Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Jun. 30, 2019 | |
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 | |
Document Type | 10-K | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Period End Date | Dec. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | FY | |
Amendment Flag | false | |
Trading Symbol | ATAX | |
Title of each class | Beneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P. | |
Name of each exchange on which registered | NASDAQ | |
Entity Common Stock, Units Outstanding | 0 | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity File Number | 000-24843 | |
Entity Tax Identification Number | 47-0810385 | |
Entity Address, Address Line One | 14301 FNB Parkway | |
Entity Address, Address Line Two | Suite 211 | |
Entity Address, City or Town | Omaha | |
Entity Address, State or Province | NE | |
Entity Address, Postal Zip Code | 68154 | |
City Area Code | 402 | |
Local Phone Number | 952-1235 | |
Document Annual Report | true | |
Document Transition Report | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Public Float | $ 432,123,245 | |
Documents Incorporated by Reference | None |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Cash and cash equivalents | $ 42,308,153 | $ 32,001,925 |
Restricted cash | 877,828 | 1,266,686 |
Interest receivable, net | 7,432,433 | 7,011,839 |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 743,587,715 | 645,258,873 |
Mortgage revenue bonds, at fair value (Note 6) | 30,009,750 | 86,894,562 |
Public housing capital fund trust certificates, at fair value (Note 7) | 43,349,357 | 48,672,086 |
Real estate assets: (Note 8) | ||
Land and improvements | 4,906,130 | 4,971,665 |
Buildings and improvements | 72,011,533 | 71,897,070 |
Real estate assets before accumulated depreciation | 76,917,663 | 76,868,735 |
Accumulated depreciation | (15,357,700) | (12,272,387) |
Net real estate assets | 61,559,963 | 64,596,348 |
Investments in unconsolidated entities (Note 9) | 86,981,864 | 76,534,306 |
Property loans, net of loan loss allowance (Note 10) | 7,999,094 | 15,961,012 |
Other assets (Note 12) | 5,062,351 | 4,515,609 |
Total Assets | 1,029,168,508 | 982,713,246 |
Liabilities: | ||
Accounts payable, accrued expenses and other liabilities (Note 13) | 9,036,167 | 7,543,822 |
Distribution payable | 7,607,984 | 7,576,167 |
Unsecured lines of credit (Note 14) | 13,200,000 | 35,659,200 |
Debt financing, net (Note 15) | 536,197,421 | 505,663,565 |
Mortgages payable and other secured financing, net (Note 16) | 26,802,246 | 27,454,375 |
Total Liabilities | 592,843,818 | 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) | 94,386,427 | 94,350,376 |
Partnersʼ Capital: | ||
General Partner (Note 1) | 735,128 | 344,590 |
Beneficial Unit Certificates ("BUCs," Note 1) | 341,203,135 | 304,121,151 |
Total Partnersʼ Capital | 341,938,263 | 304,465,741 |
Total Liabilities and Partnersʼ Capital | $ 1,029,168,508 | $ 982,713,246 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Dec. 31, 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 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues: | ||
Property revenues | $ 8,081,029 | $ 9,074,805 |
Investment income | 50,222,435 | 51,479,641 |
Contingent interest income | 3,045,462 | 9,322,849 |
Other interest income | 851,123 | 7,636,226 |
Other income | 117,964 | 3,842,055 |
Total revenues | 62,318,013 | 81,355,576 |
Expenses: | ||
Real estate operating (exclusive of items shown below) | 4,473,558 | 5,300,296 |
Impairment of securities | 1,141,020 | |
Impairment charge on real estate assets | 75,000 | 150,000 |
Depreciation and amortization | 3,091,417 | 3,556,265 |
Interest expense | 24,717,294 | 24,863,056 |
General and administrative | 15,564,403 | 13,082,023 |
Total expenses | 47,921,672 | 48,092,660 |
Other Income: | ||
Gain on sales of real estate assets, net | 4,051,429 | |
Gain on sale of investments in unconsolidated entities | 16,141,797 | 2,904,087 |
Income before income taxes | 30,538,138 | 40,218,432 |
Income tax expense (benefit) | 45,987 | (921,097) |
Net income | 30,492,151 | 41,139,529 |
Redeemable Series A Preferred Unit distributions and accretion | (2,871,051) | (2,871,050) |
Net income available to Partners | 27,621,100 | 38,268,479 |
Net income available to Partners allocated to: | ||
General Partner | 2,102,874 | 2,285,943 |
Net income available to Partners and noncontrolling interest | $ 27,621,100 | $ 38,268,479 |
BUC holders' interest in net income per BUC, basic and diluted | $ 0.42 | $ 0.60 |
Weighted average number of BUCs outstanding, basic | 60,551,775 | 60,028,120 |
Weighted average number of BUCs outstanding, diluted | 60,551,775 | 60,028,120 |
Beneficial Unit Certificate Holders [Member] | ||
Net income available to Partners allocated to: | ||
Limited Partners | $ 25,423,398 | $ 35,755,806 |
Restricted Unitholders [Member] | ||
Net income available to Partners allocated to: | ||
Limited Partners | $ 94,828 | $ 226,730 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Net income | $ 30,492,151 | $ 41,139,529 |
Unrealized loss on bond purchase commitments | (3,002,540) | |
Comprehensive income | 70,822,786 | 24,493,741 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Net income | 30,492,151 | 41,139,529 |
Reversal of net unrealized losses on securities with other-than-temporary impairment | 525,446 | |
Unrealized gain (loss) on securities | $ 40,330,635 | (14,168,694) |
Unrealized loss on bond purchase commitments | (3,002,540) | |
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||
Unrealized loss on bond purchase commitments | $ (3,002,540) |
Consolidated Statements of Part
Consolidated Statements of Partners' Capital - USD ($) | Total | Tier 2 [Member] | Tier 3 [Member] | General Partner [Member] | General Partner [Member]Tier 2 [Member] | BUCs - Restricted and Unrestricted [Member] | BUCs - Restricted and Unrestricted [Member]Tier 2 [Member] | BUCs - Restricted and Unrestricted [Member]Tier 3 [Member] | Number of BUCs - Restricted and Unrestricted [Member] | 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) | (216,948) | (2,169) | (214,779) | |||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (16,608,950) | (166,089) | (16,442,861) | |||||||
Distribution of Tier 2 and Tier 3 income (Note 3) | $ (8,248,474) | $ (7,637,602) | $ (2,062,118) | $ (6,186,356) | $ (7,637,602) | |||||
Net income allocable to Partners | 38,268,479 | 2,285,943 | 35,982,536 | |||||||
Sale of Beneficial Unit Certificates, net of issuance costs, value | 1,953,829 | 1,953,829 | ||||||||
Sale of Beneficial Unit Certificates, net of issuance costs, unit | 349,136 | |||||||||
Repurchase of BUCs, Value | (1,697,613) | (1,697,613) | ||||||||
Repurchase of BUCs, Units | (268,575) | |||||||||
Restricted units awarded | 309,212 | |||||||||
Restricted units compensation expense | 1,822,525 | 18,225 | 1,804,300 | |||||||
Restricted units forfeited | (6,957) | |||||||||
BUCs surrendered to pay tax withholding on vested restricted units | (363,987) | (363,987) | ||||||||
BUCs surrendered to pay tax withholding, Units | (65,023) | |||||||||
Unrealized gain (loss) on securities | (14,168,694) | (141,687) | (14,027,007) | (14,168,694) | ||||||
Unrealized loss on bond purchase commitments | (3,002,540) | (30,025) | (2,972,515) | (3,002,540) | ||||||
Reversal of net unrealized loss on securities with other-than-temporary impairment | 525,446 | 5,254 | 520,192 | 525,446 | ||||||
Balance at Dec. 31, 2018 | 304,465,741 | 344,590 | 304,121,151 | 58,978,042 | ||||||
Partners' Capital Account, Units at Dec. 31, 2018 | 60,691,467 | |||||||||
Cumulative effect of accounting change (Note 2) | (212) | (2) | (210) | |||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (13,379,769) | (133,799) | (13,245,970) | |||||||
Distribution of Tier 2 and Tier 3 income (Note 3) | $ (8,072,809) | $ (11,081,091) | $ (2,018,202) | $ (6,054,607) | $ (11,081,091) | |||||
Net income allocable to Partners | 27,621,100 | 2,102,874 | 25,518,226 | |||||||
Restricted units awarded | 353,197 | |||||||||
Restricted units compensation expense | 3,636,091 | 36,361 | 3,599,730 | |||||||
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 | 40,330,635 | 403,306 | 39,927,329 | 40,330,635 | ||||||
Balance at Dec. 31, 2019 | $ 341,938,263 | $ 735,128 | $ 341,203,135 | $ 99,308,677 | ||||||
Partners' Capital Account, Units at Dec. 31, 2019 | 60,835,204 |
Consolidated Statements of Pa_2
Consolidated Statements of Partners' Capital (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Regular distributions paid or accrued | $ 0.50 | $ 0.50 |
Tier 2 [Member] | ||
Distributions paid or accrued of tier 2 and tier 3 | 0.50 | 0.50 |
Tier 3 [Member] | ||
Distributions paid or accrued of tier 2 and tier 3 | $ 0.50 | $ 0.50 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 30,492,151 | $ 41,139,529 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 3,091,417 | 3,556,265 |
Gain on sale of real estate assets, net | (4,051,429) | |
Gain on sale of investment in an unconsolidated entity | (16,141,797) | (2,904,087) |
Contingent interest realized on investing activities | (3,045,462) | (9,322,849) |
Impairment of securities | 1,141,020 | |
Impairment charge on real estate assets | 75,000 | 150,000 |
Loss (gain) on derivatives, net of cash paid | 615,722 | (856,264) |
Restricted unit compensation expense | 3,636,091 | 1,822,525 |
Bond premium/discount amortization | (135,648) | (67,596) |
Debt premium amortization | (18,513) | |
Amortization of deferred financing costs | 1,713,534 | 1,673,044 |
Deferred income tax expense (benefit) & income tax payable/receivable | (29,343) | (957,501) |
Change in preferred return receivable from unconsolidated entities, net | (2,246,395) | (3,498,255) |
Changes in operating assets and liabilities | ||
Increase in interest receivable | (420,594) | (470,707) |
(Increase) decrease in other assets | 672,803 | (870,098) |
Decrease in accounts payable and accrued expenses | (264,717) | (818,176) |
Net cash provided by operating activities | 17,994,249 | 25,665,421 |
Cash flows from investing activities: | ||
Capital expenditures | (126,732) | (532,977) |
Proceeds from sale of MF Properties | 13,450,000 | |
Proceeds from sale of investment in an unconsolidated entity | 33,215,533 | 11,002,761 |
Acquisition of mortgage revenue bonds | (19,250,000) | (41,708,000) |
Contributions to unconsolidated entities | (25,274,899) | (38,646,325) |
Principal payments received on taxable mortgage revenue bonds | 53,086 | 979,808 |
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 | 18,696,269 |
Net cash provided by investing activities | 23,192,923 | 49,118,433 |
Cash flows from financing activities: | ||
Distributions paid | (35,336,852) | (36,161,829) |
Repurchase of BUCs | (1,697,613) | |
Proceeds from the sale of BUCs | 2,033,731 | |
Payment of offering costs related to the sale of BUCs | (40,703) | |
Payment of tax withholding related to restricted unit awards | (1,581,423) | (363,987) |
Proceeds from debt financing | 122,921,712 | 238,920,000 |
Principal payments on debt financing | (92,811,848) | (292,601,847) |
Principal payments on mortgages payable | (739,897) | (8,215,176) |
Principal borrowing on unsecured lines of credit | 23,200,000 | 52,708,000 |
Principal payments on unsecured lines of credit | (45,659,200) | (67,048,800) |
Increase (decrease) in security deposit liability related to restricted cash | (22,199) | 19,213 |
Debt financing and other deferred costs | (1,240,095) | (649,561) |
Net cash used in financing activities | (31,269,802) | (113,098,572) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 9,917,370 | (38,314,718) |
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 | 43,185,981 | 33,268,611 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 22,084,197 | 23,534,203 |
Cash paid during the period for income taxes | 340,374 | 180,476 |
Supplemental disclosure of noncash investing and financing activities: | ||
Distributions declared but not paid for BUCs and General Partner | 7,607,984 | 7,576,167 |
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 | 43,673 | |
Deferred financing costs financed through accounts payable | 73,724 | |
Public housing capital fund trusts [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | 6,300,042 | 701,614 |
Mortgage Revenue Bonds and Contingent Interest [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | $ 17,268,512 | $ 88,006,338 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 42,308,153 | $ 32,001,925 |
Restricted cash | 877,828 | 1,266,686 |
Total cash, cash equivalents and restricted cash | $ 43,185,981 | $ 33,268,611 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 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 have been issued to provide construction and/or permanent financing for affordable multifamily and student housing residential properties (collectively “Residential Properties”) and commercial properties. The Partnership expects and believes the interest earned on these MRBs is excludable from gross income for federal income tax purposes. The Partnership may also invest in other types of securities that may or may not be secured by real estate and may make property loans 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, student and senior citizen 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 sole 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”), a wholly owned subsidiary of Greystone & Co., Inc. (collectively with its affiliates, “Greystone”). The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partner interests to investors (“BUC holders”). The Partnership has also issued non-cumulative, non-voting, non-convertible Series A Preferred Units (“Series A Preferred Units”) that represent limited interests in the Partnership under the Partnerships’ First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as further amended (the “Partnership Agreement”). The Series A Preferred Units are redeemable in the future and represent limited partnership interests in the Partnership pursuant to subscription agreements with five financial institutions (see Note 19). The holders of the BUCs and Series A Preferred Units are referred to herein as “Unitholders.” All disclosures of the number of rental units for properties related to MRBs, taxable MRBs and MF Properties are unaudited. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 the Partnership, its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. The consolidated subsidiaries of the Partnership for the periods presented 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 (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“Freddie Mac”); • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “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 as of December 31, 2019; • The Suites on Paseo MF Property, a real estate asset, is owned directly by the Partnership; and • The Partnership owned, through a wholly owned subsidiary, 100% of the Jade Park MF Property until selling the property in September 2018. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary. Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining: (i) the fair value of MRBs and Public Housing Capital Fund Trusts Certificates (“PHC Certificates”); (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for loan losses. Variable Interest Entities Under the accounting guidance for consolidation, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are VIEs and if the Partnership is the primary beneficiary. The entity that is deemed to have: (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it must consolidate the VIEs in its consolidated financial statements. The Partnership has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Partnership’s consolidated financial statements, all transactions and accounts between the Partnership and the consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. The Partnership does not believe that the consolidation of VIEs for reporting under GAAP impacts its status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership. In addition, the consolidation of VIEs is not expected to impact the treatment of the MRBs owned by consolidated VIEs, the tax-exempt nature of the interest payments on secured debt financings, or the manner in which the Partnership’s income is reported to Unitholders on IRS Schedule K-1. Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased. Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at three financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances have exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s short-term investment portfolio being restricted to investment grade securities. Restricted Cash Restricted cash is legally restricted as to its use and is comprised of resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities. Restricted cash is presented with cash and cash equivalents on the Partnership’s consolidated statement of cash flows. Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds The Partnership accounts for its investments in MRBs and taxable MRBs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership periodically reviews its MRBs and taxable MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including: • The duration and severity of the decline in fair value; • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers; • Adverse conditions specifically related to the security, its collateral, or both; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make payments; • Failure of the issuer to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost, if the Partnership has the intent to sell or may be required to sell the security prior to the time that the value recovers or until maturity, and whether the Partnership expects to recover the security’s entire amortized cost basis. The recognition of other-than-temporary impairment and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership’s consolidated financial statements. If the Partnership experiences deterioration in the values of its investment portfolio, the Partnership may incur impairments to its investment portfolio that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. There were no impairment charges reported by the Partnership related to MRBs or taxable MRBs during the years ended December 31, 2019 and 2018. Investment in Public Housing Capital Fund Trust Certificates The Partnership accounts for its investments in PHC Certificates under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the certificates, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of the PHC Certificates. 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 of the security; • 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; • A downgrade in the security’s rating by Standard & Poor’s; and • The volatility of the fair value of the security. See Note 7 for information on recognized impairments of the PHC Certificates. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily and student housing residential apartment buildings, and five to 15 years on capital improvements. Depreciation expense is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gains and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets for impairment at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. See Note 8 for information on recognized impairments of the real estate assets. Investments in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited membership interests using The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Factors considered include: • The absence of an ability to recover the carrying amount of the investment; • The inability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment; or • Estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment of whether a decline in value is other than temporary is based on the Partnership’s ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered other than temporary, an impairment charge would be recorded equal to the excess of the carrying value over the estimated fair value of the investment. The Partnership earns a return on its investments in unconsolidated entities that is guaranteed by an unrelated third party, which is also an affiliate of the unconsolidated entities. Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily properties. Most of the property loans have been made to multifamily properties that secure MRBs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these property loans and accrued interest is dependent largely on the cash flows or proceeds upon sale of the related property. The Partnership periodically evaluates these loans for potential impairment by estimating the fair value of the related property and comparing the fair value to the outstanding MRBs or senior financing plus the Partnership’s property loans. The Partnership utilizes a discounted cash flow model that considers varying assumptions. The discounted cash flow analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the related property, after deducting the amortized cost basis of the MRB or senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. See Note 10 for additional information on the Partnership’s property loan loss allowances. Accounting for TOB, Term TOB, Term A/B and TEBS Financing Arrangements The Partnership has evaluated the accounting guidance related its TOB (“Tender Option Bond”), Term TOB, Term A/B and TEBS Financings and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and therefore are accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets. The financing agreements contain certain provisions that allow the Partnership to unilaterally cause the holder to return the securitized assets, other than through a cleanup call. Based on these terms, the Partnership has concluded that the Partnership has not transferred effective control over the transferred assets and, as such, the transactions do not meet the conditions to de-recognize the transferred assets. In addition, the Partnership has evaluated the securitization trusts associated with the TOB, Term TOB, Term A/B and TEBS Financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts in the Partnership’s consolidated financial statements. The Partnership recognizes interest expense for fixed-rate TEBS Financings with escalating stated interest rates using the effective interest method over the estimated term of the arrangement. Deferred Financing Costs Debt financing costs are capitalized and amortized using the effective interest method through either the stated maturity date or the optional redemption date of the related debt financing agreement. Debt financing costs associated with revolving line of credit (“LOC”) arrangements are reported within “Other assets” on the Partnership’s consolidated balance sheets. Deferred financing costs associated with debt financing arrangements are reported as reductions to the carrying value of the related debt financing arrangements on the Partnership’s consolidated balance sheets. Income Taxes No provision has been made for income taxes of the Partnership because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. The Partnership pays franchise margin taxes on revenues in certain jurisdictions relating to property loans and investments in unconsolidated entities. The Greens Hold Co is subject to federal and state income taxes. The Partnership recognizes income tax expense or benefit for the federal and state income taxes incurred by this entity in its consolidated financial statements. The Partnership evaluates the tax positions it takes in its consolidated financial statements under the accounting guidance for uncertain tax positions. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. The Partnership accrues interest and penalties, if any, and reports them within “Income tax expense” on the Partnership’s consolidated statements of operations. Deferred income tax expense or benefit, is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes), such as depreciation, amortization of financing costs, etc. and the utilization of tax net operating losses (“NOLs”). The Partnership values its deferred tax assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Partnership records a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred income tax expense. Investment Income from Investments in Mortgage Revenue Bonds The interest income received by the Partnership from its MRBs is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing MRBs is recognized as it is earned. Current and past due base interest income on MRBs not fully performing is recognized as it is received. The Partnership reinstates the accrual of base interest once the MRBs’ ability to perform is adequately demonstrated. Base interest income related to MRBs and taxable MRBs is reported within “Investment income” and “Other interest income”, respectively, on the Partnership’s consolidated statements of operations. Certain MRBs contain contingent interest provisions that may generate excess available cash flow. Contingent interest income is recognized when realized or realizable. Past due contingent interest on MRBs, which are or were previously not fully performing, is recognized when realized or realizable. As of December 31, 2019 and 2018, the Partnership’s MRBs were fully performing as to their base interest. As of December 31, 2019, there were no MRBs outstanding that included contingent interest provisions. Premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Discounts on MRB investments are amortized as a yield adjustment to the stated maturity date. Amortization of premiums and discounts is reported within “Investment income” on the Partnership’s consolidated statements of operations. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the period to the stated maturity of the related MRBs. Bond issuance costs are reported as an adjustment to the carrying cost of the related MRB on the Partnership’s consolidated balance sheets. Investment Income from PHC Certificates Interest income on the PHC Certificates is recognized as it is earned. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at discounts to par value. The premiums and discounts are amortized using the effective yield method over the term of the related PHC Certificate and amortization is reported within “Investment income” on the Partnership’s consolidated statements of operations. Derivative Instruments and Hedging Activities The Partnership reports all interest rate derivatives in its consolidated balance sheets at fair value. The Partnership’s derivative instruments are not designated as hedging instruments and changes in fair value are reported within “Interest expense” on the Partnership’s consolidated statements of operations. The Partnership is exposed to loss should a counterparty to its interest rate derivative agreements default. The Partnership does not anticipate non-performance by any counterparty. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units representing limited partnership interests in the Partnership to various financial institutions. The Series A Preferred Units are recorded as mezzanine equity due to the holders’ redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. The costs of issuing the Series A Preferred Units are been netted against the carrying value of the Series A Preferred Units and are being amortized to the first redemption date. Beneficial Unit Certificates (“BUCs”) The Partnership has issued BUCs representing assigned limited partnership interests to investors. Costs related to the issuance of BUCs are recorded as a reduction to partners’ capital when issued. Restricted Unit Awards (“RUA” or “RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the BUC holders in September 2015, permits the grant of RUAs and other awards to the employees of Greystone Manager, or any affiliate, who performs services for Greystone Manager, the Partnership or an affiliate, and members of Greystone Manager’s Board of Managers for up to 3.0 million BUCs. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. RUAs typically provide for the payment of distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control, or upon death or disability of the participant. The Partnership accounts for forfeitures as they occur. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The Partnership accounts for modifications to RUAs as they occur, if the fair value of the RUAs change, there are changes to vesting conditions or the awards no longer qualify for equity classification. Net Income per BUC The Partnership uses the two-class method to allocate net income available to the BUCs, and to the unvested RUAs as the RUAs are participating securities. Unvested RUAs are included with BUCs for the calculation of diluted net income per BUC using the treasury stock method, if the treasury stock method is more dilutive than the two-class method. 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 Partnership’s consolidated financial statements dated prior to January 1, 2019. Lessee Operating Leases. The Partnership’s lessee ROU assets are reported within “Other assets” on the Partnership’s consolidated balance sheet (see Note 12). The Partnership’s lessee operating lease liabilities are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheet (see Note 13). See Note 13 for additional information on the Partnership’s ground lease. Lessor Operating Leases. Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. For the year ended December 31, 2019, the Partnership is reporting the amortization of deferred financing costs within “Interest expense” on the Partnership’s consolidated statements of operations. Previously, “Amortization of deferred financing costs” had been reported as a separate expense line item on the Partnership’s consolidated statement of operations. Accordingly, for the year ended December 31, 2018, the Partnership has included the 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 consolidated financial statements for the periods presented. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326).” ASU 2016-13 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. ASU 2016-13 also includes changes to the impairment model for available-for-sale debt securities, such as the Partnership’s MRBs, PHC Certificates, and taxable MRBs. In November 2019, the FASB issued ASU 2019-10 which amended the mandatory effective dates of certain ASUs, including ASU 2016-13, based on an entity’s filing status. As a smaller reporting company, the Partnership’s mandatory effective date for ASU 2016-13 is now January 1, 2023, and the Partnership has elected to defer adoption until that date. The delay in implementing ASU 2016-13 will allow the Partnership to take advantage of any additional guidance that may come out from the FASB on implementing ASU 2016-13. The effective date may be sooner if the Partnership becomes an accelerated filer in the future. Prior to the issuance of ASU 2019-10, the Partnership had completed an initial assessment of the items that are within the scope of ASU 2016-13. Furthermore, the Partnership began developing data collection processes, assessment procedures and internal controls required to implement ASU 2016-13. The Partnership will continue to develop data collection processes, assessment procedures and internal controls that will be required when it does implement ASU 2016-13, and to evaluate the impact on the Partnership’s consolidated financial statements. |
Partnership Income, Expenses an
Partnership Income, Expenses and Cash Distributions | 12 Months Ended |
Dec. 31, 2019 | |
Partnership Income Expenses And Cash Distributions [Abstract] | |
Partnership Income, Expenses and Cash Distributions | 3. Partnership Income, Expenses and Cash Distributions The Partnership Agreement contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations, and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments. Income and losses will be allocated to each Unitholder on a periodic basis, as determined by the General Partner, based on the number of 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. For purposes of the Partnership Agreement, income and cash received by the Partnership from its investments in MF Properties, investments in unconsolidated entities, and property loans will be included in the Partnership’s Net Interest Income, and cash distributions received by the Partnership from the sale or redemption of such investments will be included in the Partnership’s Net Residual Proceeds. 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 Partnership 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. The distributions paid or accrued per BUC during the fiscal years ended December 31, 2019 and 2018 were as follows: For the Years Ended December 31, 2019 2018 Cash distributions $ 0.5000 $ 0.5000 |
Net Income per BUC
Net Income per BUC | 12 Months Ended |
Dec. 31, 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 consolidated statements of operations. The unvested RUAs issued under the Partnership’s 2015 Equity Incentive Plan (the “2015 Plan”) are considered participating securities. There were no dilutive BUCs for the years ended December 31, 2019 and 2018. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2019 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities Consolidated VIEs The Partnership has determined the TOB, Term TOB, Term A/B and TEBS Financings are VIEs and the Partnership is the primary beneficiary. In determining the primary beneficiary of each VIE, the Partnership considered which party has the power to control the activities of the VIE which most significantly impact its 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 the 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 related to the TOB Financings, and the Class A Certificates related to the Term TOB, Term A/B and TEBS Financings as secured debt financings on the Partnership’s consolidated balance sheets (see Note 15). The MRBs secured by the TOB, Term TOB, Term A/B and TEBS Financings, and the PHCs secured by the TOB Financings, are reported as assets on the Partnership’s 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 consolidated financial statements. The Partnership held variable interests in 17 non-consolidated VIEs as of December 31, 2019 and 2018. The following table summarizes the Partnership’s variable interests in these entities as of December 31, 2019 and 2018: Maximum Exposure to Loss December 31, 2019 December 31, 2018 Mortgage revenue bonds $ 30,455,000 $ 51,791,000 Property loans - 8,367,635 Investment in unconsolidated entities 86,981,864 76,534,306 $ 117,436,864 $ 136,692,941 The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns. The difference between a MRB’s carrying value on the Partnership’s consolidated balance sheets and the maximum exposure to loss is a function of the unrealized gains or losses on the MRB. The maximum exposure to loss for the property loans 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 a loan loss allowance, if any, that has been recorded against the property loan. The maximum exposure to loss for investments in unconsolidated entities is equal to the Partnership’s carrying value. |
