Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2020shares | |
Cover [Abstract] | |
Entity Registrant Name | AMERICA FIRST MULTIFAMILY INVESTORS, L.P. |
Entity Central Index Key | 0001059142 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q1 |
Amendment Flag | false |
Entity Common Stock, Units Outstanding | 60,545,204 |
Entity Shell Company | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity File Number | 000-24843 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 47-0810385 |
Entity Address, Address Line One | 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 Quarterly Report | true |
Document Transition Report | false |
Title of each class | Beneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P. |
Trading Symbol | ATAX |
Name of each exchange on which registered | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash and cash equivalents | $ 35,158,156 | $ 42,308,153 |
Restricted cash | 600,646 | 877,828 |
Interest receivable, net | 7,905,503 | 7,432,433 |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 734,245,836 | 743,587,715 |
Mortgage revenue bonds, at fair value (Note 6) | 26,836,439 | 30,009,750 |
Public housing capital fund trust certificates, at fair value (Note 7) | 43,349,357 | |
Real estate assets: (Note 8) | ||
Land and improvements | 4,900,465 | 4,906,130 |
Buildings and improvements | 72,052,740 | 72,011,533 |
Real estate assets before accumulated depreciation | 76,953,205 | 76,917,663 |
Accumulated depreciation | (16,064,714) | (15,357,700) |
Net real estate assets | 60,888,491 | 61,559,963 |
Investments in unconsolidated entities (Note 9) | 98,643,727 | 86,981,864 |
Property loans, net of loan loss allowance (Note 10) | 7,999,094 | 7,999,094 |
Other assets (Note 12) | 5,238,370 | 5,062,351 |
Total Assets | 977,516,262 | 1,029,168,508 |
Liabilities: | ||
Accounts payable, accrued expenses and other liabilities (Note 13) | 9,465,120 | 9,036,167 |
Distribution payable | 7,604,401 | 7,607,984 |
Unsecured lines of credit (Note 14) | 12,540,000 | 13,200,000 |
Debt financing, net (Note 15) | 500,385,429 | 536,197,421 |
Mortgages payable and other secured financing, net (Note 16) | 26,689,992 | 26,802,246 |
Total Liabilities | 556,684,942 | 592,843,818 |
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) | 94,395,439 | 94,386,427 |
Partnersʼ Capital: | ||
General Partner (Note 1) | 601,172 | 735,128 |
Beneficial Unit Certificates ("BUCs," Note 1) | 325,834,709 | 341,203,135 |
Total Partnersʼ Capital | 326,435,881 | 341,938,263 |
Total Liabilities and Partnersʼ Capital | $ 977,516,262 | $ 1,029,168,508 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Redeemable preferred units redemption value | $ 94.5 | $ 94.5 |
Redeemable preferred units, issued | 9.5 | 9.5 |
Redeemable preferred units, outstanding | 9.5 | 9.5 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues: | ||
Investment income | $ 11,543,423 | $ 12,407,876 |
Property revenues | 1,952,247 | 1,993,629 |
Contingent interest income | 12,043 | 3,012,102 |
Other interest income | 228,422 | 222,238 |
Other income | 28,753 | |
Total revenues | 13,736,135 | 17,664,598 |
Expenses: | ||
Real estate operating (exclusive of items shown below) | 1,175,374 | 1,176,818 |
Provision for credit loss (Note 6) | 1,357,681 | 0 |
Depreciation and amortization | 709,438 | 820,808 |
Interest expense | 6,017,968 | 6,394,920 |
General and administrative | 2,898,526 | 2,778,591 |
Total expenses | 12,158,987 | 11,171,137 |
Other Income: | ||
Gain on sale of securities | 1,416,023 | |
Income before income taxes | 2,993,171 | 6,493,461 |
Income tax expense | 11,414 | 41,648 |
Net income | 2,981,757 | 6,451,813 |
Redeemable Series A Preferred Unit distributions and accretion | (717,763) | (717,763) |
Net income available to Partners | 2,263,994 | 5,734,050 |
Net income (loss) available to Partners allocated to: | ||
General Partner | (53,404) | 780,245 |
Net income available to Partners and noncontrolling interest | $ 2,263,994 | $ 5,734,050 |
BUC holders' interest in net income per BUC, basic and diluted | $ 0.04 | $ 0.08 |
Weighted average number of BUCs outstanding, basic | 60,754,179 | 60,426,177 |
Weighted average number of BUCs outstanding, diluted | 60,754,179 | 60,426,177 |
Beneficial Unit Certificate Holders [Member] | ||
Net income (loss) available to Partners allocated to: | ||
Limited Partners | $ 2,312,216 | $ 4,920,644 |
Restricted Unitholders [Member] | ||
Net income (loss) available to Partners allocated to: | ||
Limited Partners | $ 5,182 | $ 33,161 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net income | $ 2,981,757 | $ 6,451,813 |
Reversal of net unrealized loss on securities to provision for credit loss | 372,169 | |
Comprehensive income (loss) | (5,112,614) | 14,595,740 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||
Net income | 2,981,757 | 6,451,813 |
Reversal of net unrealized gains on sale of securities | (1,408,804) | |
Reversal of net unrealized loss on securities to provision for credit loss | 372,169 | |
Unrealized gain (loss) on securities | $ (7,057,736) | $ 8,143,927 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($) | Total | Tier 2 [Member] | General Partner [Member] | General Partner [Member]Tier 2 [Member] | BUCs - Restricted and Unrestricted [Member] | BUCs - Restricted and Unrestricted [Member]Tier 2 [Member] | Number of BUCs - Restricted and Unrestricted [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 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 13) | (212) | (2) | (210) | |||||
Distributions paid or accrued ($0.125 per BUC): | ||||||||
Regular distribution | (5,381,169) | (53,812) | (5,327,357) | |||||
Distribution of Tier 2 loss (income) (Note 3) | $ (3,012,102) | $ (753,025) | $ (2,259,077) | |||||
Net income allocable to Partners | 5,734,050 | 780,245 | 4,953,805 | |||||
Restricted unit compensation expense | 184,184 | 1,842 | 182,342 | |||||
Unrealized gain (loss) on securities | 8,143,927 | 81,439 | 8,062,488 | 8,143,927 | ||||
Balance at Mar. 31, 2019 | 310,134,419 | 401,277 | 309,733,142 | 67,121,969 | ||||
Partners' Capital Account, Units at Mar. 31, 2019 | 60,691,467 | |||||||
Balance at Dec. 31, 2019 | 341,938,263 | 735,128 | 341,203,135 | 99,308,677 | ||||
Partners' Capital Account, Units at Dec. 31, 2019 | 60,835,204 | |||||||
Distributions paid or accrued ($0.125 per BUC): | ||||||||
Regular distribution | (8,050,119) | (80,501) | (7,969,618) | |||||
Distribution of Tier 2 loss (income) (Note 3) | $ 445,719 | $ 80,501 | $ 365,218 | |||||
Net income allocable to Partners | 2,263,994 | (53,404) | 2,317,398 | |||||
Repurchase of BUCs, Value | (2,106,673) | (2,106,673) | ||||||
Repurchase of BUCs, Units | (290,000) | |||||||
Restricted units awarded | 290,000 | |||||||
Restricted unit compensation expense | 39,068 | 391 | 38,677 | |||||
Unrealized gain (loss) on securities | (7,057,736) | (70,577) | (6,987,159) | (7,057,736) | ||||
Reversal of net unrealized gains on sale of securities | (1,408,804) | (14,088) | (1,394,716) | (1,408,804) | ||||
Reversal of net unrealized loss on securities to provision for credit loss | 372,169 | 3,722 | 368,447 | 372,169 | ||||
Balance at Mar. 31, 2020 | $ 326,435,881 | $ 601,172 | $ 325,834,709 | $ 91,214,306 | ||||
Partners' Capital Account, Units at Mar. 31, 2020 | 60,835,204 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 |
Statement Of Partners Capital [Abstract] | ||
Regular distributions paid or accrued | $ 0.125 | $ 0.125 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net income | $ 2,981,757 | $ 6,451,813 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization expense | 709,438 | 820,808 | |
Gain on sale of investment in securities | (1,416,023) | ||
Provision for credit loss | 1,357,681 | 0 | |
Contingent interest realized on investing activities | (12,043) | (3,012,102) | |
(Gain) loss on derivatives, net of cash paid | (25,201) | 353,127 | |
Restricted unit compensation expense | 39,068 | 184,184 | |
Bond premium/discount amortization | (27,923) | (52,456) | |
Debt premium amortization | (10,111) | ||
Amortization of deferred financing costs | 358,908 | 361,305 | |
Deferred income tax expense & income tax payable/receivable | 6,914 | 310,496 | |
Change in preferred return receivable from unconsolidated entities, net | (1,391,572) | (1,556,390) | |
Changes in operating assets and liabilities | |||
Increase in interest receivable | (473,070) | (663,475) | |
(Increase) decrease in other assets | (105,961) | 722,938 | |
Increase (decrease) in accounts payable and accrued expenses | 352,242 | (354,666) | |
Net cash provided by operating activities | 2,344,104 | 3,565,582 | |
Cash flows from investing activities: | |||
Capital expenditures | (86,209) | (54,337) | |
Acquisition of mortgage revenue bonds | (6,050,000) | ||
Contributions to unconsolidated entities | (10,270,291) | (6,594,286) | |
Principal payments received on taxable mortgage revenue bonds | 2,138 | 1,954 | |
Principal payments received on property loans and contingent interest | 12,043 | 11,379,737 | |
Net cash provided by investing activities | 37,477,567 | 8,281,471 | |
Cash flows from financing activities: | |||
Distributions paid | (8,316,733) | (8,284,917) | |
Repurchase of BUCs | (2,106,673) | ||
Proceeds from debt financing | 5,263,500 | ||
Principal payments on debt financing | (36,013,217) | (2,976,289) | |
Principal payments on mortgages payable | (120,958) | (104,685) | |
Principal payments on unsecured lines of credit | (660,000) | ||
Decrease in security deposit liability related to restricted cash | (30,549) | (10,455) | |
Debt financing and other deferred costs | (720) | ||
Net cash used in financing activities | (47,248,850) | (6,112,846) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (7,427,179) | 5,734,207 | |
Cash, cash equivalents and restricted cash at beginning of period | 43,185,981 | 33,268,611 | $ 33,268,611 |
Cash, cash equivalents and restricted cash at end of period | 35,758,802 | 39,002,818 | $ 43,185,981 |
Supplemental disclosure of cash flow information: | |||
Cash paid during the period for interest | 4,880,193 | 5,514,997 | |
Cash paid during the period for income taxes | 4,500 | ||
Supplemental disclosure of noncash investing and financing activities: | |||
Distributions declared but not paid for BUCs and General Partner | 7,604,401 | 8,393,271 | |
Distributions declared but not paid for Series A Preferred Units | 708,750 | 708,750 | |
Capital expenditures financed through accounts payable | 3,959 | 850 | |
Deferred financing costs financed through accounts payable | 103,300 | 4,843 | |
Public housing capital fund trusts [Member] | |||
Cash flows from investing activities: | |||
Principal payments received | 2,767,166 | ||
Proceeds from sale of PHC Certificates | 43,349,357 | ||
Mortgage Revenue Bonds [Member] | |||
Cash flows from investing activities: | |||
Principal payments received | $ 4,470,529 | $ 6,831,237 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Statement Of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 35,158,156 | $ 38,210,497 |
Restricted cash | 600,646 | 792,321 |
Total cash, cash equivalents and restricted cash | $ 35,758,802 | $ 39,002,818 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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 Partnership’s 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.” |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. 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 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, a real estate asset, and certain property loans; and • The Suites on Paseo MF Property, a real estate asset, is owned directly by the Partnership. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary. Impairment of Mortgage Revenue Bonds The Partnership periodically reviews its 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 a MRB’s estimated fair value is below amortized cost, and the Partnership has the intent to sell or may be required to sell the MRB prior to the time that its value recovers or until maturity, the Partnership will record an other-than-temporary impairment through earnings equal to the difference between the MRB’s carrying value and its fair value, and will establish an allowance for credit loss. If the Partnership does not expect to sell an other-than-temporarily The recognition of other-than-temporary impairment, provision for credit loss, 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 condensed consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. During the three months ended March 31, 2020, there was a provision for credit loss reported by the Partnership related to one MRB (see Note 6). There were no other-than-temporary impairment charges or provision for credit loss reported during the three months ended March 31, 2019. Estimates and assumptions The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The Partnership’s condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019. These condensed consolidated financial statements and notes have been prepared consistently with the 2019 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of March 31, 2020, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated balance sheet as of December 31, 2019 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements. A novel strain of coronavirus (“COVID-19”) was reported to have surfaced in Wuhan, China in December 2019, and has since spread globally, including to every state in the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The COVID-19 outbreak is disrupting supply chains and affecting production, sales and employment across a range of industries. The extent of the impact of COVID-19 on the Partnership’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, the impact on the underlying borrowers of MRBs, tenants at the MF Properties and operations of the Partnership’s investments in unconsolidated entities, all of which are uncertain and cannot be predicted at this time. In addition, market volatility may cause fluctuations in the valuation of the Partnerships’ MRBs, taxable MRBs, MF Properties and investments in unconsolidated entities. The extent to which COVID-19 will impact the Partnership’s financial condition or results of operations is uncertain. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 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 | 3 Months Ended |
Mar. 31, 2020 | |
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. |
Net Income per BUC
Net Income per BUC | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Income per BUC | 4. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC on the Partnership’s condensed consolidated statements of operations. The unvested Restricted Unit Awards (“RUAs”) issued under the Partnership’s 2015 Equity Incentive Plan (the “2015 Plan”) are considered participating securities. There were no dilutive BUCs for the three months ended March 31, 2020 and 2019. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2020 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities Consolidated Variable Interest Entities (“VIEs”) The Partnership has determined the Tender Option Bond (“TOB”), Term TOB, Term A/B and TEBS Financings are VIEs and the Partnership is the primary beneficiary. In determining the primary beneficiary of each VIE, the Partnership considered which party has the power to control the activities of the VIE which most significantly impact 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 condensed 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 condensed consolidated balance sheets (see Notes 6 and 7). Non-Consolidated VIEs The Partnership has variable interests in various entities in the form of MRBs, property loans and investments in unconsolidated entities. These variable interests do not allow the Partnership to direct the activities that most significantly impact the economic performance of such VIEs. As a result, the Partnership is not considered the primary beneficiary and does not consolidate the financial statements of these VIEs in the Partnership’s condensed consolidated financial statements. The Partnership held variable interests in 17 non-consolidated VIEs as of March 31, 2020 and December 31, 2019. The following table summarizes the Partnership’s variable interests in these entities as of March 31, 2020 and December 31, 2019: Maximum Exposure to Loss March 31, 2020 December 31, 2019 Mortgage revenue bonds $ 24,647,000 $ 30,455,000 Investment in unconsolidated entities 98,643,727 86,981,864 $ 123,290,727 $ 117,436,864 The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns. The difference between an MRB’s carrying value on the Partnership’s condensed consolidated balance sheets and the maximum exposure to loss is a function of the unrealized gains or losses on the MRB. The maximum exposure to loss for investments in unconsolidated entities is equal to the Partnership’s carrying value. |
Investments in Mortgage Revenue
Investments in Mortgage Revenue Bonds | 3 Months Ended |
