Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 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 | Sep. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
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 ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Cash and cash equivalents | $ 51,160,770 | $ 42,308,153 |
Restricted cash | 79,302,009 | 877,828 |
Interest receivable, net | 8,355,119 | 7,432,433 |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 759,487,301 | 743,587,715 |
Mortgage revenue bonds, at fair value (Note 6) | 37,049,300 | 30,009,750 |
Governmental issuer loans held in trust (Note 7) | 62,085,000 | |
Public housing capital fund trust certificates, at fair value (Note 8) | 43,349,357 | |
Real estate assets: (Note 9) | ||
Land and improvements | 4,875,265 | 4,906,130 |
Buildings and improvements | 72,290,734 | 72,011,533 |
Real estate assets before accumulated depreciation | 77,165,999 | 76,917,663 |
Accumulated depreciation | (17,486,887) | (15,357,700) |
Net real estate assets | 59,679,112 | 61,559,963 |
Investments in unconsolidated entities (Note 10) | 99,176,922 | 86,981,864 |
Property loans, net of loan loss allowance (Note 11) | 12,920,719 | 7,999,094 |
Other assets (Note 13) | 5,408,616 | 5,062,351 |
Total Assets | 1,174,624,868 | 1,029,168,508 |
Liabilities: | ||
Accounts payable, accrued expenses and other liabilities (Note 14) | 9,997,214 | 9,036,167 |
Distribution payable | 3,686,982 | 7,607,984 |
Unsecured lines of credit (Note 15) | 11,843,000 | 13,200,000 |
Debt financing, net (Note 16) | 667,248,701 | 536,197,421 |
Mortgages payable and other secured financing, net (Note 17) | 26,275,890 | 26,802,246 |
Total Liabilities | 719,051,787 | 592,843,818 |
Commitments and Contingencies (Note 19) | ||
Redeemable Series A Preferred Units, approximately $94.5 million redemption value, 9.5 million issued and outstanding, net (Note 20) | 94,413,465 | 94,386,427 |
Partnersʼ Capital: | ||
General Partner (Note 1) | 948,408 | 735,128 |
Beneficial Unit Certificates ("BUCs," Note 1) | 360,211,208 | 341,203,135 |
Total Partnersʼ Capital | 361,159,616 | 341,938,263 |
Total Liabilities and Partnersʼ Capital | $ 1,174,624,868 | $ 1,029,168,508 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenues: | ||||
Investment income | $ 12,043,313 | $ 12,589,743 | $ 35,988,555 | $ 37,072,288 |
Property revenues | 1,548,931 | 1,974,546 | 5,358,132 | 6,002,971 |
Contingent interest income | 3,360 | 12,043 | 3,045,462 | |
Other interest income | 238,185 | 206,625 | 686,253 | 635,732 |
Other income | 9,518 | 91,428 | 9,518 | 120,181 |
Total revenues | 13,839,947 | 14,865,702 | 42,054,501 | 46,876,634 |
Expenses: | ||||
Real estate operating (exclusive of items shown below) | 1,454,985 | 1,381,909 | 3,484,783 | 3,477,983 |
Provision for credit loss (Note 6) | 3,463,253 | 5,285,609 | ||
Provision for loan loss (Note 11) | 811,706 | 811,706 | ||
Impairment charge on real estate assets | 75,000 | 25,200 | 75,000 | |
Depreciation and amortization | 719,783 | 743,503 | 2,141,302 | 2,384,115 |
Interest expense | 5,105,432 | 6,509,021 | 16,012,716 | 19,110,876 |
General and administrative | 3,513,024 | 6,992,528 | 9,257,921 | 12,267,917 |
Total expenses | 15,068,183 | 15,701,961 | 37,019,237 | 37,315,891 |
Other Income: | ||||
Gain on sale of securities | 1,416,023 | |||
Gain on sale of investments in unconsolidated entities | 10,475,927 | 10,475,927 | ||
Income (loss) before income taxes | (1,228,236) | 9,639,668 | 6,451,287 | 20,036,670 |
Income tax expense (benefit) | (68,219) | (68,235) | 41,199 | (9,236) |
Net income (loss) | (1,160,017) | 9,707,903 | 6,410,088 | 20,045,906 |
Redeemable Series A Preferred Unit distributions and accretion | (717,763) | (717,762) | (2,153,288) | (2,153,288) |
Net income (loss) available to Partners | (1,877,780) | 8,990,141 | 4,256,800 | 17,892,618 |
Net income (loss) available to Partners allocated to: | ||||
General Partner | (18,778) | 1,266,157 | (33,476) | 2,078,086 |
Net income available to Partners and noncontrolling interest | $ (1,877,780) | $ 8,990,141 | $ 4,256,800 | $ 17,892,618 |
BUC holders' interest in net income (loss) per BUC, basic and diluted | $ 0.03 | $ 0.13 | $ 0.07 | $ 0.26 |
Weighted average number of BUCs outstanding, basic | 60,545,204 | 60,519,542 | 60,614,862 | 60,457,299 |
Weighted average number of BUCs outstanding, diluted | 60,545,204 | 60,519,542 | 60,614,862 | 60,457,299 |
Beneficial Unit Certificate Holders [Member] | ||||
Net income (loss) available to Partners allocated to: | ||||
Limited Partners | $ (1,879,096) | $ 7,695,468 | $ 4,239,515 | $ 15,719,693 |
Restricted Unitholders [Member] | ||||
Net income (loss) available to Partners allocated to: | ||||
Limited Partners | $ 20,094 | $ 28,516 | $ 50,761 | $ 94,839 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Net income (loss) | $ (1,160,017) | $ 9,707,903 | $ 6,410,088 | $ 20,045,906 |
Reversal of net unrealized loss on securities to provision for credit loss | 280,711 | |||
Unrealized gain on bond purchase commitments | 256,222 | |||
Comprehensive income | 17,377,436 | 28,756,219 | 37,824,819 | 62,158,230 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reversal of net unrealized gains on sale of securities | (1,408,804) | |||
Reversal of net unrealized loss on securities to provision for credit loss | 280,711 | 652,880 | ||
Unrealized gain on securities | 18,000,520 | $ 19,048,316 | 31,914,433 | $ 42,112,324 |
Unrealized gain on bond purchase commitments | 256,222 | |||
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Unrealized gain on bond purchase commitments | $ 256,222 | $ 256,222 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($) | Total | Tier 2 [Member] | Tier 3 [Member] | General Partner [Member] | General Partner [Member]Tier 2 [Member] | BUCs - Restricted and Unrestricted [Member] | BUCs - Restricted and Unrestricted [Member]Tier 2 [Member] | BUCs - Restricted and Unrestricted [Member]Tier 3 [Member] | Number of BUCs - Restricted and Unrestricted [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 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: | ||||||||||
Regular distribution | (5,381,169) | (53,812) | (5,327,357) | |||||||
Distribution of loss (income) (Note 3) | $ (3,012,102) | $ (753,025) | $ (2,259,077) | |||||||
Net income (loss) allocable to Partners | 5,734,050 | 780,245 | 4,953,805 | |||||||
Restricted unit compensation expense | 184,184 | 1,842 | 182,342 | |||||||
Unrealized gain (loss) on securities | 8,143,927 | 81,439 | 8,062,488 | 8,143,927 | ||||||
Balance at Mar. 31, 2019 | 310,134,419 | 401,277 | 309,733,142 | 67,121,969 | ||||||
Partners' Capital Account, Units at Mar. 31, 2019 | 60,691,467 | |||||||||
Balance at Dec. 31, 2018 | 304,465,741 | 344,590 | 304,121,151 | 58,978,042 | ||||||
Partners' Capital Account, Units at Dec. 31, 2018 | 60,691,467 | |||||||||
Distributions paid or accrued: | ||||||||||
Net income (loss) allocable to Partners | 17,892,618 | |||||||||
Balance at Sep. 30, 2019 | 341,599,455 | 731,741 | 340,867,714 | 101,090,366 | ||||||
Partners' Capital Account, Units at Sep. 30, 2019 | 60,835,204 | |||||||||
Balance at Mar. 31, 2019 | 310,134,419 | 401,277 | 309,733,142 | 67,121,969 | ||||||
Partners' Capital Account, Units at Mar. 31, 2019 | 60,691,467 | |||||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (7,663,064) | (76,631) | (7,586,433) | |||||||
Net income (loss) allocable to Partners | 3,168,427 | 31,684 | 3,136,743 | |||||||
Restricted unit compensation expense | 186,230 | 1,862 | 184,368 | |||||||
Unrealized gain (loss) on securities | 14,920,081 | 149,201 | 14,770,880 | 14,920,081 | ||||||
Balance at Jun. 30, 2019 | 320,746,093 | 507,393 | 320,238,700 | 82,042,050 | ||||||
Partners' Capital Account, Units at Jun. 30, 2019 | 60,691,467 | |||||||||
Distributions paid or accrued: | ||||||||||
Distribution of loss (income) (Note 3) | (5,059,796) | $ (3,809,553) | (1,264,949) | (3,794,847) | $ (3,809,553) | |||||
Net income (loss) allocable to Partners | 8,990,141 | 1,266,157 | 7,723,984 | |||||||
Restricted units awarded | 353,197 | |||||||||
Restricted unit compensation expense | 3,265,677 | 32,657 | 3,233,020 | |||||||
BUCs surrendered to pay tax withholding on vested restricted units | (1,581,423) | (1,581,423) | ||||||||
BUCs surrendered to pay tax withholding, Units | (209,460) | |||||||||
Unrealized gain (loss) on securities | 19,048,316 | 190,483 | 18,857,833 | 19,048,316 | ||||||
Balance at Sep. 30, 2019 | 341,599,455 | 731,741 | 340,867,714 | 101,090,366 | ||||||
Partners' Capital Account, Units at Sep. 30, 2019 | 60,835,204 | |||||||||
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: | ||||||||||
Regular distribution | (8,050,119) | (80,501) | (7,969,618) | |||||||
Distribution of loss (income) (Note 3) | $ 445,719 | $ 80,501 | $ 365,218 | |||||||
Net income (loss) 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 | |||||||||
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: | ||||||||||
Net income (loss) allocable to Partners | 4,256,800 | |||||||||
Reversal of net unrealized loss on securities to provision for credit loss | 652,880 | |||||||||
Balance at Sep. 30, 2020 | 361,159,616 | 948,408 | 360,211,208 | 130,723,408 | ||||||
Partners' Capital Account, Units at Sep. 30, 2020 | 60,835,204 | |||||||||
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 | |||||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (3,686,982) | (36,870) | (3,650,112) | |||||||
Net income (loss) allocable to Partners | 3,870,586 | 38,706 | 3,831,880 | |||||||
Restricted unit compensation expense | 296,268 | 2,962 | 293,306 | |||||||
Unrealized gain (loss) on securities | 20,971,649 | 209,716 | 20,761,933 | 20,971,649 | ||||||
Balance at Jun. 30, 2020 | 347,887,402 | 815,686 | 347,071,716 | 112,185,955 | ||||||
Partners' Capital Account, Units at Jun. 30, 2020 | 60,835,204 | |||||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (3,686,983) | (36,870) | (3,650,113) | |||||||
Net income (loss) allocable to Partners | (1,877,780) | (18,778) | (1,859,002) | |||||||
Restricted unit compensation expense | 299,524 | 2,996 | 296,528 | |||||||
Unrealized gain (loss) on securities | 18,000,520 | 180,005 | 17,820,515 | 18,000,520 | ||||||
Unrealized gain on bond purchase commitments | 256,222 | 2,562 | 253,660 | 256,222 | ||||||
Reversal of net unrealized loss on securities to provision for credit loss | 280,711 | 2,807 | 277,904 | 280,711 | ||||||
Balance at Sep. 30, 2020 | $ 361,159,616 | $ 948,408 | $ 360,211,208 | $ 130,723,408 | ||||||
Partners' Capital Account, Units at Sep. 30, 2020 | 60,835,204 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 |
Statement Of Partners Capital [Abstract] | ||||||
Regular distributions paid or accrued | $ 0.06 | $ 0.06 | $ 0.125 | $ 0.125 | $ 0.125 | $ 0.125 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 6,410,088 | $ 20,045,906 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 2,141,302 | 2,384,115 |
Provision for loan loss | 811,706 | |
Gain on sale of investment in securities | (1,416,023) | |
Provision for credit loss | 5,285,609 | |
Gain on sale of investment in an unconsolidated entity | (10,475,927) | |
Contingent interest realized on investing activities | (12,043) | (3,045,462) |
Impairment charge on real estate assets | 25,200 | 75,000 |
(Gain) loss on derivatives, net of cash paid | (144,546) | 574,028 |
Restricted unit compensation expense | 634,860 | 3,636,091 |
Bond premium/discount amortization | (82,975) | (106,114) |
Debt premium amortization | (30,353) | (8,410) |
Amortization of deferred financing costs | 1,288,044 | 1,476,463 |
Deferred income tax expense & income tax payable/receivable | 2,036 | 100,804 |
Change in preferred return receivable from unconsolidated entities, net | (2,414,759) | (1,935,286) |
Changes in operating assets and liabilities | ||
Increase in interest receivable | (922,686) | (915,670) |
Decrease in other assets | 327,508 | 694,925 |
Increase in accounts payable and accrued expenses | 738,652 | 327,188 |
Net cash provided by operating activities | 12,641,620 | 12,827,651 |
Cash flows from investing activities: | ||
Capital expenditures | (319,757) | (88,110) |
Acquisition of mortgage revenue bonds | (9,513,450) | (19,250,000) |
Advances on governmental issuer loans | (62,085,000) | |
Contributions to unconsolidated entities | (17,542,465) | (18,304,139) |
Advances on property loans | (5,733,331) | (405,717) |
Proceeds from sale of investment in an unconsolidated entity | 7,762,166 | 20,189,663 |
Principal payments received on taxable mortgage revenue bonds | 6,560 | 25,997 |
Principal payments received on property loans and contingent interest | 12,043 | 11,413,098 |
Net cash provided by (used in) investing activities | (30,227,871) | 13,864,087 |
Cash flows from financing activities: | ||
Distributions paid | (21,025,617) | (25,758,751) |
Repurchase of BUCs | (2,106,673) | |
Payment of tax withholding related to restricted unit awards | (1,581,423) | |
Proceeds from debt financing | 277,231,000 | 122,921,712 |
Principal payments on debt financing | (146,126,658) | (90,025,780) |
Principal payments on mortgages payable | (535,233) | (474,391) |
Principal borrowing on unsecured lines of credit | 10,492,728 | 23,200,000 |
Principal payments on unsecured lines of credit | (11,849,728) | (45,659,200) |
Decrease in security deposit liability related to restricted cash | (123,286) | (51,324) |
Debt financing and other deferred costs | (1,093,484) | (1,177,696) |
Net cash provided by (used in) financing activities | 104,863,049 | (18,606,853) |
Net increase in cash, cash equivalents and restricted cash | 87,276,798 | 8,084,885 |
Cash, cash equivalents and restricted cash at beginning of period | 43,185,981 | 33,268,611 |
Cash, cash equivalents and restricted cash at end of period | 130,462,779 | 41,353,496 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 14,481,578 | 16,874,341 |
Cash paid during the period for income taxes | 36,927 | 155,000 |
Supplemental disclosure of noncash investing and financing activities: | ||
Distributions declared but not paid for BUCs and General Partner | 3,686,982 | 8,869,350 |
Distributions declared but not paid for Series A Preferred Units | 708,750 | 708,750 |
Capital expenditures financed through accounts payable | 60,572 | 24,504 |
Deferred financing costs financed through accounts payable | 285,108 | 15,000 |