Investments in Mortgage Revenue
Investments in Mortgage Revenue Bonds | 12 Months Ended |
Dec. 31, 2019 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Investments in Mortgage Revenue Bonds | 6. Investments in Mortgage Revenue Bonds The Partnership owns MRBs that were issued by state and local governments, their agencies and authorities to finance the construction or rehabilitation of income-producing real estate properties. However, the MRBs do not constitute an obligation of any state or local government, agency or authority and no state or local government, agency or authority is liable on them, nor is the taxing power of any state or local government pledged to the payment of principal or interest on the MRBs. The MRBs are non-recourse obligations of the respective owners of the properties. The sole source of the funds to pay principal and interest on the MRBs is the net cash flow or the sale or refinancing proceeds from the properties. Each MRB is collateralized by a mortgage on all real and personal property included in the related property. The MRBs bear interest at a fixed rate and certain MRBs may provide for the payment of additional contingent interest that is payable from available net cash flow generated by the related property. There were no outstanding MRBs with contingent interest provisions as of December 31, 2019. The following tables present information regarding the MRBs owned by the Partnership as of December 31, 2019 and 2018: December 31, 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 $ 10,147,686 $ 1,602,534 $ - $ 11,750,220 Glenview Apartments - Series A (4) CA 4,533,958 757,900 - 5,291,858 Harmony Court Bakersfield - Series A (5) CA 3,699,987 549,211 - 4,249,198 Harmony Terrace - Series A (5) CA 6,849,214 1,121,262 - 7,970,476 Harden Ranch - Series A (3) CA 6,700,868 1,281,980 - 7,982,848 Las Palmas II - Series A (5) CA 1,679,022 263,441 - 1,942,463 Montclair Apartments - Series A (4) CA 2,456,298 446,558 - 2,902,856 Montecito at Williams Ranch Apartments - Series A (7) CA 7,681,146 1,580,303 - 9,261,449 San Vicente - Series A (5) CA 3,462,053 510,593 - 3,972,646 Santa Fe Apartments - Series A (4) CA 2,975,713 540,988 - 3,516,701 Seasons at Simi Valley - Series A (5) CA 4,282,477 860,856 - 5,143,333 Seasons Lakewood - Series A (5) CA 7,295,901 1,124,372 - 8,420,273 Seasons San Juan Capistrano - Series A (5) CA 12,283,916 1,893,075 - 14,176,991 Summerhill - Series A (5) CA 6,371,318 797,228 - 7,168,546 Sycamore Walk - Series A (5) CA 3,559,011 567,713 - 4,126,724 The Village at Madera - Series A (5) CA 3,060,177 454,240 - 3,514,417 Tyler Park Townhomes - Series A (3) CA 5,837,595 864,894 - 6,702,489 Vineyard Gardens - Series A (7) CA 3,995,000 815,213 - 4,810,213 Westside Village Market - Series A (3) CA 3,814,857 594,361 - 4,409,218 Brookstone (1) IL 7,406,755 2,194,994 - 9,601,749 Copper Gate Apartments (3) IN 5,005,000 682,497 - 5,687,497 Renaissance - Series A (4) LA 11,001,027 1,775,086 - 12,776,113 Live 929 Apartments (7), (8) MD 39,984,026 - (280,711 ) 39,703,315 Woodlynn Village (1) MN 4,172,000 44,510 - 4,216,510 Gateway Village (2) NC 2,600,000 509,901 - 3,109,901 Greens Property - Series A (3) NC 7,936,000 845,678 - 8,781,678 Lynnhaven Apartments (2) NC 3,450,000 393,686 - 3,843,686 Silver Moon - Series A (4) NM 7,762,116 1,166,748 - 8,928,864 Village at Avalon - Series A (6) NM 16,302,038 3,131,843 - 19,433,881 Ohio Properties - Series A (1) OH 13,857,000 48,813 - 13,905,813 Bridle Ridge (1) SC 7,315,000 113,469 - 7,428,469 Columbia Gardens (5) SC 13,064,589 2,179,744 - 15,244,333 Companion at Thornhill Apartments (5) SC 11,178,557 1,709,040 - 12,887,597 Cross Creek (1) SC 6,143,976 2,507,072 - 8,651,048 Rosewood Townhomes - Series A (7) SC 9,280,000 316,916 - 9,596,916 South Pointe Apartments - Series A (7) SC 21,600,000 835,005 - 22,435,005 The Palms at Premier Park Apartments (3) SC 18,838,478 2,799,411 - 21,637,889 Village at River's Edge (5) SC 9,872,297 2,236,259 - 12,108,556 Willow Run (5) SC 12,884,191 2,100,598 - 14,984,789 Arbors at Hickory Ridge (3) TN 11,056,825 1,934,146 - 12,990,971 Pro Nova 2014-1 (2), (8) TN 10,022,352 - (372,169 ) 9,650,183 Avistar at Copperfield - Series A (2) TX 13,945,681 2,356,231 - 16,301,912 Avistar at the Crest - Series A (3) TX 9,252,257 1,715,456 - 10,967,713 Avistar at the Oaks - Series A (3) TX 7,475,794 1,336,580 - 8,812,374 Avistar at the Parkway - Series A (4) TX 12,854,039 2,065,468 - 14,919,507 Avistar at Wilcrest - Series A (2) TX 5,285,131 806,523 - 6,091,654 Avistar at Wood Hollow - Series A (2) TX 40,129,878 6,450,704 - 46,580,582 Avistar in 09 - Series A (3) TX 6,455,058 1,125,239 - 7,580,297 Avistar on the Boulevard - Series A (3) TX 15,762,217 2,648,781 - 18,410,998 Avistar on the Hills - Series A (3) TX 5,118,097 938,032 - 6,056,129 Bruton Apartments (5) TX 17,807,768 3,534,702 - 21,342,470 Concord at Gulfgate - Series A (5) TX 18,975,786 3,572,995 - 22,548,781 Concord at Little York - Series A (5) TX 13,293,436 2,624,054 - 15,917,490 Concord at Williamcrest - Series A (5) TX 20,592,957 3,971,001 - 24,563,958 Crossing at 1415 - Series A (5) TX 7,405,406 1,229,438 - 8,634,844 Decatur Angle (5) TX 22,455,747 4,198,200 - 26,653,947 Esperanza at Palo Alto (5) TX 19,356,959 4,111,518 - 23,468,477 Heights at 515 - Series A (5) TX 6,779,777 1,154,387 - 7,934,164 Heritage Square - Series A (4) TX 10,695,037 1,455,672 - 12,150,709 Oaks at Georgetown - Series A (5) TX 12,239,247 1,645,817 - 13,885,064 Runnymede (1) TX 9,925,000 80,343 - 10,005,343 Southpark (1) TX 11,548,337 2,334,262 - 13,882,599 15 West Apartments (5) WA 9,673,117 2,287,904 - 11,961,021 Mortgage revenue bonds held in trust $ 648,445,150 $ 95,795,445 $ (652,880 ) $ 743,587,715 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (6) MRB held by Morgan Stanley in a secured financing transaction, see Note 15 (7) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15 (8) As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months. December 31, 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 $ 1,654,870 $ - $ 14,854,870 Solano Vista - Series A & B CA 5,768,000 625,235 - 6,393,235 Greens Property - Series B NC 930,016 142,265 - 1,072,281 Ohio Properties - Series B OH 3,504,171 10,363 - 3,514,534 Rosewood Townhomes - Series B SC 470,000 1,685 - 471,685 South Pointe Apartments - Series B SC 1,100,000 2,952 - 1,102,952 Avistar at the Crest - Series B TX 740,876 94,819 - 835,695 Avistar at the Oaks - Series B TX 542,170 65,455 - 607,625 Avistar at the Parkway - Series B TX 124,305 38,045 - 162,350 Avistar in 09 - Series B TX 447,241 53,995 - 501,236 Avistar on the Boulevard - Series B TX 440,231 53,056 - 493,287 Mortgage revenue bonds held by the Partnership $ 27,267,010 $ 2,742,740 $ - $ 30,009,750 December 31, 2018 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (5) CA $ 10,230,000 $ 954,573 $ - $ 11,184,573 Glenview Apartments - Series A (4) CA 4,581,930 524,024 - 5,105,954 Harmony Court Bakersfield - Series A (5) CA 3,730,000 312,844 - 4,042,844 Harmony Terrace - Series A (5) CA 6,900,000 647,686 - 7,547,686 Harden Ranch - Series A (3) CA 6,775,508 1,007,557 - 7,783,065 Las Palmas II - Series A (5) CA 1,692,774 141,187 - 1,833,961 Montclair Apartments - Series A (4) CA 2,482,288 246,752 - 2,729,040 Montecito at Williams Ranch Apartments - Series A (2) CA 7,690,000 973,133 - 8,663,133 San Vicente - Series A (5) CA 3,490,410 291,121 - 3,781,531 Santa Fe Apartments - Series A (4) CA 3,007,198 401,203 - 3,408,401 Seasons at Simi Valley - Series A (5) CA 4,325,536 655,326 - 4,980,862 Seasons Lakewood - Series A (5) CA 7,350,000 654,929 - 8,004,929 Seasons San Juan Capistrano - Series A (5) CA 12,375,000 1,102,687 - 13,477,687 Summerhill - Series A (5) CA 6,423,000 508,639 - 6,931,639 Sycamore Walk - Series A (5) CA 3,598,006 363,405 - 3,961,411 The Village at Madera - Series A (5) CA 3,085,000 229,934 - 3,314,934 Tyler Park Townhomes - Series A (3) CA 5,903,368 731,073 - 6,634,441 Vineyard Gardens - Series A (2) CA 3,995,000 534,351 - 4,529,351 Westside Village Market - Series A (3) CA 3,857,839 483,436 - 4,341,275 Brookstone (1) IL 7,432,076 1,956,010 - 9,388,086 Copper Gate Apartments (3) IN 5,055,000 643,012 - 5,698,012 Renaissance - Series A (4) LA 11,123,800 1,383,680 - 12,507,480 Live 929 Apartments (2) MD 40,240,405 2,873,978 - 43,114,383 Woodlynn Village (1) MN 4,221,000 34,155 - 4,255,155 Greens Property - Series A (3) NC 8,032,000 818,686 - 8,850,686 Silver Moon - Series A (4) NM 7,822,610 778,940 - 8,601,550 Ohio Properties - Series A (1) OH 13,989,000 241,675 - 14,230,675 Bridle Ridge (1) SC 7,395,000 90,349 - 7,485,349 Columbia Gardens (5) SC 13,222,480 1,396,828 - 14,619,308 Companion at Thornhill Apartments (5) SC 11,294,928 1,148,219 - 12,443,147 Cross Creek (1) SC 6,143,919 2,540,949 - 8,684,868 The Palms at Premier Park Apartments (3) SC 19,044,617 2,194,791 - 21,239,408 Village at River's Edge (5) SC 9,938,059 1,421,114 - 11,359,173 Willow Run (5) SC 13,040,029 1,375,542 - 14,415,571 Arbors at Hickory Ridge (3) TN 11,194,690 1,399,461 - 12,594,151 Pro Nova 2014-1 (2) TN 10,027,413 19,710 - 10,047,123 Avistar at Copperfield - Series A (2) TX 10,000,000 589,196 - 10,589,196 Avistar at the Crest - Series A (3) TX 9,357,374 1,036,288 - 10,393,662 Avistar at the Oaks - Series A (3) TX 7,558,240 706,970 - 8,265,210 Avistar at the Parkway - Series A (4) TX 13,114,418 1,232,292 - 14,346,710 Avistar at Wilcrest - Series A (2) TX 3,775,000 206,263 - 3,981,263 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,624,687 - 33,474,687 Avistar in 09 - Series A (3) TX 6,526,247 525,939 - 7,052,186 Avistar on the Boulevard - Series A (3) TX 15,941,296 1,628,269 - 17,569,565 Avistar on the Hills - Series A (3) TX 5,221,971 557,084 - 5,779,055 Bruton Apartments (5) TX 17,933,482 2,046,056 - 19,979,538 Concord at Gulfgate - Series A (5) TX 19,144,400 2,222,555 - 21,366,955 Concord at Little York - Series A (5) TX 13,411,558 1,617,217 - 15,028,775 Concord at Williamcrest - Series A (5) TX 20,775,940 2,505,243 - 23,281,183 Crossing at 1415 - Series A (5) TX 7,474,716 600,738 - 8,075,454 Decatur Angle (5) TX 22,630,276 1,945,516 - 24,575,792 Esperanza at Palo Alto (5) TX 19,487,713 2,350,453 - 21,838,166 Heights at 515 - Series A (5) TX 6,843,232 722,522 - 7,565,754 Heritage Square - Series A (4) TX 10,958,661 893,881 - 11,852,542 Oaks at Georgetown - Series A (5) TX 12,330,000 693,579 - 13,023,579 Runnymede (1) TX 10,040,000 64,280 - 10,104,280 Southpark (1) TX 11,623,649 2,482,923 - 14,106,572 15 West Apartments (5) WA 9,737,418 1,480,489 - 11,217,907 Mortgage revenue bonds held in trust $ 586,445,474 $ 58,813,399 $ - $ 645,258,873 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 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 MRBs had been in a cumulative unrealized loss for less than 12 consecutive months. See Note 23 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 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 December 31, 2019. The cumulative unrealized loss for the Pro Nova 2014-1 MRB, related to a commercial property, as of December 31, 2019, is a result of fluctuations in market interest rates and comparable trades of MRBs for similar commercial properties. As of December 31, 2019, the MRB is current on all principal and interest payments. 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 December 31, 2019, is due to recent operational results and debt service coverage declines. A forbearance agreement was executed in January 2020 to forbear certain default provisions under the MRB. As of December 31, 2019, the MRB is current on all principal and interest payments. 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 2019: Acquisitions: The following MRBs were acquired during the year ended December 31, 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 year ended December 31, 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 - 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 year ended December 31, 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 2018: Acquisitions: The following MRBs were acquired during the year ended December 31, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Esperanza at Palo Alto (1) May San Antonio, TX 322 7/1/2058 5.80 % $ 19,540,000 Solano Vista - Series A December Vallejo, CA 96 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B December Vallejo, CA 96 1/1/2021 5.85 % 3,103,000 Village at Avalon (1) December Albuquerque, NM 240 1/1/2059 5.80 % 16,400,000 $ 41,708,000 (1) Previously reported bond purchase commitment that converted to an MRB. Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2018: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Sycamore Walk - Series B January Bakersfield, CA 112 1/1/2018 8.00 % $ 1,815,000 Seasons Lakewood - Series B March Lakewood, CA 85 1/1/2019 8.00 % 5,260,000 Summerhill - Series B March Bakersfield, CA 128 12/1/2018 8.00 % 3,372,000 Oaks at Georgetown - Series B April Georgetown, TX 192 1/1/2019 8.00 % 5,512,000 Seasons at Simi Valley - Series B April Simi Valley, CA 69 9/1/2018 8.00 % 1,944,000 San Vicente - Series B May Soledad, CA 50 11/1/2018 8.00 % 1,825,000 The Village at Madera - Series B May Madera, CA 75 12/1/2018 8.00 % 1,719,000 Las Palmas - Series B July Coachella, CA 81 11/1/2018 8.00 % 1,770,000 Harmony Terrace - Series B August Simi Valley, CA 136 1/1/2019 8.00 % 7,400,000 Lake Forest September Daytona Beach, FL 240 12/1/2031 6.25 % 8,397,000 Bella Vista October Gainesville, TX 144 4/1/2046 6.15 % 6,225,000 Montecito at Williams Ranch Apartments - Series B December Salinas, CA 132 10/1/2019 8.00 % 4,781,000 Vantage at Judson - Series B December San Antonio, TX 288 1/1/2053 6.00 % 25,908,568 Vineyard Gardens - Series B December Oxnard, CA 62 1/1/2020 5.50 % 2,846,000 $ 78,774,568 Upon redemption of the Lake Forest MRB, the Partnership realized contingent interest income of approximately $4.2 million, which is considered either Tier 2 or Tier 3 income (see Note 3). The Partnership also realized additional income due to the early redemption of the MRB of approximately $1.5 million. The additional income is reported within “Other income” on the Partnership’s consolidated statements of operations. Upon redemption of the Vantage at Judson Series B MRB, the Partnership realized additional income for the early redemption of the MRB of approximately $2.2 million. The additional income is reported within “Other income” on the Partnership’s consolidated statements of operations. Geographic Concentrations The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding: December 31, 2019 December 31, 2018 Texas 43 % 43 % California 18 % 18 % South Carolina 17 % 17 % The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2019, and 2018: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2019 15 West Apartments - Series A (5) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,673,117 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 10,985,959 Avistar at Copperfield - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 13,945,681 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 15,762,217 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,252,257 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,181,107 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,475,794 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,455,058 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,118,097 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 989,411 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 12,854,039 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,305 Avistar at Wilcrest - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 5,285,131 Avistar at Wood Hollow - Series A (2) 2017 Austin, TX 5/1/2054 5.75 % 40,129,878 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,315,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,767,616 Bruton Apartments (5) 2014 Dallas, TX 8/1/2054 6.00 % 17,807,768 Columbia Gardens (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,922,000 Companion at Thornhill Apartments (5) 2016 Lexington, SC 1/1/2052 5.80 % 11,178,557 Concord at Gulfgate - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 18,975,786 Concord at Little York - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 13,293,436 Concord at Williamcrest - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 20,592,957 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,005,000 Courtyard - Series A (5) 2016 Fullerton, CA 12/1/2033 5.00 % 10,147,686 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 7,970,921 Crossing at 1415 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 7,405,406 Decatur Angle (5) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,455,747 Esperanza at Palo Alto (5) 2018 San Antonio, TX 7/1/2058 5.80 % 19,356,959 Gateway Village (2) 2019 Durham, NC 4/1/2032 6.10 % 2,600,000 Glenview Apartments - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,533,958 Greens Property - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 7,936,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 930,016 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,700,868 Harmony Court Bakersfield - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,699,987 Harmony Terrace - Series A (5) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,849,214 Heights at 515 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 6,779,777 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 10,695,037 Las Palmas II - Series A (5) 2016 Coachella, CA 11/1/2033 5.00 % 1,679,022 Live 929 Apartments (7) 2014 Baltimore, MD 7/1/2049 5.78 % 39,685,000 Lynnhaven Apartments (2) 2019 Durham, NC 4/1/2032 6.10 % 3,450,000 Montclair Apartments - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,456,298 Montecito at Williams Ranch Apartments - Series A (7) 2017 Salinas, CA 10/1/2034 5.50 % 7,681,146 Montevista - Series A 2019 San Pablo, CA 7/1/2036 5.75 % 6,720,000 Montevista - Series B 2019 San Pablo, CA 7/1/2021 5.75 % 6,480,000 Oaks at Georgetown - Series A (5) 2016 Georgetown, TX 1/1/2034 5.00 % 12,239,247 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,857,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,504,170 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,001,027 Rosewood Townhomes - Series A (7) 2017 Goose Creek, SC 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 470,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 9,925,000 San Vicente - Series A (5) 2016 Soledad, CA 11/1/2033 5.00 % 3,462,053 Santa Fe Apartments - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 2,975,713 Seasons at Simi Valley - Series A (5) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,282,477 Seasons Lakewood - Series A (5) 2016 Lakewood, CA 1/1/2034 5.00 % 7,295,901 Seasons San Juan Capistrano - Series A (5) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,283,916 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,762,116 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B 2018 Vallejo, CA 1/1/2021 5.85 % 3,103,000 South Pointe Apartments - Series A (7) 2017 Hanahan, SC 7/1/2055 5.75 % 21,600,000 South Pointe Apartments - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,100,000 Southpark ( 1) 2009 Austin, TX 12/1/2049 6.13 % 13,005,000 Summerhill - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,371,318 Sycamore Walk - Series A (5) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,559,011 The Palms at Premier Park Apartments (3) 2013 Columbia, SC 1/1/2050 6.25 % 18,838,478 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,837,595 The Village at Madera - Series A (5) 2016 Madera, CA 12/1/2033 5.00 % 3,060,177 Village at Avalon (6) 2018 Albuquerque, NM 1/1/2059 5.80 % 16,302,038 Village at River's Edge (5) 2017 Columbia, SC 6/1/2033 6.00 % 9,872,297 Vineyard Gardens - Series A (7) 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,814,857 Willow Run (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,742,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,172,000 $ 679,679,604 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (6) MRB held by Morgan Stanley in a secured financing transaction, see Note 15 (7) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15 Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2018 15 West Apartments - Series A (5) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,737,418 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,115,410 Avistar at Copperfield - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 10,000,000 Avistar at Copperfield - Series B 2017 Houston, TX 6/1/2054 12.00 % 4,000,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 15,941,296 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,357,374 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,188,251 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,558,240 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,526,247 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,221,971 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 995,162 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,114,418 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,600 Avistar at Wilcrest - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B 2017 Houston, TX 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series A (2) 2017 Austin, TX 5/1/2054 5.75 % 31,850,000 Avistar at Wood Hollow - Series B 2017 Austin, TX 6/1/2054 12.00 % 8,410,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,395,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,876,298 Bruton Apartments (5) 2014 Dallas, TX 8/1/2054 6.00 % 17,933,482 Columbia Gardens (5) 2015 Columbia, SC 12/1/2050 5.50 % 13,061,000 Companion at Thornhill Apartments (5) 2016 Lexington, SC 1/1/2052 5.80 % 11,294,928 Concord at Gulfgate - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 19,144,400 Concord at Little York - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 13,411,558 Concord at Williamcrest - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 20,775,940 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,055,000 Courtyard - Series A (5) 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard - Series B 2016 Fullerton, CA 6/1/2019 8.00 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,072,754 Crossing at 1415 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 7,474,716 Decatur Angle (5) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,630,276 Esperanza at Palo Alto (5) 2018 San Antonio, TX 7/1/2058 5.80 % 19,487,713 Glenview Apartments - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,581,930 Greens Property - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,032,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 933,928 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,775,508 Harmony Court Bakersfield - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Terrace - Series A (5) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Heights at 515 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 6,843,232 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 10,958,661 Las Palmas II - Series A (5) 2016 Coachella, CA 11/1/2033 5.00 % 1,692,774 Live 929 Apartments (2) 2014 Baltimore, MD 7/1/2049 5.78 % 39,875,000 Montclair Apartments - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,482,288 Montecito at Williams Ranch Apartments - Series A (2) 2017 Salinas, CA 10/1/2034 5.50 % 7,690,000 Oaks at Georgetown - Series A (5) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,989,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,520,900 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,123,800 Rosewood Townhomes - Series A 2017 Goose Creek, SC 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 470,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,040,000 San Vicente - Series A (5) 2016 Soledad, CA 11/1/2033 5.00 % 3,490,410 Santa Fe Apartments - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,007,198 Seasons at Simi Valley - Series A (5) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,325,536 Seasons Lakewood - Series A (5) 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons San Juan Capistrano - Series A (5) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B 2016 San Juan Capistrano, CA 1/1/2019 8.00 % 5,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,822,610 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B 2018 Vallejo, CA 1/1/2021 5.85 % 3,103,000 South Pointe Apartments - Series A 2017 Hanahan, SC 7/1/2055 5.75 % 21,600,000 South Pointe Apartments - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,100,000 Southpark ( 1) 2009 Austin, TX 12/1/2049 6.13 % 13,155,000 Summerhill - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Sycamore Walk - Series A (5) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,598,006 The Palms at Premier Park Apartments (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,044,617 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,903,368 The Village at Madera - Series A (5) 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 Village at Avalon 2018 Albuquerque, NM 1/1/2059 5.80 % 16,400,000 Village at River's Edge (5) 2017 Columbia, SC 6/1/2033 6.00 % 9,938,059 Vineyard Gardens - Series A (2) 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,857,839 Willow Run (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,879,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,221,000 $ 677,698,116 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB held by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 |
Public Housing Capital Fund Tru
Public Housing Capital Fund Trust Certificates | 12 Months Ended |
Dec. 31, 2019 | |
Public Housing Capital Fund Trusts [Abstract] | |
Public Housing Capital Fund Trust Certificates | 7. Public Housing Capital Fund Trust 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. As of December 31, 2019, the PHC Certificates are held in trust at Mizuho Capital Markets, LLC (“Mizuho”) in secured financing transactions (see Note 15). The Partnership had the following investments in the PHC Certificates as of December 31, 2019 and 2018: December 31, 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 5.47 AA- 5.33% $ 24,477,478 $ 435,659 $ - $ 24,913,137 PHC Certificate Trust II 4.58 AA- 4.41% 4,375,296 386,433 - 4,761,729 PHC Certificate Trust III 5.43 BBB 5.12% 13,087,779 586,712 - 13,674,491 $ 41,940,553 $ 1,408,804 $ - $ 43,349,357 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 23 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 reported on the Partnership’s consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the PHC Certificates . There were no impairment charges on the PHC Certificates recorded during the year ended December 31, 2019. The Partnership recognized impairment charges on PHC Certificates of approximately $1.1 million during the year ended December 31, 2018. See Note 2 for information considered in the Partnership’s evaluation of impairment of the PHC Certificates. The PHC Certificate Trusts I, II and III Trust Certificates were sold in January 2020. See Note 26 for additional information. |
Real Estate Assets
Real Estate Assets | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate Assets | 8. Real Estate Assets The Partnership owns MF Properties either directly or through a wholly owned subsidiary, as described in Note 2. The financial statements of the MF properties are consolidated with those of the Partnership. The Partnership also invests in land with plans to develop into rental properties or for future sale. These investments are reported as “Land held for development” below. The following tables summarize information regarding the Partnership’s real estate assets as of December 31, 2019 and 2018: Real Estate Assets as of December 31, 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 $ 39,073,728 $ 42,272,996 The 50/50 MF Property Lincoln, NE 475 - 32,937,805 32,937,805 Land held for development (1) 1,706,862 - 1,706,862 $ 76,917,663 Less accumulated depreciation (15,357,700 ) Total real estate assets $ 61,559,963 (1) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. Real Estate Assets as of December 31, 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) 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 parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. Activity in 2019 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. The fair value was determined using Level 3 inputs (see Note 23). In November 2019, the Partnership executed a purchase agreement for a parcel of land in Escondido, CA. The purchase is expected to close in the first quarter of 2020. Activity in 2018 During 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is considered either Tier 2 or Tier 3 income (see Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units Gross Proceeds Gain on Sale before Income Taxes Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429 During 2018, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded an impairment charge of $150,000 during the third quarter of 2018, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. The fair value was determined using Level 3 inputs (see Note 23). |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 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 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 December 31, 2019 and 2018 and remaining equity commitment amounts as of December 31, 2019: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of December 31, 2019 Carrying Value as of December 31, 2018 Maximum Remaining Equity Commitment as of December 31, 2019 Vantage at Boerne Boerne, TX 288 August 2016 April 2018 $ - $ 8,830,000 $ - 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 10,144,052 9,182,522 - Vantage at Germantown Germantown, TN 288 June 2018 N/A 11,745,155 7,033,398 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 13,516,425 6,254,104 - Vantage at Coventry Omaha, NE 288 September 2018 N/A 9,007,435 5,380,267 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 8,078,519 - 1,347,128 Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 5,016,811 - 2,475,171 3,174 $ 86,981,864 $ 76,534,306 $ 5,414,338 Activity in 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 investments in unconsolidated entities” 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 O’Connor multifamily property. In December 2019, Vantage at Boerne sold substantially all its assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $15.2 million upon sale. The Partnership recognized approximately $1.2 million of “Investment income” and approximately $5.7 million as “Gain on sale of investments in unconsolidated entities” associated with the sale. Activity in 2018 In December 2018, Vantage at Corpus Christi sold substantially all its assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $12.1 million upon sale. The Partnership recognized approximately $590,000 of “Investment income” on sale. In addition, the Partnership recognized approximately $2.9 million as “Gain on sale of investments in unconsolidated entities”, which is considered either Tier 2 or Tier 3 income (see Note 3). The following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Property Revenues $ 12,541,852 $ 9,262,127 Gain on sale of property $ 35,871,041 $ 7,424,879 Net income $ 32,662,003 $ 5,001,702 |
Property Loans, Net of Loan Los
Property Loans, Net of Loan Loss Allowances | 12 Months Ended |
Dec. 31, 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 table summarizes the Partnership’s property loans, net of loan loss allowances, as of December 31, 2019 and 2018: December 31, 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 Live 929 Apartments 405,717 - 405,717 Ohio Properties 2,390,446 - 2,390,446 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 years ended December 31, 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. During the years ended December 31, 2019 and 2018, interest to be earned on approximately $983,000 of property loan principal for the Ohio Properties was in nonaccrual status as, in management’s opinion, the interest was not considered collectible. As of December 31, 2019, the outstanding property loan balance for Live 929 was in nonaccrual status as, in management’s opinion, the interest was not considered collectible. Activity in 2019 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 reported as “Contingent interest” on the Partnership’s 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). 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. Activity in 2018 In September 2018, the Lake Forest property was sold by its owner. Upon the sale, the Partnership received all outstanding principal and accrued interest on the Lake Forest property loans. The Partnership received approximately $5.1 million of principal and $4.6 million of interest on the property loans at sale. The interest received was not previously recognized as income as the property loans were on nonaccrual status. The interest realized is reported as “Other interest income” on the Partnership’s consolidated statements of operations. In December 2018, the Vantage at New Braunfels, LLC property was sold by its owner. Upon the sale, the Partnership received all outstanding principal and accrued interest on the Vantage at New Braunfels, LLC property loan. The Partnership received additional proceeds totaling approximately $5.1 million, which is reported as “Contingent interest” on the Partnership’s consolidated statements of operations. The contingent interest recognized is considered Tier 2 or Tier 3 for purposes of distributions to BUC holders (see Note 3). The following table summarizes the changes in the Partnership’s loan loss reserves for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Balance, beginning of year $ 7,393,814 $ 7,393,814 Balance, end of year $ 7,393,814 $ 7,393,814 |
Income Tax Provision
Income Tax Provision | 12 Months Ended |