Mar. 31, 2020 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Investments in Mortgage Revenue Bonds | 6. Investments in Mortgage Revenue Bonds MRBs owned by the Partnership provide construction and/or permanent financing for Residential Properties and a commercial property. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 15). The Partnership had the following investments in MRBs as of March 31, 2020 and December 31, 2019: March 31, 2020 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns and Allowances Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (5) CA $ 10,126,458 $ 1,428,563 $ - $ 11,555,021 Glenview Apartments - Series A (4) CA 4,521,529 687,871 - 5,209,400 Harmony Court Bakersfield - Series A (5) CA 3,692,247 487,054 - 4,179,301 Harmony Terrace - Series A (5) CA 6,834,955 1,002,038 - 7,836,993 Harden Ranch - Series A (3) CA 6,681,530 1,094,025 - 7,775,555 Las Palmas II - Series A (5) CA 1,675,475 234,810 - 1,910,285 Montclair Apartments - Series A (4) CA 2,449,565 415,776 - 2,865,341 Montecito at Williams Ranch Apartments - Series A (7) CA 7,667,712 1,457,424 - 9,125,136 San Vicente - Series A (5) CA 3,454,740 452,745 - 3,907,485 Santa Fe Apartments - Series A (4) CA 2,967,556 503,697 - 3,471,253 Seasons at Simi Valley - Series A (5) CA 4,271,321 818,274 - 5,089,595 Seasons Lakewood - Series A (5) CA 7,280,713 999,919 - 8,280,632 Seasons San Juan Capistrano - Series A (5) CA 12,258,343 1,683,537 - 13,941,880 Summerhill - Series A (5) CA 6,357,990 809,791 - 7,167,781 Sycamore Walk - Series A (5) CA 3,548,939 527,404 - 4,076,343 The Village at Madera - Series A (5) CA 3,053,775 402,832 - 3,456,607 Tyler Park Townhomes - Series A (3) CA 5,820,554 685,637 - 6,506,191 Vineyard Gardens - Series A (7) CA 3,990,400 751,127 - 4,741,527 Westside Village Market - Series A (3) CA 3,803,721 590,032 - 4,393,753 Brookstone (1) IL 7,399,317 1,923,740 - 9,323,057 Copper Gate Apartments (3) IN 5,005,000 565,018 - 5,570,018 Renaissance - Series A (4) LA 10,969,168 1,774,107 - 12,743,275 Live 929 Apartments (7), (8) MD 39,907,484 - (403,464 ) 39,504,020 Woodlynn Village (1) MN 4,172,000 10,156 - 4,182,156 Gateway Village (2) NC 2,600,000 431,554 - 3,031,554 Greens Property - Series A (3) NC 7,910,000 702,514 - 8,612,514 Lynnhaven Apartments (2) NC 3,450,000 462,437 - 3,912,437 Silver Moon - Series A (4) NM 7,746,418 1,311,816 - 9,058,234 Village at Avalon - Series A (6) NM 16,274,407 3,132,378 - 19,406,785 Ohio Properties - Series A (1) OH 13,823,998 46,555 - 13,870,553 Bridle Ridge (1) SC 7,275,000 54,595 - 7,329,595 Columbia Gardens (5) SC 13,023,898 1,930,568 - 14,954,466 Companion at Thornhill Apartments (5) SC 11,148,397 1,421,140 - 12,569,537 Cross Creek (1) SC 6,142,795 2,367,804 - 8,510,599 Rosewood Townhomes - Series A (7) SC 9,280,000 936,317 - 10,216,317 South Pointe Apartments - Series A (7) SC 21,600,000 2,076,089 - 23,676,089 The Palms at Premier Park Apartments (3) SC 18,784,904 2,222,099 - 21,007,003 Village at River's Edge (5) SC 9,855,232 2,001,464 - 11,856,696 Willow Run (5) SC 12,843,514 1,812,321 - 14,655,835 Arbors at Hickory Ridge (3) TN 11,021,094 1,708,507 - 12,729,601 Pro Nova 2014-1 (2) TN 8,663,406 - - 8,663,406 Avistar at Copperfield - Series A (2) TX 13,913,910 2,010,421 - 15,924,331 Avistar at the Crest - Series A (3) TX 9,224,980 1,605,894 - 10,830,874 Avistar at the Oaks - Series A (3) TX 7,454,400 1,275,316 - 8,729,716 Avistar at the Parkway - Series A (4) TX 12,821,526 1,870,208 - 14,691,734 Avistar at Wilcrest - Series A (2) TX 5,273,090 679,531 - 5,952,621 Avistar at Wood Hollow - Series A (2) TX 40,038,454 5,315,077 - 45,353,531 Avistar in 09 - Series A (3) TX 6,436,585 1,101,186 - 7,537,771 Avistar on the Boulevard - Series A (3) TX 15,715,747 2,470,949 - 18,186,696 Avistar on the Hills - Series A (3) TX 5,103,450 895,447 - 5,998,897 Bruton Apartments (5) TX 17,775,126 3,083,030 - 20,858,156 Concord at Gulfgate - Series A (5) TX 18,932,033 3,412,592 - 22,344,625 Concord at Little York - Series A (5) TX 13,262,784 2,508,285 - 15,771,069 Concord at Williamcrest - Series A (5) TX 20,545,474 3,794,305 - 24,339,779 Crossing at 1415 - Series A (5) TX 7,387,421 1,146,538 - 8,533,959 Decatur Angle (5) TX 22,410,500 3,592,948 - 26,003,448 Esperanza at Palo Alto (5) TX 19,323,071 4,046,705 - 23,369,776 Heights at 515 - Series A (5) TX 6,763,311 1,077,559 - 7,840,870 Heritage Square - Series A (4) TX 10,666,690 1,327,878 - 11,994,568 Oaks at Georgetown - Series A (5) TX 12,213,767 1,337,957 - 13,551,724 Runnymede (1) TX 9,925,000 157,344 - 10,082,344 Southpark (1) TX 11,566,796 2,124,260 - 13,691,056 15 West Apartments (5) WA 9,656,406 2,128,059 - 11,784,465 Mortgage revenue bonds held in trust $ 645,764,076 $ 88,885,224 $ (403,464 ) $ 734,245,836 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) (6) (7) (8) March 31, 2020 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 $ 1,629,097 $ - $ 14,829,097 Solano Vista - Series A CA 2,665,000 624,588 - 3,289,588 Greens Property - Series B NC 928,962 122,356 - 1,051,318 Ohio Properties - Series B OH 3,499,720 9,812 - 3,509,532 Rosewood Townhomes - Series B SC 470,000 1,935 - 471,935 South Pointe Apartments - Series B SC 1,100,000 3,962 - 1,103,962 Avistar at the Crest - Series B TX 739,691 90,911 - 830,602 Avistar at the Oaks - Series B TX 541,337 62,305 - 603,642 Avistar at the Parkway - Series B TX 124,225 35,847 - 160,072 Avistar in 09 - Series B TX 446,554 51,396 - 497,950 Avistar on the Boulevard - Series B TX 439,527 49,214 - 488,741 Mortgage revenue bonds held by the Partnership $ 24,155,016 $ 2,681,423 $ - $ 26,836,439 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) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) ( 6 ) 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 See Note 22 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership’s condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. During the three months ended March 31, 2020, the Partnership recognized a $1.4 million provision for credit loss related to the Pro Nova 2014-1 MRB in its condensed consolidated statements of operations. See Note 2 for information considered in the Partnership’s evaluation of other-than-temporary impairment and credit loss of the MRBs. The credit loss related to the Pro Nova 2014-1 MRB was primarily driven by debt service shortfalls by the underlying commercial property. The Partnership’s total allowance for credit loss on MRBs was $1.4 million and zero as of March 31, 2020 and December 31, 2019, respectively. The cumulative unrealized loss for the Live 929 Apartments MRB as of March 31, 2020, is due to recent operational results and a decline in debt service coverage. The Partnership has evaluated the operational results and loan-to-collateral value ratio for the property underlying this MRB and believes that the cumulative unrealized loss is temporary. MRB Activity in the First Three Months of 2020 Acquisitions: There were no MRBs acquired during the three months ended March 31, 2020. Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2020: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 MRB Activity in the First Three Months of 2019 Acquisitions: The following MRBs were acquired during the three months ended March 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 $ 6,050,000 Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 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 |
Public Housing Capital Fund Tru
Public Housing Capital Fund Trust ("PHC") Certificates | 3 Months Ended |
Mar. 31, 2020 | |
Public Housing Capital Fund Trusts [Abstract] | |
Public Housing Capital Fund Trust ("PHC") Certificates | 7. Public Housing Capital Fund Trust (“PHC”) Certificates The Partnership’s PHC Certificates represented beneficial interests in three PHC Trusts that consisted of custodial receipts evidencing loans made to numerous local public housing authorities. Principal and interest on these loans were 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”). On January 30, 2020, the Partnership sold its PHC Certificates to an unrelated party for approximately $43.3 million, plus accrued interest, recognizing a gain on sale of securities of approximately $1.4 million. The PHC Certificates were held in trust at Mizuho Capital Markets, LLC (“Mizuho”) in secured TOB Trust financing transactions, which upon sale, were collapsed and all principal and interest were paid off in full (see Note 15). The Partnership had the following investments in the PHC Certificates as of December 31, 2019: 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 See Note 22 for a description of the methodology and significant assumptions that were used for determining the fair value of the PHC Certificates. Unrealized gains or losses on the PHC Certificates were recorded in the Partnership’s condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the PHC Certificates . |
Real Estate Assets
Real Estate Assets | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate Assets | 8. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2020 and December 31, 2019: Real Estate Assets as of March 31, 2020 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 $ 39,113,918 $ 42,313,186 The 50/50 MF Property Lincoln, NE 475 - 32,938,822 32,938,822 Land held for development (1) 1,701,197 - 1,701,197 $ 76,953,205 Less accumulated depreciation (16,064,714 ) Total real estate assets $ 60,888,491 (1) 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 (2) 1,706,862 - 1,706,862 $ 76,917,663 Less accumulated depreciation (15,357,700 ) Total real estate assets $ 61,559,963 (2) Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE. Activity in the First Three Months of 2020 As of March 31, 2020, the land held for development in Gardner, KS was listed for sale. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 3 Months Ended |
Mar. 31, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | 9. Investments in Unconsolidated Entities ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, has equity investment commitments and has made equity investments in unconsolidated entities. The carrying value of the equity investments represents the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in the unconsolidated entities. An affiliate of the unconsolidated entities guarantees ATAX Vantage Holdings, LLC’s return on its investments for a period of time ranging from two to three years after construction completion The following table provides the details of the investments in unconsolidated entities as of March 31, 2020 and December 31, 2019 and remaining equity commitment amounts as of March 31, 2020: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of March 31, 2020 Carrying Value as of December 31, 2019 Maximum Remaining Equity Commitment as of March 31, 2020 Vantage at Waco Waco, TX 288 August 2016 May 2018 $ 9,337,166 $ 9,337,166 $ 1,592,039 Vantage at Powdersville Powdersville, SC 288 November 2017 February 2020 12,295,801 12,295,801 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,840,500 7,840,500 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 10,399,773 10,144,052 - Vantage at Germantown Germantown, TN 288 June 2018 March 2020 12,041,237 11,745,155 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 13,857,159 13,516,425 - Vantage at Coventry Omaha, NE 288 September 2018 N/A 9,007,435 9,007,435 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 9,657,930 8,078,519 - Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 7,652,449 5,016,811 - Vantage at Westover Hills San Antonio, TX 288 January 2020 N/A 6,554,277 - 893,417 2,886 $ 98,643,727 $ 86,981,864 $ 2,485,456 Activity in the First Three Months of 2020 In January 2020, the Partnership executed a $7.3 The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Property Revenues $ 2,483,605 $ 2,717,268 Net loss $ (2,519,165 ) $ (117,063 ) |
Property Loans, Net of Loan Los
Property Loans, Net of Loan Loss Allowances | 3 Months Ended |
Mar. 31, 2020 | |
Property Loans Net Of Loan Loss Allowance [Abstract] | |
Property Loans, Net of Loan Loss Allowances | 10. Property Loans, Net of Loan Loss Allowances The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of March 31, 2020 and December 31, 2019: March 31, 2020 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, 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 During the three months ended March 31, 2020 and 2019, the interest to be earned on the Cross Creek property loans was in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest earned since inception was not probable. In addition, for the three months ended March 31, 2020 and 2019, 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. For the three months ended March 31, 2020, 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 the First Three Months of 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 within “Contingent interest income” on the Partnership’s condensed consolidated statements of operations. The contingent interest recognized is considered Tier 2 income for purposes of distributions to the General Partner and BUC holders (see Note 3). |
Income Tax Provision
Income Tax Provision | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | 11. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by the Greens Hold Co, which owns The 50/50 MF Property and certain property loans. The following table summarizes income tax expense (benefit) for the three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Current income tax expense $ 42,335 $ 82,340 Deferred income tax benefit (30,921 ) (40,692 ) Total income tax expense $ 11,414 $ 41,648 The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable. There was no valuation allowance recorded as of March 31, 2020 and December 31, 2019. |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2020 | |
Other Assets [Abstract] | |
Other Assets | 12. Other Assets The following table summarizes the other assets as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Deferred financing costs, net $ 319,014 $ 353,862 Fair value of derivative instruments (Note 17) 36,112 10,911 Taxable mortgage revenue bonds, at fair value 1,417,654 1,383,237 Operating lease right-of-use assets, net 1,665,257 1,673,242 Other assets 1,800,333 1,641,099 Total other assets $ 5,238,370 $ 5,062,351 As of March 31, 2020 and December 31, 2019, the operating lease right-of-use assets consisted primarily of a ground lease at the 50/50 MF Property (see Note 13). See Note 22 for a description of the methodology and significant assumptions for determining the fair value of derivative instruments and taxable MRBs. Unrealized gains or losses on these assets are recorded in the Partnership’s condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Liabilities | 13. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the accounts payable, accrued expenses and other liabilities as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Accounts payable $ 322,788 $ 93,834 Accrued expenses 1,917,172 2,529,982 Accrued interest expense 3,494,144 2,690,076 Operating lease liabilities 2,150,827 2,138,783 Other liabilities 1,580,189 1,583,492 Total accounts payable, accrued expenses and other liabilities $ 9,465,120 $ 9,036,167 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 condensed consolidated financial statements dated prior to the effective date related to the adoption of ASC 842. 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 March 31, 2020, the minimum aggregate annual payment due under the agreement is approximately $132,000. The minimum aggregate annual payment increases 2% annually until July 31, 2034 and increases 3% annually thereafter. The 50/50 MF Property will be required to make additional payments under the agreement if its gross revenues exceed certain thresholds. The Partnership recognized expenses related to the ground lease of approximately $42,000 for the three months ended March 31, 2020 and 2019 and are reported within “Real estate operating expenses” on the Partnership’s condensed consolidated statements of operations. The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities as of March 31, 2020: Remainder of 2020 $ 112,686 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,274 Total 5,191,994 Less: Amount representing interest (3,041,167 ) Total operating lease liabilities $ 2,150,827 |
Unsecured Lines of Credit
Unsecured Lines of Credit | 3 Months Ended |
Mar. 31, 2020 | |
Unsecured Lines of Credit | 15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2020 and December 31, 2019: Outstanding Debt Financings as of March 31, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,388,799 $ 4,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,216,186 4,999 2014 July 2024 Weekly 4.25% 1.32% 5.57% Fixed - M33 31,227,464 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,168,730 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB (3) 8,010,000 - 2014 May 2020 N/A N/A N/A 4.01% Fixed - Term A/B (3) 5,263,500 - 2019 February 2021 N/A N/A N/A 4.53% Fixed - Term A/B (3) 38,194,706 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB (4) 25,714,955 - 2019 July 2020 Weekly 4.86% 1.17% 6.03% Variable - TOB (5) 42,153,205 - 2019 August 2020 Weekly 3.45% - 4.86% 1.17% - 1.66% 4.62% - 6.52% Morgan Stanley: Fixed - Term TOB 13,047,884 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 500,385,429 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) In April 2020, these debt financings were terminated. See Note 24 for additional information. (4) In April 2020, the stated maturity of the TOB Trusts were extended to June 2021. See Note 24. (5) In April 2020, the stated maturity of the TOB Trusts were extended to July 2021. See Note 24. 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 Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 January 2020 N/A N/A N/A 4.01% Fixed - Term A/B 5,260,756 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,300,456 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,680,070 - 2019 July 2020 Weekly 1.79% 1.17% 2.96% Variable - TOB 42,207,784 - 2019 August 2020 Weekly 1.79% 1.17% - 1.66% 2.96% - 3.45% Variable - TOB 34,703,935 - 2019 September 2020 Weekly 2.08% 1.12% 3.20% Morgan Stanley: Fixed - Term TOB 13,063,418 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. 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 condensed 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 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. As of March 31, 2020 and December 31, 2019, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. The Partnership may also be required to post collateral, typically in cash, related to the TOB Trusts with Mizuho. The amount of collateral posting required is dependent on the valuation of the underlying MRBs in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of March 31, 2020 and December 31, 2019. The Partnership has entered in interest rate cap agreements to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS Financing and other variable rate TOB Trust financings (Note 17). The Partnership has entered into a Master Trust Agreement with Deutsche Bank that contains liquidity, leverage and debt service coverage covenants with which the Partnership was required to comply. The Partnership was in compliance with these covenants as of March 31, 2020. In April 2020, the Master Trust Agreement was terminated. See Note 24 for additional information. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs. The Mizuho TOB Trusts 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 remains 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 March 31, 2020. The Term TOB Trust with Morgan Stanley is subject to a Trust Agreement and other related agreements that contain covenants with which the Partnership or the underlying MRB are required to comply. The underlying property must maintain certain occupancy and debt service covenants. A termination event will occur if the Partnership’s net assets, as defined, decrease by 25% in one quarter or 35% over one year. If the underlying property or the Partnership, as applicable, 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 Partnership was in compliance with these covenants as of March 31, 2020. The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized asset. Activity in the First Three Months of 2020 In January 2020, the Partnership extended the maturity date of the Term TOB Trust financing related to Pro Nova 2014-1 from January 2020 to May 2020. See Note 24 for additional information. In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest were paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party (see Note 7). In February 2020, the Partnership extended the maturity dates of the Term A/B Trust financings related to Gateway Village and Lynnhaven Apartments from February 2020 to February 2021. In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest was paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party (see Note 7). Activity in the First Three Months of 2019 In February 2019, the Partnership entered into two Term A/B Trusts financings secured by MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Future Maturities The Partnership’s contractual maturities of borrowings as of March 31, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 79,840,784 2021 10,590,361 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,818 Total 502,574,762 Unamortized deferred financing costs and debt premium (2,189,333 ) Total debt financing, net $ 500,385,429 As of March 31, 2020, certain Term TOB Trusts and Term A/B Trusts mature in the next twelve months. The Term TOB Trust related to the Pro Nova 2014-1 MRB was terminated and repaid in full in April 2020. The Term A/B Trusts were terminated and replacement debt financings were closed with Mizuho in April 2020. In addition, the Partnership extended the maturity dates for its existing TOB Trusts in April 2020. See Note 24 for additional information. |