Public housing capital fund trusts [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | 4,775,103 | |
Proceeds from sale of PHC Certificates | 43,349,357 | |
Mortgage Revenue Bonds [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | $ 13,836,006 | $ 15,508,192 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2020 | Sep. 30, 2019 |
Statement Of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 51,160,770 | $ 40,782,506 |
Restricted cash | 79,302,009 | 570,990 |
Total cash, cash equivalents and restricted cash | $ 130,462,779 | $ 41,353,496 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 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 has also invested in governmental issuer loans (“GILs”), which are similar to MRBs, to provide construction financing for affordable multifamily properties. The Partnership expects and believes the interest earned on these MRBs and GILs 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 or GILs held by the Partnership. The Partnership may acquire real estate securing its MRBs, GILs, 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”), an affiliate 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 20). The holders of the BUCs and Series A Preferred Units are referred to herein collectively as “Unitholders.” |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 (see 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 TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, which has issued secured notes (“the Secured Notes”) to Mizuho Capital Markets LLC (“Mizuho”); • 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 • 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. Restricted Cash Restricted cash is legally restricted as to its use. The Partnership is required to maintain restricted cash collateral related to its two total return swap transactions (see Note 18). In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities, resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. Restricted cash is presented with cash and cash equivalents on the Partnership’s condensed consolidated statements of cash flows. 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, but not necessarily limited to, the following: • 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 scheduled interest or principal 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. If the Partnership does not expect to sell an other-than-temporarily impaired MRB, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income (loss). In determining the provision for credit loss, the Partnership compares the present value of cash flows expected to be collected to the MRB’s amortized cost basis. 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. Investment in Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investment in these instruments are classified as held-to-maturity debt securities and are reported at amortized cost. The Partnership periodically reviews its GILs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, but not necessarily limited to, the following: • The duration and severity of the decline in fair value; • 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 scheduled interest or principal payments; • The failure of the borrower 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 GIL ’s estimated fair value is below amortized cost, and the Partnership does not expect to recover its entire amortiz ed cost , only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income (loss). 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 value of its GILs, 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. Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily properties. Most of the property loans have been made to multifamily properties that secure MRBs and GILs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s condensed consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these property loans and accrued interest is dependent largely on the cash flows or proceeds upon sale or refinancing of the related property. The Partnership periodically evaluates these loans for potential impairment by estimating the fair value of the related property and comparing the fair value to the outstanding MRBs, GILs or other senior financing, plus the Partnership’s property loans. The Partnership utilizes a discounted cash flow model that considers varying assumptions. The discounted cash flow analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the related property, after deducting the amortized cost basis of the MRB, GIL or other senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. 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 September 30, 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. Risks and Uncertainties The business and economic uncertainty resulting from the COVID-19 pandemic has made estimates and assumptions more difficult to calculate . The extent of the impact of COVID-19 on the Partnership’s future 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 and GILs, tenants at the MF Properties and operations of the Partnership’s investments in unconsolidated entities. In addition, market volatility may cause fluctuations in the valuation of the Partnership’s MRBs, taxable MRBs, GILs, MF Properties and investments in unconsolidated entities. The extent to which COVID-19 will impact the Partnership’s financial condition or results of operations in the future is uncertain and actual results and outcomes could differ from current estimates. As of September 30, 2020, the Partnership has yet to observe a significant decline in occupancy or operating results at properties securing its MRBs due to the COVID-19 pandemic, with the exception of the Pro Nova 2014-1 and Live 929 Apartments MRBs which are further discussed in Note 6. Furthermore, the Partnership has observed no material negative trends that potentially indicate impairment of The 50/50 MF Property or properties related to its GILs and investments in unconsolidated entities. The Partnership performed an impairment analysis for the Suites at Paseo MF Property due to a significant decline in occupancy as of September 30, 2020 as a result of COVID-19. The Partnership’s estimates of future undiscounted net cash flows expected to be generated from the use of the asset significantly exceeded the carrying value such that the property was not impaired. 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 completed an initial assessment and determined that its property loans, the interest receivable on property loans, receivables reported within other assets, financial guarantees and commitments are within the scope of ASU 2016-13. The Partnership has also determined that the GILs and the interest receivable on GILs are within the scope of ASU 2016-13. Furthermore, the Partnership has begun 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 condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited period meant to ease the potential burden in accounting for, or recognizing the effects of, reform to LIBOR and certain other reference rates. The standard is effective for all entities from March 12, 2020 through December 31, 2022. However, ASU 2020-04 is only applicable to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, and that were entered into or evaluated prior to January 1, 2023. The Partnership is currently evaluating the impact that the adoption of ASU 2020-04 will have on its condensed consolidated financial statements. |
Partnership Income, Expenses an
Partnership Income, Expenses and Cash Distributions | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2020 and 2019. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 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 (see Note 16). 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 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. The MRBs, GILs, and property loans 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, 7, 8 and 11). Non-Consolidated VIEs The Partnership has variable interests in various entities in the form of MRBs, GILs, 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 20 and 17 non-consolidated VIEs as of September 30, 2020 and December 31, 2019, respectively. The following table summarizes the Partnership’s variable interests in these entities and maximum exposure to loss as of September 30, 2020 and December 31, 2019: Maximum Exposure to Loss September 30, 2020 December 31, 2019 Mortgage revenue bonds $ 20,879,500 $ 30,455,000 Governmental issuer loans 62,085,000 - Property loans 5,327,342 - Investment in unconsolidated entities 99,176,922 86,981,864 $ 187,468,764 $ 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 GILs, property loans and investments in unconsolidated entities is equal to the Partnership’s carrying value. |
Investments in Mortgage Revenue
Investments in Mortgage Revenue Bonds | 9 Months Ended |
Sep. 30, 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 (see Note 16). All MRBs are current on contractual debt service as of September 30, 2020. The Partnership had the following investments in MRBs as of September 30, 2020 and December 31, 2019: September 30, 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 (4) CA $ 10,083,199 $ 2,360,586 $ - $ 12,443,785 Glenview Apartments - Series A (3) CA 4,496,129 973,537 - 5,469,666 Harmony Court Bakersfield - Series A (4) CA 3,676,474 825,077 - 4,501,551 Harmony Terrace - Series A (4) CA 6,805,898 1,638,021 - 8,443,919 Harden Ranch - Series A (2) CA 6,642,011 1,515,729 - 8,157,740 Las Palmas II - Series A (4) CA 1,668,247 387,698 - 2,055,945 Montclair Apartments - Series A (3) CA 2,435,805 588,172 - 3,023,977 Montecito at Williams Ranch Apartments - Series A (6) CA 7,640,285 2,228,796 - 9,869,081 Ocotillo Springs - Series A (6) CA 2,023,500 136,002 - 2,159,502 San Vicente - Series A (4) CA 3,439,838 749,936 - 4,189,774 Santa Fe Apartments - Series A (3) CA 2,950,886 723,204 - 3,674,090 Seasons at Simi Valley - Series A (4) CA 4,248,522 1,148,131 - 5,396,653 Seasons Lakewood - Series A (4) CA 7,249,761 1,744,848 - 8,994,609 Seasons San Juan Capistrano - Series A (4) CA 12,206,230 2,817,981 - 15,024,211 Summerhill - Series A (4) CA 6,330,829 1,390,308 - 7,721,137 Sycamore Walk - Series A (4) CA 3,528,394 824,890 - 4,353,284 The Village at Madera - Series A (4) CA 3,040,730 682,403 - 3,723,133 Tyler Park Townhomes - Series A (2) CA 5,785,729 986,191 - 6,771,920 Vineyard Gardens - Series A (6) CA 3,976,346 1,160,591 - 5,136,937 Westside Village Market - Series A (2) CA 3,780,963 856,081 - 4,637,044 Brookstone (1) IL 7,383,072 2,247,992 - 9,631,064 Copper Gate Apartments (2) IN 5,005,000 683,989 - 5,688,989 Renaissance - Series A (3) LA 10,904,002 3,564,144 - 14,468,146 Live 929 Apartments (6) MD 36,291,223 - - 36,291,223 Woodlynn Village (1) MN 4,146,000 14,592 - 4,160,592 Gateway Village (6) NC 2,600,000 140,475 - 2,740,475 Greens Property - Series A (2) NC 7,856,000 756,805 - 8,612,805 Lynnhaven Apartments (6) NC 3,450,000 186,399 - 3,636,399 Silver Moon - Series A (3) NM 7,714,309 1,874,494 - 9,588,803 Village at Avalon - Series A (5) NM 16,217,931 4,567,604 - 20,785,535 Ohio Properties - Series A (1) OH 13,758,000 63,719 - 13,821,719 Bridle Ridge (1) SC 7,235,000 77,658 - 7,312,658 Columbia Gardens (4) SC 12,941,555 2,668,577 - 15,610,132 Companion at Thornhill Apartments (4) SC 11,086,752 2,194,358 - 13,281,110 Cross Creek (1) SC 6,138,945 2,383,041 - 8,521,986 Rosewood Townhomes - Series A (6) SC 9,266,171 1,987,546 - 11,253,717 South Pointe Apartments - Series A (6) SC 21,567,811 4,626,185 - 26,193,996 The Palms at Premier Park Apartments (2) SC 18,675,219 3,044,617 - 21,719,836 Village at River's Edge (4) SC 9,820,327 1,738,232 - 11,558,559 Willow Run (4) SC 12,762,198 2,451,637 - 15,213,835 Arbors at Hickory Ridge (2) TN 10,948,055 2,529,443 - 13,477,498 Avistar at Copperfield - Series A (6) TX 13,848,985 2,878,107 - 16,727,092 Avistar at the Crest - Series A (2) TX 9,169,185 2,197,370 - 11,366,555 Avistar at the Oaks - Series A (2) TX 7,410,639 1,774,121 - 9,184,760 Avistar at the Parkway - Series A (3) TX 12,755,020 2,772,972 - 15,527,992 Avistar at Wilcrest - Series A (6) TX 5,248,485 965,784 - 6,214,269 Avistar at Wood Hollow - Series A (6) TX 39,851,626 7,804,810 - 47,656,436 Avistar in 09 - Series A (2) TX 6,398,800 1,560,811 - 7,959,611 Avistar on the Boulevard - Series A (2) TX 15,620,696 3,472,860 - 19,093,556 Avistar on the Hills - Series A (2) TX 5,073,490 1,237,538 - 6,311,028 Bruton Apartments (4) TX 17,708,333 3,228,263 - 20,936,596 Concord at Gulfgate - Series A (4) TX 18,842,536 4,685,473 - 23,528,009 Concord at Little York - Series A (4) TX 13,200,088 3,403,013 - 16,603,101 Concord at Williamcrest - Series A (4) TX 20,448,350 5,178,003 - 25,626,353 Crossing at 1415 - Series A (4) TX 7,350,633 1,745,850 - 9,096,483 Decatur Angle (4) TX 22,318,001 5,321,998 - 27,639,999 Esperanza at Palo Alto (4) TX 19,253,807 5,564,002 - 24,817,809 Heights at 515 - Series A (4) TX 6,729,631 1,540,848 - 8,270,479 Heritage Square - Series A (3) TX 10,608,706 2,082,726 - 12,691,432 Oaks at Georgetown - Series A (4) TX 12,161,844 2,269,126 - 14,430,970 Runnymede (1) TX 9,865,000 212,185 - 10,077,185 Southpark (1) TX 11,603,714 2,079,073 - 13,682,787 15 West Apartments (4) WA 9,622,192 3,105,572 - 12,727,764 Mortgage revenue bonds held in trust $ 632,867,107 $ 126,620,194 $ - $ 759,487,301 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 ( 2 ) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 ( 3 ) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 ( 4 ) MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 1 6 ( 5 ) ( 6 ) September 30, 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 CA $ 6,720,000 $ 2,263,726 $ - $ 8,983,726 Solano Vista - Series A CA 2,665,000 870,630 - 3,535,630 Greens Property - Series B NC 926,759 121,965 - 1,048,724 Arby Road Apartments - Series A NV 7,475,000 15,996 - 7,490,996 Ohio Properties - Series B OH 3,490,490 14,476 - 3,504,966 Rosewood Townhomes - Series B SC 469,855 2,694 - 472,549 South Pointe Apartments - Series B SC 1,099,660 6,305 - 1,105,965 Pro Nova 2014-1 TN 8,196,200 - - 8,196,200 Avistar at the Crest - Series B TX 737,241 133,980 - 871,221 Avistar at the Oaks - Series B TX 539,614 94,852 - 634,466 Avistar at the Parkway - Series