Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2019shares | |
Cover [Abstract] | |
Entity Registrant Name | AMERICA FIRST MULTIFAMILY INVESTORS, L.P. |
Entity Central Index Key | 0001059142 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Units Outstanding | 60,835,204 |
Entity Shell Company | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity File Number | 000-24843 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 47-0810385 |
Entity Address, Address Line One | 1004 Farnam Street |
Entity Address, Address Line Two | Suite 400 |
Entity Address, City or Town | Omaha |
Entity Address, State or Province | NE |
Entity Address, Postal Zip Code | 68102 |
City Area Code | 402 |
Local Phone Number | 444-1630 |
Document Quarterly Report | true |
Document Transition Report | false |
Title of each class | Beneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P. |
Trading Symbol | ATAX |
Name of each exchange on which registered | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and cash equivalents | $ 40,782,506 | $ 32,001,925 |
Restricted cash | 570,990 | 1,266,686 |
Interest receivable, net | 7,927,509 | 7,011,839 |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 747,157,387 | 645,258,873 |
Mortgage revenue bonds, at fair value (Note 6) | 30,125,333 | 86,894,562 |
Public housing capital fund trust certificates, at fair value (Note 7) | 44,684,506 | 48,672,086 |
Real estate assets: (Note 8) | ||
Land and improvements | 4,900,465 | 4,971,665 |
Buildings and improvements | 72,003,079 | 71,897,070 |
Real estate assets before accumulated depreciation | 76,903,544 | 76,868,735 |
Accumulated depreciation | (14,650,397) | (12,272,387) |
Net real estate assets | 62,253,147 | 64,596,348 |
Investments in unconsolidated entities (Note 9) | 87,059,995 | 76,534,306 |
Property loans, net of loan loss allowance (Note 10) | 7,999,094 | 15,961,012 |
Other assets (Note 12) | 4,940,703 | 4,515,609 |
Total Assets | 1,033,501,170 | 982,713,246 |
Liabilities: | ||
Accounts payable, accrued expenses and other liabilities (Note 13) | 9,592,950 | 7,543,822 |
Distribution payable | 8,869,350 | 7,576,167 |
Unsecured lines of credit (Note 14) | 13,200,000 | 35,659,200 |
Debt financing, net (Note 15) | 538,812,130 | 505,663,565 |
Mortgages payable and other secured financing, net (Note 16) | 27,049,871 | 27,454,375 |
Total Liabilities | 597,524,301 | 583,897,129 |
Commitments and Contingencies (Note 18) | ||
Redeemable Series A Preferred Units, approximately $94.5 million redemption value, 9.5 million issued and outstanding, net (Note 19) | 94,377,414 | 94,350,376 |
Partnersʼ Capital: | ||
General Partner (Note 1) | 731,741 | 344,590 |
Beneficial Unit Certificates ("BUCs," Note 1) | 340,867,714 | 304,121,151 |
Total Partnersʼ Capital | 341,599,455 | 304,465,741 |
Total Liabilities and Partnersʼ Capital | $ 1,033,501,170 | $ 982,713,246 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Redeemable preferred units redemption value | $ 94.5 | $ 94.5 |
Redeemable preferred units, issued | 9.5 | 9.5 |
Redeemable preferred units, outstanding | 9.5 | 9.5 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenues: | ||||
Property revenues | $ 1,974,546 | $ 2,285,736 | $ 6,002,971 | $ 7,025,390 |
Investment income | 12,589,743 | 12,733,013 | 37,072,288 | 38,360,534 |
Contingent interest income | 3,360 | 4,246,094 | 3,045,462 | 4,246,094 |
Other interest income | 206,625 | 5,217,741 | 635,732 | 7,019,465 |
Other income | 91,428 | 1,518,531 | 120,181 | 1,592,831 |
Total revenues | 14,865,702 | 26,001,115 | 46,876,634 | 58,244,314 |
Expenses: | ||||
Real estate operating (exclusive of items shown below) | 1,381,909 | 1,606,765 | 3,477,983 | 4,292,745 |
Impairment of securities | 309,958 | 1,141,020 | ||
Impairment charge on real estate assets | 75,000 | 150,000 | 75,000 | 150,000 |
Depreciation and amortization | 743,503 | 864,600 | 2,384,115 | 2,692,731 |
Interest expense | 6,509,021 | 6,394,683 | 19,110,876 | 18,091,314 |
General and administrative | 6,992,528 | 3,653,288 | 12,267,917 | 9,506,258 |
Total expenses | 15,701,961 | 12,979,294 | 37,315,891 | 35,874,068 |
Other Income: | ||||
Gain on sales of real estate assets, net | 4,051,429 | 4,051,429 | ||
Gain on sale of investment in an unconsolidated entity | 10,475,927 | 10,475,927 | ||
Income before income taxes | 9,639,668 | 17,073,250 | 20,036,670 | 26,421,675 |
Income tax benefit | (68,235) | (809,805) | (9,236) | (803,805) |
Net income | 9,707,903 | 17,883,055 | 20,045,906 | 27,225,480 |
Redeemable Series A Preferred Unit distributions and accretion | (717,762) | (717,763) | (2,153,288) | (2,153,288) |
Net income available to Partners | 8,990,141 | 17,165,292 | 17,892,618 | 25,072,192 |
Net income available to Partners allocated to: | ||||
General Partner | 1,266,157 | 2,163,058 | 2,078,086 | 2,242,127 |
Net income available to Partners and noncontrolling interest | $ 8,990,141 | $ 17,165,292 | $ 17,892,618 | $ 25,072,192 |
BUC holders' interest in net income per BUC, basic and diluted | $ 0.13 | $ 0.25 | $ 0.26 | $ 0.38 |
Weighted average number of BUCs outstanding, basic | 60,519,542 | 59,907,123 | 60,457,299 | 59,989,585 |
Weighted average number of BUCs outstanding, diluted | 60,519,542 | 59,907,123 | 60,457,299 | 59,989,585 |
Beneficial Unit Certificate Holders [Member] | ||||
Net income available to Partners allocated to: | ||||
Limited Partners | $ 7,695,468 | $ 14,933,260 | $ 15,719,693 | $ 22,662,993 |
Restricted Unitholders [Member] | ||||
Net income available to Partners allocated to: | ||||
Limited Partners | $ 28,516 | $ 68,974 | $ 94,839 | $ 167,072 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Net income | $ 20,045,906 | $ 27,225,480 | ||
Unrealized gain (loss) on bond purchase commitments | $ 51,760 | |||
Comprehensive income | $ 28,756,219 | 11,190,306 | 62,158,230 | 1,697,013 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Net income | 9,707,903 | 17,883,055 | 20,045,906 | 27,225,480 |
Reversal of net unrealized losses on securities with other-than-temporary impairment | 525,446 | |||
Unrealized gain (loss) on securities | $ 19,048,316 | (6,744,509) | $ 42,112,324 | (24,097,818) |
Unrealized gain (loss) on bond purchase commitments | 51,760 | |||
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Unrealized gain (loss) on bond purchase commitments | $ 51,760 | $ (1,956,095) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($) | Total | Tier 3 [Member] | Tier 2 [Member] | General Partner [Member] | General Partner [Member]Tier 2 [Member] | BUCs - Restricted and Unrestricted [Member] | BUCs - Restricted and Unrestricted [Member]Tier 3 [Member] | BUCs - Restricted and Unrestricted [Member]Tier 2 [Member] | Number of BUCs - Restricted and Unrestricted [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
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) at Dec. 31, 2017 | (216,948) | (2,169) | (214,779) | |||||||
Distributions paid or accrued ($0.125 per BUC): | ||||||||||
Regular distribution | (7,632,945) | (76,329) | (7,556,616) | |||||||
Net income allocable to Partners | 5,286,541 | 52,865 | 5,233,676 | |||||||
Sale of Beneficial Unit Certificates, net of issuance costs, value | 192,310 | 192,310 | ||||||||
Sale of Beneficial Unit Certificates, net of issuance costs, unit | 38,617 | |||||||||
Repurchase of BUCs, Value | (1,256,654) | (1,256,654) | ||||||||
Repurchase of BUCs, Units | (198,465) | |||||||||
Restricted units awarded | 239,102 | |||||||||
Restricted unit compensation expense | 206,636 | 2,066 | 204,570 | |||||||
Unrealized gain (loss) on securities | (21,874,876) | (218,749) | (21,656,127) | (21,874,876) | ||||||
Unrealized gain (loss) on bond purchase commitments | (975,067) | (9,751) | (965,316) | (975,067) | ||||||
Balance at Mar. 31, 2018 | 287,569,267 | 185,189 | 287,384,078 | 52,773,887 | ||||||
Partners' Capital Account, Units at Mar. 31, 2018 | 60,452,928 | |||||||||
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) at Dec. 31, 2017 | (216,948) | (2,169) | (214,779) | |||||||
Distributions paid or accrued ($0.125 per BUC): | ||||||||||
Net income allocable to Partners | 25,072,192 | |||||||||
Balance at Sep. 30, 2018 | 288,499,259 | 195,059 | 288,304,200 | 50,095,363 | ||||||
Partners' Capital Account, Units at Sep. 30, 2018 | 60,520,261 | |||||||||
Balance at Mar. 31, 2018 | 287,569,267 | 185,189 | 287,384,078 | 52,773,887 | ||||||
Partners' Capital Account, Units at Mar. 31, 2018 | 60,452,928 | |||||||||
Distributions paid or accrued ($0.125 per BUC): | ||||||||||
Regular distribution | (7,632,946) | (76,330) | (7,556,616) | |||||||
Net income allocable to Partners | 2,620,359 | 26,204 | 2,594,155 | |||||||
Repurchase of BUCs, Value | (440,959) | (440,959) | ||||||||
Repurchase of BUCs, Units | (70,110) | |||||||||
Restricted units awarded | 70,110 | |||||||||
Restricted unit compensation expense | 543,521 | 5,436 | 538,085 | |||||||
Unrealized gain (loss) on securities | 4,521,567 | 45,216 | 4,476,351 | 4,065,221 | ||||||
Unrealized gain (loss) on bond purchase commitments | (1,032,788) | (10,328) | (1,022,460) | (1,032,788) | ||||||
Reversal of Net Unrealized Loss on Securities with Other Than Temporary Impairment | 525,446 | 5,254 | 520,192 | 981,792 | ||||||
Balance at Jun. 30, 2018 | 286,673,467 | 180,641 | 286,492,826 | 56,788,112 | ||||||
Partners' Capital Account, Units at Jun. 30, 2018 | 60,452,928 | |||||||||
Distributions paid or accrued ($0.125 per BUC): | ||||||||||
Regular distribution | (1,355,445) | (13,554) | (1,341,891) | |||||||
Distribution of Tier 2 and Tier 3 income (Note 3) | $ (8,297,523) | $ (2,074,381) | $ (6,223,142) | |||||||
Net income allocable to Partners | 17,165,292 | 2,163,058 | 15,002,234 | |||||||
Sale of Beneficial Unit Certificates, net of issuance costs, value | 383,990 | 383,990 | ||||||||
Sale of Beneficial Unit Certificates, net of issuance costs, unit | 67,333 | |||||||||
Restricted unit compensation expense | 622,227 | 6,222 | 616,005 | |||||||
Unrealized gain (loss) on securities | (6,744,509) | (67,445) | (6,677,064) | (6,288,163) | ||||||
Unrealized gain (loss) on bond purchase commitments | 51,760 | 518 | 51,242 | 51,760 | ||||||
Reversal of Net Unrealized Loss on Securities with Other Than Temporary Impairment | (456,346) | |||||||||
Balance at Sep. 30, 2018 | 288,499,259 | 195,059 | 288,304,200 | 50,095,363 | ||||||
Partners' Capital Account, Units at Sep. 30, 2018 | 60,520,261 | |||||||||
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 | |||||||||
Cumulative effect of accounting change (Note 2) at Dec. 31, 2018 | (212) | (2) | (210) | |||||||
Distributions paid or accrued ($0.125 per BUC): | ||||||||||
Regular distribution | (5,381,169) | (53,812) | (5,327,357) | |||||||
Distribution of Tier 2 and Tier 3 income (Note 3) | (3,012,102) | (753,025) | (2,259,077) | |||||||
Net income allocable to Partners | 5,734,050 | 780,245 | 4,953,805 | |||||||
Restricted unit compensation expense | 184,184 | 1,842 | 182,342 | |||||||
Unrealized gain (loss) on securities | 8,143,927 | 81,439 | 8,062,488 | 8,143,927 | ||||||
Balance at Mar. 31, 2019 | 310,134,419 | 401,277 | 309,733,142 | 67,121,969 | ||||||
Partners' Capital Account, Units at Mar. 31, 2019 | 60,691,467 | |||||||||
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 | |||||||||
Cumulative effect of accounting change (Note 2) at Dec. 31, 2018 | (212) | (2) | (210) | |||||||
Distributions paid or accrued ($0.125 per BUC): | ||||||||||
Net income allocable to Partners | 17,892,618 | |||||||||
Balance at Sep. 30, 2019 | 341,599,455 | 731,741 | 340,867,714 | 101,090,366 | ||||||
Partners' Capital Account, Units at Sep. 30, 2019 | 60,835,204 | |||||||||
Balance at Mar. 31, 2019 | 310,134,419 | 401,277 | 309,733,142 | 67,121,969 | ||||||
Partners' Capital Account, Units at Mar. 31, 2019 | 60,691,467 | |||||||||
Distributions paid or accrued ($0.125 per BUC): | ||||||||||
Regular distribution | (7,663,064) | (76,631) | (7,586,433) | |||||||
Net income allocable to Partners | 3,168,427 | 31,684 | 3,136,743 | |||||||
Restricted unit compensation expense | 186,230 | 1,862 | 184,368 | |||||||
Unrealized gain (loss) on securities | 14,920,081 | 149,201 | 14,770,880 | 14,920,081 | ||||||
Balance at Jun. 30, 2019 | 320,746,093 | 507,393 | 320,238,700 | 82,042,050 | ||||||
Partners' Capital Account, Units at Jun. 30, 2019 | 60,691,467 | |||||||||
Distributions paid or accrued ($0.125 per BUC): | ||||||||||
Distribution of Tier 2 and Tier 3 income (Note 3) | $ (3,809,553) | $ (5,059,796) | $ (1,264,949) | $ (3,809,553) | $ (3,794,847) | |||||
Net income allocable to Partners | 8,990,141 | 1,266,157 | 7,723,984 | |||||||
Restricted units awarded | 353,197 | |||||||||
Restricted unit compensation expense | 3,265,677 | 32,657 | 3,233,020 | |||||||
BUCs surrendered to pay tax withholding on vested restricted units | (1,581,423) | (1,581,423) | ||||||||
BUCs surrendered to pay tax withholding, units | (209,460) | |||||||||
Unrealized gain (loss) on securities | 19,048,316 | 190,483 | 18,857,833 | 19,048,316 | ||||||
Balance at Sep. 30, 2019 | $ 341,599,455 | $ 731,741 | $ 340,867,714 | $ 101,090,366 | ||||||
Partners' Capital Account, Units at Sep. 30, 2019 | 60,835,204 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Regular distributions paid or accrued | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 |
Tier 2 [Member] | ||||||
Distributions paid or accrued of tier 2 and tier 3 | 0.125 | $ 0.125 | $ 0.125 | |||
Tier 3 [Member] | ||||||
Distributions paid or accrued of tier 2 and tier 3 | $ 0.125 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 20,045,906 | $ 27,225,480 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 2,384,115 | 2,692,731 |
Gain on sale of real estate assets, net | (4,051,429) | |
Gain on sale of investment in an unconsolidated entity | (10,475,927) | |
Contingent interest realized on investing activities | (3,045,462) | (4,246,094) |
Impairment of securities | 1,141,020 | |
Impairment charge on real estate assets | 75,000 | 150,000 |
Loss (gain) on derivatives, net of cash paid | 574,028 | (1,266,808) |
Restricted unit compensation expense | 3,636,091 | 1,372,384 |
Bond premium/discount amortization | (106,114) | (50,839) |
Debt premium amortization | (8,410) | |
Amortization of deferred financing costs | 1,476,463 | 1,304,879 |
Deferred income tax expense (benefit) & income tax payable/receivable | 100,804 | (840,871) |
Change in preferred return receivable from unconsolidated entities, net | (1,935,286) | (2,642,634) |
Changes in operating assets and liabilities | ||
Increase in interest receivable | (915,670) | (1,395,660) |
(Increase) decrease in other assets | 694,925 | (921,756) |
Increase (decrease) in accounts payable and accrued expenses | 327,188 | (473,415) |
Net cash provided by operating activities | 12,827,651 | 17,996,988 |
Cash flows from investing activities: | ||
Capital expenditures | (88,110) | (496,336) |
Proceeds from sale of MF Properties | 13,450,000 | |
Proceeds from sale of investment in an unconsolidated entity | 20,189,663 | |
Acquisition of mortgage revenue bonds | (19,250,000) | (19,540,000) |
Contributions to unconsolidated entities | (18,304,139) | (35,153,613) |
Principal payments received on taxable mortgage revenue bonds | 25,997 | 33,384 |
Cash paid for land held for development and deposits on potential purchases | (2,764,403) | |
Advances on property loans | (405,717) | (66,652) |
Principal payments received on property loans and contingent interest | 11,413,098 | 5,762,536 |
Net cash provided by investing activities | 13,864,087 | 7,453,523 |
Cash flows from financing activities: | ||
Distributions paid | (25,758,751) | (25,800,111) |
Repurchase of BUCs | (1,697,613) | |
Proceeds from the sale of BUCs | 626,033 | |
Payment of offering costs related to the sale of BUCs | (12,531) | |
Payment of tax withholding related to restricted unit awards | (1,581,423) | |
Proceeds from debt financing | 122,921,712 | 238,920,000 |
Principal payments on debt financing | (90,025,780) | (253,250,185) |
Principal payments on mortgages payable | (474,391) | (7,963,815) |
Principal borrowing on unsecured lines of credit | 23,200,000 | 30,540,000 |
Principal payments on unsecured lines of credit | (45,659,200) | (52,074,400) |
Decrease in security deposit liability related to restricted cash | (51,324) | (23,243) |
Debt financing and other deferred costs | (1,177,696) | (625,706) |
Net cash used in financing activities | (18,606,853) | (71,361,571) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 8,084,885 | (45,911,060) |
Cash, cash equivalents and restricted cash at beginning of period | 33,268,611 | 71,583,329 |
Cash, cash equivalents and restricted cash at end of period | 41,353,496 | 25,672,269 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 16,874,341 | 17,571,617 |
Cash paid during the period for income taxes | 155,000 | 178,564 |
Supplemental disclosure of noncash investing and financing activities: | ||
Distributions declared but not paid for BUCs and General Partner | 8,869,350 | 9,652,968 |
Distributions declared but not paid for Series A Preferred Units | 708,750 | 708,750 |
Land contributed as investment in an unconsolidated entity | 2,879,473 | |
Capital expenditures financed through accounts payable | 24,504 | 5,898 |
Deferred financing costs financed through accounts payable | 15,000 | 12,836 |
Public housing capital fund trusts [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | 4,775,103 | 226,714 |
Mortgage Revenue Bonds and Contingent Interest [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | $ 15,508,192 | $ 46,001,893 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2019 | Sep. 30, 2018 |
Statement Of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 40,782,506 | $ 24,969,157 |
Restricted cash | 570,990 | 703,112 |
Total cash, cash equivalents and restricted cash | $ 41,353,496 | $ 25,672,269 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
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 provide construction and/or permanent financing for affordable multifamily and student housing residential properties (collectively “Residential Properties”) and commercial properties. 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 to 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 and student residential properties (“MF Properties”) in order to position itself for future investments in MRBs that finance these properties or to operate the MF Properties until their “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 Greystone AF Manager LLC (“Greystone Manager”). The Partnership has previously issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partnership interests to investors (“BUC holders”). The Partnership has issued non-cumulative, non-voting, non-convertible Series A Preferred Units (“Series A Preferred Units”) that represent limited partnership interests in the Partnership under the Partnership’s First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as further amended (the “Amended and Restated LP Agreement”). The holders of the BUCs and Series A Preferred Units are referred to herein as “Unitholders.” |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. As of September 30, 2019, 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 M24 Tax Exempt Bond Securitization (“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 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 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 M45 TEBS Financing with Freddie Mac. • ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, which is 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. The Partnership also consolidates variable interest entities (“VIEs”) for which it is deemed to be the primary beneficiary. See Note 5 for information regarding the Partnership’s consolidated VIEs. Lease Accounting On January 1, 2019, the Partnership adopted the lease guidance in Accounting Standards Codification (“ASC”) 842. The Partnership adopted ASC 842 at the required adoption date of January 1, 2019, using the transition method that allowed the Partnership to initially apply ASC 842 as of January 1, 2019 and recognize a cumulative-effect adjustment to the opening balance of partners’ capital in the period of adoption. No changes have been made to the condensed consolidated financial statements dated prior to the effective date related to the adoption of ASC 842. Lessee Operating Leases The Partnership’s only material lessee lease is a ground lease at The 50/50 MF Property. Upon adoption of ASC 842, the Partnership elected the package of practical expedients in Accounting Standards Update (“ASU”) 2016-11, elected not to apply ASC 842 to short-term leases and elected to combine lease and non-lease components when accounting for these lease arrangements. On the date of adoption of ASC 842, the Partnership recognized operating lease right-of-use (“ROU”) assets of $1.7 million, operating lease liabilities of $2.2 million, and an immaterial cumulative adjustment to partners’ capital. The Partnership used a discount rate of 6.6% to calculate the ROU asset and lease liability related to the ground lease. The discount rate is based on the Partnership’s estimated incremental borrowing rate to borrow, on a fully collateralized basis, over a similar term for the amount of contractual lease payments. The incremental borrowing rate was estimated using market transactions adjusted for differences in the term and security. The Partnership’s lessee ROU assets are reflected in other assets on the Partnership’s condensed consolidated balance sheet (see Note 12). The Partnership’s lessee operating lease liabilities are reflected in accounts payable, accrued expenses and other liabilities on the Partnership’s condensed consolidated balance sheet (see Note 13). See Note 13 for additional information on the Partnership’s ground lease. Lessor Operating Leases The Partnership’s lessor leases consist of tenant leases related to real estate assets, specifically at the MF Properties. Tenant leases also contain terms for non-lease revenues related to operations at the MF Properties, such as parking and food service revenues. The Partnership has elected to combine the lease and non-lease components when accounting for lessor leases. The unit lease component of the tenant lease is considered the predominant component, so all components of the tenant lease are accounted for under ASC 842. Tenant leases are typically for terms of 12 months or less and do not include extension options. Lease revenue is recognized monthly and is reported within property revenues on the Partnership’s condensed consolidated statements of operations. ASC 842 did not have a material impact on the Partnership’s accounting for its lessor arrangements with tenants at the MF Properties. PHC Certificate Impairment 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, • Potential changes in HUD appropriations to local housing authorities, • Downgrade in the security’s rating by Standard & Poor’s, and • Volatility of the fair value of the security. Real Estate Assets 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. Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. In the three and nine months ended September 30, 2019, the Partnership reported amortization of deferred financing costs within interest expense in the Partnership’s condensed consolidated statements of operations. Previously, “Amortization of deferred financing costs expense” had been reported as a separate line item in the Partnership’s condensed consolidated statement of operations. Accordingly, for the three and nine months ended September 30, 2018, the Partnership has included amortization of deferred financing costs expense within interest expense in conformity with the current reporting period presented herein. This reclassification has no effect on the Partnership’s reported net income or partners’ capital in the Partnership’s condensed consolidated financial statements for the periods presented. Estimates and assumptions The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2018. These condensed consolidated financial statements and notes have been prepared consistently with the 2018 Form 10-K, with the exception of new accounting standards that were adopted and reclassifications that are discussed herein. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of September 30, 2019, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated balance sheet as of December 31, 2018 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements. Recently Issued Accounting Pronouncements 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 is effective for the Partnership’s annual and interim periods beginning after December 15, 2019 and is to be applied using a modified-retrospective approach. In October 2019, the FASB approved a delay in the effective date of this ASU for smaller reporting companies, such as the Partnership, and other non-SEC reporting entities. The FASB expects to issue two final ASUs relating to this matter in mid-November 2019. The new ASUs will delay the effective date for such entities to fiscal years beginning after December 31, 2022, including interim periods within those fiscal periods. As the Partnership is a smaller reporting company, it may elect to delay its effective date. The Partnership has completed an assessment of the items that are within the scope of the new ASU. The items include property loans, receivables reported within other assets, financial guarantees and commitments. Also within the scope of the ASU are changes to the impairment model for available-for-sale debt securities, which includes the Partnership’s MRBs, PHC Certificates, and taxable MRBs. The Partnership is currently developing data collection processes, assessment procedures and internal controls required to implement the ASU for such items in the Partnership’s condensed consolidated financial statements. The Partnership is continuing to evaluate whether to defer their implementation date of the ASU and will make a final determination in the fourth quarter of 2019. In July 2019, the FASB issued ASU 2019-07, “Codification Updates to SEC Sections” which amends the SEC Rules, Regulations and Interpretations section of various topics within the FASB Accounting Standards Codification. The amendments were made as the result of the SEC’s Final Rule Releases No. 33-10532, “Disclosure Update and Simplification”, No. 33-10231, “Investment Company Reporting Modernization”, and No. 33-10442, “Miscellaneous Update”. The Partnership’s condensed consolidated financial statements and notes to condensed consolidated financial statements are in compliance with the relevant Codification updates. There were no significant changes to the Partnership’s condensed consolidated financial statements as a result of the ASU. |
Partnership Income, Expense and
Partnership Income, Expense and Cash Distributions | 9 Months Ended |
Sep. 30, 2019 | |
Partnership Income Expenses And Cash Distributions [Abstract] | |