Dec. 31, 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 years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Current income tax expense (benefit) $ 195,861 $ (678,862 ) Deferred income tax benefit (149,874 ) (242,235 ) Total income tax expense (benefit) $ 45,987 $ (921,097 ) The Partnership’s income tax expense fluctuates from period to period based on the timing of the taxable income in the Greens Hold Co and the impact of deferred income taxes. Deferred income tax expense is generally a function of the period’s temporary differences (i.e. depreciation, amortization of finance costs, etc.), and the utilization of net operating losses (“NOLs”). The deferred tax assets and liabilities are valued based on enacted tax rates. The Greens Hold Co had net deferred tax assets of approximately $426,000 and $268,000 as of December 31, 2019 and 2018, respectively. These amounts are reported within “Other assets” on the Partnership’s consolidated balance sheets. The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable and recorded no valuation allowance as of December 31, 2019 and 2018. For the years ended December 31, 2019 and 2018, income taxes computed by applying the U.S. federal statutory rates to income from continuing operations before income taxes for the Greens Hold Co differ from the provision for income taxes due to state income taxes (net of the effect on federal income tax). The Partnership accrues interest and penalties associated with uncertain tax positions as part of income tax expense. There was no accrued interest or penalties as of December 31, 2019 and 2018. The Partnership files U.S. federal and state tax returns. The Partnership’s returns for years 2016 through 2018 remain subject to examination by the Internal Revenue Service. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | 12. Other Assets The following table summarizes the Partnership’s other assets as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Deferred financing costs, net $ 353,862 $ 397,823 Fair value of derivative instruments (Note 17) 10,911 626,633 Taxable mortgage revenue bonds, at fair value 1,383,237 1,409,895 Operating lease right-of-use assets, net 1,673,242 - Other assets 1,641,099 2,081,258 Total other assets $ 5,062,351 $ 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 23 for a description of the methodology and significant assumptions for determining the fair value of the derivative instruments and taxable MRBs. Unrealized gains or losses on these assets are reported on the Partnership’s consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. The following table includes the details of the taxable MRBs redeemed during the year ended December 31, 2018. The taxable MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest. Property Name Redemption Date Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Vantage at Judson - Series D December San Antonio, TX 288 2/1/2053 9.00 % $ 923,502 |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 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 Partnership’s accounts payable, accrued expenses and other liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Accounts payable $ 93,834 $ 230,631 Accrued expenses 2,529,982 2,956,368 Accrued interest expense 2,690,076 2,270,348 Operating lease liabilities 2,138,783 - Other liabilities 1,583,492 2,086,475 Total accounts payable, accrued expenses and other liabilities $ 9,036,167 $ 7,543,822 See Note 2 for discussion of the adoption of ASC 842 effective January 1, 2019 and the impact to the reported operating lease liabilities. The 50/50 MF Property has a ground lease with the University of Nebraska-Lincoln with an initial lease term expiring in March 2048. 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 December 31, 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 $168,000 for the years ended December 31, 2019 and 2018, respectively, and are reported within “Real estate operating expenses” on the Partnership’s consolidated statements of operations. The Partnership’s contractual payments related to operating leases for the twelve-month periods ending December 31 st 2020 $ 135,812 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,273 Total 5,215,119 Less: Amount representing interest (3,076,336 ) Total operating lease liabilities $ 2,138,783 |
Unsecured Lines of Credit
Unsecured Lines of Credit | 12 Months Ended |
Dec. 31, 2019 | |
Unsecured Lines of Credit | 15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2019: Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (3) 102,591,789 - 2019 July 2020 - September 2020 Weekly 1.79% - 2.08% 1.12% - 1.66% 2.96% - 3.45% Fixed - Term TOB (3) 21,073,418 - 2014 - 2019 January 2020 - May 2022 N/A N/A N/A 3.53% - 4.01% Fixed - Term A/B (3) 43,561,212 - 2017 - 2019 February 2020 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (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. (6) The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $ 31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45 % Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % Total TOB Financing\ Weighted Average Period End Rate $ 102,591,789 3.19 % Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $ 8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 21,073,418 3.71 % Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $ 8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 43,561,212 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 Deutsche Bank 2014 October 2019 4.39 % Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 Deutsche Bank 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 % The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (Note 5). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, Term TOB, Term A/B and TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TOB, Term TOB, Term A/B and TEBS Financing. 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. Freddie Mac Tax Exempt Bond Securitization (“TEBS”) Financings The Partnership, through four wholly owned subsidiaries (collectively, the “Sponsors”), has sponsored four separate TEBS financings – the M24 TEBS Financing, the M31 TEBS Financing, the M33 TEBS Financing, and the M45 TEBS Financing (collectively, the “TEBS Financings”). The TEBS Financings are structured such that the Partnership transferred MRBs to Freddie Mac to be securitized into the TEBS Financings. Freddie Mac then issued Class A and Class B Freddie Mac Multifamily Variable Rate Certificates or Class A and Class B Freddie Mac Multifamily Fixed Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class A TEBS Certificates are credit enhanced by Freddie Mac such that Freddie Mac will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Class A TEBS Certificate holders. The Sponsors or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets., and the Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TEBS Financing. As of December 31, 2019 and 2018, the Partnership 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 M31 TEBS Financing (Note 17). TEBS Financings Activity in 2019: In June 2019, the Partnership exercised its unilateral right to extend the M31 TEBS Financing with Freddie Mac for an additional five-year period through July 2024. 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 from September 2020 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 from July 2020 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. In June 2019, the Partnership exercised its unilateral right to extend the M31 TEBS Financing with Freddie Mac for an additional five-year period through July 2024. TEBS Financings Activity in 2018: 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 provided the Partnership with a long-term, fixed-rate facility. The M45 TEBS Financing was structured such that the Partnership transferred ownership of the 25 MRBs to Freddie Mac to be securitized into a TEBS Trust. The Class A TEBS Certificates had an aggregate initial par value of approximately $221.5 million. Of the 25 MRBs securitized in the M45 TEBS Financings, 24 MRBs were in Term A/B Trusts that were collapsed prior to the closing of the M45 TEBS Financing. The collapse of the Term A/B Trusts and subsequent closing of the M45 TEBS Financing resulted in a debt modification for accounting purposes and the Partnership capitalized transaction costs totaling approximately $371,000 as deferred financing costs. There were three unscheduled paydowns during the year ended December 31, 2018 due to redemptions of MRBs held by the respective TEBS. The following table summarizes the MRBs redeemed and the amount of Class A Certificates redeemed upon redemption: Mortgage Revenue Bond Redeemed TEBS Facility Month Paydown Applied Lake Forest M24 TEBS September 2018 $ 8,122,000 Bella Vista M24 TEBS October 2018 5,076,000 Vantage at Judson - Series B M33 TEBS December 2018 25,908,568 TOB, Term TOB and Term A/B Trust Financings Deutsche Bank The Partnership has executed a Master Trust Agreement with Deutsche Bank that allows the Partnership to execute multiple TOB, Term TOB and Term A/B Trust (collectively, “Trusts”) structures upon the approval and agreement of terms by Deutsche Bank. Under each TOB Trust structure, the trustee issues SPEARS and LIFERS that represent beneficial interests in the securitized asset held by the TOB Trusts. Under each Term TOB and Term A/B Trust structure, the trustee issues Class A and Class B Certificates that represent beneficial interests in the securitized assets held by the Term TOB or Term A/B Trusts. Deutsche Bank has purchased the SPEARS and Class A Certificates and the Partnership has retained the LIFERS and Class B Certificates of each Trust. Pursuant to the terms of the Trusts, the Partnership is required to reimburse Deutsche Bank for any shortfall realized on the contractual cash flows on the SPEARS or Class A Certificates. The LIFERS and Class B Certificates grant the Partnership certain rights to the securitized assets. The Master Trust Agreement with Deutsche Bank 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 December 31, 2019. Mizuho Capital Markets 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 variable 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 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. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that it remained listed on the NASDAQ. 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 December 31, 2019. Morgan Stanley Bank In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley Bank, N.A. (“Morgan Stanley”) secured by an MRB. Under the Term TOB Trust structure, the trustee issues Class A and Class B Certificates that represent beneficial interests in the securitized asset held by the Term TOB. Morgan Stanley has purchased the Class A Certificates and the Partnership has retained the Class B Certificates of each Trust. The Class B Certificates grant the Partnership certain rights to the securitized assets. The Term TOB Trust with 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 December 31, 2019. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2020 $ 121,117,504 2021 5,326,861 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,815 Total 538,587,979 Unamortized deferred financing costs and debt premium (2,390,558 ) Total debt financing, net $ 536,197,421 Certain Term TOB Trusts and certain Term A/B Trusts mature in 2020. The Partnership expects to refinance these financings with either the current lender or a similar lender. In addition, the Partnership expects to renew each TOB financing facility maturing in 2020. There can be no assurances that the Partnership’s efforts to refinance will be successful. |
Unsecured Lines of Credit [Member] | |
Unsecured Lines of Credit | 14. Unsecured Lines of Credit The following tables summarize the Partnership’s unsecured lines of credit as of December 31, 2019 and 2018: Unsecured Lines of Credit Outstanding as of December 31, 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 4.19 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 4.94 % 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 Partnership has entered into a Credit Agreement (the “Credit Agreement”) for an unsecured LOC (“non-operating LOC”) of up to $50.0 million with Bankers Trust, the Partnership’s sole lead arranger and administrative agent. The Credit Agreement originated in May 2015 and has been subsequently amended. The non-operating LOC bears interest at a variable rate equal to 2.5% plus the 30-day London Interbank Offered Rate (“LIBOR”) as of December 31, 2019. The proceeds of the non-operating LOC are used by the Partnership to purchase multifamily real estate assets, MRBs or taxable MRBs. The Partnership intends to repay each advance either through alternative long-term debt or equity financing. The principal amount of each acquisition advance is due on the 270th day following the advance date (the “Repayment Date”). The Partnership may extend any Repayment Date for up to three additional 90-day periods. In order to extend the Repayment Date, the Partnership must make principal payments equal to 5% of the original advance for the first extension, 10% for the second extension, and 20% for the third extension. The Repayment Date may not be extended beyond the stated maturity of the non-operating LOC. The Repayment Dates for the balance outstanding as of December 31, 2019, exclusive of available extensions, range from March 2020 to September 2020. The non-operating LOC contains a covenant, among others, that the Partnership’s ratio of the lender’s senior debt will not exceed a specified percentage of the market value of the Partnership’s assets, as defined in the Credit Agreement. The Partnership was in compliance with all covenants as of December 31, 2019. During 2019 and 2018, the Partnership had an unsecured operating Line of Credit (“operating LOC”) with Bankers Trust. The operating LOC bears interest at a variable rate equal to 3.25% plus the 30-day LIBOR. The Partnership is required to make principal payments to reduce the outstanding principal balance on the operating LOC to zero for fifteen consecutive days during each calendar quarter. The Partnership fulfilled this requirement throughout 2019 and for the first quarter of 2020. |
Debt Financing
Debt Financing | 12 Months Ended |
Dec. 31, 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 December 31, 2019: Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (3) 102,591,789 - 2019 July 2020 - September 2020 Weekly 1.79% - 2.08% 1.12% - 1.66% 2.96% - 3.45% Fixed - Term TOB (3) 21,073,418 - 2014 - 2019 January 2020 - May 2022 N/A N/A N/A 3.53% - 4.01% Fixed - Term A/B (3) 43,561,212 - 2017 - 2019 February 2020 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (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. (6) The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $ 31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45 % Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % Total TOB Financing\ Weighted Average Period End Rate $ 102,591,789 3.19 % Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $ 8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 21,073,418 3.71 % Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $ 8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 43,561,212 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 Deutsche Bank 2014 October 2019 4.39 % Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 Deutsche Bank 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 % The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (Note 5). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, Term TOB, Term A/B and TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TOB, Term TOB, Term A/B and TEBS Financing. 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. Freddie Mac Tax Exempt Bond Securitization (“TEBS”) Financings The Partnership, through four wholly owned subsidiaries (collectively, the “Sponsors”), has sponsored four separate TEBS financings – the M24 TEBS Financing, the M31 TEBS Financing, the M33 TEBS Financing, and the M45 TEBS Financing (collectively, the “TEBS Financings”). The TEBS Financings are structured such that the Partnership transferred MRBs to Freddie Mac to be securitized into the TEBS Financings. Freddie Mac then issued Class A and Class B Freddie Mac Multifamily Variable Rate Certificates or Class A and Class B Freddie Mac Multifamily Fixed Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class A TEBS Certificates are credit enhanced by Freddie Mac such that Freddie Mac will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Class A TEBS Certificate holders. The Sponsors or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets., and the Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TEBS Financing. As of December 31, 2019 and 2018, the Partnership 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 M31 TEBS Financing (Note 17). TEBS Financings Activity in 2019: In June 2019, the Partnership exercised its unilateral right to extend the M31 TEBS Financing with Freddie Mac for an additional five-year period through July 2024. 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 from September 2020 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 from July 2020 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. In June 2019, the Partnership exercised its unilateral right to extend the M31 TEBS Financing with Freddie Mac for an additional five-year period through July 2024. TEBS Financings Activity in 2018: 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 provided the Partnership with a long-term, fixed-rate facility. The M45 TEBS Financing was structured such that the Partnership transferred ownership of the 25 MRBs to Freddie Mac to be securitized into a TEBS Trust. The Class A TEBS Certificates had an aggregate initial par value of approximately $221.5 million. Of the 25 MRBs securitized in the M45 TEBS Financings, 24 MRBs were in Term A/B Trusts that were collapsed prior to the closing of the M45 TEBS Financing. The collapse of the Term A/B Trusts and subsequent closing of the M45 TEBS Financing resulted in a debt modification for accounting purposes and the Partnership capitalized transaction costs totaling approximately $371,000 as deferred financing costs. There were three unscheduled paydowns during the year ended December 31, 2018 due to redemptions of MRBs held by the respective TEBS. The following table summarizes the MRBs redeemed and the amount of Class A Certificates redeemed upon redemption: Mortgage Revenue Bond Redeemed TEBS Facility Month Paydown Applied Lake Forest M24 TEBS September 2018 $ 8,122,000 Bella Vista M24 TEBS October 2018 5,076,000 Vantage at Judson - Series B M33 TEBS December 2018 25,908,568 TOB, Term TOB and Term A/B Trust Financings Deutsche Bank The Partnership has executed a Master Trust Agreement with Deutsche Bank that allows the Partnership to execute multiple TOB, Term TOB and Term A/B Trust (collectively, “Trusts”) structures upon the approval and agreement of terms by Deutsche Bank. Under each TOB Trust structure, the trustee issues SPEARS and LIFERS that represent beneficial interests in the securitized asset held by the TOB Trusts. Under each Term TOB and Term A/B Trust structure, the trustee issues Class A and Class B Certificates that represent beneficial interests in the securitized assets held by the Term TOB or Term A/B Trusts. Deutsche Bank has purchased the SPEARS and Class A Certificates and the Partnership has retained the LIFERS and Class B Certificates of each Trust. Pursuant to the terms of the Trusts, the Partnership is required to reimburse Deutsche Bank for any shortfall realized on the contractual cash flows on the SPEARS or Class A Certificates. The LIFERS and Class B Certificates grant the Partnership certain rights to the securitized assets. The Master Trust Agreement with Deutsche Bank 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 December 31, 2019. Mizuho Capital Markets 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 variable 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 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. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that it remained listed on the NASDAQ. 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 December 31, 2019. Morgan Stanley Bank In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley Bank, N.A. (“Morgan Stanley”) secured by an MRB. Under the Term TOB Trust structure, the trustee issues Class A and Class B Certificates that represent beneficial interests in the securitized asset held by the Term TOB. Morgan Stanley has purchased the Class A Certificates and the Partnership has retained the Class B Certificates of each Trust. The Class B Certificates grant the Partnership certain rights to the securitized assets. The Term TOB Trust with 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 December 31, 2019. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2020 $ 121,117,504 2021 5,326,861 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,815 Total 538,587,979 Unamortized deferred financing costs and debt premium (2,390,558 ) Total debt financing, net $ 536,197,421 Certain Term TOB Trusts and certain Term A/B Trusts mature in 2020. The Partnership expects to refinance these financings with either the current lender or a similar lender. In addition, the Partnership expects to renew each TOB financing facility maturing in 2020. There can be no assurances that the Partnership’s efforts to refinance will be successful. |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 12 Months Ended |
Dec. 31, 2019 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing | 16. Mortgages Payable and Other Secured Financing The Partnership has entered into mortgages payable and other secured financings collateralized by MF Properties. The following is a MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 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 $ 2,859,390 2014 March 2020 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 23,942,856 2013 March 2020 Variable Monthly 4.75 % (1) 4.75 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,802,246 4.74 % (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) Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0% In September 2018, the Partnership sold the Jade Park MF Property (see Note 8). At the closing of the sale, the Partnership paid all outstanding principal and accrued interest on the related mortgage payable. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st : 2020 $ 26,812,851 2021 - 2022 - 2023 - 2024 - Thereafter - Total 26,812,851 Unamortized deferred financing costs (10,605 ) Total mortgages payable and other secured financings, net $ 26,802,246 In February 2020, the Partnership refinanced The 50/50 MF Property Mortgage loan. See Note 26 for additional information. |
Interest Rate Derivatives
Interest Rate Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Interest Rate Derivative Agreements [Abstract] | |
Interest Rate Derivatives | 17. Interest Rate Derivatives The following table summarizes the Partnership’s interest rate derivatives as of December 31, 2019 and 2018: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2019 July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc - June 2017 81,101,364 Aug 2020 1.5 % SIFMA TOB Trusts Barclays Bank PLC 4,090 Sept 2017 58,090,000 Sept 2020 4.0 % SIFMA TOB Trusts Barclays Bank PLC - Aug 2019 79,333,280 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 6,821 $ 10,911 (1 ) For additional details, see Note 23 to the Partnership’s consolidated financial statements. 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 ) For additional details, see Note 23 to the Partnership’s consolidated financial statements. 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 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 reported within “Interest expense” on the Partnership’s consolidated statements of operations. See Note 23 for a description of the methodology and significant assumptions for determining the fair value of the interest rate derivatives. The interest rate derivatives are reported within “Other assets” on the Partnership’s consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, the Partnership believes the outcome of such matters will not have a material effect on the Partnership’s consolidated financial statements. Investment Commitments ATAX Vantage Holdings, LLC has outstanding commitments to contribute equity to unconsolidated entities. See Note 9 for additional information. Construction Loan Guarantees The Partnership entered into guaranty agreements for construction loans related to certain investments in unconsolidated entities. The Partnership will only have to perform on the guarantees if a default by the borrower were to occur. All guarantees were initially for the entire amount of the construction loans and decrease based on the achievement of certain events or financial ratios, as defined by the respective construction loan agreements. The Partnership has not accrued any amount for these contingent liabilities because the likelihood of guarantee claims is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2019: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of December 31, 2019 Partnership's Maximum Exposure as of December 31, 2019 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 28,264,790 $ 28,264,790 (1) Vantage at Coventry 2018 31,500,000 11,502,353 11,502,353 (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 LIHTC 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 December 31, 2019: Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of December 31, 2019 Ohio Properties 2011 2026 $ 3,361,979 Greens of Pine Glen, LP 2012 2027 2,237,843 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 December 31, 2019 because the likelihood of a claim is remote. The maximum exposure was approximately $34.9 million as of December 31, 2019. The TOB Trusts related to the PHC Certificates were collapsed and all principal and interest paid in full upon the sale of the PHC Certificates in January 2020. See Note 26 for additional information. |
Redeemable Series A Preferred U
Redeemable Series A Preferred Units | 12 Months Ended |
Dec. 31, 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 a private placement to five financial institutions. The Series A Preferred Units represent limited partnership interests of the Partnership. Series A Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless redeemed by the Partnership or by the holder. Upon the sixth anniversary of the closing of the sale of Series A Preferred Units to a subscriber, and upon each annual anniversary thereafter, the Partnership and each holder of Series A Preferred Units have the right to redeem, in whole or in part, the Series A Preferred Units held by such holder at a per unit redemption price equal to $10.00 per unit plus an amount equal to all declared and unpaid distributions through the date of the redemption. In the event of any liquidation, dissolution, or winding up of the Partnership, the holders of the Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units The following table summarizes the Series A Preferred Units outstanding as of December 31, 2019 and 2018: Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding as of December 31, 2019 and December 31, 2018 9,450,000 $ 94,500,000 |
Issuances of Beneficial Unit Ce
Issuances of Beneficial Unit Certificates | 12 Months Ended |
Dec. 31, 2019 | |
Issuances Of Beneficial Unit Certificates [Abstract] | |
Issuances of Beneficial Unit Certificates | 20. Issuances of Beneficial Unit Certificates In August 2018, the Partnership initiated a “at the market offering” to sell up to $75.0 million of BUCs at market prices on the date of sale. The Partnership sold 310,519 BUCs under this program for net proceeds of approximately $1.8 million, net of issuance costs, during the year ended December 31, 2018. This offering was terminated effective February 8, 2019. In December 2019, a “shelf” Registration Statement on Form S-3 was declared effective by the SEC and allows the Partnership to offer up to $225.0 million of BUCs for sale from time to time. This Registration Statement will expire in December 2022. |
Restricted Unit Awards
Restricted Unit Awards | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Unit Awards [Member] | |
Restricted Unit Awards | 21. Restricted Unit Awards The Partnership’s 2015 Plan permits the grant of restricted units and other awards to the employees of Greystone Manager, or any affiliate, and members of the Board of Managers of Greystone Manager for up to 3.0 million BUCs. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. Unvested RUAs are typically entitled to receive distributions during the restriction period. The Plan provides for accelerated vesting of the RUAs if there is a change in control related to the Partnership, the General Partner, or the general partner of the General Partner; or upon death or disability of the Plan participant. All of the restrictions applicable to the previously unvested RUAs lapsed and all outstanding 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 by affiliates of Greystone, which occurred on September 10, 2019 (see Note 1). 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 $3.6 million and $1.8 million for the years ended December 31, 2019 and 2018, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s consolidated statements of operations. The following table summarizes the RUA activity for years ended December 31, 2019 and 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 December 31, 2019 - $ - As of December 31, 2019, there was no unrecognized compensation expense related to nonvested RUAs granted under the Plan. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 22. Transactions with Related Parties Effective September 10, 2019, Greystone acquired all the issued and outstanding partnership interests of AFCA 2 from Burlington Capital LLC and an affiliate, at which time Burlington Capital LLC and its affiliates (collectively, “Burlington”) ceased to be related parties of the Partnership. The Partnership is managed by AFCA 2, which is controlled by AFCA 2’s general partner, Greystone Manager. The Board of Managers of Greystone Manager act as managers (and effectively as the directors) of the Partnership and certain employees of Greystone Manager are executive officers of the Partnership. Certain services are provided to the Partnership by employees of Greystone Manager and the Partnership reimburses Greystone Manager for its allocated share of these salaries and benefits. The Partnership also reimburses Greystone Manager for its share of general and administrative expenses. These reimbursed costs represent a substantial portion of the Partnership’s general and administrative expenses. The amounts in the following table represent amounts reimbursable to AFCA 2, the general partner of AFCA 2, or an affiliate for the years ended December 31, 2019 and 2018: 2019 2018 Reimbursable salaries and benefits $ 4,702,754 $ 3,993,067 Other expenses 19,622 13,121 Office expenses 17,630 - Insurance 243,773 215,867 Professional fees and expenses 82,962 154,653 $ 5,066,741 $ 4,376,708 The Partnership incurs costs for services and makes contractual payments to AFCA 2, AFCA 2’s general partner, 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 consolidated financial statements for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Partnership administrative fees paid to AFCA 2 (1) $ 3,620,000 $ 3,721,000 Property management fees paid to an affiliate (2) 101,000 190,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 131,000 77,000 (1) AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s consolidated statements of operations. (2) A former 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” on the Partnership’s 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. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s consolidated statements of operations. AFCA 2 received fees from the borrowers of the Partnership’s MRBs for services provided to the borrower and based on the occurrence of certain investment transactions. These fees were paid by the borrowers and are not reported on the Partnership’s consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s MRBs and affiliates for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Non-Partnership property administrative fees received by AFCA 2 (1) $ 36,000 $ 69,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,362,000 2,873,000 MRB redemption administrative fee received by AFCA 2 (3) - 283,000 (1) AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs and investments in unconsolidated entities. (3) AFCA 2 rec eived one-time administrative fees related to early redemptions of the Lake Forest MRB in September 2018 and the Vantage at Judson MRBs in December 2018. Properties Management provides services to seven of the properties collateralizing MRBs of the Partnership. In addition, Properties Management provides services to one of our investments in unconsolidated entities. These property management fees are paid out of the revenues generated by the respective property prior to the payment of debt service on the Partnership's MRBs and property loans, as applicable, and the construction loan for the unconsolidated entity. The Partnership reported receivables due from unconsolidated entities of approximately $116,000 and $77,000 as of December 31, 2019 and 2018, respectively. These amounts are reported within “Other assets” on the Partnership’s consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $301,000 and $330,000 as of December 31, 2019 and 2018, respectively. These amounts are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments | 23. 