B TX 124,059 42,955 - 167,014 Avistar in 09 - Series B TX 445,133 79,970 - 525,103 Avistar on the Boulevard - Series B TX 438,071 74,669 - 512,740 Mortgage revenue bonds held by the Partnership $ 33,327,082 $ 3,722,218 $ - $ 37,049,300 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 16 (2) MRBs held by Deutsche Bank in a debt financing transaction, Note 16 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 1 6 (5) (6) MRB held by Morgan Stanley in a debt financing transaction, see Note 16 (7) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, see Note 16 (8) As of the date presented, the MRB had been in a cumulative unrealized loss position 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 23 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership’s 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. During the three months ended September 30, 2020, the Partnership recognized a provision for credit loss of approximately $3.5 million related to the Live 929 Apartments MRB in its condensed consolidated statements of operations. During the nine months ended September 30, 2020, the Partnership recognized a provision for credit loss of approximately $5.3 million related to the Live 929 Apartments MRB and 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 provision for credit loss of the MRBs. The provision for credit loss related to the Live 929 Apartments MRB was due to recent operational results, the borrower’s continued covenant forbearance, and a decline in debt service coverage. The change in operating results at the Live 929 Apartments was primarily driven by the impact of the COVID-19 pandemic, which has had a significant impact on the student housing industry. The provision for credit loss related to the Pro Nova 2014-1 MRB was due to debt service shortfalls by the underlying commercial property, the borrower’s request for forbearance, and the general creditworthiness of proton therapy centers in the United States, including the impacts of the COVID-19 pandemic. MRB Activity in the First Nine Months of 2020 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Principal Acquired Arby Road Apartments - Series A (1) June Las Vegas, NV 180 10/1/2027 5.35 % $ 1,690,000 Arby Road Apartments - Series A (1) June Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 Ocotillo Springs - Series A (2) July Brawley, CA 75 8/1/2037 4.55% (3) 2,023,500 $ 9,498,500 (1) Both MRBs are part of the same series but have different interest rates and maturity dates. (2) The Partnership has committed to provide total funding of ( 3 ) The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25%, subject to a floor of 4.55%, during construction of the project until stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35%. Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2020: Property Name Month Redeemed Property Location Units Original Maturity Date Interest Rate Principal Outstanding at Date of Redemption Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 Montevista - Series B August San Pablo, CA 82 7/1/2021 8.00 % 6,480,000 $ 9,583,000 MRB Activity in the First Nine Months of 2019 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding during the nine months ended September 30, 2019: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Principal Outstanding at Date of Acquisition Gateway Village February Durham, NC 64 4/1/2032 6.10 % $ 2,600,000 Lynnhaven Apartments February Durham, NC 75 4/1/2032 6.10 % 3,450,000 Montevista - Series A June San Pablo, CA 82 7/1/2036 5.75 % 6,720,000 Montevista - Series B June San Pablo, CA 82 7/1/2021 5.75 % 6,480,000 $ 19,250,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2019: Property Name Month Redeemed Property Location Units Original Maturity Date Interest Rate Principal Outstanding at Date of Redemption Seasons San Juan Capistrano - Series B January San Juan Capistrano, CA 112 1/1/2019 8.00 % $ 5,574,000 Courtyard - Series B April Fullerton, CA 108 6/1/2019 8.00 % 6,228,000 $ 11,802,000 Restructurings: The following MRBs were restructured during the nine months ended September 30, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows: Property Name Month Restructured Property Location Units Maturity Date Interest Rate Principal Outstanding at Date of Restructuring Avistar at Copperfield - Series B May Houston, TX 192 6/1/2054 12.00 % $ 4,000,000 Avistar at Wilcrest - Series B May Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series B May Austin, TX 409 6/1/2054 12.00 % 8,410,000 $ 13,960,000 |
Governmental Issuer Loans
Governmental Issuer Loans | 9 Months Ended |
Sep. 30, 2020 | |
Governmental Issuer Loans [Abstract] | |
Governmental Issuer Loans | 7. Governmental Issuer Loans Governmental issuer loans (“GILs”) owned by the Partnership are issued by state governmental authorities to provide construction financing for affordable multifamily properties. The Partnership expects and believes the interest earned on the GILs is excludable from gross income for federal income tax purposes. The GILs do not constitute an obligation of any state government, agency or authority and no state government, agency or authority is liable for them , nor is the taxing power of any state government pledged to the payment of principal or interest on the GIL s . The GIL s are secured by the borrower’s non-recourse obligation evidenced by a mortgage on all real and personal property associated with the underlying property. The sole source of the funds to pay principal and interest on the GIL s is the net cash flow or the sale or refinancing proceeds from the underlying propert y . The GIL s share a first mortgage lien position with the a ssociated property loan s also owned by the Partnership ( see Note 11). The GIL s are held in trust in connection with TOB Trust financing ( see Note 16). The Partnership has committed to provide total funding for certain GILs on a draw-down basis during construction. The Partnership had the following investments and remaining funding commitments related to its GIL s as of September 30, 2020: As of September 30, 2020 Property Name Date Acquired Property Location Units Maturity Date Variable Interest Rate Current Interest Rate Amortized Cost Maximum Remaining Commitment Scharbauer Flats Apartments June 2020 Midland, TX 300 1/1/2023 (1) SIFMA + 3.10% 3.22% $ 40,000,000 $ - Oasis at Twin Lakes July 2020 Roseville, MN 228 8/1/2023 (2) SIFMA + 3.25% (3), (4) 3.75% 12,410,000 21,590,000 Centennial Crossings August 2020 Centennial, CO 209 9/1/2023 (2) SIFMA + 2.75% (4) 3.25% 9,675,000 23,405,000 $ 62,085,000 $ 44,995,000 (1) The borrower may automatically extend the maturity to July 2023 and may further extend the maturity to January 2024 upon payment of a non-refundable extension fee. (2) The borrower may extend the maturity date to for a period not to exceed six months upon payment of a non-refundable extension fee. (3) The variable rate decreases to SIFMA plus 2.25% upon completion of construction. (4) The SIFMA index interest rate component is subject to a floor of 0.50%. An affiliate of the Partnership has forward committed to purchase the GILs at maturity if the property has reached stabilization and other conditions are met (see Note 22). Affiliates of the borrower have guaranteed payment of principal and accrued interest on the GILs of 100% at origination, decreasing to 50% upon receipt of the certificate of occupancy, and decreasing to 25% upon achievement of 90% occupancy for 30 consecutive days. |
Public Housing Capital Fund Tru
Public Housing Capital Fund Trust ("PHC") Certificates | 9 Months Ended |
Sep. 30, 2020 | |
Public Housing Capital Fund Trusts [Abstract] | |
Public Housing Capital Fund Trust ("PHC") Certificates | 8. 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 in secured TOB Trust financing transactions, which upon sale, were collapsed and all principal and interest were paid off in full (see Note 16). 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 23 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 | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate [Abstract] | |
Real Estate Assets | 9. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of September 30, 2020 and December 31, 2019: Real Estate Assets as of September 30, 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 $ 39,349,880 $ 42,549,148 The 50/50 MF Property Lincoln, NE 475 - 32,940,854 32,940,854 Land held for development (1) 1,675,997 - 1,675,997 $ 77,165,999 Less accumulated depreciation (17,486,887 ) Total real estate assets $ 59,679,112 (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 Nine Months of 2020 As of September 30, 2020, the land held for development in Gardner, KS was under contract for sale. In June 2020, the Partnership determined that the land held for development in Gardner, Kansas was impaired and recorded an impairment charge of $25,200, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. Activity in the First Nine Months of 2019 In September 2019, the Partnership determined that the land held for development in Gardner, KS was impaired and recorded an impairment charge of $75,000, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | 10. 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 approximating two to three years after construction completion The following table provides the details of the investments in unconsolidated entities as of September 30, 2020 and December 31, 2019 and remaining equity commitment amounts as of September 30, 2020: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of September 30, 2020 Carrying Value as of December 31, 2019 Maximum Remaining Equity Commitment as of September 30, 2020 Vantage at Waco Waco, TX 288 August 2016 May 2018 $ - $ 9,337,166 $ - 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 April 2020 7,840,500 7,840,500 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 10,570,000 10,144,052 - Vantage at Germantown Germantown, TN 288 June 2018 March 2020 12,425,000 11,745,155 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 14,564,613 13,516,425 - Vantage at Coventry Omaha, NE 294 September 2018 N/A 9,007,435 9,007,435 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 10,151,000 8,078,519 - Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 8,043,132 5,016,811 - Vantage at Westover Hills San Antonio, TX 288 January 2020 N/A 7,824,302 - - Vantage at Tomball Tomball, TX 288 August 2020 N/A 6,455,139 - 4,056,333 3,180 $ 99,176,922 $ 86,981,864 $ 4,056,333 Activity in the First Nine Months of 2020 In January 2020, the Partnership executed a $7.3 million equity commitment to fund construction of the Vantage at Westover Hills multifamily property. In June 2020, Vantage at Waco sold substantially all assets to an unrelated third party and ceased operations. The Partnership has received cash of approximately $10.6 million as a result of the sale. The Partnership recognized approximately $1.3 million of “Investment Income” associated with the sale. The Partnership may also be entitled to up to $213,000 of additional proceeds in 2020 if certain gain contingencies are satisfied. In August 2020, the Partnership executed a $10.4 million equity commitment to fund construction of the Vantage at Tomball multifamily property. Activity in the First Nine Months of 2019: In April 2019, the Partnership executed a $9.0 million equity commitment to fund construction of the Vantage at Conroe multifamily property. In September 2019, the membership interests of Vantage at Panama City Beach were sold to an unrelated third party. The Partnership received cash of approximately $22.7 million upon sale. The Partnership recognized approximately $547,000 of investment income and approximately $10.5 million of gain on sale of investment in an unconsolidated entity associated with the sale. The Partnership may also be entitled to receive up to $325,000 of additional proceeds if certain gain contingencies are satisfied. The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Property Revenues $ 3,501,288 $ 3,713,106 $ 8,971,999 $ 9,534,250 Gain on sale of property $ 372,974 $ 22,556,694 $ 6,635,966 $ 22,556,694 Net income (loss) $ (1,495,383 ) $ 21,606,621 $ 341,905 $ 20,918,176 |
Property Loans, Net of Loan Los
Property Loans, Net of Loan Loss Allowances | 9 Months Ended |
Sep. 30, 2020 | |
Property Loans Net Of Loan Loss Allowance [Abstract] | |
Property Loans, Net of Loan Loss Allowances | 11. Property Loans, Net of Loan Loss Allowances The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of September 30, 2020 and December 31, 2019: September 30, 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 Centennial Crossings (1) 3,017,729 - 3,017,729 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Live 929 Apartments 811,706 (811,706 ) - Ohio Properties 2,390,446 - 2,390,446 Scharbauer Flats Apartments (1) 2,309,613 - 2,309,613 Total $ 21,126,239 $ (8,205,520 ) $ 12,920,719 (1) 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 The Partnership recognized a provision for loan loss and associated loan loss allowance of approximately $812,000 for the three and nine months ended September 30, 2020 related to Live 929 Apartments property loan as the Partnership determined it was probable the outstanding balance will not be collectible. The interest to be earned on the Live 929 Apartments and Cross Creek property loans was on nonaccrual status for the three and nine months ended September 30, 2020 and 2019. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest earned since inception was not probable. In addition, for the three and nine months ended September 30, 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. Activity in the First Nine Months of 2020 Concurrent with the acquisition of its GILs (see Note 7), the Partnership has committed to provide property loans for the construction of the underlying properties on a draw-down basis. The property loans and associated GILs are share a first mortgage lien position on all real and personal property associated with the underlying property Affiliates of the borrower have guaranteed payment of principal and accrued interest on the GILs of 100% at origination, decreasing to 50% upon receipt of the certificate of occupancy, and decreasing to 25% upon achievement of 90% occupancy for 30 consecutive days. As of September 30, 2020 Property Name Date Committed Maturity Date Outstanding Balance Maximum Remaining Commitment Scharbauer Flats Apartments June 2020 1/1/2023 (1) $ 2,309,613 $ 21,850,387 Oasis at Twin Lakes July 2020 8/1/2023 (2) - 27,704,180 Centennial Crossings August 2020 9/1/2023 (2) 3,017,729 21,232,271 $ 5,327,342 $ 70,786,838 (1) (2) During the third quarter of 2020, the Partnership advanced Live 929 Apartments approximately $406,000 under the secured property loan entered into in August 2019. Activity in the First Nine 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 are reported as “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). In August 2019, the Partnership entered into a secured property loan with Live 929 Apartments. The property may request additional advances for the sole purpose of funding monthly operating shortfalls up to a total loan amount of $1.0 million. The property loan is subordinate to the MRBs associated with the property and has a stated maturity date of July 31, 2049. |
