7] | 5.45% | 5.45% | ||
Principal Outstanding | [7] | $ 8,876,298 | $ 8,979,174 | ||
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 | $ 17,933,482 | [1] | $ 18,051,775 | [2] | |
Columbia Gardens [Member] | Columbia, SC [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 | $ 13,061,000 | [1] | $ 13,193,000 | [2] | |
Companion at Thornhill Apartments [Member] | Lexington, South Carolina [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] | $ 11,294,928 | |||
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 | $ 19,144,400 | [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 | $ 13,411,558 | [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 | $ 20,775,940 | [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 | [2] | |
Maturity Date | Dec. 1, 2033 | [1] | Dec. 1, 2033 | [2] | |
Base Interest Rate | 5.00% | [1] | 5.00% | [2] | |
Principal Outstanding | $ 10,230,000 | [1] | $ 10,230,000 | [2] | |
Courtyard Apartments [Member] | Series B [Member] | Fullerton California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [5] | 2,016 | [2] | |
Maturity Date | Jun. 1, 2019 | [5] | Dec. 1, 2018 | [2] | |
Base Interest Rate | 8.00% | [5] | 8.00% | [2] | |
Principal Outstanding | $ 6,228,000 | [5] | $ 6,228,000 | [2] | |
Cross Creek [Member] | Beaufort, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2,009 | 2,009 | ||
Maturity Date | [7] | Mar. 1, 2049 | Mar. 1, 2049 | ||
Base Interest Rate | [7] | 6.15% | 6.15% | ||
Principal Outstanding | [7] | $ 8,072,754 | $ 8,168,529 | ||
Crossing at 1415 [Member] | Series A [Member] | San Antonio, TX [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 | $ 7,474,716 | [1] | $ 7,540,000 | [2] | |
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 | $ 22,630,276 | [1] | $ 22,794,912 | [2] | |
Glenview [Member] | Series A [Member] | Cameron California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,014 | 2,014 | ||
Maturity Date | [6] | Dec. 1, 2031 | Dec. 1, 2031 | ||
Base Interest Rate | [6] | 5.75% | 5.75% | ||
Principal Outstanding | [6] | $ 4,581,930 | $ 4,627,228 | ||
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 | $ 8,032,000 | [3] | $ 8,126,000 | [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 | 12.00% | 9.00% | |||
Principal Outstanding | $ 933,928 | $ 937,399 | |||
Esperanza at Palo Alto [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2,018 | |||
Maturity Date | [1] | Jul. 1, 2058 | |||
Base Interest Rate | [1] | 5.80% | |||
Principal Outstanding | [1] | $ 19,487,713 | |||
Harden Ranch [Member] | Series A [Member] | Salinas California | |||||
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 | $ 6,775,508 | [3] | $ 6,845,985 | [4] | |
Harmony Court Bakersfield [Member] | Series A [Member] | Bakersfield, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | [2] | |
Maturity Date | Dec. 1, 2033 | [1] | Dec. 1, 2033 | [2] | |
Base Interest Rate | 5.00% | [1] | 5.00% | [2] | |
Principal Outstanding | $ 3,730,000 | [1] | $ 3,730,000 | [2] | |
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] | 2,016 | |||
Maturity Date | [2] | Jan. 1, 2019 | |||
Base Interest Rate | [2] | 5.50% | |||
Principal Outstanding | [2] | $ 7,400,000 | |||
Heights at 515 [Member] | Series A [Member] | San Antonio, TX [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 | $ 6,843,232 | [1] | $ 6,903,000 | [2] | |
Heritage Square [Member] | Series A [Member] | Edinburg Texas | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,014 | 2,014 | ||
Maturity Date | [6] | Sep. 1, 2051 | Sep. 1, 2051 | ||
Base Interest Rate | [6] | 6.00% | 6.00% | ||
Principal Outstanding | [6] | $ 10,958,661 | $ 11,063,027 | ||
Las Palmas II [Member] | Series A [Member] | Coachella, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | [2] | |
Maturity Date | Nov. 1, 2033 | [1] | Nov. 1, 2033 | [2] | |
Base Interest Rate | 5.00% | [1] | 5.00% | [2] | |
Principal Outstanding | $ 1,692,774 | [1] | $ 1,695,000 | [2] | |
Las Palmas II [Member] | Series B [Member] | Coachella, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [2] | 2,016 | |||
Maturity Date | [2] | Nov. 1, 2018 | |||
Base Interest Rate | [2] | 8.00% | |||
Principal Outstanding | [2] | $ 1,770,000 | |||
Montclair [Member] | Series A [Member] | Lemoore California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,014 | 2,014 | ||
Maturity Date | [6] | Dec. 1, 2031 | Dec. 1, 2031 | ||
Base Interest Rate | [6] | 5.75% | 5.75% | ||
Principal Outstanding | [6] | $ 2,482,288 | $ 2,506,828 | ||
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] | 2,016 | |||
Maturity Date | [2] | Jan. 1, 2019 | |||
Base Interest Rate | [2] | 5.50% | |||
Principal Outstanding | [2] | $ 5,512,000 | |||
Ohio Properties [Member] | Series A [Member] | OH [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2,010 | 2,010 | ||
Maturity Date | [7] | Jun. 1, 2050 | Jun. 1, 2050 | ||
Base Interest Rate | [7] | 7.00% | 7.00% | ||
Principal Outstanding | [7] | $ 13,989,000 | $ 14,113,000 | ||
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 | $ 3,520,900 | $ 3,536,060 | |||
Pro Nova 2014-1 [Member] | Knoxville Tennessee | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,014 | [5] | 2,014 | [2] | |
Maturity Date | May 1, 2034 | [5] | May 1, 2034 | [2] | |
Base Interest Rate | 6.00% | [5] | 6.00% | [2] | |
Principal Outstanding | $ 10,000,000 | [5] | $ 10,000,000 | [2] | |
Renaissance [Member] | Series A [Member] | Baton Rouge, Louisiana [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,015 | 2,015 | ||
Maturity Date | [6] | Jun. 1, 2050 | Jun. 1, 2050 | ||
Base Interest Rate | [6] | 6.00% | 6.00% | ||
Principal Outstanding | [6] | $ 11,123,800 | $ 11,239,441 | ||
Runnymede [Member] | Austin, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2,007 | 2,007 | ||
Maturity Date | [7] | Oct. 1, 2042 | Oct. 1, 2042 | ||
Base Interest Rate | [7] | 6.00% | 6.00% | ||
Principal Outstanding | [7] | $ 10,040,000 | $ 10,150,000 | ||
Santa Fe [Member] | Series A [Member] | Hesperia California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,014 | 2,014 | ||
Maturity Date | [6] | Dec. 1, 2031 | Dec. 1, 2031 | ||
Base Interest Rate | [6] | 5.75% | 5.75% | ||
Principal Outstanding | [6] | $ 3,007,198 | $ 3,036,928 | ||
San Vicente [Member] | Series A [Member] | Soledad, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | [2] | |
Maturity Date | Nov. 1, 2033 | [1] | Nov. 1, 2033 | [2] | |
Base Interest Rate | 5.00% | [1] | 5.00% | [2] | |
Principal Outstanding | $ 3,490,410 | [1] | $ 3,495,000 | [2] | |
San Vicente [Member] | Series B [Member] | Soledad, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [2] | 2,016 | |||
Maturity Date | [2] | Nov. 1, 2018 | |||
Base Interest Rate | [2] | 8.00% | |||
Principal Outstanding | [2] | $ 1,825,000 | |||
Rosewood Townhomes [Member] | Series A [Member] | Goose Creek, SC [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | 2,017 | |||
Maturity Date | Jul. 1, 2055 | Jul. 1, 2055 | |||
Base Interest Rate | 5.75% | 5.75% | |||
Principal Outstanding | $ 9,280,000 | $ 9,280,000 | |||
Rosewood Townhomes [Member] | Series B [Member] | Goose Creek, SC [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | 2,017 | |||
Maturity Date | Aug. 1, 2055 | Aug. 1, 2055 | |||
Base Interest Rate | 12.00% | 12.00% | |||
Principal Outstanding | $ 470,000 | $ 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 | $ 4,325,536 | [1] | $ 4,366,195 | [2] | |
Seasons at Simi Valley [Member] | Series B [Member] | Simi Valley, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | ||||
Maturity Date | Sep. 1, 2018 | ||||
Base Interest Rate | 8.00% | ||||
Principal Outstanding | $ 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 | [2] | |
Maturity Date | Jan. 1, 2034 | [1] | Jan. 1, 2034 | [2] | |
Base Interest Rate | 5.00% | [1] | 5.00% | [2] | |
Principal Outstanding | $ 7,350,000 | [1] | $ 7,350,000 | [2] | |
Seasons Lakewood [Member] | Series B [Member] | Lakewood, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [2] | 2,016 | |||
Maturity Date | [2] | Jan. 1, 2019 | |||
Base Interest Rate | [2] | 5.50% | |||
Principal Outstanding | [2] | $ 5,260,000 | |||
Seasons San Juan Capistrano [Member] | Series A [Member] | San Juan Capistrano California | |||||
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 | $ 12,375,000 | [1] | $ 12,375,000 | [2] | |
Seasons San Juan Capistrano [Member] | Series B [Member] | San Juan Capistrano California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [5] | 2,016 | [2] | |
Maturity Date | Jan. 1, 2019 | [5] | Jan. 1, 2019 | [2] | |
Base Interest Rate | 8.00% | [5] | 5.50% | [2] | |
Principal Outstanding | $ 5,574,000 | [5] | $ 6,574,000 | [2] | |
Solano Vista [Member] | Series A [Member] | Vallejo, CA [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,018 | ||||
Maturity Date | Jan. 1, 2036 | ||||
Base Interest Rate | 5.85% | ||||
Principal Outstanding | $ 2,665,000 | ||||
Solano Vista [Member] | Series B [Member] | Vallejo, CA [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,018 | ||||
Maturity Date | Jan. 1, 2021 | ||||
Base Interest Rate | 5.85% | ||||
Principal Outstanding | $ 3,103,000 | ||||
Silver Moon [Member] | Series A [Member] | Albuquerque, NM [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,015 | 2,015 | ||
Maturity Date | [6] | Aug. 1, 2055 | Aug. 1, 2055 | ||
Base Interest Rate | [6] | 6.00% | 6.00% | ||
Principal Outstanding | [6] | $ 7,822,610 | $ 7,879,590 | ||
Southpark [Member] | Austin, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2,009 | 2,009 | ||
Maturity Date | [7] | Dec. 1, 2049 | Dec. 1, 2049 | ||
Base Interest Rate | [7] | 6.13% | 6.13% | ||
Principal Outstanding | [7] | $ 13,155,000 | $ 13,300,000 | ||
Summerhill [Member] | Series A [Member] | Bakersfield, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [5] | 2,016 | [2] | |
Maturity Date | Dec. 1, 2033 | [5] | Dec. 1, 2033 | [2] | |
Base Interest Rate | 5.00% | [5] | 5.00% | [2] | |
Principal Outstanding | $ 6,423,000 | [5] | $ 6,423,000 | [2] | |
Summerhill [Member] | Series B [Member] | Bakersfield, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [2] | 2,016 | |||
Maturity Date | [2] | Dec. 1, 2018 | |||
Base Interest Rate | [2] | 8.00% | |||
Principal Outstanding | [2] | $ 3,372,000 | |||
Sycamore Walk [Member] | Series A [Member] | Bakersfield, California [Member] | |||||
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 | $ 3,598,006 | [1] | $ 3,632,000 | [2] | |
Sycamore Walk [Member] | Series B [Member] | Bakersfield, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,015 | ||||
Maturity Date | Jan. 1, 2018 | ||||
Base Interest Rate | 8.00% | ||||
Principal Outstanding | $ 1,815,000 | ||||
The Palms at Premier Park [Member] | Columbia, SC [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] | $ 19,044,617 | |||