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; and • 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 is a description of the valuation methodologies used for assets and liabilities measured at fair value. Investments in MRBs and Taxable MRBs The fair value of the Partnership’s investments in MRBs and taxable MRBs as of December 31, 2019 and 2018 is based upon prices obtained from a third-party pricing service, which are estimates 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, illiquidity, legal structure of the borrower, collateral, seniority to other obligations, operating results of the underlying property, geographic location, and property quality. These characteristics are used to estimate an effective yield for each MRB. The MRB fair value is estimated using a discounted cash flow and yield to maturity or call analysis by applying the effective yield to contractual cash flows. Significant increases (decreases) in the effective yield would have resulted in a significantly lower (higher) fair value estimate. Changes in fair value due to an increase or decrease in the effective yield do not impact the Partnership’s cash flows. The Partnership evaluates pricing data received from the third-party pricing service by evaluating consistency with information from either the third-party pricing service or public sources. The fair value estimates of the MRBs and taxable MRBs are based largely on unobservable inputs believed to be used by market participants and requires the use of judgment on the part of the third-party pricing service and 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 December 31, 2019, the range of effective yields on the individual MRBs was 2.4% to 8.5% 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 8.7% to 8.9% per annum, with a weighted average effective yield of 8.8% 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 December 31, 2019 and 2018 is based upon prices obtained from a third-party pricing service, which are estimates 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, illiquidity, security ratings from rating agencies, the impact of potential political and regulatory change, and other inputs. The Partnership reviews the inputs used by the primary third-party pricing service by reviewing source information and reviews the methodology for reasonableness. The Partnership also engages a second third-party pricing service to confirm the values developed by the primary third-party pricing service. The valuation methodologies used by the third-party pricing services encompass the use of judgment in their application. Due to the judgments involved, the fair value measurement of the Partnership’s investment in PHC Certificates is categorized as a Level 3 input. As of December 31, 2019, the range of effective yields on the PHC Certificates was 4.4% to 5.3% per annum, with a weighted average effective yield of 5.2% when weighted by the principal outstanding of 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 PHC Certificates as of that date. Interest Rate Derivatives The effect of the Partnership’s interest rate derivatives is to set a cap, or upper limit, subject to performance of 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 and interest rate swaps is based on a model whose inputs are not observable and therefore is categorized as a Level 3 input. The inputs in the valuation model include three-month LIBOR rates, unobservable adjustments to account for the SIFMA index, as well as any recent interest rate cap trades with similar terms. Assets measured at fair value on a recurring basis as of December 31, 2019 are summarized as follows: Fair Value Measurements as of December 31, 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 $ 743,587,715 $ - $ - $ 743,587,715 Mortgage revenue bonds 30,009,750 - - 30,009,750 PHC Certificates 43,349,357 - - 43,349,357 Taxable mortgage revenue bonds (reported within other assets) 1,383,237 - - 1,383,237 Derivative instruments (reported within other assets) 10,911 - - 10,911 Total Assets at Fair Value, net $ 818,340,970 $ - $ - $ 818,340,970 The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2019: For the Years Ended December 31, 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) 142,356 (6,708 ) - (499,835 ) (364,187 ) Included in other comprehensive income 39,320,186 984,021 26,428 - 40,330,635 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (17,268,512 ) (6,300,042 ) (53,086 ) (145,414 ) (23,767,054 ) Ending Balance December 31, 2019 $ 773,597,465 $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2019 $ - $ - $ - $ (499,835 ) $ (499,835 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2018 are summarized as follows: Fair Value Measurements as of December 31, 2018 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds, held in trust $ 645,258,873 $ - $ - $ 645,258,873 Mortgage revenue bonds 86,894,562 - - 86,894,562 PHC Certificates 48,672,086 - - 48,672,086 Taxable mortgage revenue bonds (reported within other assets) 1,409,895 - - 1,409,895 Derivative instruments (reported within other assets) 626,633 - - 626,633 Total Assets at Fair Value, net $ 782,862,049 $ - $ - $ 782,862,049 The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2018: For the Years Ended December 31, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2018 $ 788,621,707 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,458,663 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 144,692 - (77,096 ) - 724,579 792,175 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive (loss) income (14,560,720 ) (3,002,540 ) 950,228 (32,756 ) - (16,645,788 ) Purchases 41,708,000 - - - - 41,708,000 Settlements (83,760,244 ) - (701,614 ) (979,808 ) 131,685 (85,309,981 ) Ending Balance December 31, 2018 $ 732,153,435 $ - $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on December 31, 2018 $ - $ - $ (1,141,020 ) $ - $ 724,579 $ (416,441 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. Total gains and loss included in earnings for the interest rate derivatives are reported within “Interest expense” on the Partnership’s consolidated statements of operations. As of December 31, 2019 and 2018, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s financial liabilities, which are estimates of market prices. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each financial liability as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure, seniority to other obligations, operating results of the underlying assets, and asset quality. The financial liability values are then estimated using a discounted cash flow and yield to maturity or call analysis. The Partnership evaluates pricing data received from the third-party pricing service, including consideration of current market interest rates, quantitative and qualitative characteristics of the underlying collateral, and other information from either the third-party pricing service or public sources. The fair value estimates of these financial liabilities are based largely on unobservable inputs believed to be used by market participants and 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 TOB Trust financings are credit enhanced by either Deutsche Bank or Mizuho. The table below summarizes the fair value of the Partnership’s financial liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 549,397,421 $ 568,193,494 $ 541,322,765 $ 550,766,809 Mortgages payable and other secured financing 26,802,246 26,812,851 27,454,375 27,552,748 |
Segments
Segments | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segments | 24. Segments The Partnership has four reportable segments - Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership Agreement authorizes the Partnership to make investments in tax-exempt securities other than in MRBs provided that the tax-exempt investments are rated in one of the four highest rating categories by a national securities rating agency. The Partnership Agreement also allows the Partnership to invest in other securities whose interest may be taxable for federal income tax purposes. Total tax-exempt and other investments cannot exceed 25% of the Partnership’s total assets at the time of acquisition as required under the Partnership Agreement. Tax-exempt and other investments consist of the PHC Certificates, taxable MRBs, real estate assets and investments in unconsolidated entities. 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. Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of MRBs and related property loans that have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties in their market areas. Such MRBs are held as investments and the related property loans, net of loan loss allowances, are reported as such on the Partnership’s consolidated balance sheets. As of December 31, 2019, the Partnership held 76 MRBs. The Residential Properties financed by the 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 Partnership’s 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 (see Note 8). During the time the Partnership holds an interest in an MF Property, any net rental income generated by the MF Properties in excess of debt service will be available for distribution to the Partnership. As of December 31, 2019, the Partnership owned two MF Properties containing a total of 859 rental units. Income tax expense (benefit) for the Greens Hold Co is reported within this segment. Public Housing Capital Fund 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 (see Note 7) and the related debt financings. In January 2020, the Partnership sold the PHC Certificates to an unrelated third party and the related debt financings were repaid in full. Other Investments Segment The Other Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (see Note 9) and property loans to certain multifamily housing properties (see Note 10). The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Total revenues Mortgage Revenue Bond Investments $ 41,348,004 $ 57,625,273 MF Properties 8,081,029 9,149,105 Public Housing Capital Fund Trusts 2,368,541 2,479,494 Other Investments 10,520,439 12,101,704 Total revenues $ 62,318,013 $ 81,355,576 Interest expense Mortgage Revenue Bond Investments $ 21,862,030 $ 22,231,479 MF Properties 1,444,700 1,699,121 Public Housing Capital Fund Trusts 1,410,564 932,456 Other Investments - - Total interest expense $ 24,717,294 $ 24,863,056 Depreciation expense Mortgage Revenue Bond Investments $ - $ - MF Properties 3,088,117 3,488,058 Public Housing Capital Fund Trusts - - Other Investments - - Total depreciation expense $ 3,088,117 $ 3,488,058 Net income (loss) Mortgage Revenue Bond Investments $ 3,835,002 $ 22,048,372 MF Properties (964,355 ) 3,676,560 Public Housing Capital Fund Trusts 957,977 406,019 Other Investments 26,663,527 15,008,578 Net income $ 30,492,151 $ 41,139,529 The following table details total assets for the Partnership’s reportable segments as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Total assets Mortgage Revenue Bond Investments $ 918,301,172 $ 864,311,647 MF Properties 70,569,646 71,120,280 Public Housing Capital Fund Trusts 43,591,048 48,942,334 Other Investments 87,098,315 85,048,514 Consolidation/eliminations (90,391,673 ) (86,709,529 ) Total assets $ 1,029,168,508 $ 982,713,246 |
Summary of Unaudited Quarterly
Summary of Unaudited Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Results of Operations | 25. Summary of Unaudited Quarterly Results of Operations 2019 March 31, June 30, September 30, December 31, Revenues and other income $ 17,664,598 $ 14,346,334 $ 25,341,629 $ 21,107,249 Income from continuing operations 6,451,813 3,886,190 9,707,903 10,446,245 Net income $ 6,451,813 $ 3,886,190 $ 9,707,903 $ 10,446,245 Income from continuing operations, per BUC $ 0.08 $ 0.05 $ 0.13 $ 0.16 Net income, basic and diluted, per BUC $ 0.08 $ 0.05 $ 0.13 $ 0.16 2018 March 31, June 30, September 30, December 31, Revenues and other income $ 16,458,034 $ 15,785,165 $ 30,052,544 $ 26,015,349 Income from continuing operations 6,004,304 3,338,121 17,883,055 13,914,049 Net income $ 6,004,304 $ 3,338,121 $ 17,883,055 $ 13,914,049 Income from continuing operations, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22 Net income, basic and diluted, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 26. Subsequent Events In January 2020, the Partnership executed a $7.3 million equity commitment to fund construction of the Vantage at Westover Hills multifamily property in San Antonio, TX. In January 2020, the Partnership sold its PHC Certificate Trusts I, II and III Trust Certificates for approximately $43.3 million plus accrued interest. Upon sale, the Partnership collapsed and paid off in full all principal and interest due on the TOB Trust financings secured by the PHC Certificates. In January 2020, the Solano Vista – Series B MRB was redeemed at price equal to outstanding principal plus accrued interest. In January 2020, the Partnership extended the maturity date of the Term TOB Trust related to Pro Nova 2014-1 to May 2020. In February 2020, the Partnership extended the maturity date of the Term A/B Trusts related to Gateway Village and Lynnhaven Apartments to February 2021. In February 2020, the Partnership refinanced The 50/50 MF Property Mortgage loan with its current lender. The Mortgage loan maturity date was extended seven years to April 2027 and the interest rate decreased to a fixed rate of 4.35%. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The “Partnership,” as used herein, includes the Partnership, its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. The consolidated subsidiaries of the Partnership for the periods presented 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 (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“Freddie Mac”); • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “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 as of December 31, 2019; • The Suites on Paseo MF Property, a real estate asset, is owned directly by the Partnership; and • The Partnership owned, through a wholly owned subsidiary, 100% of the Jade Park MF Property until selling the property in September 2018. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary. |
Use of Estimates in Preparation of Consolidated Financial Statements | Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining: (i) the fair value of MRBs and Public Housing Capital Fund Trusts Certificates (“PHC Certificates”); (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for loan losses. |
Variable Interest Entities | Variable Interest Entities Under the accounting guidance for consolidation, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are VIEs and if the Partnership is the primary beneficiary. The entity that is deemed to have: (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it must consolidate the VIEs in its consolidated financial statements. The Partnership has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Partnership’s consolidated financial statements, all transactions and accounts between the Partnership and the consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. The Partnership does not believe that the consolidation of VIEs for reporting under GAAP impacts its status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership. In addition, the consolidation of VIEs is not expected to impact the treatment of the MRBs owned by consolidated VIEs, the tax-exempt nature of the interest payments on secured debt financings, or the manner in which the Partnership’s income is reported to Unitholders on IRS Schedule K-1. Accounting for TOB, Term TOB, Term A/B and TEBS Financing Arrangements The Partnership has evaluated the accounting guidance related its TOB (“Tender Option Bond”), Term TOB, Term A/B and TEBS Financings and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and therefore are accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets. The financing agreements contain certain provisions that allow the Partnership to unilaterally cause the holder to return the securitized assets, other than through a cleanup call. Based on these terms, the Partnership has concluded that the Partnership has not transferred effective control over the transferred assets and, as such, the transactions do not meet the conditions to de-recognize the transferred assets. In addition, the Partnership has evaluated the securitization trusts associated with the TOB, Term TOB, Term A/B and TEBS Financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts in the Partnership’s consolidated financial statements. The Partnership recognizes interest expense for fixed-rate TEBS Financings with escalating stated interest rates using the effective interest method over the estimated term of the arrangement. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased. |
Concentration of Credit Risk | Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at three financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances have exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s short-term investment portfolio being restricted to investment grade securities. |
Restricted Cash | Restricted Cash Restricted cash is legally restricted as to its use and is comprised of resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities. Restricted cash is presented with cash and cash equivalents on the Partnership’s consolidated statement of cash flows. |
Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds | Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds The Partnership accounts for its investments in MRBs and taxable MRBs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership periodically reviews its MRBs and taxable MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including: • The duration and severity of the decline in fair value; • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers; • Adverse conditions specifically related to the security, its collateral, or both; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make payments; • Failure of the issuer to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost, if the Partnership has the intent to sell or may be required to sell the security prior to the time that the value recovers or until maturity, and whether the Partnership expects to recover the security’s entire amortized cost basis. The recognition of other-than-temporary impairment and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership’s consolidated financial statements. If the Partnership experiences deterioration in the values of its investment portfolio, the Partnership may incur impairments to its investment portfolio that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. There were no impairment charges reported by the Partnership related to MRBs or taxable MRBs during the years ended December 31, 2019 and 2018. Investment in Public Housing Capital Fund Trust Certificates The Partnership accounts for its investments in PHC Certificates under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the certificates, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 23 for a description of the Partnership’s methodology for estimating the fair value of the PHC Certificates. 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 of the security; • 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; • A downgrade in the security’s rating by Standard & Poor’s; and • The volatility of the fair value of the security. See Note 7 for information on recognized impairments of the PHC Certificates. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily and student housing residential apartment buildings, and five to 15 years on capital improvements. Depreciation expense is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gains and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets for impairment at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. See Note 8 for information on recognized impairments of the real estate assets. Investments in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited membership interests using The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Factors considered include: • The absence of an ability to recover the carrying amount of the investment; • The inability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment; or • Estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment of whether a decline in value is other than temporary is based on the Partnership’s ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered other than temporary, an impairment charge would be recorded equal to the excess of the carrying value over the estimated fair value of the investment. The Partnership earns a return on its investments in unconsolidated entities that is guaranteed by an unrelated third party, which is also an affiliate of the unconsolidated entities. |
Property Loans, Net of Loan Loss Allowance | Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily properties. Most of the property loans have been made to multifamily properties that secure MRBs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these property loans and accrued interest is dependent largely on the cash flows or proceeds upon sale of the related property. The Partnership periodically evaluates these loans for potential impairment by estimating the fair value of the related property and comparing the fair value to the outstanding MRBs or senior financing plus the Partnership’s property loans. The Partnership utilizes a discounted cash flow model that considers varying assumptions. The discounted cash flow analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the related property, after deducting the amortized cost basis of the MRB or senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. See Note 10 for additional information on the Partnership’s property loan loss allowances. |
Deferred Financing Costs | Deferred Financing Costs Debt financing costs are capitalized and amortized using the effective interest method through either the stated maturity date or the optional redemption date of the related debt financing agreement. Debt financing costs associated with revolving line of credit (“LOC”) arrangements are reported within “Other assets” on the Partnership’s consolidated balance sheets. Deferred financing costs associated with debt financing arrangements are reported as reductions to the carrying value of the related debt financing arrangements on the Partnership’s consolidated balance sheets. |
Income Taxes | Income Taxes No provision has been made for income taxes of the Partnership because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. The Partnership pays franchise margin taxes on revenues in certain jurisdictions relating to property loans and investments in unconsolidated entities. The Greens Hold Co is subject to federal and state income taxes. The Partnership recognizes income tax expense or benefit for the federal and state income taxes incurred by this entity in its consolidated financial statements. The Partnership evaluates the tax positions it takes in its consolidated financial statements under the accounting guidance for uncertain tax positions. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. The Partnership accrues interest and penalties, if any, and reports them within “Income tax expense” on the Partnership’s consolidated statements of operations. Deferred income tax expense or benefit, is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes), such as depreciation, amortization of financing costs, etc. and the utilization of tax net operating losses (“NOLs”). The Partnership values its deferred tax assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Partnership records a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred income tax expense. |
Investment Income from Investments in Mortgage Revenue Bonds | Investment Income from Investments in Mortgage Revenue Bonds The interest income received by the Partnership from its MRBs is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing MRBs is recognized as it is earned. Current and past due base interest income on MRBs not fully performing is recognized as it is received. The Partnership reinstates the accrual of base interest once the MRBs’ ability to perform is adequately demonstrated. Base interest income related to MRBs and taxable MRBs is reported within “Investment income” and “Other interest income”, respectively, on the Partnership’s consolidated statements of operations. Certain MRBs contain contingent interest provisions that may generate excess available cash flow. Contingent interest income is recognized when realized or realizable. Past due contingent interest on MRBs, which are or were previously not fully performing, is recognized when realized or realizable. As of December 31, 2019 and 2018, the Partnership’s MRBs were fully performing as to their base interest. As of December 31, 2019, there were no MRBs outstanding that included contingent interest provisions. Premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Discounts on MRB investments are amortized as a yield adjustment to the stated maturity date. Amortization of premiums and discounts is reported within “Investment income” on the Partnership’s consolidated statements of operations. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the period to the stated maturity of the related MRBs. Bond issuance costs are reported as an adjustment to the carrying cost of the related MRB on the Partnership’s consolidated balance sheets. Investment Income from PHC Certificates Interest income on the PHC Certificates is recognized as it is earned. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at discounts to par value. The premiums and discounts are amortized using the effective yield method over the term of the related PHC Certificate and amortization is reported within “Investment income” on the Partnership’s consolidated statements of operations. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities The Partnership reports all interest rate derivatives in its consolidated balance sheets at fair value. The Partnership’s derivative instruments are not designated as hedging instruments and changes in fair value are reported within “Interest expense” on the Partnership’s consolidated statements of operations. The Partnership is exposed to loss should a counterparty to its interest rate derivative agreements default. The Partnership does not anticipate non-performance by any counterparty. |
Redeemable Series A Preferred Units | Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units representing limited partnership interests in the Partnership to various financial institutions. The Series A Preferred Units are recorded as mezzanine equity due to the holders’ redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. The costs of issuing the Series A Preferred Units are been netted against the carrying value of the Series A Preferred Units and are being amortized to the first redemption date. |
Beneficial Unit Certificates ("BUCs") | Beneficial Unit Certificates (“BUCs”) The Partnership has issued BUCs representing assigned limited partnership interests to investors. Costs related to the issuance of BUCs are recorded as a reduction to partners’ capital when issued. |
Restricted Unit Awards ("RUA" or "RUAs") | Restricted Unit Awards (“RUA” or “RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the BUC holders in September 2015, permits the grant of RUAs and other awards to the employees of Greystone Manager, or any affiliate, who performs services for Greystone Manager, the Partnership or an affiliate, and members of Greystone Manager’s Board of Managers for up to 3.0 million BUCs. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. RUAs typically provide for the payment of distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control, or upon death or disability of the participant. The Partnership accounts for forfeitures as they occur. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The Partnership accounts for modifications to RUAs as they occur, if the fair value of the RUAs change, there are changes to vesting conditions or the awards no longer qualify for equity classification. |
Net Income per BUC | Net Income per BUC The Partnership uses the two-class method to allocate net income available to the BUCs, and to the unvested RUAs as the RUAs are participating securities. Unvested RUAs are included with BUCs for the calculation of diluted net income per BUC using the treasury stock method, if the treasury stock method is more dilutive than the two-class method. |
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 Partnership’s consolidated financial statements dated prior to January 1, 2019. Lessee Operating Leases. The Partnership’s lessee ROU assets are reported within “Other assets” on the Partnership’s consolidated balance sheet (see Note 12). The Partnership’s lessee operating lease liabilities are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheet (see Note 13). See Note 13 for additional information on the Partnership’s ground lease. Lessor Operating Leases. |
Reclassification | Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. For the year ended December 31, 2019, the Partnership is reporting the amortization of deferred financing costs within “Interest expense” on the Partnership’s consolidated statements of operations. Previously, “Amortization of deferred financing costs” had been reported as a separate expense line item on the Partnership’s consolidated statement of operations. Accordingly, for the year ended December 31, 2018, the Partnership has included the 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 consolidated financial statements for the periods presented. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326).” ASU 2016-13 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. ASU 2016-13 also includes changes to the impairment model for available-for-sale debt securities, such as the Partnership’s MRBs, PHC Certificates, and taxable MRBs. In November 2019, the FASB issued ASU 2019-10 which amended the mandatory effective dates of certain ASUs, including ASU 2016-13, based on an entity’s filing status. As a smaller reporting company, the Partnership’s mandatory effective date for ASU 2016-13 is now January 1, 2023, and the Partnership has elected to defer adoption until that date. The delay in implementing ASU 2016-13 will allow the Partnership to take advantage of any additional guidance that may come out from the FASB on implementing ASU 2016-13. The effective date may be sooner if the Partnership becomes an accelerated filer in the future. Prior to the issuance of ASU 2019-10, the Partnership had completed an initial assessment of the items that are within the scope of ASU 2016-13. Furthermore, the Partnership began developing data collection processes, assessment procedures and internal controls required to implement ASU 2016-13. The Partnership will continue to develop data collection processes, assessment procedures and internal controls that will be required when it does implement ASU 2016-13, and to evaluate the impact on the Partnership’s consolidated financial statements. |
Partnership Income, Expenses _2
Partnership Income, Expenses and Cash Distributions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Partnership Income Expenses And Cash Distributions [Abstract] | |
Schedule of Distributions Paid or Accrued per Beneficial Unit Certificates | The distributions paid or accrued per BUC during the fiscal years ended December 31, 2019 and 2018 were as follows: For the Years Ended December 31, 2019 2018 Cash distributions $ 0.5000 $ 0.5000 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 2018: Maximum Exposure to Loss December 31, 2019 December 31, 2018 Mortgage revenue bonds $ 30,455,000 $ 51,791,000 Property loans - 8,367,635 Investment in unconsolidated entities 86,981,864 76,534,306 $ 117,436,864 $ 136,692,941 |
Investments in Mortgage Reven_2