Income Tax Provision
Income Tax Provision | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | 12. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by the Greens Hold Co, which owns The 50/50 MF Property and certain property loans. The following table summarizes income tax expense (benefit) for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Current income tax expense (benefit) $ (33,618 ) $ 13,932 $ 107,681 $ 129,095 Deferred income tax benefit (34,601 ) (82,167 ) (66,482 ) (138,331 ) Total income tax expense (benefit) $ (68,219 ) $ (68,235 ) $ 41,199 $ (9,236 ) The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable. There was no valuation allowance recorded as of September 30, 2020 and December 31, 2019. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2020 | |
Other Assets [Abstract] | |
Other Assets | 13. Other Assets The following table summarizes the other assets as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Deferred financing costs, net $ 430,578 $ 353,862 Fair value of derivative instruments (Note 18) 155,457 10,911 Taxable mortgage revenue bonds, at fair value 1,486,883 1,383,237 Bond purchase commitments, at fair value (Note 19) 256,222 - Operating lease right-of-use assets, net 1,650,360 1,673,242 Other assets 1,429,116 1,641,099 Total other assets $ 5,408,616 $ 5,062,351 As of September 30, 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 14). See Note 23 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 to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. The following table includes details of the taxable MRB acquired during the nine months ended September 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Principal Acquired Ocotillo Springs - Series A-T July Brawley, CA 75 8/1/2022 4.91% (1) $ - (2) (1) The taxable MRB has a variable interest rate equal to the 1-month LIBOR plus 3.55%, subject to a floor of 4.91%. (2) The Partnership has committed to provide total funding of the taxable MRB up to $7.0 million during construction and lease-up of the property on a drawdown basis. No funds have been advanced as of September 30, 2020. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 9 Months Ended |
Sep. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Liabilities | 14. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the accounts payable, accrued expenses and other liabilities as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Accounts payable $ 425,445 $ 93,834 Accrued expenses 2,950,430 2,529,982 Accrued interest expense 3,037,449 2,690,076 Operating lease liabilities 2,142,308 2,138,783 Other liabilities 1,441,582 1,583,492 Total accounts payable, accrued expenses and other liabilities $ 9,997,214 $ 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 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 September 30, 2020: Remainder of 2020 $ 33,785 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,274 Total 5,113,093 Less: Amount representing interest (2,970,785 ) Total operating lease liabilities $ 2,142,308 |
Unsecured Lines of Credit
Unsecured Lines of Credit | 9 Months Ended |
Sep. 30, 2020 | |
Unsecured Lines of Credit | 16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2020 and December 31, 2019: Outstanding Debt Financings as of September 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,134,588 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,624,164 4,999 2014 July 2024 Weekly SIFMA 0.15% 1.38% 1.53% Fixed - M33 30,941,969 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 216,280,562 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,135,193 78,729,063 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,756,362 - 2020 July 2022 Weekly SIFMA 0.37% 0.89% 1.26% Variable - TOB 122,881,252 - 2019 July 2023 Weekly SIFMA 0.32% - 0.54% 1.17% - 1.67% 1.49% - 2.21% Variable - TOB 60,477,672 - 2020 September 2023 (4) Weekly OBFR 0.37% 0.89% 1.26% Morgan Stanley: Fixed - Term TOB 13,016,939 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 667,248,701 (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) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2020. (4) Date represents the stated maturity date of the related liquidity and credit enhancement facilities which is the effective maturity of the TOB Trust financing. 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 (see 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, Note 7 for information regarding the GILs securitized within each TOB Trust Financing, and Note 11 for information regarding the property loans securitized within each TOB Trust 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 September 30, 2020 and December 31, 2019, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. The restricted cash associated with the Secured Notes is collateral posted with Mizuho according to the terms of two total return swaps that have the Secured Notes as the reference security (see Note 18). 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, GILs and property loans in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of September 30, 2020 and December 31, 2019. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, GILs, and property loans. 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 all covenants as of September 30, 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 all covenants as of September 30, 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 Nine Months of 2020 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the first nine months of 2020: TOB Trusts Securitization TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Avistar at Copperfield - Series A $ 11,818,000 May 2021 Weekly SIFMA 1.67% Avistar at Wilcrest - Series A 4,479,000 May 2021 Weekly SIFMA 1.67% Avistar at Wood Hollow - Series A 34,007,000 May 2021 Weekly SIFMA 1.67% Gateway Village 2,184,000 May 2021 Weekly SIFMA 1.67% Lynnhaven 2,898,000 May 2021 Weekly SIFMA 1.67% Ocotillo Springs - Series A 1,818,000 July 2022 Weekly SIFMA 0.89% Oasis at Twin Lakes GIL (1) 11,160,000 July 2023 Weekly SIFMA 0.89% Scharbauer Flats Apartments GIL (1) 36,000,000 July 2023 Weekly SIFMA 0.89% Centennial Crossings GIL (1) 8,707,000 August 2023 Weekly SIFMA 0.89% Scharbauer Flats, Twin Lakes, & Centennial Crossings GILs (1) 55,870,000 September 2023 Weekly OBFR 0.89% Scharbauer Flats & Centennial Crossings Property Loans 4,790,000 September 2023 Weekly OBFR 0.89% Total TOB Trust Financing $ 173,731,000 (1) In September 2020, ATAX TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, issued Secured Notes to Mizuho with an aggregate principal amount of $103.5 million. The Secured Notes Refinancing Activity: In July 2020, the Partnership extended the maturity dates of all Mizuho TOB Trust financings with stated maturity dates of 2021 to July 2023. There were no additional changes to terms or fees associated with the amendments. Redemptions: 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 8). In April 2020, the Partnership terminated its Master Trust Agreement and collapsed its Term TOB Trust and 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 were paid off in full, and the Partnership paid a one-time fee of approximately $454,000 to terminate the trusts. The following is a summary of the Deutsche Bank Term A/B and Term TOB Trust financings that were collapsed and paid off in April 2020: Debt Financing Debt Facility Month Paydown Applied Avistar at Copperfield - Series A Term A/B Trust April 2020 $ 8,417,739 Avistar at Wilcrest - Series A Term A/B Trust April 2020 3,162,435 Avistar at Wood Hollow - Series A Term A/B Trust April 2020 26,860,536 Gateway Village Term A/B Trust April 2020 2,262,000 Lynnhaven Term A/B Trust April 2020 3,001,500 Pro Nova 2014-1 Term TOB April 2020 8,010,000 $ 51,714,210 Activity in the First Nine Months of 2019 New Debt Financings: 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 In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley secured by an MRB. The following table summarizes the gross principal and terms of the Term TOB Trust: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 During the third quarter of 2019, The Partnership entered into various TOB Trust financings with Mizuho secured by MRBs and PHC Certificates. The following table summarizes the gross principal and terms of the TOB Trusts: TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total TOB Trust Financing $ 104,056,000 Refinancing Activity: In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000 , which will be amortized using the effective interest method through the term of the agreement. Redemptions: The following debt financing facilities were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300 Future Maturities The Partnership’s contractual maturities of borrowings as of September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 1,650,787 2021 6,129,456 2022 21,232,689 2023 187,223,816 2024 87,839,152 Thereafter 365,616,422 Total 669,692,322 Unamortized deferred financing costs and debt premium (2,443,621 ) Total debt financing, net $ 667,248,701 |
Unsecured Lines of Credit [Member] | |
Unsecured Lines of Credit | 15. Unsecured Lines of Credit The following tables summarize the unsecured lines of credit (“LOC”) as of September 30, 2020 and December 31, 2019: Unsecured Lines of Credit Outstanding as of September 30, 2020 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 11,843,000 $ 50,000,000 June 2022 Variable (1) Monthly 2.66 % Bankers Trust operating - 10,000,000 June 2022 Variable (1) Monthly 3.41 % Total unsecured lines of credit $ 11,843,000 $ 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 balances of the non-operating LOC as of September 30, 2020 are due in December 2020 and March 2021, though the Partnership may extend final repayment of the amounts due in March 2021 to December 2021 by making partial repayments. The non-operating LOC contains a covenant, among others, that the Partnership’s ratio of the lender’s senior debt will not exceed 75% of the market value of the Partnership’s assets, as defined in the Credit Agreement. The Partnership was in compliance with all covenants in the Credit Agreement as of September 30, 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 fourth quarter of 2020 repayment obligation as it maintained a zero balance in the operating LOC for fifteen consecutive days during October 2020. |
Debt Financing
Debt Financing | 9 Months Ended |
Sep. 30, 2020 | |
Debt Financing [Abstract] | |
Unsecured Lines of Credit | 16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2020 and December 31, 2019: Outstanding Debt Financings as of September 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,134,588 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,624,164 4,999 2014 July 2024 Weekly SIFMA 0.15% 1.38% 1.53% Fixed - M33 30,941,969 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 216,280,562 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,135,193 78,729,063 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,756,362 - 2020 July 2022 Weekly SIFMA 0.37% 0.89% 1.26% Variable - TOB 122,881,252 - 2019 July 2023 Weekly SIFMA 0.32% - 0.54% 1.17% - 1.67% 1.49% - 2.21% Variable - TOB 60,477,672 - 2020 September 2023 (4) Weekly OBFR 0.37% 0.89% 1.26% Morgan Stanley: Fixed - Term TOB 13,016,939 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 667,248,701 (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) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2020. (4) Date represents the stated maturity date of the related liquidity and credit enhancement facilities which is the effective maturity of the TOB Trust financing. 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 (see 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, Note 7 for information regarding the GILs securitized within each TOB Trust Financing, and Note 11 for information regarding the property loans securitized within each TOB Trust 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 September 30, 2020 and December 31, 2019, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. The restricted cash associated with the Secured Notes is collateral posted with Mizuho according to the terms of two total return swaps that have the Secured Notes as the reference security (see Note 18). 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, GILs and property loans in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of September 30, 2020 and December 31, 2019. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, GILs, and property loans. 