Unsecured Lines of Credit [Member] | |
Unsecured Lines of Credit | 14. Unsecured Lines of Credit The following tables summarize the unsecured lines of credit (“LOC”) as of March 31, 2020 and December 31, 2019: Unsecured Lines of Credit Outstanding as of March 31, 2020 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 12,540,000 $ 50,000,000 June 2021 Variable (1) Monthly 3.86 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 4.61 % Total unsecured lines of credit $ 12,540,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 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 (2) Monthly 4.19 % Bankers Trust operating - 10,000,000 June 2021 Variable (2) Monthly 4.94 % Total unsecured lines of credit $ 13,200,000 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin. The principal amount of each acquisition advance is due on the 270th day following the advance date and may be extended for up to three additional 90-day periods by making partial repayments in accordance with the Credit Agreement. The outstanding balance of the non-operating LOC as of March 31, 2020 is due in June 2020, though the Partnership can extend final repayment of the amount due to December 2020 by making partial repayments. The Partnership was in compliance with all covenants in the Credit Agreement as of March 31, 2020. The Partnership is required to make principal payments to reduce the operating LOC to zero for fifteen consecutive calendar days during each calendar quarter. The Partnership has fulfilled its prepayment obligation for all periods presented. In addition, the Partnership has fulfilled its second quarter of 2020 repayment obligation as it maintained a zero balance in the operating LOC for fifteen consecutive days during April 2020. |
Debt Financing
Debt Financing | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019: Outstanding Debt Financings as of March 31, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,388,799 $ 4,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,216,186 4,999 2014 July 2024 Weekly 4.25% 1.32% 5.57% Fixed - M33 31,227,464 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,168,730 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB (3) 8,010,000 - 2014 May 2020 N/A N/A N/A 4.01% Fixed - Term A/B (3) 5,263,500 - 2019 February 2021 N/A N/A N/A 4.53% Fixed - Term A/B (3) 38,194,706 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB (4) 25,714,955 - 2019 July 2020 Weekly 4.86% 1.17% 6.03% Variable - TOB (5) 42,153,205 - 2019 August 2020 Weekly 3.45% - 4.86% 1.17% - 1.66% 4.62% - 6.52% Morgan Stanley: Fixed - Term TOB 13,047,884 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 500,385,429 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) In April 2020, these debt financings were terminated. See Note 24 for additional information. (4) In April 2020, the stated maturity of the TOB Trusts were extended to June 2021. See Note 24. (5) In April 2020, the stated maturity of the TOB Trusts were extended to July 2021. See Note 24. 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 Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 January 2020 N/A N/A N/A 4.01% Fixed - Term A/B 5,260,756 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,300,456 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,680,070 - 2019 July 2020 Weekly 1.79% 1.17% 2.96% Variable - TOB 42,207,784 - 2019 August 2020 Weekly 1.79% 1.17% - 1.66% 2.96% - 3.45% Variable - TOB 34,703,935 - 2019 September 2020 Weekly 2.08% 1.12% 3.20% Morgan Stanley: Fixed - Term TOB 13,063,418 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. 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 condensed 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 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. As of March 31, 2020 and December 31, 2019, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. The Partnership may also be required to post collateral, typically in cash, related to the TOB Trusts with Mizuho. The amount of collateral posting required is dependent on the valuation of the underlying MRBs in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of March 31, 2020 and December 31, 2019. The Partnership has entered in interest rate cap agreements to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS Financing and other variable rate TOB Trust financings (Note 17). The Partnership has entered into a Master Trust Agreement with Deutsche Bank that contains liquidity, leverage and debt service coverage covenants with which the Partnership was required to comply. The Partnership was in compliance with these covenants as of March 31, 2020. In April 2020, the Master Trust Agreement was terminated. See Note 24 for additional information. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs. The Mizuho TOB Trusts 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 remains 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 March 31, 2020. The Term TOB Trust with Morgan Stanley is subject to a Trust Agreement and other related agreements that contain covenants with which the Partnership or the underlying MRB are required to comply. The underlying property must maintain certain occupancy and debt service covenants. A termination event will occur if the Partnership’s net assets, as defined, decrease by 25% in one quarter or 35% over one year. If the underlying property or the Partnership, as applicable, 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 Partnership was in compliance with these covenants as of March 31, 2020. The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized asset. Activity in the First Three Months of 2020 In January 2020, the Partnership extended the maturity date of the Term TOB Trust financing related to Pro Nova 2014-1 from January 2020 to May 2020. See Note 24 for additional information. In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest were paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party (see Note 7). In February 2020, the Partnership extended the maturity dates of the Term A/B Trust financings related to Gateway Village and Lynnhaven Apartments from February 2020 to February 2021. In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest was paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party (see Note 7). Activity in the First Three Months of 2019 In February 2019, the Partnership entered into two Term A/B Trusts financings secured by MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Future Maturities The Partnership’s contractual maturities of borrowings as of March 31, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 79,840,784 2021 10,590,361 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,818 Total 502,574,762 Unamortized deferred financing costs and debt premium (2,189,333 ) Total debt financing, net $ 500,385,429 As of March 31, 2020, certain Term TOB Trusts and Term A/B Trusts mature in the next twelve months. The Term TOB Trust related to the Pro Nova 2014-1 MRB was terminated and repaid in full in April 2020. The Term A/B Trusts were terminated and replacement debt financings were closed with Mizuho in April 2020. In addition, the Partnership extended the maturity dates for its existing TOB Trusts in April 2020. See Note 24 for additional information. |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 3 Months Ended |
Mar. 31, 2020 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing | 16. Mortgages Payable and Other Secured Financing The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of March 31, 2020 and December 31, 2019: MF Property Mortgage Payables Outstanding Mortgage Payable as of March 31, 2020, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Period End Rate The 50/50 MF Property--TIF Loan $ 2,858,201 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,831,791 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,689,992 4.36 % 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 ) Activity in the First Three Months of 2020 I n February 2020, the Partnership refinanced The 50/50 MF Property Mortgage loan with its existing lender. The Mortgage loan maturity date was extended seven years to April 2027, and the interest rate decreased to a fixed interest rate of 4.35%. In February 2020, the Partnership with its existing lender. The TIF loan maturity date was extended by five years to March 2025, 4.40%. Future Maturities The Partnership’s contractual maturities of borrowings as of March 31, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 657,117 2021 818,425 2022 855,101 2023 893,421 2024 930,740 Thereafter 22,537,088 Total 26,691,892 Unamortized deferred financing costs (1,900 ) Total mortgages payable and other secured financings, net $ 26,689,992 |
Interest Rate Derivatives
Interest Rate Derivatives | 3 Months Ended |
Mar. 31, 2020 | |
Interest Rate Derivatives [Abstract] | |
Interest Rate Derivatives | 17. Interest Rate Derivatives The following tables summarize the Partnership’s interest rate derivatives as of March 31, 2020 and December 31, 2019: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of March 31, 2020 July 2015 26,949,233 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank $ - July 2015 26,949,233 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada - July 2015 26,949,233 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc - June 2017 80,847,700 Aug 2020 1.5 % SIFMA TOB Trusts Barclays Bank PLC - Sept 2017 57,918,000 Sept 2020 4.0 % SIFMA TOB Trusts Barclays Bank PLC - Aug 2019 79,014,909 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 36,112 $ 36,112 (1) See Note 22 for additional details. Purchase Date Notional Amount Maturity Date Effective Capped Rate (2) Index Variable Debt Financing Facility Hedged (2) Counterparty Fair Value as of December 31, 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 (2) See Note 22 for additional details. The Partnership’s interest rate derivatives are not designated as hedging instruments and are recorded at fair value. Changes in fair value are included in current period earnings as “Interest expense” on the Partnership’s condensed consolidated statements of operations. See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the interest rate derivatives. The interest rate derivatives are presented within “Other assets” on the Partnership’s condensed consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 18. Commitments and Contingencies Legal Proceedings The Partnership, from time to time, may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable to occur, the estimated amount of the loss is accrued in the Partnership’s condensed consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, the Partnership believes the outcome of such matters will not have a material effect on the Partnership’s condensed consolidated financial statements. 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 agreement. The Partnership has not accrued any amount for these contingent liabilities because the likelihood of guarantee claims is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of March 31, 2020: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of March 31, 2020 Partnership's Maximum Exposure as of March 31, 2020 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 28,264,790 $ 14,132,395 (1) Vantage at Coventry 2018 31,500,000 18,169,459 18,169,459 (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 March 31, 2020: Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of March 31, 2020 Ohio Properties 2011 2026 $ 3,361,979 Greens of Pine Glen, LP 2012 2027 2,237,843 |
Redeemable Series A Preferred U
Redeemable Series A Preferred Units | 3 Months Ended |
Mar. 31, 2020 | |
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 outstanding Series A Preferred Units as of March 31, 2020 and December 31, 2019 Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding as of March 31, 2020 and December 31, 2019 9,450,000 $ 94,500,000 |
Restricted Unit Awards
Restricted Unit Awards | 3 Months Ended |
Mar. 31, 2020 | |
Restricted Unit Awards [Member] | |
Restricted Unit Awards | 20. Restricted Unit Awards The Partnership’s 2015 Plan permits the grant of RUAs and other awards to the employees of Greystone Manager, the Partnership, or any affiliate of either, and members of the Board of Managers of Greystone Manager for up to 3.0 million BUCs. RUAs 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. 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 $39,000 and $184,000 for the three months ended March 31, 2020 and 2019, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations. The following table summarizes the RUA activity as of and for the three months ended March 31, 2020 and the year ended December 31, 2019: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested as of January 1, 2019 265,290 $ 6.14 Granted 353,197 7.74 Vested (618,487 ) 7.05 Nonvested as of December 31, 2019 - $ - Granted 290,000 4.98 Nonvested as of March 31, 2020 290,000 $ 4.98 The unrecognized compensation expense related to nonvested RUAs granted under the Plan was $1.4 million as of March 31, 2020. The remaining compensation expense is expected to be recognized over a weighted-average period of 1.6 years. The total intrinsic value of unvested RUAs was approximately $1.5 million as of March 31, 2020. |
Transactions with Related Parti
Transactions with Related Parties | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 21. 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 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 condensed consolidated financial statements for the three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Partnership administrative fees paid to AFCA 2 (1) $ 865,000 $ 898,000 Property management fees paid to an affiliate (2) - 35,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 8,000 16,000 (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 condensed 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 condensed consolidated statements of operations. (3) The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. 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 condensed consolidated statements of operations. AFCA 2 receives fees from the borrowers of the Partnership’s MRBs for services provided to the borrower and based on the occurrence of certain investment transactions. These fees were paid by the borrowers and are not reported on the Partnership’s condensed consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s MRBs and affiliates for the three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Non-Partnership property administrative fees received by AFCA 2 (1) $ 9,000 $ 9,000 Investment/mortgage placement fees received by AFCA 2 (2) 542,000 91,000 (1) AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. These amounts represent administrative fees received by AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs and investments in unconsolidated entities. 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 $125,000 and $116,000 as of March 31, 2020 and December 31, 2019, respectively. These amounts are reported within “Other assets” on the Partnership’s condensed consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $347,000 and $301,000 as of March 31, 2020 and December 31, 2019, respectively. These amounts are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s condensed consolidated balance sheets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments | 22. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for the Partnership’s 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 March 31, 2020 and December 31, 2019, 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 March 31, 2020, the range of effective yields on the individual MRBs was 2.8% to 7.9% per annum, with a weighted average effective yield of 3.9% 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 8.4% to 8.5% per annum, with a weighted average effective yield of 8.4% when weighted by the total principal outstanding of all taxable MRBs as of the reporting date. As of December 31, 2019, the range of effective yields on the individual MRBs was 2.4 Investments in PHC Certificates The Partnership sold its investments in the PHC Certificates in January 2020. The fair value of the Partnership’s investment in PHC Certificates as of December 31, 2019 was based upon prices obtained from a third-party pricing service, which were estimates of market prices. There was no active trading market for the PHC Certificates owned by the Partnership. The valuation methodology of the Partnership’s third-party pricing service incorporated commonly used market pricing methods. It considered 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 reviewed the inputs used by the primary third-party pricing service by reviewing source information and reviewed the methodology for reasonableness. The Partnership also engaged 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 encompassed the use of judgment in their application. Due to the judgments involved, the fair value measurement of the Partnership’s investment in PHC Certificates was 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 all PHC Certificates as of the reporting date. Interest Rate Derivatives The effect of the Partnership’s interest rate derivatives is to set a cap, or upper limit, subject to performance 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 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 March 31, 2020 are summarized as follows: Fair Value Measurements as of March 31, 2020 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 $ 734,245,836 $ - $ - $ 734,245,836 Mortgage revenue bonds 26,836,439 - - 26,836,439 Taxable mortgage revenue bonds (reported within other assets) 1,417,654 - - 1,417,654 Derivative instruments (reported within other assets) 36,112 - - 36,112 Total Assets at Fair Value, net $ 762,536,041 $ - $ - $ 762,536,041 The following table summarizes the activity related to Level 3 assets for the three months ended March 31, 2020: For the Three Months Ended March 31, 2020 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, 2020 $ 773,597,465 $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,142 (7,219 ) - 25,201 53,124 Included in earnings (impairment of securities and provision for credit loss) (1,357,681 ) - - - (1,357,681 ) Included in earnings (gain on sale of securities) - 1,416,023 - - 1,416,023 Included in other comprehensive (loss) income (6,722,122 ) (1,408,804 ) 36,555 - (8,094,371 ) Sale of securities - (43,349,357 ) - - (43,349,357 ) Settlements (4,470,529 ) - (2,138 ) - (4,472,667 ) Ending Balance March 31, 2020 $ 761,082,275 $ - $ 1,417,654 $ 36,112 $ 762,536,041 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 March 31, 2020 $ (1,357,681 ) $ - $ - $ 25,201 $ (1,332,480 ) (1) 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 three months ended March 31, 2019: For the Three Months Ended March 31, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable 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) 35,730 16,726 - (306,591 ) (254,135 ) Included in other comprehensive (loss) income 7,639,913 485,222 18,792 - 8,143,927 Purchases 6,050,000 - - - 6,050,000 Settlements (6,831,237 ) (2,767,166 ) (1,954 ) (46,536 ) (9,646,893 ) Ending Balance March 31, 2019 $ 739,047,841 $ 46,406,868 $ 1,426,733 $ 273,506 $ 787,154,948 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 March 31, 2019 $ - $ - $ - $ (306,591 ) $ (306,591 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. Total gains and loss included in earnings for the interest rate derivatives are reported within “Interest expense” on the Partnership’s condensed consolidated statements of operations. As of March 31, 2020 and December 31, 2019, 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 March 31, 2020 and December 31, 2019 March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 512,925,429 $ 529,632,997 $ 549,397,421 $ 568,193,494 Mortgages payable and other secured financing 26,689,992 26,691,893 26,802,246 26,812,851 |