Partnership Income, Expenses and Cash Distributions | 3. Partnership Income, Expenses and Cash Distributions The Amended and Restated LP Agreement of the Partnership contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds; for the allocation of income or loss from operations; and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments. Income and losses will be allocated to each Unitholder on a periodic basis, as determined by the General Partner, based on the number of 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. Cash distributions are currently made on a quarterly basis. 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. Net Interest Income (Tier 1) is allocated 99% to the limited partners and BUC holders as a class and 1% to the General Partner. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) are allocated 75% to the limited partners and BUC holders as a class and 25% to the General Partner. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) in excess of the maximum allowable amount as set forth in the Amended and Restated LP Agreement are considered Net Interest Income (Tier 3) and Net Residual Proceeds (Tier 3) and are allocated 100% to the limited partners and BUC holders as a class. |
Net Income per BUC
Net Income per BUC | 9 Months Ended |
Sep. 30, 2019 | |
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 condensed consolidated statements of operations. The unvested Restricted Unit Awards (“RUAs”) issued under the Partnership’s 2015 Equity Incentive Plan (the “Plan”) are considered participating securities. There were no dilutive BUCs for the three and nine months ended September 30, 2019 and 2018. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities Consolidated VIEs The Partnership has determined the Tender Option Bond (“TOB”), Term TOB, Term A/B and TEBS Financings are VIEs and the Partnership is the primary beneficiary. In determining the primary beneficiary of each VIE, the Partnership considered which party has the power to control the activities of the VIE 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 underlying assets 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 Floater Certificates for the TOB Trusts and the Class A Certificates for the Term TOB, Term A/B Trusts and TEBS Financings as secured debt financings on the Partnership’s condensed consolidated balance sheets (see Note 15). The MRBs secured by the TOB, Term TOB, Term A/B and TEBS Financings are reported as assets on the Partnership’s condensed consolidated balance sheets (see Notes 6 and 7). 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 condensed consolidated financial statements. The Partnership held variable interests in 16 and 17 non-consolidated VIEs as of September 30, 2019 and December 31, 2018, respectively. The following table summarizes the Partnership’s variable interests in these entities as of September 30, 2019 and December 31, 2018: Maximum Exposure to Loss September 30, 2019 December 31, 2018 Mortgage revenue bonds $ 30,480,000 $ 51,791,000 Property loans - 8,367,635 Investment in unconsolidated entities 87,059,995 76,534,306 $ 117,539,995 $ 136,692,941 The maximum exposure to loss for the MRBs as of September 30, 2019 and December 31, 2018 is equal to the cost adjusted for paydowns. The difference between an MRB’s carrying value on the Partnership’s condensed consolidated balance sheets and the maximum exposure to loss is a function of the unrealized gains or losses on the MRB. The maximum exposure to loss on the property loans as of September 30, 2019 and December 31, 2018 is equal to the unpaid principal balance plus accrued interest. The difference between a property loan’s carrying value and the maximum exposure is the value of loan loss allowances, if any, that have been previously recorded against the property loan. The maximum exposure to loss for investments in unconsolidated entities as of September 30, 2019 and December 31, 2018 is equal to the Partnership’s carrying value. |
Investments in Mortgage Revenue
Investments in Mortgage Revenue Bonds | 9 Months Ended |
Sep. 30, 2019 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Investments in Mortgage Revenue Bonds | 6. Investments in Mortgage Revenue Bonds MRBs owned by the Partnership provide construction and/or permanent financing for Residential Properties and a commercial property. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 15). The Partnership had the following investments in MRBs as of September 30, 2019 and December 31, 2018: September 30, 2019 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 $ 10,168,651 $ 1,696,441 $ - $ 11,865,092 Glenview Apartments - Series A (4) CA 4,546,210 767,387 - 5,313,597 Harmony Court Bakersfield - Series A (5) CA 3,707,631 582,453 - 4,290,084 Harmony Terrace - Series A (5) CA 6,863,296 1,185,795 - 8,049,091 Harden Ranch - Series A (3) CA 6,719,931 1,207,559 - 7,927,490 Las Palmas II - Series A (5) CA 1,682,524 278,924 - 1,961,448 Montclair Apartments - Series A (4) CA 2,462,936 415,737 - 2,878,673 Montecito at Williams Ranch Apartments - Series A (7) CA 7,690,000 1,651,838 - 9,341,838 San Vicente - Series A (5) CA 3,469,276 558,315 - 4,027,591 Santa Fe Apartments - Series A (4) CA 2,983,755 548,485 - 3,532,240 Seasons at Simi Valley - Series A (5) CA 4,293,474 912,975 - 5,206,449 Seasons Lakewood - Series A (5) CA 7,310,902 1,191,125 - 8,502,027 Seasons San Juan Capistrano - Series A (5) CA 12,309,171 2,005,465 - 14,314,636 Summerhill - Series A (5) CA 6,384,482 972,132 - 7,356,614 Sycamore Walk - Series A (5) CA 3,568,952 590,916 - 4,159,868 The Village at Madera - Series A (5) CA 3,066,499 481,734 - 3,548,233 Tyler Park Townhomes - Series A (3) CA 5,854,394 859,781 - 6,714,175 Vineyard Gardens - Series A (7) CA 3,995,000 852,151 - 4,847,151 Westside Village Market - Series A (3) CA 3,825,835 601,208 - 4,427,043 Brookstone (1) IL 7,413,743 2,191,618 - 9,605,361 Copper Gate Apartments (3) IN 5,055,000 710,986 - 5,765,986 Renaissance - Series A (4) LA 11,032,412 1,899,144 - 12,931,556 Live 929 Apartments (7), (8) MD 40,055,592 - (149,095 ) 39,906,497 Woodlynn Village (1) MN 4,197,000 10,509 - 4,207,509 Gateway Village (2) NC 2,600,000 289,170 - 2,889,170 Greens Property - Series A (3) NC 7,960,000 844,249 - 8,804,249 Lynnhaven Apartments (2) NC 3,450,000 383,707 - 3,833,707 Silver Moon - Series A (4) NM 7,777,580 1,447,981 - 9,225,561 Village at Avalon - Series A (6) NM 16,329,272 3,275,151 - 19,604,423 Ohio Properties - Series A (1) OH 13,890,001 48,160 - 13,938,161 Bridle Ridge (1) SC 7,315,000 54,050 - 7,369,050 Columbia Gardens (5) SC 13,105,293 2,157,828 - 15,263,121 Companion at Thornhill Apartments (5) SC 11,208,284 1,729,367 - 12,937,651 Cross Creek (1) SC 6,144,672 2,520,743 - 8,665,415 Rosewood Townhomes - Series A (7) SC 9,280,000 114,365 - 9,394,365 South Pointe Apartments - Series A (7) SC 21,600,000 362,290 - 21,962,290 The Palms at Premier Park Apartments (3) SC 18,891,224 2,779,140 - 21,670,364 Village at River's Edge (5) SC 9,889,108 2,330,806 - 12,219,914 Willow Run (5) SC 12,923,882 2,126,087 - 15,049,969 Arbors at Hickory Ridge (3) TN 11,092,043 2,021,048 - 13,113,091 Pro Nova 2014-1 (2), (8) TN 10,023,617 - (347,124 ) 9,676,493 Avistar at Copperfield - Series A (2) TX 13,977,000 2,333,591 - 16,310,591 Avistar at the Crest - Series A (3) TX 9,279,129 1,772,133 - 11,051,262 Avistar at the Oaks - Series A (3) TX 7,496,870 1,407,554 - 8,904,424 Avistar at the Parkway - Series A (4) TX 13,020,181 2,117,134 - 15,137,315 Avistar at Wilcrest - Series A (2) TX 5,297,000 818,097 - 6,115,097 Avistar at Wood Hollow - Series A (2) TX 40,220,000 6,546,613 - 46,766,613 Avistar in 09 - Series A (3) TX 6,473,257 1,068,331 - 7,541,588 Avistar on the Boulevard - Series A (3) TX 15,807,997 2,738,122 - 18,546,119 Avistar on the Hills - Series A (3) TX 5,179,570 996,345 - 6,175,915 Bruton Apartments (5) TX 17,839,917 3,637,297 - 21,477,214 Concord at Gulfgate - Series A (5) TX 19,018,891 3,758,251 - 22,777,142 Concord at Little York - Series A (5) TX 13,323,633 2,757,400 - 16,081,033 Concord at Williamcrest - Series A (5) TX 20,639,734 4,174,795 - 24,814,529 Crossing at 1415 - Series A (5) TX 7,423,125 1,149,904 - 8,573,029 Decatur Angle (5) TX 22,500,338 3,869,765 - 26,370,103 Esperanza at Palo Alto (5) TX 19,390,360 4,290,792 - 23,681,152 Heights at 515 - Series A (5) TX 6,795,999 1,229,217 - 8,025,216 Heritage Square - Series A (4) TX 10,722,964 1,471,450 - 12,194,414 Oaks at Georgetown - Series A (5) TX 12,264,411 1,750,507 - 14,014,918 Runnymede (1) TX 9,985,000 154,466 - 10,139,466 Southpark (1) TX 11,679,665 2,411,352 - 14,091,017 15 West Apartments (5) WA 9,689,570 2,382,417 - 12,071,987 Mortgage revenue bonds held in trust $ 650,161,253 $ 97,492,353 $ (496,219 ) $ 747,157,387 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) (6) (7) (8) September 30, 2019 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montevista - Series A & B CA $ 13,200,000 $ 1,722,484 $ - $ 14,922,484 Solano Vista - Series A & B CA 5,768,000 650,549 - 6,418,549 Greens Property - Series B NC 931,038 145,428 - 1,076,466 Ohio Properties - Series B OH 3,508,510 10,480 - 3,518,990 Rosewood Townhomes - Series B SC 470,000 1,563 - 471,563 South Pointe Apartments - Series B SC 1,100,000 3,139 - 1,103,139 Avistar at the Crest - Series B TX 742,034 97,848 - 839,882 Avistar at the Oaks - Series B TX 542,984 69,234 - 612,218 Avistar at the Parkway - Series B TX 124,382 38,672 - 163,054 Avistar in 09 - Series B TX 447,913 55,370 - 503,283 Avistar on the Boulevard - Series B TX 440,919 54,786 - 495,705 Mortgage revenue bonds held by the Partnership $ 27,275,780 $ 2,849,553 $ - $ 30,125,333 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) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) 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 (1) 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 (1) SC 9,750,000 - (644,962 ) 9,105,038 South Pointe Apartments - Series A & B (1) 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 (1) As of the date presented, the MRB had been in a cumulative unrealized loss position for less than 12 consecutive months. See Note 22 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership’s condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. Cumulative unrealized loss positions on MRBs are not considered credit losses as of September 30, 2019. The cumulative unrealized loss for the Pro Nova 2014-1 MRB, related to a commercial property, as of September 30, 2019, is a result of fluctuations in market interest rates and comparable trades of MRBs for similar commercial properties. Due to the historical volatility of the fair value of this MRB, the cumulative unrealized loss is considered temporary. The cumulative unrealized loss for the Live 929 Apartments MRB as of September 30, 2019, is due to recent operational results and debt service coverage declines. The Partnership has evaluated the operational results and loan-to-collateral value ratio for the property underlying this MRB and has determined that the cumulative unrealized loss is temporary. MRB Activity in the First Nine Months of 2019 Acquisitions: The following MRBs were acquired during the nine months ended September 30, 2019: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Gateway Village February Durham, NC 64 4/1/2032 6.10 % $ 2,600,000 Lynnhaven Apartments February Durham, NC 75 4/1/2032 6.10 % 3,450,000 Montevista - Series A June San Pablo, CA 82 7/1/2036 5.75 % 6,720,000 Montevista - Series B June San Pablo, CA 82 7/1/2021 5.75 % 6,480,000 $ 19,250,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2019: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Seasons San Juan Capistrano - Series B January San Juan Capistrano, CA 112 1/1/2019 8.00 % $ 5,574,000 Courtyard Apartments - Series B April Fullerton, CA 108 6/1/2019 8.00 % 6,228,000 $ 11,802,000 Restructurings: The following MRBs were restructured during the nine months ended September 30, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows: Property Name Month Restructured Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Avistar at Copperfield - Series B May Houston, TX 192 6/1/2054 12.00 % $ 4,000,000 Avistar at Wilcrest - Series B May Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series B May Austin, TX 409 6/1/2054 12.00 % 8,410,000 $ 13,960,000 MRB Activity in the First Nine Months of 2018 Acquisitions: The following MRB was acquired during the nine months ended September 30, 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 (1) Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 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 $ 39,014,000 Upon redemption of the Lake Forest MRB, the Partnership realized contingent interest income of approximately $4.2 million. 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 condensed consolidated statements of operations. |
Public Housing Capital Fund Tru
Public Housing Capital Fund Trust ("PHC") Certificates | 9 Months Ended |
Sep. 30, 2019 | |
Public Housing Capital Fund Trusts [Abstract] | |
Public Housing Capital Fund Trust ("PHC") Certificates | 7. Public Housing Capital Fund Trust (“PHC”) Certificates The Partnership’s PHC Certificates represent beneficial interests in three 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 PHC Certificates are held in trust at Mizuho Capital Markets, LLC (“Mizuho”) in secured financing transactions as of September 30, 2019 (see Note 15). The Partnership had the following investments in the PHC Certificates as of September 30, 2019 and December 31, 2018: September 30, 2019 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 5.73 AA- 5.37% $ 24,510,244 $ 483,113 $ - $ 24,993,357 PHC Certificate Trust II 4.09 AA- 4.38% 4,372,215 362,710 - 4,734,925 PHC Certificate Trust III 6.08 BBB 5.12% 14,588,947 367,277 - 14,956,224 $ 43,471,406 $ 1,213,100 $ - $ 44,684,506 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 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 condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the PHC Certificates . The Partnership recognized an impairment charge on the three PHC Certificates of approximately $310,000 and $1.1 million during the three and nine months ended September 30, 2018, respectively. See Note 2 for information considered in the Partnership’s evaluation of impairment of the PHC Certificates. |
Real Estate Assets
Real Estate Assets | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Abstract] | |
Real Estate Assets | 8. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of September 30, 2019 and December 31, 2018: Real Estate Assets as of September 30, 2019 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,065,722 $ 42,264,990 The 50/50 MF Property Lincoln, NE 475 - 32,937,357 32,937,357 Land held for development (1) (1) 1,701,197 - 1,701,197 $ 76,903,544 Less accumulated depreciation (14,650,397 ) Total real estate assets $ 62,253,147 (1) 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 (2) (2) 1,776,197 - 1,776,197 $ 76,868,735 Less accumulated depreciation (12,272,387 ) Total real estate assets $ 64,596,348 (2) Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE. Activity in the First Nine Months of 2019 As of September 30, 2019, the land held for development in Omaha, NE and Gardner, KS were listed for sale. These parcels of land were originally listed for sale in May 2018 and October 2018, respectively. In September 2019, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded an impairment charge of $75,000 in the third quarter of 2019, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. Activity in the First Nine Months of 2018 In February 2018, the Partnership acquired two contiguous tracts of land in Omaha, NE. The total purchase price was approximately $2.7 million. In March 2018, a portion of the land acquired was contributed to Vantage at Stone Creek, LLC in exchange for an ownership interest in the entity (Note 9). The remaining land was classified as “Land held for development.” In February 2018, the Partnership executed a Purchase Agreement to acquire a tract of land in Omaha, NE. The Purchase Agreement was assigned to Vantage at Coventry in September 2018 (Note 9). In September 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 Tier 2 income (Note 3). The Partnership determined the sale did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units Gross Proceeds Gain on Sale before Income Taxes Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429 In September 2018, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded an impairment charge of $150,000 in the third quarter of 2018, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2019 | |
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 investment commitments and has made equity investments in unconsolidated entities. The carrying value of the equity investments represents 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 September 30, 2019 and December 31, 2018 and remaining equity investment commitment amounts as of September 30, 2019: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of September 30, 2019 Carrying Value as of December 31, 2018 Maximum Remaining Equity Commitment as of September 30, 2019 Vantage at Boerne Boerne, TX 288 August 2016 April 2018 $ 8,363,500 $ 8,830,000 $ 1,475,936 Vantage at Waco Waco, TX 288 August 2016 May 2018 9,337,166 9,337,166 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 July 2018 - 11,408,135 - Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 12,295,801 11,535,895 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,840,500 7,572,819 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 9,894,619 9,182,522 - Vantage at Germantown Germantown, TN 288 June 2018 N/A 11,456,353 7,033,398 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 13,184,069 6,254,104 - Vantage at Coventry Omaha, NE 288 September 2018 N/A 8,825,914 5,380,267 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 5,862,073 - 3,393,059 2,886 $ 87,059,995 $ 76,534,306 $ 6,461,034 Activity in the First Nine Months of 2019 In September 2019, the membership interests of Vantage at Panama City Beach were sold to an unrelated third party. The Partnership received cash of approximately $22.7 million upon sale. The Partnership recognized approximately $547,000 of investment income and approximately $10.5 million of gain on sale of investment in an unconsolidated entity associated with the sale. The Partnership may also be entitled to receive up to $325,000 of additional proceeds in the third quarter of 2020 if certain gain contingencies are satisfied. In April 2019, the Partnership executed a $9.0 million equity commitment to fund construction of the Vantage at Conroe multifamily property. Activity in the First Nine Months of 2018 In March 2018, the Partnership committed to make equity investments in the Vantage at Stone Creek and Vantage at Bulverde multifamily properties of approximately $7.1 million and $8.6 million, respectively. The Partnership also entered into a guarantee agreement related to the construction loan for Vantage at Stone Creek (Note 18). In June 2018, the Partnership executed a $10.4 million equity commitment to fund construction of the Vantage at Germantown multifamily property. In September 2018, the Partnership executed equity commitments to fund construction of the Vantage at Coventry and Vantage at Murfreesboro multifamily properties of approximately $8.1 million and $12.2 million, respectively. The Partnership also entered into a guarantee agreement related to the construction loan for Vantage at Coventry (Note 18). The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Property Revenues $ 3,713,106 $ 2,824,019 $ 9,534,250 $ 5,687,214 Gain on sale of property $ 22,556,694 $ - $ 22,556,694 $ - Net income (loss) $ 21,606,621 $ (353,067 ) $ 20,918,176 $ (2,688,985 ) |
Property Loans, Net of Loan Los
Property Loans, Net of Loan Loss Allowances | 9 Months Ended |
Sep. 30, 2019 | |
Property Loans Net Of Loan Loss Allowance [Abstract] | |
Property Loans, Net of Loan Loss Allowances | 10. Property Loans, Net of Loan Loss Allowances The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of September 30, 2019 and December 31, 2018: September 30, 2019 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 Live 929 Apartments 405,717 - 405,717 Total $ 15,392,908 $ (7,393,814 ) $ 7,999,094 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 During the three and nine months ended September 30, 2019 and 2018, the interest to be earned on the Cross Creek 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 three and nine months ended September 30, 2019 and 2018, interest to be earned on approximately $983,000 of property loan principal for the Ohio Properties and all principal for Live 929 Apartments was in nonaccrual status as, in management’s opinion, the interest was not considered collectible. Activity in the First Nine Months of 2019 In August 2019, the Partnership entered into a secured property loan with Live 929 Apartments. The property may request additional advances for the sole purpose of funding monthly operating shortfalls up to a total loan amount of $1.0 million. The property loan is subordinate to the MRBs associated with the property and has a stated maturity date of July 31, 2049. In January 2019, the Vantage at Brooks property was sold by its owner. Upon sale, the Partnership received all outstanding principal and accrued interest on the Vantage at Brooks, LLC property loan. The Partnership received additional proceeds of approximately $3.0 million, which is recorded as contingent interest on the Partnership’s condensed consolidated statements of operations. The contingent interest recognized is considered Tier 2 income for purposes of distributions to the General Partner and BUC holders (see Note 3). Activity in the First Nine Months of 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 approximately $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 condensed consolidated statements of operations for the three and nine months ended September 30, 2018. |
Income Tax Provision
Income Tax Provision | 9 Months Ended |
Sep. 30, 2019 | |
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 three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Current income tax expense (benefit) $ 13,932 $ (809,805 ) $ 129,095 $ (837,805 ) Deferred income tax expense (benefit) (82,167 ) - (138,331 ) 34,000 Total income tax benefit $ (68,235 ) $ (809,805 ) $ (9,236 ) $ (803,805 ) The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable. There was no valuation allowance recorded as of September 30, 2019 and December 31, 2018. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2019 | |
Other Assets [Abstract] | |
Other Assets | 12. Other Assets The following table summarizes the other assets as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Deferred financing costs, net $ 333,004 $ 397,823 Fair value of derivative instruments (Note 17) 52,605 626,633 Taxable mortgage revenue bonds, at fair value 1,427,336 1,409,895 Operating lease right-of-use assets, net 1,681,238 - Other assets 1,446,520 2,081,258 Total other assets $ 4,940,703 $ 4,515,609 See Note 2 for a discussion of the operating lease right-of-use lease assets, net, recorded pursuant to the adoption of ASC 842 effective January 1, 2019. See Note 22 for a description of the methodology and significant assumptions for determining the fair value of derivative instruments and taxable MRBs. Unrealized gains or losses on these assets are recorded in the condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Liabilities | 13. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the accounts payable, accrued expenses and other liabilities as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Accounts payable $ 182,099 $ 230,631 Accrued expenses 3,023,629 2,956,368 Accrued interest expense 2,572,279 2,270,348 Operating lease liabilities 2,137,792 - Other liabilities 1,677,151 2,086,475 Total accounts payable, accrued expenses and other liabilities $ 9,592,950 $ 7,543,822 See Note 2 for discussion of the adoption of ASC 842 effective January 1, 2019. 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, which has not been factored into the calculation of the ROU asset and lease liability. 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 September 30, 2019, the minimum aggregate annual payment due under the agreement is approximately $132,000. The minimum aggregate annual payment increases 2% annually until July 31, 2034 and increases 3% annually thereafter. The 50/50 MF Property will be required to make additional payments under the agreement if its gross revenues exceed certain thresholds. The Partnership recognized expenses related to the ground lease of approximately $42,000 and $126,000 for the three and nine months ended September 30, 2019 and 2018 and are included within real estate operating expenses on the Partnership’s condensed consolidated statements of operations. The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities Remainder of 2019 $ 34,165 2020 135,812 2021 136,366 2022 139,091 2023 141,871 Thereafter 4,661,979 Total 5,249,284 Less: Amount representing interest (3,111,492 ) Total operating lease liabilities $ 2,137,792 |
Unsecured Lines of Credit
Unsecured Lines of Credit | 9 Months Ended |
Sep. 30, 2019 | |