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 all covenants as of September 30, 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 all covenants as of September 30, 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 Nine Months of 2020 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the first nine months of 2020: TOB Trusts Securitization TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Avistar at Copperfield - Series A $ 11,818,000 May 2021 Weekly SIFMA 1.67% Avistar at Wilcrest - Series A 4,479,000 May 2021 Weekly SIFMA 1.67% Avistar at Wood Hollow - Series A 34,007,000 May 2021 Weekly SIFMA 1.67% Gateway Village 2,184,000 May 2021 Weekly SIFMA 1.67% Lynnhaven 2,898,000 May 2021 Weekly SIFMA 1.67% Ocotillo Springs - Series A 1,818,000 July 2022 Weekly SIFMA 0.89% Oasis at Twin Lakes GIL (1) 11,160,000 July 2023 Weekly SIFMA 0.89% Scharbauer Flats Apartments GIL (1) 36,000,000 July 2023 Weekly SIFMA 0.89% Centennial Crossings GIL (1) 8,707,000 August 2023 Weekly SIFMA 0.89% Scharbauer Flats, Twin Lakes, & Centennial Crossings GILs (1) 55,870,000 September 2023 Weekly OBFR 0.89% Scharbauer Flats & Centennial Crossings Property Loans 4,790,000 September 2023 Weekly OBFR 0.89% Total TOB Trust Financing $ 173,731,000 (1) In September 2020, ATAX TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, issued Secured Notes to Mizuho with an aggregate principal amount of $103.5 million. The Secured Notes Refinancing Activity: In July 2020, the Partnership extended the maturity dates of all Mizuho TOB Trust financings with stated maturity dates of 2021 to July 2023. There were no additional changes to terms or fees associated with the amendments. Redemptions: 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 8). In April 2020, the Partnership terminated its Master Trust Agreement and collapsed its Term TOB Trust and 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 were paid off in full, and the Partnership paid a one-time fee of approximately $454,000 to terminate the trusts. The following is a summary of the Deutsche Bank Term A/B and Term TOB Trust financings that were collapsed and paid off in April 2020: Debt Financing Debt Facility Month Paydown Applied Avistar at Copperfield - Series A Term A/B Trust April 2020 $ 8,417,739 Avistar at Wilcrest - Series A Term A/B Trust April 2020 3,162,435 Avistar at Wood Hollow - Series A Term A/B Trust April 2020 26,860,536 Gateway Village Term A/B Trust April 2020 2,262,000 Lynnhaven Term A/B Trust April 2020 3,001,500 Pro Nova 2014-1 Term TOB April 2020 8,010,000 $ 51,714,210 Activity in the First Nine Months of 2019 New Debt Financings: 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 In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley secured by an MRB. The following table summarizes the gross principal and terms of the Term TOB Trust: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 During the third quarter of 2019, The Partnership entered into various TOB Trust financings with Mizuho secured by MRBs and PHC Certificates. The following table summarizes the gross principal and terms of the TOB Trusts: TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total TOB Trust Financing $ 104,056,000 Refinancing Activity: In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000 , which will be amortized using the effective interest method through the term of the agreement. Redemptions: The following debt financing facilities were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300 Future Maturities The Partnership’s contractual maturities of borrowings as of September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 1,650,787 2021 6,129,456 2022 21,232,689 2023 187,223,816 2024 87,839,152 Thereafter 365,616,422 Total 669,692,322 Unamortized deferred financing costs and debt premium (2,443,621 ) Total debt financing, net $ 667,248,701 |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 9 Months Ended |
Sep. 30, 2020 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing | 17. Mortgages Payable and Other Secured Financing The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of September 30, 2020 and December 31, 2019: MF Property Mortgage Payables Outstanding Mortgage Payable as of September 30, 2020, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Period End Rate The 50/50 MF Property--TIF Loan $ 2,680,639 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,595,251 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,275,890 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 Nine Months of 20 20 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 refinanced The 50/50 MF Property TIF loan and the interest rate decreased to Future Maturities The Partnership’s contractual maturities of borrowings as of September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 287,779 2021 832,032 2022 869,313 2023 908,265 2024 946,246 Thereafter 22,433,983 Total 26,277,618 Unamortized deferred financing costs (1,728 ) Total mortgages payable and other secured financings, net $ 26,275,890 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2020 | |
Interest Rate Derivatives [Abstract] | |
Derivative Financial Instruments | 18. Derivative Financial Instruments In September 2020, the Partnership entered into two total return swap transactions. The following table summarizes the terms of the Partnership’s total return swaps as of September 30, 2020: Purchase Date Notional Amount Effective Date Termination Date Period End Variable Rate Paid Period End Variable Rate Received Variable Rate Index Counterparty Fair Value as of September 30, 2020 Sept 2020 40,000,000 Sept 2020 Sept 2025 4.25% (1) 9.22% (3) 3-month LIBOR Mizuho Capital Markets $ 38,675 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00% (2) 9.22% (3) 3-month LIBOR Mizuho Capital Markets 101,525 $ 140,200 (1) (2) (3) Each of the total return swaps have the Partnership’s Secured Notes with Mizuho as the specified reference security (see Note 16). The combined notional amount of the total return swaps is $103.5 million, which is the same as the principal balance of the Secured Notes. The rate received on each total return swap is equal to the interest rate on the Secured Notes such that they offset one another, resulting in a net interest cost equal to the rate paid on each total return swap. Under the total return swaps, the Partnership is liable for any decline in the value of the Secured Notes. If the fair value of the underlying Secured Notes is less than the outstanding principal balance, the Partnership is required to post additional cash collateral equal to the amount of the deficit. Such a deficit will also be reflected in the fair value of the total return swaps. The Partnership was required to initially fund cash collateral with Mizuho for each total return swap. The total return swap with a notional amount of $40.0 million, requires the Partnership to maintain cash collateral equal to 35% of the notional amount, which was approximately $14.0 million as of September 30, 2020. The second total return swap with a notional amount of $63.5 million, requires the Partnership to maintain cash collateral equal to 100% of the notional amount, which was approximately $63.5 million as of September 30, 2020. Through March 2022, the Partnership has the option to allocate notional amounts from the second total return swap to the first total return swap, in minimum increments of $10.0 million, and receive net cash proceeds of approximately 65% of the reallocated notional amount. The second total return swap terminates in March 2022 and any remaining cash collateral will be used to pay down the principal balance of the Secured Notes. The following tables summarize the Partnership’s interest rate cap agreements as of September 30, 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 September 30, 2020 Aug 2019 78,362,798 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 15,257 $ 15,257 (1) See Notes 16 and 23 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 Notes 16 and 23 for additional details. The Partnership’s derivative financial instruments 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 23 for a description of the methodology and significant assumptions for determining the fair value of the derivatives. The derivative financial instruments are presented within “Other assets” on the Partnership’s condensed consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. 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. Bond Purchase Commitments As part of the Partnership’s strategy of acquiring MRBs, the Partnership will enter into bond purchase commitments related to MRBs to be issued and secured by properties under construction. Upon execution of the bond purchase commitment, the proceeds from the MRBs will be used to pay off the construction related debt. The Partnership bears no construction or stabilization risk during the commitment period. The Partnership accounts for its bond purchase commitments as available-for-sale securities and reports the asset or liability at fair value. Changes in the fair value of bond purchase commitments are recorded in other comprehensive income. The following table summarizes the Partnership’s bond purchase commitments as of September 30, 2020: Bond Purchase Commitments Commitment Date Maximum Committed Amounts Remaining Rate Estimated Closing Date Fair Value as of September 30, 2020 CCBA Senior Garden Apartments July 2020 $ 3,807,000 4.50 % Q3 2022 $ 256,222 Total $ 3,807,000 $ 256,222 Mortgage Revenue Bond and Taxable Mortgage Revenue Bond Commitments The Partnership has committed to fund additional proceeds related to the Ocotillo Springs Series A MRB (see Note 6) and Series A-T taxable MRB (see Note 13) while the property is under construction. The Partnership’s remaining maximum commitments related to the Series A MRB and Series A-T taxable MRB totaled $13.0 million and $7.0 million, respectively, as of September 30, 2020. Governmental Issuer Loan Commitments The Partnership has outstanding commitments to fund the proceeds related to its GILs while the property is under construction. See Note 7 for remaining commitments disclosures. Equity Investment Commitments ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, has outstanding commitments to contribute equity to unconsolidated entities. See Note 10 for additional information. Property Loan Commitments The Partnership has committed to fund additional proceeds related to property loans for Scharbauer Flats Apartments, Oasis at Twin Lakes Apartments and Centennial Crossings Senior Apartments while the properties are under construction. The Partnership’s remaining maximum commitments totaled approximately $70.8 million as of September 30, 2020. See Note 11 for disclosures related to the property loans. 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 September 30, 2020: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of September 30, 2020 Partnership's Maximum Exposure as of September 30, 2020 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 30,501,955 $ 15,250,978 (1) Vantage at Coventry 2018 31,500,000 26,665,010 26,665,010 (1) (1) The Partnership’s maximum exposure will decrease to 50% 25% 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 September 30, 2020: Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of September 30, 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 | 9 Months Ended |
Sep. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Series A Preferred Units | 20. 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 September 30, 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 September 30, 2020 and December 31, 2019 9,450,000 $ 94,500,000 |
Restricted Unit Awards
Restricted Unit Awards | 9 Months Ended |
Sep. 30, 2020 | |
Restricted Unit Awards [Member] | |
Restricted Unit Awards | 21. 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. In September 2019, a ll of the restrictions applicable to the previously unvested RUAs lapsed and all such RUAs became immediately vested and nonforfeitable upon the closing of the acquisition of all of the issued and outstanding partnership interests in the General Partner from Burlington Capital LLC by Greystone. 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 $300,000 and $3.3 million for the three months ended September 30, 2020 and 2019, respectively. The compensation expense for RUAs totaled approximately $635,000 and $3.6 million for the nine months ended September 30, 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 nine months ended September 30, 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 September 30, 2020 290,000 $ 4.98 The unrecognized compensation expense related to nonvested RUAs granted under the Plan was $809,000 as of September 30, 2020. The remaining compensation expense is expected to be recognized over a weighted average period of 1.1 years. The total intrinsic value of unvested RUAs was approximately $1.2 million as of September 30, 2020. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 22. Transactions with Related Parties Effective September 10, 2019, Greystone acquired all the issued and outstanding partnership interests of AFCA 2 from Burlington Capital LLC and an affiliate, at which time Burlington Capital LLC and its affiliates (collectively, “Burlington”) ceased to be related parties of the Partnership. The Partnership 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 and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Partnership administrative fees paid to AFCA 2 (1) $ 922,000 $ 914,000 $ 2,653,000 $ 2,714,000 Property management fees paid to an affiliate (2) - 28,000 - 101,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 6,000 12,000 47,000 44,000 (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, GILs, 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, provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). Burlington Capital Properties, LLC ceased to be a related party of the Partnership effective September 10, 2019. The disclosed amounts are only for property management fees earned during the periods that Burlington Capital Properties, LLC was considered a related party of the Partnership. The property management fees are “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, GILs and certain property loans 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, GILs and certain property loans and affiliates for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Non-Partnership property administrative fees received by AFCA 2 (1) 9,000 9,000 $ 27,000 $ 27,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,414,000 - 2,277,000 822,000 (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, GILs, property loans and investments in unconsolidated entities. Burlington Capital Properties, LLC provided services to seven of the properties collateralizing MRBs and one of the Partnership’s investments in unconsolidated entities for the nine months ended September 30, 2019. These property management fees were 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. Greystone Servicing Company LLC, an affiliate of the Partnership, has forward committed to purchase each of the Partnership’s GILs (see Note 7), once certain conditions are met, at a price equal to the outstanding principal plus accrued interest. Greystone Servicing Company LLC is committed to then immediately sell the GILs to Freddie Mac pursuant to a financing commitment between Greystone Servicing Company LLC and Freddie Mac. The Partnership reported receivables due from unconsolidated entities of approximately $46,000 and $116,000 as of September 30, 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 $379,000 and $301,000 as of September 30, 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 | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments | 23. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • 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 on a recurring basis. Investments in MRBs, Taxable MRBs and Bond Purchase Commitments The fair value of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of September 30, 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 these securities, and price quotes for the securities are not available. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. The valuation methodology considers the underlying characteristics of each security 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 security. The security 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 , taxable MRBs and bond purchase commitments are based largely on unobservable inputs believed to be used by market participants and require s 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 , taxable MRBs and bond purchase commitments are categorized as a Level 3 input. The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of September 30, 2020 and December 31, 2019 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Mortgage revenue bonds 1.5% - 8.8% 2.4% - 8.5% 3.0 % 3.8 % Taxable mortgage revenue bonds 7.6% - 7.7% 8.7% - 8.9% 7.6 % 8.8 % Bond purchase commitments 3.9% N/A 3.9 % N/A (1) Weighted by the total principal outstanding of all the respective securities as of the reporting date 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. The valuation methodology 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. Derivative Financial Instruments The effect of the Partnership’s interest rate caps 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 inputs in the interest rate cap agreement 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. The effect of the Partnership’s total return swaps is to lower the net interest rate related to the Partnership’s Secured Notes equal to the notional amount of the derivative instruments. The inputs in the total return swap valuation model include changes in the value of the Secured Notes and the associated changes in value of the underlying assets securing the Secured Notes, accrued and unpaid interest, and any potential gain share amounts. The fair value of the interest rate cap agreements and total return swaps are based on models whose inputs are not observable and therefore are categorized as a Level 3 input. Assets measured at fair value on a recurring basis as of September 30, 2020 are summarized as follows: Fair Value Measurements as of September 30, 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 $ 759,487,301 $ - $ - $ 759,487,301 Mortgage revenue bonds 37,049,300 - - 37,049,300 Bond purchase commitments (reported within other assets) 256,222 - - 256,222 Taxable mortgage revenue bonds (reported within other assets) 1,486,883 - - 1,486,883 Derivative instruments (reported within other assets) 155,457 - - 155,457 Total Assets at Fair Value, net $ 798,435,163 $ - $ - $ 798,435,163 The following table summarizes the activity related to Level 3 assets for the three and nine months ended September 30, 2020: For the Three Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2020 $ 787,624,971 $ - $ - $ 1,456,279 $ 29,826 $ 789,111,076 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 34,954 - - - 125,631 160,585 Included in earnings (impairment of securities and provision for credit loss) (3,463,253 ) - - - - (3,463,253 ) Included in other comprehensive income 18,248,391 256,222 - 32,840 - 18,537,453 Purchases 2,023,500 - - - - 2,023,500 Settlements (7,931,962 ) - - (2,236 ) - (7,934,198 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2020 $ (3,463,253 ) $ - $ - $ - $ (14,569 ) $ (3,477,822 ) (1) For the Nine Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives 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) 90,194 - (7,219 ) - 244,479 327,454 Included in earnings (impairment of securities and provision for credit loss) (5,285,609 ) - - - - (5,285,609 ) Included in earnings (gain on sale of securities) - - 1,416,023 - - 1,416,023 Included in other comprehensive (loss) income 32,457,107 256,222 (1,408,804 ) 110,206 - 31,414,731 Purchases 9,513,450 - - - - 9,513,450 Sale of securities - - (43,349,357 ) - - (43,349,357 ) Settlements (13,836,006 ) - - (6,560 ) (99,933 ) (13,942,499 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2020 $ (5,285,609 ) $ - $ - $ - $ 104,279 $ (5,181,330 ) 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 and nine months ended September 30, 2019: For the Three Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,542 2,915 - (68,333 ) (29,876 ) Included in other comprehensive (loss) income 18,886,878 173,374 (11,936 ) - 19,048,316 Purchases - - - 29,527 29,527 Settlements (1,166,407 ) (2,007,937 ) (2,044 ) (26,868 ) (3,203,256 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (68,333 ) $ (68,333 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Nine Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2019 $ 732,153,435 $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 106,909 (795 ) - (458,141 ) (352,027 ) Included in other comprehensive income 41,280,568 788,318 43,438 - 42,112,324 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (15,508,192 ) (4,775,103 ) (25,997 ) (145,414 ) (20,454,706 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (458,141 ) $ (458,141 ) Total gains and losses included in earnings for the derivative financial instruments are reported within “Interest expense” on the Partnership’s condensed consolidated statements of operations. As of September 30, 2020, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s GILs, which is an estimate of their market price. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. The valuation methodology considers the underlying characteristics of the GILs as well as other quantitative and qualitative characteristics including, but not limited to, the progress of construction and operations of the underlying properties, the financial capacity of guarantors, and the probability that conditions to Greystone Servicing Company LLC’s commitments to purchase the GILs will be met. Due to the judgments involved, the fair value measurements of the Partnership’s GILs are categorized as a Level 3 input. The fair value of the GILs approximates amortized cost as of September 30, 2020. As of September 30, 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. The valuation methodology 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 Mizuho. The table below summarizes the fair value of the Partnership’s financial liabilities as of September 30 , 2020 and December 31, 201 9 : September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 679,091,701 $ 711,968,025 $ 549,397,421 $ 568,193,494 Mortgages payable and other secured financing 26,275,890 26,277,618 26,802,246 26,812,851 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2020 | |
Segment Reporting [Abstract] | |
Segments | 24. Segments The Partnership has four reportable segments - Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership Agreement authorizes the Partnership to make investments in tax-exempt securities other than 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, GILs and related property loans that have been issued to provide construction and/or permanent financing for Residential Properties, multifamily properties and commercial properties in their market areas. Such MRBs and GILs 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 September 30, 2020, the Partnership reported 77 MRBs and three GILs. The Residential Properties financed by MRBs and GILs contain a total of 11,118 and 737 rental units, respectively. 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 9). During the time the Partnership holds an interest in an MF Property, any net rental income generated by the MF Properties in excess of debt service will be available for distribution to the Partnership. As of September 30, 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 (see Note 8) 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 Trusts 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 (see Note 10) and property loans to certain multifamily housing properties (see Note 11). The following tables detail certain key financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues Mortgage Revenue Bond Investments $ 10,763,544 $ 10,383,867 $ 31,216,575 $ 31,074,582 MF Properties 1,548,931 1,974,546 5,358,132 6,002,971 Public Housing Capital Fund Trusts - 589,024 174,470 1,812,779 Other Investments 1,527,472 1,918,265 5,305,324 7,986,302 Total revenues $ 13,839,947 $ 14,865,702 $ 42,054,501 $ 46,876,634 Interest expense Mortgage Revenue Bond Investments $ 4,813,114 $ 5,789,009 $ 14,908,641 $ 16,894,378 MF Properties 292,318 365,995 906,082 1,096,016 Public Housing Capital Fund Trusts - 354,017 197,993 1,120,482 Other Investments - - - - Total interest expense $ 5,105,432 $ 6,509,021 $ 16,012,716 $ 19,110,876 Depreciation expense Mortgage Revenue Bond Investments $ 4,688 $ - $ 10,471 $ - MF Properties 715,095 743,503 2,130,831 2,380,815 Public Housing Capital Fund Trusts - - - - Other Investments - - - - Total depreciation expense $ 719,783 $ 743,503 $ 2,141,302 $ 2,380,815 Net income (loss) Mortgage Revenue Bond Investments $ (1,852,974 ) $ (2,492,643 ) $ 888,856 $ 1,836,196 MF Properties (834,648 ) (434,099 ) (1,172,961 ) (946,230 ) Public Housing Capital Fund Trusts - 235,007 1,390,999 692,297 Other Investments 1,527,605 12,399,638 5,303,194 18,463,643 Net income (loss) $ (1,160,017 ) $ 9,707,903 $ 6,410,088 $ 20,045,906 The following table details total assets for the Partnership’s reportable segments as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Total assets Mortgage Revenue Bond Investments $ 1,111,594,864 $ 918,301,172 MF Properties 68,432,579 70,569,646 Public Housing Capital Fund Trusts - 43,591,048 Other Investments 99,223,160 87,098,315 Consolidation/eliminations (104,625,735 ) (90,391,673 ) Total assets $ 1,174,624,868 $ 1,029,168,508 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events In October 2020, the Partnership executed an agreement with an affiliate of Greystone, in which the Greystone affiliate is entitled to receive a referral fee equal to 0.25% of the original principal amount of executed tax-exempt loan or tax-exempt bond transactions introduced to the Partnership by the Greystone affiliate. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 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 (see 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 TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, which has issued secured notes (“the Secured Notes”) to Mizuho Capital Markets LLC (“Mizuho”); • 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 • 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. |
Restricted Cash | Restricted Cash Restricted cash is legally restricted as to its use. The Partnership is required to maintain restricted cash collateral related to its two total return swap transactions (see Note 18). In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities, resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. Restricted cash is presented with cash and cash equivalents on the Partnership’s condensed consolidated statements of cash flows. |
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, but not necessarily limited to, the following: • 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 scheduled interest or principal 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. If the Partnership does not expect to sell an other-than-temporarily impaired MRB, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income (loss). In determining the provision for credit loss, the Partnership compares the present value of cash flows expected to be collected to the MRB’s amortized cost basis. 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. |
Investment in Governmental Issuer Loans | Investment in Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investment in these instruments are classified as held-to-maturity debt securities and are reported at amortized cost. The Partnership periodically reviews its GILs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, but not necessarily limited to, the following: • The duration and severity of the decline in fair value; • 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 scheduled interest or principal payments; • The failure of the borrower 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 GIL ’s estimated fair value is below amortized cost, and the Partnership does not expect to recover its entire amortiz ed cost , only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income (loss). 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 value of its GILs, 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. |
Property Loans Net of Loan Loss Allowance | Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily properties. Most of the property loans have been made to multifamily properties that secure MRBs and GILs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s condensed consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these property loans and accrued interest is dependent largely on the cash flows or proceeds upon sale or refinancing of the related property. The Partnership periodically evaluates these loans for potential impairment by estimating the fair value of the related property and comparing the fair value to the outstanding MRBs, GILs or other senior financing, plus the Partnership’s property loans. The Partnership utilizes a discounted cash flow model that considers varying assumptions. The discounted cash flow analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the related property, after deducting the amortized cost basis of the MRB, GIL or other senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. |