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 | $ 5,903,368 | [3] | $ 5,965,475 | [4] | |
Village at Avalon [Member] | Albuquerque, NM [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,018 | ||||
Maturity Date | Jan. 1, 2059 | ||||
Base Interest Rate | 5.80% | ||||
Principal Outstanding | $ 16,400,000 | ||||
The Village at Madera [Member] | Series A [Member] | Madera, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,016 | [1] | 2,016 | [2] | |
Maturity Date | Dec. 1, 2033 | [1] | Dec. 1, 2033 | [2] | |
Base Interest Rate | 5.00% | [1] | 5.00% | [2] | |
Principal Outstanding | $ 3,085,000 | [1] | $ 3,085,000 | [2] | |
The Village at Madera [Member] | Series B [Member] | Madera, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [2] | 2,016 | |||
Maturity Date | [2] | Dec. 1, 2018 | |||
Base Interest Rate | [2] | 8.00% | |||
Principal Outstanding | [2] | $ 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 | $ 3,857,839 | [3] | $ 3,898,427 | [4] | |
Willow Run [Member] | Columbia, SC [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 | $ 12,879,000 | [1] | $ 13,009,000 | [2] | |
Woodlynn Village [Member] | Maplewood, Minnesota [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2,008 | 2,008 | ||
Maturity Date | [7] | Nov. 1, 2042 | Nov. 1, 2042 | ||
Base Interest Rate | [7] | 6.00% | 6.00% | ||
Principal Outstanding | [7] | $ 4,221,000 | $ 4,267,000 | ||
Village at River's Edge [Member] | Columbia, SC [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | [1] | 2,017 | [2] | |
Maturity Date | Jun. 1, 2033 | [1] | Jun. 1, 2033 | [2] | |
Base Interest Rate | 6.00% | [1] | 6.00% | [2] | |
Principal Outstanding | $ 9,938,059 | [1] | $ 10,000,000 | [2] | |
Vineyard Gardens | Series A [Member] | Oxnard, CA [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | [2] | 2,017 | ||
Maturity Date | Jan. 1, 2035 | [2] | Jan. 1, 2035 | ||
Base Interest Rate | 5.50% | [2] | 5.50% | ||
Principal Outstanding | $ 3,995,000 | [2] | $ 3,995,000 | ||
Vineyard Gardens | Series B [Member] | Oxnard, CA [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 | ||||
Avistar on the Boulevard [Member] | Series A [Member] | San Antonio, TX [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] | $ 16,109,972 | |||
Bella Vista [Member] | Gainesville, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2,006 | |||
Maturity Date | [7] | Apr. 1, 2046 | |||
Base Interest Rate | [7] | 6.15% | |||
Principal Outstanding | [7] | $ 6,295,000 | |||
Copper Gate Apartments [Member] | Lafayette, Indiana [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,013 | [6] | 2,013 | [4] | |
Maturity Date | Dec. 1, 2029 | [6] | Dec. 1, 2029 | [4] | |
Base Interest Rate | 6.25% | [6] | 6.25% | [4] | |
Principal Outstanding | $ 5,055,000 | [6] | $ 5,100,000 | [4] | |
Companion at Thornhill Apartments [Member] | Lexington, South Carolina [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] | $ 11,404,758 | |||
Lake Forest Apartments [Member] | Daytona Florida [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2,001 | |||
Maturity Date | [7] | Dec. 1, 2031 | |||
Base Interest Rate | [7] | 6.25% | |||
Principal Outstanding | [7] | $ 8,505,000 | |||
Live 929 Apartments [Member] | Baltimore Maryland | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,014 | [5] | 2,014 | [2] | |
Maturity Date | Jul. 1, 2049 | [5] | Jul. 1, 2049 | [2] | |
Base Interest Rate | 5.78% | [5] | 5.78% | [2] | |
Principal Outstanding | $ 39,875,000 | [5] | $ 39,995,000 | [2] | |
The Palms At Premier Park | Columbia, SC [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] | $ 19,238,297 | |||
Vantage at Judson [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [6] | 2,015 | |||
Maturity Date | [6] | Jan. 1, 2053 | |||
Base Interest Rate | [6] | 6.00% | |||
Principal Outstanding | [6] | $ 26,133,557 | |||
Montecito at Williams Ranch Apartments [Member] | Series A [Member] | Salinas California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | [2] | 2,017 | ||
Maturity Date | Oct. 1, 2034 | [2] | Oct. 1, 2034 | ||
Base Interest Rate | 5.50% | [2] | 5.50% | ||
Principal Outstanding | $ 7,690,000 | [2] | $ 7,690,000 | ||
Montecito at Williams Ranch Apartments [Member] | Series B [Member] | Salinas California | |||||
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 | ||||
South Pointe Apartments [Member] | Series A [Member] | Hanahan, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | 2,017 | |||
Maturity Date | Jul. 1, 2055 | Jul. 1, 2055 | |||
Base Interest Rate | 5.75% | 5.75% | |||
Principal Outstanding | $ 21,600,000 | $ 21,600,000 | |||
South Pointe Apartments [Member] | Series B [Member] | Hanahan, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2,017 | 2,017 | |||
Maturity Date | Aug. 1, 2055 | Aug. 1, 2055 | |||
Base Interest Rate | 12.00% | 12.00% | |||
Principal Outstanding | $ 1,100,000 | $ 1,100,000 | |||
[1] | MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 14 | ||||
[2] | MRB held by Deutsche Bank AG in a secured financing transaction, see Note 14 | ||||
[3] | MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 14 | ||||
[4] | MRB held by ATAX TEBS II, LLC (M31 TEBS), see Note 14 | ||||
[5] | MRB held by Deutsche Bank in a secured financing transaction, see Note 14 | ||||
[6] | MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 14 | ||||
[7] | MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 14 |
PHC Certificates - Additional I
PHC Certificates - Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Option | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |||
Impairment charge | $ 1,141,020 | $ 761,960 | |
Public housing capital fund trusts [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of tender option bonds | Option | 3 | ||
Impairment charge | $ 1,100,000 | $ 762,000 | $ 0 |
PHC Certificates - Schedule of
PHC Certificates - Schedule of Investments in PHC Certificates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value, held in trust | $ 1,409,895 | $ 2,422,459 |
Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 48,247,303 | 50,167,034 |
Cumulative Unrealized Gain, held in trust | 424,783 | |
Cumulative Unrealized Loss, held in trust | (525,446) | |
Estimated Fair Value, held in trust | 48,672,086 | 49,641,588 |
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 | 24,608,543 | 25,109,305 |
Cumulative Unrealized Gain, held in trust | 285,984 | |
Estimated Fair Value, held in trust | $ 24,894,527 | $ 25,109,305 |
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) | 6 years 5 months 26 days | 7 years 3 months 21 days |
Investment Rating | AA- | AA- |
Weighted Average Interest Rate Over Life | 5.33% | 5.39% |
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 | $ 9,071,785 | $ 9,606,480 |
Cumulative Unrealized Gain, held in trust | 44,768 | |
Cumulative Unrealized Loss, held in trust | (248,189) | |
Estimated Fair Value, held in trust | $ 9,116,553 | $ 9,358,291 |
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) | 5 years 6 months 21 days | 6 years 4 months 13 days |
Investment Rating | A+ | A+ |
Weighted Average Interest Rate Over Life | 4.35% | 4.32% |
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 | $ 14,566,975 | $ 15,451,249 |
Cumulative Unrealized Gain, held in trust | 94,031 | |
Cumulative Unrealized Loss, held in trust | (277,257) | |
Estimated Fair Value, held in trust | $ 14,661,006 | $ 15,173,992 |
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) | 6 years 9 months 3 days | 7 years 7 months 9 days |
Investment Rating | BBB | BBB |
Weighted Average Interest Rate Over Life | 5.30% | 5.23% |
Real Estate Assets - Real Estat
Real Estate Assets - Real Estate Assets Owned by Partnership (Details) | Dec. 31, 2018USD ($)Unit | Dec. 31, 2017USD ($)Unit | |
Real Estate [Line Items] | |||
Number of Units | Unit | 2,886 | ||
Land and Land Improvements | $ 4,971,665 | $ 7,319,235 | |
Buildings and improvements | 71,897,070 | 78,953,488 | |
Carrying Value | 76,868,735 | 86,272,723 | |
Accumulated depreciation | (12,272,387) | (9,580,531) | |
Net real estate assets | $ 64,596,348 | $ 76,692,192 | |
Suites on Paseo [Member] | San Diego, CA [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 384 | 394 | |
Land and Land Improvements | $ 3,195,468 | $ 3,166,463 | |
Buildings and improvements | 38,961,163 | 38,454,894 | |
Carrying Value | $ 42,156,631 | $ 41,621,357 | |
The 50/50 Student Housing--UNL [Member] | Lincoln, NE [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 475 | 475 | |
Buildings and improvements | $ 32,935,907 | $ 32,932,981 | |
Carrying Value | $ 32,935,907 | 32,932,981 | |
Land Held for Development [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | [1] | ||
Land and Land Improvements | [1] | $ 1,776,197 | 1,860,737 |
Carrying Value | [1] | $ 1,776,197 | $ 1,860,737 |
Jade Park [Member] | Daytona, FL [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 144 | ||
Land and Land Improvements | $ 2,292,035 | ||
Buildings and improvements | 7,565,613 | ||
Carrying Value | $ 9,857,648 | ||
[1] | Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. |
Real Estate Assets - Real Est_2
Real Estate Assets - Real Estate Assets Owned by Partnership (Parenthetical) (Details) - Site | Dec. 31, 2018 | Dec. 31, 2017 |
Gardner, KS and Richland County, SC [Member] | Omaha, NE [Member] | ||
Real Estate [Line Items] | ||
Land development costs, consisted for number of sites | 1 | 1 |
Real Estate Assets - Gains on S
Real Estate Assets - Gains on Sale, Net of Income Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Unit | Dec. 31, 2017USD ($)Unit | Dec. 31, 2016USD ($)Unit | |
Real Estate [Line Items] | |||
Number of Units | Unit | 2,886 | ||
Gain on Sale | $ 4,051,429 | $ 17,753,303 | $ 14,072,317 |
Jade Park [Member] | Daytona, FL [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 144 | ||
Jade Park [Member] | Daytona, FL [Member] | MF Properties [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 144 | ||
Gross Proceeds | $ 13,450,000 | ||
Gain on Sale | $ 4,051,429 | ||
Northern View [Member] | Highland Heights, KY [Member] | MF Properties [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 294 | ||
Gross Proceeds | $ 13,750,000 | ||
Gain on Sale | $ 7,174,183 | ||
Eagle Village [Member] | Evansville, IN [Member] | MF Properties [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 511 | ||
Gross Proceeds | $ 12,775,000 | ||
Gain on Sale | $ 2,782,107 | ||
Residences at DeCordova [Member] | Granbury, TX [Member] | MF Properties [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 110 | ||
Gross Proceeds | $ 12,100,000 | ||
Gain on Sale | $ 5,174,645 | ||
Residences at Weatherford [Member] | Weatherford, TX [Member] | MF Properties [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 76 | ||
Gross Proceeds | $ 7,900,000 | ||
Gain on Sale | $ 2,644,040 | ||