Investments in Mortgage Revenue Bonds (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Information Regarding MRBs Owned | The following tables present information regarding the MRBs owned by the Partnership as of December 31, 2019 and 2018: December 31, 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 $ 10,147,686 $ 1,602,534 $ - $ 11,750,220 Glenview Apartments - Series A (4) CA 4,533,958 757,900 - 5,291,858 Harmony Court Bakersfield - Series A (5) CA 3,699,987 549,211 - 4,249,198 Harmony Terrace - Series A (5) CA 6,849,214 1,121,262 - 7,970,476 Harden Ranch - Series A (3) CA 6,700,868 1,281,980 - 7,982,848 Las Palmas II - Series A (5) CA 1,679,022 263,441 - 1,942,463 Montclair Apartments - Series A (4) CA 2,456,298 446,558 - 2,902,856 Montecito at Williams Ranch Apartments - Series A (7) CA 7,681,146 1,580,303 - 9,261,449 San Vicente - Series A (5) CA 3,462,053 510,593 - 3,972,646 Santa Fe Apartments - Series A (4) CA 2,975,713 540,988 - 3,516,701 Seasons at Simi Valley - Series A (5) CA 4,282,477 860,856 - 5,143,333 Seasons Lakewood - Series A (5) CA 7,295,901 1,124,372 - 8,420,273 Seasons San Juan Capistrano - Series A (5) CA 12,283,916 1,893,075 - 14,176,991 Summerhill - Series A (5) CA 6,371,318 797,228 - 7,168,546 Sycamore Walk - Series A (5) CA 3,559,011 567,713 - 4,126,724 The Village at Madera - Series A (5) CA 3,060,177 454,240 - 3,514,417 Tyler Park Townhomes - Series A (3) CA 5,837,595 864,894 - 6,702,489 Vineyard Gardens - Series A (7) CA 3,995,000 815,213 - 4,810,213 Westside Village Market - Series A (3) CA 3,814,857 594,361 - 4,409,218 Brookstone (1) IL 7,406,755 2,194,994 - 9,601,749 Copper Gate Apartments (3) IN 5,005,000 682,497 - 5,687,497 Renaissance - Series A (4) LA 11,001,027 1,775,086 - 12,776,113 Live 929 Apartments (7), (8) MD 39,984,026 - (280,711 ) 39,703,315 Woodlynn Village (1) MN 4,172,000 44,510 - 4,216,510 Gateway Village (2) NC 2,600,000 509,901 - 3,109,901 Greens Property - Series A (3) NC 7,936,000 845,678 - 8,781,678 Lynnhaven Apartments (2) NC 3,450,000 393,686 - 3,843,686 Silver Moon - Series A (4) NM 7,762,116 1,166,748 - 8,928,864 Village at Avalon - Series A (6) NM 16,302,038 3,131,843 - 19,433,881 Ohio Properties - Series A (1) OH 13,857,000 48,813 - 13,905,813 Bridle Ridge (1) SC 7,315,000 113,469 - 7,428,469 Columbia Gardens (5) SC 13,064,589 2,179,744 - 15,244,333 Companion at Thornhill Apartments (5) SC 11,178,557 1,709,040 - 12,887,597 Cross Creek (1) SC 6,143,976 2,507,072 - 8,651,048 Rosewood Townhomes - Series A (7) SC 9,280,000 316,916 - 9,596,916 South Pointe Apartments - Series A (7) SC 21,600,000 835,005 - 22,435,005 The Palms at Premier Park Apartments (3) SC 18,838,478 2,799,411 - 21,637,889 Village at River's Edge (5) SC 9,872,297 2,236,259 - 12,108,556 Willow Run (5) SC 12,884,191 2,100,598 - 14,984,789 Arbors at Hickory Ridge (3) TN 11,056,825 1,934,146 - 12,990,971 Pro Nova 2014-1 (2), (8) TN 10,022,352 - (372,169 ) 9,650,183 Avistar at Copperfield - Series A (2) TX 13,945,681 2,356,231 - 16,301,912 Avistar at the Crest - Series A (3) TX 9,252,257 1,715,456 - 10,967,713 Avistar at the Oaks - Series A (3) TX 7,475,794 1,336,580 - 8,812,374 Avistar at the Parkway - Series A (4) TX 12,854,039 2,065,468 - 14,919,507 Avistar at Wilcrest - Series A (2) TX 5,285,131 806,523 - 6,091,654 Avistar at Wood Hollow - Series A (2) TX 40,129,878 6,450,704 - 46,580,582 Avistar in 09 - Series A (3) TX 6,455,058 1,125,239 - 7,580,297 Avistar on the Boulevard - Series A (3) TX 15,762,217 2,648,781 - 18,410,998 Avistar on the Hills - Series A (3) TX 5,118,097 938,032 - 6,056,129 Bruton Apartments (5) TX 17,807,768 3,534,702 - 21,342,470 Concord at Gulfgate - Series A (5) TX 18,975,786 3,572,995 - 22,548,781 Concord at Little York - Series A (5) TX 13,293,436 2,624,054 - 15,917,490 Concord at Williamcrest - Series A (5) TX 20,592,957 3,971,001 - 24,563,958 Crossing at 1415 - Series A (5) TX 7,405,406 1,229,438 - 8,634,844 Decatur Angle (5) TX 22,455,747 4,198,200 - 26,653,947 Esperanza at Palo Alto (5) TX 19,356,959 4,111,518 - 23,468,477 Heights at 515 - Series A (5) TX 6,779,777 1,154,387 - 7,934,164 Heritage Square - Series A (4) TX 10,695,037 1,455,672 - 12,150,709 Oaks at Georgetown - Series A (5) TX 12,239,247 1,645,817 - 13,885,064 Runnymede (1) TX 9,925,000 80,343 - 10,005,343 Southpark (1) TX 11,548,337 2,334,262 - 13,882,599 15 West Apartments (5) WA 9,673,117 2,287,904 - 11,961,021 Mortgage revenue bonds held in trust $ 648,445,150 $ 95,795,445 $ (652,880 ) $ 743,587,715 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (6) MRB held by Morgan Stanley in a secured financing transaction, see Note 15 (7) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15 (8) As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months. December 31, 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 $ 1,654,870 $ - $ 14,854,870 Solano Vista - Series A & B CA 5,768,000 625,235 - 6,393,235 Greens Property - Series B NC 930,016 142,265 - 1,072,281 Ohio Properties - Series B OH 3,504,171 10,363 - 3,514,534 Rosewood Townhomes - Series B SC 470,000 1,685 - 471,685 South Pointe Apartments - Series B SC 1,100,000 2,952 - 1,102,952 Avistar at the Crest - Series B TX 740,876 94,819 - 835,695 Avistar at the Oaks - Series B TX 542,170 65,455 - 607,625 Avistar at the Parkway - Series B TX 124,305 38,045 - 162,350 Avistar in 09 - Series B TX 447,241 53,995 - 501,236 Avistar on the Boulevard - Series B TX 440,231 53,056 - 493,287 Mortgage revenue bonds held by the Partnership $ 27,267,010 $ 2,742,740 $ - $ 30,009,750 December 31, 2018 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (5) CA $ 10,230,000 $ 954,573 $ - $ 11,184,573 Glenview Apartments - Series A (4) CA 4,581,930 524,024 - 5,105,954 Harmony Court Bakersfield - Series A (5) CA 3,730,000 312,844 - 4,042,844 Harmony Terrace - Series A (5) CA 6,900,000 647,686 - 7,547,686 Harden Ranch - Series A (3) CA 6,775,508 1,007,557 - 7,783,065 Las Palmas II - Series A (5) CA 1,692,774 141,187 - 1,833,961 Montclair Apartments - Series A (4) CA 2,482,288 246,752 - 2,729,040 Montecito at Williams Ranch Apartments - Series A (2) CA 7,690,000 973,133 - 8,663,133 San Vicente - Series A (5) CA 3,490,410 291,121 - 3,781,531 Santa Fe Apartments - Series A (4) CA 3,007,198 401,203 - 3,408,401 Seasons at Simi Valley - Series A (5) CA 4,325,536 655,326 - 4,980,862 Seasons Lakewood - Series A (5) CA 7,350,000 654,929 - 8,004,929 Seasons San Juan Capistrano - Series A (5) CA 12,375,000 1,102,687 - 13,477,687 Summerhill - Series A (5) CA 6,423,000 508,639 - 6,931,639 Sycamore Walk - Series A (5) CA 3,598,006 363,405 - 3,961,411 The Village at Madera - Series A (5) CA 3,085,000 229,934 - 3,314,934 Tyler Park Townhomes - Series A (3) CA 5,903,368 731,073 - 6,634,441 Vineyard Gardens - Series A (2) CA 3,995,000 534,351 - 4,529,351 Westside Village Market - Series A (3) CA 3,857,839 483,436 - 4,341,275 Brookstone (1) IL 7,432,076 1,956,010 - 9,388,086 Copper Gate Apartments (3) IN 5,055,000 643,012 - 5,698,012 Renaissance - Series A (4) LA 11,123,800 1,383,680 - 12,507,480 Live 929 Apartments (2) MD 40,240,405 2,873,978 - 43,114,383 Woodlynn Village (1) MN 4,221,000 34,155 - 4,255,155 Greens Property - Series A (3) NC 8,032,000 818,686 - 8,850,686 Silver Moon - Series A (4) NM 7,822,610 778,940 - 8,601,550 Ohio Properties - Series A (1) OH 13,989,000 241,675 - 14,230,675 Bridle Ridge (1) SC 7,395,000 90,349 - 7,485,349 Columbia Gardens (5) SC 13,222,480 1,396,828 - 14,619,308 Companion at Thornhill Apartments (5) SC 11,294,928 1,148,219 - 12,443,147 Cross Creek (1) SC 6,143,919 2,540,949 - 8,684,868 The Palms at Premier Park Apartments (3) SC 19,044,617 2,194,791 - 21,239,408 Village at River's Edge (5) SC 9,938,059 1,421,114 - 11,359,173 Willow Run (5) SC 13,040,029 1,375,542 - 14,415,571 Arbors at Hickory Ridge (3) TN 11,194,690 1,399,461 - 12,594,151 Pro Nova 2014-1 (2) TN 10,027,413 19,710 - 10,047,123 Avistar at Copperfield - Series A (2) TX 10,000,000 589,196 - 10,589,196 Avistar at the Crest - Series A (3) TX 9,357,374 1,036,288 - 10,393,662 Avistar at the Oaks - Series A (3) TX 7,558,240 706,970 - 8,265,210 Avistar at the Parkway - Series A (4) TX 13,114,418 1,232,292 - 14,346,710 Avistar at Wilcrest - Series A (2) TX 3,775,000 206,263 - 3,981,263 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,624,687 - 33,474,687 Avistar in 09 - Series A (3) TX 6,526,247 525,939 - 7,052,186 Avistar on the Boulevard - Series A (3) TX 15,941,296 1,628,269 - 17,569,565 Avistar on the Hills - Series A (3) TX 5,221,971 557,084 - 5,779,055 Bruton Apartments (5) TX 17,933,482 2,046,056 - 19,979,538 Concord at Gulfgate - Series A (5) TX 19,144,400 2,222,555 - 21,366,955 Concord at Little York - Series A (5) TX 13,411,558 1,617,217 - 15,028,775 Concord at Williamcrest - Series A (5) TX 20,775,940 2,505,243 - 23,281,183 Crossing at 1415 - Series A (5) TX 7,474,716 600,738 - 8,075,454 Decatur Angle (5) TX 22,630,276 1,945,516 - 24,575,792 Esperanza at Palo Alto (5) TX 19,487,713 2,350,453 - 21,838,166 Heights at 515 - Series A (5) TX 6,843,232 722,522 - 7,565,754 Heritage Square - Series A (4) TX 10,958,661 893,881 - 11,852,542 Oaks at Georgetown - Series A (5) TX 12,330,000 693,579 - 13,023,579 Runnymede (1) TX 10,040,000 64,280 - 10,104,280 Southpark (1) TX 11,623,649 2,482,923 - 14,106,572 15 West Apartments (5) WA 9,737,418 1,480,489 - 11,217,907 Mortgage revenue bonds held in trust $ 586,445,474 $ 58,813,399 $ - $ 645,258,873 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 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 |
Schedule of MRBs Acquisitions | Acquisitions: The following MRBs were acquired during the year ended December 31, 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 MRBs were acquired during the year ended December 31, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Esperanza at Palo Alto (1) May San Antonio, TX 322 7/1/2058 5.80 % $ 19,540,000 Solano Vista - Series A December Vallejo, CA 96 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B December Vallejo, CA 96 1/1/2021 5.85 % 3,103,000 Village at Avalon (1) December Albuquerque, NM 240 1/1/2059 5.80 % 16,400,000 $ 41,708,000 (1) Previously reported bond purchase commitment that converted to an MRB. |
Schedule of MRBs Redeemed | Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 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 - Series B April Fullerton, CA 108 6/1/2019 8.00 % 6,228,000 $ 11,802,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2018: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Sycamore Walk - Series B January Bakersfield, CA 112 1/1/2018 8.00 % $ 1,815,000 Seasons Lakewood - Series B March Lakewood, CA 85 1/1/2019 8.00 % 5,260,000 Summerhill - Series B March Bakersfield, CA 128 12/1/2018 8.00 % 3,372,000 Oaks at Georgetown - Series B April Georgetown, TX 192 1/1/2019 8.00 % 5,512,000 Seasons at Simi Valley - Series B April Simi Valley, CA 69 9/1/2018 8.00 % 1,944,000 San Vicente - Series B May Soledad, CA 50 11/1/2018 8.00 % 1,825,000 The Village at Madera - Series B May Madera, CA 75 12/1/2018 8.00 % 1,719,000 Las Palmas - Series B July Coachella, CA 81 11/1/2018 8.00 % 1,770,000 Harmony Terrace - Series B August Simi Valley, CA 136 1/1/2019 8.00 % 7,400,000 Lake Forest September Daytona Beach, FL 240 12/1/2031 6.25 % 8,397,000 Bella Vista October Gainesville, TX 144 4/1/2046 6.15 % 6,225,000 Montecito at Williams Ranch Apartments - Series B December Salinas, CA 132 10/1/2019 8.00 % 4,781,000 Vantage at Judson - Series B December San Antonio, TX 288 1/1/2053 6.00 % 25,908,568 Vineyard Gardens - Series B December Oxnard, CA 62 1/1/2020 5.50 % 2,846,000 $ 78,774,568 |
Term of Mortgage Revenue Bond After Restructuring | The following MRBs were restructured during the year ended December 31, 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 |
Schedule of Percentage of MRBs Principal Outstanding | The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding: December 31, 2019 December 31, 2018 Texas 43 % 43 % California 18 % 18 % South Carolina 17 % 17 % |
Description of Certain Terms of Partnership' MRB's | The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2019, and 2018: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2019 15 West Apartments - Series A (5) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,673,117 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 10,985,959 Avistar at Copperfield - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 13,945,681 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 15,762,217 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,252,257 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,181,107 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,475,794 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,455,058 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,118,097 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 989,411 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 12,854,039 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,305 Avistar at Wilcrest - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 5,285,131 Avistar at Wood Hollow - Series A (2) 2017 Austin, TX 5/1/2054 5.75 % 40,129,878 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,315,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,767,616 Bruton Apartments (5) 2014 Dallas, TX 8/1/2054 6.00 % 17,807,768 Columbia Gardens (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,922,000 Companion at Thornhill Apartments (5) 2016 Lexington, SC 1/1/2052 5.80 % 11,178,557 Concord at Gulfgate - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 18,975,786 Concord at Little York - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 13,293,436 Concord at Williamcrest - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 20,592,957 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,005,000 Courtyard - Series A (5) 2016 Fullerton, CA 12/1/2033 5.00 % 10,147,686 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 7,970,921 Crossing at 1415 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 7,405,406 Decatur Angle (5) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,455,747 Esperanza at Palo Alto (5) 2018 San Antonio, TX 7/1/2058 5.80 % 19,356,959 Gateway Village (2) 2019 Durham, NC 4/1/2032 6.10 % 2,600,000 Glenview Apartments - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,533,958 Greens Property - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 7,936,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 930,016 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,700,868 Harmony Court Bakersfield - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,699,987 Harmony Terrace - Series A (5) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,849,214 Heights at 515 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 6,779,777 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 10,695,037 Las Palmas II - Series A (5) 2016 Coachella, CA 11/1/2033 5.00 % 1,679,022 Live 929 Apartments (7) 2014 Baltimore, MD 7/1/2049 5.78 % 39,685,000 Lynnhaven Apartments (2) 2019 Durham, NC 4/1/2032 6.10 % 3,450,000 Montclair Apartments - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,456,298 Montecito at Williams Ranch Apartments - Series A (7) 2017 Salinas, CA 10/1/2034 5.50 % 7,681,146 Montevista - Series A 2019 San Pablo, CA 7/1/2036 5.75 % 6,720,000 Montevista - Series B 2019 San Pablo, CA 7/1/2021 5.75 % 6,480,000 Oaks at Georgetown - Series A (5) 2016 Georgetown, TX 1/1/2034 5.00 % 12,239,247 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,857,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,504,170 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,001,027 Rosewood Townhomes - Series A (7) 2017 Goose Creek, SC 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 470,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 9,925,000 San Vicente - Series A (5) 2016 Soledad, CA 11/1/2033 5.00 % 3,462,053 Santa Fe Apartments - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 2,975,713 Seasons at Simi Valley - Series A (5) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,282,477 Seasons Lakewood - Series A (5) 2016 Lakewood, CA 1/1/2034 5.00 % 7,295,901 Seasons San Juan Capistrano - Series A (5) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,283,916 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,762,116 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B 2018 Vallejo, CA 1/1/2021 5.85 % 3,103,000 South Pointe Apartments - Series A (7) 2017 Hanahan, SC 7/1/2055 5.75 % 21,600,000 South Pointe Apartments - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,100,000 Southpark ( 1) 2009 Austin, TX 12/1/2049 6.13 % 13,005,000 Summerhill - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,371,318 Sycamore Walk - Series A (5) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,559,011 The Palms at Premier Park Apartments (3) 2013 Columbia, SC 1/1/2050 6.25 % 18,838,478 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,837,595 The Village at Madera - Series A (5) 2016 Madera, CA 12/1/2033 5.00 % 3,060,177 Village at Avalon (6) 2018 Albuquerque, NM 1/1/2059 5.80 % 16,302,038 Village at River's Edge (5) 2017 Columbia, SC 6/1/2033 6.00 % 9,872,297 Vineyard Gardens - Series A (7) 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,814,857 Willow Run (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,742,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,172,000 $ 679,679,604 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (6) MRB held by Morgan Stanley in a secured financing transaction, see Note 15 (7) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15 Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding as of December 31, 2018 15 West Apartments - Series A (5) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,737,418 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,115,410 Avistar at Copperfield - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 10,000,000 Avistar at Copperfield - Series B 2017 Houston, TX 6/1/2054 12.00 % 4,000,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 15,941,296 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,357,374 Avistar (February 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 1,188,251 Avistar at the Oaks - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,558,240 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,526,247 Avistar on the Hills - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,221,971 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 995,162 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,114,418 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 124,600 Avistar at Wilcrest - Series A (2) 2017 Houston, TX 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B 2017 Houston, TX 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series A (2) 2017 Austin, TX 5/1/2054 5.75 % 31,850,000 Avistar at Wood Hollow - Series B 2017 Austin, TX 6/1/2054 12.00 % 8,410,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,395,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 8,876,298 Bruton Apartments (5) 2014 Dallas, TX 8/1/2054 6.00 % 17,933,482 Columbia Gardens (5) 2015 Columbia, SC 12/1/2050 5.50 % 13,061,000 Companion at Thornhill Apartments (5) 2016 Lexington, SC 1/1/2052 5.80 % 11,294,928 Concord at Gulfgate - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 19,144,400 Concord at Little York - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 13,411,558 Concord at Williamcrest - Series A (5) 2015 Houston, TX 2/1/2032 6.00 % 20,775,940 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,055,000 Courtyard - Series A (5) 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard - Series B 2016 Fullerton, CA 6/1/2019 8.00 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,072,754 Crossing at 1415 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 7,474,716 Decatur Angle (5) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,630,276 Esperanza at Palo Alto (5) 2018 San Antonio, TX 7/1/2058 5.80 % 19,487,713 Glenview Apartments - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,581,930 Greens Property - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,032,000 Greens Property - Series B 2012 Durham, NC 10/1/2047 12.00 % 933,928 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,775,508 Harmony Court Bakersfield - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Terrace - Series A (5) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Heights at 515 - Series A (5) 2015 San Antonio, TX 12/1/2052 6.00 % 6,843,232 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 10,958,661 Las Palmas II - Series A (5) 2016 Coachella, CA 11/1/2033 5.00 % 1,692,774 Live 929 Apartments (2) 2014 Baltimore, MD 7/1/2049 5.78 % 39,875,000 Montclair Apartments - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,482,288 Montecito at Williams Ranch Apartments - Series A (2) 2017 Salinas, CA 10/1/2034 5.50 % 7,690,000 Oaks at Georgetown - Series A (5) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Ohio Properties - Series A (1) 2010 Ohio 6/1/2050 7.00 % 13,989,000 Ohio Properties - Series B 2010 Ohio 6/1/2050 10.00 % 3,520,900 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,123,800 Rosewood Townhomes - Series A 2017 Goose Creek, SC 7/1/2055 5.75 % 9,280,000 Rosewood Townhomes - Series B 2017 Goose Creek, SC 8/1/2055 12.00 % 470,000 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,040,000 San Vicente - Series A (5) 2016 Soledad, CA 11/1/2033 5.00 % 3,490,410 Santa Fe Apartments - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,007,198 Seasons at Simi Valley - Series A (5) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,325,536 Seasons Lakewood - Series A (5) 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons San Juan Capistrano - Series A (5) 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B 2016 San Juan Capistrano, CA 1/1/2019 8.00 % 5,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,822,610 Solano Vista - Series A 2018 Vallejo, CA 1/1/2036 5.85 % 2,665,000 Solano Vista - Series B 2018 Vallejo, CA 1/1/2021 5.85 % 3,103,000 South Pointe Apartments - Series A 2017 Hanahan, SC 7/1/2055 5.75 % 21,600,000 South Pointe Apartments - Series B 2017 Hanahan, SC 8/1/2055 12.00 % 1,100,000 Southpark ( 1) 2009 Austin, TX 12/1/2049 6.13 % 13,155,000 Summerhill - Series A (5) 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Sycamore Walk - Series A (5) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,598,006 The Palms at Premier Park Apartments (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,044,617 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 5,903,368 The Village at Madera - Series A (5) 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 Village at Avalon 2018 Albuquerque, NM 1/1/2059 5.80 % 16,400,000 Village at River's Edge (5) 2017 Columbia, SC 6/1/2033 6.00 % 9,938,059 Vineyard Gardens - Series A (2) 2017 Oxnard, CA 1/1/2035 5.50 % 3,995,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,857,839 Willow Run (5) 2015 Columbia, SC 12/1/2050 5.50 % 12,879,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,221,000 $ 677,698,116 (1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 (2) MRB held by Deutsche Bank in a secured financing transaction, see Note 15 (3) MRB held by ATAX TEBS II, LLC (M31 TEBS), see Note 15 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 |
Public Housing Capital Fund T_2
Public Housing Capital Fund Trust Certificates (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 2018: December 31, 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 5.47 AA- 5.33% $ 24,477,478 $ 435,659 $ - $ 24,913,137 PHC Certificate Trust II 4.58 AA- 4.41% 4,375,296 386,433 - 4,761,729 PHC Certificate Trust III 5.43 BBB 5.12% 13,087,779 586,712 - 13,674,491 $ 41,940,553 $ 1,408,804 $ - $ 43,349,357 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 2018: Real Estate Assets as of December 31, 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 $ 39,073,728 $ 42,272,996 The 50/50 MF Property Lincoln, NE 475 - 32,937,805 32,937,805 Land held for development (1) 1,706,862 - 1,706,862 $ 76,917,663 Less accumulated depreciation (15,357,700 ) Total real estate assets $ 61,559,963 (1) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. Real Estate Assets as of December 31, 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) 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 parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. |
MF Properties [Member] | |
Real Estate [Line Items] | |
Gains on Sale, Net of Income Taxes | During 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is considered either Tier 2 or Tier 3 income (see Note 3). The Partnership determined the sales did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units Gross Proceeds Gain on Sale before Income Taxes Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429 |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019 and 2018 and remaining equity commitment amounts as of December 31, 2019: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of December 31, 2019 Carrying Value as of December 31, 2018 Maximum Remaining Equity Commitment as of December 31, 2019 Vantage at Boerne Boerne, TX 288 August 2016 April 2018 $ - $ 8,830,000 $ - 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 10,144,052 9,182,522 - Vantage at Germantown Germantown, TN 288 June 2018 N/A 11,745,155 7,033,398 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 13,516,425 6,254,104 - Vantage at Coventry Omaha, NE 288 September 2018 N/A 9,007,435 5,380,267 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 8,078,519 - 1,347,128 Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 5,016,811 - 2,475,171 3,174 $ 86,981,864 $ 76,534,306 $ 5,414,338 |
Summary of Partnership's Investments in Unconsolidated Entities | The following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Property Revenues $ 12,541,852 $ 9,262,127 Gain on sale of property $ 35,871,041 $ 7,424,879 Net income $ 32,662,003 $ 5,001,702 |
Property Loans, Net of Loan L_2
Property Loans, Net of Loan Loss Allowances (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Loans Net Of Loan Loss Allowance [Abstract] | |
Summary of Partnership's Property Loans, Net of Loan Loss Allowances | The following table summarizes the Partnership’s property loans, net of loan loss allowances, as of December 31, 2019 and 2018: December 31, 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 Live 929 Apartments 405,717 - 405,717 Ohio Properties 2,390,446 - 2,390,446 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 |
Summary of Changes in Partnership's Loan Loss Reserves | The following table summarizes the changes in the Partnership’s loan loss reserves for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Balance, beginning of year $ 7,393,814 $ 7,393,814 Balance, end of year $ 7,393,814 $ 7,393,814 |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense (Benefit) | . The following table summarizes income tax expense (benefit) for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Current income tax expense (benefit) $ 195,861 $ (678,862 ) Deferred income tax benefit (149,874 ) (242,235 ) Total income tax expense (benefit) $ 45,987 $ (921,097 ) |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table summarizes the Partnership’s other assets as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Deferred financing costs, net $ 353,862 $ 397,823 Fair value of derivative instruments (Note 17) 10,911 626,633 Taxable mortgage revenue bonds, at fair value 1,383,237 1,409,895 Operating lease right-of-use assets, net 1,673,242 - Other assets 1,641,099 2,081,258 Total other assets $ 5,062,351 $ 4,515,609 |
Investments Classified by Contractual Maturity Date | The following table includes the details of the taxable MRBs redeemed during the year ended December 31, 2018. The taxable MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest. Property Name Redemption Date Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Vantage at Judson - Series D December San Antonio, TX 288 2/1/2053 9.00 % $ 923,502 |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Summary of Partnership's Accounts Payable, Accrued Expenses and Other Liabilities | The following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Accounts payable $ 93,834 $ 230,631 Accrued expenses 2,529,982 2,956,368 Accrued interest expense 2,690,076 2,270,348 Operating lease liabilities 2,138,783 - Other liabilities 1,583,492 2,086,475 Total accounts payable, accrued expenses and other liabilities $ 9,036,167 $ 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 Partnership’s contractual payments related to operating leases for the twelve-month periods ending December 31 st 2020 $ 135,812 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,273 Total 5,215,119 Less: Amount representing interest (3,076,336 ) Total operating lease liabilities $ 2,138,783 |
Unsecured Lines of Credit (Tabl
Unsecured Lines of Credit (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Unsecured Lines of Credit [Member] | |
Summary of Unsecured Lines of Credit | The following tables summarize the Partnership’s unsecured lines of credit as of December 31, 2019 and 2018: Unsecured Lines of Credit Outstanding as of December 31, 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 4.19 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 4.94 % 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) | 12 Months Ended |
Dec. 31, 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 December 31, 2019: Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (3) 102,591,789 - 2019 July 2020 - September 2020 Weekly 1.79% - 2.08% 1.12% - 1.66% 2.96% - 3.45% Fixed - Term TOB (3) 21,073,418 - 2014 - 2019 January 2020 - May 2022 N/A N/A N/A 3.53% - 4.01% Fixed - Term A/B (3) 43,561,212 - 2017 - 2019 February 2020 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (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. (6) The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $ 31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45 % Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % Total TOB Financing\ Weighted Average Period End Rate $ 102,591,789 3.19 % Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $ 8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 21,073,418 3.71 % Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $ 8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 43,561,212 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 Deutsche Bank 2014 October 2019 4.39 % Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 Deutsche Bank 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 % |
Summary of MRBs Redeemed and Class A Certificates Redeemed Upon Redemption | The following table summarizes the MRBs redeemed and the amount of Class A Certificates redeemed upon redemption: Mortgage Revenue Bond Redeemed TEBS Facility Month Paydown Applied Lake Forest M24 TEBS September 2018 $ 8,122,000 Bella Vista M24 TEBS October 2018 5,076,000 Vantage at Judson - Series B M33 TEBS December 2018 25,908,568 |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2020 $ 121,117,504 2021 5,326,861 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,815 Total 538,587,979 Unamortized deferred financing costs and debt premium (2,390,558 ) Total debt financing, net $ 536,197,421 |
Mortgages Payable and Other S_2
Mortgages Payable and Other Secured Financing (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2019: Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (3) 102,591,789 - 2019 July 2020 - September 2020 Weekly 1.79% - 2.08% 1.12% - 1.66% 2.96% - 3.45% Fixed - Term TOB (3) 21,073,418 - 2014 - 2019 January 2020 - May 2022 N/A N/A N/A 3.53% - 4.01% Fixed - Term A/B (3) 43,561,212 - 2017 - 2019 February 2020 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (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. (6) The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $ 31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45 % Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20 % Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96 % Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96 % Total TOB Financing\ Weighted Average Period End Rate $ 102,591,789 3.19 % Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $ 8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 21,073,418 3.71 % Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $ 8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 43,561,212 4.47 % The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 2018: Outstanding Debt Financings as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB (5) 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB (6) 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B (6) 48,971,221 - 2017 - 2018 May 2019 - February 2027 N/A N/A N/A 4.46% - 4.53% Total Debt Financings $ 505,663,565 (1) Facility fees have a variable component. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (4) M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (5) The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). (6) The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $ 37,665,413 Deutsche Bank 2014 October 2019 4.39 % Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01 % Total Fixed Term TOB Financing\ Weighted Average Period End Rate $ 46,675,413 4.31 % Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $ 26,860,337 Deutsche Bank 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46 % Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53 % Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53 % Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $ 48,971,221 4.47 % |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2020 $ 121,117,504 2021 5,326,861 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,815 Total 538,587,979 Unamortized deferred financing costs and debt premium (2,390,558 ) Total debt financing, net $ 536,197,421 |
Mortgages payable [Member] | |
Schedule of Total Debt Financing | The following is a MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 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 $ 2,859,390 2014 March 2020 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 23,942,856 2013 March 2020 Variable Monthly 4.75 % (1) 4.75 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,802,246 4.74 % (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) Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0% |
Schedule of Contractual Maturities of Borrowings | Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st : 2020 $ 26,812,851 2021 - 2022 - 2023 - 2024 - Thereafter - Total 26,812,851 Unamortized deferred financing costs (10,605 ) Total mortgages payable and other secured financings, net $ 26,802,246 |
Interest Rate Derivatives (Tabl
Interest Rate Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Interest Rate Derivative Agreements [Abstract] | |
Summary of Partnership's Interest Rate Derivatives | The following table summarizes the Partnership’s interest rate derivatives as of December 31, 2019 and 2018: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2019 July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc - June 2017 81,101,364 Aug 2020 1.5 % SIFMA TOB Trusts Barclays Bank PLC 4,090 Sept 2017 58,090,000 Sept 2020 4.0 % SIFMA TOB Trusts Barclays Bank PLC - Aug 2019 79,333,280 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 6,821 $ 10,911 (1 ) For additional details, see Note 23 to the Partnership’s consolidated financial statements. 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 ) For additional details, see Note 23 to the Partnership’s consolidated financial statements. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2019: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of December 31, 2019 Partnership's Maximum Exposure as of December 31, 2019 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 28,264,790 $ 28,264,790 (1) Vantage at Coventry 2018 31,500,000 11,502,353 11,502,353 (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 December 31, 2019 Ohio Properties 2011 2026 $ 3,361,979 Greens of Pine Glen, LP 2012 2027 2,237,843 |
Redeemable Series A Preferred_2
Redeemable Series A Preferred Units (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Issuances of Series A Preferred Units | The following table summarizes the Series A Preferred Units outstanding as of December 31, 2019 and 2018: Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding as of December 31, 2019 and December 31, 2018 9,450,000 $ 94,500,000 |
Restricted Unit Awards (Tables)
Restricted Unit Awards (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of RUA Activity | The following table summarizes the RUA activity for years ended December 31, 2019 and 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 December 31, 2019 - $ - |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Summary of Amounts Reimbursable to AFCA 2, the General Partner of AFCA 2, or an Affiliate | The amounts in the following table represent amounts reimbursable to AFCA 2, the general partner of AFCA 2, or an affiliate for the years ended December 31, 2019 and 2018: 2019 2018 Reimbursable salaries and benefits $ 4,702,754 $ 3,993,067 Other expenses 19,622 13,121 Office expenses 17,630 - Insurance 243,773 215,867 Professional fees and expenses 82,962 154,653 $ 5,066,741 $ 4,376,708 |
Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements | The following table summarizes transactions with related parties that are reflected in the Partnership’s consolidated financial statements for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Partnership administrative fees paid to AFCA 2 (1) $ 3,620,000 $ 3,721,000 Property management fees paid to an affiliate (2) 101,000 190,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 131,000 77,000 (1) AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s consolidated statements of operations. (2) A former 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” on the Partnership’s 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. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s consolidated statements of operations. |
Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates | The following table summarizes transactions between borrowers of the Partnership’s MRBs and affiliates for the years ended December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Non-Partnership property administrative fees received by AFCA 2 (1) $ 36,000 $ 69,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,362,000 2,873,000 MRB redemption administrative fee received by AFCA 2 (3) - 283,000 (1) AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs and investments in unconsolidated entities. (3) AFCA 2 rec eived one-time administrative fees related to early redemptions of the Lake Forest MRB in September 2018 and the Vantage at Judson MRBs in December 2018. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis as of December 31, 2019 are summarized as follows: Fair Value Measurements as of December 31, 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 $ 743,587,715 $ - $ - $ 743,587,715 Mortgage revenue bonds 30,009,750 - - 30,009,750 PHC Certificates 43,349,357 - - 43,349,357 Taxable mortgage revenue bonds (reported within other assets) 1,383,237 - - 1,383,237 Derivative instruments (reported within other assets) 10,911 - - 10,911 Total Assets at Fair Value, net $ 818,340,970 $ - $ - $ 818,340,970 Assets and liabilities 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 table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2019: For the Years Ended December 31, 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) 142,356 (6,708 ) - (499,835 ) (364,187 ) Included in other comprehensive income 39,320,186 984,021 26,428 - 40,330,635 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (17,268,512 ) (6,300,042 ) (53,086 ) (145,414 ) (23,767,054 ) Ending Balance December 31, 2019 $ 773,597,465 $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2019 $ - $ - $ - $ (499,835 ) $ (499,835 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2018: For the Years Ended December 31, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2018 $ 788,621,707 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,458,663 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 144,692 - (77,096 ) - 724,579 792,175 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive (loss) income (14,560,720 ) (3,002,540 ) 950,228 (32,756 ) - (16,645,788 ) Purchases 41,708,000 - - - - 41,708,000 Settlements (83,760,244 ) - (701,614 ) (979,808 ) 131,685 (85,309,981 ) Ending Balance December 31, 2018 $ 732,153,435 $ - $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on December 31, 2018 $ - $ - $ (1,141,020 ) $ - $ 724,579 $ (416,441 ) (1) Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. |
Summary of Fair Value of Partnership's Financial Liabilities | The table below summarizes the fair value of the Partnership’s financial liabilities as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 549,397,421 $ 568,193,494 $ 541,322,765 $ 550,766,809 Mortgages payable and other secured financing 26,802,246 26,812,851 27,454,375 27,552,748 |
Segments (Tables)
Segments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Summary of Partnership Reportable Segment Information | The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2019 and 2018: For the Years Ended December 31, 2019 2018 Total revenues Mortgage Revenue Bond Investments $ 41,348,004 $ 57,625,273 MF Properties 8,081,029 9,149,105 Public Housing Capital Fund Trusts 2,368,541 2,479,494 Other Investments 10,520,439 12,101,704 Total revenues $ 62,318,013 $ 81,355,576 Interest expense Mortgage Revenue Bond Investments $ 21,862,030 $ 22,231,479 MF Properties 1,444,700 1,699,121 Public Housing Capital Fund Trusts 1,410,564 932,456 Other Investments - - Total interest expense $ 24,717,294 $ 24,863,056 Depreciation expense Mortgage Revenue Bond Investments $ - $ - MF Properties 3,088,117 3,488,058 Public Housing Capital Fund Trusts - - Other Investments - - Total depreciation expense $ 3,088,117 $ 3,488,058 Net income (loss) Mortgage Revenue Bond Investments $ 3,835,002 $ 22,048,372 MF Properties (964,355 ) 3,676,560 Public Housing Capital Fund Trusts 957,977 406,019 Other Investments 26,663,527 15,008,578 Net income $ 30,492,151 $ 41,139,529 The following table details total assets for the Partnership’s reportable segments as of December 31, 2019 and 2018: December 31, 2019 December 31, 2018 Total assets Mortgage Revenue Bond Investments $ 918,301,172 $ 864,311,647 MF Properties 70,569,646 71,120,280 Public Housing Capital Fund Trusts 43,591,048 48,942,334 Other Investments 87,098,315 85,048,514 Consolidation/eliminations (90,391,673 ) (86,709,529 ) Total assets $ 1,029,168,508 $ 982,713,246 |
Summary of Unaudited Quarterl_2
Summary of Unaudited Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | 2019 March 31, June 30, September 30, December 31, Revenues and other income $ 17,664,598 $ 14,346,334 $ 25,341,629 $ 21,107,249 Income from continuing operations 6,451,813 3,886,190 9,707,903 10,446,245 Net income $ 6,451,813 $ 3,886,190 $ 9,707,903 $ 10,446,245 Income from continuing operations, per BUC $ 0.08 $ 0.05 $ 0.13 $ 0.16 Net income, basic and diluted, per BUC $ 0.08 $ 0.05 $ 0.13 $ 0.16 2018 March 31, June 30, September 30, December 31, Revenues and other income $ 16,458,034 $ 15,785,165 $ 30,052,544 $ 26,015,349 Income from continuing operations 6,004,304 3,338,121 17,883,055 13,914,049 Net income $ 6,004,304 $ 3,338,121 $ 17,883,055 $ 13,914,049 Income from continuing operations, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22 Net income, basic and diluted, per BUC $ 0.09 $ 0.04 $ 0.25 $ 0.22 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)Propertyshares | Dec. 31, 2018USD ($) | Jan. 01, 2019USD ($) | Sep. 30, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Cash, FDIC Insured Amount | $ 250,000 | |||
Operating leases, right-of-use assets | $ 1,673,242 | |||
Minimum [Member] | Restricted Unit Awards [Member] | Greystone Manager [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
RUAs granted with vesting range | 3 months | 3 months | ||
Maximum [Member] | RUA and Other Awards [Member] | Greystone Manager [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Approved grant of restricted units and other awards to employees | shares | 3,000,000 | |||
Maximum [Member] | Restricted Unit Awards [Member] | Greystone Manager [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Approved grant of restricted units and other awards to employees | shares | 3,000,000 | |||
RUAs granted with vesting range | 3 years | 3 years | ||
Mortgage Revenue Bonds, Taxable Bonds or Bond Purchase Commitments | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Impairment charges | $ 0 | $ 0 | ||
Mortgage Revenue Bonds [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Contingent interest provisions | $ 0 | |||
Real Estate Buildings [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life of the related asset | 19 years | |||
Real Estate Buildings [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life of the related asset | 40 years | |||
Capital Improvements [Member] | Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life of the related asset | 5 years | |||
Capital Improvements [Member] | Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life of the related asset | 15 years | |||
The 5050 MF Property [Member] | ASU 2016-02 [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% | |||
Greens Hold Co [Member] | Jade Park [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Ownership interest percentage in MF property | 100.00% |
Partnership Income, Expenses _3
Partnership Income, Expenses and Cash Distributions - Additional Information (Details) | Dec. 31, 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% |
Partnership Income, Expenses _4
Partnership Income, Expenses and Cash Distributions - Schedule of Distributions Paid or Accrued per Beneficial Unit Certificates (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Cash distributions | $ 0.5000 | $ 0.5000 |
Net Income per BUC (Details)
Net Income per BUC (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share [Abstract] | ||
Dilutive BUCs | 0 | 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - Property | Dec. 31, 2019 | Dec. 31, 2018 |
Variable Interest Entities [Abstract] | ||
Number of Variable Interest Entities | 17 | 17 |
Variable Interest Entities - Va
Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 117,436,864 | $ 136,692,941 |
Mortgage Revenue Bonds [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 30,455,000 | 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 | $ 86,981,864 | $ 76,534,306 |
Investments in Mortgage Reven_3
Investments in Mortgage Revenue Bonds - Information Regarding MRBs Owned (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |||
Mortgage Revenue Bonds Held In Trust [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | $ 648,445,150 | $ 586,445,474 | |||
Cumulative Unrealized Gain | 95,795,445 | 58,813,399 | |||
Cumulative Unrealized Loss | (652,880) | ||||
Estimated Fair Value | 743,587,715 | 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] | 10,147,686 | 10,230,000 | ||
Cumulative Unrealized Gain | [1] | 1,602,534 | 954,573 | ||
Estimated Fair Value | [1] | 11,750,220 | 11,184,573 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Arbors at Hickory Ridge [Member] | TN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 11,056,825 | 11,194,690 | ||
Cumulative Unrealized Gain | [2] | 1,934,146 | 1,399,461 | ||
Estimated Fair Value | [2] | 12,990,971 | 12,594,151 | ||
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] | 3,699,987 | 3,730,000 | ||
Cumulative Unrealized Gain | [1] | 549,211 | 312,844 | ||
Estimated Fair Value | [1] | 4,249,198 | 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] | 6,849,214 | 6,900,000 | ||
Cumulative Unrealized Gain | [1] | 1,121,262 | 647,686 | ||
Estimated Fair Value | [1] | 7,970,476 | 7,547,686 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Crest [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 9,252,257 | 9,357,374 | ||
Cumulative Unrealized Gain | [2] | 1,715,456 | 1,036,288 | ||
Estimated Fair Value | [2] | 10,967,713 | 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 | [2] | 7,475,794 | 7,558,240 | ||
Cumulative Unrealized Gain | [2] | 1,336,580 | 706,970 | ||
Estimated Fair Value | [2] | 8,812,374 | 8,265,210 | ||
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] | 1,679,022 | 1,692,774 | ||
Cumulative Unrealized Gain | [1] | 263,441 | 141,187 | ||
Estimated Fair Value | [1] | 1,942,463 | 1,833,961 | ||
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] | 4,282,477 | 4,325,536 | ||
Cumulative Unrealized Gain | [1] | 860,856 | 655,326 | ||
Estimated Fair Value | [1] | 5,143,333 | 4,980,862 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Parkway [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [3] | 12,854,039 | 13,114,418 | ||
Cumulative Unrealized Gain | [3] | 2,065,468 | 1,232,292 | ||
Estimated Fair Value | [3] | 14,919,507 | 14,346,710 | ||
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] | 3,559,011 | 3,598,006 | ||
Cumulative Unrealized Gain | [1] | 567,713 | 363,405 | ||
Estimated Fair Value | [1] | 4,126,724 | 3,961,411 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Avistar in 09 [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 6,455,058 | 6,526,247 | ||
Cumulative Unrealized Gain | [2] | 1,125,239 | 525,939 | ||
Estimated Fair Value | [2] | 7,580,297 | 7,052,186 | ||
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 | 7,681,146 | [4] | 7,690,000 | [5] | |
Cumulative Unrealized Gain | 1,580,303 | [4] | 973,133 | [5] | |
Estimated Fair Value | 9,261,449 | [4] | 8,663,133 | [5] | |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar on the Boulevard [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 15,762,217 | 15,941,296 | ||
Cumulative Unrealized Gain | [2] | 2,648,781 | 1,628,269 | ||
Estimated Fair Value | [2] | 18,410,998 | 17,569,565 | ||
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] | 3,462,053 | 3,490,410 | ||
Cumulative Unrealized Gain | [1] | 510,593 | 291,121 | ||
Estimated Fair Value | [1] | 3,972,646 | 3,781,531 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Avistar on the Hills [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 5,118,097 | 5,221,971 | ||
Cumulative Unrealized Gain | [2] | 938,032 | 557,084 | ||
Estimated Fair Value | [2] | 6,056,129 | 5,779,055 | ||
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] | 113,469 | 90,349 | ||
Estimated Fair Value | [6] | 7,428,469 | 7,485,349 | ||
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] | 7,295,901 | 7,350,000 | ||
Cumulative Unrealized Gain | [1] | 1,124,372 | 654,929 | ||
Estimated Fair Value | [1] | 8,420,273 | 8,004,929 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [6] | 7,406,755 | 7,432,076 | ||
Cumulative Unrealized Gain | [6] | 2,194,994 | 1,956,010 | ||
Estimated Fair Value | [6] | 9,601,749 | 9,388,086 | ||
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] | 12,283,916 | 12,375,000 | ||
Cumulative Unrealized Gain | [1] | 1,893,075 | 1,102,687 | ||
Estimated Fair Value | [1] | 14,176,991 | 13,477,687 | ||
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] | 17,807,768 | 17,933,482 | ||
Cumulative Unrealized Gain | [1] | 3,534,702 | 2,046,056 | ||
Estimated Fair Value | [1] | 21,342,470 | 19,979,538 | ||
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] | 6,371,318 | 6,423,000 | ||
Cumulative Unrealized Gain | [1] | 797,228 | 508,639 | ||
Estimated Fair Value | [1] | 7,168,546 | 6,931,639 | ||
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] | 13,064,589 | 13,222,480 | ||
Cumulative Unrealized Gain | [1] | 2,179,744 | 1,396,828 | ||
Estimated Fair Value | [1] | 15,244,333 | 14,619,308 | ||
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] | 18,975,786 | 19,144,400 | ||
Cumulative Unrealized Gain | [1] | 3,572,995 | 2,222,555 | ||
Estimated Fair Value | [1] | 22,548,781 | 21,366,955 | ||
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] | 3,060,177 | 3,085,000 | ||
Cumulative Unrealized Gain | [1] | 454,240 | 229,934 | ||
Estimated Fair Value | [1] | 3,514,417 | 3,314,934 | ||
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] | 13,293,436 | 13,411,558 | ||
Cumulative Unrealized Gain | [1] | 2,624,054 | 1,617,217 | ||
Estimated Fair Value | [1] | 15,917,490 | 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] | 20,592,957 | 20,775,940 | ||
Cumulative Unrealized Gain | [1] | 3,971,001 | 2,505,243 | ||
Estimated Fair Value | [1] | 24,563,958 | 23,281,183 | ||
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 | 815,213 | [4] | 534,351 | [5] | |
Estimated Fair Value | 4,810,213 | [4] | 4,529,351 | [5] | |
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 | [2] | 5,005,000 | 5,055,000 | ||
Cumulative Unrealized Gain | [2] | 682,497 | 643,012 | ||
Estimated Fair Value | [2] | 5,687,497 | 5,698,012 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [6] | 6,143,976 | 6,143,919 | ||
Cumulative Unrealized Gain | [6] | 2,507,072 | 2,540,949 | ||
Estimated Fair Value | [6] | 8,651,048 | 8,684,868 | ||
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] | 22,455,747 | 22,630,276 | ||
Cumulative Unrealized Gain | [1] | 4,198,200 | 1,945,516 | ||
Estimated Fair Value | [1] | 26,653,947 | 24,575,792 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Glenview Apartments [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [3] | 4,533,958 | 4,581,930 | ||
Cumulative Unrealized Gain | [3] | 757,900 | 524,024 | ||
Estimated Fair Value | [3] | 5,291,858 | 5,105,954 | ||
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 | [2] | 7,936,000 | 8,032,000 | ||
Cumulative Unrealized Gain | [2] | 845,678 | 818,686 | ||
Estimated Fair Value | [2] | 8,781,678 | 8,850,686 | ||
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] | 11,178,557 | 11,294,928 | ||
Cumulative Unrealized Gain | [1] | 1,709,040 | 1,148,219 | ||
Estimated Fair Value | [1] | 12,887,597 | 12,443,147 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Harden Ranch [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 6,700,868 | 6,775,508 | ||
Cumulative Unrealized Gain | [2] | 1,281,980 | 1,007,557 | ||
Estimated Fair Value | [2] | 7,982,848 | 7,783,065 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Heritage Square [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [3] | 10,695,037 | 10,958,661 | ||
Cumulative Unrealized Gain | [3] | 1,455,672 | 893,881 | ||
Estimated Fair Value | [3] | 12,150,709 | 11,852,542 | ||
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 | 39,984,026 | [4],[7] | 40,240,405 | [5] | |
Cumulative Unrealized Gain | [5] | 2,873,978 | |||
Cumulative Unrealized Loss | [4],[7] | (280,711) | |||
Estimated Fair Value | 39,703,315 | [4],[7] | 43,114,383 | [5] | |
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] | 509,901 | |||
Estimated Fair Value | [5] | 3,109,901 | |||
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 | [3] | 2,456,298 | 2,482,288 | ||
Cumulative Unrealized Gain | [3] | 446,558 | 246,752 | ||
Estimated Fair Value | [3] | 2,902,856 | 2,729,040 | ||
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] | 393,686 | |||
Estimated Fair Value | [5] | 3,843,686 | |||
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] | 10,022,352 | [7] | 10,027,413 | |
Cumulative Unrealized Gain | [5] | 19,710 | |||
Cumulative Unrealized Loss | [5],[7] | (372,169) | |||
Estimated Fair Value | [5] | 9,650,183 | [7] | 10,047,123 | |
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] | 13,857,000 | 13,989,000 | ||
Cumulative Unrealized Gain | [6] | 48,813 | 241,675 | ||
Estimated Fair Value | [6] | 13,905,813 | 14,230,675 | ||
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] | 316,916 | |||
Estimated Fair Value | [4] | 9,596,916 | |||
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 | [3] | 11,001,027 | 11,123,800 | ||
Cumulative Unrealized Gain | [3] | 1,775,086 | 1,383,680 | ||
Estimated Fair Value | [3] | 12,776,113 | 12,507,480 | ||
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] | 16,302,038 | |||
Cumulative Unrealized Gain | [8] | 3,131,843 | |||
Estimated Fair Value | [8] | 19,433,881 | |||
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] | 835,005 | |||
Estimated Fair Value | [4] | 22,435,005 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [6] | 9,925,000 | 10,040,000 | ||
Cumulative Unrealized Gain | [6] | 80,343 | 64,280 | ||
Estimated Fair Value | [6] | 10,005,343 | 10,104,280 | ||
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 | [3] | 2,975,713 | 3,007,198 | ||
Cumulative Unrealized Gain | [3] | 540,988 | 401,203 | ||
Estimated Fair Value | [3] | 3,516,701 | 3,408,401 | ||
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] | 9,872,297 | 9,938,059 | ||
Cumulative Unrealized Gain | [1] | 2,236,259 | 1,421,114 | ||
Estimated Fair Value | [1] | 12,108,556 | 11,359,173 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Silver Moon [Member] | Series A [Member] | NM [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [3] | 7,762,116 | 7,822,610 | ||
Cumulative Unrealized Gain | [3] | 1,166,748 | 778,940 | ||
Estimated Fair Value | [3] | 8,928,864 | 8,601,550 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [6] | 11,548,337 | 11,623,649 | ||
Cumulative Unrealized Gain | [6] | 2,334,262 | 2,482,923 | ||
Estimated Fair Value | [6] | 13,882,599 | 14,106,572 | ||
Mortgage Revenue Bonds Held In Trust [Member] | The Palms at Premier Park [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 18,838,478 | 19,044,617 | ||
Cumulative Unrealized Gain | [2] | 2,799,411 | 2,194,791 | ||
Estimated Fair Value | [2] | 21,637,889 | 21,239,408 | ||
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 | [2] | 5,837,595 | 5,903,368 | ||
Cumulative Unrealized Gain | [2] | 864,894 | 731,073 | ||
Estimated Fair Value | [2] | 6,702,489 | 6,634,441 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Copperfield [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 13,945,681 | 10,000,000 | ||
Cumulative Unrealized Gain | [5] | 2,356,231 | 589,196 | ||
Estimated Fair Value | [5] | 16,301,912 | 10,589,196 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Westside Village Market [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 3,814,857 | 3,857,839 | ||
Cumulative Unrealized Gain | [2] | 594,361 | 483,436 | ||
Estimated Fair Value | [2] | 4,409,218 | 4,341,275 | ||
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] | 12,884,191 | 13,040,029 | ||
Cumulative Unrealized Gain | [1] | 2,100,598 | 1,375,542 | ||
Estimated Fair Value | [1] | 14,984,789 | 14,415,571 | ||
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] | 5,285,131 | 3,775,000 | ||
Cumulative Unrealized Gain | [5] | 806,523 | 206,263 | ||
Estimated Fair Value | [5] | 6,091,654 | 3,981,263 | ||
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] | 7,405,406 | 7,474,716 | ||
Cumulative Unrealized Gain | [1] | 1,229,438 | 600,738 | ||
Estimated Fair Value | [1] | 8,634,844 | 8,075,454 | ||
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] | 4,172,000 | 4,221,000 | ||
Cumulative Unrealized Gain | [6] | 44,510 | 34,155 | ||
Estimated Fair Value | [6] | 4,216,510 | 4,255,155 | ||
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] | 40,129,878 | 31,850,000 | ||
Cumulative Unrealized Gain | [5] | 6,450,704 | 1,624,687 | ||
Estimated Fair Value | [5] | 46,580,582 | 33,474,687 | ||
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] | 6,779,777 | 6,843,232 | ||
Cumulative Unrealized Gain | [1] | 1,154,387 | 722,522 | ||
Estimated Fair Value | [1] | 7,934,164 | 7,565,754 | ||
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] | 9,673,117 | 9,737,418 | ||
Cumulative Unrealized Gain | [1] | 2,287,904 | 1,480,489 | ||
Estimated Fair Value | [1] | 11,961,021 | 11,217,907 | ||
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] | 19,356,959 | 19,487,713 | ||
Cumulative Unrealized Gain | [1] | 4,111,518 | 2,350,453 | ||
Estimated Fair Value | [1] | 23,468,477 | 21,838,166 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Oaks at Georgetown [Member] | Series A [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 12,239,247 | 12,330,000 | ||
Cumulative Unrealized Gain | [1] | 1,645,817 | 693,579 | ||
Estimated Fair Value | [1] | 13,885,064 | 13,023,579 | ||
Mortgage Revenue Bonds [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 27,267,010 | 87,142,842 | |||
Cumulative Unrealized Gain | 2,742,740 | 1,809,746 | |||
Cumulative Unrealized Loss | (2,058,026) | ||||
Estimated Fair Value | 30,009,750 | 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] | Avistar at the Crest [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 740,876 | 745,358 | |||
Cumulative Unrealized Gain | 94,819 | 50,965 | |||
Estimated Fair Value | 835,695 | 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 | 542,170 | 545,321 | |||
Cumulative Unrealized Gain | 65,455 | 28,738 | |||
Estimated Fair Value | 607,625 | 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 | 124,305 | 124,600 | |||
Cumulative Unrealized Gain | 38,045 | 32,220 | |||
Estimated Fair Value | 162,350 | 156,820 | |||
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 | 447,241 | 449,841 | |||
Cumulative Unrealized Gain | 53,995 | 18,742 | |||
Estimated Fair Value | 501,236 | 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 | 440,231 | 442,894 | |||
Cumulative Unrealized Gain | 53,056 | 27,023 | |||
Estimated Fair Value | 493,287 | 469,917 | |||
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 | 930,016 | 933,928 | |||
Cumulative Unrealized Gain | 142,265 | 149,789 | |||
Estimated Fair Value | 1,072,281 | 1,083,717 | |||
Mortgage Revenue Bonds [Member] | Ohio Properties [Member] | Series B [Member] | OH [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 3,504,171 | 3,520,900 | |||
Cumulative Unrealized Gain | 10,363 | 51,334 | |||
Estimated Fair Value | 3,514,534 | 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 | 1,685 | ||||
Estimated Fair Value | 471,685 | ||||
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] | 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 | 2,952 | ||||
Estimated Fair Value | 1,102,952 | ||||
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 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] | 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 | 1,654,870 | ||||
Estimated Fair Value | 14,854,870 | ||||
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 | 625,235 | ||||
Estimated Fair Value | $ 6,393,235 | $ 5,768,000 | |||
[1] | MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 | ||||
[2] | MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 | ||||
[3] | MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 | ||||
[4] | MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15 | ||||
[5] | MRB held by Deutsche Bank in a secured financing transaction, see Note 15 | ||||
[6] | MRB owned by ATAX TEBS I, LLC (M24 TEBS), see 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, see Note 15 | ||||
[9] | As of the date presented, the MRBs had been in a cumulative unrealized loss for less than 12 consecutive months. |
Investments in Mortgage Reven_4
Investments in Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Unit | Dec. 31, 2018USD ($)Unit | ||
Schedule Of Available For Sale Securities [Line Items] | |||
Units | Unit | 3,174 | ||
Principal Outstanding at Date of Acquisition | $ | $ 19,250,000 | $ 41,708,000 | |
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] | Series A [Member] | San Pablo, CA [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] | Series B [Member] | San Pablo, CA [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 | |
Solano Vista [Member] | Series A [Member] | Vallejo, CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units | Unit | 96 | ||
Maturity Date | Jan. 1, 2036 | ||
Base Interest Rate | 5.85% | ||
Principal Outstanding at Date of Acquisition | $ | $ 2,665,000 | ||
Solano Vista [Member] | Series B [Member] | Vallejo, CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | December | ||
Units | Unit | 96 | ||
Maturity Date | Jan. 1, 2021 | ||
Base Interest Rate | 5.85% | ||
Principal Outstanding at Date of Acquisition | $ | $ 3,103,000 | ||
Village at Avalon [Member] | Albuquerque, NM [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | [1] | December | |
Units | Unit | [1] | 240 | |
Maturity Date | [1] | Jan. 1, 2059 | |
Base Interest Rate | [1] | 5.80% | |
Principal Outstanding at Date of Acquisition | $ | [1] | $ 16,400,000 | |
[1] | Previously reported bond purchase commitment that converted to an MRB. |
Investments in Mortgage Reven_5
Investments in Mortgage Revenue Bonds - Schedule of MRBs Redeemed (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)Unit | Dec. 31, 2018USD ($)Unit | |
Schedule Of Available For Sale Securities [Line Items] | ||
Units | Unit | 3,174 | |
Mortgage Revenue Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Principal Outstanding at Date of Redemption | $ | $ 11,802,000 | $ 78,774,568 |
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 [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 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 | |
Mortgage Revenue Bonds [Member] | Bella Vista [Member] | Gainesville, TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | October | |
Units | Unit | 144 | |
Original Maturity Date | Apr. 1, 2046 | |
Base Interest Rate | 6.15% | |
Principal Outstanding at Date of Redemption | $ | $ 6,225,000 | |
Mortgage Revenue Bonds [Member] | Montecito at Williams Ranch Apartments [Member] | Series B [Member] | Salinas, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | December | |
Units | Unit | 132 | |
Original Maturity Date | Oct. 1, 2019 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 4,781,000 | |
Mortgage Revenue Bonds [Member] | Vantage at Judson [Member] | Series B [Member] | San Antonio, TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | December | |
Units | Unit | 288 | |
Original Maturity Date | Jan. 1, 2053 | |
Base Interest Rate | 6.00% | |
Principal Outstanding at Date of Redemption | $ | $ 25,908,568 | |
Mortgage Revenue Bonds [Member] | Vineyard Gardens | Series B [Member] | Oxnard, CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | December | |
Units | Unit | 62 | |
Original Maturity Date | Jan. 1, 2020 | |
Base Interest Rate | 5.50% | |
Principal Outstanding at Date of Redemption | $ | $ 2,846,000 |
Investments in Mortgage Reven_6
Investments in Mortgage Revenue Bonds - Schedule of MRBs Eliminated (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)Unit | |
Schedule Of Available For Sale Securities [Line Items] | |
Units | Unit | 3,174 |
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 ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Contingent interest income | $ 3,045,462 | $ 9,322,849 |
Lake Forest [Member] | Daytona Florida [Member] | Mortgage Revenue Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Contingent interest income | 4,200,000 | |
Lake Forest [Member] | Daytona Florida [Member] | Mortgage Revenue Bonds [Member] | Other Income [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Gain on early redemption of mortgage revenue bonds | 1,500,000 | |
Vantage at Judson [Member] | San Antonio, TX [Member] | Mortgage Revenue Bonds [Member] | Series B [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Gain on early redemption of mortgage revenue bonds | $ 2,200,000 |
Investments in Mortgage Reven_8
Investments in Mortgage Revenue Bonds - Schedule of Percentage of MRBs Principal Outstanding (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of available for sale securities by location | 43.00% | 43.00% |
CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of available for sale securities by location | 18.00% | 18.00% |
SC [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Percentage of available for sale securities by location | 17.00% | 17.00% |
Investments in Mortgage Reven_9
Investments in Mortgage Revenue Bonds - Description of Certain Terms of Partnership's MRBs (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | ||||
Summary Of Investment Holdings [Line Items] | |||||
Principal Outstanding | $ 679,679,604 | $ 677,698,116 | |||
15 West Apartments [Member] | Series A [Member] | Vancouver Washington | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Jul. 1, 2054 | Jul. 1, 2054 | ||
Base Interest Rate | [1] | 6.25% | 6.25% | ||
Principal Outstanding | [1] | $ 9,673,117 | $ 9,737,418 | ||
Arbors at Hickory Ridge [Member] | Memphis, Tennessee [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2012 | [2] | 2012 | [3] | |
Maturity Date | Jan. 1, 2049 | [2] | Jan. 1, 2049 | [3] | |
Base Interest Rate | 6.25% | [2] | 6.25% | [3] | |
Principal Outstanding | $ 10,985,959 | [2] | $ 11,115,410 | [3] | |
Avistar at Copperfield [Member] | Series A [Member] | Houston, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [4] | 2017 | 2017 | ||
Maturity Date | [4] | May 1, 2054 | May 1, 2054 | ||
Base Interest Rate | [4] | 5.75% | 5.75% | ||
Principal Outstanding | [4] | $ 13,945,681 | $ 10,000,000 | ||
Avistar at Copperfield [Member] | Series B [Member] | Houston, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2017 | ||||
Maturity Date | Jun. 1, 2054 | ||||
Base Interest Rate | 12.00% | ||||
Principal Outstanding | $ 4,000,000 | ||||
Avistar on the Boulevard [Member] | Series A [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [2] | 2013 | |||
Maturity Date | [2] | Mar. 1, 2050 | |||
Base Interest Rate | [2] | 6.00% | |||
Principal Outstanding | [2] | $ 15,762,217 | |||
Avistar at the Crest [Member] | Series A [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2013 | [2] | 2013 | [3] | |
Maturity Date | Mar. 1, 2050 | [2] | Mar. 1, 2050 | [3] | |
Base Interest Rate | 6.00% | [2] | 6.00% | [3] | |
Principal Outstanding | $ 9,252,257 | [2] | $ 9,357,374 | [3] | |
Avistar (February 2013 Acquisition) [Member] | Series B [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2013 | 2013 | |||
Maturity Date | Apr. 1, 2050 | Apr. 1, 2050 | |||
Base Interest Rate | 9.00% | 9.00% | |||
Principal Outstanding | $ 1,181,107 | $ 1,188,251 | |||
Avistar at the Oaks [Member] | Series A [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2013 | [2] | 2013 | [3] | |
Maturity Date | Aug. 1, 2050 | [2] | Aug. 1, 2050 | [3] | |
Base Interest Rate | 6.00% | [2] | 6.00% | [3] | |
Principal Outstanding | $ 7,475,794 | [2] | $ 7,558,240 | [3] | |
Avistar in 09 [Member] | Series A [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2013 | [2] | 2013 | [3] | |
Maturity Date | Aug. 1, 2050 | [2] | Aug. 1, 2050 | [3] | |
Base Interest Rate | 6.00% | [2] | 6.00% | [3] | |
Principal Outstanding | $ 6,455,058 | [2] | $ 6,526,247 | [3] | |
Avistar on the Hills [Member] | Series A [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2013 | [2] | 2013 | [3] | |
Maturity Date | Aug. 1, 2050 | [2] | Aug. 1, 2050 | [3] | |
Base Interest Rate | 6.00% | [2] | 6.00% | [3] | |
Principal Outstanding | $ 5,118,097 | [2] | $ 5,221,971 | [3] | |
Avistar (June 2013 Acquisition) [Member] | Series B [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2013 | 2013 | |||
Maturity Date | Sep. 1, 2050 | Sep. 1, 2050 | |||
Base Interest Rate | 9.00% | 9.00% | |||
Principal Outstanding | $ 989,411 | $ 995,162 | |||
Avistar at the Parkway [Member] | Series A [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2015 | [5] | 2015 | [6] | |
Maturity Date | May 1, 2052 | [5] | May 1, 2052 | [6] | |
Base Interest Rate | 6.00% | [5] | 6.00% | [6] | |
Principal Outstanding | $ 12,854,039 | [5] | $ 13,114,418 | [6] | |
Avistar at the Parkway [Member] | Series B [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2015 | 2015 | |||
Maturity Date | Jun. 1, 2052 | Jun. 1, 2052 | |||
Base Interest Rate | 12.00% | 12.00% | |||
Principal Outstanding | $ 124,305 | $ 124,600 | |||
Avistar at Wilcrest [Member] | Series A [Member] | Houston, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [4] | 2017 | 2017 | ||
Maturity Date | [4] | May 1, 2054 | May 1, 2054 | ||
Base Interest Rate | [4] | 5.75% | 5.75% | ||
Principal Outstanding | [4] | $ 5,285,131 | $ 3,775,000 | ||
Avistar at Wilcrest [Member] | Series B [Member] | Houston, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2017 | ||||
Maturity Date | Jun. 1, 2054 | ||||
Base Interest Rate | 12.00% | ||||
Principal Outstanding | $ 1,550,000 | ||||
Bridle Ridge [Member] | Greer South Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2008 | 2008 | ||
Maturity Date | [7] | Jan. 1, 2043 | Jan. 1, 2043 | ||
Base Interest Rate | [7] | 6.00% | 6.00% | ||
Principal Outstanding | [7] | $ 7,315,000 | $ 7,395,000 | ||
Avistar at Wood Hollow [Member] | Series A [Member] | Austin,TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [4] | 2017 | 2017 | ||
Maturity Date | [4] | May 1, 2054 | May 1, 2054 | ||
Base Interest Rate | [4] | 5.75% | 5.75% | ||
Principal Outstanding | [4] | $ 40,129,878 | $ 31,850,000 | ||