Segments
Segments | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Segments | 23. Segments The Partnership has four reportable segments - Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership Agreement authorizes the Partnership to make investments in tax-exempt securities other than MRBs provided that the tax-exempt investments are rated in one of the four highest rating categories by a national securities rating agency. The 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 condensed consolidated balance sheets. As of March 31, 2020, the Partnership held 75 MRBs. The Residential Properties financed by MRBs contain a total of 10,867 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 condensed consolidated statements of operations are reported within this segment. MF Properties Segment The MF Properties segment consists of multifamily and student housing residential properties held by the Partnership (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 March 31, 2020, the Partnership owned two MF Properties containing a total of 859 rental units. Income tax expense for the Greens Hold Co is reported within this segment. Public Housing Capital Fund Trusts Segment The Public Housing Capital Fund Trusts segment consists of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates (Note 7) and the related TOB Trust financings. In January 2020, the Partnership sold the PHC Certificates to an unrelated party, and the related TOB Trust financings were collapsed and all principal and interest was paid in full. As a result, the Public Housing Capital Fund Trust segment has no activity after January 2020. Other Investments Segment The Other Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (Note 9) and property loans to certain multifamily housing properties (Note 10). The following tables detail certain key financial information for the Partnership’s reportable segments for the three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Total revenues Mortgage Revenue Bond Investments $ 10,205,803 $ 10,443,413 MF Properties 1,952,247 1,993,629 Public Housing Capital Fund Trusts 174,470 638,146 Other Investments 1,403,615 4,589,410 Total revenues $ 13,736,135 $ 17,664,598 Interest expense Mortgage Revenue Bond Investments $ 5,498,199 $ 5,648,568 MF Properties 321,776 364,389 Public Housing Capital Fund Trusts 197,993 381,963 Other Investments - - Total interest expense $ 6,017,968 $ 6,394,920 Depreciation expense Mortgage Revenue Bond Investments $ 2,424 $ - MF Properties 707,014 819,158 Public Housing Capital Fund Trusts - - Other Investments - - Total depreciation expense $ 709,438 $ 819,158 Net income (loss) Mortgage Revenue Bond Investments $ 440,336 $ 2,043,354 MF Properties (252,730 ) (437,134 ) Public Housing Capital Fund Trusts 1,390,999 256,183 Other Investments 1,403,152 4,589,410 Net income $ 2,981,757 $ 6,451,813 The following table details total assets for the Partnership’s reportable segments as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Total assets Mortgage Revenue Bond Investments $ 912,120,645 $ 918,301,172 MF Properties 69,592,219 70,569,646 Public Housing Capital Fund Trusts 101,848 43,591,048 Other Investments 98,768,258 87,098,315 Consolidation/eliminations (103,066,708 ) (90,391,673 ) Total assets $ 977,516,262 $ 1,029,168,508 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 24. Subsequent Events In April 2020, the Term TOB Trust financings related to the Pro Nova 2014-1 MRB was collapsed and all outstanding principal and interest balances were repaid in full. In April 2020, the Partnership terminated its Master Trust Agreement and collapsed all Term A/B Trust financings with Deutsche Bank. As of the termination, the Partnership is no longer subject to the debt covenants in the Master Trust Agreement. All outstanding principal and interest related to the Term A/B Trust financings was paid off in full. The MRBs associated with the collapsed Term A/B Trusts were securitized into new variable rate TOB Trusts with Mizuho. The following table summarizes the gross principal and initial terms of the TOB Trusts at closing TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Initial Interest Rate Avistar at Copperfield - Series A $ 11,818,000 May 2021 Weekly 0.42% 1.66% 2.08% Avistar at Wilcrest - Series A 4,479,000 May 2021 Weekly 0.42% 1.66% 2.08% Avistar at Wood Hollow - Series A 34,007,000 May 2021 Weekly 0.42% 1.66% 2.08% Gateway Village 2,184,000 May 2021 Weekly 0.42% 1.66% 2.08% Lynnhaven 2,898,000 May 2021 Weekly 0.42% 1.66% 2.08% Total TOB Trust Financing $ 55,386,000 In April 2020, the Partnership extended the maturity dates of TOB Trust financings associated with the Rosewood Townhomes – Series A and South Pointe Apartments – Series A MRBs to June 2021. The Partnership also extended the maturity dates of TOB Trust financings associated with the Montecito at William Ranch Apartments – Series A, Vineyard Gardens – Series A and Live 929 Apartments MRBs to July 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. 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 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, a real estate asset, and certain property loans; and • The Suites on Paseo MF Property, a real estate asset, is owned directly by the Partnership. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary. |
Impairment of Mortgage Revenue Bonds | Impairment of Mortgage Revenue Bonds The Partnership periodically reviews its 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 a MRB’s estimated fair value is below amortized cost, and the Partnership has the intent to sell or may be required to sell the MRB prior to the time that its value recovers or until maturity, the Partnership will record an other-than-temporary impairment through earnings equal to the difference between the MRB’s carrying value and its fair value, and will establish an allowance for credit loss. If the Partnership does not expect to sell an other-than-temporarily The recognition of other-than-temporary impairment, provision for credit loss, 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 condensed consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. During the three months ended March 31, 2020, there was a provision for credit loss reported by the Partnership related to one MRB (see Note 6). There were no other-than-temporary impairment charges or provision for credit loss reported during the three months ended March 31, 2019. |
Estimates and Assumptions | Estimates and assumptions The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The Partnership’s condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2019. These condensed consolidated financial statements and notes have been prepared consistently with the 2019 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of March 31, 2020, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated balance sheet as of December 31, 2019 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements. A novel strain of coronavirus (“COVID-19”) was reported to have surfaced in Wuhan, China in December 2019, and has since spread globally, including to every state in the United States. On March 11, 2020, the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The COVID-19 outbreak is disrupting supply chains and affecting production, sales and employment across a range of industries. The extent of the impact of COVID-19 on the Partnership’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, the impact on the underlying borrowers of MRBs, tenants at the MF Properties and operations of the Partnership’s investments in unconsolidated entities, all of which are uncertain and cannot be predicted at this time. In addition, market volatility may cause fluctuations in the valuation of the Partnerships’ MRBs, taxable MRBs, MF Properties and investments in unconsolidated entities. The extent to which COVID-19 will impact the Partnership’s financial condition or results of operations is uncertain. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“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 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. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019: Maximum Exposure to Loss March 31, 2020 December 31, 2019 Mortgage revenue bonds $ 24,647,000 $ 30,455,000 Investment in unconsolidated entities 98,643,727 86,981,864 $ 123,290,727 $ 117,436,864 |
Investments in Mortgage Reven_2
Investments in Mortgage Revenue Bonds (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Schedule of investments in MRBs | The Partnership had the following investments in MRBs as of March 31, 2020 and December 31, 2019: March 31, 2020 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns and Allowances Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (5) CA $ 10,126,458 $ 1,428,563 $ - $ 11,555,021 Glenview Apartments - Series A (4) CA 4,521,529 687,871 - 5,209,400 Harmony Court Bakersfield - Series A (5) CA 3,692,247 487,054 - 4,179,301 Harmony Terrace - Series A (5) CA 6,834,955 1,002,038 - 7,836,993 Harden Ranch - Series A (3) CA 6,681,530 1,094,025 - 7,775,555 Las Palmas II - Series A (5) CA 1,675,475 234,810 - 1,910,285 Montclair Apartments - Series A (4) CA 2,449,565 415,776 - 2,865,341 Montecito at Williams Ranch Apartments - Series A (7) CA 7,667,712 1,457,424 - 9,125,136 San Vicente - Series A (5) CA 3,454,740 452,745 - 3,907,485 Santa Fe Apartments - Series A (4) CA 2,967,556 503,697 - 3,471,253 Seasons at Simi Valley - Series A (5) CA 4,271,321 818,274 - 5,089,595 Seasons Lakewood - Series A (5) CA 7,280,713 999,919 - 8,280,632 Seasons San Juan Capistrano - Series A (5) CA 12,258,343 1,683,537 - 13,941,880 Summerhill - Series A (5) CA 6,357,990 809,791 - 7,167,781 Sycamore Walk - Series A (5) CA 3,548,939 527,404 - 4,076,343 The Village at Madera - Series A (5) CA 3,053,775 402,832 - 3,456,607 Tyler Park Townhomes - Series A (3) CA 5,820,554 685,637 - 6,506,191 Vineyard Gardens - Series A (7) CA 3,990,400 751,127 - 4,741,527 Westside Village Market - Series A (3) CA 3,803,721 590,032 - 4,393,753 Brookstone (1) IL 7,399,317 1,923,740 - 9,323,057 Copper Gate Apartments (3) IN 5,005,000 565,018 - 5,570,018 Renaissance - Series A (4) LA 10,969,168 1,774,107 - 12,743,275 Live 929 Apartments (7), (8) MD 39,907,484 - (403,464 ) 39,504,020 Woodlynn Village (1) MN 4,172,000 10,156 - 4,182,156 Gateway Village (2) NC 2,600,000 431,554 - 3,031,554 Greens Property - Series A (3) NC 7,910,000 702,514 - 8,612,514 Lynnhaven Apartments (2) NC 3,450,000 462,437 - 3,912,437 Silver Moon - Series A (4) NM 7,746,418 1,311,816 - 9,058,234 Village at Avalon - Series A (6) NM 16,274,407 3,132,378 - 19,406,785 Ohio Properties - Series A (1) OH 13,823,998 46,555 - 13,870,553 Bridle Ridge (1) SC 7,275,000 54,595 - 7,329,595 Columbia Gardens (5) SC 13,023,898 1,930,568 - 14,954,466 Companion at Thornhill Apartments (5) SC 11,148,397 1,421,140 - 12,569,537 Cross Creek (1) SC 6,142,795 2,367,804 - 8,510,599 Rosewood Townhomes - Series A (7) SC 9,280,000 936,317 - 10,216,317 South Pointe Apartments - Series A (7) SC 21,600,000 2,076,089 - 23,676,089 The Palms at Premier Park Apartments (3) SC 18,784,904 2,222,099 - 21,007,003 Village at River's Edge (5) SC 9,855,232 2,001,464 - 11,856,696 Willow Run (5) SC 12,843,514 1,812,321 - 14,655,835 Arbors at Hickory Ridge (3) TN 11,021,094 1,708,507 - 12,729,601 Pro Nova 2014-1 (2) TN 8,663,406 - - 8,663,406 Avistar at Copperfield - Series A (2) TX 13,913,910 2,010,421 - 15,924,331 Avistar at the Crest - Series A (3) TX 9,224,980 1,605,894 - 10,830,874 Avistar at the Oaks - Series A (3) TX 7,454,400 1,275,316 - 8,729,716 Avistar at the Parkway - Series A (4) TX 12,821,526 1,870,208 - 14,691,734 Avistar at Wilcrest - Series A (2) TX 5,273,090 679,531 - 5,952,621 Avistar at Wood Hollow - Series A (2) TX 40,038,454 5,315,077 - 45,353,531 Avistar in 09 - Series A (3) TX 6,436,585 1,101,186 - 7,537,771 Avistar on the Boulevard - Series A (3) TX 15,715,747 2,470,949 - 18,186,696 Avistar on the Hills - Series A (3) TX 5,103,450 895,447 - 5,998,897 Bruton Apartments (5) TX 17,775,126 3,083,030 - 20,858,156 Concord at Gulfgate - Series A (5) TX 18,932,033 3,412,592 - 22,344,625 Concord at Little York - Series A (5) TX 13,262,784 2,508,285 - 15,771,069 Concord at Williamcrest - Series A (5) TX 20,545,474 3,794,305 - 24,339,779 Crossing at 1415 - Series A (5) TX 7,387,421 1,146,538 - 8,533,959 Decatur Angle (5) TX 22,410,500 3,592,948 - 26,003,448 Esperanza at Palo Alto (5) TX 19,323,071 4,046,705 - 23,369,776 Heights at 515 - Series A (5) TX 6,763,311 1,077,559 - 7,840,870 Heritage Square - Series A (4) TX 10,666,690 1,327,878 - 11,994,568 Oaks at Georgetown - Series A (5) TX 12,213,767 1,337,957 - 13,551,724 Runnymede (1) TX 9,925,000 157,344 - 10,082,344 Southpark (1) TX 11,566,796 2,124,260 - 13,691,056 15 West Apartments (5) WA 9,656,406 2,128,059 - 11,784,465 Mortgage revenue bonds held in trust $ 645,764,076 $ 88,885,224 $ (403,464 ) $ 734,245,836 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) (6) (7) (8) March 31, 2020 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 $ 1,629,097 $ - $ 14,829,097 Solano Vista - Series A CA 2,665,000 624,588 - 3,289,588 Greens Property - Series B NC 928,962 122,356 - 1,051,318 Ohio Properties - Series B OH 3,499,720 9,812 - 3,509,532 Rosewood Townhomes - Series B SC 470,000 1,935 - 471,935 South Pointe Apartments - Series B SC 1,100,000 3,962 - 1,103,962 Avistar at the Crest - Series B TX 739,691 90,911 - 830,602 Avistar at the Oaks - Series B TX 541,337 62,305 - 603,642 Avistar at the Parkway - Series B TX 124,225 35,847 - 160,072 Avistar in 09 - Series B TX 446,554 51,396 - 497,950 Avistar on the Boulevard - Series B TX 439,527 49,214 - 488,741 Mortgage revenue bonds held by the Partnership $ 24,155,016 $ 2,681,423 $ - $ 26,836,439 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) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) ( 6 ) 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 |
Schedule of MRB Redeemed | Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2020: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 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 |
Schedule of MRBs Acquisitions | Acquisitions: The following MRBs were acquired during the three months ended March 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 $ 6,050,000 |
Public Housing Capital Fund T_2
Public Housing Capital Fund Trust ( "PHC") Certificates (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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: 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 |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate Assets Owned by Partnership | The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2020 and December 31, 2019: Real Estate Assets as of March 31, 2020 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 $ 39,113,918 $ 42,313,186 The 50/50 MF Property Lincoln, NE 475 - 32,938,822 32,938,822 Land held for development (1) 1,701,197 - 1,701,197 $ 76,953,205 Less accumulated depreciation (16,064,714 ) Total real estate assets $ 60,888,491 (1) 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 (2) 1,706,862 - 1,706,862 $ 76,917,663 Less accumulated depreciation (15,357,700 ) Total real estate assets $ 61,559,963 (2) Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE. |
Investments in Unconsolidated_2
Investments in Unconsolidated Entities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 and December 31, 2019 and remaining equity commitment amounts as of March 31, 2020: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of March 31, 2020 Carrying Value as of December 31, 2019 Maximum Remaining Equity Commitment as of March 31, 2020 Vantage at Waco Waco, TX 288 August 2016 May 2018 $ 9,337,166 $ 9,337,166 $ 1,592,039 Vantage at Powdersville Powdersville, SC 288 November 2017 February 2020 12,295,801 12,295,801 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,840,500 7,840,500 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 10,399,773 10,144,052 - Vantage at Germantown Germantown, TN 288 June 2018 March 2020 12,041,237 11,745,155 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 13,857,159 13,516,425 - Vantage at Coventry Omaha, NE 288 September 2018 N/A 9,007,435 9,007,435 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 9,657,930 8,078,519 - Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 7,652,449 5,016,811 - Vantage at Westover Hills San Antonio, TX 288 January 2020 N/A 6,554,277 - 893,417 2,886 $ 98,643,727 $ 86,981,864 $ 2,485,456 |
Summary of Partnership's Investments in Unconsolidated Entities | The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Property Revenues $ 2,483,605 $ 2,717,268 Net loss $ (2,519,165 ) $ (117,063 ) |
Property Loans, Net of Loan L_2