Arboretum [Member] | Omaha, NE [Member] | MF Properties [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 145 | ||
Gross Proceeds | $ 30,200,000 | ||
Gain on Sale | $ 12,410,444 | ||
Woodland Park [Member] | Topeka, KS [Member] | MF Properties [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 236 | ||
Gross Proceeds | $ 15,650,000 | ||
Gain on Sale | $ 1,661,873 |
Real Estate Assets - Additional
Real Estate Assets - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
May 31, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)Property | Dec. 31, 2016USD ($)Property | |
Real Estate [Line Items] | |||||||
Impairment charge | $ 150,000 | $ 61,506 | |||||
Loss on sale of properties | $ 4,051,429 | $ 17,753,303 | $ 14,072,317 | ||||
Jade Park [Member] | |||||||
Real Estate [Line Items] | |||||||
Purchase of property | $ 10,000,000 | ||||||
Business combination, acquisition related costs | $ 135,000 | ||||||
MF Properties [Member] | |||||||
Real Estate [Line Items] | |||||||
Number of properties sold to unrelated third parties | Property | 4 | 2 | |||||
MF Properties [Member] | Jade Park [Member] | |||||||
Real Estate [Line Items] | |||||||
Total revenues | $ 400,000 | ||||||
Net loss | $ 400,000 | ||||||
St. Petersburg, Florida [Member] | |||||||
Real Estate [Line Items] | |||||||
Loss on sale of properties | $ (22,000) | ||||||
Impairment charges | $ 62,000 | ||||||
Gardner, KS [Member] | |||||||
Real Estate [Line Items] | |||||||
Impairment charge | $ 150,000 |
Real Estate Assets - Net Income
Real Estate Assets - Net Income, Exclusive of the Gains on Sale (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
MF Properties [Member] | |||
Real Estate [Line Items] | |||
Net income (loss) | $ 162,595 | $ (849,766) | $ (848,126) |
Real Estate Assets - Unaudited
Real Estate Assets - Unaudited Pro Forma Condensed Consolidated Results of Operations of the Partnership (Details) - Jade Park [Member] | 12 Months Ended |
Dec. 31, 2016USD ($)$ / shares | |
Real Estate [Line Items] | |
Pro forma revenues | $ 60,008,686 |
Pro forma net income | 24,663,645 |
Pro forma net income allocated to BUC holders | $ 21,047,854 |
Pro forma BUC holder's interest in net income per BUC (basic and diluted) | $ / shares | $ 0.35 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)Unit | Dec. 31, 2017USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 2,886 | |
Carrying Value | $ 76,534,306 | $ 39,608,927 |
Maximum Remaining Equity Commitment | $ 17,737,048 | |
Vantage at Corpus Christi [Member] | Corpus Christi T X [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | March 2,016 | |
Construction Completion Date | 2017-08 | |
Carrying Value | 9,178,139 | |
Vantage At Waco [Member] | Waco T X [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | August 2,016 | |
Construction Completion Date | 2018-01 | |
Carrying Value | $ 9,337,166 | 8,748,091 |
Maximum Remaining Equity Commitment | $ 1,592,039 | |
Vantage At Boerne [Member] | Boerne T X [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | August 2,016 | |
Construction Completion Date | 2017-12 | |
Carrying Value | $ 8,830,000 | 8,272,810 |
Maximum Remaining Equity Commitment | $ 1,475,936 | |
Vantage At Panama City Beach [Member] | Panama City Beach F L [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | March 2,017 | |
Construction Completion Date | 2018-06 | |
Carrying Value | $ 11,408,135 | 10,349,416 |
Maximum Remaining Equity Commitment | $ 1,996,500 | |
Vantage At Powdersville [Member] | Powdersville S C [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | November 2,017 | |
Carrying Value | $ 11,535,895 | $ 3,060,471 |
Vantage At Stone Creek [Member] | Omaha, NE [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 294 | |
Month Commitment Executed | March 2,018 | |
Carrying Value | $ 7,572,819 | |
Vantage At Bulverde [Member] | Bulverde T X [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | March 2,018 | |
Carrying Value | $ 9,182,522 | |
Vantage at Germantown [Member] | Germantown, TN [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | June 2,018 | |
Carrying Value | $ 7,033,398 | |
Maximum Remaining Equity Commitment | $ 3,633,366 | |
Vantage At Murfreesboro [Member] | Murfreesboro, TN [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | September 2,018 | |
Carrying Value | $ 6,254,104 | |
Maximum Remaining Equity Commitment | $ 6,145,817 | |
Vantage At Coventry [Member] | Omaha, NE [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | September 2,018 | |
Carrying Value | $ 5,380,267 | |
Maximum Remaining Equity Commitment | $ 2,893,390 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Schedule Of Equity Method Investments [Line Items] | ||||
Loss on sale of properties | $ 4,051,429 | $ 17,753,303 | $ 14,072,317 | |
Gain on sale of investment | $ 2,904,087 | |||
Vantage at Corpus Christi [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Cash received | $ 12,100,000 | |||
Loss on sale of properties | 590,000 | |||
Gain on sale of investment | $ 2,900,000 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Equity Method Investments And Joint Ventures [Abstract] | ||
Property Revenues | $ 9,262,127 | $ 1,362,457 |
Gain on sale of property | 7,424,879 | |
Net income (loss) | $ 5,001,702 | $ (1,782,456) |
Property Loan, Net of Loan Loss
Property Loan, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | $ 23,354,826 | $ 36,907,688 | ||
Loan Loss Allowance | (7,393,814) | (7,393,814) | $ (7,098,814) | $ (7,098,814) |
Property Loan Principal, net of allowance | 15,961,012 | 29,513,874 | ||
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 | ||
Avistar (February 2013 Portfolio) [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 201,972 | 201,972 | ||
Property Loan Principal, net of allowance | 201,972 | 201,972 | ||
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 | 11,101,887 | ||
Loan Loss Allowance | (7,393,814) | (7,393,814) | ||
Property Loan Principal, net of allowance | 3,708,073 | 3,708,073 | ||
Greens Property [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 850,000 | 850,000 | ||
Property Loan Principal, net of allowance | 850,000 | 850,000 | ||
Lake Forest [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 4,995,884 | |||
Property Loan Principal, net of allowance | 4,995,884 | |||
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 | 8,367,635 | 8,417,635 | ||
Property Loan Principal, net of allowance | $ 8,367,635 | 8,417,635 | ||
Vantage at New Braunfels, LLC [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 7,406,978 | |||
Property Loan Principal, net of allowance | 7,406,978 | |||
Winston Group, Inc [Member] | ||||
Accounts Notes And Loans Receivable [Line Items] | ||||
Property loan receivable, outstanding balance | 1,100,000 | |||
Property Loan Principal, net of allowance | $ 1,100,000 |
Property Loans, Net of Loan L_3
Property Loans, Net of Loan Loss Allowance - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Nov. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property Loan Net Of Loan Loss Allowances [Line Items] | |||||
Contingent Interest | $ 9,322,849 | $ 3,147,165 | $ 2,021,077 | ||
Ohio Properties [Member] | |||||
Property Loan Net Of Loan Loss Allowances [Line Items] | |||||
Interest earned on property loan principal | 983,000 | $ 983,000 | 983,000 | ||
Lake Forest [Member] | |||||
Property Loan Net Of Loan Loss Allowances [Line Items] | |||||
Principal received from property loans | $ 5,100,000 | ||||
Interest received from property loans | $ 4,600,000 | ||||
Vantage at New Braunfels, LLC [Member] | |||||
Property Loan Net Of Loan Loss Allowances [Line Items] | |||||
Contingent Interest | $ 5,100,000 | ||||
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 [Member] | |||||
Property Loan Net Of Loan Loss Allowances [Line Items] | |||||
Contingent Interest | $ 1,400,000 |
Property Loans, Net of Loan L_4
Property Loans, 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] | Activity for the year ended December 31, 2017 consisted of the reversal of a $55,000 allowance for loan loss related to Lake Forest and the increase of $350,000 in the allowance for loan loss related to Ashley Square. The net provision for loan loss for the year ended December 31, 2017 was recorded as a reduction to other interest income on the consolidated statements of operations. |
Property Loans, Net of Loan L_5
Property Loans, Net of Loan Loss Allowances - Loan Loss Reserves (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
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 - Summary
Income Tax Provision - Summary of Income Tax Expense (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Provision [Line Items] | |||
Total income tax expense (benefit) | $ (921,097) | $ 6,019,146 | $ 4,959,000 |
Greens Hold Co [Member] | |||
Income Tax Provision [Line Items] | |||
Current income tax expense (benefit) | (678,862) | 6,419,146 | 4,593,000 |
Deferred income tax expense (benefit) | (242,235) | (400,000) | 366,000 |
Total income tax expense (benefit) | $ (921,097) | $ 6,019,146 | $ 4,959,000 |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Provision [Line Items] | |||
Effective corporate income tax rate | 21.00% | 35.00% | |
Net deferred income tax benefit remeasurement | $ 15,000 | ||
Valuation allowance | $ 0 | 0 | |
Valuation allowance reversed | $ 405,000 | ||
Accrued interest or penalties | $ 0 | 0 | $ 0 |
Earliest Tax Year [Member] | |||
Income Tax Provision [Line Items] | |||
Partnership tax returns subjected to examination | 2,015 | ||
Latest Tax Year [Member] | |||
Income Tax Provision [Line Items] | |||
Partnership tax returns subjected to examination | 2,017 | ||
Greens Hold Co [Member] | |||
Income Tax Provision [Line Items] | |||
Net deferred tax assets | $ 268,000 | $ 34,000 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Other Assets [Abstract] | ||
Deferred financing costs, net | $ 397,823 | $ 383,133 |
Fair value of derivative instruments (Note 16) | 626,633 | 597,221 |
Taxable mortgage revenue bonds, at fair value | 1,409,895 | 2,422,459 |
Bond purchase commitments, at fair value (Note 17) | 3,002,540 | |
Other assets | 2,081,258 | 942,949 |
Total other assets | $ 4,515,609 | $ 7,348,302 |
Other Assets - Summary of the T
Other Assets - Summary of the Terms of the Taxable MRBs Redeemed (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)Unit | Dec. 31, 2017USD ($)Unit | |
Other Assets [Line Items] | ||
Units | 2,886 | |
Vantage at Judson [Member] | Series D [Member] | San Antonio, TX [Member] | ||
Other Assets [Line Items] | ||
Units | 288 | |
Maturity Date | Feb. 1, 2053 | |
Base Interest Rate | 9.00% | |
Principal Outstanding at Date of Redemption | $ | $ 923,502 | |
Vantage at Harlingen [Member] | Series D [Member] | San Antonio, TX [Member] | ||