Unsecured Lines of Credit | 15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2019 and December 31, 2018: Outstanding Debt Financings as of September 30, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,792,062 $ 98,007 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,885,290 4,999 2014 July 2024 Weekly 1.61% 1.42% 3.03% Fixed - M33 31,638,938 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 218,030,897 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 October 2019 N/A N/A N/A 4.01% Fixed - Term A/B 5,256,054 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,404,644 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,645,347 - 2019 July 2020 Weekly 1.68% 1.17% 2.85% Variable - TOB 42,228,417 - 2019 August 2020 Weekly 1.68% 1.17% - 1.66% 2.85% - 3.34% Variable - TOB 35,841,489 - 2019 September 2020 Weekly 2.03% 1.12% 3.15% Morgan Stanley: Fixed - Term TOB 13,078,992 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,812,130 (1) Facility fees are variable. (2) 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. 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 (1) $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (2) 80,418,505 181,626 2014 July 2019 Weekly 1.74% 1.49% 3.23% Variable - M33 (3) 31,262,039 58,002 2015 July 2020 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 Deutsche Bank: Variable - TOB 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 38,455,221 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 505,663,565 (1) In July 2019, the Partnership refinanced the M2 (2) In June 2019, the Partnership exercised its unilateral right to extend the financing for an additional five-year period through July 2024 . Facility fees are variable . (3) In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of September 2030 . (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. The TOB, Term TOB and Term A/B Trusts with Deutsche Bank are subject to a Master Trust Agreement that contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered which would require the Partnership to purchase a portion or all of the senior SPEARS or Class A Certificates held by Deutsche Bank. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute plus interest expense for the trailing twelve months must be at least twice the trailing twelve-month interest expense. The Partnership was in compliance with these covenants as of September 30, 2019. The TOB Trusts with Mizuho require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facility would be triggered which would require the Partnership to purchase a portion or all of the senior interests issued by each TOB Trust. The Partnership was in compliance with these covenants as of September 30, 2019. The Term TOB Trust with Morgan Stanley Bank, N.A. (“Morgan Stanley”) is subject to a Trust Agreement and other related agreements that contains covenants with which the Partnership is required to comply. If the Partnership is out of compliance with any of these covenants, a termination event of the financing facility would be triggered which would require the Partnership to purchase a portion or all of the Class A Certificates held by Morgan Stanley. The most restrictive covenant within the Trust Agreement and related agreements requires the maintenance of a debt service coverage ratio above a specified threshold and the Partnership’s net assets cannot decline by more than specific percentages over designated periods of time. The Partnership was in compliance with these covenants as of September 30, 2019. The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized asset. As of September 30, 2019 and December 31, 2018, the Partnership had posted restricted cash as contractually required under the terms of the four TEBS Financings. In addition, the Partnership has entered in interest rate cap agreements to mitigate its exposure to interest rate fluctuations on the variable-rate debt financings (Note 17). The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (Note 5). As the residual interest holder, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of PHCs or of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, 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 senior securities. If such an event occurs in an individual VIE, the underlying 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. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. Debt Financing Activity in the First Nine Months of 2019 New Debt Financings: In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000, which will be amortized using the effective interest method through the term of the agreement. During the third quarter of 2019, The Partnership entered into various TOB Trust financings with Mizuho secured by MRBs and PHC Certificates. Under each TOB Trust structure, the trustee issues senior Floater Certificates and Residual Certificates that represent beneficial interests in the securitized asset held by the TOB Trusts. The Floater Certificates are sold to unaffiliated investors and entitle the holder to cash flows from the securitized assets at a stated interest rate. The Floater Certificates are credit enhanced by Mizuho such that Mizuho will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Floater Certificate holders. The Partnership would then be required to reimburse Mizuho for any credit enhancement payments. The Residual Certificates are retained by the Partnership and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Floater Certificates and related trust fees, as well as certain other rights to the securitized assets. The TOB Trusts are considered VIEs (Note 5) because the Partnership’s rights are such that the Partnership is the primary beneficiary and the Partnership consolidates the TOB Trusts in its condensed consolidated financial statements. TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total Term TOB Trust Financing $ 104,056,000 In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley secured by an MRB. The following table summarizes the gross principal and terms of the Term TOB Trust: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 In February 2019, the Partnership entered into two Term A/B Trusts financings with Deutsche Bank secured by MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Redemptions: The following debt financing facilities were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300 Debt Financing Activity in the First Nine Months of 2018 New Debt Financings: 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. 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 approximately $371,000 as deferred financing costs. In August 2018, the Partnership entered into four Term A/B Trusts financings secured by various MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000 Redemptions: The following Term A/B Trusts were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Seasons Lakewood - Series B Term A/B Trust March 2018 $ 4,475,000 Summerhill - Series B Term A/B Trust March 2018 2,870,000 Oaks at Georgetown - Series B Term A/B Trust April 2018 4,690,000 San Vicente - Series B Term A/B Trust May 2018 1,555,000 The Village at Madera - Series B Term A/B Trust May 2018 1,465,000 Las Palmas II - Series B Term A/B Trust July 2018 1,505,000 15 West Apartments (1) Term A/B Trust August 2018 8,300,012 Bruton Apartments (1) Term A/B Trust August 2018 15,279,403 Columbia Gardens (1) Term A/B Trust August 2018 10,222,680 Companion at Thornhill Apartments (1) Term A/B Trust August 2018 9,642,587 Concord at Gulfgate - Series A (1) Term A/B Trust August 2018 16,310,000 Concord at Little York - Series A (1) Term A/B Trust August 2018 11,425,000 Concord at Williamcrest - Series A (1) Term A/B Trust August 2018 17,695,000 Courtyard - Series A (1) Term A/B Trust August 2018 9,210,000 Courtyard - Series B Term A/B Trust August 2018 5,295,000 Crossing at 1415 - Series A (1) Term A/B Trust August 2018 6,370,877 Decatur Angle (1) Term A/B Trust August 2018 21,362,472 Harmony Court Bakersfield - Series A (1) Term A/B Trust August 2018 3,360,000 Harmony Terrace - Series A (1) Term A/B Trust August 2018 6,210,000 Harmony Terrace - Series B Term A/B Trust August 2018 6,290,000 Heights at 515 - Series A (1) Term A/B Trust August 2018 5,402,307 Las Palmas II - Series A (1) Term A/B Trust August 2018 1,530,000 Oaks at Georgetown - Series A (1) Term A/B Trust August 2018 11,100,000 San Vicente - Series A (1) Term A/B Trust August 2018 3,150,000 Seasons at Simi Valley - Series A (1) Term A/B Trust August 2018 3,688,843 Seasons Lakewood - Series A (1) Term A/B Trust August 2018 6,615,000 Seasons San Juan Capistrano - Series A (1) Term A/B Trust August 2018 11,140,000 Seasons San Juan Capistrano - Series B Term A/B Trust August 2018 5,590,000 Summerhill - Series A (1) Term A/B Trust August 2018 5,785,000 Sycamore Walk - Series A (1) Term A/B Trust August 2018 3,066,769 The Village at Madera - Series A (1) Term A/B Trust August 2018 2,780,000 Village at River's Edge (1) Term A/B Trust August 2018 8,963,207 Willow Run (1) Term A/B Trust August 2018 10,079,940 $ 242,424,098 (1) In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust. Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 9,445,353 2020 114,279,468 2021 5,328,914 2022 18,499,166 2023 5,899,262 Thereafter 387,921,886 Total 541,374,049 Unamortized deferred financing costs and debt premium (2,561,919 ) Total debt financing, net $ 538,812,130 |
Unsecured Lines of Credit [Member] | |
Unsecured Lines of Credit | 14. Unsecured Lines of Credit The following tables summarize the unsecured lines of credit (“LOC”) as of September 30, 2019 and December 31, 2018: Unsecured Lines of Credit Outstanding as of September 30, 2019 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 13,200,000 $ 50,000,000 June 2021 Variable (1) Monthly 4.58 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 5.33 % Total unsecured lines of credit $ 13,200,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 2018 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 35,659,200 $ 50,000,000 June 2020 Variable (2) Monthly 5.38 % Bankers Trust operating - 10,000,000 June 2020 Variable (2) Monthly 5.63 % Total unsecured lines of credit $ 35,659,200 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin. The outstanding balance of the non-operating LOC as of September 30, 2019 is due in March 2020. The Partnership can extend final repayment of the amount due by making partial repayments in accordance with the Credit Agreement to December 2020. The Partnership was in compliance with all covenants in the Credit Agreement as of September 30, 2019. The Partnership is required to make principal payments to reduce the operating LOC to zero for fifteen consecutive calendar days during each calendar quarter. The Partnership has fulfilled its prepayment obligation for all periods presented. In addition, the Partnership has fulfilled its fourth quarter of 2019 repayment obligation as it maintained a zero balance in the operating LOC for fifteen consecutive days during October 2019. |
Debt Financing
Debt Financing | 9 Months Ended |
Sep. 30, 2019 | |
Debt Financing [Abstract] | |
Unsecured Lines of Credit | 15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2019 and December 31, 2018: Outstanding Debt Financings as of September 30, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,792,062 $ 98,007 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,885,290 4,999 2014 July 2024 Weekly 1.61% 1.42% 3.03% Fixed - M33 31,638,938 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 218,030,897 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 October 2019 N/A N/A N/A 4.01% Fixed - Term A/B 5,256,054 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,404,644 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,645,347 - 2019 July 2020 Weekly 1.68% 1.17% 2.85% Variable - TOB 42,228,417 - 2019 August 2020 Weekly 1.68% 1.17% - 1.66% 2.85% - 3.34% Variable - TOB 35,841,489 - 2019 September 2020 Weekly 2.03% 1.12% 3.15% Morgan Stanley: Fixed - Term TOB 13,078,992 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,812,130 (1) Facility fees are variable. (2) 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. 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 (1) $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (2) 80,418,505 181,626 2014 July 2019 Weekly 1.74% 1.49% 3.23% Variable - M33 (3) 31,262,039 58,002 2015 July 2020 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 Deutsche Bank: Variable - TOB 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 38,455,221 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 505,663,565 (1) In July 2019, the Partnership refinanced the M2 (2) In June 2019, the Partnership exercised its unilateral right to extend the financing for an additional five-year period through July 2024 . Facility fees are variable . (3) In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of September 2030 . (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. The TOB, Term TOB and Term A/B Trusts with Deutsche Bank are subject to a Master Trust Agreement that contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered which would require the Partnership to purchase a portion or all of the senior SPEARS or Class A Certificates held by Deutsche Bank. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute plus interest expense for the trailing twelve months must be at least twice the trailing twelve-month interest expense. The Partnership was in compliance with these covenants as of September 30, 2019. The TOB Trusts with Mizuho require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facility would be triggered which would require the Partnership to purchase a portion or all of the senior interests issued by each TOB Trust. The Partnership was in compliance with these covenants as of September 30, 2019. The Term TOB Trust with Morgan Stanley Bank, N.A. (“Morgan Stanley”) is subject to a Trust Agreement and other related agreements that contains covenants with which the Partnership is required to comply. If the Partnership is out of compliance with any of these covenants, a termination event of the financing facility would be triggered which would require the Partnership to purchase a portion or all of the Class A Certificates held by Morgan Stanley. The most restrictive covenant within the Trust Agreement and related agreements requires the maintenance of a debt service coverage ratio above a specified threshold and the Partnership’s net assets cannot decline by more than specific percentages over designated periods of time. The Partnership was in compliance with these covenants as of September 30, 2019. The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized asset. As of September 30, 2019 and December 31, 2018, the Partnership had posted restricted cash as contractually required under the terms of the four TEBS Financings. In addition, the Partnership has entered in interest rate cap agreements to mitigate its exposure to interest rate fluctuations on the variable-rate debt financings (Note 17). The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (Note 5). As the residual interest holder, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of PHCs or of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, 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 senior securities. If such an event occurs in an individual VIE, the underlying 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. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. Debt Financing Activity in the First Nine Months of 2019 New Debt Financings: In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000, which will be amortized using the effective interest method through the term of the agreement. During the third quarter of 2019, The Partnership entered into various TOB Trust financings with Mizuho secured by MRBs and PHC Certificates. Under each TOB Trust structure, the trustee issues senior Floater Certificates and Residual Certificates that represent beneficial interests in the securitized asset held by the TOB Trusts. The Floater Certificates are sold to unaffiliated investors and entitle the holder to cash flows from the securitized assets at a stated interest rate. The Floater Certificates are credit enhanced by Mizuho such that Mizuho will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Floater Certificate holders. The Partnership would then be required to reimburse Mizuho for any credit enhancement payments. The Residual Certificates are retained by the Partnership and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Floater Certificates and related trust fees, as well as certain other rights to the securitized assets. The TOB Trusts are considered VIEs (Note 5) because the Partnership’s rights are such that the Partnership is the primary beneficiary and the Partnership consolidates the TOB Trusts in its condensed consolidated financial statements. TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total Term TOB Trust Financing $ 104,056,000 In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley secured by an MRB. The following table summarizes the gross principal and terms of the Term TOB Trust: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 In February 2019, the Partnership entered into two Term A/B Trusts financings with Deutsche Bank secured by MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Redemptions: The following debt financing facilities were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300 Debt Financing Activity in the First Nine Months of 2018 New Debt Financings: 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. 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 approximately $371,000 as deferred financing costs. In August 2018, the Partnership entered into four Term A/B Trusts financings secured by various MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000 Redemptions: The following Term A/B Trusts were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Seasons Lakewood - Series B Term A/B Trust March 2018 $ 4,475,000 Summerhill - Series B Term A/B Trust March 2018 2,870,000 Oaks at Georgetown - Series B Term A/B Trust April 2018 4,690,000 San Vicente - Series B Term A/B Trust May 2018 1,555,000 The Village at Madera - Series B Term A/B Trust May 2018 1,465,000 Las Palmas II - Series B Term A/B Trust July 2018 1,505,000 15 West Apartments (1) Term A/B Trust August 2018 8,300,012 Bruton Apartments (1) Term A/B Trust August 2018 15,279,403 Columbia Gardens (1) Term A/B Trust August 2018 10,222,680 Companion at Thornhill Apartments (1) Term A/B Trust August 2018 9,642,587 Concord at Gulfgate - Series A (1) Term A/B Trust August 2018 16,310,000 Concord at Little York - Series A (1) Term A/B Trust August 2018 11,425,000 Concord at Williamcrest - Series A (1) Term A/B Trust August 2018 17,695,000 Courtyard - Series A (1) Term A/B Trust August 2018 9,210,000 Courtyard - Series B Term A/B Trust August 2018 5,295,000 Crossing at 1415 - Series A (1) Term A/B Trust August 2018 6,370,877 Decatur Angle (1) Term A/B Trust August 2018 21,362,472 Harmony Court Bakersfield - Series A (1) Term A/B Trust August 2018 3,360,000 Harmony Terrace - Series A (1) Term A/B Trust August 2018 6,210,000 Harmony Terrace - Series B Term A/B Trust August 2018 6,290,000 Heights at 515 - Series A (1) Term A/B Trust August 2018 5,402,307 Las Palmas II - Series A (1) Term A/B Trust August 2018 1,530,000 Oaks at Georgetown - Series A (1) Term A/B Trust August 2018 11,100,000 San Vicente - Series A (1) Term A/B Trust August 2018 3,150,000 Seasons at Simi Valley - Series A (1) Term A/B Trust August 2018 3,688,843 Seasons Lakewood - Series A (1) Term A/B Trust August 2018 6,615,000 Seasons San Juan Capistrano - Series A (1) Term A/B Trust August 2018 11,140,000 Seasons San Juan Capistrano - Series B Term A/B Trust August 2018 5,590,000 Summerhill - Series A (1) Term A/B Trust August 2018 5,785,000 Sycamore Walk - Series A (1) Term A/B Trust August 2018 3,066,769 The Village at Madera - Series A (1) Term A/B Trust August 2018 2,780,000 Village at River's Edge (1) Term A/B Trust August 2018 8,963,207 Willow Run (1) Term A/B Trust August 2018 10,079,940 $ 242,424,098 (1) In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust. Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 9,445,353 2020 114,279,468 2021 5,328,914 2022 18,499,166 2023 5,899,262 Thereafter 387,921,886 Total 541,374,049 Unamortized deferred financing costs and debt premium (2,561,919 ) Total debt financing, net $ 538,812,130 |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 9 Months Ended |
Sep. 30, 2019 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing | 16. Mortgages Payable and Other Secured Financing The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of September 30, 2019 and December 31, 2018: MF Property Mortgage Payables Outstanding Mortgage Payable as of September 30, 2019, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 2,988,989 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,060,882 2013 March 2020 Variable Monthly 5.00 % (1) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,049,871 4.96 % (1) 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 % (2) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,454,375 4.96 % (2) 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. Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 3,133,103 2020 23,945,254 2021 - 2022 - 2023 - Thereafter - Total 27,078,357 Unamortized deferred financing costs (28,486 ) Total mortgages payable and other secured financings, net $ 27,049,871 |
Interest Rate Derivative Agreem
Interest Rate Derivative Agreements | 9 Months Ended |
Sep. 30, 2019 | |
Interest Rate Derivative Agreements [Abstract] | |
Interest Rate Derivative Agreements | 17. Interest Rate Derivative Agreements The following tables summarize the Partnership’s interest rate derivatives as of September 30, 2019 and December 31, 2018: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of September 30, 2019 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank 2 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada 2 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc 2 June 2017 81,351,277 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 45,274 Sept 2017 58,447,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC - Aug 2019 79,695,286 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 7,325 $ 52,605 (1) See Note 22 for additional details. Purchase Date Notional Amount Maturity Date Effective Capped Rate (2) Index Variable Debt Financing Facility Hedged (2) 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 (2) See Note 22 for additional details. In August 2019, the Partnership purchased an interest rate derivative intended to cap the variable interest rate component of the M31 TEBS Financing at 4.5%. The Partnership paid approximately $30,000 for the interest rate derivative. During the nine months ended September 30, 2018, the Partnership was a party to two interest rate swaps with Deutsche Bank, which were designated to mitigate interest rate risk for the variable-rate TOB Trusts secured by the Partnership’s PHC Certificates. The interest rate swaps were terminated in September 2018 and October 2018. The Partnership’s interest rate derivatives are not designated as hedging instruments and are recorded at fair value. Changes in fair value are included in current period earnings as interest expense on the condensed consolidated statements of operations. See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the interest rate derivatives. The interest rate derivatives are presented within other assets on the condensed consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. 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 condensed 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 condensed consolidated financial statements. 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 respective construction loan and decrease based on the achievement of certain events or financial ratios, as defined by the respective construction loan agreement. 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 September 30, 2019: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of September 30, 2019 Partnership's Maximum Exposure as of September 30, 2019 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 24,826,510 $ 24,826,510 (1) Vantage at Coventry 2018 31,500,000 5,275,651 5,275,651 (1) (1) The Partnership’s maximum exposure will decrease to 50% of the construction loan balance upon receipt of the certificate of occupancy and to 25% of the construction loan balance when certain debt service coverage levels are achieved by the borrower. Other Guarantees and Commitments 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 upon the occurrence of a “repurchase event.” Potential repurchase events include the delivery of LIHTCs, tax credit recapture and foreclosure. The Partnership’s maximum exposure is limited to 75% of the equity contributed by the limited partner 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 September 30, 2019: Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of September 30, 2019 Ohio Properties 2011 2026 $ 3,712,436 Greens of Pine Glen, LP 2012 2027 2,429,658 The Partnership has agreed, in limited instances, to indemnify certain parties to the TOB Trusts related to the PHC Certificates for claims by the Floater Certificates holders related to the calculation of interest and principal payments. The maximum exposure for such claims is up to the total value of the Floater Certificates plus accrued interest. The Partnership has not accrued any amount for this commitment as of September 30, 2019 because the likelihood of a claim is remote. The maximum exposure was approximately $36.0 million as of September 30, 2019. |
Redeemable Series A Preferred U
Redeemable Series A Preferred Units | 9 Months Ended |
Sep. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Series A Preferred Units | 19. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units via private placements to five financial institutions. The Series A Preferred Units represent limited partnership interests in the Partnership and are redeemable in the future. The balance of Series A Preferred Units on the condensed consolidated balance sheet is presented net of issuance costs. The following table summarizes the outstanding Series A Preferred Units as of September 30, 2019 : 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 September 30, 2019 and December 31, 2018 9,450,000 $ 94,500,000 |
Restricted Unit Awards ("RUAs")
Restricted Unit Awards ("RUAs") | 9 Months Ended |
Sep. 30, 2019 | |
Restricted Unit Awards [Member] | |