Property Loans, Net of Loan Loss Allowances (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Property Loans Net Of Loan Loss Allowance [Abstract] | |
Summary of Partnership's Property Loans, Net of Loan Loss Allowances | The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of March 31, 2020 and December 31, 2019: March 31, 2020 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, 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 |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense (Benefit) | The following table summarizes income tax expense (benefit) for the three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Current income tax expense $ 42,335 $ 82,340 Deferred income tax benefit (30,921 ) (40,692 ) Total income tax expense $ 11,414 $ 41,648 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table summarizes the other assets as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Deferred financing costs, net $ 319,014 $ 353,862 Fair value of derivative instruments (Note 17) 36,112 10,911 Taxable mortgage revenue bonds, at fair value 1,417,654 1,383,237 Operating lease right-of-use assets, net 1,665,257 1,673,242 Other assets 1,800,333 1,641,099 Total other assets $ 5,238,370 $ 5,062,351 |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Payables And Accruals [Abstract] | |
Summary of Accounts Payable, Accrued Expenses and Other Liabilities | The following table summarizes the accounts payable, accrued expenses and other liabilities as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Accounts payable $ 322,788 $ 93,834 Accrued expenses 1,917,172 2,529,982 Accrued interest expense 3,494,144 2,690,076 Operating lease liabilities 2,150,827 2,138,783 Other liabilities 1,580,189 1,583,492 Total accounts payable, accrued expenses and other liabilities $ 9,465,120 $ 9,036,167 |
Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities | The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities as of March 31, 2020: Remainder of 2020 $ 112,686 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,274 Total 5,191,994 Less: Amount representing interest (3,041,167 ) Total operating lease liabilities $ 2,150,827 |
Unsecured Lines of Credit (Tabl
Unsecured Lines of Credit (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Unsecured Lines of Credit [Member] | |
Summary of Unsecured Lines of Credit | The following tables summarize the unsecured lines of credit (“LOC”) as of March 31, 2020 and December 31, 2019: Unsecured Lines of Credit Outstanding as of March 31, 2020 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 12,540,000 $ 50,000,000 June 2021 Variable (1) Monthly 3.86 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 4.61 % Total unsecured lines of credit $ 12,540,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 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 (2) Monthly 4.19 % Bankers Trust operating - 10,000,000 June 2021 Variable (2) Monthly 4.94 % Total unsecured lines of credit $ 13,200,000 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin. |
Debt Financing (Tables)
Debt Financing (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Financing [Abstract] | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2020 and December 31, 2019: Outstanding Debt Financings as of March 31, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,388,799 $ 4,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,216,186 4,999 2014 July 2024 Weekly 4.25% 1.32% 5.57% Fixed - M33 31,227,464 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,168,730 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB (3) 8,010,000 - 2014 May 2020 N/A N/A N/A 4.01% Fixed - Term A/B (3) 5,263,500 - 2019 February 2021 N/A N/A N/A 4.53% Fixed - Term A/B (3) 38,194,706 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB (4) 25,714,955 - 2019 July 2020 Weekly 4.86% 1.17% 6.03% Variable - TOB (5) 42,153,205 - 2019 August 2020 Weekly 3.45% - 4.86% 1.17% - 1.66% 4.62% - 6.52% Morgan Stanley: Fixed - Term TOB 13,047,884 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 500,385,429 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) In April 2020, these debt financings were terminated. See Note 24 for additional information. (4) In April 2020, the stated maturity of the TOB Trusts were extended to June 2021. See Note 24. (5) In April 2020, the stated maturity of the TOB Trusts were extended to July 2021. See Note 24. 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 Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 January 2020 N/A N/A N/A 4.01% Fixed - Term A/B 5,260,756 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,300,456 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,680,070 - 2019 July 2020 Weekly 1.79% 1.17% 2.96% Variable - TOB 42,207,784 - 2019 August 2020 Weekly 1.79% 1.17% - 1.66% 2.96% - 3.45% Variable - TOB 34,703,935 - 2019 September 2020 Weekly 2.08% 1.12% 3.20% Morgan Stanley: Fixed - Term TOB 13,063,418 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings as of March 31, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 79,840,784 2021 10,590,361 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,818 Total 502,574,762 Unamortized deferred financing costs and debt premium (2,189,333 ) Total debt financing, net $ 500,385,429 |
Mortgages Payable and Other S_2
Mortgages Payable and Other Secured Financing (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2020 and December 31, 2019: Outstanding Debt Financings as of March 31, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,388,799 $ 4,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,216,186 4,999 2014 July 2024 Weekly 4.25% 1.32% 5.57% Fixed - M33 31,227,464 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,168,730 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB (3) 8,010,000 - 2014 May 2020 N/A N/A N/A 4.01% Fixed - Term A/B (3) 5,263,500 - 2019 February 2021 N/A N/A N/A 4.53% Fixed - Term A/B (3) 38,194,706 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB (4) 25,714,955 - 2019 July 2020 Weekly 4.86% 1.17% 6.03% Variable - TOB (5) 42,153,205 - 2019 August 2020 Weekly 3.45% - 4.86% 1.17% - 1.66% 4.62% - 6.52% Morgan Stanley: Fixed - Term TOB 13,047,884 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 500,385,429 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. (3) In April 2020, these debt financings were terminated. See Note 24 for additional information. (4) In April 2020, the stated maturity of the TOB Trusts were extended to June 2021. See Note 24. (5) In April 2020, the stated maturity of the TOB Trusts were extended to July 2021. See Note 24. 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 Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 January 2020 N/A N/A N/A 4.01% Fixed - Term A/B 5,260,756 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,300,456 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,680,070 - 2019 July 2020 Weekly 1.79% 1.17% 2.96% Variable - TOB 42,207,784 - 2019 August 2020 Weekly 1.79% 1.17% - 1.66% 2.96% - 3.45% Variable - TOB 34,703,935 - 2019 September 2020 Weekly 2.08% 1.12% 3.20% Morgan Stanley: Fixed - Term TOB 13,063,418 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (2) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings as of March 31, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 79,840,784 2021 10,590,361 2022 18,496,986 2023 5,896,946 2024 15,472,867 Thereafter 372,276,818 Total 502,574,762 Unamortized deferred financing costs and debt premium (2,189,333 ) Total debt financing, net $ 500,385,429 |
Mortgages payable [Member] | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of March 31, 2020 and December 31, 2019: MF Property Mortgage Payables Outstanding Mortgage Payable as of March 31, 2020, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Period End Rate The 50/50 MF Property--TIF Loan $ 2,858,201 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,831,791 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,689,992 4.36 % 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 ) |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings as of March 31, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 657,117 2021 818,425 2022 855,101 2023 893,421 2024 930,740 Thereafter 22,537,088 Total 26,691,892 Unamortized deferred financing costs (1,900 ) Total mortgages payable and other secured financings, net $ 26,689,992 |
Interest Rate Derivatives (Tabl
Interest Rate Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Interest Rate Derivatives [Abstract] | |
Summary of Partnership's Interest Rate Derivatives | The following tables summarize the Partnership’s interest rate derivatives as of March 31, 2020 and December 31, 2019: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of March 31, 2020 July 2015 26,949,233 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank $ - July 2015 26,949,233 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada - July 2015 26,949,233 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc - June 2017 80,847,700 Aug 2020 1.5 % SIFMA TOB Trusts Barclays Bank PLC - Sept 2017 57,918,000 Sept 2020 4.0 % SIFMA TOB Trusts Barclays Bank PLC - Aug 2019 79,014,909 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 36,112 $ 36,112 (1) See Note 22 for additional details. Purchase Date Notional Amount Maturity Date Effective Capped Rate (2) Index Variable Debt Financing Facility Hedged (2) Counterparty Fair Value as of December 31, 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 (2) See Note 22 for additional details. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of March 31, 2020 Partnership's Maximum Exposure as of March 31, 2020 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 28,264,790 $ 14,132,395 (1) Vantage at Coventry 2018 31,500,000 18,169,459 18,169,459 (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 March 31, 2020 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) | 3 Months Ended |
Mar. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Issuances of Series A Preferred Units | The following table summarizes the outstanding Series A Preferred Units as of March 31, 2020 and December 31, 2019 Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding as of March 31, 2020 and December 31, 2019 9,450,000 $ 94,500,000 |
Restricted Unit Awards (Tables)
Restricted Unit Awards (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of RUA Activity | The following table summarizes the RUA activity as of and for the three months ended March 31, 2020 and the year ended December 31, 2019: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested as of January 1, 2019 265,290 $ 6.14 Granted 353,197 7.74 Vested (618,487 ) 7.05 Nonvested as of December 31, 2019 - $ - Granted 290,000 4.98 Nonvested as of March 31, 2020 290,000 $ 4.98 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements | The following table summarizes transactions with related parties that are reflected in the Partnership’s condensed consolidated financial statements for the three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Partnership administrative fees paid to AFCA 2 (1) $ 865,000 $ 898,000 Property management fees paid to an affiliate (2) - 35,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 8,000 16,000 (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 condensed 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 condensed consolidated statements of operations. (3) The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. 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 condensed 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 three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Non-Partnership property administrative fees received by AFCA 2 (1) $ 9,000 $ 9,000 Investment/mortgage placement fees received by AFCA 2 (2) 542,000 91,000 (1) AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. These amounts represent administrative fees received by AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs and investments in unconsolidated entities. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Measurements [Abstract] | |
Summary of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis as of March 31, 2020 are summarized as follows: Fair Value Measurements as of March 31, 2020 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 $ 734,245,836 $ - $ - $ 734,245,836 Mortgage revenue bonds 26,836,439 - - 26,836,439 Taxable mortgage revenue bonds (reported within other assets) 1,417,654 - - 1,417,654 Derivative instruments (reported within other assets) 36,112 - - 36,112 Total Assets at Fair Value, net $ 762,536,041 $ - $ - $ 762,536,041 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 |
Summary of Activity Related to Level 3 Assets and Liabilities | The following table summarizes the activity related to Level 3 assets for the three months ended March 31, 2020: For the Three Months Ended March 31, 2020 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, 2020 $ 773,597,465 $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,142 (7,219 ) - 25,201 53,124 Included in earnings (impairment of securities and provision for credit loss) (1,357,681 ) - - - (1,357,681 ) Included in earnings (gain on sale of securities) - 1,416,023 - - 1,416,023 Included in other comprehensive (loss) income (6,722,122 ) (1,408,804 ) 36,555 - (8,094,371 ) Sale of securities - (43,349,357 ) - - (43,349,357 ) Settlements (4,470,529 ) - (2,138 ) - (4,472,667 ) Ending Balance March 31, 2020 $ 761,082,275 $ - $ 1,417,654 $ 36,112 $ 762,536,041 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 March 31, 2020 $ (1,357,681 ) $ - $ - $ 25,201 $ (1,332,480 ) (1) The following table summarizes the activity related to Level 3 assets and liabilities for the three months ended March 31, 2019: For the Three Months Ended March 31, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable 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) 35,730 16,726 - (306,591 ) (254,135 ) Included in other comprehensive (loss) income 7,639,913 485,222 18,792 - 8,143,927 Purchases 6,050,000 - - - 6,050,000 Settlements (6,831,237 ) (2,767,166 ) (1,954 ) (46,536 ) (9,646,893 ) Ending Balance March 31, 2019 $ 739,047,841 $ 46,406,868 $ 1,426,733 $ 273,506 $ 787,154,948 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 March 31, 2019 $ - $ - $ - $ (306,591 ) $ (306,591 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. |
Summary of Fair Value of Partnership's Financial Liabilities | The table below summarizes the fair value of the Partnership’s financial liabilities as of March 31, 2020 and December 31, 2019 March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 512,925,429 $ 529,632,997 $ 549,397,421 $ 568,193,494 Mortgages payable and other secured financing 26,689,992 26,691,893 26,802,246 26,812,851 |
Segments (Tables)
Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Partnership Reportable Segment Information | The following tables detail certain key financial information for the Partnership’s reportable segments for the three months ended March 31, 2020 and 2019: For the Three Months Ended March 31, 2020 2019 Total revenues Mortgage Revenue Bond Investments $ 10,205,803 $ 10,443,413 MF Properties 1,952,247 1,993,629 Public Housing Capital Fund Trusts 174,470 638,146 Other Investments 1,403,615 4,589,410 Total revenues $ 13,736,135 $ 17,664,598 Interest expense Mortgage Revenue Bond Investments $ 5,498,199 $ 5,648,568 MF Properties 321,776 364,389 Public Housing Capital Fund Trusts 197,993 381,963 Other Investments - - Total interest expense $ 6,017,968 $ 6,394,920 Depreciation expense Mortgage Revenue Bond Investments $ 2,424 $ - MF Properties 707,014 819,158 Public Housing Capital Fund Trusts - - Other Investments - - Total depreciation expense $ 709,438 $ 819,158 Net income (loss) Mortgage Revenue Bond Investments $ 440,336 $ 2,043,354 MF Properties (252,730 ) (437,134 ) Public Housing Capital Fund Trusts 1,390,999 256,183 Other Investments 1,403,152 4,589,410 Net income $ 2,981,757 $ 6,451,813 The following table details total assets for the Partnership’s reportable segments as of March 31, 2020 and December 31, 2019: March 31, 2020 December 31, 2019 Total assets Mortgage Revenue Bond Investments $ 912,120,645 $ 918,301,172 MF Properties 69,592,219 70,569,646 Public Housing Capital Fund Trusts 101,848 43,591,048 Other Investments 98,768,258 87,098,315 Consolidation/eliminations (103,066,708 ) (90,391,673 ) Total assets $ 977,516,262 $ 1,029,168,508 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Subsequent Events [Abstract] | |
Summary of Gross Principal and Initial Terms of TOB Trusts | The following table summarizes the gross principal and initial terms of the TOB Trusts at closing TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Initial Interest Rate Avistar at Copperfield - Series A $ 11,818,000 May 2021 Weekly 0.42% 1.66% 2.08% Avistar at Wilcrest - Series A 4,479,000 May 2021 Weekly 0.42% 1.66% 2.08% Avistar at Wood Hollow - Series A 34,007,000 May 2021 Weekly 0.42% 1.66% 2.08% Gateway Village 2,184,000 May 2021 Weekly 0.42% 1.66% 2.08% Lynnhaven 2,898,000 May 2021 Weekly 0.42% 1.66% 2.08% Total TOB Trust Financing $ 55,386,000 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2020USD ($)Property | Mar. 31, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||
Other-than-temporary impairment charges | $ 0 | |
Provision for credit loss | $ 1,357,681 | $ 0 |
Greens Hold Co [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of Real Estate Properties | Property | 1 | |
Ownership interest percentage in MF property | 100.00% |
Partnership Income, Expenses _2
Partnership Income, Expenses and Cash Distributions - Additional Information (Details) | Mar. 31, 2020 |
Partners capital account, fixed rate | 3.00% |
Tier 1 [Member] | Limited Partner [Member] | |
Percent of regular allocations | 99.00% |
Tier 1 [Member] | General Partner [Member] | |
Percent of regular allocations | 1.00% |
Tier 2 [Member] | Limited Partner [Member] | |
Percent of special allocations | 75.00% |
Tier 2 [Member] | General Partner [Member] | |
Percent of special allocations | 25.00% |
Tier 3 [Member] | Limited Partner [Member] | |
Percent of special allocations | 100.00% |
Net Income per BUC (Details)
Net Income per BUC (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Dilutive BUCs | 0 | 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - Property | Mar. 31, 2020 | Dec. 31, 2019 |
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 ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 123,290,727 | $ 117,436,864 |
Mortgage Revenue Bonds [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 24,647,000 | 30,455,000 |
Investment in Unconsolidated Entities [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 98,643,727 | $ 86,981,864 |
Investments in Mortgage Reven_3
Investments in Mortgage Revenue Bonds - Schedule of investments in MRBs (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | |||