Other Assets [Line Items] | ||
Units | 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 C [Member] | San Antonio, TX [Member] | ||
Other Assets [Line Items] | ||
Units | 232 | |
Maturity Date | Apr. 1, 2050 | |
Base Interest Rate | 9.00% | |
Principal Outstanding at Date of Redemption | $ | $ 232,145 |
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 |
Unsecured Lines of Credit - Sum
Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 35,659,200 | $ 50,000,000 | |
Unsecured Lines of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 35,659,200 | 50,000,000 | |
Line of credit facility maximum borrowing capacity | 60,000,000 | 60,000,000 | |
Unsecured Lines of Credit [Member] | Bankers Trust Operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 0 | ||
Unsecured Lines of Credit [Member] | 5.38% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 35,659,200 | ||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||
Debt instrument, maturity date | Jun. 30, 2020 | ||
Variable / Fixed | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 5.38% | ||
Unsecured Lines of Credit [Member] | 5.63% 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 | Jun. 30, 2020 | ||
Variable / Fixed | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 5.63% | ||
Unsecured Lines of Credit [Member] | 4.38% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [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% | ||
[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, 2018 | Mar. 31, 2019 | Dec. 31, 2017 | |
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 35,659,200 | $ 50,000,000 | |
Unsecured Lines of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | 60,000,000 | 60,000,000 | |
Lines of credit | 35,659,200 | $ 50,000,000 | |
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||
Debt instrument, maturity date range start | Jun. 30, 2019 | ||
Debt instrument, maturity date range end | Sep. 30, 2019 | ||
Debt instrument, covenant compliance | The Partnership was in compliance with all covenants as of December 31, 2018 | ||
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] | |||
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 |
Debt Financing - Schedule of To
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Short Term Debt [Line Items] | |||||||
Debt financing | $ 505,663,565 | $ 558,328,347 | |||||
Period End Rates | 4.96% | 4.21% | |||||
Variable - M31 [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Stated Maturities | 2024-07 | 2024-07 | |||||
Variable - M33 [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Stated Maturities | 2025-07 | 2025-07 | |||||
TEBS Financings [Member] | Variable - M24 [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Debt financing | $ 41,466,000 | $ 55,468,000 | |||||
Restricted Cash | $ 432,998 | $ 372,222 | |||||
Year Acquired | 2,010 | 2,010 | |||||
Stated Maturities | 2020-09 | 2020-09 | |||||
Reset Frequency | Weekly | Weekly | |||||
SIFMA Based Rates | 1.76% | 1.79% | |||||
Facility Fees | 1.85% | 1.85% | |||||
Period End Rates | 3.61% | 3.64% | |||||
Year Acquired | 2,010 | 2,010 | |||||
TEBS Financings [Member] | Variable - M31 [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Debt financing | [1] | $ 80,418,505 | $ 81,003,688 | ||||
Restricted Cash | [1] | $ 181,626 | $ 176,685 | ||||
Year Acquired | [1] | 2,014 | 2,014 | ||||
Stated Maturities | [1],[2] | 2019-07 | 2019-07 | ||||
Reset Frequency | [1] | Weekly | Weekly | ||||
SIFMA Based Rates | [1] | 1.74% | 1.77% | ||||
Facility Fees | [1] | 1.49% | 1.39% | ||||
Period End Rates | [1] | 3.23% | 3.16% | ||||
Year Acquired | [1] | 2,014 | 2,014 | ||||
TEBS Financings [Member] | Variable - M33 [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Debt financing | [1] | $ 31,262,039 | $ 57,406,058 | ||||
Restricted Cash | [1] | $ 58,002 | $ 57,364 | ||||
Year Acquired | [1] | 2,015 | 2,015 | ||||
Stated Maturities | [1],[3] | 2020-07 | 2020-07 | ||||
Reset Frequency | [1] | Weekly | Weekly | ||||
SIFMA Based Rates | [1] | 1.74% | 1.77% | ||||
Facility Fees | [1] | 1.26% | 1.16% | ||||
Period End Rates | [1] | 3.00% | 2.93% | ||||
Year Acquired | [1] | 2,015 | 2,015 | ||||
TEBS Financings [Member] | Fixed - M45 [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Debt financing | [4] | $ 219,250,387 | |||||
Restricted Cash | [4] | $ 5,000 | |||||
Year Acquired | [4] | 2,018 | |||||
Stated Maturities | [4] | 2034-07 | |||||
Reset Frequency | [4] | N/A | |||||
Period End Rates | [4] | 3.82% | |||||
Year Acquired | [4] | 2,018 | |||||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Debt financing | [5] | $ 37,620,000 | $ 38,130,000 | ||||
Restricted Cash | [5] | $ 850,327 | |||||
Year Acquired | [5] | 2,012 | 2,012 | ||||
Stated Maturities | [5] | 2019-05 | 2018-05 | ||||
Reset Frequency | [5] | Weekly | Weekly | ||||
SIFMA Based Rates | [5] | 2.21% | |||||
Facility Fees | [5] | 1.67% | 1.67% | ||||
Period End Rates | [5] | 3.88% | |||||
Year Acquired | [5] | 2,012 | 2,012 | ||||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Minimum [Member] | |||||||
Short Term Debt [Line Items] | |||||||
SIFMA Based Rates | [5] | 2.24% | |||||
Period End Rates | [5] | 3.91% | |||||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Maximum [Member] | |||||||
Short Term Debt [Line Items] | |||||||
SIFMA Based Rates | [5] | 2.29% | |||||
Period End Rates | [5] | 3.96% | |||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Debt financing | $ 46,675,413 | [6] | $ 46,787,036 | [7] | |||
Year Acquired | 2,014 | [6] | 2,014 | [7] | |||
Stated Maturities | 2019-10 | [6] | 2019-10 | [7] | |||
Reset Frequency | N/A | [6] | N/A | [7] | |||
Year Acquired | 2,014 | [6] | 2,014 | [7] | |||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Minimum [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Period End Rates | 4.01% | [6] | 4.01% | [7] | |||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Maximum [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Period End Rates | 4.39% | [6] | 4.39% | [7] | |||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Debt financing | $ 48,971,221 | [6] | $ 279,533,565 | [7] | |||
Reset Frequency | N/A | [6] | N/A | [7] | |||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Minimum [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Year Acquired | 2,017 | [6] | 2,016 | [7] | |||
Stated Maturities | 2019-05 | [6] | 2018-06 | [7] | |||
Period End Rates | 4.46% | [6] | 3.64% | [7] | |||
Year Acquired | 2,017 | [6] | 2,016 | [7] | |||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Maximum [Member] | |||||||
Short Term Debt [Line Items] | |||||||
Year Acquired | 2,018 | [6] | 2,017 | [7] | |||
Stated Maturities | 2027-02 | [6] | 2027-11 | [7] | |||
Period End Rates | 4.53% | [6] | 4.52% | [7] | |||
Year Acquired | 2,018 | [6] | 2,017 | [7] | |||
[1] | Facility fees have a variable component. | ||||||
[2] | The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. | ||||||
[3] | The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. | ||||||
[4] | The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. | ||||||
[5] | The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). | ||||||
[6] | The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $37,665,413 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 $46,675,413 4.31% Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $26,860,337 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,172,029 2017 February 2027 4.46% Avistar at Copperfield - Series A 8,422,855 2017 February 2027 4.46% Montecito at Williams Ranch - Series A 6,921,000 2018 May 2019 4.53% Vineyard Gardens - Series A 3,595,000 2018 May 2019 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $48,971,221 4.47% | ||||||
[7] | The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2017: Outstanding Financing as of 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 $279,533,565 3.85% |
Debt Financing - Schedule of _2
Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | |||
Short Term Debt [Line Items] | ||||
Debt financing | $ 505,663,565 | $ 558,328,347 | ||
Variable - M31 [Member] | ||||
Short Term Debt [Line Items] | ||||
Debt instrument extend period | 5 years | 5 years | ||
Stated Maturities | 2024-07 | 2024-07 | ||
Variable - M33 [Member] | ||||
Short Term Debt [Line Items] | ||||
Debt instrument extend period | 5 years | 5 years | ||
Stated Maturities | 2025-07 | 2025-07 | ||
Fixed - M45 [Member] | Interest Rate Through July 31, 2023 [Member] | ||||
Short Term Debt [Line Items] | ||||
Interest rate | 3.82% | |||
Fixed - M45 [Member] | Interest Rate from August 1, 2023 [Member] | ||||
Short Term Debt [Line Items] | ||||
Interest rate | 4.39% | |||
Fixed - Term TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2019-10 | [1] | 2019-10 | [2] |
Interest rate | 4.31% | 4.31% | ||
Debt financing | $ 46,675,413 | [1] | $ 46,787,036 | [2] |
Year Acquired | 2,014 | [1] | 2,014 | [2] |
Fixed - Term TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Live 929 Apartments [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2019-10 | 2019-10 | ||
Interest rate | 4.39% | 4.39% | ||
Debt financing | $ 37,665,413 | $ 37,777,036 | ||
Year Acquired | 2,014 | 2,014 | ||
Fixed - Term TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Pro Nova 2014-1 [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2019-10 | 2019-10 | ||
Interest rate | 4.01% | 4.01% | ||
Debt financing | $ 9,010,000 | $ 9,010,000 | ||
Year Acquired | 2,014 | 2,014 | ||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | ||||
Short Term Debt [Line Items] | ||||
Interest rate | 4.47% | 3.85% | ||
Debt financing | $ 48,971,221 | [1] | $ 279,533,565 | [2] |
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Montecito at Williams Ranch Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2019-05 | |||
Interest rate | 4.53% | |||
Debt financing | $ 6,921,000 | |||
Year Acquired | 2,018 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Vineyard Gardens Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2019-05 | |||
Interest rate | 4.53% | |||
Debt financing | $ 3,595,000 | |||
Year Acquired | 2,018 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Avistar at Wilcrest - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2027-02 | 2027-02 | ||
Interest rate | 4.46% | 4.46% | ||
Debt financing | $ 3,172,029 | $ 3,168,088 | ||