Restricted Unit Awards ("RUAs") | 20. Restricted Unit Awards (“RUAs”) The Plan, as approved by the BUC holders, permits the grant of RUAs and other awards to the employees of Greystone Manager, the Partnership, or any affiliate of either, and members of the Board of Managers of Greystone Manager 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 Greystone Manager; or death or disability of the participant. All of the restrictions applicable to the previously unvested RUAs lapsed and all such RUAs became immediately vested and nonforfeitable upon the closing of the previously disclosed acquisition of all of the issued and outstanding partnership interests in the General Partner from Burlington Capital LLC (“Burlington”) by Greystone Manager and Greystone AF Holdings, LLC (“Greystone Holdings,” and collectively with Greystone Manager, “Greystone”), which occurred on September 10, 2019. 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 $3,266,000 and $622,000 for the three months ended September 30, 2019 and 2018, respectively. The compensation expense for RUAs totaled approximately $3,636,000 and $1,372,000 for the nine months ended September 30, 2019 and 2018, respectively. Compensation expense is reported within general and administrative expenses in the Partnership’s condensed consolidated statements of operations. The following table summarizes the RUA activity as of and for the nine months ended September 30, 2019 and the year ended December 31, 2018: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested as of January 1, 2018 242,069 $ 5.83 Granted 309,212 6.31 Vested (279,034 ) 6.06 Forfeited (6,957 ) 6.31 Nonvested as of December 31, 2018 265,290 $ 6.14 Granted 353,197 7.74 Vested (618,487 ) 7.05 Nonvested as of September 30, 2019 - $ - There was no unrecognized compensation expense related to nonvested RUAs granted under the Plan as of September 30, 2019. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 21. Transactions with Related Parties Effective September 10, 2019, Greystone acquired all of the issued and outstanding partnership interests of AFCA 2, at which time Burlington and its affiliates ceased to be related parties of the Partnership. The disclosures herein related to Burlington and its affiliates only reflect transactions that occurred through September 9, 2019. The Partnership incurs costs for services and makes contractual payments to AFCA 2, the general partner of AFCA 2, and their 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 condensed consolidated financial statements for the three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Partnership administrative fees paid to AFCA 2 (1) $ 914,000 $ 940,000 $ 2,714,000 $ 2,789,000 Property management fees paid to an affiliate (2) 28,000 49,000 101,000 147,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 12,000 - 44,000 - (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 condensed 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 condensed consolidated statements of operations. (3) The Partnership pays franchise margin taxes on revenues in Texas related 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 receives 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 condensed consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s MRBs and affiliates for the three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Non-Partnership property administrative fees received by AFCA 2 (1) 9,000 17,000 $ 27,000 $ 60,000 Investment/mortgage placement fees received by AFCA 2 (2) - 1,189,000 822,000 2,787,000 MRB redemption administrative fee received by AFCA 2 (3) - 114,000 - 114,000 (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. These 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 and investments in unconsolidated entities. (3) AFCA 2 received a one-time administrative fee related to early redemption of the Lake Forest MRB from the property in September 2018. In addition, Properties Management provided services to seven of the properties collateralizing MRBs of the Partnership and one of the Partnership’s 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. Properties Management ceased to be a related party effective September 10, 2019. The Partnership reported receivables due from unconsolidated entities and affiliates totaling approximately $29,000 and $77,000 as of September 30, 2019 and December 31, 2018, respectively. These amounts are reported within other assets on the Partnership’s condensed consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $599,000 and $330,000 as of September 30, 2019 and December 31, 2018, respectively. These amounts are reported within accounts payable, accrued expenses and other liabilities on the Partnership’s condensed consolidated balance sheets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
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 following are descriptions of the valuation methodologies used for the Partnership’s assets and liabilities measured at fair value. Investments in MRBs The fair value of the Partnership’s investments in MRBs and taxable MRBs, as of September 30, 2019 and December 31, 2018, 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 or 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 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 taxable MRBs are based largely on unobservable inputs believed to be used by market participants and require 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 taxable MRBs are categorized as a Level 3 input. As of September 30, 2019, the range of effective yields on the individual MRBs was 2.6% to 8.7% per annum, with a weighted average effective yield of 3.8% when weighted by the total principal outstanding of all MRBs as of the reporting date; and the range of effective yields on the individual taxable MRBs was 8.1% to 8.8% per annum, with a weighted average effective yield of 8.6% when weighted by the total principal outstanding of all taxable MRBs as of the reporting date. As of December 31, 2018, the range of effective yields on the individual MRBs was 3.3% to 9.1% per annum, with a weighted average effective yield of 4.6% when weighted by the total principal outstanding of all MRBs as of the reporting date; and the range of effective yields on the individual taxable MRBs was 8.3% to 9.3% per annum, with a weighted average effective yield of 9.1% when weighted by the total principal outstanding of all taxable MRBs as of the reporting date. Investments in PHC Certificates The fair value of the Partnership’s investment in PHC Certificates as of September 30, 2019 and December 31, 2018 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 September 30, 2019, the range of effective yields on the PHC Certificates was 4.5% to 5.4% per annum, with a weighted average effective yield of 5.3% when weighted by the principal outstanding of all PHC Certificates as of the reporting date. 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 all PHC Certificates as of the reporting date. Interest Rate Derivatives. The effect of the Partnership’s interest rate derivatives is to set a cap, or upper limit, subject to performance by the counterparty, 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 September 30, 2019 are summarized as follows: Fair Value Measurements as of September 30, 2019 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 $ 747,157,387 $ - $ - $ 747,157,387 Mortgage revenue bonds 30,125,333 - - 30,125,333 PHC Certificates 44,684,506 - - 44,684,506 Taxable mortgage revenue bonds (reported within other assets) 1,427,336 - - 1,427,336 Derivative instruments (reported within other assets) 52,605 - - 52,605 Total Assets at Fair Value, net $ 823,447,167 $ - $ - $ 823,447,167 The following tables summarize the activity related to Level 3 assets for the three and nine months ended September 30, 2019: For the Three Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance April 1, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,542 2,915 - (68,333 ) (29,876 ) Included in other comprehensive (loss) income 18,886,878 173,374 (11,936 ) - 19,048,316 Purchases - - - 29,527 29,527 Settlements (1,166,407 ) (2,007,937 ) (2,044 ) (26,868 ) (3,203,256 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 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 September 30, 2019 $ - $ - $ - $ (68,333 ) $ (68,333 ) (1) For the Nine Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2019 $ 732,153,435 $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 106,909 (795 ) - (458,141 ) (352,027 ) Included in other comprehensive income 41,280,568 788,318 43,438 - 42,112,324 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (15,508,192 ) (4,775,103 ) (25,997 ) (145,414 ) (20,454,706 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 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 September 30, 2019 $ - $ - $ - $ (458,141 ) $ (458,141 ) (1) 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 tables summarize the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2018: For the Three Months Ended September 30, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance July 1, 2018 $ 767,629,337 $ 994,685 $ 49,070,710 $ 2,357,952 $ 897,958 $ 820,950,642 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 36,126 - (19,274 ) - 91,679 108,531 Included in earnings (impairment of securities) - - (309,958 ) - - (309,958 ) Included in other comprehensive (loss) income (6,729,317 ) 51,760 - (15,192 ) - (6,692,749 ) Purchases - - - - - - Settlements (18,470,222 ) - - (2,858 ) 47,540 (18,425,540 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 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 September 30, 2018 $ - $ - $ (309,958 ) $ - $ 91,679 $ (218,279 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities. For the Nine Months Ended September 30, 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) 108,661 - (57,822 ) - 1,088,060 1,138,899 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive (loss) income (24,048,645 ) (1,956,095 ) 525,446 (49,173 ) - (25,528,467 ) Purchases 19,540,000 - - - - 19,540,000 Settlements (41,755,799 ) - (226,714 ) (33,384 ) 178,748 (41,837,149 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 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 September 30, 2018 $ - $ - $ (1,141,020 ) $ - $ 1,088,060 $ (52,960 ) (1) Mortgage revenue bonds includes 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 instruments 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 condensed consolidated statements of operations. In September 2019 and 2018, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded impairment charges of $75,000 and $150,000 in the third quarter of 2019 and 2018, respectively. The impairment charges represent the difference between the Partnership’s carrying value and the estimated fair value of the land. As of September 30, 2019 and 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 liabilities values are then estimated using a discounted cash flow and yield to maturity or call analysis. The Partnership evaluates pricing data received from the third-party pricing service, including consideration of current market interest rates, quantitative and qualitative characteristics of the underlying collateral, and other information from either the third-party pricing service or public sources. The fair value estimates of these financial liabilities are based largely on unobservable inputs believed to be used by market participants and require 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 financial liabilities are categorized as a Level 3 input. The TEBS Financings are credit enhanced by Freddie Mac. The variable-rate TOB Trust financings are credit enhanced by either Deutsche Bank or Mizuho. The table below summarizes the fair value of the financial liabilities as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 552,012,130 $ 572,810,140 $ 541,322,765 $ 550,766,809 Mortgages payable and other secured financing 27,049,871 27,078,357 27,454,375 27,552,748 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Segments | 23. Segments The Partnership has four reportable segments - Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. In addition to the four reportable segments, the Partnership also separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Amended and Restated LP Agreement authorizes the Partnership to make investments in tax-exempt securities other than 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 securities, other than MRBs 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 securities, other than MRBs and other investments, include PHC Certificates and Other Investments, which are reported as separate segments. Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of MRBs and related property loans which have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties in their market areas. Such MRBs are held as investments and the related property loans, net of loan loss allowance, are reported as such on the Partnership’s condensed consolidated balance sheets. As of September 30, 2019, the Partnership held 76 MRBs. The Residential Properties financed by MRBs contain a total of 10,871 rental units. In addition, one MRB (Pro Nova 2014-1) is collateralized by commercial real estate. All general and administrative expenses on the condensed consolidated statements of operations are reported within this segment. MF Properties Segment The MF Properties segment consists of multifamily and student housing residential properties held by the Partnership. During the time the Partnership holds an interest in an MF Property, any net rental income generated by the MF Properties in excess of debt service will be available for distribution to the Partnership. As of September 30, 2019, the segment includes two MF Properties comprised of a total of 859 rental units. Income tax expense for the Greens Hold Co is reported within this segment. Public Housing Capital Fund Trusts Segment The Public Housing Capital Fund Trusts segment consists of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates (Note 7) and the related debt financings. Other Investments Segment The Other Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (Note 9) and made property loans to certain multifamily housing properties (Note 10). The following tables detail certain key financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Total revenues Mortgage Revenue Bond Investments $ 10,383,867 $ 21,440,970 $ 31,074,582 $ 44,609,666 MF Properties 1,974,546 2,285,736 6,002,971 7,099,690 Public Housing Capital Fund Trusts 589,024 617,661 1,812,779 1,860,728 Other Investments 1,918,265 1,656,748 7,986,302 4,674,230 Total revenues $ 14,865,702 $ 26,001,115 $ 46,876,634 $ 58,244,314 Interest expense Mortgage Revenue Bond Investments $ 5,789,009 $ 5,583,512 $ 16,894,378 $ 16,208,340 MF Properties 365,995 472,796 1,096,016 1,325,019 Public Housing Capital Fund Trusts 354,017 338,375 1,120,482 557,955 Other Investments - - - - Total interest expense $ 6,509,021 $ 6,394,683 $ 19,110,876 $ 18,091,314 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 743,503 849,516 2,380,815 2,672,925 Public Housing Capital Fund Trusts - - - - Other Investments - - - - Total depreciation expense $ 743,503 $ 849,516 $ 2,380,815 $ 2,672,925 Net income (loss) Mortgage Revenue Bond Investments $ (2,492,643 ) $ 12,039,700 $ 1,836,196 $ 18,647,585 MF Properties (434,099 ) 4,228,494 (946,230 ) 3,770,339 Public Housing Capital Fund Trusts 235,007 (30,672 ) 692,297 161,753 Other Investments 12,399,638 1,645,533 18,463,643 4,645,803 Net income $ 9,707,903 $ 17,883,055 $ 20,045,906 $ 27,225,480 The following table details total assets for the Partnership’s reportable segments as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Total assets Mortgage Revenue Bond Investments $ 921,054,641 $ 864,311,647 MF Properties 71,013,626 71,120,280 Public Housing Capital Fund Trusts 45,014,774 48,942,334 Other Investments 87,089,136 85,048,514 Consolidation/eliminations (90,671,007 ) (86,709,529 ) Total assets $ 1,033,501,170 $ 982,713,246 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events In October 2019, the Partnership executed a $7.4 million equity commitment to fund construction of the Vantage at O’Connor multifamily property in San Antonio, TX. In October 2019, the Partnership extended the maturity of the Term TOB Trust financing secured by the Pro Nova 2014-1 MRB from October 2019 to January 2020 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. As of September 30, 2019, 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 M24 Tax Exempt Bond Securitization (“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 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 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 M45 TEBS Financing with Freddie Mac. • ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, which is 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. The Partnership also consolidates variable interest entities (“VIEs”) for which it is deemed to be the primary beneficiary. See Note 5 for information regarding the Partnership’s consolidated VIEs. |
Lease Accounting | Lease Accounting On January 1, 2019, the Partnership adopted the lease guidance in Accounting Standards Codification (“ASC”) 842. The Partnership adopted ASC 842 at the required adoption date of January 1, 2019, using the transition method that allowed the Partnership to initially apply ASC 842 as of January 1, 2019 and recognize a cumulative-effect adjustment to the opening balance of partners’ capital in the period of adoption. No changes have been made to the condensed consolidated financial statements dated prior to the effective date related to the adoption of ASC 842. Lessee Operating Leases The Partnership’s only material lessee lease is a ground lease at The 50/50 MF Property. Upon adoption of ASC 842, the Partnership elected the package of practical expedients in Accounting Standards Update (“ASU”) 2016-11, elected not to apply ASC 842 to short-term leases and elected to combine lease and non-lease components when accounting for these lease arrangements. On the date of adoption of ASC 842, the Partnership recognized operating lease right-of-use (“ROU”) assets of $1.7 million, operating lease liabilities of $2.2 million, and an immaterial cumulative adjustment to partners’ capital. The Partnership used a discount rate of 6.6% to calculate the ROU asset and lease liability related to the ground lease. The discount rate is based on the Partnership’s estimated incremental borrowing rate to borrow, on a fully collateralized basis, over a similar term for the amount of contractual lease payments. The incremental borrowing rate was estimated using market transactions adjusted for differences in the term and security. The Partnership’s lessee ROU assets are reflected in other assets on the Partnership’s condensed consolidated balance sheet (see Note 12). The Partnership’s lessee operating lease liabilities are reflected in accounts payable, accrued expenses and other liabilities on the Partnership’s condensed consolidated balance sheet (see Note 13). See Note 13 for additional information on the Partnership’s ground lease. Lessor Operating Leases The Partnership’s lessor leases consist of tenant leases related to real estate assets, specifically at the MF Properties. Tenant leases also contain terms for non-lease revenues related to operations at the MF Properties, such as parking and food service revenues. The Partnership has elected to combine the lease and non-lease components when accounting for lessor leases. The unit lease component of the tenant lease is considered the predominant component, so all components of the tenant lease are accounted for under ASC 842. Tenant leases are typically for terms of 12 months or less and do not include extension options. Lease revenue is recognized monthly and is reported within property revenues on the Partnership’s condensed consolidated statements of operations. ASC 842 did not have a material impact on the Partnership’s accounting for its lessor arrangements with tenants at the MF Properties. |
PHC Certificate Impairment | PHC Certificate Impairment 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, • Potential changes in HUD appropriations to local housing authorities, • Downgrade in the security’s rating by Standard & Poor’s, and • Volatility of the fair value of the security. |
Real Estate Assets Impairment | Real Estate Assets 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. |
Reclassification | Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. In the three and nine months ended September 30, 2019, the Partnership reported amortization of deferred financing costs within interest expense in the Partnership’s condensed consolidated statements of operations. Previously, “Amortization of deferred financing costs expense” had been reported as a separate line item in the Partnership’s condensed consolidated statement of operations. Accordingly, for the three and nine months ended September 30, 2018, the Partnership has included amortization of deferred financing costs expense within interest expense in conformity with the current reporting period presented herein. This reclassification has no effect on the Partnership’s reported net income or partners’ capital in the Partnership’s condensed consolidated financial statements for the periods presented. |
Estimates and Assumptions | Estimates and assumptions The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2018. These condensed consolidated financial statements and notes have been prepared consistently with the 2018 Form 10-K, with the exception of new accounting standards that were adopted and reclassifications that are discussed herein. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of September 30, 2019, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated balance sheet as of December 31, 2018 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In 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 is effective for the Partnership’s annual and interim periods beginning after December 15, 2019 and is to be applied using a modified-retrospective approach. In October 2019, the FASB approved a delay in the effective date of this ASU for smaller reporting companies, such as the Partnership, and other non-SEC reporting entities. The FASB expects to issue two final ASUs relating to this matter in mid-November 2019. The new ASUs will delay the effective date for such entities to fiscal years beginning after December 31, 2022, including interim periods within those fiscal periods. As the Partnership is a smaller reporting company, it may elect to delay its effective date. The Partnership has completed an assessment of the items that are within the scope of the new ASU. The items include property loans, receivables reported within other assets, financial guarantees and commitments. Also within the scope of the ASU are changes to the impairment model for available-for-sale debt securities, which includes the Partnership’s MRBs, PHC Certificates, and taxable MRBs. The Partnership is currently developing data collection processes, assessment procedures and internal controls required to implement the ASU for such items in the Partnership’s condensed consolidated financial statements. The Partnership is continuing to evaluate whether to defer their implementation date of the ASU and will make a final determination in the fourth quarter of 2019. In July 2019, the FASB issued ASU 2019-07, “Codification Updates to SEC Sections” which amends the SEC Rules, Regulations and Interpretations section of various topics within the FASB Accounting Standards Codification. The amendments were made as the result of the SEC’s Final Rule Releases No. 33-10532, “Disclosure Update and Simplification”, No. 33-10231, “Investment Company Reporting Modernization”, and No. 33-10442, “Miscellaneous Update”. The Partnership’s condensed consolidated financial statements and notes to condensed consolidated financial statements are in compliance with the relevant Codification updates. There were no significant changes to the Partnership’s condensed consolidated financial statements as a result of the ASU. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure | The following table summarizes the Partnership’s variable interests in these entities as of September 30, 2019 and December 31, 2018: Maximum Exposure to Loss September 30, 2019 December 31, 2018 Mortgage revenue bonds $ 30,480,000 $ 51,791,000 Property loans - 8,367,635 Investment in unconsolidated entities 87,059,995 76,534,306 $ 117,539,995 $ 136,692,941 |
Investments in Mortgage Reven_2
Investments in Mortgage Revenue Bonds (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Schedule of investments in MRBs | The Partnership had the following investments in MRBs as of September 30, 2019 and December 31, 2018: September 30, 2019 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 $ 10,168,651 $ 1,696,441 $ - $ 11,865,092 Glenview Apartments - Series A (4) CA 4,546,210 767,387 - 5,313,597 Harmony Court Bakersfield - Series A (5) CA 3,707,631 582,453 - 4,290,084 Harmony Terrace - Series A (5) CA 6,863,296 1,185,795 - 8,049,091 Harden Ranch - Series A (3) CA 6,719,931 1,207,559 - 7,927,490 Las Palmas II - Series A (5) CA 1,682,524 278,924 - 1,961,448 Montclair Apartments - Series A (4) CA 2,462,936 415,737 - 2,878,673 Montecito at Williams Ranch Apartments - Series A (7) CA 7,690,000 1,651,838 - 9,341,838 San Vicente - Series A (5) CA 3,469,276 558,315 - 4,027,591 Santa Fe Apartments - Series A (4) CA 2,983,755 548,485 - 3,532,240 Seasons at Simi Valley - Series A (5) CA 4,293,474 912,975 - 5,206,449 Seasons Lakewood - Series A (5) CA 7,310,902 1,191,125 - 8,502,027 Seasons San Juan Capistrano - Series A (5) CA 12,309,171 2,005,465 - 14,314,636 Summerhill - Series A (5) CA 6,384,482 972,132 - 7,356,614 Sycamore Walk - Series A (5) CA 3,568,952 590,916 - 4,159,868 The Village at Madera - Series A (5) CA 3,066,499 481,734 - 3,548,233 Tyler Park Townhomes - Series A (3) CA 5,854,394 859,781 - 6,714,175 Vineyard Gardens - Series A (7) CA 3,995,000 852,151 - 4,847,151 Westside Village Market - Series A (3) CA 3,825,835 601,208 - 4,427,043 Brookstone (1) IL 7,413,743 2,191,618 - 9,605,361 Copper Gate Apartments (3) IN 5,055,000 710,986 - 5,765,986 Renaissance - Series A (4) LA 11,032,412 1,899,144 - 12,931,556 Live 929 Apartments (7), (8) MD 40,055,592 - (149,095 ) 39,906,497 Woodlynn Village (1) MN 4,197,000 10,509 - 4,207,509 Gateway Village (2) NC 2,600,000 289,170 - 2,889,170 Greens Property - Series A (3) NC 7,960,000 844,249 - 8,804,249 Lynnhaven Apartments (2) NC 3,450,000 383,707 - 3,833,707 Silver Moon - Series A (4) NM 7,777,580 1,447,981 - 9,225,561 Village at Avalon - Series A (6) NM 16,329,272 3,275,151 - 19,604,423 Ohio Properties - Series A (1) OH 13,890,001 48,160 - 13,938,161 Bridle Ridge (1) SC 7,315,000 54,050 - 7,369,050 Columbia Gardens (5) SC 13,105,293 2,157,828 - 15,263,121 Companion at Thornhill Apartments (5) SC 11,208,284 1,729,367 - 12,937,651 Cross Creek (1) SC 6,144,672 2,520,743 - 8,665,415 Rosewood Townhomes - Series A (7) SC 9,280,000 114,365 - 9,394,365 South Pointe Apartments - Series A (7) SC 21,600,000 362,290 - 21,962,290 The Palms at Premier Park Apartments (3) SC 18,891,224 2,779,140 - 21,670,364 Village at River's Edge (5) SC 9,889,108 2,330,806 - 12,219,914 Willow Run (5) SC 12,923,882 2,126,087 - 15,049,969 Arbors at Hickory Ridge (3) TN 11,092,043 2,021,048 - 13,113,091 Pro Nova 2014-1 (2), (8) TN 10,023,617 - (347,124 ) 9,676,493 Avistar at Copperfield - Series A (2) TX 13,977,000 2,333,591 - 16,310,591 Avistar at the Crest - Series A (3) TX 9,279,129 1,772,133 - 11,051,262 Avistar at the Oaks - Series A (3) TX 7,496,870 1,407,554 - 8,904,424 Avistar at the Parkway - Series A (4) TX 13,020,181 2,117,134 - 15,137,315 Avistar at Wilcrest - Series A (2) TX 5,297,000 818,097 - 6,115,097 Avistar at Wood Hollow - Series A (2) TX 40,220,000 6,546,613 - 46,766,613 Avistar in 09 - Series A (3) TX 6,473,257 1,068,331 - 7,541,588 Avistar on the Boulevard - Series A (3) TX 15,807,997 2,738,122 - 18,546,119 Avistar on the Hills - Series A (3) TX 5,179,570 996,345 - 6,175,915 Bruton Apartments (5) TX 17,839,917 3,637,297 - 21,477,214 Concord at Gulfgate - Series A (5) TX 19,018,891 3,758,251 - 22,777,142 Concord at Little York - Series A (5) TX 13,323,633 2,757,400 - 16,081,033 Concord at Williamcrest - Series A (5) TX 20,639,734 4,174,795 - 24,814,529 Crossing at 1415 - Series A (5) TX 7,423,125 1,149,904 - 8,573,029 Decatur Angle (5) TX 22,500,338 3,869,765 - 26,370,103 Esperanza at Palo Alto (5) TX 19,390,360 4,290,792 - 23,681,152 Heights at 515 - Series A (5) TX 6,795,999 1,229,217 - 8,025,216 Heritage Square - Series A (4) TX 10,722,964 1,471,450 - 12,194,414 Oaks at Georgetown - Series A (5) TX 12,264,411 1,750,507 - 14,014,918 Runnymede (1) TX 9,985,000 154,466 - 10,139,466 Southpark (1) TX 11,679,665 2,411,352 - 14,091,017 15 West Apartments (5) WA 9,689,570 2,382,417 - 12,071,987 Mortgage revenue bonds held in trust $ 650,161,253 $ 97,492,353 $ (496,219 ) $ 747,157,387 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) (6) (7) (8) September 30, 2019 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montevista - Series A & B CA $ 13,200,000 $ 1,722,484 $ - $ 14,922,484 Solano Vista - Series A & B CA 5,768,000 650,549 - 6,418,549 Greens Property - Series B NC 931,038 145,428 - 1,076,466 Ohio Properties - Series B OH 3,508,510 10,480 - 3,518,990 Rosewood Townhomes - Series B SC 470,000 1,563 - 471,563 South Pointe Apartments - Series B SC 1,100,000 3,139 - 1,103,139 Avistar at the Crest - Series B TX 742,034 97,848 - 839,882 Avistar at the Oaks - Series B TX 542,984 69,234 - 612,218 Avistar at the Parkway - Series B TX 124,382 38,672 - 163,054 Avistar in 09 - Series B TX 447,913 55,370 - 503,283 Avistar on the Boulevard - Series B TX 440,919 54,786 - 495,705 Mortgage revenue bonds held by the Partnership $ 27,275,780 $ 2,849,553 $ - $ 30,125,333 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) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) 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 (1) 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 (1) SC 9,750,000 - (644,962 ) 9,105,038 South Pointe Apartments - Series A & B (1) 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 (1) As of the date presented, the MRB had been in a cumulative unrealized loss position for less than 12 consecutive months. |