Avistar at Wood Hollow [Member] | Series B [Member] | Austin,TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2017 | ||||
Maturity Date | Jun. 1, 2054 | ||||
Base Interest Rate | 12.00% | ||||
Principal Outstanding | $ 8,410,000 | ||||
Brookstone [Member] | Waukegan, Illinois [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2009 | 2009 | ||
Maturity Date | [7] | May 1, 2040 | May 1, 2040 | ||
Base Interest Rate | [7] | 5.45% | 5.45% | ||
Principal Outstanding | [7] | $ 8,767,616 | $ 8,876,298 | ||
Bruton Apartments [Member] | Dallas Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2014 | 2014 | ||
Maturity Date | [1] | Aug. 1, 2054 | Aug. 1, 2054 | ||
Base Interest Rate | [1] | 6.00% | 6.00% | ||
Principal Outstanding | [1] | $ 17,807,768 | $ 17,933,482 | ||
Columbia Gardens [Member] | Columbia South Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2015 | 2015 | ||
Maturity Date | [1] | Dec. 1, 2050 | Dec. 1, 2050 | ||
Base Interest Rate | [1] | 5.50% | 5.50% | ||
Principal Outstanding | [1] | $ 12,922,000 | $ 13,061,000 | ||
Companion at Thornhill Apartments [Member] | Lexington, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Jan. 1, 2052 | Jan. 1, 2052 | ||
Base Interest Rate | [1] | 5.80% | 5.80% | ||
Principal Outstanding | [1] | $ 11,178,557 | $ 11,294,928 | ||
Concord at Gulfgate [Member] | Series A [Member] | Houston, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2015 | 2015 | ||
Maturity Date | [1] | Feb. 1, 2032 | Feb. 1, 2032 | ||
Base Interest Rate | [1] | 6.00% | 6.00% | ||
Principal Outstanding | [1] | $ 18,975,786 | $ 19,144,400 | ||
Concord at Little York [Member] | Series A [Member] | Houston, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2015 | 2015 | ||
Maturity Date | [1] | Feb. 1, 2032 | Feb. 1, 2032 | ||
Base Interest Rate | [1] | 6.00% | 6.00% | ||
Principal Outstanding | [1] | $ 13,293,436 | $ 13,411,558 | ||
Concord at Williamcrest [Member] | Series A [Member] | Houston, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2015 | 2015 | ||
Maturity Date | [1] | Feb. 1, 2032 | Feb. 1, 2032 | ||
Base Interest Rate | [1] | 6.00% | 6.00% | ||
Principal Outstanding | [1] | $ 20,592,957 | $ 20,775,940 | ||
Courtyard [Member] | Series A [Member] | Fullerton California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Dec. 1, 2033 | Dec. 1, 2033 | ||
Base Interest Rate | [1] | 5.00% | 5.00% | ||
Principal Outstanding | [1] | $ 10,147,686 | $ 10,230,000 | ||
Courtyard [Member] | Series B [Member] | Fullerton California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2016 | ||||
Maturity Date | Jun. 1, 2019 | ||||
Base Interest Rate | 8.00% | ||||
Principal Outstanding | $ 6,228,000 | ||||
Cross Creek [Member] | Beaufort, South Carolina [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2009 | 2009 | ||
Maturity Date | [7] | Mar. 1, 2049 | Mar. 1, 2049 | ||
Base Interest Rate | [7] | 6.15% | 6.15% | ||
Principal Outstanding | [7] | $ 7,970,921 | $ 8,072,754 | ||
Crossing at 1415 [Member] | Series A [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2015 | 2015 | ||
Maturity Date | [1] | Dec. 1, 2052 | Dec. 1, 2052 | ||
Base Interest Rate | [1] | 6.00% | 6.00% | ||
Principal Outstanding | [1] | $ 7,405,406 | $ 7,474,716 | ||
Decatur Angle [Member] | Fort Worth, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2014 | 2014 | ||
Maturity Date | [1] | Jan. 1, 2054 | Jan. 1, 2054 | ||
Base Interest Rate | [1] | 5.75% | 5.75% | ||
Principal Outstanding | [1] | $ 22,455,747 | $ 22,630,276 | ||
Esperanza at Palo Alto [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2018 | 2018 | ||
Maturity Date | [1] | Jul. 1, 2058 | Jul. 1, 2058 | ||
Base Interest Rate | [1] | 5.80% | 5.80% | ||
Principal Outstanding | [1] | $ 19,356,959 | $ 19,487,713 | ||
Gateway Village [Member] | Durham North Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [4] | 2019 | |||
Maturity Date | [4] | Apr. 1, 2032 | |||
Base Interest Rate | [4] | 6.10% | |||
Principal Outstanding | [4] | $ 2,600,000 | |||
Glenview Apartments [Member] | Series A [Member] | Cameron Park California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2014 | [5] | 2014 | [6] | |
Maturity Date | Dec. 1, 2031 | [5] | Dec. 1, 2031 | [6] | |
Base Interest Rate | 5.75% | [5] | 5.75% | [6] | |
Principal Outstanding | $ 4,533,958 | [5] | $ 4,581,930 | [6] | |
Greens Property [Member] | Series A [Member] | Durham North Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2012 | [5] | 2012 | [3] | |
Maturity Date | Oct. 1, 2047 | [5] | Oct. 1, 2047 | [3] | |
Base Interest Rate | 6.50% | [5] | 6.50% | [3] | |
Principal Outstanding | $ 7,936,000 | [5] | $ 8,032,000 | [3] | |
Greens Property [Member] | Series B [Member] | Durham North Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2012 | 2012 | |||
Maturity Date | Oct. 1, 2047 | Oct. 1, 2047 | |||
Base Interest Rate | 12.00% | 12.00% | |||
Principal Outstanding | $ 930,016 | $ 933,928 | |||
Harden Ranch [Member] | Series A [Member] | Salinas California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2014 | [2] | 2014 | [3] | |
Maturity Date | Mar. 1, 2030 | [2] | Mar. 1, 2030 | [3] | |
Base Interest Rate | 5.75% | [2] | 5.75% | [3] | |
Principal Outstanding | $ 6,700,868 | [2] | $ 6,775,508 | [3] | |
Harmony Court Bakersfield [Member] | Series A [Member] | Bakersfield, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Dec. 1, 2033 | Dec. 1, 2033 | ||
Base Interest Rate | [1] | 5.00% | 5.00% | ||
Principal Outstanding | [1] | $ 3,699,987 | $ 3,730,000 | ||
Harmony Terrace [Member] | Series A [Member] | Simi Valley, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Jan. 1, 2034 | Jan. 1, 2034 | ||
Base Interest Rate | [1] | 5.00% | 5.00% | ||
Principal Outstanding | [1] | $ 6,849,214 | $ 6,900,000 | ||
Heights at 515 [Member] | Series A [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2015 | 2015 | ||
Maturity Date | [1] | Dec. 1, 2052 | Dec. 1, 2052 | ||
Base Interest Rate | [1] | 6.00% | 6.00% | ||
Principal Outstanding | [1] | $ 6,779,777 | $ 6,843,232 | ||
Heritage Square [Member] | Series A [Member] | Edinburg Texas | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2014 | [5] | 2014 | [6] | |
Maturity Date | Sep. 1, 2051 | [5] | Sep. 1, 2051 | [6] | |
Base Interest Rate | 6.00% | [5] | 6.00% | [6] | |
Principal Outstanding | $ 10,695,037 | [5] | $ 10,958,661 | [6] | |
Las Palmas II [Member] | Series A [Member] | Coachella, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Nov. 1, 2033 | Nov. 1, 2033 | ||
Base Interest Rate | [1] | 5.00% | 5.00% | ||
Principal Outstanding | [1] | $ 1,679,022 | $ 1,692,774 | ||
Live 929 Apartments [Member] | Baltimore Maryland | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2014 | [8] | 2014 | [4] | |
Maturity Date | Jul. 1, 2049 | [8] | Jul. 1, 2049 | [4] | |
Base Interest Rate | 5.78% | [8] | 5.78% | [4] | |
Principal Outstanding | $ 39,685,000 | [8] | $ 39,875,000 | [4] | |
Lynnhaven Apartments [Member] | Durham North Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [4] | 2019 | |||
Maturity Date | [4] | Apr. 1, 2032 | |||
Base Interest Rate | [4] | 6.10% | |||
Principal Outstanding | [4] | $ 3,450,000 | |||
Montclair Apartments [Member] | Series A [Member] | Lemoore California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2014 | [5] | 2014 | [6] | |
Maturity Date | Dec. 1, 2031 | [5] | Dec. 1, 2031 | [6] | |
Base Interest Rate | 5.75% | [5] | 5.75% | [6] | |
Principal Outstanding | $ 2,456,298 | [5] | $ 2,482,288 | [6] | |
Montecito at Williams Ranch Apartments [Member] | Series A [Member] | Salinas California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2017 | [8] | 2017 | [4] | |
Maturity Date | Oct. 1, 2034 | [8] | Oct. 1, 2034 | [4] | |
Base Interest Rate | 5.50% | [8] | 5.50% | [4] | |
Principal Outstanding | $ 7,681,146 | [8] | $ 7,690,000 | [4] | |
Montevista [Member] | Series A [Member] | San Pablo, CA [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2019 | ||||
Maturity Date | Jul. 1, 2036 | ||||
Base Interest Rate | 5.75% | ||||
Principal Outstanding | $ 6,720,000 | ||||
Montevista [Member] | Series B [Member] | San Pablo, CA [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2019 | ||||
Maturity Date | Jul. 1, 2021 | ||||
Base Interest Rate | 5.75% | ||||
Principal Outstanding | $ 6,480,000 | ||||
Oaks at Georgetown [Member] | Series A [Member] | Georgetown, Texas [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Jan. 1, 2034 | Jan. 1, 2034 | ||
Base Interest Rate | [1] | 5.00% | 5.00% | ||
Principal Outstanding | [1] | $ 12,239,247 | $ 12,330,000 | ||
Ohio Properties [Member] | Series A [Member] | OH [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2010 | [7] | 2010 | [1] | |
Maturity Date | Jun. 1, 2050 | [7] | Jun. 1, 2050 | [1] | |
Base Interest Rate | 7.00% | [7] | 7.00% | [1] | |
Principal Outstanding | $ 13,857,000 | [7] | $ 13,989,000 | [1] | |
Ohio Properties [Member] | Series B [Member] | OH [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2010 | 2010 | |||
Maturity Date | Jun. 1, 2050 | Jun. 1, 2050 | |||
Base Interest Rate | 10.00% | 10.00% | |||
Principal Outstanding | $ 3,504,170 | $ 3,520,900 | |||
Pro Nova 2014-1 [Member] | Knoxville Tennessee | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [4] | 2014 | 2014 | ||
Maturity Date | [4] | May 1, 2034 | May 1, 2034 | ||
Base Interest Rate | [4] | 6.00% | 6.00% | ||
Principal Outstanding | [4] | $ 10,000,000 | $ 10,000,000 | ||
Renaissance [Member] | Series A [Member] | Baton Rouge, Louisiana [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2015 | [5] | 2015 | [6] | |
Maturity Date | Jun. 1, 2050 | [5] | Jun. 1, 2050 | [6] | |
Base Interest Rate | 6.00% | [5] | 6.00% | [6] | |
Principal Outstanding | $ 11,001,027 | [5] | $ 11,123,800 | [6] | |
Rosewood Townhomes [Member] | Series A [Member] | Goose Creek South Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2017 | [8] | 2017 | ||
Maturity Date | Jul. 1, 2055 | [8] | Jul. 1, 2055 | ||
Base Interest Rate | 5.75% | [8] | 5.75% | ||
Principal Outstanding | $ 9,280,000 | [8] | $ 9,280,000 | ||
Rosewood Townhomes [Member] | Series B [Member] | Goose Creek South Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2017 | 2017 | |||
Maturity Date | Aug. 1, 2055 | Aug. 1, 2055 | |||
Base Interest Rate | 12.00% | 12.00% | |||
Principal Outstanding | $ 470,000 | $ 470,000 | |||
Runnymede [Member] | Austin,TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2007 | 2007 | ||
Maturity Date | [7] | Oct. 1, 2042 | Oct. 1, 2042 | ||
Base Interest Rate | [7] | 6.00% | 6.00% | ||
Principal Outstanding | [7] | $ 9,925,000 | $ 10,040,000 | ||
San Vicente [Member] | Series A [Member] | Soledad, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Nov. 1, 2033 | Nov. 1, 2033 | ||
Base Interest Rate | [1] | 5.00% | 5.00% | ||
Principal Outstanding | [1] | $ 3,462,053 | $ 3,490,410 | ||
Santa Fe Apartments [Member] | Series A [Member] | Hesperia California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2014 | [5] | 2014 | [6] | |
Maturity Date | Dec. 1, 2031 | [5] | Dec. 1, 2031 | [6] | |
Base Interest Rate | 5.75% | [5] | 5.75% | [6] | |
Principal Outstanding | $ 2,975,713 | [5] | $ 3,007,198 | [6] | |
Seasons at Simi Valley [Member] | Series A [Member] | Simi Valley, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2015 | 2015 | ||
Maturity Date | [1] | Sep. 1, 2032 | Sep. 1, 2032 | ||
Base Interest Rate | [1] | 5.75% | 5.75% | ||
Principal Outstanding | [1] | $ 4,282,477 | $ 4,325,536 | ||
Seasons Lakewood [Member] | Series A [Member] | Lakewood, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Jan. 1, 2034 | Jan. 1, 2034 | ||
Base Interest Rate | [1] | 5.00% | 5.00% | ||
Principal Outstanding | [1] | $ 7,295,901 | $ 7,350,000 | ||
Seasons San Juan Capistrano [Member] | Series A [Member] | San Juan Capistrano California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Jan. 1, 2034 | Jan. 1, 2034 | ||
Base Interest Rate | [1] | 5.00% | 5.00% | ||
Principal Outstanding | [1] | $ 12,283,916 | $ 12,375,000 | ||
Seasons San Juan Capistrano [Member] | Series B [Member] | San Juan Capistrano California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2016 | ||||
Maturity Date | Jan. 1, 2019 | ||||
Base Interest Rate | 8.00% | ||||
Principal Outstanding | $ 5,574,000 | ||||
Silver Moon [Member] | Series A [Member] | Albuquerque, NM [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2015 | [5] | 2015 | [6] | |
Maturity Date | Aug. 1, 2055 | [5] | Aug. 1, 2055 | [6] | |
Base Interest Rate | 6.00% | [5] | 6.00% | [6] | |
Principal Outstanding | $ 7,762,116 | [5] | $ 7,822,610 | [6] | |
Solano Vista [Member] | Series A [Member] | Vallejo, CA [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2018 | 2018 | |||
Maturity Date | Jan. 1, 2036 | Jan. 1, 2036 | |||
Base Interest Rate | 5.85% | 5.85% | |||
Principal Outstanding | $ 2,665,000 | $ 2,665,000 | |||
Solano Vista [Member] | Series B [Member] | Vallejo, CA [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2018 | 2018 | |||
Maturity Date | Jan. 1, 2021 | Jan. 1, 2021 | |||
Base Interest Rate | 5.85% | 5.85% | |||
Principal Outstanding | $ 3,103,000 | $ 3,103,000 | |||
South Pointe Apartments [Member] | Series A [Member] | Hanahan South Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2017 | [8] | 2017 | ||
Maturity Date | Jul. 1, 2055 | [8] | Jul. 1, 2055 | ||
Base Interest Rate | 5.75% | [8] | 5.75% | ||
Principal Outstanding | $ 21,600,000 | [8] | $ 21,600,000 | ||
South Pointe Apartments [Member] | Series B [Member] | Hanahan South Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2017 | 2017 | |||
Maturity Date | Aug. 1, 2055 | Aug. 1, 2055 | |||
Base Interest Rate | 12.00% | 12.00% | |||
Principal Outstanding | $ 1,100,000 | $ 1,100,000 | |||
Southpark [Member] | Austin,TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2009 | 2009 | ||
Maturity Date | [7] | Dec. 1, 2049 | Dec. 1, 2049 | ||
Base Interest Rate | [7] | 6.13% | 6.13% | ||
Principal Outstanding | [7] | $ 13,005,000 | $ 13,155,000 | ||
Summerhill [Member] | Series A [Member] | Bakersfield, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Dec. 1, 2033 | Dec. 1, 2033 | ||
Base Interest Rate | [1] | 5.00% | 5.00% | ||
Principal Outstanding | [1] | $ 6,371,318 | $ 6,423,000 | ||
Sycamore Walk [Member] | Series A [Member] | Bakersfield, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2015 | 2015 | ||
Maturity Date | [1] | Jan. 1, 2033 | Jan. 1, 2033 | ||
Base Interest Rate | [1] | 5.25% | 5.25% | ||
Principal Outstanding | [1] | $ 3,559,011 | $ 3,598,006 | ||
The Palms at Premier Park Apartments | Columbia South Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2013 | [2] | 2013 | [3] | |
Maturity Date | Jan. 1, 2050 | [2] | Jan. 1, 2050 | [3] | |
Base Interest Rate | 6.25% | [2] | 6.25% | [3] | |
Principal Outstanding | $ 18,838,478 | [2] | $ 19,044,617 | [3] | |
Tyler Park Townhomes [Member] | Greenfield California | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2013 | [2] | 2013 | [3] | |
Maturity Date | Jan. 1, 2030 | [2] | Jan. 1, 2030 | [3] | |
Base Interest Rate | 5.75% | [2] | 5.75% | [3] | |
Principal Outstanding | $ 5,837,595 | [2] | $ 5,903,368 | [3] | |
The Village at Madera [Member] | Series A [Member] | Madera, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2016 | 2016 | ||
Maturity Date | [1] | Dec. 1, 2033 | Dec. 1, 2033 | ||
Base Interest Rate | [1] | 5.00% | 5.00% | ||
Principal Outstanding | [1] | $ 3,060,177 | $ 3,085,000 | ||
Village at Avalon [Member] | Albuquerque, NM [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2018 | [9] | 2018 | ||
Maturity Date | Jan. 1, 2059 | [9] | Jan. 1, 2059 | ||
Base Interest Rate | 5.80% | [9] | 5.80% | ||
Principal Outstanding | $ 16,302,038 | [9] | $ 16,400,000 | ||
Village at River's Edge [Member] | Columbia South Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2017 | 2017 | ||
Maturity Date | [1] | Jun. 1, 2033 | Jun. 1, 2033 | ||
Base Interest Rate | [1] | 6.00% | 6.00% | ||
Principal Outstanding | [1] | $ 9,872,297 | $ 9,938,059 | ||
Vineyard Gardens | Series A [Member] | Oxnard, CA [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2017 | [8] | 2017 | [4] | |
Maturity Date | Jan. 1, 2035 | [8] | Jan. 1, 2035 | [4] | |
Base Interest Rate | 5.50% | [8] | 5.50% | [4] | |
Principal Outstanding | $ 3,995,000 | [8] | $ 3,995,000 | [4] | |
Westside Village Market [Member] | Shafter, California [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2013 | [2] | 2013 | [3] | |
Maturity Date | Jan. 1, 2030 | [2] | Jan. 1, 2030 | [3] | |
Base Interest Rate | 5.75% | [2] | 5.75% | [3] | |
Principal Outstanding | $ 3,814,857 | [2] | $ 3,857,839 | [3] | |
Willow Run [Member] | Columbia South Carolina | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [1] | 2015 | 2015 | ||
Maturity Date | [1] | Dec. 1, 2050 | Dec. 1, 2050 | ||
Base Interest Rate | [1] | 5.50% | 5.50% | ||
Principal Outstanding | [1] | $ 12,742,000 | $ 12,879,000 | ||
Woodlynn Village [Member] | Maplewood, Minnesota [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [7] | 2008 | 2008 | ||
Maturity Date | [7] | Nov. 1, 2042 | Nov. 1, 2042 | ||
Base Interest Rate | [7] | 6.00% | 6.00% | ||
Principal Outstanding | [7] | $ 4,172,000 | $ 4,221,000 | ||
Avistar on the Boulevard [Member] | Series A [Member] | San Antonio, TX [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | [3] | 2013 | |||
Maturity Date | [3] | Mar. 1, 2050 | |||
Base Interest Rate | [3] | 6.00% | |||
Principal Outstanding | [3] | $ 15,941,296 | |||
Copper Gate Apartments [Member] | Lafayette, Indiana [Member] | |||||
Summary Of Investment Holdings [Line Items] | |||||
Year Acquired | 2013 | [2] | 2013 | [3] | |
Maturity Date | Dec. 1, 2029 | [2] | Dec. 1, 2029 | [3] | |
Base Interest Rate | 6.25% | [2] | 6.25% | [3] | |
Principal Outstanding | $ 5,005,000 | [2] | $ 5,055,000 | [3] | |
[1] | MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 | ||||
[2] | MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 15 | ||||
[3] | MRB held by ATAX TEBS II, LLC (M31 TEBS), see Note 15 | ||||
[4] | MRB held by Deutsche Bank in a secured financing transaction, see Note 15 | ||||
[5] | MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 | ||||
[6] | MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 15 MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 15 | ||||
[7] | MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 15 | ||||
[8] | MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15 | ||||
[9] | MRB held by Morgan Stanley in a secured financing transaction, see Note 15 |
Public Housing Capital Fund T_3
Public Housing Capital Fund Trust Certificates - Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)Option | Dec. 31, 2018USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | ||
Impairment charge | $ 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 | $ 0 | $ 1,100,000 |
Public Housing Capital Fund T_4
Public Housing Capital Fund Trust Certificates - Schedule of Investments in PHC Certificates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value, held in trust | $ 1,383,237 | $ 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 | 41,940,553 | 48,247,303 |
Cumulative Unrealized Gain, held in trust | 1,408,804 | 424,783 |
Estimated Fair Value, held in trust | 43,349,357 | 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 | 24,477,478 | 24,608,543 |
Cumulative Unrealized Gain, held in trust | 435,659 | 285,984 |
Estimated Fair Value, held in trust | $ 24,913,137 | $ 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 5 months 19 days | 6 years 5 months 26 days |
Investment Rating | AA- | AA- |
Weighted Average Interest Rate Over Life | 5.33% | 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 | $ 4,375,296 | $ 9,071,785 |
Cumulative Unrealized Gain, held in trust | 386,433 | 44,768 |
Estimated Fair Value, held in trust | $ 4,761,729 | $ 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 6 months 29 days | |
Investment Rating | AA- | |
Weighted Average Interest Rate Over Life | 4.41% | |
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 | $ 13,087,779 | $ 14,566,975 |
Cumulative Unrealized Gain, held in trust | 586,712 | 94,031 |
Estimated Fair Value, held in trust | $ 13,674,491 | $ 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) | 5 years 5 months 4 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) | Dec. 31, 2019USD ($)Unit | Dec. 31, 2018USD ($)Unit | |
Real Estate [Line Items] | |||
Number of Units | Unit | 3,174 | ||
Land and Land Improvements | $ 4,906,130 | $ 4,971,665 | |
Buildings and improvements | 72,011,533 | 71,897,070 | |
Carrying Value | 76,917,663 | 76,868,735 | |
Accumulated depreciation | (15,357,700) | (12,272,387) | |
Net real estate assets | $ 61,559,963 | $ 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 | 39,073,728 | 38,961,163 | |
Carrying Value | $ 42,272,996 | $ 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 | $ 32,937,805 | $ 32,935,907 | |
Carrying Value | $ 32,937,805 | 32,935,907 | |
Land Held for Development [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | [1] | ||
Land and Land Improvements | [1] | $ 1,706,862 | 1,776,197 |
Carrying Value | [1] | $ 1,706,862 | $ 1,776,197 |
[1] | Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. |
Real Estate Assets - Real Est_2
Real Estate Assets - Real Estate Assets Owned by Partnership (Parenthetical) (Details) - Site | Dec. 31, 2019 | Dec. 31, 2018 |
Gardner, KS and Richland County, SC [Member] | Omaha, NE [Member] | ||
Real Estate [Line Items] | ||
Land development costs, consisted for number of sites | 1 | 1 |
Real Estate Assets - Additional
Real Estate Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate [Line Items] | ||||
Impairment charge on real estate assets | $ 75,000 | $ 150,000 | ||
Gardner, KS [Member] | ||||
Real Estate [Line Items] | ||||
Impairment charge on real estate assets | $ 75,000 | $ 150,000 |
Real Estate Assets - Gains on S
Real Estate Assets - Gains on Sale, Net of Income Taxes (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)Unit | Dec. 31, 2019Unit | |
Real Estate [Line Items] | ||
Number of Units | Unit | 3,174 | |
Gain on Sale before Income Taxes | $ 4,051,429 | |
Jade Park [Member] | Daytona, FL [Member] | MF Properties [Member] | ||
Real Estate [Line Items] | ||
Number of Units | Unit | 144 | |
Gross Proceeds | $ 13,450,000 | |
Gain on Sale before Income Taxes | $ 4,051,429 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) | 12 Months Ended | |
Dec. 31, 2019USD ($)Unit | Dec. 31, 2018USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 3,174 | |
Carrying Value | $ 86,981,864 | $ 76,534,306 |
Maximum Remaining Equity Commitment | $ 5,414,338 | |
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 | 8,830,000 | |
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 | $ 10,144,052 | 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 | $ 11,745,155 | 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 | $ 13,516,425 | 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 | $ 9,007,435 | $ 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 | $ 8,078,519 | |
Maximum Remaining Equity Commitment | $ 1,347,128 | |
Vantage At O'Connor [Member] | San Antonio, TX [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | October 2019 | |
Carrying Value | $ 5,016,811 | |
Maximum Remaining Equity Commitment | $ 2,475,171 |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | ||||||
Income on sale of properties | $ 4,051,429 | |||||
Gain on sale of investments | $ 16,141,797 | $ 2,904,087 | ||||
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 investments | $ 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 Boerne [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Cash received | $ 15,200,000 | |||||
Income on sale of properties | 1,200,000 | |||||
Gain on sale of investments | $ 5,700,000 | |||||
Vantage at Corpus Christi [Member] | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Cash received | $ 12,100,000 | |||||
Income on sale of properties | 590,000 | |||||
Gain on sale of investments | $ 2,900,000 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | ||
Property Revenues | $ 12,541,852 | $ 9,262,127 |
Gain on sale of property | 35,871,041 | 7,424,879 |
Net income | $ 32,662,003 | $ 5,001,702 |
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 ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
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) | $ (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 | |
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 | ||
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 |
Property Loans, Net of Loan L_4
Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2019 | Jan. 31, 2019 | Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Loans Net Of Loan Loss Allowance [Line Items] | |||||
Contingent Interest | $ 3,045,462 | $ 9,322,849 | |||
Ohio Properties [Member] | |||||
Property Loans Net Of Loan Loss Allowance [Line Items] | |||||
Interest earned on property loan principal | $ 983,000 | 983,000 | |||
Vantage at Brooks LLC [Member] | |||||
Property Loans Net Of Loan Loss Allowance [Line Items] | |||||
Contingent Interest | $ 3,000,000 | ||||
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 | ||||
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 | ||||
Vantage at New Braunfels, LLC [Member] | |||||
Property Loans Net Of Loan Loss Allowance [Line Items] | |||||
Contingent Interest | $ 5,100,000 |
Property Loans, Net of Loan L_5
Property Loans, Net of Loan Loss Allowances - Loan Loss Reserves (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract] | ||
Balance, beginning of year | $ 7,393,814 | $ 7,393,814 |
Balance, end of year | $ 7,393,814 | $ 7,393,814 |
Income Tax Provision - Summary
Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Provision [Line Items] | ||
Total income tax expense (benefit) | $ 45,987 | $ (921,097) |
Greens Hold Co [Member] | ||
Income Tax Provision [Line Items] | ||
Current income tax expense (benefit) | 195,861 | (678,862) |
Deferred income tax benefit | (149,874) | (242,235) |
Total income tax expense (benefit) | $ 45,987 | $ (921,097) |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Provision [Line Items] | ||
Valuation allowance | $ 0 | $ 0 |
Accrued interest or penalties | $ 0 | 0 |
Earliest Tax Year [Member] | ||
Income Tax Provision [Line Items] | ||
Partnership tax returns subjected to examination | 2016 | |
Latest Tax Year [Member] | ||
Income Tax Provision [Line Items] | ||
Partnership tax returns subjected to examination | 2018 | |
Greens Hold Co [Member] | ||
Income Tax Provision [Line Items] | ||
Net deferred tax assets | $ 426,000 | $ 268,000 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Deferred financing costs, net | $ 353,862 | $ 397,823 |
Fair value of derivative instruments (Note 17) | 10,911 | 626,633 |
Taxable mortgage revenue bonds, at fair value | 1,383,237 | 1,409,895 |
Operating leases, right-of-use assets | 1,673,242 | |
Other assets | 1,641,099 | 2,081,258 |
Total other assets | $ 5,062,351 | $ 4,515,609 |
Other Assets - Summary of the T
Other Assets - Summary of the Terms of the Taxable MRBs Redeemed (Details) | 12 Months Ended | |
Dec. 31, 2018USD ($)Unit | Dec. 31, 2019Unit | |
Other Assets [Line Items] | ||
Units | 3,174 | |
Vantage at Judson [Member] | Series D [Member] | San Antonio, TX [Member] | ||
Other Assets [Line Items] | ||
Units | 288 | |
Original Maturity Date | Feb. 1, 2053 | |
Base Interest Rate | 9.00% | |
Principal Outstanding at Date of Redemption | $ | $ 923,502 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Partnership's Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accounts payable | $ 93,834 | $ 230,631 |
Accrued expenses | 2,529,982 | 2,956,368 |
Accrued interest expense | 2,690,076 | 2,270,348 |
Operating lease liabilities | 2,138,783 | |
Other liabilities | 1,583,492 | 2,086,475 |
Total accounts payable, accrued expenses and other liabilities | $ 9,036,167 | $ 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 ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Lessee Lease Description [Line Items] | |||
Initial lease term expiration period | 2048-03 | ||
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 | $ 168,000 | $ 168,000 | $ 168,000 |
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) | Dec. 31, 2019USD ($) |
Payables And Accruals [Abstract] | |
2020 | $ 135,812 |
2021 | 136,366 |
2022 | 139,091 |
2023 | 141,871 |
2024 | 144,706 |
Thereafter | 4,517,273 |
Total | 5,215,119 |
Less: Amount representing interest | (3,076,336) |
Total operating lease liabilities | $ 2,138,783 |
Unsecured Lines of Credit - Sum
Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 13,200,000 | $ 35,659,200 | |
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] | Bankers Trust Operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 0 | ||
Unsecured Lines of Credit [Member] | 4.19% 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 | 4.19% | ||
Unsecured Lines of Credit [Member] | 4.94% 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 | 4.94% | ||
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 ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 31, 2020 | Dec. 31, 2018 | |
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 13,200,000 | $ 35,659,200 | |
Unsecured Lines of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | 60,000,000 | 60,000,000 | |
Lines of credit | 13,200,000 | $ 35,659,200 | |
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||
Debt instrument, maturity date range start | Mar. 31, 2020 | ||
Debt instrument, maturity date range end | Sep. 30, 2020 | ||
Debt instrument, covenant compliance | The Partnership was in compliance with all covenants as of December 31, 2019 | ||
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | First Extension [Member] | |||
Line Of Credit Facility [Line Items] | |||
Principal amount repayment on extension | 5.00% | ||
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | Second Extension [Member] | |||
Line Of Credit Facility [Line Items] | |||
Principal amount repayment on extension | 10.00% | ||
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | Third Extension [Member] | |||
Line Of Credit Facility [Line Items] | |||
Principal amount repayment on extension | 20.00% | ||
Bankers Trust [Member] | Unsecured Lines of Credit [Member] | London Interbank Offered Rate [Member] | |||
Line Of Credit Facility [Line Items] | |||
Debt instrument variable rate | 2.50% | ||
Bankers Trust Operating [Member] | Unsecured Lines of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Debt instrument variable rate | 3.25% | ||
Lines of credit | $ 0 | ||
Bankers Trust Operating [Member] | Unsecured Lines of Credit [Member] | Scenario Forecast [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 0 |
Debt Financing - Schedule of To
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 536,197,421 | $ 505,663,565 | ||||
Period End Rates | 4.74% | 4.96% | ||||
Variable - M31 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Maturities | 2024-07 | |||||
Variable - M33 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Maturities | 2025-07 | |||||
TEBS Financings [Member] | Fixed - M24 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 40,495,442 | |||||
Restricted Cash | $ 204,000 | |||||
Year Acquired | 2010 | |||||
Stated Maturities | 2027-05 | |||||
Reset Frequency | N/A | |||||
Period End Rates | 3.05% | |||||
TEBS Financings [Member] | Variable - M31 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 79,505,180 | [1] | $ 80,418,505 | [2] | ||
Restricted Cash | $ 4,999 | [1] | $ 181,626 | [2] | ||
Year Acquired | 2014 | [1] | 2014 | [2] | ||
Stated Maturities | 2024-07 | [1] | 2019-07 | [2],[3] | ||
Reset Frequency | Weekly | [1] | Weekly | [2] | ||
SIFMA Based Rates | 1.64% | [1] | 1.74% | [2] | ||
Facility Fees | 1.54% | [1] | 1.49% | [2] | ||
Period End Rates | 3.18% | [1] | 3.23% | [2] | ||
TEBS Financings [Member] | Fixed - M33 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 31,367,147 | |||||
Restricted Cash | $ 2,606 | |||||
Year Acquired | 2015 | |||||
Stated Maturities | 2030-09 | |||||
Reset Frequency | N/A | |||||
Period End Rates | 3.24% | |||||
TEBS Financings [Member] | Fixed - M45 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 217,603,233 | [4] | $ 219,250,387 | [5] | ||
Restricted Cash | $ 5,000 | [4] | $ 5,000 | [5] | ||
Year Acquired | 2018 | [4] | 2018 | [5] | ||
Stated Maturities | 2034-07 | [4] | 2034-07 | [5] | ||
Reset Frequency | N/A | [4] | N/A | [5] | ||
Period End Rates | 3.82% | [4] | 3.82% | [5] | ||
TEBS Financings [Member] | Variable - M24 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 41,466,000 | |||||
Restricted Cash | $ 432,998 | |||||
Year Acquired | 2010 | |||||
Stated Maturities | 2027-05 | 2020-09 | ||||
Reset Frequency | Weekly | |||||
SIFMA Based Rates | 1.76% | |||||
Facility Fees | 1.85% | |||||
Period End Rates | 3.61% | |||||
TEBS Financings [Member] | Variable - M33 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [2] | $ 31,262,039 | ||||
Restricted Cash | [2] | $ 58,002 | ||||
Year Acquired | [2] | 2015 | ||||
Stated Maturities | 2030-09 | 2020-07 | [2],[6] | |||
Reset Frequency | [2] | Weekly | ||||
SIFMA Based Rates | [2] | 1.74% | ||||
Facility Fees | [2] | 1.26% | ||||
Period End Rates | [2] | 3.00% | ||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 21,073,418 | $ 46,675,413 | [7] | |||
Year Acquired | [7] | 2014 | ||||
Stated Maturities | [7] | 2019-10 | ||||
Reset Frequency | N/A | N/A | [7] | |||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Year Acquired | 2014 | |||||
Stated Maturities | 2020-01 | |||||
Period End Rates | 3.53% | 4.01% | [7] | |||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Year Acquired | 2019 | |||||
Stated Maturities | 2022-05 | |||||
Period End Rates | 4.01% | 4.39% | [7] | |||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 102,591,789 | [8] | $ 37,620,000 | [9] | ||
Year Acquired | 2019 | [8] | 2012 | [9] | ||
Stated Maturities | [9] | 2019-05 | ||||
Reset Frequency | Weekly | [8] | Weekly | [9] | ||
SIFMA Based Rates | [9] | 2.21% | ||||
Facility Fees | [9] | 1.67% | ||||
Period End Rates | 3.19% | 3.88% | [9] | |||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Maturities | [8] | 2020-07 | ||||
SIFMA Based Rates | [8] | 1.79% | ||||
Facility Fees | [8] | 1.12% | ||||
Period End Rates | [8] | 2.96% | ||||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Maturities | [8] | 2020-09 | ||||
SIFMA Based Rates | [8] | 2.08% | ||||
Facility Fees | [8] | 1.66% | ||||
Period End Rates | [8] | 3.45% | ||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 43,561,212 | $ 48,971,221 | [7] | |||
Reset Frequency | N/A | N/A | [7] | |||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Year Acquired | 2017 | 2017 | [7] | |||