Year Acquired | 2,017 | 2,017 | ||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Willow Run [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 10,029,289 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Columbia Gardens [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 10,172,857 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Concord at Little York [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 11,315,538 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Concord at Williamcrest [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 17,526,516 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Concord at Gulfgate [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 16,154,584 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Companion at Thornhill Apartments [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 9,608,733 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Seasons at Simi Valley [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 3,675,323 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Sycamore Walk [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 3,054,841 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Decatur-Angle Apartments [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 21,276,657 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Heights at 515 [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 5,380,814 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Crossing at 1415 [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 6,344,418 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Bruton Apartments [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-09 | |||
Interest rate | 3.64% | |||
Debt financing | $ 15,199,181 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | 15 West Apartments [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2026-12 | |||
Interest rate | 3.64% | |||
Debt financing | $ 8,326,731 | |||
Year Acquired | 2,016 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | San Vicente - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2022-02 | |||
Interest rate | 3.89% | |||
Debt financing | $ 3,112,976 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | San Vicente Series B [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2018-06 | |||
Interest rate | 3.76% | |||
Debt financing | $ 1,545,930 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Las Palmas Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2022-02 | |||
Interest rate | 3.89% | |||
Debt financing | $ 1,507,389 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Las Palmas Series B [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2018-06 | |||
Interest rate | 3.76% | |||
Debt financing | $ 1,494,702 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | The Village at Madera - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2022-02 | |||
Interest rate | 3.89% | |||
Debt financing | $ 2,746,364 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | The Village At Madera Series B [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2018-07 | |||
Interest rate | 3.76% | |||
Debt financing | $ 1,455,570 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Harmony Court Bakersfield - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2022-02 | |||
Interest rate | 3.89% | |||
Debt financing | $ 3,322,157 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Summerhill - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2022-02 | |||
Interest rate | 3.89% | |||
Debt financing | $ 5,730,185 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Summerhill Series B [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2018-07 | |||
Interest rate | 3.76% | |||
Debt financing | $ 2,855,809 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Courtyard - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2022-02 | |||
Interest rate | 3.89% | |||
Debt financing | $ 9,131,896 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Courtyard - Series B [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2018-07 | |||
Interest rate | 3.76% | |||
Debt financing | $ 5,272,090 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Seasons Lakewood - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2022-02 | |||
Interest rate | 3.89% | |||
Debt financing | $ 6,555,646 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Seasons Lakewood Series B [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2018-08 | |||
Interest rate | 3.76% | |||
Debt financing | $ 4,453,076 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Seasons San Juan Capistrano - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2022-02 | |||
Interest rate | 3.89% | |||
Debt financing | $ 11,047,869 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Seasons San Juan Capistrano - Series B [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2018-08 | |||
Interest rate | 3.76% | |||
Debt financing | $ 5,564,539 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Avistar at Wood Hollow - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2027-02 | 2027-02 | ||
Interest rate | 4.46% | 4.46% | ||
Debt financing | $ 26,860,337 | $ 26,838,000 | ||
Year Acquired | 2,017 | 2,017 | ||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Avistar at Copperfield - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2027-02 | 2027-02 | ||
Interest rate | 4.46% | 4.46% | ||
Debt financing | $ 8,422,855 | $ 8,414,834 | ||
Year Acquired | 2,017 | 2,017 | ||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Oaks at Georgetown - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2022-03 | |||
Interest rate | 3.89% | |||
Debt financing | $ 11,087,478 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Oaks at Georgetown - Series B [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2018-08 | |||
Interest rate | 3.76% | |||
Debt financing | $ 4,686,120 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Harmony Terrace - Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2022-03 | |||
Interest rate | 3.89% | |||
Debt financing | $ 6,199,955 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Harmony Terrace B [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2018-08 | |||
Interest rate | 3.76% | |||
Debt financing | $ 6,284,318 | |||
Year Acquired | 2,017 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Village at River's Edge [Member] | ||||
Short Term Debt [Line Items] | ||||
Stated Maturities | 2027-11 | |||
Interest rate | 4.52% | |||
Debt financing | $ 8,993,092 | |||
Year Acquired | 2,017 | |||
[1] | The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $37,665,413 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 $46,675,413 4.31% Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $26,860,337 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,172,029 2017 February 2027 4.46% Avistar at Copperfield - Series A 8,422,855 2017 February 2027 4.46% Montecito at Williams Ranch - Series A 6,921,000 2018 May 2019 4.53% Vineyard Gardens - Series A 3,595,000 2018 May 2019 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $48,971,221 4.47% | |||
[2] | The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2017: Outstanding Financing as of 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 $279,533,565 3.85% |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2018USD ($)Security | Feb. 28, 2017USD ($)Agreement | Dec. 31, 2018USD ($)OptionPaydown | Dec. 31, 2017USD ($)Paydown | Dec. 31, 2016USD ($) | Mar. 31, 2017USD ($) | ||
Debt Instrument [Line Items] | |||||||
Deferred financing costs - net | $ 3,249,761 | ||||||
Number of unscheduled paydowns for each TEBS | Paydown | 3 | 3 | |||||
Farnam Capital Advisors, LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consulting fees | [1] | $ 921,000 | $ 1,186,000 | ||||
M31 and M33 TEBS [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Extension option for each TEBS | Option | 1 | ||||||
Debt instrument additional maturity period | 5 years | ||||||
M24 TEBS [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument extended maturity date | 2020-09 | ||||||
M31 TEBS [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument additional maturity period | 5 years | ||||||
Debt instrument extended maturity date | 2024-07 | ||||||
Debt instrument, maturity date | 2019-07 | ||||||
M33 TEBS [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument extended maturity date | 2025-07 | ||||||
Debt instrument, maturity date | 2020-07 | ||||||
Term A/B Trust [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deferred financing costs - net | $ 1,200,000 | $ 47,000 | |||||
Term A/B Trust [Member] | Farnam Capital Advisors, LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consulting fees | $ 921,000 | ||||||
Mortgage Revenue Bonds [Member] | TEBS Financings [Member] | Fixed - M45 [Member] | ATAX TEBS IV, LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of securities provided for long-term debt financing facility | Security | 25 | ||||||
Long-term debt financing facility par value | $ 260,600,000 | ||||||
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deferred financing costs - net | $ 371,000 | ||||||
Number of new agreements | Agreement | 19 | ||||||
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | Fixed - M45 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of securities collapsed prior to closing of financing | Security | 24 | ||||||
Class A TEBS Certificates [Member] | TEBS Financings [Member] | Fixed - M45 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Long-term debt financing facility par value | $ 221,500,000 | ||||||
[1] | An affiliate of AFCA 2, Farnam Capital Advisors (“FCA”), provides consulting services when certain debt financing facilities are acquired by the Partnership. These fees were capitalized as deferred financing costs in the Partnership’s consolidated balance sheets. |
Debt Financing - Summary of MRB
Debt Financing - Summary of MRBs Redeemed and Class A Certificates Redeemed Upon Redemption (Details) - Mortgage Revenue Bonds [Member] - TEBS Financings [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Lake Forest [Member] | M24 TEBS [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 8,122,000 | |
Bella Vista [Member] | M24 TEBS [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 5,076,000 | |
Vantage at Judson - Series B [Member] | M33 TEBS [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 25,908,568 | |
Vantage at Harlingen [Member] | M33 TEBS [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 24,363,221 | |
Ashley Square [Member] | M24 TEBS [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 4,472,000 | |
Avistar at Chase Hill [Member] | M31 TEBS [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, 2018 | Dec. 31, 2017 |
Debt Financing [Abstract] | ||
2,019 | $ 178,652,274 | |
2,020 | 74,597,920 | |
2,021 | 2,456,696 | |
2,022 | 2,600,981 | |
2,023 | 2,751,089 | |
Thereafter | 247,854,366 | |
Total | 508,913,326 | |
Deferred financing costs | (3,249,761) | |
Total debt financing, net | $ 505,663,565 | $ 558,328,347 |
Mortgage Payable and Other Secu