Schedule of MRBs Acquisitions | Acquisitions: The following MRBs were acquired during the nine months ended September 30, 2019: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Gateway Village February Durham, NC 64 4/1/2032 6.10 % $ 2,600,000 Lynnhaven Apartments February Durham, NC 75 4/1/2032 6.10 % 3,450,000 Montevista - Series A June San Pablo, CA 82 7/1/2036 5.75 % 6,720,000 Montevista - Series B June San Pablo, CA 82 7/1/2021 5.75 % 6,480,000 $ 19,250,000 Acquisitions: The following MRB was acquired during the nine months ended September 30, 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 (1) |
Schedule of MRBs Redeemed | Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2019: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Seasons San Juan Capistrano - Series B January San Juan Capistrano, CA 112 1/1/2019 8.00 % $ 5,574,000 Courtyard Apartments - Series B April Fullerton, CA 108 6/1/2019 8.00 % 6,228,000 $ 11,802,000 Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 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 $ 39,014,000 |
Term of Mortgage Revenue Bond After Restructuring | The following MRBs were restructured during the nine months ended September 30, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows: Property Name Month Restructured Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Avistar at Copperfield - Series B May Houston, TX 192 6/1/2054 12.00 % $ 4,000,000 Avistar at Wilcrest - Series B May Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series B May Austin, TX 409 6/1/2054 12.00 % 8,410,000 $ 13,960,000 |
Public Housing Capital Fund T_2
Public Housing Capital Fund Trust ( "PHC") Certificates (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Public Housing Capital Fund Trusts [Abstract] | |
Schedule of Investments in PHC Certificates | The Partnership had the following investments in the PHC Certificates as of September 30, 2019 and December 31, 2018: September 30, 2019 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 5.73 AA- 5.37% $ 24,510,244 $ 483,113 $ - $ 24,993,357 PHC Certificate Trust II 4.09 AA- 4.38% 4,372,215 362,710 - 4,734,925 PHC Certificate Trust III 6.08 BBB 5.12% 14,588,947 367,277 - 14,956,224 $ 43,471,406 $ 1,213,100 $ - $ 44,684,506 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 |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Real Estate [Line Items] | |
Real Estate Assets Owned by Partnership | The following tables summarize information regarding the Partnership’s real estate assets as of September 30, 2019 and December 31, 2018: Real Estate Assets as of September 30, 2019 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,065,722 $ 42,264,990 The 50/50 MF Property Lincoln, NE 475 - 32,937,357 32,937,357 Land held for development (1) (1) 1,701,197 - 1,701,197 $ 76,903,544 Less accumulated depreciation (14,650,397 ) Total real estate assets $ 62,253,147 (1) 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 (2) (2) 1,776,197 - 1,776,197 $ 76,868,735 Less accumulated depreciation (12,272,387 ) Total real estate assets $ 64,596,348 (2) Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE. |
MF Properties [Member] | |
Real Estate [Line Items] | |
Gains on Sale, Net of Income Taxes | In September 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 Tier 2 income (Note 3). The Partnership determined the sale did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units Gross Proceeds Gain on Sale before Income Taxes Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
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 September 30, 2019 and December 31, 2018 and remaining equity investment commitment amounts as of September 30, 2019: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of September 30, 2019 Carrying Value as of December 31, 2018 Maximum Remaining Equity Commitment as of September 30, 2019 Vantage at Boerne Boerne, TX 288 August 2016 April 2018 $ 8,363,500 $ 8,830,000 $ 1,475,936 Vantage at Waco Waco, TX 288 August 2016 May 2018 9,337,166 9,337,166 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 July 2018 - 11,408,135 - Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 12,295,801 11,535,895 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,840,500 7,572,819 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 9,894,619 9,182,522 - Vantage at Germantown Germantown, TN 288 June 2018 N/A 11,456,353 7,033,398 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 13,184,069 6,254,104 - Vantage at Coventry Omaha, NE 288 September 2018 N/A 8,825,914 5,380,267 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 5,862,073 - 3,393,059 2,886 $ 87,059,995 $ 76,534,306 $ 6,461,034 |
Summary of Partnership's Investments in Unconsolidated Entities | The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Property Revenues $ 3,713,106 $ 2,824,019 $ 9,534,250 $ 5,687,214 Gain on sale of property $ 22,556,694 $ - $ 22,556,694 $ - Net income (loss) $ 21,606,621 $ (353,067 ) $ 20,918,176 $ (2,688,985 ) |
Property Loans, Net of Loan L_2
Property Loans, Net of Loan Loss Allowances (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property Loans Net Of Loan Loss Allowance [Abstract] | |
Summary of Partnership's Property Loans, Net of Loan Loss Allowances | The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of September 30, 2019 and December 31, 2018: September 30, 2019 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 Live 929 Apartments 405,717 - 405,717 Total $ 15,392,908 $ (7,393,814 ) $ 7,999,094 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 |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense (Benefit) | The following table summarizes income tax expense (benefit) for the three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Current income tax expense (benefit) $ 13,932 $ (809,805 ) $ 129,095 $ (837,805 ) Deferred income tax expense (benefit) (82,167 ) - (138,331 ) 34,000 Total income tax benefit $ (68,235 ) $ (809,805 ) $ (9,236 ) $ (803,805 ) |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table summarizes the other assets as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Deferred financing costs, net $ 333,004 $ 397,823 Fair value of derivative instruments (Note 17) 52,605 626,633 Taxable mortgage revenue bonds, at fair value 1,427,336 1,409,895 Operating lease right-of-use assets, net 1,681,238 - Other assets 1,446,520 2,081,258 Total other assets $ 4,940,703 $ 4,515,609 |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Summary of Accounts Payable, Accrued Expenses and Other Liabilities | The following table summarizes the accounts payable, accrued expenses and other liabilities as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Accounts payable $ 182,099 $ 230,631 Accrued expenses 3,023,629 2,956,368 Accrued interest expense 2,572,279 2,270,348 Operating lease liabilities 2,137,792 - Other liabilities 1,677,151 2,086,475 Total accounts payable, accrued expenses and other liabilities $ 9,592,950 $ 7,543,822 |
Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities | The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities Remainder of 2019 $ 34,165 2020 135,812 2021 136,366 2022 139,091 2023 141,871 Thereafter 4,661,979 Total 5,249,284 Less: Amount representing interest (3,111,492 ) Total operating lease liabilities $ 2,137,792 |
Unsecured Lines of Credit (Tabl
Unsecured Lines of Credit (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Unsecured Lines of Credit [Member] | |
Summary of Unsecured Lines of Credit | The following tables summarize the unsecured lines of credit (“LOC”) as of September 30, 2019 and December 31, 2018: Unsecured Lines of Credit Outstanding as of September 30, 2019 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 13,200,000 $ 50,000,000 June 2021 Variable (1) Monthly 4.58 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 5.33 % Total unsecured lines of credit $ 13,200,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 2018 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 35,659,200 $ 50,000,000 June 2020 Variable (2) Monthly 5.38 % Bankers Trust operating - 10,000,000 June 2020 Variable (2) Monthly 5.63 % Total unsecured lines of credit $ 35,659,200 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin. |
Debt Financing (Tables)
Debt Financing (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Debt Financing [Abstract] | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2019 and December 31, 2018: Outstanding Debt Financings as of September 30, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,792,062 $ 98,007 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,885,290 4,999 2014 July 2024 Weekly 1.61% 1.42% 3.03% Fixed - M33 31,638,938 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 218,030,897 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 October 2019 N/A N/A N/A 4.01% Fixed - Term A/B 5,256,054 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,404,644 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,645,347 - 2019 July 2020 Weekly 1.68% 1.17% 2.85% Variable - TOB 42,228,417 - 2019 August 2020 Weekly 1.68% 1.17% - 1.66% 2.85% - 3.34% Variable - TOB 35,841,489 - 2019 September 2020 Weekly 2.03% 1.12% 3.15% Morgan Stanley: Fixed - Term TOB 13,078,992 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,812,130 (1) Facility fees are variable. (2) 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. 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 (1) $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (2) 80,418,505 181,626 2014 July 2019 Weekly 1.74% 1.49% 3.23% Variable - M33 (3) 31,262,039 58,002 2015 July 2020 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 Deutsche Bank: Variable - TOB 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 38,455,221 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 505,663,565 (1) In July 2019, the Partnership refinanced the M2 (2) In June 2019, the Partnership exercised its unilateral right to extend the financing for an additional five-year period through July 2024 . Facility fees are variable . (3) In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of September 2030 . (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. TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total Term TOB Trust Financing $ 104,056,000 Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000 |
Summary of Debt Financing Facilities and Term A/B Trust Collapsed and Redeemed Prices Partnership's Carrying Value Plus Accrued Interest | The following debt financing facilities were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300 The following Term A/B Trusts were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Seasons Lakewood - Series B Term A/B Trust March 2018 $ 4,475,000 Summerhill - Series B Term A/B Trust March 2018 2,870,000 Oaks at Georgetown - Series B Term A/B Trust April 2018 4,690,000 San Vicente - Series B Term A/B Trust May 2018 1,555,000 The Village at Madera - Series B Term A/B Trust May 2018 1,465,000 Las Palmas II - Series B Term A/B Trust July 2018 1,505,000 15 West Apartments (1) Term A/B Trust August 2018 8,300,012 Bruton Apartments (1) Term A/B Trust August 2018 15,279,403 Columbia Gardens (1) Term A/B Trust August 2018 10,222,680 Companion at Thornhill Apartments (1) Term A/B Trust August 2018 9,642,587 Concord at Gulfgate - Series A (1) Term A/B Trust August 2018 16,310,000 Concord at Little York - Series A (1) Term A/B Trust August 2018 11,425,000 Concord at Williamcrest - Series A (1) Term A/B Trust August 2018 17,695,000 Courtyard - Series A (1) Term A/B Trust August 2018 9,210,000 Courtyard - Series B Term A/B Trust August 2018 5,295,000 Crossing at 1415 - Series A (1) Term A/B Trust August 2018 6,370,877 Decatur Angle (1) Term A/B Trust August 2018 21,362,472 Harmony Court Bakersfield - Series A (1) Term A/B Trust August 2018 3,360,000 Harmony Terrace - Series A (1) Term A/B Trust August 2018 6,210,000 Harmony Terrace - Series B Term A/B Trust August 2018 6,290,000 Heights at 515 - Series A (1) Term A/B Trust August 2018 5,402,307 Las Palmas II - Series A (1) Term A/B Trust August 2018 1,530,000 Oaks at Georgetown - Series A (1) Term A/B Trust August 2018 11,100,000 San Vicente - Series A (1) Term A/B Trust August 2018 3,150,000 Seasons at Simi Valley - Series A (1) Term A/B Trust August 2018 3,688,843 Seasons Lakewood - Series A (1) Term A/B Trust August 2018 6,615,000 Seasons San Juan Capistrano - Series A (1) Term A/B Trust August 2018 11,140,000 Seasons San Juan Capistrano - Series B Term A/B Trust August 2018 5,590,000 Summerhill - Series A (1) Term A/B Trust August 2018 5,785,000 Sycamore Walk - Series A (1) Term A/B Trust August 2018 3,066,769 The Village at Madera - Series A (1) Term A/B Trust August 2018 2,780,000 Village at River's Edge (1) Term A/B Trust August 2018 8,963,207 Willow Run (1) Term A/B Trust August 2018 10,079,940 $ 242,424,098 (1) In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust. |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 9,445,353 2020 114,279,468 2021 5,328,914 2022 18,499,166 2023 5,899,262 Thereafter 387,921,886 Total 541,374,049 Unamortized deferred financing costs and debt premium (2,561,919 ) Total debt financing, net $ 538,812,130 |
Mortgages Payable and Other S_2
Mortgages Payable and Other Secured Financing (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2019 and December 31, 2018: Outstanding Debt Financings as of September 30, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,792,062 $ 98,007 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,885,290 4,999 2014 July 2024 Weekly 1.61% 1.42% 3.03% Fixed - M33 31,638,938 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 218,030,897 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 October 2019 N/A N/A N/A 4.01% Fixed - Term A/B 5,256,054 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,404,644 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,645,347 - 2019 July 2020 Weekly 1.68% 1.17% 2.85% Variable - TOB 42,228,417 - 2019 August 2020 Weekly 1.68% 1.17% - 1.66% 2.85% - 3.34% Variable - TOB 35,841,489 - 2019 September 2020 Weekly 2.03% 1.12% 3.15% Morgan Stanley: Fixed - Term TOB 13,078,992 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,812,130 (1) Facility fees are variable. (2) 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. 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 (1) $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (2) 80,418,505 181,626 2014 July 2019 Weekly 1.74% 1.49% 3.23% Variable - M33 (3) 31,262,039 58,002 2015 July 2020 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 Deutsche Bank: Variable - TOB 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 38,455,221 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 505,663,565 (1) In July 2019, the Partnership refinanced the M2 (2) In June 2019, the Partnership exercised its unilateral right to extend the financing for an additional five-year period through July 2024 . Facility fees are variable . (3) In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of September 2030 . (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. TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total Term TOB Trust Financing $ 104,056,000 Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000 |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 9,445,353 2020 114,279,468 2021 5,328,914 2022 18,499,166 2023 5,899,262 Thereafter 387,921,886 Total 541,374,049 Unamortized deferred financing costs and debt premium (2,561,919 ) Total debt financing, net $ 538,812,130 |
Mortgages payable [Member] | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of September 30, 2019 and December 31, 2018: MF Property Mortgage Payables Outstanding Mortgage Payable as of September 30, 2019, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 2,988,989 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,060,882 2013 March 2020 Variable Monthly 5.00 % (1) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,049,871 4.96 % (1) 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 % (2) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,454,375 4.96 % (2) |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 3,133,103 2020 23,945,254 2021 - 2022 - 2023 - Thereafter - Total 27,078,357 Unamortized deferred financing costs (28,486 ) Total mortgages payable and other secured financings, net $ 27,049,871 |
Interest Rate Derivative Agre_2
Interest Rate Derivative Agreements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Interest Rate Derivative Agreements [Abstract] | |
Summary of Partnership's Interest Rate Derivatives | The following tables summarize the Partnership’s interest rate derivatives as of September 30, 2019 and December 31, 2018: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of September 30, 2019 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank 2 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada 2 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc 2 June 2017 81,351,277 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 45,274 Sept 2017 58,447,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC - Aug 2019 79,695,286 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 7,325 $ 52,605 (1) See Note 22 for additional details. Purchase Date Notional Amount Maturity Date Effective Capped Rate (2) Index Variable Debt Financing Facility Hedged (2) 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 (2) See Note 22 for additional details. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Partnership's Maximum Exposure Under Guarantee Agreements | The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of September 30, 2019: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of September 30, 2019 Partnership's Maximum Exposure as of September 30, 2019 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 24,826,510 $ 24,826,510 (1) Vantage at Coventry 2018 31,500,000 5,275,651 5,275,651 (1) (1) The Partnership’s maximum exposure will decrease to 50% of the construction loan balance upon receipt of the certificate of occupancy and to 25% of the construction loan balance when 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 September 30, 2019 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) | 9 Months Ended |
Sep. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Issuances of Series A Preferred Units | The following table summarizes the outstanding Series A Preferred Units as of September 30, 2019 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 September 30, 2019 and December 31, 2018 9,450,000 $ 94,500,000 |
Restricted Unit Awards ("RUAs_2
Restricted Unit Awards ("RUAs") (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of RUA Activity | The following table summarizes the RUA activity as of and for the nine months ended September 30, 2019 and the year ended December 31, 2018: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested as of January 1, 2018 242,069 $ 5.83 Granted 309,212 6.31 Vested (279,034 ) 6.06 Forfeited (6,957 ) 6.31 Nonvested as of December 31, 2018 265,290 $ 6.14 Granted 353,197 7.74 Vested (618,487 ) 7.05 Nonvested as of September 30, 2019 - $ - |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
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 condensed consolidated financial statements for the three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Partnership administrative fees paid to AFCA 2 (1) $ 914,000 $ 940,000 $ 2,714,000 $ 2,789,000 Property management fees paid to an affiliate (2) 28,000 49,000 101,000 147,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 12,000 - 44,000 - (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 condensed 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 condensed consolidated statements of operations. (3) The Partnership pays franchise margin taxes on revenues in Texas related 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 three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Non-Partnership property administrative fees received by AFCA 2 (1) 9,000 17,000 $ 27,000 $ 60,000 Investment/mortgage placement fees received by AFCA 2 (2) - 1,189,000 822,000 2,787,000 MRB redemption administrative fee received by AFCA 2 (3) - 114,000 - 114,000 (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. These 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 and investments in unconsolidated entities. (3) AFCA 2 received a one-time administrative fee related to early redemption of the Lake Forest MRB from the property in September 2018. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Measurements [Abstract] | |
Summary of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis as of September 30, 2019 are summarized as follows: Fair Value Measurements as of September 30, 2019 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 $ 747,157,387 $ - $ - $ 747,157,387 Mortgage revenue bonds 30,125,333 - - 30,125,333 PHC Certificates 44,684,506 - - 44,684,506 Taxable mortgage revenue bonds (reported within other assets) 1,427,336 - - 1,427,336 Derivative instruments (reported within other assets) 52,605 - - 52,605 Total Assets at Fair Value, net $ 823,447,167 $ - $ - $ 823,447,167 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 |
Summary of Activity Related to Level 3 Assets and Liabilities | The following tables summarize the activity related to Level 3 assets for the three and nine months ended September 30, 2019: For the Three Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance April 1, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,542 2,915 - (68,333 ) (29,876 ) Included in other comprehensive (loss) income 18,886,878 173,374 (11,936 ) - 19,048,316 Purchases - - - 29,527 29,527 Settlements (1,166,407 ) (2,007,937 ) (2,044 ) (26,868 ) (3,203,256 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 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 September 30, 2019 $ - $ - $ - $ (68,333 ) $ (68,333 ) (1) For the Nine Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2019 $ 732,153,435 $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 106,909 (795 ) - (458,141 ) (352,027 ) Included in other comprehensive income 41,280,568 788,318 43,438 - 42,112,324 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (15,508,192 ) (4,775,103 ) (25,997 ) (145,414 ) (20,454,706 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 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 September 30, 2019 $ - $ - $ - $ (458,141 ) $ (458,141 ) (1) The following tables summarize the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2018: For the Three Months Ended September 30, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance July 1, 2018 $ 767,629,337 $ 994,685 $ 49,070,710 $ 2,357,952 $ 897,958 $ 820,950,642 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 36,126 - (19,274 ) - 91,679 108,531 Included in earnings (impairment of securities) - - (309,958 ) - - (309,958 ) Included in other comprehensive (loss) income (6,729,317 ) 51,760 - (15,192 ) - (6,692,749 ) Purchases - - - - - - Settlements (18,470,222 ) - - (2,858 ) 47,540 (18,425,540 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 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 September 30, 2018 $ - $ - $ (309,958 ) $ - $ 91,679 $ (218,279 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities. For the Nine Months Ended September 30, 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) 108,661 - (57,822 ) - 1,088,060 1,138,899 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive (loss) income (24,048,645 ) (1,956,095 ) 525,446 (49,173 ) - (25,528,467 ) Purchases 19,540,000 - - - - 19,540,000 Settlements (41,755,799 ) - (226,714 ) (33,384 ) 178,748 (41,837,149 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 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 September 30, 2018 $ - $ - $ (1,141,020 ) $ - $ 1,088,060 $ (52,960 ) (1) Mortgage revenue bonds includes 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 instruments 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 financial liabilities as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 552,012,130 $ 572,810,140 $ 541,322,765 $ 550,766,809 Mortgages payable and other secured financing 27,049,871 27,078,357 27,454,375 27,552,748 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Segment Reporting [Abstract] | |
Summary of Partnership Reportable Segment Information | The following tables detail certain key financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Total revenues Mortgage Revenue Bond Investments $ 10,383,867 $ 21,440,970 $ 31,074,582 $ 44,609,666 MF Properties 1,974,546 2,285,736 6,002,971 7,099,690 Public Housing Capital Fund Trusts 589,024 617,661 1,812,779 1,860,728 Other Investments 1,918,265 1,656,748 7,986,302 4,674,230 Total revenues $ 14,865,702 $ 26,001,115 $ 46,876,634 $ 58,244,314 Interest expense Mortgage Revenue Bond Investments $ 5,789,009 $ 5,583,512 $ 16,894,378 $ 16,208,340 MF Properties 365,995 472,796 1,096,016 1,325,019 Public Housing Capital Fund Trusts 354,017 338,375 1,120,482 557,955 Other Investments - - - - Total interest expense $ 6,509,021 $ 6,394,683 $ 19,110,876 $ 18,091,314 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 743,503 849,516 2,380,815 2,672,925 Public Housing Capital Fund Trusts - - - - Other Investments - - - - Total depreciation expense $ 743,503 $ 849,516 $ 2,380,815 $ 2,672,925 Net income (loss) Mortgage Revenue Bond Investments $ (2,492,643 ) $ 12,039,700 $ 1,836,196 $ 18,647,585 MF Properties (434,099 ) 4,228,494 (946,230 ) 3,770,339 Public Housing Capital Fund Trusts 235,007 (30,672 ) 692,297 161,753 Other Investments 12,399,638 1,645,533 18,463,643 4,645,803 Net income $ 9,707,903 $ 17,883,055 $ 20,045,906 $ 27,225,480 The following table details total assets for the Partnership’s reportable segments as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Total assets Mortgage Revenue Bond Investments $ 921,054,641 $ 864,311,647 MF Properties 71,013,626 71,120,280 Public Housing Capital Fund Trusts 45,014,774 48,942,334 Other Investments 87,089,136 85,048,514 Consolidation/eliminations (90,671,007 ) (86,709,529 ) Total assets $ 1,033,501,170 $ 982,713,246 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | Sep. 30, 2019USD ($)Property | Jan. 01, 2019USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||