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 September 30, 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. |
Risks And Uncertainties | Risks and Uncertainties The business and economic uncertainty resulting from the COVID-19 pandemic has made estimates and assumptions more difficult to calculate . The extent of the impact of COVID-19 on the Partnership’s future 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 and GILs, tenants at the MF Properties and operations of the Partnership’s investments in unconsolidated entities. In addition, market volatility may cause fluctuations in the valuation of the Partnership’s MRBs, taxable MRBs, GILs, MF Properties and investments in unconsolidated entities. The extent to which COVID-19 will impact the Partnership’s financial condition or results of operations in the future is uncertain and actual results and outcomes could differ from current estimates. As of September 30, 2020, the Partnership has yet to observe a significant decline in occupancy or operating results at properties securing its MRBs due to the COVID-19 pandemic, with the exception of the Pro Nova 2014-1 and Live 929 Apartments MRBs which are further discussed in Note 6. Furthermore, the Partnership has observed no material negative trends that potentially indicate impairment of The 50/50 MF Property or properties related to its GILs and investments in unconsolidated entities. The Partnership performed an impairment analysis for the Suites at Paseo MF Property due to a significant decline in occupancy as of September 30, 2020 as a result of COVID-19. The Partnership’s estimates of future undiscounted net cash flows expected to be generated from the use of the asset significantly exceeded the carrying value such that the property was not impaired. |
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 completed an initial assessment and determined that its property loans, the interest receivable on property loans, receivables reported within other assets, financial guarantees and commitments are within the scope of ASU 2016-13. The Partnership has also determined that the GILs and the interest receivable on GILs are within the scope of ASU 2016-13. Furthermore, the Partnership has begun 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 condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited period meant to ease the potential burden in accounting for, or recognizing the effects of, reform to LIBOR and certain other reference rates. The standard is effective for all entities from March 12, 2020 through December 31, 2022. However, ASU 2020-04 is only applicable to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, and that were entered into or evaluated prior to January 1, 2023. The Partnership is currently evaluating the impact that the adoption of ASU 2020-04 will have on its condensed consolidated financial statements. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 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 and maximum exposure to loss as of September 30, 2020 and December 31, 2019: Maximum Exposure to Loss September 30, 2020 December 31, 2019 Mortgage revenue bonds $ 20,879,500 $ 30,455,000 Governmental issuer loans 62,085,000 - Property loans 5,327,342 - Investment in unconsolidated entities 99,176,922 86,981,864 $ 187,468,764 $ 117,436,864 |
Investments in Mortgage Reven_2
Investments in Mortgage Revenue Bonds (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Schedule of investments in MRBs | The Partnership had the following investments in MRBs as of September 30, 2020 and December 31, 2019: September 30, 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 (4) CA $ 10,083,199 $ 2,360,586 $ - $ 12,443,785 Glenview Apartments - Series A (3) CA 4,496,129 973,537 - 5,469,666 Harmony Court Bakersfield - Series A (4) CA 3,676,474 825,077 - 4,501,551 Harmony Terrace - Series A (4) CA 6,805,898 1,638,021 - 8,443,919 Harden Ranch - Series A (2) CA 6,642,011 1,515,729 - 8,157,740 Las Palmas II - Series A (4) CA 1,668,247 387,698 - 2,055,945 Montclair Apartments - Series A (3) CA 2,435,805 588,172 - 3,023,977 Montecito at Williams Ranch Apartments - Series A (6) CA 7,640,285 2,228,796 - 9,869,081 Ocotillo Springs - Series A (6) CA 2,023,500 136,002 - 2,159,502 San Vicente - Series A (4) CA 3,439,838 749,936 - 4,189,774 Santa Fe Apartments - Series A (3) CA 2,950,886 723,204 - 3,674,090 Seasons at Simi Valley - Series A (4) CA 4,248,522 1,148,131 - 5,396,653 Seasons Lakewood - Series A (4) CA 7,249,761 1,744,848 - 8,994,609 Seasons San Juan Capistrano - Series A (4) CA 12,206,230 2,817,981 - 15,024,211 Summerhill - Series A (4) CA 6,330,829 1,390,308 - 7,721,137 Sycamore Walk - Series A (4) CA 3,528,394 824,890 - 4,353,284 The Village at Madera - Series A (4) CA 3,040,730 682,403 - 3,723,133 Tyler Park Townhomes - Series A (2) CA 5,785,729 986,191 - 6,771,920 Vineyard Gardens - Series A (6) CA 3,976,346 1,160,591 - 5,136,937 Westside Village Market - Series A (2) CA 3,780,963 856,081 - 4,637,044 Brookstone (1) IL 7,383,072 2,247,992 - 9,631,064 Copper Gate Apartments (2) IN 5,005,000 683,989 - 5,688,989 Renaissance - Series A (3) LA 10,904,002 3,564,144 - 14,468,146 Live 929 Apartments (6) MD 36,291,223 - - 36,291,223 Woodlynn Village (1) MN 4,146,000 14,592 - 4,160,592 Gateway Village (6) NC 2,600,000 140,475 - 2,740,475 Greens Property - Series A (2) NC 7,856,000 756,805 - 8,612,805 Lynnhaven Apartments (6) NC 3,450,000 186,399 - 3,636,399 Silver Moon - Series A (3) NM 7,714,309 1,874,494 - 9,588,803 Village at Avalon - Series A (5) NM 16,217,931 4,567,604 - 20,785,535 Ohio Properties - Series A (1) OH 13,758,000 63,719 - 13,821,719 Bridle Ridge (1) SC 7,235,000 77,658 - 7,312,658 Columbia Gardens (4) SC 12,941,555 2,668,577 - 15,610,132 Companion at Thornhill Apartments (4) SC 11,086,752 2,194,358 - 13,281,110 Cross Creek (1) SC 6,138,945 2,383,041 - 8,521,986 Rosewood Townhomes - Series A (6) SC 9,266,171 1,987,546 - 11,253,717 South Pointe Apartments - Series A (6) SC 21,567,811 4,626,185 - 26,193,996 The Palms at Premier Park Apartments (2) SC 18,675,219 3,044,617 - 21,719,836 Village at River's Edge (4) SC 9,820,327 1,738,232 - 11,558,559 Willow Run (4) SC 12,762,198 2,451,637 - 15,213,835 Arbors at Hickory Ridge (2) TN 10,948,055 2,529,443 - 13,477,498 Avistar at Copperfield - Series A (6) TX 13,848,985 2,878,107 - 16,727,092 Avistar at the Crest - Series A (2) TX 9,169,185 2,197,370 - 11,366,555 Avistar at the Oaks - Series A (2) TX 7,410,639 1,774,121 - 9,184,760 Avistar at the Parkway - Series A (3) TX 12,755,020 2,772,972 - 15,527,992 Avistar at Wilcrest - Series A (6) TX 5,248,485 965,784 - 6,214,269 Avistar at Wood Hollow - Series A (6) TX 39,851,626 7,804,810 - 47,656,436 Avistar in 09 - Series A (2) TX 6,398,800 1,560,811 - 7,959,611 Avistar on the Boulevard - Series A (2) TX 15,620,696 3,472,860 - 19,093,556 Avistar on the Hills - Series A (2) TX 5,073,490 1,237,538 - 6,311,028 Bruton Apartments (4) TX 17,708,333 3,228,263 - 20,936,596 Concord at Gulfgate - Series A (4) TX 18,842,536 4,685,473 - 23,528,009 Concord at Little York - Series A (4) TX 13,200,088 3,403,013 - 16,603,101 Concord at Williamcrest - Series A (4) TX 20,448,350 5,178,003 - 25,626,353 Crossing at 1415 - Series A (4) TX 7,350,633 1,745,850 - 9,096,483 Decatur Angle (4) TX 22,318,001 5,321,998 - 27,639,999 Esperanza at Palo Alto (4) TX 19,253,807 5,564,002 - 24,817,809 Heights at 515 - Series A (4) TX 6,729,631 1,540,848 - 8,270,479 Heritage Square - Series A (3) TX 10,608,706 2,082,726 - 12,691,432 Oaks at Georgetown - Series A (4) TX 12,161,844 2,269,126 - 14,430,970 Runnymede (1) TX 9,865,000 212,185 - 10,077,185 Southpark (1) TX 11,603,714 2,079,073 - 13,682,787 15 West Apartments (4) WA 9,622,192 3,105,572 - 12,727,764 Mortgage revenue bonds held in trust $ 632,867,107 $ 126,620,194 $ - $ 759,487,301 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 ( 2 ) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 ( 3 ) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 ( 4 ) MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 1 6 ( 5 ) ( 6 ) September 30, 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 CA $ 6,720,000 $ 2,263,726 $ - $ 8,983,726 Solano Vista - Series A CA 2,665,000 870,630 - 3,535,630 Greens Property - Series B NC 926,759 121,965 - 1,048,724 Arby Road Apartments - Series A NV 7,475,000 15,996 - 7,490,996 Ohio Properties - Series B OH 3,490,490 14,476 - 3,504,966 Rosewood Townhomes - Series B SC 469,855 2,694 - 472,549 South Pointe Apartments - Series B SC 1,099,660 6,305 - 1,105,965 Pro Nova 2014-1 TN 8,196,200 - - 8,196,200 Avistar at the Crest - Series B TX 737,241 133,980 - 871,221 Avistar at the Oaks - Series B TX 539,614 94,852 - 634,466 Avistar at the Parkway - Series B TX 124,059 42,955 - 167,014 Avistar in 09 - Series B TX 445,133 79,970 - 525,103 Avistar on the Boulevard - Series B TX 438,071 74,669 - 512,740 Mortgage revenue bonds held by the Partnership $ 33,327,082 $ 3,722,218 $ - $ 37,049,300 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 16 (2) MRBs held by Deutsche Bank in a debt financing transaction, Note 16 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 1 6 (5) (6) MRB held by Morgan Stanley in a debt financing transaction, see Note 16 (7) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, see Note 16 (8) As of the date presented, the MRB had been in a cumulative unrealized loss position 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 MRBs Acquisitions | Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Principal Acquired Arby Road Apartments - Series A (1) June Las Vegas, NV 180 10/1/2027 5.35 % $ 1,690,000 Arby Road Apartments - Series A (1) June Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 Ocotillo Springs - Series A (2) July Brawley, CA 75 8/1/2037 4.55% (3) 2,023,500 $ 9,498,500 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding during the nine months ended September 30, 2019: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Principal Outstanding at Date of Acquisition Gateway Village February Durham, NC 64 4/1/2032 6.10 % $ 2,600,000 Lynnhaven Apartments February Durham, NC 75 4/1/2032 6.10 % 3,450,000 Montevista - Series A June San Pablo, CA 82 7/1/2036 5.75 % 6,720,000 Montevista - Series B June San Pablo, CA 82 7/1/2021 5.75 % 6,480,000 $ 19,250,000 |
Schedule of MRB Redeemed | Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2020: Property Name Month Redeemed Property Location Units Original Maturity Date Interest Rate Principal Outstanding at Date of Redemption Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 Montevista - Series B August San Pablo, CA 82 7/1/2021 8.00 % 6,480,000 $ 9,583,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2019: Property Name Month Redeemed Property Location Units Original Maturity Date Interest Rate Principal Outstanding at Date of Redemption Seasons San Juan Capistrano - Series B January San Juan Capistrano, CA 112 1/1/2019 8.00 % $ 5,574,000 Courtyard - Series B April Fullerton, CA 108 6/1/2019 8.00 % 6,228,000 $ 11,802,000 |
Term of Mortgage Revenue Bond After Restructuring | The following MRBs were restructured during the nine months ended September 30, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows: Property Name Month Restructured Property Location Units Maturity Date Interest Rate Principal Outstanding at Date of Restructuring Avistar at Copperfield - Series B May Houston, TX 192 6/1/2054 12.00 % $ 4,000,000 Avistar at Wilcrest - Series B May Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series B May Austin, TX 409 6/1/2054 12.00 % 8,410,000 $ 13,960,000 |
Governmental Issuer Loans (Tabl
Governmental Issuer Loans (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Governmental Issuer Loans [Abstract] | |
Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans | The Partnership had the following investments and remaining funding commitments related to its GIL s as of September 30, 2020: As of September 30, 2020 Property Name Date Acquired Property Location Units Maturity Date Variable Interest Rate Current Interest Rate Amortized Cost Maximum Remaining Commitment Scharbauer Flats Apartments June 2020 Midland, TX 300 1/1/2023 (1) SIFMA + 3.10% 3.22% $ 40,000,000 $ - Oasis at Twin Lakes July 2020 Roseville, MN 228 8/1/2023 (2) SIFMA + 3.25% (3), (4) 3.75% 12,410,000 21,590,000 Centennial Crossings August 2020 Centennial, CO 209 9/1/2023 (2) SIFMA + 2.75% (4) 3.25% 9,675,000 23,405,000 $ 62,085,000 $ 44,995,000 (1) The borrower may automatically extend the maturity to July 2023 and may further extend the maturity to January 2024 upon payment of a non-refundable extension fee. (2) The borrower may extend the maturity date to for a period not to exceed six months upon payment of a non-refundable extension fee. (3) The variable rate decreases to SIFMA plus 2.25% upon completion of construction. (4) The SIFMA index interest rate component is subject to a floor of 0.50%. |
Public Housing Capital Fund T_2
Public Housing Capital Fund Trust ( "PHC") Certificates (Tables) | 9 Months Ended |
Sep. 30, 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) | 9 Months Ended |
Sep. 30, 2020 | |
Real Estate [Abstract] | |
Real Estate Assets Owned by Partnership | The following tables summarize information regarding the Partnership’s real estate assets as of September 30, 2020 and December 31, 2019: Real Estate Assets as of September 30, 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 $ 39,349,880 $ 42,549,148 The 50/50 MF Property Lincoln, NE 475 - 32,940,854 32,940,854 Land held for development (1) 1,675,997 - 1,675,997 $ 77,165,999 Less accumulated depreciation (17,486,887 ) Total real estate assets $ 59,679,112 (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) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019 and remaining equity commitment amounts as of September 30, 2020: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of September 30, 2020 Carrying Value as of December 31, 2019 Maximum Remaining Equity Commitment as of September 30, 2020 Vantage at Waco Waco, TX 288 August 2016 May 2018 $ - $ 9,337,166 $ - 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 April 2020 7,840,500 7,840,500 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 10,570,000 10,144,052 - Vantage at Germantown Germantown, TN 288 June 2018 March 2020 12,425,000 11,745,155 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 14,564,613 13,516,425 - Vantage at Coventry Omaha, NE 294 September 2018 N/A 9,007,435 9,007,435 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 10,151,000 8,078,519 - Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 8,043,132 5,016,811 - Vantage at Westover Hills San Antonio, TX 288 January 2020 N/A 7,824,302 - - Vantage at Tomball Tomball, TX 288 August 2020 N/A 6,455,139 - 4,056,333 3,180 $ 99,176,922 $ 86,981,864 $ 4,056,333 |