Mortgage Payable and Other Secured Financing - Summary of Partnerships Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 27,454,375 | $ 35,540,174 | |
Period End Rate | 4.96% | 4.21% | |
Real Estate [Member] | Jade Park [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 7,468,548 | ||
Year Acquired | 2,016 | ||
Debt instrument, maturity date | Oct. 1, 2021 | ||
Variable / Fixed | Fixed | ||
Reset Frequency | N/A | ||
Period End Rate | 3.85% | ||
Tax Increment Financing [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 3,118,478 | $ 3,358,370 | |
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 | $ 24,335,897 | $ 24,713,256 | |
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 | [1] | 5.00% | 4.25% |
Period End Rate | 5.00% | 4.25% | |
[1] | Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0% |
Mortgage Payable and Other Se_2
Mortgage Payable and Other Secured Financing - Additional Information (Details) - Residences at DeCordova and Weatherford [Member] - Mortgages payable [Member] | 12 Months Ended |
Dec. 31, 2018USD ($) | |
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 Se_3
Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Mortgage Loans on Real Estate [Line Items] | ||
Deferred financing costs | $ (3,249,761) | |
Total mortgages payable and other secured financings, net | 27,454,375 | $ 35,540,174 |
Mortgages Payable and Other Secured Financing [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
2,019 | 3,608,223 | |
2,020 | 23,944,525 | |
Total | 27,552,748 | |
Deferred financing costs | (98,373) | |
Total mortgages payable and other secured financings, net | $ 27,454,375 |
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, 2018 | Dec. 31, 2017 | ||||
Derivative [Line Items] | |||||||
Derivative, Fair Value - Asset (Liability) | $ 626,633 | $ 597,221 | |||||
Barclays Bank PLC 4 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2017-09 | 2017-09 | 2017-09 | ||||
Derivative, Notional Amount | $ 59,038,000 | $ 59,935,000 | |||||
Derivative, Maturity Date | 2020-09 | 2020-09 | |||||
Derivative, Effective Capped Rate | [1] | 4.00% | 4.00% | ||||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | M24 TEBS | M24 TEBS | [1] | M24 TEBS | [1] | ||
Derivative, Fair Value - Asset (Liability) | $ 53 | $ 923 | |||||
Barclays Bank PLC 1 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2014-07 | 2014-07 | |||||
Derivative, Notional Amount | $ 30,252,409 | $ 30,652,294 | |||||
Derivative, Maturity Date | 2019-08 | 2019-08 | |||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | M31 TEBS | ||||
Derivative, Fair Value - Asset (Liability) | $ 169 | ||||||
Royal Bank of Canada-1 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2014-07 | 2014-07 | |||||
Derivative, Notional Amount | $ 30,252,409 | $ 30,652,294 | |||||
Derivative, Maturity Date | 2019-08 | 2019-08 | |||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | M31 TEBS | ||||
Derivative, Fair Value - Asset (Liability) | $ 169 | ||||||
SMBC Capital Markets, Inc-1 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2014-07 | 2014-07 | |||||
Derivative, Notional Amount | $ 30,252,409 | $ 30,652,294 | |||||
Derivative, Maturity Date | 2019-08 | 2019-08 | |||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | ||||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | M31 TEBS | ||||
Derivative, Fair Value - Asset (Liability) | $ 169 | ||||||
Barclays Bank PLC 3 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2017-06 | 2017-06 | 2017-06 | ||||
Derivative, Notional Amount | $ 82,079,066 | $ 83,000,217 | |||||
Derivative, Maturity Date | 2020-08 | 2020-08 | |||||
Derivative, Effective Capped Rate | 1.50% | 1.50% | [1] | 1.50% | [1] | ||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | M33 TEBS | M33 TEBS | [1] | M33 TEBS | [1] | ||
Derivative, Fair Value - Asset (Liability) | $ 465,983 | $ 425,978 | |||||
Wells Fargo Bank [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2015-07 | 2015-07 | |||||
Derivative, Notional Amount | $ 27,359,689 | $ 27,666,739 | |||||
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) | $ 536 | $ 3,213 | |||||
Royal Bank of Canada-2 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2015-07 | 2015-07 | |||||
Derivative, Notional Amount | $ 27,359,689 | $ 27,666,739 | |||||
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) | $ 536 | $ 3,213 | |||||
SMBC Capital Markets, Inc-2 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2015-07 | 2015-07 | |||||
Derivative, Notional Amount | $ 27,359,689 | $ 27,666,739 | |||||
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) | $ 536 | $ 3,213 | |||||
Barclays Bank PLC 2 [Member] | |||||||
Derivative [Line Items] | |||||||
Derivative, Purchase Date | 2017-06 | 2017-06 | 2017-06 | ||||
Derivative, Notional Amount | $ 90,757,226 | $ 91,956,883 | |||||
Derivative, Maturity Date | 2019-08 | 2019-08 | |||||
Derivative, Effective Capped Rate | 1.50% | 1.50% | [1] | 1.50% | [1] | ||
Derivative, Index | SIFMA | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | M31 TEBS | M31 TEBS | [1] | M31 TEBS | [1] | ||
Derivative, Fair Value - Asset (Liability) | $ 158,989 | $ 160,174 | |||||
[1] | For additional details, see Note 22 to the Partnership’s consolidated financial statements. |
Interest Rate Derivatives - Add
Interest Rate Derivatives - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | ||||
Derivative [Line Items] | |||||||||
Cash received upon interest rate swap termination settlement | $ 7,000 | $ 7,000 | |||||||
Barclays Bank PLC 2 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Purchase Date | 2017-06 | 2017-06 | 2017-06 | ||||||
Derivative, variable debt financing facility hedged | M31 TEBS | M31 TEBS | [1] | M31 TEBS | [1] | ||||
Derivative, effective capped rate | 1.50% | 1.50% | [1] | 1.50% | [1] | ||||
Derivative, purchase price | $ 139,000 | ||||||||
Barclays Bank PLC 3 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Purchase Date | 2017-06 | 2017-06 | 2017-06 | ||||||
Derivative, variable debt financing facility hedged | M33 TEBS | M33 TEBS | [1] | M33 TEBS | [1] | ||||
Derivative, effective capped rate | 1.50% | 1.50% | [1] | 1.50% | [1] | ||||
Derivative, purchase price | $ 358,000 | ||||||||
Barclays Bank PLC 4 [Member] | |||||||||
Derivative [Line Items] | |||||||||
Derivative, Purchase Date | 2017-09 | 2017-09 | 2017-09 | ||||||
Derivative, variable debt financing facility hedged | M24 TEBS | M24 TEBS | [1] | M24 TEBS | [1] | ||||
Derivative, effective capped rate | [1] | 4.00% | 4.00% | ||||||
Derivative, purchase price | $ 59,000 | ||||||||
Derivative, variable interest rate | 4.00% | ||||||||
Deutsche Bank [Member] | Interest Rate Swaps [Member] | |||||||||
Derivative [Line Items] | |||||||||
Cash collateral balances | $ 850,000 | ||||||||
[1] | For additional details, see Note 22 to the Partnership’s consolidated financial statements. |
Interest Rate Derivatives - Sch
Interest Rate Derivatives - Schedule of Terms of Interest Rate Swaps (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Derivative [Line Items] | |
Fair Value of Liability | $ 826,852 |
Interest Rate Swaps [Member] | |
Derivative [Line Items] | |
Fair Value of Liability | $ 826,852 |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur-Angle Apartments [Member] | |
Derivative [Line Items] | |
Purchase Date | 2014-09 |
Notional Amount | $ 22,821,429 |
Effective Date | 2016-10 |
Termination Date | 2021-10 |
Fixed Rate Paid | 1.96% |
Period End Variable Rate Received | 1.08% |
Fair Value of Liability | $ 402,261 |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur-Angle Apartments [Member] | London Interbank Offered Rate [Member] | |
Derivative [Line Items] | |
Variable Based Rate | 70.00% |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Bruton Apartments [Member] | |
Derivative [Line Items] | |
Purchase Date | 2014-09 |
Notional Amount | $ 18,051,775 |
Effective Date | 2017-04 |
Termination Date | 2022-04 |
Fixed Rate Paid | 2.06% |
Period End Variable Rate Received | 1.08% |
Fair Value of Liability | $ 424,591 |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Bruton Apartments [Member] | London Interbank Offered Rate [Member] | |
Derivative [Line Items] | |
Variable Based Rate | 70.00% |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Partnership's Bond Purchase Commitments (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2018 | |
Long-term Purchase Commitment [Line Items] | ||
Bond Purchase Commitments, Fair Value | $ 3,002,540 | |
Esperanza at 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 | |
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 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Commitments And Other Guarantees [Line Items] | |||
Concentration risk, credit risk, financial instrument, maximum exposure | $ 508,900,000 | ||
Greens of Pine Glen [Member] | |||
Commitments And Other Guarantees [Line Items] | |||
Percentage of loss contingency, range of possible loss, maximum | 75.00% | ||
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 monthly rentals under lease agreement | $ 130,000 | ||
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 | $ 55,000 | $ 125,000 | |
Expenses related to the agreement | 168,000 | $ 168,000 | $ 168,000 |
October 2015 Purchase Commitment [Member] | |||
Commitments And Other Guarantees [Line Items] | |||
Remaining maximum amount committed | $ 612,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details) | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Vantage At Panama City Beach [Member] | |
Long-term Purchase Commitment [Line Items] | |
Year the Guarantee was Executed | 2,017 |
Maximum Balance Available on Construction Loan | $ 25,600,000 |
Construction Loan Balance as of December 31, 2018 | 23,659,040 |
Partnership's Maximum Exposure as of December 31, 2018 | $ 11,829,520 |
Guarantee Terms | 1 year |
Vantage At Stone Creek [Member] | |
Long-term Purchase Commitment [Line Items] | |
Year the Guarantee was Executed | 2,018 |
Maximum Balance Available on Construction Loan | $ 30,824,000 |
Construction Loan Balance as of December 31, 2018 | 7,734,675 |
Partnership's Maximum Exposure as of December 31, 2018 | $ 7,734,675 |
Guarantee Terms | 2 years |
Vantage At Coventry [Member] | |
Long-term Purchase Commitment [Line Items] | |
Year the Guarantee was Executed | 2,018 |
Maximum Balance Available on Construction Loan | $ 31,500,000 |
Guarantee Terms | 2 years |
Ohio Properties [Member] | |
Long-term Purchase Commitment [Line Items] | |
Year the Guarantee was Executed | 2,011 |
Partnership's Maximum Exposure as of December 31, 2018 | $ 3,712,436 |
End of Guarantee Period | 2,026 |
Greens of Pine Glen [Member] | |
Long-term Purchase Commitment [Line Items] | |
Year the Guarantee was Executed | 2,012 |
Partnership's Maximum Exposure as of December 31, 2018 | $ 2,429,658 |