Mortgage Revenue Bonds Held In Trust [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | $ 645,764,076 | $ 648,445,150 | |||
Cumulative Unrealized Gain | 88,885,224 | 95,795,445 | |||
Cumulative Unrealized Loss | (403,464) | (652,880) | |||
Estimated Fair Value | 734,245,836 | 743,587,715 | |||
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 and Allowances | [1] | 10,126,458 | 10,147,686 | ||
Cumulative Unrealized Gain | [1] | 1,428,563 | 1,602,534 | ||
Estimated Fair Value | [1] | 11,555,021 | 11,750,220 | ||
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 and Allowances | [2] | 4,521,529 | 4,533,958 | ||
Cumulative Unrealized Gain | [2] | 687,871 | 757,900 | ||
Estimated Fair Value | [2] | 5,209,400 | 5,291,858 | ||
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 and Allowances | [1] | 3,692,247 | 3,699,987 | ||
Cumulative Unrealized Gain | [1] | 487,054 | 549,211 | ||
Estimated Fair Value | [1] | 4,179,301 | 4,249,198 | ||
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 and Allowances | [1] | 6,834,955 | 6,849,214 | ||
Cumulative Unrealized Gain | [1] | 1,002,038 | 1,121,262 | ||
Estimated Fair Value | [1] | 7,836,993 | 7,970,476 | ||
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 and Allowances | [3] | 6,681,530 | 6,700,868 | ||
Cumulative Unrealized Gain | [3] | 1,094,025 | 1,281,980 | ||
Estimated Fair Value | [3] | 7,775,555 | 7,982,848 | ||
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 and Allowances | [1] | 1,675,475 | 1,679,022 | ||
Cumulative Unrealized Gain | [1] | 234,810 | 263,441 | ||
Estimated Fair Value | [1] | 1,910,285 | 1,942,463 | ||
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 and Allowances | [2] | 2,449,565 | 2,456,298 | ||
Cumulative Unrealized Gain | [2] | 415,776 | 446,558 | ||
Estimated Fair Value | [2] | 2,865,341 | 2,902,856 | ||
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 and Allowances | 7,667,712 | [4] | 7,681,146 | [5] | |
Cumulative Unrealized Gain | 1,457,424 | [4] | 1,580,303 | [5] | |
Estimated Fair Value | 9,125,136 | [4] | 9,261,449 | [5] | |
Mortgage Revenue Bonds Held In Trust [Member] | San Vicente [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 3,454,740 | 3,462,053 | ||
Cumulative Unrealized Gain | [1] | 452,745 | 510,593 | ||
Estimated Fair Value | [1] | 3,907,485 | 3,972,646 | ||
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 and Allowances | [2] | 2,967,556 | 2,975,713 | ||
Cumulative Unrealized Gain | [2] | 503,697 | 540,988 | ||
Estimated Fair Value | [2] | 3,471,253 | 3,516,701 | ||
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 and Allowances | [1] | 4,271,321 | 4,282,477 | ||
Cumulative Unrealized Gain | [1] | 818,274 | 860,856 | ||
Estimated Fair Value | [1] | 5,089,595 | 5,143,333 | ||
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 and Allowances | [1] | 7,280,713 | 7,295,901 | ||
Cumulative Unrealized Gain | [1] | 999,919 | 1,124,372 | ||
Estimated Fair Value | [1] | 8,280,632 | 8,420,273 | ||
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 and Allowances | [1] | 12,258,343 | 12,283,916 | ||
Cumulative Unrealized Gain | [1] | 1,683,537 | 1,893,075 | ||
Estimated Fair Value | [1] | 13,941,880 | 14,176,991 | ||
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 and Allowances | [1] | 6,357,990 | 6,371,318 | ||
Cumulative Unrealized Gain | [1] | 809,791 | 797,228 | ||
Estimated Fair Value | [1] | 7,167,781 | 7,168,546 | ||
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 and Allowances | [1] | 3,548,939 | 3,559,011 | ||
Cumulative Unrealized Gain | [1] | 527,404 | 567,713 | ||
Estimated Fair Value | [1] | 4,076,343 | 4,126,724 | ||
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 and Allowances | [1] | 3,053,775 | 3,060,177 | ||
Cumulative Unrealized Gain | [1] | 402,832 | 454,240 | ||
Estimated Fair Value | [1] | 3,456,607 | 3,514,417 | ||
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 and Allowances | [3] | 5,820,554 | 5,837,595 | ||
Cumulative Unrealized Gain | [3] | 685,637 | 864,894 | ||
Estimated Fair Value | [3] | 6,506,191 | 6,702,489 | ||
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 and Allowances | 3,990,400 | [4] | 3,995,000 | [5] | |
Cumulative Unrealized Gain | 751,127 | [4] | 815,213 | [5] | |
Estimated Fair Value | 4,741,527 | [4] | 4,810,213 | [5] | |
Mortgage Revenue Bonds Held In Trust [Member] | Westside Village Market [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [3] | 3,803,721 | 3,814,857 | ||
Cumulative Unrealized Gain | [3] | 590,032 | 594,361 | ||
Estimated Fair Value | [3] | 4,393,753 | 4,409,218 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [6] | 7,399,317 | 7,406,755 | ||
Cumulative Unrealized Gain | [6] | 1,923,740 | 2,194,994 | ||
Estimated Fair Value | [6] | 9,323,057 | 9,601,749 | ||
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 and Allowances | [3] | 5,005,000 | 5,005,000 | ||
Cumulative Unrealized Gain | [3] | 565,018 | 682,497 | ||
Estimated Fair Value | [3] | 5,570,018 | 5,687,497 | ||
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 and Allowances | [2] | 10,969,168 | 11,001,027 | ||
Cumulative Unrealized Gain | [2] | 1,774,107 | 1,775,086 | ||
Estimated Fair Value | [2] | 12,743,275 | 12,776,113 | ||
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 and Allowances | [7] | 39,907,484 | [4] | 39,984,026 | [5] |
Cumulative Unrealized Loss | [7] | (403,464) | [4] | (280,711) | [5] |
Estimated Fair Value | [7] | 39,504,020 | [4] | 39,703,315 | [5] |
Mortgage Revenue Bonds Held In Trust [Member] | Woodlynn Village [Member] | MN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [6] | 4,172,000 | 4,172,000 | ||
Cumulative Unrealized Gain | [6] | 10,156 | 44,510 | ||
Estimated Fair Value | [6] | 4,182,156 | 4,216,510 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Gateway Village [Member] | NC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [8] | 2,600,000 | 2,600,000 | ||
Cumulative Unrealized Gain | [8] | 431,554 | 509,901 | ||
Estimated Fair Value | [8] | 3,031,554 | 3,109,901 | ||
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 and Allowances | [3] | 7,910,000 | 7,936,000 | ||
Cumulative Unrealized Gain | [3] | 702,514 | 845,678 | ||
Estimated Fair Value | [3] | 8,612,514 | 8,781,678 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Lynnhaven Apartments [Member] | NC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [8] | 3,450,000 | 3,450,000 | ||
Cumulative Unrealized Gain | [8] | 462,437 | 393,686 | ||
Estimated Fair Value | [8] | 3,912,437 | 3,843,686 | ||
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 and Allowances | [2] | 7,746,418 | 7,762,116 | ||
Cumulative Unrealized Gain | [2] | 1,311,816 | 1,166,748 | ||
Estimated Fair Value | [2] | 9,058,234 | 8,928,864 | ||
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 and Allowances | 16,274,407 | [9] | 16,302,038 | [10] | |
Cumulative Unrealized Gain | 3,132,378 | [9] | 3,131,843 | [10] | |
Estimated Fair Value | 19,406,785 | [9] | 19,433,881 | [10] | |
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 and Allowances | [6] | 13,823,998 | 13,857,000 | ||
Cumulative Unrealized Gain | [6] | 46,555 | 48,813 | ||
Estimated Fair Value | [6] | 13,870,553 | 13,905,813 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Bridle Ridge [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [6] | 7,275,000 | 7,315,000 | ||
Cumulative Unrealized Gain | [6] | 54,595 | 113,469 | ||
Estimated Fair Value | [6] | 7,329,595 | 7,428,469 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 13,023,898 | 13,064,589 | ||
Cumulative Unrealized Gain | [1] | 1,930,568 | 2,179,744 | ||
Estimated Fair Value | [1] | 14,954,466 | 15,244,333 | ||
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 and Allowances | [1] | 11,148,397 | 11,178,557 | ||
Cumulative Unrealized Gain | [1] | 1,421,140 | 1,709,040 | ||
Estimated Fair Value | [1] | 12,569,537 | 12,887,597 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [6] | 6,142,795 | 6,143,976 | ||
Cumulative Unrealized Gain | [6] | 2,367,804 | 2,507,072 | ||
Estimated Fair Value | [6] | 8,510,599 | 8,651,048 | ||
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 and Allowances | [3] | 18,784,904 | 18,838,478 | ||
Cumulative Unrealized Gain | [3] | 2,222,099 | 2,799,411 | ||
Estimated Fair Value | [3] | 21,007,003 | 21,637,889 | ||
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 and Allowances | [1] | 9,855,232 | 9,872,297 | ||
Cumulative Unrealized Gain | [1] | 2,001,464 | 2,236,259 | ||
Estimated Fair Value | [1] | 11,856,696 | 12,108,556 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 12,843,514 | 12,884,191 | ||
Cumulative Unrealized Gain | [1] | 1,812,321 | 2,100,598 | ||
Estimated Fair Value | [1] | 14,655,835 | 14,984,789 | ||
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 and Allowances | [3] | 11,021,094 | 11,056,825 | ||
Cumulative Unrealized Gain | [3] | 1,708,507 | 1,934,146 | ||
Estimated Fair Value | [3] | 12,729,601 | 12,990,971 | ||
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 and Allowances | 9,280,000 | [4] | 9,280,000 | [5] | |
Cumulative Unrealized Gain | 936,317 | [4] | 316,916 | [5] | |
Estimated Fair Value | 10,216,317 | [4] | 9,596,916 | [5] | |
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova [Member] | TN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [8] | 8,663,406 | 10,022,352 | [7] | |
Cumulative Unrealized Loss | [7],[8] | (372,169) | |||
Estimated Fair Value | [8] | 8,663,406 | 9,650,183 | [7] | |
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 and Allowances | 21,600,000 | [4] | 21,600,000 | [5] | |
Cumulative Unrealized Gain | 2,076,089 | [4] | 835,005 | [5] | |
Estimated Fair Value | 23,676,089 | [4] | 22,435,005 | [5] | |
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 and Allowances | [8] | 13,913,910 | 13,945,681 | ||
Cumulative Unrealized Gain | [8] | 2,010,421 | 2,356,231 | ||
Estimated Fair Value | [8] | 15,924,331 | 16,301,912 | ||
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 and Allowances | [3] | 9,224,980 | 9,252,257 | ||
Cumulative Unrealized Gain | [3] | 1,605,894 | 1,715,456 | ||
Estimated Fair Value | [3] | 10,830,874 | 10,967,713 | ||
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 and Allowances | [3] | 7,454,400 | 7,475,794 | ||
Cumulative Unrealized Gain | [3] | 1,275,316 | 1,336,580 | ||
Estimated Fair Value | [3] | 8,729,716 | 8,812,374 | ||
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 and Allowances | [2] | 12,821,526 | 12,854,039 | ||
Cumulative Unrealized Gain | [2] | 1,870,208 | 2,065,468 | ||
Estimated Fair Value | [2] | 14,691,734 | 14,919,507 | ||
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 and Allowances | [8] | 5,273,090 | 5,285,131 | ||
Cumulative Unrealized Gain | [8] | 679,531 | 806,523 | ||
Estimated Fair Value | [8] | 5,952,621 | 6,091,654 | ||
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 and Allowances | [8] | 40,038,454 | 40,129,878 | ||
Cumulative Unrealized Gain | [8] | 5,315,077 | 6,450,704 | ||
Estimated Fair Value | [8] | 45,353,531 | 46,580,582 | ||
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 and Allowances | [3] | 6,436,585 | 6,455,058 | ||
Cumulative Unrealized Gain | [3] | 1,101,186 | 1,125,239 | ||
Estimated Fair Value | [3] | 7,537,771 | 7,580,297 | ||
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 and Allowances | [3] | 15,715,747 | 15,762,217 | ||
Cumulative Unrealized Gain | [3] | 2,470,949 | 2,648,781 | ||
Estimated Fair Value | [3] | 18,186,696 | 18,410,998 | ||
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 and Allowances | [3] | 5,103,450 | 5,118,097 | ||
Cumulative Unrealized Gain | [3] | 895,447 | 938,032 | ||
Estimated Fair Value | [3] | 5,998,897 | 6,056,129 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apartments [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 17,775,126 | 17,807,768 | ||
Cumulative Unrealized Gain | [1] | 3,083,030 | 3,534,702 | ||
Estimated Fair Value | [1] | 20,858,156 | 21,342,470 | ||
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 and Allowances | [1] | 18,932,033 | 18,975,786 | ||
Cumulative Unrealized Gain | [1] | 3,412,592 | 3,572,995 | ||
Estimated Fair Value | [1] | 22,344,625 | 22,548,781 | ||
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 and Allowances | [1] | 13,262,784 | 13,293,436 | ||
Cumulative Unrealized Gain | [1] | 2,508,285 | 2,624,054 | ||
Estimated Fair Value | [1] | 15,771,069 | 15,917,490 | ||
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 and Allowances | [1] | 20,545,474 | 20,592,957 | ||
Cumulative Unrealized Gain | [1] | 3,794,305 | 3,971,001 | ||
Estimated Fair Value | [1] | 24,339,779 | 24,563,958 | ||
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 and Allowances | [1] | 7,387,421 | 7,405,406 | ||
Cumulative Unrealized Gain | [1] | 1,146,538 | 1,229,438 | ||
Estimated Fair Value | [1] | 8,533,959 | 8,634,844 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [1] | 22,410,500 | 22,455,747 | ||
Cumulative Unrealized Gain | [1] | 3,592,948 | 4,198,200 | ||
Estimated Fair Value | [1] | 26,003,448 | 26,653,947 | ||
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 and Allowances | [1] | 19,323,071 | 19,356,959 | ||
Cumulative Unrealized Gain | [1] | 4,046,705 | 4,111,518 | ||
Estimated Fair Value | [1] | 23,369,776 | 23,468,477 | ||
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 and Allowances | [1] | 6,763,311 | 6,779,777 | ||
Cumulative Unrealized Gain | [1] | 1,077,559 | 1,154,387 | ||
Estimated Fair Value | [1] | 7,840,870 | 7,934,164 | ||
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 and Allowances | [2] | 10,666,690 | 10,695,037 | ||
Cumulative Unrealized Gain | [2] | 1,327,878 | 1,455,672 | ||
Estimated Fair Value | [2] | 11,994,568 | 12,150,709 | ||
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 and Allowances | [1] | 12,213,767 | 12,239,247 | ||
Cumulative Unrealized Gain | [1] | 1,337,957 | 1,645,817 | ||
Estimated Fair Value | [1] | 13,551,724 | 13,885,064 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [6] | 9,925,000 | 9,925,000 | ||
Cumulative Unrealized Gain | [6] | 157,344 | 80,343 | ||
Estimated Fair Value | [6] | 10,082,344 | 10,005,343 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [6] | 11,566,796 | 11,548,337 | ||
Cumulative Unrealized Gain | [6] | 2,124,260 | 2,334,262 | ||
Estimated Fair Value | [6] | 13,691,056 | 13,882,599 | ||
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 and Allowances | [1] | 9,656,406 | 9,673,117 | ||
Cumulative Unrealized Gain | [1] | 2,128,059 | 2,287,904 | ||
Estimated Fair Value | [1] | 11,784,465 | 11,961,021 | ||
Mortgage Revenue Bonds [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 24,155,016 | 27,267,010 | |||
Cumulative Unrealized Gain | 2,681,423 | 2,742,740 | |||
Estimated Fair Value | 26,836,439 | 30,009,750 | |||
Mortgage Revenue Bonds [Member] | Greens Property [Member] | Second Mortgage | NC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 928,962 | 930,016 | |||
Cumulative Unrealized Gain | 122,356 | 142,265 | |||
Estimated Fair Value | 1,051,318 | 1,072,281 | |||
Mortgage Revenue Bonds [Member] | Ohio Properties [Member] | Second Mortgage | OH [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 3,499,720 | 3,504,171 | |||
Cumulative Unrealized Gain | 9,812 | 10,363 | |||
Estimated Fair Value | 3,509,532 | 3,514,534 | |||
Mortgage Revenue Bonds [Member] | Rosewood Townhomes [Member] | Second Mortgage | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 470,000 | 470,000 | |||
Cumulative Unrealized Gain | 1,935 | 1,685 | |||
Estimated Fair Value | 471,935 | 471,685 | |||
Mortgage Revenue Bonds [Member] | South Pointe Apartments [Member] | Second Mortgage | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 1,100,000 | 1,100,000 | |||
Cumulative Unrealized Gain | 3,962 | 2,952 | |||
Estimated Fair Value | 1,103,962 | 1,102,952 | |||
Mortgage Revenue Bonds [Member] | Avistar at the Crest [Member] | Second Mortgage | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 739,691 | 740,876 | |||
Cumulative Unrealized Gain | 90,911 | 94,819 | |||
Estimated Fair Value | 830,602 | 835,695 | |||
Mortgage Revenue Bonds [Member] | Avistar at the Oaks [Member] | Second Mortgage | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 541,337 | 542,170 | |||
Cumulative Unrealized Gain | 62,305 | 65,455 | |||
Estimated Fair Value | 603,642 | 607,625 | |||
Mortgage Revenue Bonds [Member] | Avistar at the Parkway [Member] | Second Mortgage | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 124,225 | 124,305 | |||
Cumulative Unrealized Gain | 35,847 | 38,045 | |||
Estimated Fair Value | 160,072 | 162,350 | |||
Mortgage Revenue Bonds [Member] | Avistar in 09 [Member] | Second Mortgage | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 446,554 | 447,241 | |||
Cumulative Unrealized Gain | 51,396 | 53,995 | |||
Estimated Fair Value | 497,950 | 501,236 | |||
Mortgage Revenue Bonds [Member] | Avistar on the Boulevard [Member] | Second Mortgage | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 439,527 | 440,231 | |||
Cumulative Unrealized Gain | 49,214 | 53,056 | |||
Estimated Fair Value | 488,741 | 493,287 | |||
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 and Allowances | 13,200,000 | 13,200,000 | |||
Cumulative Unrealized Gain | 1,629,097 | 1,654,870 | |||
Estimated Fair Value | 14,829,097 | 14,854,870 | |||
Mortgage Revenue Bonds [Member] | Solano Vista [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 2,665,000 | ||||
Cumulative Unrealized Gain | 624,588 | ||||
Estimated Fair Value | $ 3,289,588 | ||||
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 and Allowances | 5,768,000 | ||||
Cumulative Unrealized Gain | 625,235 | ||||
Estimated Fair Value | $ 6,393,235 | ||||
[1] | MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15 | ||||
[2] | MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 | ||||
[3] | MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 | ||||
[4] | MRBs held by Mizuho Capital Markets, LLC in a secured financing transaction, Note 15 | ||||
[5] | MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 15 | ||||
[6] | MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 | ||||
[7] | As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months. | ||||
[8] | MRBs held by Deutsche Bank in a secured financing transaction, Note 15 | ||||
[9] | MRB held by Morgan Stanley in a secured financing transaction, Note 15 | ||||
[10] | MRB held by Morgan Stanley in a secured financing transaction, see Note 15 |
Investments in Mortgage Reven_4
Investments in Mortgage Revenue Bonds - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Provision for credit loss | $ 1,357,681 | $ 0 | |
Mortgage Revenue Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Provision for credit loss | 1,400,000 | $ 0 | |
Pro Nova [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Provision for credit loss | $ 1,400,000 |
Investments in Mortgage Reven_5