Operating leases, right-of-use assets | $ 1,681,238 | |
ASU 2016-02 [Member] | The 5050 MF Property [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating leases, right-of-use assets | $ 1,700,000 | |
Operating leases, liabilities for current leases | $ 2,200,000 | |
Lessee operating lease discount rate | 6.60% | |
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% |
Partnership Income, Expenses an
Partnership Income, Expenses and Cash Distributions - Additional Information (Details) | Sep. 30, 2019 |
Partners capital account, fixed rate | 3.00% |
Tier 1 [Member] | Limited Partner [Member] | |
Percent of regular allocations | 99.00% |
Tier 1 [Member] | General Partner [Member] | |
Percent of regular allocations | 1.00% |
Tier 2 [Member] | Limited Partner [Member] | |
Percent of special allocations | 75.00% |
Tier 2 [Member] | General Partner [Member] | |
Percent of special allocations | 25.00% |
Tier 3 [Member] | Limited Partner [Member] | |
Percent of special allocations | 100.00% |
Net Income per BUC (Details)
Net Income per BUC (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Dilutive BUCs | 0 | 0 | 0 | 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - Property | Sep. 30, 2019 | Dec. 31, 2018 |
Variable Interest Entities [Abstract] | ||
Number of Variable Interest Entities | 16 | 17 |
Variable Interest Entities - Va
Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 117,539,995 | $ 136,692,941 |
Mortgage Revenue Bonds [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 30,480,000 | 51,791,000 |
Property Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 8,367,635 | |
Investment in Unconsolidated Entities [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 87,059,995 | $ 76,534,306 |
Investments in Mortgage Reven_3
Investments in Mortgage Revenue Bonds - Schedule of investments in MRBs (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 | |||
Mortgage Revenue Bonds Held In Trust [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | $ 650,161,253 | $ 586,445,474 | |||
Cumulative Unrealized Gain | 97,492,353 | 58,813,399 | |||
Cumulative Unrealized Loss | (496,219) | ||||
Estimated Fair Value | 747,157,387 | 645,258,873 | |||
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] | 10,168,651 | 10,230,000 | ||
Cumulative Unrealized Gain | [1] | 1,696,441 | 954,573 | ||
Estimated Fair Value | [1] | 11,865,092 | 11,184,573 | ||
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 | [2] | 4,546,210 | 4,581,930 | ||
Cumulative Unrealized Gain | [2] | 767,387 | 524,024 | ||
Estimated Fair Value | [2] | 5,313,597 | 5,105,954 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Harmony Court Bakersfield [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 3,707,631 | 3,730,000 | ||
Cumulative Unrealized Gain | [1] | 582,453 | 312,844 | ||
Estimated Fair Value | [1] | 4,290,084 | 4,042,844 | ||
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] | 6,863,296 | 6,900,000 | ||
Cumulative Unrealized Gain | [1] | 1,185,795 | 647,686 | ||
Estimated Fair Value | [1] | 8,049,091 | 7,547,686 | ||
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] | 6,719,931 | 6,775,508 | ||
Cumulative Unrealized Gain | [3] | 1,207,559 | 1,007,557 | ||
Estimated Fair Value | [3] | 7,927,490 | 7,783,065 | ||
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] | 1,682,524 | 1,692,774 | ||
Cumulative Unrealized Gain | [1] | 278,924 | 141,187 | ||
Estimated Fair Value | [1] | 1,961,448 | 1,833,961 | ||
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 | [2] | 2,462,936 | 2,482,288 | ||
Cumulative Unrealized Gain | [2] | 415,737 | 246,752 | ||
Estimated Fair Value | [2] | 2,878,673 | 2,729,040 | ||
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 | 7,690,000 | [4] | 7,690,000 | [5] | |
Cumulative Unrealized Gain | 1,651,838 | [4] | 973,133 | [5] | |
Estimated Fair Value | 9,341,838 | [4] | 8,663,133 | [5] | |
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] | 3,469,276 | 3,490,410 | ||
Cumulative Unrealized Gain | [1] | 558,315 | 291,121 | ||
Estimated Fair Value | [1] | 4,027,591 | 3,781,531 | ||
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 | [2] | 2,983,755 | 3,007,198 | ||
Cumulative Unrealized Gain | [2] | 548,485 | 401,203 | ||
Estimated Fair Value | [2] | 3,532,240 | 3,408,401 | ||
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] | 4,293,474 | 4,325,536 | ||
Cumulative Unrealized Gain | [1] | 912,975 | 655,326 | ||
Estimated Fair Value | [1] | 5,206,449 | 4,980,862 | ||
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] | 7,310,902 | 7,350,000 | ||
Cumulative Unrealized Gain | [1] | 1,191,125 | 654,929 | ||
Estimated Fair Value | [1] | 8,502,027 | 8,004,929 | ||
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] | 12,309,171 | 12,375,000 | ||
Cumulative Unrealized Gain | [1] | 2,005,465 | 1,102,687 | ||
Estimated Fair Value | [1] | 14,314,636 | 13,477,687 | ||
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] | 6,384,482 | 6,423,000 | ||
Cumulative Unrealized Gain | [1] | 972,132 | 508,639 | ||
Estimated Fair Value | [1] | 7,356,614 | 6,931,639 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Sycamore Walk [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 3,568,952 | 3,598,006 | ||
Cumulative Unrealized Gain | [1] | 590,916 | 363,405 | ||
Estimated Fair Value | [1] | 4,159,868 | 3,961,411 | ||
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] | 3,066,499 | 3,085,000 | ||
Cumulative Unrealized Gain | [1] | 481,734 | 229,934 | ||
Estimated Fair Value | [1] | 3,548,233 | 3,314,934 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Tyler Park Townhomes [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [3] | 5,854,394 | 5,903,368 | ||
Cumulative Unrealized Gain | [3] | 859,781 | 731,073 | ||
Estimated Fair Value | [3] | 6,714,175 | 6,634,441 | ||
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 | 3,995,000 | [4] | 3,995,000 | [5] | |
Cumulative Unrealized Gain | 852,151 | [4] | 534,351 | [5] | |
Estimated Fair Value | 4,847,151 | [4] | 4,529,351 | [5] | |
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] | 3,825,835 | 3,857,839 | ||
Cumulative Unrealized Gain | [3] | 601,208 | 483,436 | ||
Estimated Fair Value | [3] | 4,427,043 | 4,341,275 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [6] | 7,413,743 | 7,432,076 | ||
Cumulative Unrealized Gain | [6] | 2,191,618 | 1,956,010 | ||
Estimated Fair Value | [6] | 9,605,361 | 9,388,086 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Copper Gate Apartments [Member] | IN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [3] | 5,055,000 | 5,055,000 | ||
Cumulative Unrealized Gain | [3] | 710,986 | 643,012 | ||
Estimated Fair Value | [3] | 5,765,986 | 5,698,012 | ||
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 | [2] | 11,032,412 | 11,123,800 | ||
Cumulative Unrealized Gain | [2] | 1,899,144 | 1,383,680 | ||
Estimated Fair Value | [2] | 12,931,556 | 12,507,480 | ||
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 | 40,055,592 | [4],[7] | 40,240,405 | [5] | |
Cumulative Unrealized Gain | [5] | 2,873,978 | |||
Cumulative Unrealized Loss | [4],[7] | (149,095) | |||
Estimated Fair Value | 39,906,497 | [4],[7] | 43,114,383 | [5] | |
Mortgage Revenue Bonds Held In Trust [Member] | Woodlynn Village [Member] | MN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [6] | 4,197,000 | 4,221,000 | ||
Cumulative Unrealized Gain | [6] | 10,509 | 34,155 | ||
Estimated Fair Value | [6] | 4,207,509 | 4,255,155 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Gateway Village [Member] | NC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 2,600,000 | |||
Cumulative Unrealized Gain | [5] | 289,170 | |||
Estimated Fair Value | [5] | 2,889,170 | |||
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] | 7,960,000 | 8,032,000 | ||
Cumulative Unrealized Gain | [3] | 844,249 | 818,686 | ||
Estimated Fair Value | [3] | 8,804,249 | 8,850,686 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Lynnhaven Apartments [Member] | NC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 3,450,000 | |||
Cumulative Unrealized Gain | [5] | 383,707 | |||
Estimated Fair Value | [5] | 3,833,707 | |||
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 | [2] | 7,777,580 | 7,822,610 | ||
Cumulative Unrealized Gain | [2] | 1,447,981 | 778,940 | ||
Estimated Fair Value | [2] | 9,225,561 | 8,601,550 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Village At Avalon [Member] | Series A [Member] | NM [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [8] | 16,329,272 | |||
Cumulative Unrealized Gain | [8] | 3,275,151 | |||
Estimated Fair Value | [8] | 19,604,423 | |||
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 | [6] | 13,890,001 | 13,989,000 | ||
Cumulative Unrealized Gain | [6] | 48,160 | 241,675 | ||
Estimated Fair Value | [6] | 13,938,161 | 14,230,675 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Bridle Ridge [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [6] | 7,315,000 | 7,395,000 | ||
Cumulative Unrealized Gain | [6] | 54,050 | 90,349 | ||
Estimated Fair Value | [6] | 7,369,050 | 7,485,349 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 13,105,293 | 13,222,480 | ||
Cumulative Unrealized Gain | [1] | 2,157,828 | 1,396,828 | ||
Estimated Fair Value | [1] | 15,263,121 | 14,619,308 | ||
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] | 11,208,284 | 11,294,928 | ||
Cumulative Unrealized Gain | [1] | 1,729,367 | 1,148,219 | ||
Estimated Fair Value | [1] | 12,937,651 | 12,443,147 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [6] | 6,144,672 | 6,143,919 | ||
Cumulative Unrealized Gain | [6] | 2,520,743 | 2,540,949 | ||
Estimated Fair Value | [6] | 8,665,415 | 8,684,868 | ||
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] | 18,891,224 | 19,044,617 | ||
Cumulative Unrealized Gain | [3] | 2,779,140 | 2,194,791 | ||
Estimated Fair Value | [3] | 21,670,364 | 21,239,408 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Village at River's Edge [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 9,889,108 | 9,938,059 | ||
Cumulative Unrealized Gain | [1] | 2,330,806 | 1,421,114 | ||
Estimated Fair Value | [1] | 12,219,914 | 11,359,173 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 12,923,882 | 13,040,029 | ||
Cumulative Unrealized Gain | [1] | 2,126,087 | 1,375,542 | ||
Estimated Fair Value | [1] | 15,049,969 | 14,415,571 | ||
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] | 11,092,043 | 11,194,690 | ||
Cumulative Unrealized Gain | [3] | 2,021,048 | 1,399,461 | ||
Estimated Fair Value | [3] | 13,113,091 | 12,594,151 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Rosewood Townhomes [Member] | Series A [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [4] | 9,280,000 | |||
Cumulative Unrealized Gain | [4] | 114,365 | |||
Estimated Fair Value | [4] | 9,394,365 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova [Member] | TN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 10,023,617 | [7] | 10,027,413 | |
Cumulative Unrealized Gain | [5] | 19,710 | |||
Cumulative Unrealized Loss | [5],[7] | (347,124) | |||
Estimated Fair Value | [5] | 9,676,493 | [7] | 10,047,123 | |
Mortgage Revenue Bonds Held In Trust [Member] | South Pointe Apartments [Member] | Series A [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [4] | 21,600,000 | |||
Cumulative Unrealized Gain | [4] | 362,290 | |||
Estimated Fair Value | [4] | 21,962,290 | |||
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 | [5] | 13,977,000 | 10,000,000 | ||
Cumulative Unrealized Gain | [5] | 2,333,591 | 589,196 | ||
Estimated Fair Value | [5] | 16,310,591 | 10,589,196 | ||
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] | 9,279,129 | 9,357,374 | ||
Cumulative Unrealized Gain | [3] | 1,772,133 | 1,036,288 | ||
Estimated Fair Value | [3] | 11,051,262 | 10,393,662 | ||
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] | 7,496,870 | 7,558,240 | ||
Cumulative Unrealized Gain | [3] | 1,407,554 | 706,970 | ||
Estimated Fair Value | [3] | 8,904,424 | 8,265,210 | ||
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 | [2] | 13,020,181 | 13,114,418 | ||
Cumulative Unrealized Gain | [2] | 2,117,134 | 1,232,292 | ||
Estimated Fair Value | [2] | 15,137,315 | 14,346,710 | ||
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 | [5] | 5,297,000 | 3,775,000 | ||
Cumulative Unrealized Gain | [5] | 818,097 | 206,263 | ||
Estimated Fair Value | [5] | 6,115,097 | 3,981,263 | ||
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 | [5] | 40,220,000 | 31,850,000 | ||
Cumulative Unrealized Gain | [5] | 6,546,613 | 1,624,687 | ||
Estimated Fair Value | [5] | 46,766,613 | 33,474,687 | ||
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] | 6,473,257 | 6,526,247 | ||
Cumulative Unrealized Gain | [3] | 1,068,331 | 525,939 | ||
Estimated Fair Value | [3] | 7,541,588 | 7,052,186 | ||
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] | 15,807,997 | 15,941,296 | ||
Cumulative Unrealized Gain | [3] | 2,738,122 | 1,628,269 | ||
Estimated Fair Value | [3] | 18,546,119 | 17,569,565 | ||
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] | 5,179,570 | 5,221,971 | ||
Cumulative Unrealized Gain | [3] | 996,345 | 557,084 | ||
Estimated Fair Value | [3] | 6,175,915 | 5,779,055 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apartments [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 17,839,917 | 17,933,482 | ||
Cumulative Unrealized Gain | [1] | 3,637,297 | 2,046,056 | ||
Estimated Fair Value | [1] | 21,477,214 | 19,979,538 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Gulfgate [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 19,018,891 | 19,144,400 | ||
Cumulative Unrealized Gain | [1] | 3,758,251 | 2,222,555 | ||
Estimated Fair Value | [1] | 22,777,142 | 21,366,955 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Little York [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 13,323,633 | 13,411,558 | ||
Cumulative Unrealized Gain | [1] | 2,757,400 | 1,617,217 | ||
Estimated Fair Value | [1] | 16,081,033 | 15,028,775 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Williamcrest [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 20,639,734 | 20,775,940 | ||
Cumulative Unrealized Gain | [1] | 4,174,795 | 2,505,243 | ||
Estimated Fair Value | [1] | 24,814,529 | 23,281,183 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Crossing at 1415 [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 7,423,125 | 7,474,716 | ||
Cumulative Unrealized Gain | [1] | 1,149,904 | 600,738 | ||
Estimated Fair Value | [1] | 8,573,029 | 8,075,454 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 22,500,338 | 22,630,276 | ||
Cumulative Unrealized Gain | [1] | 3,869,765 | 1,945,516 | ||
Estimated Fair Value | [1] | 26,370,103 | 24,575,792 | ||
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] | 19,390,360 | 19,487,713 | ||
Cumulative Unrealized Gain | [1] | 4,290,792 | 2,350,453 | ||
Estimated Fair Value | [1] | 23,681,152 | 21,838,166 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Heights at 515 [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 6,795,999 | 6,843,232 | ||
Cumulative Unrealized Gain | [1] | 1,229,217 | 722,522 | ||
Estimated Fair Value | [1] | 8,025,216 | 7,565,754 | ||
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 | [2] | 10,722,964 | 10,958,661 | ||
Cumulative Unrealized Gain | [2] | 1,471,450 | 893,881 | ||
Estimated Fair Value | [2] | 12,194,414 | 11,852,542 | ||
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] | 12,264,411 | 12,330,000 | ||
Cumulative Unrealized Gain | [1] | 1,750,507 | 693,579 | ||
Estimated Fair Value | [1] | 14,014,918 | 13,023,579 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [6] | 9,985,000 | 10,040,000 | ||
Cumulative Unrealized Gain | [6] | 154,466 | 64,280 | ||
Estimated Fair Value | [6] | 10,139,466 | 10,104,280 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [6] | 11,679,665 | 11,623,649 | ||
Cumulative Unrealized Gain | [6] | 2,411,352 | 2,482,923 | ||
Estimated Fair Value | [6] | 14,091,017 | 14,106,572 | ||
Mortgage Revenue Bonds Held In Trust [Member] | 15 West Apartments [Member] | WA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 9,689,570 | 9,737,418 | ||
Cumulative Unrealized Gain | [1] | 2,382,417 | 1,480,489 | ||
Estimated Fair Value | [1] | 12,071,987 | 11,217,907 | ||
Mortgage Revenue Bonds [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 27,275,780 | 87,142,842 | |||
Cumulative Unrealized Gain | 2,849,553 | 1,809,746 | |||
Cumulative Unrealized Loss | (2,058,026) | ||||
Estimated Fair Value | 30,125,333 | 86,894,562 | |||
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] | Seasons San Juan Capistrano [Member] | Series B [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [9] | 5,574,000 | |||
Cumulative Unrealized Loss | [9] | (1,078) | |||
Estimated Fair Value | [9] | 5,572,922 | |||
Mortgage Revenue Bonds [Member] | Greens Property [Member] | Series B [Member] | NC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 931,038 | 933,928 | |||
Cumulative Unrealized Gain | 145,428 | 149,789 | |||
Estimated Fair Value | 1,076,466 | 1,083,717 | |||
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] | Ohio Properties [Member] | Series B [Member] | OH [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 3,508,510 | 3,520,900 | |||
Cumulative Unrealized Gain | 10,480 | 51,334 | |||
Estimated Fair Value | 3,518,990 | 3,572,234 | |||
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] | 9,750,000 | |||
Cumulative Unrealized Loss | [9] | (644,962) | |||
Estimated Fair Value | [9] | 9,105,038 | |||
Mortgage Revenue Bonds [Member] | Rosewood Townhomes [Member] | Series B [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 470,000 | ||||
Cumulative Unrealized Gain | 1,563 | ||||
Estimated Fair Value | 471,563 | ||||
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 | [9] | 22,700,000 | |||
Cumulative Unrealized Loss | [9] | (1,411,986) | |||
Estimated Fair Value | [9] | 21,288,014 | |||
Mortgage Revenue Bonds [Member] | South Pointe Apartments [Member] | Series B [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 1,100,000 | ||||
Cumulative Unrealized Gain | 3,139 | ||||
Estimated Fair Value | 1,103,139 | ||||
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 | 11,730 | ||||
Estimated Fair Value | 4,011,730 | ||||
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 | 742,034 | 745,358 | |||
Cumulative Unrealized Gain | 97,848 | 50,965 | |||
Estimated Fair Value | 839,882 | 796,323 | |||
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 | 542,984 | 545,321 | |||
Cumulative Unrealized Gain | 69,234 | 28,738 | |||
Estimated Fair Value | 612,218 | 574,059 | |||
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 | 124,382 | 124,600 | |||
Cumulative Unrealized Gain | 38,672 | 32,220 | |||
Estimated Fair Value | 163,054 | 156,820 | |||
Mortgage Revenue Bonds [Member] | Avistar at Wilcrest [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 1,550,000 | ||||
Cumulative Unrealized Gain | 4,013 | ||||
Estimated Fair Value | 1,554,013 | ||||
Mortgage Revenue Bonds [Member] | Avistar at Wood Hollow [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 8,410,000 | ||||
Cumulative Unrealized Gain | 23,940 | ||||
Estimated Fair Value | 8,433,940 | ||||
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 | 447,913 | 449,841 | |||
Cumulative Unrealized Gain | 55,370 | 18,742 | |||
Estimated Fair Value | 503,283 | 468,583 | |||
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 | 440,919 | 442,894 | |||
Cumulative Unrealized Gain | 54,786 | 27,023 | |||
Estimated Fair Value | 495,705 | 469,917 | |||
Mortgage Revenue Bonds [Member] | Montevista [Member] | Series A and B [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 13,200,000 | ||||
Cumulative Unrealized Gain | 1,722,484 | ||||
Estimated Fair Value | 14,922,484 | ||||
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 | 5,768,000 | |||
Cumulative Unrealized Gain | 650,549 | ||||
Estimated Fair Value | $ 6,418,549 | $ 5,768,000 | |||
[1] | MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15 | ||||
[2] | MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 | ||||
[3] | MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 | ||||
[4] | MRBs held by Mizuho Capital Markets, LLC in a secured financing transaction, Note 15 | ||||
[5] | MRBs held by Deutsche Bank in a secured financing transaction, Note 15 | ||||
[6] | MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 | ||||
[7] | As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months. | ||||
[8] | MRB held by Morgan Stanley in a secured financing transaction, Note 15 | ||||
[9] | As of the date presented, the MRB had been in a cumulative unrealized loss position for less than 12 consecutive months. |
Investments in Mortgage Reven_4
Investments in Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details) | 9 Months Ended | ||
Sep. 30, 2019USD ($)Unit | Sep. 30, 2018USD ($)Unit | ||
Schedule Of Available For Sale Securities [Line Items] | |||
Units | Unit | 2,886 | ||
Principal Outstanding at Date of Acquisition | $ | $ 19,250,000 | ||
Gateway Village [Member] | Durham NC [Member] | |||
Schedule Of Available For Sale Securities [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 | ||
Lynnhaven Apartments [Member] | Durham NC [Member] | |||
Schedule Of Available For Sale Securities [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 | ||
Montevista [Member] | San Pablo, CA [Member] | Series A [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | June | ||
Units | Unit | 82 | ||
Maturity Date | Jul. 1, 2036 | ||
Base Interest Rate | 5.75% | ||
Principal Outstanding at Date of Acquisition | $ | $ 6,720,000 | ||
Montevista [Member] | San Pablo, CA [Member] | Series B [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | June | ||
Units | Unit | 82 | ||
Maturity Date | Jul. 1, 2021 | ||
Base Interest Rate | 5.75% | ||
Principal Outstanding at Date of Acquisition | $ | $ 6,480,000 | ||
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 | |
[1] | Previously reported bond purchase commitment that converted to an MRB in May 2018. |
Investments in Mortgage Reven_5
Investments in Mortgage Revenue Bonds - Schedule of MRBs Redeemed (Details) | 9 Months Ended | |
Sep. 30, 2019USD ($)Unit | Sep. 30, 2018USD ($)Unit | |
Schedule Of Available For Sale Securities [Line Items] | ||
Units | Unit | 2,886 | |
Mortgage Revenue Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Principal Outstanding at Date of Redemption | $ | $ 11,802,000 | $ 39,014,000 |
Mortgage Revenue Bonds [Member] | Seasons San Juan Capistrano [Member] | Series B [Member] | San Juan Capistrano California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | January | |
Units | Unit | 112 | |
Original Maturity Date | Jan. 1, 2019 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 5,574,000 | |
Mortgage Revenue Bonds [Member] | Courtyard Apartments [Member] | Series B [Member] | Fullerton Califonia [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | April | |
Units | Unit | 108 | |
Original Maturity Date | Jun. 1, 2019 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 6,228,000 | |
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 | Unit | 112 | |
Original 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 | Unit | 85 | |
Original 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 | Unit | 128 | |
Original 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 | Unit | 192 | |
Original 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 | Unit | 69 | |
Original 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 | Unit | 50 | |
Original 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 | Unit | 75 | |
Original 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 [Member] | Series B [Member] | Coachella, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | July | |
Units | Unit | 81 | |
Original 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 [Member] | Series B [Member] | Simi Valley, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | August | |
Units | Unit | 136 | |
Original 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 Beach, Florida [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | September | |
Units | Unit | 240 | |
Original Maturity Date | Dec. 1, 2031 | |
Base Interest Rate | 6.25% | |
Principal Outstanding at Date of Redemption | $ | $ 8,397,000 |
Investments in Mortgage Reven_6
Investments in Mortgage Revenue Bonds - Schedule of MRBs Eliminated (Details) | 9 Months Ended |
Sep. 30, 2019USD ($)Unit | |
Schedule Of Available For Sale Securities [Line Items] | |
Units | Unit | 2,886 |
Mortgage Revenue Bonds [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Principal Outstanding at Date of Restructuring | $ | $ 13,960,000 |
Mortgage Revenue Bonds [Member] | Avistar at Copperfield [Member] | Series B [Member] | Houston, TX [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Month Restructured | May |
Units | Unit | 192 |
Original Maturity Date | Jun. 1, 2054 |
Base Interest Rate | 12.00% |
Principal Outstanding at Date of Restructuring | $ | $ 4,000,000 |
Mortgage Revenue Bonds [Member] | Avistar at Wilcrest [Member] | Series B [Member] | Houston, TX [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Month Restructured | May |
Units | Unit | 88 |
Original Maturity Date | Jun. 1, 2054 |
Base Interest Rate | 12.00% |
Principal Outstanding at Date of Restructuring | $ | $ 1,550,000 |
Mortgage Revenue Bonds [Member] | Avistar at Wood Hollow [Member] | Series B [Member] | Austin,TX [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Month Restructured | May |
Units | Unit | 409 |
Original Maturity Date | Jun. 1, 2054 |
Base Interest Rate | 12.00% |
Principal Outstanding at Date of Restructuring | $ | $ 8,410,000 |
Investments in Mortgage Reven_7
Investments in Mortgage Revenue Bonds - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Contingent interest income | $ 3,045,462 | $ 4,246,094 |
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] | Other Income [Member] | Daytona Florida [Member] | Mortgage Revenue Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Gain on early redemption of mortgage revenue bonds | $ 1,500,000 |
Public Housing Capital Fund T_3
Public Housing Capital Fund Trust ("PHC") Certificates - Additional Information (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018USD ($)Security | Sep. 30, 2018USD ($)Security | Sep. 30, 2019Option | |
Schedule Of Available For Sale Securities [Line Items] | |||
Impairment of securities | $ 309,958 | $ 1,141,020 | |
Public housing capital fund trusts [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Number of tender option bonds | Option | 3 | ||
Impairment charge recognized for number of securities | Security | 3 | 3 | |
Impairment of securities | $ 310,000 | $ 1,100,000 |
Public Housing Capital Fund T_4
Public Housing Capital Fund Trust ("PHC") Certificates - Schedule of Investments in PHC Certificates (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value, held in trust | $ 1,427,336 | $ 1,409,895 |
Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 43,471,406 | 48,247,303 |
Cumulative Unrealized Gain, held in trust | 1,213,100 | 424,783 |
Estimated Fair Value, held in trust | 44,684,506 | 48,672,086 |
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 | 24,510,244 | 24,608,543 |
Cumulative Unrealized Gain, held in trust | 483,113 | 285,984 |
Estimated Fair Value, held in trust | $ 24,993,357 | $ 24,894,527 |
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) | 5 years 11 months 26 days | 6 years 5 months 26 days |
Investment Rating | AA- | AA- |
Weighted Average Interest Rate Over Life | 5.37% | 5.33% |
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 | $ 4,372,215 | $ 9,071,785 |
Cumulative Unrealized Gain, held in trust | 362,710 | 44,768 |
Estimated Fair Value, held in trust | $ 4,734,925 | $ 9,116,553 |
Public Housing Capital Fund Trust II [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) | 4 years 1 month 2 days | |
Investment Rating | AA- | |
Weighted Average Interest Rate Over Life | 4.38% | |
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 | |
Investment Rating | A+ | |
Weighted Average Interest Rate Over Life | 4.35% | |
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 | $ 14,588,947 | $ 14,566,975 |
Cumulative Unrealized Gain, held in trust | 367,277 | 94,031 |
Estimated Fair Value, held in trust | $ 14,956,224 | $ 14,661,006 |
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 4 months 2 days | 6 years 9 months 3 days |
Investment Rating | BBB | BBB |
Weighted Average Interest Rate Over Life | 5.12% | 5.30% |
Real Estate Assets - Real Estat
Real Estate Assets - Real Estate Assets Owned by Partnership (Details) | Sep. 30, 2019USD ($)Unit | Dec. 31, 2018USD ($)Unit | |
Real Estate [Line Items] | |||
Number of Units | Unit | 2,886 | ||
Land and Land Improvements | $ 4,900,465 | $ 4,971,665 | |
Buildings and improvements | 72,003,079 | 71,897,070 | |
Carrying Value | 76,903,544 | 76,868,735 | |
Accumulated depreciation | (14,650,397) | (12,272,387) | |
Net real estate assets | $ 62,253,147 | $ 64,596,348 | |
Suites on Paseo [Member] | San Diego, CA [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 384 | 384 | |
Land and Land Improvements | $ 3,199,268 | $ 3,195,468 | |
Buildings and improvements | 39,065,722 | 38,961,163 | |
Carrying Value | $ 42,264,990 | $ 42,156,631 | |
The 50/50 Student Housing--UNL [Member] | Lincoln, NE [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 475 | 475 | |
Buildings and improvements | $ 32,937,357 | $ 32,935,907 | |
Carrying Value | $ 32,937,357 | 32,935,907 | |
Land Held for Development [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | [1] | ||
Land and Land Improvements | [1] | $ 1,701,197 | 1,776,197 |
Carrying Value | [1] | $ 1,701,197 | $ 1,776,197 |
[1] | Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE. |
Real Estate Assets - Additional
Real Estate Assets - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2018USD ($)Land | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | |
Real Estate [Line Items] | |||||
Impairment charge | $ 75,000 | $ 150,000 | $ 75,000 | $ 150,000 | |
Omaha, NE [Member] | |||||
Real Estate [Line Items] | |||||
Number of contiguous tracts of land acquired | Land | 2 | ||||
Purchase price of land | $ 2,700,000 | ||||
Gardner, KS [Member] | |||||
Real Estate [Line Items] | |||||
Impairment charge | $ 75,000 | $ 150,000 |
Real Estate Assets - Gains on S
Real Estate Assets - Gains on Sale, Net of Income Taxes (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018USD ($)Unit | Sep. 30, 2018USD ($)Unit | Sep. 30, 2019Unit | |
Real Estate [Line Items] | |||
Number of Units | Unit | 2,886 | ||
Gain on Sale before Income Taxes | $ 4,051,429 | $ 4,051,429 | |
Jade Park [Member] | Daytona Beach, Florida [Member] | MF Properties [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 144 | 144 | |
Gross Proceeds | $ 13,450,000 | ||
Gain on Sale before Income Taxes | $ 4,051,429 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) | 9 Months Ended | |
Sep. 30, 2019USD ($)Unit | Dec. 31, 2018USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 2,886 | |
Carrying Value | $ 87,059,995 | $ 76,534,306 |
Maximum Remaining Equity Commitment | $ 6,461,034 | |
Vantage At Boerne [Member] | Boerne T X [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | August 2016 | |
Construction Completion Date | 2018-04 | |
Carrying Value | $ 8,363,500 | 8,830,000 |
Maximum Remaining Equity Commitment | $ 1,475,936 | |
Vantage At Waco [Member] | Waco T X [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | August 2016 | |
Construction Completion Date | 2018-05 | |
Carrying Value | $ 9,337,166 | 9,337,166 |
Maximum Remaining Equity Commitment | $ 1,592,039 | |
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 2017 | |
Construction Completion Date | 2018-07 | |
Carrying Value | 11,408,135 | |
Vantage At Powdersville [Member] | Powdersville S C [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | November 2017 | |
Carrying Value | $ 12,295,801 | 11,535,895 |
Vantage At Stone Creek [Member] | Omaha, NE [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 294 | |
Month Commitment Executed | March 2018 | |
Carrying Value | $ 7,840,500 | 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 2018 | |
Construction Completion Date | 2019-08 | |
Carrying Value | $ 9,894,619 | 9,182,522 |
Vantage At Germantown [Member] | Germantown, TN [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | June 2018 | |
Carrying Value | $ 11,456,353 | 7,033,398 |
Vantage At Murfreesboro [Member] | Murfreesboro, TN [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | September 2018 | |
Carrying Value | $ 13,184,069 | 6,254,104 |
Vantage At Coventry [Member] | Omaha, NE [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | September 2018 | |
Carrying Value | $ 8,825,914 | $ 5,380,267 |
Vantage At Conroe [Member] | Conroe T X [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | April 2019 | |
Carrying Value | $ 5,862,073 | |
Maximum Remaining Equity Commitment | $ 3,393,059 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Apr. 30, 2019 | Jun. 30, 2018 | |
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Income on sale of properties | $ 4,051,429 | $ 4,051,429 | ||||||||
Gain on sale of investment | $ 10,475,927 | $ 10,475,927 | ||||||||
Vantage At Panama City Beach [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Cash received | $ 22,700,000 | |||||||||
Income on sale of properties | 547,000 | |||||||||
Gain on sale of investment | $ 10,500,000 | |||||||||
Vantage At Panama City Beach [Member] | Maximum [Member] | Scenario Forecast [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Cash received | $ 325,000 | |||||||||
Vantage At Conroe [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Equity commitment of fund construction | $ 9,000,000 | |||||||||
Vantage At Stone Creek [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Payments to equity commitments | $ 7,100,000 | |||||||||
Vantage At Bulverde [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Payments to equity commitments | $ 8,600,000 | |||||||||
Vantage At Germantown [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Equity commitment of fund construction | $ 10,400,000 | |||||||||
Vantage At Coventry [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Payments to equity commitments | $ 8,100,000 | |||||||||
Vantage At Murfreesboro [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Payments to equity commitments | $ 12,200,000 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | ||||
Property Revenues | $ 3,713,106 | $ 2,824,019 | $ 9,534,250 | $ 5,687,214 |
Gain on sale of property | 22,556,694 | 22,556,694 | ||
Net income (loss) | $ 21,606,621 | $ (353,067) | $ 20,918,176 | $ (2,688,985) |
Property Loans, Net of Loan L_3
Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | $ 15,392,908 | $ 23,354,826 |
Loan Loss Allowance | (7,393,814) | (7,393,814) |
Property Loan Principal, net of allowance | 7,999,094 | 15,961,012 |
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 |
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 | |
Property Loan Principal, net of allowance | $ 8,367,635 | |
Live 929 Apartments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 405,717 | |
Property Loan Principal, net of allowance | $ 405,717 |
Property Loans, Net of Loan L_4
Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Aug. 31, 2019 | Jan. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property Loans Net Of Loan Loss Allowance [Line Items] | |||||||
Contingent Interest | $ 3,360 | $ 4,246,094 | $ 3,045,462 | $ 4,246,094 | |||
Ohio Properties [Member] | |||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | |||||||
Interest earned on property loan principal | $ 983,000 | $ 983,000 | $ 983,000 | $ 983,000 | |||
Live 929 Apartments [Member] | |||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | |||||||
Total property loan amount | $ 1,000,000 | ||||||
Property loan stated maturity date | Jul. 31, 2049 | ||||||
Vantage at Brooks LLC [Member] | |||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | |||||||
Contingent Interest | $ 3,000,000 | ||||||
Lake Forest [Member] | |||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | |||||||
Principal received from property loans | $ 5,100,000 | ||||||
Interest received from property loans | $ 4,600,000 |
Income Tax Provision - Summary
Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Provision [Line Items] | ||||
Total income tax benefit | $ (68,235) | $ (809,805) | $ (9,236) | $ (803,805) |
Greens Hold Co [Member] | ||||
Income Tax Provision [Line Items] | ||||
Current income tax expense (benefit) | 13,932 | (809,805) | 129,095 | (837,805) |
Deferred income tax expense (benefit) | (82,167) | (138,331) | 34,000 | |
Total income tax benefit | $ (68,235) | $ (809,805) | $ (9,236) | $ (803,805) |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 0 | $ 0 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Deferred financing costs, net | $ 333,004 | $ 397,823 |
Fair value of derivative instruments (Note 17) | 52,605 | 626,633 |
Taxable mortgage revenue bonds, at fair value | 1,427,336 | 1,409,895 |
Operating lease right-of-use assets, net | 1,681,238 | |
Other assets | 1,446,520 | 2,081,258 |
Total other assets | $ 4,940,703 | $ 4,515,609 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accounts payable | $ 182,099 | $ 230,631 |
Accrued expenses | 3,023,629 | 2,956,368 |
Accrued interest expense | 2,572,279 | 2,270,348 |
Operating lease liabilities | 2,137,792 | |
Other liabilities | 1,677,151 | 2,086,475 |
Total accounts payable, accrued expenses and other liabilities | $ 9,592,950 | $ 7,543,822 |
Accounts Payable, Accrued Exp_4
Accounts Payable, Accrued Expenses and Other Liabilities - Additional Information (Details) - The 50/50 Student Housing--UNL [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Lessee Lease Description [Line Items] | ||||
Initial lease term expiration period | 2038-03 | |||
Lease agreement extend term | 5 years | |||
Annual lease payments | $ 100 | |||
Minimum annual rentals under lease agreement | $ 132,000 | |||
Annual increment percentage in lease rent | 2.00% | |||
Lease agreement annual renewable increase percentage after july 31,2034 | 3.00% | |||
Expenses related to the agreement | $ 42,000 | $ 42,000 | $ 126,000 | $ 126,000 |
Accounts Payable, Accrued Exp_5
Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities (Details) | Sep. 30, 2019USD ($) |
Payables And Accruals [Abstract] | |
Remainder of 2019 | $ 34,165 |
2020 | 135,812 |
2021 | 136,366 |
2022 | 139,091 |
2023 | 141,871 |
Thereafter | 4,661,979 |
Total | 5,249,284 |
Less: Amount representing interest | (3,111,492) |
Total operating lease liabilities | $ 2,137,792 |
Unsecured Lines of Credit - Sum
Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | ||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 13,200,000 | $ 35,659,200 | |
Bankers Trust Non-operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Debt instrument, maturity date | Mar. 31, 2020 | ||
Bankers Trust Operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 0 | 0 | |
Unsecured Lines of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 13,200,000 | 35,659,200 | |
Line of credit facility maximum borrowing capacity | 60,000,000 | 60,000,000 | |
Unsecured Lines of Credit [Member] | 4.93% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 13,200,000 | ||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||
Debt instrument, maturity date | Jun. 30, 2021 | ||
Variable / Fixed | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 4.58% | ||
Unsecured Lines of Credit [Member] | 5.68% 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, 2021 | ||
Variable / Fixed | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 5.33% | ||
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% | ||
[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 ($) | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Line Of Credit Facility [Line Items] | ||
Lines of credit | $ 13,200,000 | $ 35,659,200 |
Bankers Trust Operating [Member] | ||
Line Of Credit Facility [Line Items] | ||
Lines of credit | $ 0 | $ 0 |
Bankers Trust Non-operating [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt instrument, maturity date | Mar. 31, 2020 | |
Debt instrument, maturity date, description | The outstanding balance of the non-operating LOC as of September 30, 2019 is due in March 2020. The Partnership can extend final repayment of the amount due by making partial repayments in accordance with the Credit Agreement to December 2020. |
Debt Financing - Schedule of To
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2018 | ||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 538,812,130 | $ 505,663,565 | |||
Period End Rates | 4.96% | 4.96% | |||
Variable - M31 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Maturities | 2024-07 | ||||
Variable - M33 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Maturities | 2030-09 | 2030-09 | |||
Variable - M24 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Maturities | 2027-05 | 2027-05 | |||
TEBS Financings [Member] | Fixed - M24 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 40,792,062 | ||||
Restricted Cash | $ 98,007 | ||||
Year Acquired | 2010 | ||||
Stated Maturities | 2027-05 | ||||
Reset Frequency | N/A | ||||
Period End Rates | 3.05% | ||||
TEBS Financings [Member] | Fixed - M45 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [1] | $ 218,030,897 | $ 219,250,387 | ||
Restricted Cash | [1] | $ 5,000 | $ 5,000 | ||
Year Acquired | [1] | 2018 | 2018 | ||
Stated Maturities | [1] | 2034-07 | 2034-07 | ||
Reset Frequency | [1] | N/A | N/A | ||
Period End Rates | [1] | 3.82% | 3.82% | ||
TEBS Financings [Member] | Variable - M31 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 79,885,290 | [2] | $ 80,418,505 | [3] | |
Restricted Cash | $ 4,999 | [2] | $ 181,626 | [3] | |
Year Acquired | 2014 | [2] | 2014 | [3] | |
Stated Maturities | 2024-07 | [2] | 2019-07 | [3] | |
Reset Frequency | Weekly | [2] | Weekly | [3] | |
SIFMA Based Rates | 1.61% | [2] | 1.74% | [3] | |
Facility Fees | 1.42% | [2] | 1.49% | [3] | |
Period End Rates | 3.03% | [2] | 3.23% | [3] | |
TEBS Financings [Member] | Fixed - M33 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 31,638,938 | ||||
Restricted Cash | $ 2,606 | ||||
Year Acquired | 2015 | ||||
Stated Maturities | 2030-09 | ||||
Reset Frequency | N/A | ||||
Period End Rates | 3.24% | ||||
TEBS Financings [Member] | Variable - M33 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [4] | $ 31,262,039 | |||
Restricted Cash | [4] | $ 58,002 | |||
Year Acquired | [4] | 2015 | |||
Stated Maturities | [4] | 2020-07 | |||
Reset Frequency | [4] | Weekly | |||
SIFMA Based Rates | [4] | 1.74% | |||
Facility Fees | [4] | 1.26% | |||
Period End Rates | [4] | 3.00% | |||
TEBS Financings [Member] | Variable - M24 [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | [5] | $ 41,466,000 | |||
Restricted Cash | [5] | $ 432,998 | |||
Year Acquired | [5] | 2010 | |||
Stated Maturities | [5] | 2020-09 | |||
Reset Frequency | [5] | Weekly | |||
SIFMA Based Rates | [5] | 1.76% | |||
Facility Fees | [5] | 1.85% | |||
Period End Rates | [5] | 3.61% | |||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 8,010,000 | $ 46,675,413 | |||
Year Acquired | 2014 | 2014 | |||
Stated Maturities | 2019-10 | 2019-10 | |||
Reset Frequency | N/A | N/A | |||
Period End Rates | 4.01% | ||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Deutsche Bank [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Period End Rates | 4.01% | ||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Deutsche Bank [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Period End Rates | 4.39% | ||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 13,078,992 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2022-05 | ||||
Reset Frequency | N/A | ||||
Period End Rates | 3.53% | ||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 5,256,054 | $ 10,516,000 | |||
Year Acquired | 2019 | 2018 | |||
Stated Maturities | 2020-02 | 2019-05 | |||
Reset Frequency | N/A | N/A | |||
Period End Rates | 4.53% | 4.53% | |||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 25,645,347 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-07 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 1.68% | ||||
Facility Fees | 1.17% | ||||
Period End Rates | 2.85% | ||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B II [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 38,404,644 | $ 38,455,221 | |||
Year Acquired | 2017 | 2017 | |||
Stated Maturities | 2027-02 | 2027-02 | |||
Reset Frequency | N/A | N/A | |||
Period End Rates | 4.46% | 4.46% | |||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 42,228,417 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-08 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 1.68% | ||||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility Fees | 1.17% | ||||
Period End Rates | 2.85% | ||||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility Fees | 1.66% | ||||
Period End Rates | 3.34% | ||||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 35,841,489 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-09 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 2.03% | ||||
Facility Fees | 1.12% | ||||
Period End Rates | 3.15% | ||||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 37,620,000 | ||||
Year Acquired | 2012 | ||||
Stated Maturities | 2019-05 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 2.21% | ||||
Facility Fees | 1.67% | ||||
Period End Rates | 3.88% | ||||
[1] | 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. | ||||
[2] | Facility fees are variable. | ||||
[3] | In June 2019, the Partnership exercised its unilateral right to extend the financing for an additional five-year period through July 2024. Facility fees are variable. | ||||
[4] | In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of September 2030. | ||||
[5] | In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. After refinancing, the M24 TEBS Financing has a fixed interest rate of 3.05% and a stated maturity of May 2027. |
Debt Financing - Schedule of _2
Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Fixed - M45 [Member] | Interest Rate Through July 31, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.82% | 3.82% |
Fixed - M45 [Member] | Interest Rate from August 1, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.39% | 4.39% |
Variable - M24 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.05% | 3.05% |
Stated Maturities | 2027-05 | 2027-05 |
Variable - M31 [Member] | ||
Debt Instrument [Line Items] | ||
Stated Maturities | 2024-07 | |
Debt instrument extend period | 5 years | |
Variable - M33 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.24% | 3.24% |
Stated Maturities | 2030-09 | 2030-09 |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jul. 31, 2019USD ($) | Feb. 28, 2019Agreement | Aug. 31, 2018USD ($)Security | Sep. 30, 2019USD ($) | Sep. 30, 2018USD ($) | Dec. 31, 2018 | ||
Debt Instrument [Line Items] | |||||||
Amortization of deferred financing costs | $ 1,476,463 | $ 1,304,879 | |||||
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Deferred financing costs - net | $ 371,000 | ||||||
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | Deutsche Bank [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of new agreements | Agreement | 2 | ||||||
Variable - M24 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.05% | 3.05% | |||||
Stated Maturities | 2027-05 | 2027-05 | |||||
Deferred financing costs - net | $ 307,000 | ||||||
Variable - M24 [Member] | TEBS Financings [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated Maturities | [1] | 2020-09 | |||||
Variable - M33 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Interest rate | 3.24% | 3.24% | |||||
Stated Maturities | 2030-09 | 2030-09 | |||||
Deferred financing costs - net | 265,000 | ||||||
Amortization of deferred financing costs | 496,000 | ||||||
Premium received upon refinancing of debt | $ 435,000 | ||||||
Variable - M33 [Member] | TEBS Financings [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated Maturities | [2] | 2020-07 | |||||
Fixed - M45 [Member] | TEBS Financings [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated Maturities | [3] | 2034-07 | 2034-07 | ||||
Fixed - M45 [Member] | Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of securities collapsed prior to closing of financing | Security | 24 | ||||||
Fixed - M45 [Member] | Mortgage Revenue Bonds [Member] | TEBS Financings [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 | ||||||
[1] | In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. After refinancing, the M24 TEBS Financing has a fixed interest rate of 3.05% and a stated maturity of May 2027. | ||||||
[2] | In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of September 2030. | ||||||
[3] | 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. |
Debt Financing - Summary of Gro
Debt Financing - Summary of Gross Principal and Term TOB Trust Financings (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
May 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Debt financing | $ 538,812,130 | $ 505,663,565 | |
TOB Trust [Member] | Mizuho Capital Markets [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | 104,056,000 | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Rosewood Townhomes [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 7,715,000 | ||
Stated Maturities | 2020-07 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.17% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | South Pointe Apartments [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 18,035,000 | ||
Stated Maturities | 2020-07 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.17% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Live 929 Apartments [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 31,800,000 | ||
Stated Maturities | 2020-08 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.66% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Montecito at Williams Ranch [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 6,925,000 | ||
Stated Maturities | 2020-08 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.17% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Vineyard Gardens | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 3,595,000 | ||
Stated Maturities | 2020-08 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.17% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 20,121,000 | ||
Stated Maturities | 2020-09 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.12% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 3,803,000 | ||
Stated Maturities | 2020-09 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.12% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust III [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 12,062,000 | ||
Stated Maturities | 2020-09 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.12% | ||
TOB Trust [Member] | Morgan Stanley Bank [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 13,167,000 | ||
TOB Trust [Member] | Morgan Stanley Bank [Member] | Village At Avalon [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 13,167,000 | ||
Stated Maturities | 2022-05 | ||
Fixed Interest Rate | 3.53% |
Debt Financing - Summary Of G_2
Debt Financing - Summary Of Gross Principal and Term A/B Trust Financings (Details) - USD ($) | 1 Months Ended | |||
Feb. 28, 2019 | Aug. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||||
Debt financing | $ 538,812,130 | $ 505,663,565 | ||
Term A/B Trust [Member] | Mortgage Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 17,380,000 | |||
Term A/B Trust [Member] | Deutsche Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 5,263,500 | |||
Term A/B Trust [Member] | Gateway Village [Member] | Deutsche Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 2,262,000 | |||
Stated Maturities | 2020-02 | |||
Fixed Interest Rate | 4.53% | |||
Term A/B Trust [Member] | Lynnhaven Apartments [Member] | Deutsche Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 3,001,500 | |||
Stated Maturities | 2020-02 | |||
Fixed Interest Rate | 4.53% | |||
Term A/B Trust [Member] | Montecito at Williams Ranch - Series A [Member] | Mortgage Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 6,921,000 | |||
Stated Maturities | 2018-11 | |||
Fixed Interest Rate | 4.53% | |||
Term A/B Trust [Member] | Montecito at Williams Ranch - Series B [Member] | Mortgage Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 4,303,000 | |||
Stated Maturities | 2018-11 | |||
Fixed Interest Rate | 4.53% | |||
Term A/B Trust [Member] | Vineyard Gardens - Series A [Member] | Mortgage Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 3,595,000 | |||
Stated Maturities | 2018-11 | |||
Fixed Interest Rate | 4.53% | |||
Term A/B Trust [Member] | Vineyard Gardens - Series B [Member] | Mortgage Revenue Bonds [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 2,561,000 | |||
Stated Maturities | 2018-11 | |||
Fixed Interest Rate | 4.53% |
Debt Financing - Summary of Deb
Debt Financing - Summary of Debt Financing Facilities Collapsed and Redeemed Prices Partnership's Carrying Value Plus Accrued Interest (Details) | 9 Months Ended | |
Sep. 30, 2019USD ($) | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 82,254,300 | |
Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 242,424,098 | |
Live 929 Apartments [Member] | Term TOB Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 37,553,300 | |
Montecito at Williams Ranch [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 6,921,000 | |
Vineyard Gardens | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 3,595,000 | |
PHC Trust I [Member] | TOB Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 19,755,000 | |
Public Housing Capital Fund Trust II [Member] | TOB Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 3,430,000 | |
Public Housing Capital Fund Trust III [Member] | TOB Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 11,000,000 | |