End of Guarantee Period | 2,027 |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Maximum [Member] | Vantage At Panama City Beach [Member] | |
Commitments And Other Guarantees [Line Items] | |
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 50.00% |
Maximum [Member] | Vantage At Stone Creek [Member] | |
Commitments And Other Guarantees [Line Items] | |
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 50.00% |
Minimum [Member] | Vantage At Panama City Beach [Member] | |
Commitments And Other Guarantees [Line Items] | |
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 25.00% |
Minimum [Member] | Vantage At Stone Creek [Member] | |
Commitments And Other Guarantees [Line Items] | |
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 25.00% |
Redeemable Series A Preferred_3
Redeemable Series A Preferred Units - Additional Information (Details) - $ / shares | Dec. 31, 2018 | 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 Preferred_4
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, 2018 | Dec. 31, 2017 | |
Temporary Equity Disclosure [Abstract] | |||||||||
Series A Preferred Units outstanding | 1,750,000 | 2,000,000 | 1,613,100 | 700,000 | 1,000,000 | 1,386,900 | 1,000,000 | 9,450,000 | 9,450,000 |
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 | $ 94,500,000 |
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 | ||
Earliest Redemption Date | 2023-10 | 2023-08 | 2023-03 | 2022-12 | 2022-09 | 2022-05 | 2022-03 |
Issuances of Additional Benef_2
Issuances of Additional Beneficial Unit Certificates (Details) - BUCs - Restricted and Unrestricted [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Aug. 31, 2018 | 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] | ||||
Sale of Beneficial Unit Certificates, net of issuance costs, unit | 38,617 | 161,383 | ||
Net proceeds from partnership capital unit sold | $ 192,000 | $ 806,000 | ||
Secondary At The Market 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 | 310,519 | |||
Net proceeds from partnership capital unit sold | $ 1,800,000 |
Restricted Unit Awards ("RUAs_3
Restricted Unit Awards ("RUAs") - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Compensation expense | $ 1,800,000 | $ 1,600,000 | $ 833,000 |
Unrecognized compensation expense related to nonvested RUAs granted | $ 902,000 | ||
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 ("RUAs_4
Restricted Unit Awards ("RUAs") - Summary of RUA activity (Details) - Restricted Unit Awards [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Units Awarded | |||
Beginning Balance | 242,069 | 158,304 | |
Granted | 309,212 | 283,046 | 272,307 |
Vested | (279,034) | (199,281) | (114,003) |
Forfeited | (6,957) | ||
Ending Balance | 265,290 | 242,069 | 158,304 |
Weighted-average Grant-Date Fair Value | |||
Beginning Balance | $ 5.83 | $ 6.03 | |
Granted | 6.31 | 5.74 | $ 6.03 |
Vested | 6.06 | 5.85 | 6.03 |
Forfeited | 6.31 | ||
Ending Balance | $ 6.14 | $ 5.83 | $ 6.03 |
Transactions with Related Par_3
Transactions with Related Parties - Summary of Amounts Reimbursable to AFCA 2 or an Affiliate (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | $ 330,000 | $ 391,000 | |
AFCA 2 [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | 4,376,708 | 3,904,611 | $ 3,534,597 |
AFCA 2 [Member] | Reimbursable Salaries and Benefits [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | 3,993,067 | 3,350,267 | 2,921,762 |
AFCA 2 [Member] | Other Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | 13,121 | 143,350 | 5,883 |
AFCA 2 [Member] | Insurance [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | 215,867 | 216,263 | 204,357 |
AFCA 2 [Member] | Professional Fees and Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | $ 154,653 | 191,177 | 390,961 |
AFCA 2 [Member] | Consulting and Travel Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Amounts reimbursable to related party | $ 3,554 | $ 11,634 |
Transactions with Related Par_4
Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | ||||
Due diligence services revenue received from an affiliate | [1] | $ 128,000 | ||
Reimbursement of franchise margin taxes paid on behalf of unconsolidated entities | [2] | $ 77,000 | ||
General Partner [Member] | ||||
Related Party Transaction [Line Items] | ||||
Administrative fees | [3] | 3,721,000 | 3,576,000 | $ 2,773,000 |
Burlington Capital Properties, LLC [Member] | MF Properties Managed [Member] | ||||
Related Party Transaction [Line Items] | ||||
Property management fees to an affiliate | [4] | $ 190,000 | 390,000 | 555,000 |
Burlington Capital Properties, LLC [Member] | Jade Park MF Property [Member] | ||||
Related Party Transaction [Line Items] | ||||
Construction fees paid to an affiliate | [5] | 63,000 | ||
Farnam Capital Advisors, LLC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Consulting fees | [6] | $ 921,000 | $ 1,186,000 | |
[1] | 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 fees earned were reported within other income on the Partnership’s consolidated statements of operations. | |||
[2] | The Partnership pays franchise margin taxes on revenues in certain jurisdictions relating to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. The Partnership is then reimbursed for franchise margin taxes paid on behalf of the unconsolidated entities. | |||
[3] | The General Partner of the Partnership, AFCA 2, is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within general and administrative expenses on the Partnership’s consolidated statements of operations. | |||
[4] | An affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). The property management fees are reported within real estate operating expenses in the Partnership’s consolidated statements of operations. | |||
[5] | An affiliate of AFCA 2, Burlington Capital Construction Services, LLC, was the general contractor for certain exterior rehabilitation services for the Jade Park MF Property. These service fees were capitalized as real estate assets in the Partnership’s consolidated balance sheets. | |||
[6] | An affiliate of AFCA 2, Farnam Capital Advisors (“FCA”), provides consulting services when certain debt financing facilities are acquired by the Partnership. These fees were capitalized as deferred financing costs in the Partnership’s consolidated balance sheets. |
Transactions with Related Par_5
Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Rate for administration fees receivable | 0.45% |
Transactions with Related Par_6
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Consulting fees received by an affiliate | [1] | $ 705,000 | $ 1,040,000 | |
Negotiated origination fee to an affiliate | [2] | 125,000 | ||
General Partner [Member] | ||||
Non-partnership property administrative fee received | [3] | $ 69,000 | 173,000 | 95,000 |
Investment/mortgage fees received | [4] | 2,873,000 | 1,814,000 | 2,079,000 |
Negotiated placement fee | [5] | $ 125,000 | ||
General Partner [Member] | Mortgage Revenue Bonds [Member] | ||||
Redemption administrative fee | [6] | $ 283,000 | $ 300,000 | |
[1] | FCA received consulting fees in connection with the acquisition of certain MRBs, investments in unconsolidated entities and certain property loans. | |||
[2] | FCA received a one-time origination fee for work performed related to a transaction that did not materialize during the year ended December 31, 2016. | |||
[3] | AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified. | |||
[4] | AFCA 2 received placement fees in connection with the acquisition of certain MRBs, investments in unconsolidated entities and certain property loans. | |||
[5] | AFCA 2 received a one-time negotiated mortgage placement fee related to work performed for a transaction that did not materialize during the year ended December 31, 2016. | |||
[6] | AFCA 2 received one-time administrative fees related to early redemptions of the Lake Forest MRB in September 2018 and the Vantage at Judson MRBs in December 2018. AFCA 2 received a one-time administrative fee of $300,000 related to early redemption of the Avistar at Chase Hill MRBs in November 2017. |
Transactions with Related Par_7
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Nov. 30, 2017 | Dec. 31, 2018 | |
Rate for administration fees receivable | 0.45% | |
AFCA 2 [Member] | ||
Administrative fee received | $ 300,000 |
Transactions with Related Par_8
Transactions with Related Parties - Additional Information (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transactions [Abstract] | ||
Rreceivables due from unconsolidated entities | $ 77,000 | $ 0 |
Outstanding liabilities due to related parties | $ 330,000 | $ 391,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Weighted average effective yield | 9.10% | |
Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Weighted average effective yield | 5.50% | |
MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Weighted average effective yield | 4.60% | |
Effective rate - minimum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 8.30% | 7.90% |
Effective rate - minimum [Member] | Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 5.30% | 5.10% |
Effective rate - minimum [Member] | MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 3.30% | 2.90% |
Effective rate - maximum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 9.30% | 9.20% |
Effective rate - maximum [Member] | Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 6.00% | 5.80% |
Effective rate - maximum [Member] | MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 9.10% | 8.80% |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | $ 782,862,049 | $ 843,675,611 | ||
Derivative Swap Liability [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Liabilities at fair value | (826,852) | |||
Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 48,672,086 | 49,641,588 | ||
Taxable Mortgage Revenue Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 1,409,895 | 2,422,459 | ||
Derivative Instruments (Reported within Other Assets) [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 626,633 | 597,221 | ||
Bond Purchase Commitments (Reported within Other Assets) [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 3,002,540 | |||
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 | 782,862,049 | 843,675,611 | $ 742,897,488 | $ 653,875,949 |
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) | |||
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 | 48,672,086 | 49,641,588 | 57,158,068 | 60,707,290 |
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 | 1,409,895 | 2,422,459 | 4,084,599 | 4,824,060 |
Fair Value, Inputs, Level 3 [Member] | Derivative Instruments (Reported within Other Assets) [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 626,633 | 597,221 | ||
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 | |