Investments in Mortgage Revenue Bonds - Schedule of MRB Redeemed (Details) | 3 Months Ended | |
Mar. 31, 2020USD ($)Unit | Mar. 31, 2019USD ($)Unit | |
Schedule Of Available For Sale Securities [Line Items] | ||
Units | 2,886 | |
Mortgage Revenue Bonds [Member] | Solano Vista [Member] | Second Mortgage | Vallejo, CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | January | |
Units | 96 | |
Original Maturity Date | Jan. 1, 2021 | |
Base Interest Rate | 5.85% | |
Principal Outstanding at Date of Redemption | $ | $ 3,103,000 | |
Mortgage Revenue Bonds [Member] | Seasons San Juan Capistrano [Member] | Second Mortgage | San Juan Capistrano California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | January | |
Units | 112 | |
Original Maturity Date | Jan. 1, 2019 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 5,574,000 |
Investments in Mortgage Reven_6
Investments in Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details) | 3 Months Ended | |
Mar. 31, 2019USD ($)Unit | Mar. 31, 2020Unit | |
Schedule Of Available For Sale Securities [Line Items] | ||
Units | Unit | 2,886 | |
Principal Outstanding at Date of Acquisition | $ | $ 6,050,000 | |
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 |
Public Housing Capital Fund T_3
Public Housing Capital Fund Trust ("PHC") Certificates - Additional Information (Details) | Jan. 30, 2020USD ($) | Mar. 31, 2020USD ($)Option |
Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Number of tender option bonds | Option | 3 | |
Proceeds from sale of certificates | $ 43,349,357 | |
PHC Certificates [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Proceeds from sale of certificates | $ 43,300,000 | |
Gain on sale of securities | $ 1,400,000 |
Public Housing Capital Fund T_4
Public Housing Capital Fund Trust ("PHC") Certificates - Schedule of Investments in PHC Certificates (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Mar. 31, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value, held in trust | $ 1,383,237 | $ 1,417,654 |
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 | |
Cumulative Unrealized Gain, held in trust | 1,408,804 | |
Estimated Fair Value, held in trust | 43,349,357 | |
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 | |
Cumulative Unrealized Gain, held in trust | 435,659 | |
Estimated Fair Value, held in trust | $ 24,913,137 | |
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 | |
Investment Rating | AA- | |
Weighted Average Interest Rate Over Life | 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 | |
Cumulative Unrealized Gain, held in trust | 386,433 | |
Estimated Fair Value, held in trust | $ 4,761,729 | |
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 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 | |
Cumulative Unrealized Gain, held in trust | 586,712 | |
Estimated Fair Value, held in trust | $ 13,674,491 | |
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 | |
Investment Rating | BBB | |
Weighted Average Interest Rate Over Life | 5.12% |
Real Estate Assets - Real Estat
Real Estate Assets - Real Estate Assets Owned by Partnership (Details) | Mar. 31, 2020USD ($)Unit | Dec. 31, 2019USD ($)Unit | |
Real Estate [Line Items] | |||
Number of Units | Unit | 2,886 | ||
Land and Land Improvements | $ 4,900,465 | $ 4,906,130 | |
Buildings and improvements | 72,052,740 | 72,011,533 | |
Carrying Value | 76,953,205 | 76,917,663 | |
Accumulated depreciation | (16,064,714) | (15,357,700) | |
Net real estate assets | $ 60,888,491 | $ 61,559,963 | |
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 | $ 3,199,268 | |
Buildings and improvements | 39,113,918 | 39,073,728 | |
Carrying Value | $ 42,313,186 | $ 42,272,996 | |
The 50/50 Student Housing--UNL [Member] | Lincoln, NE [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 475 | 475 | |
Buildings and improvements | $ 32,938,822 | $ 32,937,805 | |
Carrying Value | $ 32,938,822 | 32,937,805 | |
Land Held for Development [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | [1] | ||
Land and Land Improvements | [1] | $ 1,701,197 | 1,706,862 |
Carrying Value | [1] | $ 1,701,197 | $ 1,706,862 |
[1] | Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE. |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Jan. 31, 2020 | |
Vantage At Westover Hills [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Equity commitment of fund construction | $ 7.3 | |
Minimum [Member] | ATAX Vantage Holdings, LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Return on investment period | 2 years | |
Maximum [Member] | ATAX Vantage Holdings, LLC [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Return on investment period | 3 years |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) | 3 Months Ended | |
Mar. 31, 2020USD ($)Unit | Dec. 31, 2019USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 2,886 | |
Carrying Value | $ 98,643,727 | $ 86,981,864 |
Maximum Remaining Equity Commitment | $ 2,485,456 | |
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 Powdersville [Member] | Powdersville S C [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | November 2017 | |
Construction Completion Date | 2020-02 | |
Carrying Value | $ 12,295,801 | 12,295,801 |
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 | 7,840,500 |
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 | $ 10,399,773 | 10,144,052 |
Vantage At Germantown [Member] | Germantown, TN [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | June 2018 | |
Construction Completion Date | 2020-03 | |
Carrying Value | $ 12,041,237 | 11,745,155 |
Vantage At Murfreesboro [Member] | Murfreesboro, TN [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | September 2018 | |
Carrying Value | $ 13,857,159 | 13,516,425 |
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 | 9,007,435 |
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 | $ 7,652,449 | 5,016,811 |
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 | $ 9,657,930 | $ 8,078,519 |
Vantage At Westover Hills [Member] | San Antonio, TX [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | January 2020 | |
Carrying Value | $ 6,554,277 | |
Maximum Remaining Equity Commitment | $ 893,417 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | ||
Property Revenues | $ 2,483,605 | $ 2,717,268 |
Net loss | $ (2,519,165) | $ (117,063) |
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 ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | $ 15,392,908 | $ 15,392,908 |
Loan Loss Allowance | (7,393,814) | (7,393,814) |
Property Loan Principal, net of allowance | 7,999,094 | 7,999,094 |
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 | 405,717 |
Property Loan Principal, net of allowance | 405,717 | 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 |
Property Loans, Net of Loan L_4
Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | |
Property Loans Net Of Loan Loss Allowance [Line Items] | |||
Contingent interest income | $ 12,043 | $ 3,012,102 | |
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 income | $ 3,000,000 |
Income Tax Provision - Summary
Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Provision [Line Items] | ||
Total income tax expense | $ 11,414 | $ 41,648 |
Greens Hold Co [Member] | ||
Income Tax Provision [Line Items] | ||
Current income tax expense | 42,335 | 82,340 |
Deferred income tax benefit | (30,921) | (40,692) |
Total income tax expense | $ 11,414 | $ 41,648 |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 0 | $ 0 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Other Assets [Abstract] | ||
Deferred financing costs, net | $ 319,014 | $ 353,862 |
Fair value of derivative instruments (Note 17) | 36,112 | 10,911 |
Taxable mortgage revenue bonds, at fair value | 1,417,654 | 1,383,237 |
Operating lease right-of-use assets, net | 1,665,257 | 1,673,242 |
Other assets | 1,800,333 | 1,641,099 |
Total other assets | $ 5,238,370 | $ 5,062,351 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accounts payable | $ 322,788 | $ 93,834 |
Accrued expenses | 1,917,172 | 2,529,982 |
Accrued interest expense | 3,494,144 | 2,690,076 |
Operating lease liabilities | 2,150,827 | 2,138,783 |
Other liabilities | 1,580,189 | 1,583,492 |
Total accounts payable, accrued expenses and other liabilities | $ 9,465,120 | $ 9,036,167 |
Accounts Payable, Accrued Exp_4
Accounts Payable, Accrued Expenses and Other Liabilities - Additional Information (Details) - The 50/50 Student Housing--UNL [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
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 | $ 42,000 | $ 42,000 |
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) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Remainder of 2020 | $ 112,686 | |
2021 | 136,366 | |
2022 | 139,091 | |
2023 | 141,871 | |
2024 | 144,706 | |
Thereafter | 4,517,274 | |
Total | 5,191,994 | |
Less: Amount representing interest | (3,041,167) | |
Total operating lease liabilities | $ 2,150,827 | $ 2,138,783 |
Unsecured Lines of Credit - Sum
Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 12,540,000 | $ 13,200,000 | |
Bankers Trust Non-operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Debt instrument, maturity date | Jun. 30, 2020 | ||
Bankers Trust Operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 0 | ||
Unsecured Lines of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 12,540,000 | 13,200,000 | |
Line of credit facility maximum borrowing capacity | 60,000,000 | 60,000,000 | |
Unsecured Lines of Credit [Member] | 3.86% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 12,540,000 | ||
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 | 3.86% | ||
Unsecured Lines of Credit [Member] | 4.61% 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 | 4.61% | ||
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% | ||
[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 ($) | 3 Months Ended | ||
Mar. 31, 2020 | Apr. 30, 2020 | Dec. 31, 2019 | |
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 12,540,000 | $ 13,200,000 | |
Bankers Trust Operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 0 | ||
Bankers Trust Operating [Member] | Subsequent Event [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 0 | ||
Bankers Trust Non-operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Debt instrument, maturity date | Jun. 30, 2020 | ||
Debt instrument, maturity date, description | The outstanding balance of the non-operating LOC as of March 31, 2020 is due in June 2020, though the Partnership can extend final repayment of the amount due to December 2020 by making partial repayments. |
Debt Financing - Schedule of To
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | |||
Debt Instrument [Line Items] | ||||
Debt financing | $ 500,385,429 | $ 536,197,421 | ||
Period End Rates | 4.36% | 4.74% | ||
Fixed - M24 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 40,388,799 | $ 40,495,442 | ||
Restricted Cash | $ 4,000 | $ 204,000 | ||
Year Acquired | 2010 | 2010 | ||
Stated Maturities | 2027-05 | 2027-05 | ||
Reset Frequency | N/A | N/A | ||
Period End Rates | 3.05% | 3.05% | ||
Fixed - M45 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | [1] | $ 217,168,730 | $ 217,603,233 | |
Restricted Cash | [1] | $ 5,000 | $ 5,000 | |
Year Acquired | [1] | 2018 | 2018 | |
Stated Maturities | [1] | 2034-07 | 2034-07 | |
Reset Frequency | [1] | N/A | N/A | |
Period End Rates | [1] | 3.82% | 3.82% | |
TEBS Financings [Member] | Variable - M31 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | [2] | $ 79,216,186 | $ 79,505,180 | |
Restricted Cash | [2] | $ 4,999 | $ 4,999 | |
Year Acquired | [2] | 2014 | 2014 | |
Stated Maturities | [2] | 2024-07 | 2024-07 | |
Reset Frequency | [2] | Weekly | Weekly | |
SIFMA Based Rates | [2] | 4.25% | 1.64% | |
Facility Fees | [2] | 1.32% | 1.54% | |
Period End Rates | [2] | 5.57% | 3.18% | |
TEBS Financings [Member] | Fixed - M33 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 31,227,464 | $ 31,367,147 | ||
Restricted Cash | $ 2,606 | $ 2,606 | ||
Year Acquired | 2015 | 2015 | ||
Stated Maturities | 2030-09 | 2030-09 | ||
Reset Frequency | N/A | N/A | ||
Period End Rates | 3.24% | 3.24% | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Deutsche Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 8,010,000 | [3] | $ 8,010,000 | |
Year Acquired | 2014 | [3] | 2014 | |
Stated Maturities | 2020-05 | [3] | 2020-01 | |
Reset Frequency | N/A | [3] | N/A | |
Period End Rates | 4.01% | [3] | 4.01% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 13,047,884 | $ 13,063,418 | ||
Year Acquired | 2019 | 2019 | ||
Stated Maturities | 2022-05 | 2022-05 | ||
Reset Frequency | N/A | N/A | ||
Period End Rates | 3.53% | 3.53% | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Deutsche Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 5,263,500 | [3] | $ 5,260,756 | |
Year Acquired | 2019 | [3] | 2019 | |
Stated Maturities | 2021-02 | [3] | 2020-02 | |
Reset Frequency | N/A | [3] | N/A | |
Period End Rates | 4.53% | [3] | 4.53% | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 25,714,955 | [4] | $ 25,680,070 | |
Year Acquired | 2019 | [4] | 2019 | |
Stated Maturities | 2020-07 | [4] | 2020-07 | |
Reset Frequency | Weekly | [4] | Weekly | |
SIFMA Based Rates | 4.86% | [4] | 1.79% | |
Facility Fees | 1.17% | [4] | 1.17% | |
Period End Rates | 6.03% | [4] | 2.96% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B II [Member] | Deutsche Bank [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 38,194,706 | [3] | $ 38,300,456 | |
Year Acquired | 2017 | [3] | 2017 | |
Stated Maturities | 2027-02 | [3] | 2027-02 | |
Reset Frequency | N/A | [3] | N/A | |
Period End Rates | 4.46% | [3] | 4.46% | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 42,153,205 | [5] | $ 42,207,784 | |
Year Acquired | 2019 | [5] | 2019 | |
Stated Maturities | 2020-08 | [5] | 2020-08 | |
Reset Frequency | Weekly | [5] | Weekly | |
SIFMA Based Rates | 1.79% | |||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
SIFMA Based Rates | [5] | 3.45% | ||
Facility Fees | 1.17% | [5] | 1.17% | |
Period End Rates | 4.62% | [5] | 2.96% | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
SIFMA Based Rates | [5] | 4.86% | ||
Facility Fees | 1.66% | [5] | 1.66% | |
Period End Rates | 6.52% | [5] | 3.45% | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt financing | $ 34,703,935 | |||
Year Acquired | 2019 | |||
Stated Maturities | 2020-09 | |||
Reset Frequency | Weekly | |||
SIFMA Based Rates | 2.08% | |||
Facility Fees | 1.12% | |||
Period End Rates | 3.20% | |||
[1] | The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. | |||
[2] | Facility fees have a variable component. | |||
[3] | In April 2020, these debt financings were terminated. See Note 24 for additional information. | |||
[4] | In April 2020, the stated maturity of the TOB Trusts were extended to June 2021. See Note 24. | |||
[5] | In April 2020, the stated maturity of the TOB Trusts were extended to July 2021. See Note 24. |
Debt Financing - Schedule of _2
Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details) | 1 Months Ended | ||
Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Variable - TOB I [Member] | TOB & Term A/B Trusts Securitization [Member] | Mizuho Capital Markets [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Extended maturity month and year | 2021-06 | ||
Variable - TOB II [Member] | TOB & Term A/B Trusts Securitization [Member] | Mizuho Capital Markets [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Extended maturity month and year | 2021-07 | ||
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% |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Details) - Agreement | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Feb. 29, 2020 | Jan. 31, 2020 | Feb. 28, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||||
Termination occur percentage decrease by partners net assets in one quarter | 25.00% | ||||
Termination occur percentage decrease by partners net assets in over one year | 35.00% | ||||
TOB Trust [Member] | Pro Nova [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Maturities | 2020-05 | 2020-01 | |||
Term A/B Trust [Member] | Deutsche Bank [Member] | |||||
Debt Instrument [Line Items] | |||||
Number of new agreements | 2 | ||||
Term A/B Trust [Member] | Pro Nova [Member] | |||||
Debt Instrument [Line Items] | |||||
Stated Maturities | 2021-02 | 2020-02 |
Debt Financing - Summary Of Gro
Debt Financing - Summary Of Gross Principal and Term A/B Trust Financings (Details) - USD ($) | 1 Months Ended | ||
Feb. 28, 2019 | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Debt financing | $ 500,385,429 | $ 536,197,421 | |
Term A/B Trust [Member] | Deutsche Bank [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 5,263,500 | ||
Term A/B Trust [Member] | Gateway Village [Member] | Deutsche Bank [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 2,262,000 | ||
Stated Maturities | 2020-02 | ||
Fixed Interest Rate | 4.53% | ||
Term A/B Trust [Member] | Lynnhaven Apartments [Member] | Deutsche Bank [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 3,001,500 | ||
Stated Maturities | 2020-02 | ||
Fixed Interest Rate | 4.53% |
Debt Financing - Schedule of Co
Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Financing [Abstract] | ||
Remainder of 2020 | $ 79,840,784 | |
2021 | 10,590,361 | |
2022 | 18,496,986 | |
2023 | 5,896,946 | |
2024 | 15,472,867 | |
Thereafter | 372,276,818 | |
Total | 502,574,762 | |
Unamortized deferred financing costs and debt premium | (2,189,333) | |
Total debt financing, net | $ 500,385,429 | $ 536,197,421 |
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 ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 26,689,992 | $ 26,802,246 | |
Period End Rate | 4.36% | 4.74% | |
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 | $ 2,858,201 | $ 2,859,390 | |
Year Acquired | 2020 | 2014 | |
Stated Maturity | Mar. 1, 2025 | Mar. 1, 2020 | |
Variable / Fixed | Fixed | Fixed | |
Period End Rate | 4.40% | 4.65% | |
Reset Frequency | N/A | ||
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 23,831,791 | $ 23,942,856 | |
Year Acquired | 2020 | 2013 | |
Stated Maturity | Apr. 1, 2027 | Mar. 1, 2020 | |
Variable / Fixed | Fixed | Variable | |
Period End Rate | 4.35% | 4.75% | |
Reset Frequency | Monthly | ||
Variable Based Rate | [1] | 4.75% | |
[1] | Variable rate is based on the Wall Street Journal Prime Rate, but not to exceed 5.0%. |
Mortgage Payable and Other Se_2
Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Wall Street Journal Prime Rate [Member] | Maximum [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Variable Based Rate | 5.00% |
Mortgage Payable and Other Se_3
Mortgage Payable and Other Secured Financing - Additional Information (Details) - Real Estate [Member] - The 50/50 Student Housing--UNL [Member] | 1 Months Ended |
Feb. 29, 2020 | |
Tax Increment Financing [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Debt instrument extended maturity period | 5 years |