Seasons Lakewood Series B [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 4,475,000 | |
Summerhill Series B [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 2,870,000 | |
Oaks at Georgetown Series B [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 4,690,000 | |
San Vicente Series B [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 1,555,000 | |
The Village at Madera Series B [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 1,465,000 | |
Las Palmas II - Series B [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 1,505,000 | |
15 West Apartments [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 8,300,012 | [1] |
Bruton Apartments [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 15,279,403 | [1] |
Columbia Gardens [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 10,222,680 | [1] |
Companion at Thornhill Apartments [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 9,642,587 | [1] |
Concord at Gulfgate - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 16,310,000 | [1] |
Concord at Little York - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 11,425,000 | [1] |
Concord at Williamcrest - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 17,695,000 | [1] |
Courtyard - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 9,210,000 | [1] |
Courtyard - Series B [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 5,295,000 | |
Crossing at 1415 - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 6,370,877 | [1] |
Decatur-Angle [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 21,362,472 | [1] |
Harmony Court Bakersfield - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 3,360,000 | [1] |
Harmony Terrace - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 6,210,000 | [1] |
Harmony Terrace - Series B [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 6,290,000 | |
Heights at 515 - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 5,402,307 | [1] |
Las Palmas II - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 1,530,000 | [1] |
Oaks at Georgetown - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 11,100,000 | [1] |
San Vicente - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 3,150,000 | [1] |
Seasons at Simi Valley - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 3,688,843 | [1] |
Seasons Lakewood - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 6,615,000 | [1] |
Seasons San Juan Capistrano - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 11,140,000 | [1] |
Seasons San Juan Capistrano - Series B [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 5,590,000 | |
Summerhill - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 5,785,000 | [1] |
Sycamore Walk - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 3,066,769 | [1] |
The Village at Madera - Series A [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 2,780,000 | [1] |
Village at River's Edge [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 8,963,207 | [1] |
Willow Run [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 10,079,940 | [1] |
[1] | In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust. |
Debt Financing - Schedule of Co
Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Debt Financing [Abstract] | ||
Remainder of 2019 | $ 9,445,353 | |
2020 | 114,279,468 | |
2021 | 5,328,914 | |
2022 | 18,499,166 | |
2023 | 5,899,262 | |
Thereafter | 387,921,886 | |
Total | 541,374,049 | |
Unamortized deferred financing costs and debt premium | (2,561,919) | |
Total debt financing, net | $ 538,812,130 | $ 505,663,565 |
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 ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | ||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 27,049,871 | $ 27,454,375 | |
Period End Rate | 4.96% | 4.96% | |
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 | $ 2,988,989 | $ 3,118,478 | |
Year Acquired | 2014 | 2014 | |
Stated Maturity | 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 | $ 24,060,882 | $ 24,335,897 | |
Year Acquired | 2013 | 2013 | |
Stated Maturity | Mar. 1, 2020 | Mar. 1, 2020 | |
Variable / Fixed | Variable | Variable | |
Reset Frequency | Monthly | Monthly | |
Variable Based Rate | [1] | 5.00% | 5.00% |
Period End Rate | 5.00% | 5.00% | |
[1] | Variable rate is based on the Wall Street Journal Prime Rate, but not to exceed 5.0%. |
Mortgage Payable and Other Se_2
Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Parenthetical) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Wall Street Journal Prime Rate [Member] | Maximum [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Variable Based Rate | 5.00% | 5.00% |
Mortgage Payable and Other Se_3
Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Mortgage Loans on Real Estate [Line Items] | ||
Total mortgages payable and other secured financings, net | $ 27,049,871 | $ 27,454,375 |
Mortgages Payable and Other Secured Financing [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Remainder of 2019 | 3,133,103 | |
2020 | 23,945,254 | |
Total | 27,078,357 | |
Unamortized deferred financing costs | (28,486) | |
Total mortgages payable and other secured financings, net | $ 27,049,871 |
Interest Rate Derivative Agre_3
Interest Rate Derivative Agreements - Summary of Partnership's Interest Rate Derivatives (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Aug. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | ||||
Derivative [Line Items] | ||||||
Derivative, Fair Value - Asset (Liability) | $ 52,605 | $ 626,633 | ||||
Wells Fargo Bank [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2015-07 | 2015-07 | ||||
Derivative, Notional Amount | $ 27,117,092 | $ 27,359,689 | ||||
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] | TOB Trusts | M33 TEBS | |||
Derivative, Fair Value - Asset (Liability) | $ 2 | $ 536 | ||||
Royal Bank of Canada-1 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2015-07 | 2014-07 | ||||
Derivative, Notional Amount | $ 27,117,092 | $ 30,252,409 | ||||
Derivative, Maturity Date | 2020-08 | 2019-08 | ||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | |||
Derivative, Index | SIFMA | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | [1] | TOB Trusts | M31 TEBS | |||
Derivative, Fair Value - Asset (Liability) | $ 2 | |||||
SMBC Capital Markets, Inc-1 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2015-07 | 2014-07 | ||||
Derivative, Notional Amount | $ 27,117,092 | $ 30,252,409 | ||||
Derivative, Maturity Date | 2020-08 | 2019-08 | ||||
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% | |||
Derivative, Index | SIFMA | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | [1] | TOB Trusts | M31 TEBS | |||
Derivative, Fair Value - Asset (Liability) | $ 2 | |||||
Barclays Bank PLC 1 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2017-06 | 2014-07 | ||||
Derivative, Notional Amount | $ 81,351,277 | $ 30,252,409 | ||||
Derivative, Maturity Date | 2020-08 | 2019-08 | ||||
Derivative, Effective Capped Rate | [1] | 1.50% | 3.00% | |||
Derivative, Index | SIFMA | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | M31 TEBS | |||
Derivative, Fair Value - Asset (Liability) | $ 45,274 | |||||
Barclays Bank PLC 3 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2019-08 | 2019-08 | 2017-06 | |||
Derivative, Notional Amount | $ 79,695,286 | $ 82,079,066 | ||||
Derivative, Maturity Date | 2024-08 | 2020-08 | ||||
Derivative, Effective Capped Rate | [1] | 4.50% | 1.50% | |||
Derivative, Index | SIFMA | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | M31 TEBS | M31 TEBS | [1] | M33 TEBS | [1] | |
Derivative, Fair Value - Asset (Liability) | $ 7,325 | $ 465,983 | ||||
Barclays Bank PLC 2 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2017-09 | 2017-06 | ||||
Derivative, Notional Amount | $ 58,447,000 | $ 90,757,226 | ||||
Derivative, Maturity Date | 2020-09 | 2019-08 | ||||
Derivative, Effective Capped Rate | [1] | 4.00% | 1.50% | |||
Derivative, Index | SIFMA | SIFMA | ||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M24 TEBS | M31 TEBS | |||
Derivative, Fair Value - Asset (Liability) | $ 158,989 | |||||
Royal Bank of Canada-2 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2015-07 | |||||
Derivative, Notional Amount | $ 27,359,689 | |||||
Derivative, Maturity Date | 2020-08 | |||||
Derivative, Effective Capped Rate | [1] | 3.00% | ||||
Derivative, Index | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | ||||
Derivative, Fair Value - Asset (Liability) | $ 536 | |||||
SMBC Capital Markets, Inc-2 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2015-07 | |||||
Derivative, Notional Amount | $ 27,359,689 | |||||
Derivative, Maturity Date | 2020-08 | |||||
Derivative, Effective Capped Rate | [1] | 3.00% | ||||
Derivative, Index | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | ||||
Derivative, Fair Value - Asset (Liability) | $ 536 | |||||
Barclays Bank PLC4 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2017-09 | |||||
Derivative, Notional Amount | $ 59,038,000 | |||||
Derivative, Maturity Date | 2020-09 | |||||
Derivative, Effective Capped Rate | [1] | 4.00% | ||||
Derivative, Index | SIFMA | |||||
Derivative, Variable Debt Financing Facility Hedged | [1] | M24 TEBS | ||||
Derivative, Fair Value - Asset (Liability) | $ 53 | |||||
[1] | See Note 22 for additional details. |
Interest Rate Derivative Agre_4
Interest Rate Derivative Agreements - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | |||
Barclays Bank PLC 3 [Member] | |||||
Derivative [Line Items] | |||||
Derivative, variable interest rate | 4.50% | ||||
Derivative, purchase price | $ 30,000 | ||||
Derivative, Variable Debt Financing Facility Hedged | M31 TEBS | M31 TEBS | [1] | M33 TEBS | [1] |
Derivative, Purchase Date | 2019-08 | 2019-08 | 2017-06 | ||
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Swap One [Member] | |||||
Derivative [Line Items] | |||||
Termination date | 2018-09 | ||||
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Swap Two [Member] | |||||
Derivative [Line Items] | |||||
Termination date | 2018-10 | ||||
[1] | See Note 22 for additional details. |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details) | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Partnership's Maximum Exposure as of September 30, 2019 | $ 36,000,000 |
Vantage At Stone Creek [Member] | |
Long-term Purchase Commitment [Line Items] | |
Year the Guarantee was Executed | 2018 |
Maximum Balance Available on Construction Loan | $ 30,824,000 |
Construction Loan Balance as of September 30, 2019 | 24,826,510 |
Partnership's Maximum Exposure as of September 30, 2019 | $ 24,826,510 |
Guarantee Terms | 1 year |
Vantage At Coventry [Member] | |
Long-term Purchase Commitment [Line Items] | |
Year the Guarantee was Executed | 2018 |
Maximum Balance Available on Construction Loan | $ 31,500,000 |
Construction Loan Balance as of September 30, 2019 | 5,275,651 |
Partnership's Maximum Exposure as of September 30, 2019 | $ 5,275,651 |
Guarantee Terms | 1 year |
Ohio Properties [Member] | |
Long-term Purchase Commitment [Line Items] | |
Year the Guarantee was Executed | 2011 |
Partnership's Maximum Exposure as of September 30, 2019 | $ 3,712,436 |
End of Guarantee Period | 2026 |
Greens of Pine Glen [Member] | |
Long-term Purchase Commitment [Line Items] | |
Year the Guarantee was Executed | 2012 |
Partnership's Maximum Exposure as of September 30, 2019 | $ 2,429,658 |
End of Guarantee Period | 2027 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Vantage At Stone Creek [Member] | |
Commitments And Other Guarantees [Line Items] | |
Construction loan guarantee percentage upon receipt of certificate of occupancy | 50.00% |
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 25.00% |
Vantage At Coventry [Member] | |
Commitments And Other Guarantees [Line Items] | |
Construction loan guarantee percentage upon receipt of certificate of occupancy | 50.00% |
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 25.00% |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Details) | Sep. 30, 2019USD ($) |
Commitments And Other Guarantees [Line Items] | |
Maximum exposure | $ 36,000,000 |
Greens of Pine Glen [Member] | |
Commitments And Other Guarantees [Line Items] | |
Percentage of loss contingency, range of possible loss, maximum | 75.00% |
Maximum exposure | $ 2,429,658 |
Redeemable Series A Preferred_3
Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($) | 1 Months Ended | 9 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 | Sep. 30, 2019 | Dec. 31, 2018 | |
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 |
Restricted Unit Awards ("RUAs_3
Restricted Unit Awards ("RUAs") - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to non-vested RUAs granted | $ 0 | $ 0 | ||
General and Administrative Expenses [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 3,266,000 | $ 622,000 | $ 3,636,000 | $ 1,372,000 |
Greystone Manager [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Approved grant of restricted units and other awards to employees | 3,000,000 | 3,000,000 | ||
RUAs granted with vesting range | 3 years | |||
Greystone Manager [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") - Schedule of RUA Activity (Details) - Restricted Unit Awards [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2018 | |
Restricted Units Awarded | ||
Beginning Balance | 265,290 | 242,069 |
Granted | 353,197 | 309,212 |
Vested | (618,487) | (279,034) |
Forfeited | (6,957) | |
Ending Balance | 0 | 265,290 |
Weighted-average Grant-Date Fair Value | ||
Beginning Balance | $ 6.14 | $ 5.83 |
Granted | 7.74 | 6.31 |
Vested | 7.05 | 6.06 |
Forfeited | 6.31 | |
Ending Balance | $ 0 | $ 6.14 |
Transactions with Related Par_3
Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Related Party Transaction [Line Items] | |||||
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities | [1] | $ 12,000 | $ 44,000 | ||
General Partner [Member] | |||||
Related Party Transaction [Line Items] | |||||
Administrative fees | [2] | 914,000 | $ 940,000 | 2,714,000 | $ 2,789,000 |
Burlington Capital Properties, LLC [Member] | MF Properties Managed [Member] | |||||
Related Party Transaction [Line Items] | |||||
Property management fees to an affiliate | [3] | $ 28,000 | $ 49,000 | $ 101,000 | $ 147,000 |
[1] | The Partnership pays franchise margin taxes on revenues in Texas related 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. | ||||
[2] | 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 condensed consolidated statements of operations. | ||||
[3] | 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 condensed consolidated statements of operations. |
Transactions with Related Par_4
Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Rate for administration fees receivable | 0.45% |
Transactions with Related Par_5
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - General Partner [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | ||
Non-partnership property administrative fee received | [1] | $ 9,000 | $ 17,000 | $ 27,000 | $ 60,000 |
Investment/mortgage fees received | [2] | 1,189,000 | $ 822,000 | 2,787,000 | |
Mortgage Revenue Bonds [Member] | |||||
Redemption administrative fee | [3] | $ 114,000 | $ 114,000 | ||
[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. These 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 and investments in unconsolidated entities. | ||||
[3] | AFCA 2 received a one-time administrative fee related to early redemption of the Lake Forest MRB from the property in September 2018. |
Transactions with Related Par_6
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Rate for administration fees receivable | 0.45% |
Transactions with Related Par_7
Transactions with Related Parties - Additional Information (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Related Party Transactions [Abstract] | ||
Receivables due from unconsolidated entities | $ 29,000 | $ 77,000 |
Outstanding liabilities due to related parties | $ 599,000 | $ 330,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Impairment charge | $ 75,000 | $ 150,000 | $ 75,000 | $ 150,000 | |
Gardner, KS [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Impairment charge | $ 75,000 | $ 150,000 | |||
Public housing capital fund trusts [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 5.30% | 5.30% | 5.50% | ||
Taxable Bonds [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 8.60% | 8.60% | 9.10% | ||
MRBs and Bond Purchase Commitments [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Weighted average effective yield | 3.80% | 3.80% | 4.60% | ||
Effective rate - minimum [Member] | Public housing capital fund trusts [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Effective rate | 4.50% | 4.50% | 5.30% | ||
Effective rate - minimum [Member] | Taxable Bonds [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Effective rate | 8.10% | 8.10% | 8.30% | ||
Effective rate - minimum [Member] | MRBs and Bond Purchase Commitments [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Effective rate | 2.60% | 2.60% | 3.30% | ||
Effective rate - maximum [Member] | Public housing capital fund trusts [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Effective rate | 5.40% | 5.40% | 6.00% | ||
Effective rate - maximum [Member] | Taxable Bonds [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Effective rate | 8.80% | 8.80% | 9.30% | ||
Effective rate - maximum [Member] | MRBs and Bond Purchase Commitments [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Effective rate | 8.70% | 8.70% | 9.10% |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | $ 823,447,167 | $ 782,862,049 | ||||
Public housing capital fund trusts [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 44,684,506 | 48,672,086 | ||||
Taxable Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 1,427,336 | 1,409,895 | ||||
Derivative Instruments (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 52,605 | 626,633 | ||||
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 | 823,447,167 | $ 807,602,456 | 782,862,049 | $ 795,630,926 | $ 820,950,642 | $ 843,458,663 |
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 | 44,684,506 | 46,516,154 | 48,672,086 | 48,741,478 | 49,070,710 | 49,641,588 |
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 | 1,427,336 | $ 1,441,316 | 1,409,895 | $ 2,339,902 | $ 2,357,952 | $ 2,422,459 |
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 | 52,605 | 626,633 | ||||
Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 30,125,333 | 86,894,562 | ||||
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 | 30,125,333 | 86,894,562 | ||||
Mortgage Revenue Bonds Held In Trust [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 747,157,387 | 645,258,873 | ||||
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 | $ 747,157,387 | $ 645,258,873 |
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 ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | ||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | $ 820,950,642 | $ 807,602,456 | $ 782,862,049 | $ 843,458,663 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in earnings (interest income and interest expense) | 108,531 | (29,876) | (352,027) | 1,138,899 | |||
Total gain (losses) included in earnings (impairment of securities ) | (309,958) | (1,141,020) | |||||
Total gain (losses) included in other comprehensive (loss) income | (6,692,749) | 19,048,316 | 42,112,324 | (25,528,467) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 29,527 | 19,279,527 | 19,540,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (18,425,540) | (3,203,256) | (20,454,706) | (41,837,149) | |||
Assets at Fair Value, ending balance | 795,630,926 | 823,447,167 | 823,447,167 | 795,630,926 | |||
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 | (218,279) | (68,333) | (458,141) | (52,960) | |||
Interest rate derivatives [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Derivative Assets (Liabilities) at Fair Value, beginning balance | 897,958 | [1] | 118,279 | 626,633 | (229,631) | [1] | |
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in earnings (interest income and interest expense) | 91,679 | [1] | (68,333) | (458,141) | 1,088,060 | [1] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 29,527 | 29,527 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements | 47,540 | [1] | (26,868) | (145,414) | 178,748 | [1] | |
Derivative Assets (Liabilities) at Fair Value, beginning balance | 1,037,177 | [1] | 52,605 | 52,605 | 1,037,177 | [1] | |
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 | 91,679 | [1] | (68,333) | (458,141) | 1,088,060 | [1] | |
Bond Purchase Commitment [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | 994,685 | 3,002,540 | |||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in other comprehensive (loss) income | 51,760 | (1,956,095) | |||||
Assets at Fair Value, ending balance | 1,046,445 | 1,046,445 | |||||
Public housing capital fund trusts [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | 49,070,710 | 46,516,154 | 48,672,086 | 49,641,588 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in earnings (interest income and interest expense) | (19,274) | 2,915 | (795) | (57,822) | |||
Total gain (losses) included in earnings (impairment of securities ) | (309,958) | (1,141,020) | |||||
Total gain (losses) included in other comprehensive (loss) income | 173,374 | 788,318 | 525,446 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (2,007,937) | (4,775,103) | (226,714) | ||||
Assets at Fair Value, ending balance | 48,741,478 | 44,684,506 | 44,684,506 | 48,741,478 | |||
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 | (309,958) | (1,141,020) | |||||
Taxable Mortgage Revenue Bonds [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | 2,357,952 | 1,441,316 | 1,409,895 | 2,422,459 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in other comprehensive (loss) income | (15,192) | (11,936) | 43,438 | (49,173) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (2,858) | (2,044) | (25,997) | (33,384) | |||
Assets at Fair Value, ending balance | 2,339,902 | 1,427,336 | 1,427,336 | 2,339,902 | |||
Mortgage Revenue Bonds [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value, beginning balance | [2] | 767,629,337 | 759,526,707 | 732,153,435 | 788,621,707 | ||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in earnings (interest income and interest expense) | [2] | 36,126 | 35,542 | 106,909 | 108,661 | ||
Total gain (losses) included in other comprehensive (loss) income | [2] | (6,729,317) | 18,886,878 | 41,280,568 | (24,048,645) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [2] | 19,250,000 | 19,540,000 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [2] | (18,470,222) | (1,166,407) | (15,508,192) | (41,755,799) | ||
Assets at Fair Value, ending balance | [2] | $ 742,465,924 | $ 777,282,720 | $ 777,282,720 | $ 742,465,924 | ||
[1] | Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities. | ||||||
[2] | Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($) | Sep. 30, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgages payable and other secured financing | $ 27,049,871 | $ 27,454,375 |
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 | 552,012,130 | 541,322,765 |
Mortgages payable and other secured financing | 27,049,871 | 27,454,375 |
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 | 572,810,140 | 550,766,809 |
Mortgages payable and other secured financing | $ 27,078,357 | $ 27,552,748 |
Segments - Additional Informati
Segments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2019PropertyUnitSecuritySegmentRating | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | Segment | 4 |
Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of Available for Sale Securities | Security | 76 |
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 |
Residential Properties [Member] | Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of rental units financed by mortgage revenue bonds | Unit | 10,871 |
Commercial Real Estate [Member] | Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of collateralized securities | Security | 1 |
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 Securities Other Than MRBs and Other Investments [Member] | |
Segment Reporting Information [Line Items] | |
Assets percentage | 25.00% |
Segments - Summary of Partnersh
Segments - Summary of Partnership Reportable Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Total revenues | |||||
Total revenues | $ 14,865,702 | $ 26,001,115 | $ 46,876,634 | $ 58,244,314 | |
Interest expense | |||||
Interest expense | 6,509,021 | 6,394,683 | 19,110,876 | 18,091,314 | |
Depreciation expense | |||||
Depreciation expense | 743,503 | 849,516 | 2,380,815 | 2,672,925 | |
Net income (loss) | |||||
Net income | 9,707,903 | 17,883,055 | 20,045,906 | 27,225,480 | |
Total assets | |||||
Total assets | 1,033,501,170 | 1,033,501,170 | $ 982,713,246 | ||
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member] | |||||
Total revenues | |||||
Total revenues | 10,383,867 | 21,440,970 | 31,074,582 | 44,609,666 | |
Interest expense | |||||
Interest expense | 5,789,009 | 5,583,512 | 16,894,378 | 16,208,340 | |
Net income (loss) | |||||
Net income | (2,492,643) | 12,039,700 | 1,836,196 | 18,647,585 | |
Total assets | |||||
Total assets | 921,054,641 | 921,054,641 | 864,311,647 | ||
Operating Segments [Member] | MF Properties [Member] | |||||
Total revenues | |||||
Total revenues | 1,974,546 | 2,285,736 | 6,002,971 | 7,099,690 | |
Interest expense | |||||
Interest expense | 365,995 | 472,796 | 1,096,016 | 1,325,019 | |
Depreciation expense | |||||
Depreciation expense | 743,503 | 849,516 | 2,380,815 | 2,672,925 | |
Net income (loss) | |||||
Net income | (434,099) | 4,228,494 | (946,230) | 3,770,339 | |
Total assets | |||||
Total assets | 71,013,626 | 71,013,626 | 71,120,280 | ||
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member] | |||||
Total revenues | |||||
Total revenues | 589,024 | 617,661 | 1,812,779 | 1,860,728 | |
Interest expense | |||||
Interest expense | 354,017 | 338,375 | 1,120,482 | 557,955 | |
Net income (loss) | |||||
Net income | 235,007 | (30,672) | 692,297 | 161,753 | |
Total assets | |||||
Total assets | 45,014,774 | 45,014,774 | 48,942,334 | ||
Operating Segments [Member] | Other Investments [Member] | |||||
Total revenues | |||||
Total revenues | 1,918,265 | 1,656,748 | 7,986,302 | 4,674,230 | |
Net income (loss) | |||||
Net income | 12,399,638 | $ 1,645,533 | 18,463,643 | $ 4,645,803 | |
Total assets | |||||
Total assets | 87,089,136 | 87,089,136 | 85,048,514 | ||
Consolidation, Eliminations [Member] | |||||
Total assets | |||||
Total assets | $ (90,671,007) | $ (90,671,007) | $ (86,709,529) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | 9 Months Ended |
Oct. 31, 2019 | Sep. 30, 2019 | |
Subsequent Event [Member] | Vantage at O'Connor [Member] | ||
Subsequent Event [Line Items] | ||
Equity commitment of fund construction | $ 7.4 | |
TOB Trust [Member] | Pro Nova [Member] | ||
Subsequent Event [Line Items] | ||
Stated Maturities | 2019-10 | |
TOB Trust [Member] | Subsequent Event [Member] | Pro Nova [Member] | ||
Subsequent Event [Line Items] | ||
Stated Maturities | 2020-01 |