Mortgage Revenue Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 86,894,562 | 77,971,208 | ||
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 | 86,894,562 | 77,971,208 | ||
Mortgage Revenue Bonds Held In Trust [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 645,258,873 | 710,867,447 | ||
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 | $ 645,258,873 | $ 710,867,447 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Activity Related to Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | $ 843,675,611 | $ 742,897,488 | $ 653,875,949 | ||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in earnings (interest income and interest expense) | 792,175 | (681,669) | 138,782 | ||||
Total gain (losses) included in earnings (impairment of securities ) | (1,141,020) | ||||||
Total gain (losses) included in other comprehensive (loss) income | (16,645,788) | 36,728,346 | (22,245,924) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 41,708,000 | 121,903,017 | 130,620,000 | ||||
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 | (85,309,981) | (57,171,571) | (10,195,920) | ||||
Assets at Fair Value, ending balance | 782,862,049 | 843,675,611 | 742,897,488 | ||||
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | (416,441) | (1,002,051) | 17,618 | ||||
ASU 2017-08 [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | 843,458,663 | ||||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Assets at Fair Value, ending balance | 843,458,663 | ||||||
Interest rate derivatives [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Liabilities at Fair value, beginning balance | [1] | (229,631) | (955,679) | (972,898) | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in earnings (interest income and interest expense) | [1] | 724,579 | (240,091) | 17,618 | |||
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] | 131,685 | 410,122 | ||||
Liabilities at Fair value, ending balance | [1] | 626,633 | (229,631) | (955,679) | |||
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | [1] | 724,579 | (240,091) | 17,618 | |||
Bond Purchase Commitment [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | 3,002,540 | 2,399,449 | 5,634,360 | ||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in other comprehensive (loss) income | (3,002,540) | 603,091 | (3,234,911) | ||||
Assets at Fair Value, ending balance | 3,002,540 | 2,399,449 | |||||
Public housing capital fund trusts [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | 49,641,588 | 57,158,068 | 60,707,290 | ||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in earnings (interest income and interest expense) | (77,096) | (654,290) | (54,605) | ||||
Total gain (losses) included in earnings (impairment of securities ) | (1,141,020) | ||||||
Total gain (losses) included in other comprehensive (loss) income | 950,228 | (882,452) | (1,480,497) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (701,614) | (5,979,738) | (2,014,120) | ||||
Assets at Fair Value, ending balance | 48,672,086 | 49,641,588 | 57,158,068 | ||||
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | (1,141,020) | (761,960) | |||||
Taxable Mortgage Revenue Bonds [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | 2,422,459 | 4,084,599 | 4,824,060 | ||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in other comprehensive (loss) income | (32,756) | (96,685) | (188,299) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (979,808) | (1,565,455) | (551,162) | ||||
Assets at Fair Value, ending balance | 1,409,895 | 2,422,459 | 4,084,599 | ||||
Mortgage Revenue Bonds [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | [2] | 788,838,655 | 680,211,051 | 583,683,137 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in earnings (interest income and interest expense) | 144,692 | [3] | 212,712 | [2] | 175,769 | [2] | |
Total gain (losses) included in other comprehensive (loss) income | (14,560,720) | [3] | 37,104,392 | [2] | (17,342,217) | [2] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 41,708,000 | [3] | 121,347,000 | [2] | 130,620,000 | [2] | |
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 | (83,760,244) | [3] | (50,036,500) | [2] | (7,630,638) | [2] | |
Assets at Fair Value, ending balance | 732,153,435 | [3] | 788,838,655 | [2] | $ 680,211,051 | [2] | |
Mortgage Revenue Bonds [Member] | ASU 2017-08 [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | [3] | $ 788,621,707 | |||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Assets at Fair Value, ending balance | [3] | $ 788,621,707 | |||||
[1] | Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. | ||||||
[2] | Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. | ||||||
[3] | Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgages payable and other secured financing | $ 27,454,375 | $ 35,540,174 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt financing and LOCs | 541,322,765 | 608,328,347 |
Mortgages payable and other secured financing | 27,454,375 | 35,540,174 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt financing and LOCs | 550,766,809 | 618,412,150 |
Mortgages payable and other secured financing | $ 27,552,748 | $ 35,767,924 |
Segments - Additional Informati
Segments - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2018PropertyUnitSecuritySegmentRating | 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 | 77 | |
Mortgage Revenue Bond Investments Segment [Member] | Residential Properties [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of rental units financed by mortgage revenue bonds | Unit | 10,650 | |
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 | 2 | |
Number of rental units under MF properties segment. | Unit | 859 |
Segments - Summary of Partnersh
Segments - Summary of Partnership Reportable Segment Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Total revenues | |||
Total revenues | $ 81,355,576 | $ 70,381,545 | $ 58,978,750 |
Interest expense | |||
Interest expense | 23,190,012 | 22,155,443 | 15,469,639 |
Depreciation expense | |||
Depreciation expense | 3,488,058 | 4,949,935 | 5,980,483 |
Partnership net income (loss) | |||
Partnership net income (loss) | 41,139,529 | 30,591,198 | 23,784,507 |
Total assets | |||
Total assets | 982,713,246 | 1,069,767,999 | |
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member] | |||
Total revenues | |||
Total revenues | 57,625,273 | 49,100,423 | 36,673,232 |
Interest expense | |||
Interest expense | 20,687,812 | 18,705,398 | 11,904,616 |
Partnership net income (loss) | |||
Partnership net income (loss) | 22,048,372 | 15,438,583 | 11,755,639 |
Total assets | |||
Total assets | 864,311,647 | 937,565,390 | |
Operating Segments [Member] | MF Properties [Member] | |||
Total revenues | |||
Total revenues | 9,149,105 | 13,677,635 | 17,404,439 |
Interest expense | |||
Interest expense | 1,569,744 | 2,099,840 | 2,200,531 |
Depreciation expense | |||
Depreciation expense | 3,488,058 | 4,949,935 | 5,980,483 |
Partnership net income (loss) | |||
Partnership net income (loss) | 3,676,560 | 9,668,051 | 8,443,527 |
Total assets | |||
Total assets | 71,120,280 | 83,514,758 | |
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member] | |||
Total revenues | |||
Total revenues | 2,479,494 | 2,951,735 | 2,888,035 |
Interest expense | |||
Interest expense | 932,456 | 1,350,205 | 1,349,800 |
Partnership net income (loss) | |||
Partnership net income (loss) | 406,019 | 839,570 | 1,538,234 |
Total assets | |||
Total assets | 48,942,334 | 49,918,434 | |
Operating Segments [Member] | MBS Securities Investments [Member] | |||
Total revenues | |||
Total revenues | 17,921 | ||
Interest expense | |||
Interest expense | 14,692 | ||
Partnership net income (loss) | |||
Partnership net income (loss) | 51,984 | ||
Operating Segments [Member] | Other Investments [Member] | |||
Total revenues | |||
Total revenues | 12,101,704 | 4,651,752 | 1,995,123 |
Partnership net income (loss) | |||
Partnership net income (loss) | 15,008,578 | 4,644,994 | $ 1,995,123 |
Total assets | |||
Total assets | 85,048,514 | 55,573,834 | |
Consolidation, Eliminations [Member] | |||
Total assets | |||
Total assets | $ (86,709,529) | $ (56,804,417) |
Summary of Unaudited Quarterl_3
Summary of Unaudited Quarterly Results of Operations - Summary of Unaudited Quarterly Results of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues and other income | $ 26,015,349 | $ 30,052,544 | $ 15,785,165 | $ 16,458,034 | $ 32,472,818 | $ 16,234,830 | $ 16,218,225 | $ 23,208,975 | |||
Income from continuing operations | 13,914,049 | 17,883,055 | 3,338,121 | 6,004,304 | 15,647,453 | 3,545,483 | 4,109,400 | 7,360,515 | |||
Net income | $ 13,914,049 | $ 17,883,055 | $ 3,338,121 | $ 6,004,304 | $ 15,647,453 | $ 3,545,483 | $ 4,109,400 | $ 7,360,515 | |||
Income from continuing operations, per BUC | $ 0.22 | $ 0.25 | $ 0.04 | $ 0.09 | $ 0.23 | $ 0.05 | $ 0.06 | $ 0.10 | |||
Net income, basic and diluted, per BUC | $ 0.22 | $ 0.25 | $ 0.04 | $ 0.09 | $ 0.23 | $ 0.05 | $ 0.06 | $ 0.10 | $ 0.60 | $ 0.44 | $ 0.34 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Feb. 27, 2019USD ($)Agreement | Feb. 28, 2017Agreement | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Subsequent Event [Line Items] | ||||||
Contingent interest income | $ 9,322,849 | $ 3,147,165 | $ 2,021,077 | |||
Gross proceeds from mortgage revenue bonds | $ 7,500,000 | |||||
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of new agreements | Agreement | 19 | |||||
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Number of new agreements | Agreement | 2 | |||||
Gross proceeds from mortgage revenue bonds | $ 5,300,000 | |||||
Vantage at Brooks LLC [Member] | Scenario, Forecast [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Contingent interest income | $ 3,000,000 |
Subsequent Events - Summary of
Subsequent Events - Summary of Subsequent Mortgage Revenue Bonds Acquisitions (Details) | 2 Months Ended | ||
Feb. 27, 2019USD ($)Unit | Dec. 31, 2018USD ($)Unit | Dec. 31, 2017USD ($) | |
Subsequent Event [Line Items] | |||
Units | Unit | 2,886 | ||
Principal Outstanding at Date of Acquisition | $ | $ 41,708,000 | $ 121,347,000 | |
Subsequent Event [Member] | Gateway Village [Member] | Series A [Member] | Hillsborough North Carolina [Member] | |||
Subsequent Event [Line Items] | |||
Month Acquired | February | ||
Units | Unit | 64 | ||
Maturity Date | Apr. 1, 2032 | ||
Base Interest Rate | 6.10% | ||
Principal Outstanding at Date of Acquisition | $ | $ 2,600,000 | ||
Subsequent Event [Member] | Lynnhaven [Member] | Series A [Member] | Durham North Carolina | |||
Subsequent Event [Line Items] | |||
Month Acquired | February | ||
Units | Unit | 75 | ||
Maturity Date | Apr. 1, 2032 | ||
Base Interest Rate | 6.10% | ||
Principal Outstanding at Date of Acquisition | $ | $ 3,450,000 |