Stated Maturities | 2020-02 | 2019-05 | [7] | |||
Period End Rates | 4.46% | 4.46% | [7] | |||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Year Acquired | 2019 | 2018 | [7] | |||
Stated Maturities | 2027-02 | 2027-02 | [7] | |||
Period End Rates | 4.53% | 4.53% | [7] | |||
[1] | Facility fees have a variable component. | |||||
[2] | Facility fees have a variable component | |||||
[3] | The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees | |||||
[4] | The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac | |||||
[5] | 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 | |||||
[6] | The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees | |||||
[7] | The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $37,665,413 Deutsche Bank 2014 October 2019 4.39% Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $46,675,413 4.31% Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $26,860,337 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46% Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46% Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53% Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $48,971,221 4.47% | |||||
[8] | The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45% Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96% PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96% South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96% Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96% Total TOB Financing\ Weighted Average Period End Rate $102,591,789 3.19% Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $21,073,418 3.71% Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $43,561,212 4.47% | |||||
[9] | The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). |
Debt Financing - Schedule of _2
Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | ||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 536,197,421 | $ 505,663,565 | |||
Period End Rates | 4.74% | 4.96% | |||
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 - TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 102,591,789 | [1] | $ 37,620,000 | [2] | |
Year Acquired | 2019 | [1] | 2012 | [2] | |
Stated Maturities | [2] | 2019-05 | |||
Reset Frequency | Weekly | [1] | Weekly | [2] | |
SIFMA Based Rates | [2] | 2.21% | |||
Facility Fees | [2] | 1.67% | |||
Period End Rates | 3.19% | 3.88% | [2] | ||
Variable - TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Live 929 Apartments [Member] | Mizuho Capital Markets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 31,733,007 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-08 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 1.79% | ||||
Facility Fees | 1.66% | ||||
Period End Rates | 3.45% | ||||
Variable - TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Public Housing Capital Fund Trust 1 [Member] | Mizuho Capital Markets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 20,067,635 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-09 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 2.08% | ||||
Facility Fees | 1.12% | ||||
Period End Rates | 3.20% | ||||
Variable - TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Public Housing Capital Fund Trust 2 [Member] | Mizuho Capital Markets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 3,786,197 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-09 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 2.08% | ||||
Facility Fees | 1.12% | ||||
Period End Rates | 3.20% | ||||
Variable - TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Public Housing Capital Fund Trust 3 [Member] | Mizuho Capital Markets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 10,850,103 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-09 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 2.08% | ||||
Facility Fees | 1.12% | ||||
Period End Rates | 3.20% | ||||
Variable - TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Rosewood Townhomes - Series A [Member] | Mizuho Capital Markets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 7,687,958 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-07 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 1.79% | ||||
Facility Fees | 1.17% | ||||
Period End Rates | 2.96% | ||||
Variable - TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | South Pointe Apartments - Series A [Member] | Mizuho Capital Markets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 17,992,112 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-07 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 1.79% | ||||
Facility Fees | 1.17% | ||||
Period End Rates | 2.96% | ||||
Variable - TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Vineyard Gardens - Series A [Member] | Mizuho Capital Markets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 3,575,124 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-08 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 1.79% | ||||
Facility Fees | 1.17% | ||||
Period End Rates | 2.96% | ||||
Variable - TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Montecito at Williams Ranch - Series A | Mizuho Capital Markets [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt financing | $ 6,899,653 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-08 | ||||
Reset Frequency | Weekly | ||||
SIFMA Based Rates | 1.79% | ||||
Facility Fees | 1.17% | ||||
Period End Rates | 2.96% | ||||
Fixed - Term TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.71% | 4.31% | |||
Debt financing | $ 21,073,418 | $ 46,675,413 | [3] | ||
Year Acquired | [3] | 2014 | |||
Stated Maturities | [3] | 2019-10 | |||
Reset Frequency | N/A | N/A | [3] | ||
Fixed - Term TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Live 929 Apartments [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.39% | ||||
Debt financing | $ 37,665,413 | ||||
Year Acquired | 2014 | ||||
Stated Maturities | 2019-10 | ||||
Fixed - Term TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Pro Nova 2014-1 [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.01% | 4.01% | |||
Debt financing | $ 8,010,000 | $ 9,010,000 | |||
Year Acquired | 2014 | 2014 | |||
Stated Maturities | 2020-01 | 2019-10 | |||
Fixed - Term TOB [Member] | TOB & Term A/B Trusts Securitization [Member] | Village at Avalon [Member] | Morgan Stanley Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 3.53% | ||||
Debt financing | $ 13,063,418 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2022-05 | ||||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.47% | 4.47% | |||
Debt financing | $ 43,561,212 | $ 48,971,221 | [3] | ||
Reset Frequency | N/A | N/A | [3] | ||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Vineyard Gardens - Series A [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.53% | ||||
Debt financing | $ 3,595,000 | ||||
Year Acquired | 2018 | ||||
Stated Maturities | 2019-05 | ||||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Gateway Village [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.53% | ||||
Debt financing | $ 2,260,628 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-02 | ||||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Lynnhaven Apartments [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.53% | ||||
Debt financing | $ 3,000,128 | ||||
Year Acquired | 2019 | ||||
Stated Maturities | 2020-02 | ||||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Avistar at Wilcrest - Series A [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.46% | 4.46% | |||
Debt financing | $ 3,142,267 | $ 3,172,029 | |||
Year Acquired | 2017 | 2017 | |||
Stated Maturities | 2027-02 | 2027-02 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Montecito at Williams Ranch - Series A | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.53% | ||||
Debt financing | $ 6,921,000 | ||||
Year Acquired | 2018 | ||||
Stated Maturities | 2019-05 | ||||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Avistar at Wood Hollow - Series A [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.46% | 4.46% | |||
Debt financing | $ 26,773,109 | $ 26,860,337 | |||
Year Acquired | 2017 | 2017 | |||
Stated Maturities | 2027-02 | 2027-02 | |||
Fixed - Term A/B [Member] | TOB & Term A/B Trusts Securitization [Member] | Avistar at Copperfield - Series A [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate | 4.46% | 4.46% | |||
Debt financing | $ 8,385,080 | $ 8,422,855 | |||
Year Acquired | 2017 | 2017 | |||
Stated Maturities | 2027-02 | 2027-02 | |||
Variable - M31 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Maturities | 2024-07 | ||||
Debt instrument extend period | 5 years | ||||
Variable - M33 [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Maturities | 2025-07 | ||||
Debt instrument extend period | 5 years | ||||
[1] | The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019: Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Period End Rates Variable - TOB Securitization Live 929 $31,733,007 Mizuho 2019 August 2020 Weekly 1.79% 1.66% 3.45% Montecito at Williams Ranch - Series A 6,899,653 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96% PHC Certificate Trust 1 20,067,635 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% PHC Certificate Trust 2 3,786,197 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% PHC Certificate Trust 3 10,850,103 Mizuho 2019 September 2020 Weekly 2.08% 1.12% 3.20% Rosewood Townhomes - Series A 7,687,958 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96% South Pointe Apartments - Series A 17,992,112 Mizuho 2019 July 2020 Weekly 1.79% 1.17% 2.96% Vineyard Gardens - Series A 3,575,124 Mizuho 2019 August 2020 Weekly 1.79% 1.17% 2.96% Total TOB Financing\ Weighted Average Period End Rate $102,591,789 3.19% Outstanding Financing as of December 31, 2019, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Pro Nova 1 $8,010,000 Deutsche Bank 2014 January 2020 4.01% Village at Avalon 13,063,418 Morgan Stanley 2019 May 2022 3.53% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $21,073,418 3.71% Fixed - Term A/B Trusts Securitization Avistar at Copperfield - Series A $8,385,080 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,142,267 Deutsche Bank 2017 February 2027 4.46% Avistar at Wood Hollow - Series A 26,773,109 Deutsche Bank 2017 February 2027 4.46% Gateway Village 2,260,628 Deutsche Bank 2019 February 2020 4.53% Lynnhaven 3,000,128 Deutsche Bank 2019 February 2020 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $43,561,212 4.47% | ||||
[2] | The variable TOB Financings are secured by the Partnership’s three PHC Certificates (see Note 7). | ||||
[3] | The following table summarizes the individual Term TOB and Term A/B Trust securitizations as of December 31, 2018: Outstanding Financing as of December 31, 2018, net Financing Facility Provider Year Acquired Stated Maturity Fixed Interest Rate Fixed - Term TOB Securitization Live 929 $37,665,413 Deutsche Bank 2014 October 2019 4.39% Pro Nova 1 9,010,000 Deutsche Bank 2014 October 2019 4.01% Total Fixed Term TOB Financing\ Weighted Average Period End Rate $46,675,413 4.31% Term A/B Trusts Securitization Avistar at Wood Hollow - Series A $26,860,337 Deutsche Bank 2017 February 2027 4.46% Avistar at Wilcrest - Series A 3,172,029 Deutsche Bank 2017 February 2027 4.46% Avistar at Copperfield - Series A 8,422,855 Deutsche Bank 2017 February 2027 4.46% Montecito at Williams Ranch - Series A 6,921,000 Deutsche Bank 2018 May 2019 4.53% Vineyard Gardens - Series A 3,595,000 Deutsche Bank 2018 May 2019 4.53% Total Fixed A/B Trust Financing\ Weighted Average Period End Rate $48,971,221 4.47% |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||
Jul. 31, 2019USD ($) | Aug. 31, 2018USD ($)Security | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)Paydown | |||
Debt Instrument [Line Items] | ||||||
Amortization of deferred financing costs | $ 1,713,534 | $ 1,673,044 | ||||
Number of unscheduled paydowns for each TEBS | Paydown | 3 | |||||
Term A/B Trust [Member] | Mortgage Revenue Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Deferred financing costs - net | $ 371,000 | |||||
Variable - M31 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated maturities | 2024-07 | |||||
Variable - M31 [Member] | TEBS Financings [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument additional maturity period | 5 years | |||||
Debt instrument extended maturity date | 2024-07 | |||||
Stated maturities | 2024-07 | [1] | 2019-07 | [2],[3] | ||
Variable - M24 [Member] | TEBS Financings [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.05% | |||||
Stated maturities | 2027-05 | 2020-09 | ||||
Deferred financing costs - net | $ 307,000 | |||||
Variable - M33 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated maturities | 2025-07 | |||||
Variable - M33 [Member] | TEBS Financings [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate | 3.24% | |||||
Stated maturities | 2030-09 | 2020-07 | [2],[4] | |||
Deferred financing costs - net | $ 265,000 | |||||
Amortization of deferred financing costs | 496,000 | |||||
Premium received upon refinancing of debt | $ 435,000 | |||||
Fixed - M45 [Member] | TEBS Financings [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated maturities | 2034-07 | [5] | 2034-07 | [6] | ||
Fixed - M45 [Member] | TEBS Financings [Member] | Mortgage Revenue Bonds [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 | |||||
Fixed - M45 [Member] | TEBS Financings [Member] | Class A TEBS Certificates [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt financing facility par value | $ 221,500,000 | |||||
Fixed - M45 [Member] | Term A/B Trust [Member] | Mortgage Revenue Bonds [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of securities collapsed prior to closing of financing | Security | 24 | |||||
[1] | Facility fees have a variable component. | |||||
[2] | Facility fees have a variable component | |||||
[3] | The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees | |||||
[4] | The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees | |||||
[5] | 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 | |||||
[6] | 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 MRB
Debt Financing - Summary of MRBs Redeemed and Class A Certificates Redeemed Upon Redemption (Details) - Mortgage Revenue Bonds [Member] - TEBS Financings [Member] | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Lake Forest [Member] | M24 TEBS [Member] | |
Debt Instrument Redemption [Line Items] | |
Paydown Applied | $ 8,122,000 |
Bella Vista [Member] | M24 TEBS [Member] | |
Debt Instrument Redemption [Line Items] | |
Paydown Applied | 5,076,000 |
Vantage at Judson - Series B [Member] | M33 TEBS [Member] | |
Debt Instrument Redemption [Line Items] | |
Paydown Applied | $ 25,908,568 |
Debt Financing - Schedule of Co
Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Financing [Abstract] | ||
2020 | $ 121,117,504 | |
2021 | 5,326,861 | |
2022 | 18,496,986 | |
2023 | 5,896,946 | |
2024 | 15,472,867 | |
Thereafter | 372,276,815 | |
Total | 538,587,979 | |
Unamortized deferred financing costs and debt premium | (2,390,558) | |
Total debt financing, net | $ 536,197,421 | $ 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 ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 26,802,246 | $ 27,454,375 | |
Period End Rate | 4.74% | 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 | $ 2,859,390 | $ 3,118,478 | |
Year Acquired | 2014 | 2014 | |
Stated Maturity | Mar. 1, 2020 | 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 | $ 23,942,856 | $ 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] | 4.75% | 5.00% |
Period End Rate | 4.75% | 5.00% | |
[1] | Variable rate is based on Wall Street Journal Prime Rate, but not to exceed 5.0% |
Mortgage Payable and Other Se_2
Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Parenthetical) (Details) | 12 Months Ended | |
Dec. 31, 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 ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Mortgage Loans on Real Estate [Line Items] | ||
Total mortgages payable and other secured financings, net | $ 26,802,246 | $ 27,454,375 |
Mortgages Payable and Other Secured Financing [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
2020 | 26,812,851 | |
Total | 26,812,851 | |
Unamortized deferred financing costs | (10,605) | |
Total mortgages payable and other secured financings, net | $ 26,802,246 |
Interest Rate Derivatives - Sum
Interest Rate Derivatives - Summary of Partnership's Interest Rate Derivatives (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Aug. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Derivative [Line Items] | ||||||
Derivative, Fair Value - Asset (Liability) | $ 10,911 | $ 626,633 | ||||
Wells Fargo Bank [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2015-07 | 2015-07 | ||||
Derivative, Notional Amount | $ 27,033,788 | $ 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) | $ 536 | |||||
Royal Bank of Canada-1 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2015-07 | 2014-07 | ||||
Derivative, Notional Amount | $ 27,033,788 | $ 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 | |||
SMBC Capital Markets, Inc-1 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2015-07 | 2014-07 | ||||
Derivative, Notional Amount | $ 27,033,788 | $ 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 | |||
Barclays Bank PLC 1 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2017-06 | 2014-07 | ||||
Derivative, Notional Amount | $ 81,101,364 | $ 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] | TOB Trusts | M31 TEBS | |||
Derivative, Fair Value - Asset (Liability) | $ 4,090 | |||||
Barclays Bank PLC 2 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2017-09 | 2017-06 | ||||
Derivative, Notional Amount | $ 58,090,000 | $ 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] | TOB Trusts | M31 TEBS | |||
Derivative, Fair Value - Asset (Liability) | $ 158,989 | |||||
Barclays Bank PLC 3 [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative, Purchase Date | 2019-08 | 2019-08 | 2017-06 | |||
Derivative, Notional Amount | $ 79,333,280 | $ 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) | $ 6,821 | $ 465,983 | ||||
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] | For additional details, see Note 23 to the Partnership’s consolidated financial statements. |
Interest Rate Derivatives - Add
Interest Rate Derivatives - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2019 | Dec. 31, 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] | For additional details, see Note 23 to the Partnership’s consolidated financial statements. |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Long-term Purchase Commitment [Line Items] | |
Partnership's Maximum Exposure as of December 31, 2019 | $ 34,900,000 |
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 December 31, 2019 | 28,264,790 |
Partnership's Maximum Exposure as of December 31, 2019 | $ 28,264,790 |
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 December 31, 2019 | 11,502,353 |
Partnership's Maximum Exposure as of December 31, 2019 | $ 11,502,353 |
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 December 31, 2019 | $ 3,361,979 |
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 December 31, 2019 | $ 2,237,843 |
End of Guarantee Period | 2027 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 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) | Dec. 31, 2019USD ($) |
Commitments And Other Guarantees [Line Items] | |
Maximum exposure | $ 34,900,000 |
Greens of Pine Glen [Member] | |
Commitments And Other Guarantees [Line Items] | |
Percentage of loss contingency, range of possible loss, maximum | 75.00% |
Maximum exposure | $ 2,237,843 |
Redeemable Series A Preferred_3
Redeemable Series A Preferred Units - Additional Information (Details) - $ / shares | Dec. 31, 2019 | Oct. 31, 2017 | Aug. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 |
Redemption Price per Unit | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | |
Series A Preferred Units [Member] | ||||||||
Redemption Price per Unit | $ 10 |
Redeemable Series A Preferred_4
Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||
Oct. 31, 2017 | Aug. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | Dec. 31, 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 |
Issuances of Beneficial Unit _2
Issuances of Beneficial Unit Certificates (Details) - At The Market Offering [Member] - BUCs - Restricted and Unrestricted [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2018 | |
Issuances of Beneficial Unit Certificates [Line Items] | |||
Partnership capital unit, amount authorised | $ 225,000,000 | $ 75,000,000 | |
Sale of Beneficial Unit Certificates, net of issuance costs, unit | 310,519 | ||
Net proceeds from partnership capital unit sold | $ 1,800,000 | ||
Registration statement expiration date | 2022-12 |
Restricted Unit Awards - Additi
Restricted Unit Awards - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation expense related to non-vested RUAs granted | $ 0 | |
General and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Compensation expense | $ 3,600,000 | $ 1,800,000 |
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 | |
RUAs granted with vesting range | 3 years | 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 | 3 months |
Restricted Unit Awards - Summar
Restricted Unit Awards - Summary of RUA activity (Details) - Restricted Unit Awards [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 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 Amounts Reimbursable to AFCA 2, the General Partner of AFCA 2, or an Affiliate (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transaction [Line Items] | ||
Amounts reimbursable to related party | $ 301,000 | $ 330,000 |
General Partner [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts reimbursable to related party | 5,066,741 | 4,376,708 |
General Partner [Member] | Reimbursable Salaries and Benefits [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts reimbursable to related party | 4,702,754 | 3,993,067 |
General Partner [Member] | Other Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts reimbursable to related party | 19,622 | 13,121 |
General Partner [Member] | Office Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts reimbursable to related party | 17,630 | |
General Partner [Member] | Insurance [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts reimbursable to related party | 243,773 | 215,867 |
General Partner [Member] | Professional Fees and Expenses [Member] | ||
Related Party Transaction [Line Items] | ||
Amounts reimbursable to related party | $ 82,962 | $ 154,653 |
Transactions with Related Par_4
Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Related Party Transaction [Line Items] | |||
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities | [1] | $ 131,000 | $ 77,000 |
General Partner [Member] | |||
Related Party Transaction [Line Items] | |||
Administrative fees | [2] | 3,620,000 | 3,721,000 |
Burlington Capital Properties, LLC [Member] | MF Properties Managed [Member] | |||
Related Party Transaction [Line Items] | |||
Property management fees to an affiliate | [3] | $ 101,000 | $ 190,000 |
[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. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s consolidated statements of operations. | ||
[2] | AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s consolidated statements of operations. | ||
[3] | A former 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” on the Partnership’s consolidated statements of operations. |
Transactions with Related Par_5
Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Rate for administration fees receivable | 0.45% |
Transactions with Related Par_6
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - General Partner [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | ||
Non-partnership property administrative fee received | [1] | $ 36,000 | $ 69,000 |
Investment/mortgage fees received | [2] | $ 1,362,000 | 2,873,000 |
Mortgage Revenue Bonds [Member] | |||
Redemption administrative fee | [3] | $ 283,000 | |
[1] | AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified. | ||
[2] | AFCA 2 received placement fees in connection with the acquisition of certain MRBs and investments in unconsolidated entities. | ||
[3] | AFCA 2 received one-time administrative fees related to early redemptions of the Lake Forest MRB in September 2018 and the Vantage at Judson MRBs in December 2018. |
Transactions with Related Par_7
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Rate for administration fees receivable | 0.45% |
Transactions with Related Par_8
Transactions with Related Parties - Additional Information (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transactions [Abstract] | ||
Receivables due from unconsolidated entities | $ 116,000 | $ 77,000 |
Outstanding liabilities due to related parties | $ 301,000 | $ 330,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Weighted average effective yield | 5.20% | 5.50% |
Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Weighted average effective yield | 8.80% | 9.10% |
MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Weighted average effective yield | 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 | 4.40% | 5.30% |
Effective rate - minimum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 8.70% | 8.30% |
Effective rate - minimum [Member] | MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 2.40% | 3.30% |
Effective rate - maximum [Member] | Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 5.30% | 6.00% |
Effective rate - maximum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 8.90% | 9.30% |
Effective rate - maximum [Member] | MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 8.50% | 9.10% |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | |||
Assets at Fair Value | $ 818,340,970 | $ 782,862,049 | |
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 | 818,340,970 | 782,862,049 | $ 843,458,663 |
Public housing capital fund trusts [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Assets at Fair Value | 43,349,357 | 48,672,086 | |
Public housing capital fund trusts [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 | 43,349,357 | 48,672,086 | 49,641,588 |
Taxable Mortgage Revenue Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Assets at Fair Value | 1,383,237 | 1,409,895 | |
Taxable 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 | 1,383,237 | 1,409,895 | $ 2,422,459 |
Derivative Instruments (Reported within Other Assets) [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Assets at Fair Value | 10,911 | 626,633 | |
Derivative Instruments (Reported within Other Assets) [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 | 10,911 | 626,633 | |
Mortgage Revenue Bonds Held In Trust [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Assets at Fair Value | 743,587,715 | 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 | 743,587,715 | 645,258,873 | |
Mortgage Revenue Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Assets at Fair Value | 30,009,750 | 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 | $ 30,009,750 | $ 86,894,562 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Activity Related to Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | ||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | $ 782,862,049 | $ 843,458,663 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | (364,187) | 792,175 | |||
Total gain (losses) included in earnings (impairment of securities ) | (1,141,020) | ||||
Total gain (losses) included in other comprehensive (loss) income | 40,330,635 | (16,645,788) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 19,279,527 | 41,708,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (23,767,054) | (85,309,981) | |||
Assets at Fair Value, ending balance | 818,340,970 | 782,862,049 | |||
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | (499,835) | (416,441) | |||
Interest rate derivatives [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Derivative Assets (Liabilities) at Fair Value, beginning balance | [1] | 626,633 | (229,631) | ||
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | (499,835) | 724,579 | [1] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 29,527 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements | (145,414) | 131,685 | [1] | ||
Derivative Assets (Liabilities) at Fair Value, beginning balance | 10,911 | 626,633 | [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 | (499,835) | 724,579 | [1] | ||
Bond Purchase Commitment [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | 3,002,540 | ||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in other comprehensive (loss) income | (3,002,540) | ||||
Public housing capital fund trusts [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | 48,672,086 | 49,641,588 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | (6,708) | (77,096) | |||
Total gain (losses) included in earnings (impairment of securities ) | (1,141,020) | ||||
Total gain (losses) included in other comprehensive (loss) income | 984,021 | 950,228 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (6,300,042) | (701,614) | |||
Assets at Fair Value, ending balance | 43,349,357 | 48,672,086 | |||
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | (1,141,020) | ||||
Taxable Mortgage Revenue Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | 1,409,895 | 2,422,459 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in other comprehensive (loss) income | 26,428 | (32,756) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (53,086) | (979,808) | |||
Assets at Fair Value, ending balance | 1,383,237 | 1,409,895 | |||
Mortgage Revenue Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | [3] | 732,153,435 | [2] | 788,621,707 | |
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | 142,356 | [2] | 144,692 | [3] | |
Total gain (losses) included in other comprehensive (loss) income | 39,320,186 | [2] | (14,560,720) | [3] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 19,250,000 | [2] | 41,708,000 | [3] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (17,268,512) | [2] | (83,760,244) | [3] | |
Assets at Fair Value, ending balance | [2] | $ 773,597,465 | $ 732,153,435 | [3] | |
[1] | Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. | ||||
[2] | Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. | ||||
[3] | Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($) | Dec. 31, 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 | $ 26,802,246 | $ 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 lines of credit | 549,397,421 | 541,322,765 |
Mortgages payable and other secured financing | 26,802,246 | 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 lines of credit | 568,193,494 | 550,766,809 |
Mortgages payable and other secured financing | $ 26,812,851 | $ 27,552,748 |
Segments - Additional Informati
Segments - Additional Information (Details) | 12 Months Ended |
Dec. 31, 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 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 ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Total revenues | ||
Total revenues | $ 62,318,013 | $ 81,355,576 |
Interest expense | ||
Interest expense | 24,717,294 | 24,863,056 |
Depreciation expense | ||
Depreciation expense | 3,088,117 | 3,488,058 |
Net income (loss) | ||
Net income | 30,492,151 | 41,139,529 |
Total assets | ||
Total assets | 1,029,168,508 | 982,713,246 |
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member] | ||
Total revenues | ||
Total revenues | 41,348,004 | 57,625,273 |
Interest expense | ||
Interest expense | 21,862,030 | 22,231,479 |
Net income (loss) | ||
Net income | 3,835,002 | 22,048,372 |
Total assets | ||
Total assets | 918,301,172 | 864,311,647 |
Operating Segments [Member] | MF Properties [Member] | ||
Total revenues | ||
Total revenues | 8,081,029 | 9,149,105 |
Interest expense | ||
Interest expense | 1,444,700 | 1,699,121 |
Depreciation expense | ||
Depreciation expense | 3,088,117 | 3,488,058 |
Net income (loss) | ||
Net income | (964,355) | 3,676,560 |
Total assets | ||
Total assets | 70,569,646 | 71,120,280 |
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member] | ||
Total revenues | ||
Total revenues | 2,368,541 | 2,479,494 |
Interest expense | ||
Interest expense | 1,410,564 | 932,456 |
Net income (loss) | ||
Net income | 957,977 | 406,019 |
Total assets | ||
Total assets | 43,591,048 | 48,942,334 |
Operating Segments [Member] | Other Investments [Member] | ||
Total revenues | ||
Total revenues | 10,520,439 | 12,101,704 |
Net income (loss) | ||
Net income | 26,663,527 | 15,008,578 |
Total assets | ||
Total assets | 87,098,315 | 85,048,514 |
Consolidation, Eliminations [Member] | ||
Total assets | ||
Total assets | $ (90,391,673) | $ (86,709,529) |
Summary of Unaudited Quarterl_3
Summary of Unaudited Quarterly Results of Operations - Summary of Unaudited Quarterly Results of Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | ||||||||||
Revenues and other income | $ 21,107,249 | $ 25,341,629 | $ 14,346,334 | $ 17,664,598 | $ 26,015,349 | $ 30,052,544 | $ 15,785,165 | $ 16,458,034 | ||
Income from continuing operations | 10,446,245 | 9,707,903 | 3,886,190 | 6,451,813 | 13,914,049 | 17,883,055 | 3,338,121 | 6,004,304 | ||
Net income | $ 10,446,245 | $ 9,707,903 | $ 3,886,190 | $ 6,451,813 | $ 13,914,049 | $ 17,883,055 | $ 3,338,121 | $ 6,004,304 | ||
Income from continuing operations, per BUC | $ 0.16 | $ 0.13 | $ 0.05 | $ 0.08 | $ 0.22 | $ 0.25 | $ 0.04 | $ 0.09 | ||
Net income, basic and diluted, per BUC | $ 0.16 | $ 0.13 | $ 0.05 | $ 0.08 | $ 0.22 | $ 0.25 | $ 0.04 | $ 0.09 | $ 0.42 | $ 0.60 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - USD ($) $ in Millions | 1 Months Ended | |
Feb. 26, 2020 | Jan. 31, 2020 | |
Public Housing Capital Certificate Trusts I, II and III [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from sale of certificates | $ 43.3 | |
Vantage at Westover Hills [Member] | ||
Subsequent Event [Line Items] | ||
Equity commitment of fund construction | $ 7.3 | |
Pro Nova [Member] | TOB Trust [Member] | ||
Subsequent Event [Line Items] | ||
Stated Maturities | 2020-05 | |
Gateway Village and Lynnhaven Apartments [Member] | Term A/B Trust [Member] | ||
Subsequent Event [Line Items] | ||
Stated Maturities | 2021-02 | |
The 50/50 MF Property [Member] | Mortgages payable [Member] | ||
Subsequent Event [Line Items] | ||
Stated Maturities | 2027-04 | |
Debt instrument extended maturity period | 7 years | |
Debt instrument, interest rate, decrease to fixed rate. | 4.35% |