Stated Maturities | 2025-03 |
Debt instrument, interest rate, decrease to fixed rate. | 4.40% |
Mortgages payable [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Debt instrument extended maturity period | 7 years |
Stated Maturities | 2027-04 |
Debt instrument, interest rate, decrease to fixed rate. | 4.35% |
Mortgage Payable and Other Se_4
Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Mortgage Loans on Real Estate [Line Items] | ||
Total mortgages payable and other secured financings, net | $ 26,689,992 | $ 26,802,246 |
Mortgages Payable and Other Secured Financing [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Remainder of 2020 | 657,117 | |
2021 | 818,425 | |
2022 | 855,101 | |
2023 | 893,421 | |
2024 | 930,740 | |
Thereafter | 22,537,088 | |
Total | 26,691,892 | |
Unamortized deferred financing costs | (1,900) | |
Total mortgages payable and other secured financings, net | $ 26,689,992 |
Interest Rate Derivatives - Sum
Interest Rate Derivatives - Summary of Partnership's Interest Rate Derivatives (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | ||
Derivative [Line Items] | |||
Derivative, Fair Value - Asset (Liability) | $ 36,112 | $ 10,911 | |
Wells Fargo Bank [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | 2015-07 | |
Derivative, Notional Amount | $ 26,949,233 | $ 27,033,788 | |
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 | TOB Trusts |
Royal Bank of Canada-1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | 2015-07 | |
Derivative, Notional Amount | $ 26,949,233 | $ 27,033,788 | |
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 | TOB Trusts |
SMBC Capital Markets, Inc-1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | 2015-07 | |
Derivative, Notional Amount | $ 26,949,233 | $ 27,033,788 | |
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 | TOB Trusts |
Barclays Bank PLC 1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2017-06 | 2017-06 | |
Derivative, Notional Amount | $ 80,847,700 | $ 81,101,364 | |
Derivative, Maturity Date | 2020-08 | 2020-08 | |
Derivative, Effective Capped Rate | [1] | 1.50% | 1.50% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | TOB Trusts | TOB Trusts |
Derivative, Fair Value - Asset (Liability) | $ 4,090 | ||
Barclays Bank PLC 3 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2019-08 | 2019-08 | |
Derivative, Notional Amount | $ 79,014,909 | $ 79,333,280 | |
Derivative, Maturity Date | 2024-08 | 2024-08 | |
Derivative, Effective Capped Rate | [1] | 4.50% | 4.50% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | M31 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 36,112 | $ 6,821 | |
Barclays Bank PLC 2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2017-09 | 2017-09 | |
Derivative, Notional Amount | $ 57,918,000 | $ 58,090,000 | |
Derivative, Maturity Date | 2020-09 | 2020-09 | |
Derivative, Effective Capped Rate | [1] | 4.00% | 4.00% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | TOB Trusts | TOB Trusts |
[1] | See Note 22 for additional details. |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details) | 3 Months Ended |
Mar. 31, 2020USD ($) | |
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 March 31, 2020 | 28,264,790 |
Partnership's Maximum Exposure as of March 31, 2020 | $ 14,132,395 |
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 March 31, 2020 | 18,169,459 |
Partnership's Maximum Exposure as of March 31, 2020 | $ 18,169,459 |
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 March 31, 2020 | $ 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 March 31, 2020 | $ 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) | 3 Months Ended |
Mar. 31, 2020 | |
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) | Mar. 31, 2020 |
Greens of Pine Glen [Member] | |
Commitments And Other Guarantees [Line Items] | |
Percentage of loss contingency, range of possible loss, maximum | 75.00% |
Redeemable Series A Preferred_3
Redeemable Series A Preferred Units - Additional Information (Details) - $ / shares | Mar. 31, 2020 | 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 | 3 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 | Mar. 31, 2020 | Dec. 31, 2019 | |
Temporary Equity Disclosure [Abstract] | |||||||||
Series A Preferred Units outstanding | 1,750,000 | 2,000,000 | 1,613,100 | 700,000 | 1,000,000 | 1,386,900 | 1,000,000 | 9,450,000 | 9,450,000 |
Purchase Price | $ 17,500,000 | $ 20,000,000 | $ 16,131,000 | $ 7,000,000 | $ 10,000,000 | $ 13,869,000 | $ 10,000,000 | $ 94,500,000 | $ 94,500,000 |
Distribution Rate | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | ||
Redemption Price per Unit | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | ||
Earliest Redemption Date | 2023-10 | 2023-08 | 2023-03 | 2022-12 | 2022-09 | 2022-05 | 2022-03 |
Restricted Unit Awards - Additi
Restricted Unit Awards - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Unrecognized compensation expense related to non-vested RUAs granted | $ 1,400,000 | |
Remaining compensation expense expected to be recognized over a weighted-average period | 1 year 7 months 6 days | |
Intrinsic value of unvested RUAs | $ 1,500,000 | |
General and Administrative Expenses [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Compensation expense | $ 39,000 | $ 184,000 |
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 | |
Greystone Manager [Member] | Minimum [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
RUAs granted with vesting range | 3 months |
Restricted Unit Awards - Schedu
Restricted Unit Awards - Schedule of RUA Activity (Details) - Restricted Unit Awards [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Restricted Units Awarded | ||
Beginning Balance | 0 | 265,290 |
Granted | 290,000 | 353,197 |
Vested | (618,487) | |
Ending Balance | 290,000 | 0 |
Weighted-average Grant-Date Fair Value | ||
Beginning Balance | $ 0 | $ 6.14 |
Granted | 4.98 | 7.74 |
Vested | 7.05 | |
Ending Balance | $ 4.98 | $ 0 |
Transactions with Related Par_3
Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Related Party Transaction [Line Items] | |||
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities | [1] | $ 8,000 | $ 16,000 |
General Partner [Member] | |||
Related Party Transaction [Line Items] | |||
Administrative fees | [2] | $ 865,000 | 898,000 |
Burlington Capital Properties, LLC [Member] | MF Properties Managed [Member] | |||
Related Party Transaction [Line Items] | |||
Property management fees to an affiliate | [3] | $ 35,000 | |
[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 condensed 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 condensed 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 condensed consolidated statements of operations. |
Transactions with Related Par_4
Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Rate for administration fees receivable | 0.45% |
Transactions with Related Par_5
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - General Partner [Member] - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Non-partnership property administrative fee received | [1] | $ 9,000 | $ 9,000 |
Investment/mortgage fees received | [2] | $ 542,000 | $ 91,000 |
[1] | AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. These amounts represent administrative fees received by AFCA 2 during the periods specified. | ||
[2] | AFCA 2 received placement fees in connection with the acquisition of certain MRBs and investments in unconsolidated entities. |
Transactions with Related Par_6
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2020 | |
Related Party Transactions [Abstract] | |
Rate for administration fees receivable | 0.45% |
Transactions with Related Par_7
Transactions with Related Parties - Additional Information (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Receivables due from unconsolidated entities | $ 125,000 | $ 116,000 |
Outstanding liabilities due to related parties | $ 347,000 | $ 301,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) | Mar. 31, 2020 | Dec. 31, 2019 |
Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Weighted average effective yield | 5.20% | |
Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Weighted average effective yield | 8.40% | 8.80% |
MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Weighted average effective yield | 3.90% | 3.80% |
Effective rate - minimum [Member] | Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 4.40% | |
Effective rate - minimum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 8.40% | 8.70% |
Effective rate - minimum [Member] | MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 2.80% | 2.40% |
Effective rate - maximum [Member] | Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 5.30% | |
Effective rate - maximum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 8.50% | 8.90% |
Effective rate - maximum [Member] | MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 7.90% | 8.50% |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | $ 762,536,041 | $ 818,340,970 | ||
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 | 762,536,041 | 818,340,970 | $ 787,154,948 | $ 782,862,049 |
Taxable Mortgage Revenue Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 1,417,654 | 1,383,237 | ||
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 | 1,417,654 | 1,383,237 | 1,426,733 | 1,409,895 |
Derivative Instruments (Reported within Other Assets) [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 36,112 | 10,911 | ||
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 | 36,112 | 10,911 | ||
Public housing capital fund trusts [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 43,349,357 | |||
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 | $ 46,406,868 | $ 48,672,086 | |
Mortgage Revenue Bonds Held In Trust [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 734,245,836 | 743,587,715 | ||
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 | 734,245,836 | 743,587,715 | ||
Mortgage Revenue Bonds [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Assets at Fair Value | 26,836,439 | 30,009,750 | ||
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 | $ 26,836,439 | $ 30,009,750 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Activity Related to Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Schedule of Available-for-sale Securities [Line Items] | |||
Assets at Fair Value, beginning balance | $ 818,340,970 | $ 782,862,049 | |
Total gains (losses) (realized/unrealized) [Abstract] | |||
Total gain (losses) included in earnings (interest income and interest expense) | 53,124 | (254,135) | |
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss) | (1,357,681) | ||
Total gain (losses) Included in earnings (gain on sale of securities) | 1,416,023 | ||
Total gain (losses) included in other comprehensive (loss) income | (8,094,371) | 8,143,927 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | (43,349,357) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 6,050,000 | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (4,472,667) | (9,646,893) | |
Assets at Fair Value, ending balance | 762,536,041 | 787,154,948 | |
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 | (1,332,480) | (306,591) | |
Interest rate derivatives [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Derivative Assets (Liabilities) at Fair Value, beginning balance | 10,911 | 626,633 | |
Total gains (losses) (realized/unrealized) [Abstract] | |||
Total gain (losses) included in earnings (interest income and interest expense) | 25,201 | (306,591) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements | (46,536) | ||
Derivative Assets (Liabilities) at Fair Value, beginning balance | 36,112 | 273,506 | |
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 | 25,201 | (306,591) | |
Public housing capital fund trusts [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Assets at Fair Value, beginning balance | 43,349,357 | 48,672,086 | |
Total gains (losses) (realized/unrealized) [Abstract] | |||
Total gain (losses) included in earnings (interest income and interest expense) | (7,219) | 16,726 | |
Total gain (losses) Included in earnings (gain on sale of securities) | 1,416,023 | ||
Total gain (losses) included in other comprehensive (loss) income | (1,408,804) | 485,222 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | (43,349,357) | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (2,767,166) | ||
Assets at Fair Value, ending balance | 46,406,868 | ||
Taxable Mortgage Revenue Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Assets at Fair Value, beginning balance | 1,383,237 | 1,409,895 | |
Total gains (losses) (realized/unrealized) [Abstract] | |||
Total gain (losses) included in other comprehensive (loss) income | 36,555 | 18,792 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (2,138) | (1,954) | |
Assets at Fair Value, ending balance | 1,417,654 | 1,426,733 | |
Mortgage Revenue Bonds [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Assets at Fair Value, beginning balance | [1] | 773,597,465 | 732,153,435 |
Total gains (losses) (realized/unrealized) [Abstract] | |||
Total gain (losses) included in earnings (interest income and interest expense) | [1] | 35,142 | 35,730 |
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss) | [1] | (1,357,681) | |
Total gain (losses) included in other comprehensive (loss) income | [1] | (6,722,122) | 7,639,913 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 6,050,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (4,470,529) | (6,831,237) |
Assets at Fair Value, ending balance | [1] | 761,082,275 | $ 739,047,841 |
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] | $ (1,357,681) | |
[1] | Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgages payable and other secured financing | $ 26,689,992 | $ 26,802,246 |
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 | 512,925,429 | 549,397,421 |
Mortgages payable and other secured financing | 26,689,992 | 26,802,246 |
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 | 529,632,997 | 568,193,494 |
Mortgages payable and other secured financing | $ 26,691,893 | $ 26,812,851 |
Segments - Additional Informati
Segments - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2020PropertyUnitSegmentRatingSecurity | |
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 | 75 |
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 | 10,867 |
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 ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Total revenues | |||
Total revenues | $ 13,736,135 | $ 17,664,598 | |
Interest expense | |||
Interest expense | 6,017,968 | 6,394,920 | |
Depreciation expense | |||
Depreciation expense | 709,438 | 819,158 | |
Net income (loss) | |||
Net income | 2,981,757 | 6,451,813 | |
Total assets | |||
Total assets | 977,516,262 | $ 1,029,168,508 | |
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member] | |||
Total revenues | |||
Total revenues | 10,205,803 | 10,443,413 | |
Interest expense | |||
Interest expense | 5,498,199 | 5,648,568 | |
Depreciation expense | |||
Depreciation expense | 2,424 | ||
Net income (loss) | |||
Net income | 440,336 | 2,043,354 | |
Total assets | |||
Total assets | 912,120,645 | 918,301,172 | |
Operating Segments [Member] | MF Properties [Member] | |||
Total revenues | |||
Total revenues | 1,952,247 | 1,993,629 | |
Interest expense | |||
Interest expense | 321,776 | 364,389 | |
Depreciation expense | |||
Depreciation expense | 707,014 | 819,158 | |
Net income (loss) | |||
Net income | (252,730) | (437,134) | |
Total assets | |||
Total assets | 69,592,219 | 70,569,646 | |
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member] | |||
Total revenues | |||
Total revenues | 174,470 | 638,146 | |
Interest expense | |||
Interest expense | 197,993 | 381,963 | |
Net income (loss) | |||
Net income | 1,390,999 | 256,183 | |
Total assets | |||
Total assets | 101,848 | 43,591,048 | |
Operating Segments [Member] | Other Investments [Member] | |||
Total revenues | |||
Total revenues | 1,403,615 | 4,589,410 | |
Net income (loss) | |||
Net income | 1,403,152 | $ 4,589,410 | |
Total assets | |||
Total assets | 98,768,258 | 87,098,315 | |
Consolidation, Eliminations [Member] | |||
Total assets | |||
Total assets | $ (103,066,708) | $ (90,391,673) |
Subsequent Events - Summary of
Subsequent Events - Summary of Gross Principal and Initial Terms of TOB Trusts (Details) - USD ($) | 1 Months Ended | ||
Apr. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Outstanding TOB Trust Financing | $ 500,385,429 | $ 536,197,421 | |
TOB Trust [Member] | Mizuho Capital Markets [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding TOB Trust Financing | $ 55,386,000 | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Copperfield - Series A [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding TOB Trust Financing | $ 11,818,000 | ||
Stated Maturities | 2021-05 | ||
Reset Frequency | Weekly | ||
SIFMA Based Rates | 0.42% | ||
Facility Fees | 1.66% | ||
Interest rate | 2.08% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Wilcrest - Series A [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding TOB Trust Financing | $ 4,479,000 | ||
Stated Maturities | 2021-05 | ||
Reset Frequency | Weekly | ||
SIFMA Based Rates | 0.42% | ||
Facility Fees | 1.66% | ||
Interest rate | 2.08% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Wood Hollow - Series A [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding TOB Trust Financing | $ 34,007,000 | ||
Stated Maturities | 2021-05 | ||
Reset Frequency | Weekly | ||
SIFMA Based Rates | 0.42% | ||
Facility Fees | 1.66% | ||
Interest rate | 2.08% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Gateway Village [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding TOB Trust Financing | $ 2,184,000 | ||
Stated Maturities | 2021-05 | ||
Reset Frequency | Weekly | ||
SIFMA Based Rates | 0.42% | ||
Facility Fees | 1.66% | ||
Interest rate | 2.08% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Lynnhaven [Member] | Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding TOB Trust Financing | $ 2,898,000 | ||
Stated Maturities | 2021-05 | ||
Reset Frequency | Weekly | ||
SIFMA Based Rates | 0.42% | ||
Facility Fees | 1.66% | ||
Interest rate | 2.08% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] - TOB Trust [Member] | 1 Months Ended |
Apr. 30, 2020 | |
Rosewood Townhomes Series A [Member] | |
Debt Instrument [Line Items] | |
Extended maturity month and year | 2021-06 |
South Pointe Apartments – Series A MRBs [Member] | |
Debt Instrument [Line Items] | |
Extended maturity month and year | 2021-06 |
William Ranch Apartments Series A [Member] | |
Debt Instrument [Line Items] | |
Extended maturity month and year | 2021-07 |
Vineyard Gardens Series A [Member] | |
Debt Instrument [Line Items] | |
Extended maturity month and year | 2021-07 |
Live 929 Apartments MRBs [Member] | |
Debt Instrument [Line Items] | |
Extended maturity month and year | 2021-07 |