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 and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Property Revenues $ 3,501,288 $ 3,713,106 $ 8,971,999 $ 9,534,250 Gain on sale of property $ 372,974 $ 22,556,694 $ 6,635,966 $ 22,556,694 Net income (loss) $ (1,495,383 ) $ 21,606,621 $ 341,905 $ 20,918,176 |
Property Loans, Net of Loan L_2
Property Loans, Net of Loan Loss Allowances (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019: September 30, 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 Centennial Crossings (1) 3,017,729 - 3,017,729 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Live 929 Apartments 811,706 (811,706 ) - Ohio Properties 2,390,446 - 2,390,446 Scharbauer Flats Apartments (1) 2,309,613 - 2,309,613 Total $ 21,126,239 $ (8,205,520 ) $ 12,920,719 (1) 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 |
Summary of Property Loans and Remaining Funding Commitments | The following is a summary of property loans, and the remaining funding commitments, that were entered into during the first nine months of 2020 As of September 30, 2020 Property Name Date Committed Maturity Date Outstanding Balance Maximum Remaining Commitment Scharbauer Flats Apartments June 2020 1/1/2023 (1) $ 2,309,613 $ 21,850,387 Oasis at Twin Lakes July 2020 8/1/2023 (2) - 27,704,180 Centennial Crossings August 2020 9/1/2023 (2) 3,017,729 21,232,271 $ 5,327,342 $ 70,786,838 (1) (2) |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense (Benefit) | The following table summarizes income tax expense (benefit) for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Current income tax expense (benefit) $ (33,618 ) $ 13,932 $ 107,681 $ 129,095 Deferred income tax benefit (34,601 ) (82,167 ) (66,482 ) (138,331 ) Total income tax expense (benefit) $ (68,219 ) $ (68,235 ) $ 41,199 $ (9,236 ) |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table summarizes the other assets as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Deferred financing costs, net $ 430,578 $ 353,862 Fair value of derivative instruments (Note 18) 155,457 10,911 Taxable mortgage revenue bonds, at fair value 1,486,883 1,383,237 Bond purchase commitments, at fair value (Note 19) 256,222 - Operating lease right-of-use assets, net 1,650,360 1,673,242 Other assets 1,429,116 1,641,099 Total other assets $ 5,408,616 $ 5,062,351 |
Summary of Taxable MRB Acquired | The following table includes details of the taxable MRB acquired during the nine months ended September 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Principal Acquired Ocotillo Springs - Series A-T July Brawley, CA 75 8/1/2022 4.91% (1) $ - (2) (1) The taxable MRB has a variable interest rate equal to the 1-month LIBOR plus 3.55%, subject to a floor of 4.91%. (2) The Partnership has committed to provide total funding of the taxable MRB up to $7.0 million during construction and lease-up of the property on a drawdown basis. No funds have been advanced as of September 30, 2020. |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Accounts payable $ 425,445 $ 93,834 Accrued expenses 2,950,430 2,529,982 Accrued interest expense 3,037,449 2,690,076 Operating lease liabilities 2,142,308 2,138,783 Other liabilities 1,441,582 1,583,492 Total accounts payable, accrued expenses and other liabilities $ 9,997,214 $ 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 September 30, 2020: Remainder of 2020 $ 33,785 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,274 Total 5,113,093 Less: Amount representing interest (2,970,785 ) Total operating lease liabilities $ 2,142,308 |
Unsecured Lines of Credit (Tabl
Unsecured Lines of Credit (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Unsecured Lines of Credit [Member] | |
Summary of Unsecured Lines of Credit | The following tables summarize the unsecured lines of credit (“LOC”) as of September 30, 2020 and December 31, 2019: Unsecured Lines of Credit Outstanding as of September 30, 2020 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 11,843,000 $ 50,000,000 June 2022 Variable (1) Monthly 2.66 % Bankers Trust operating - 10,000,000 June 2022 Variable (1) Monthly 3.41 % Total unsecured lines of credit $ 11,843,000 $ 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) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 and December 31, 2019: Outstanding Debt Financings as of September 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,134,588 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,624,164 4,999 2014 July 2024 Weekly SIFMA 0.15% 1.38% 1.53% Fixed - M33 30,941,969 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 216,280,562 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,135,193 78,729,063 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,756,362 - 2020 July 2022 Weekly SIFMA 0.37% 0.89% 1.26% Variable - TOB 122,881,252 - 2019 July 2023 Weekly SIFMA 0.32% - 0.54% 1.17% - 1.67% 1.49% - 2.21% Variable - TOB 60,477,672 - 2020 September 2023 (4) Weekly OBFR 0.37% 0.89% 1.26% Morgan Stanley: Fixed - Term TOB 13,016,939 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 667,248,701 (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) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2020. (4) Date represents the stated maturity date of the related liquidity and credit enhancement facilities which is the effective maturity of the TOB Trust financing. 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 Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 |
Summary of Mizuho TOB Trust Financings | The following is a summary of the Mizuho TOB Trust financings that were entered into during the first nine months of 2020: TOB Trusts Securitization TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Avistar at Copperfield - Series A $ 11,818,000 May 2021 Weekly SIFMA 1.67% Avistar at Wilcrest - Series A 4,479,000 May 2021 Weekly SIFMA 1.67% Avistar at Wood Hollow - Series A 34,007,000 May 2021 Weekly SIFMA 1.67% Gateway Village 2,184,000 May 2021 Weekly SIFMA 1.67% Lynnhaven 2,898,000 May 2021 Weekly SIFMA 1.67% Ocotillo Springs - Series A 1,818,000 July 2022 Weekly SIFMA 0.89% Oasis at Twin Lakes GIL (1) 11,160,000 July 2023 Weekly SIFMA 0.89% Scharbauer Flats Apartments GIL (1) 36,000,000 July 2023 Weekly SIFMA 0.89% Centennial Crossings GIL (1) 8,707,000 August 2023 Weekly SIFMA 0.89% Scharbauer Flats, Twin Lakes, & Centennial Crossings GILs (1) 55,870,000 September 2023 Weekly OBFR 0.89% Scharbauer Flats & Centennial Crossings Property Loans 4,790,000 September 2023 Weekly OBFR 0.89% Total TOB Trust Financing $ 173,731,000 (1) TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total TOB Trust Financing $ 104,056,000 |
Summary of Deutsche Bank Term A/B and Term TOB Trust Financings and Debt Financing Facilities Collapsed and Paid Off or Redeemed | The following is a summary of the Deutsche Bank Term A/B and Term TOB Trust financings that were collapsed and paid off in April 2020: Debt Financing Debt Facility Month Paydown Applied Avistar at Copperfield - Series A Term A/B Trust April 2020 $ 8,417,739 Avistar at Wilcrest - Series A Term A/B Trust April 2020 3,162,435 Avistar at Wood Hollow - Series A Term A/B Trust April 2020 26,860,536 Gateway Village Term A/B Trust April 2020 2,262,000 Lynnhaven Term A/B Trust April 2020 3,001,500 Pro Nova 2014-1 Term TOB April 2020 8,010,000 $ 51,714,210 The following debt financing facilities were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300 |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings as of September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 1,650,787 2021 6,129,456 2022 21,232,689 2023 187,223,816 2024 87,839,152 Thereafter 365,616,422 Total 669,692,322 Unamortized deferred financing costs and debt premium (2,443,621 ) Total debt financing, net $ 667,248,701 |
Mortgages Payable and Other S_2
Mortgages Payable and Other Secured Financing (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2020 and December 31, 2019: Outstanding Debt Financings as of September 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,134,588 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,624,164 4,999 2014 July 2024 Weekly SIFMA 0.15% 1.38% 1.53% Fixed - M33 30,941,969 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 216,280,562 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,135,193 78,729,063 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,756,362 - 2020 July 2022 Weekly SIFMA 0.37% 0.89% 1.26% Variable - TOB 122,881,252 - 2019 July 2023 Weekly SIFMA 0.32% - 0.54% 1.17% - 1.67% 1.49% - 2.21% Variable - TOB 60,477,672 - 2020 September 2023 (4) Weekly OBFR 0.37% 0.89% 1.26% Morgan Stanley: Fixed - Term TOB 13,016,939 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 667,248,701 (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) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2020. (4) Date represents the stated maturity date of the related liquidity and credit enhancement facilities which is the effective maturity of the TOB Trust financing. 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 Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings as of September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 1,650,787 2021 6,129,456 2022 21,232,689 2023 187,223,816 2024 87,839,152 Thereafter 365,616,422 Total 669,692,322 Unamortized deferred financing costs and debt premium (2,443,621 ) Total debt financing, net $ 667,248,701 |
Mortgages payable [Member] | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of September 30, 2020 and December 31, 2019: MF Property Mortgage Payables Outstanding Mortgage Payable as of September 30, 2020, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Period End Rate The 50/50 MF Property--TIF Loan $ 2,680,639 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,595,251 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,275,890 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 September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 287,779 2021 832,032 2022 869,313 2023 908,265 2024 946,246 Thereafter 22,433,983 Total 26,277,618 Unamortized deferred financing costs (1,728 ) Total mortgages payable and other secured financings, net $ 26,275,890 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Total Return Swaps [Member] | |
Summary of Partnership's Derivative Instruments | The following table summarizes the terms of the Partnership’s total return swaps as of September 30, 2020: Purchase Date Notional Amount Effective Date Termination Date Period End Variable Rate Paid Period End Variable Rate Received Variable Rate Index Counterparty Fair Value as of September 30, 2020 Sept 2020 40,000,000 Sept 2020 Sept 2025 4.25% (1) 9.22% (3) 3-month LIBOR Mizuho Capital Markets $ 38,675 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00% (2) 9.22% (3) 3-month LIBOR Mizuho Capital Markets 101,525 $ 140,200 (1) (2) (3) |
Interest Rate Cap Agreements [Member] | |
Summary of Partnership's Derivative Instruments | The following tables summarize the Partnership’s interest rate cap agreements as of September 30, 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 September 30, 2020 Aug 2019 78,362,798 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 15,257 $ 15,257 (1) See Notes 16 and 23 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 Notes 16 and 23 for additional details. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Partnership's Bond Purchase Commitments | The following table summarizes the Partnership’s bond purchase commitments as of September 30, 2020: Bond Purchase Commitments Commitment Date Maximum Committed Amounts Remaining Rate Estimated Closing Date Fair Value as of September 30, 2020 CCBA Senior Garden Apartments July 2020 $ 3,807,000 4.50 % Q3 2022 $ 256,222 Total $ 3,807,000 $ 256,222 |
Summary of Partnership's Maximum Exposure Under Guarantee Agreements | The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of September 30, 2020: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of September 30, 2020 Partnership's Maximum Exposure as of September 30, 2020 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 30,501,955 $ 15,250,978 (1) Vantage at Coventry 2018 31,500,000 26,665,010 26,665,010 (1) (1) The Partnership’s maximum exposure will decrease to 50% 25% Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of September 30, 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) | 9 Months Ended |
Sep. 30, 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 September 30, 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 September 30, 2020 and December 31, 2019 9,450,000 $ 94,500,000 |
Restricted Unit Awards (Tables)
Restricted Unit Awards (Tables) | 9 Months Ended |
Sep. 30, 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 nine months ended September 30, 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 September 30, 2020 290,000 $ 4.98 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Partnership administrative fees paid to AFCA 2 (1) $ 922,000 $ 914,000 $ 2,653,000 $ 2,714,000 Property management fees paid to an affiliate (2) - 28,000 - 101,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 6,000 12,000 47,000 44,000 (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, GILs, 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, provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). Burlington Capital Properties, LLC ceased to be a related party of the Partnership effective September 10, 2019. The disclosed amounts are only for property management fees earned during the periods that Burlington Capital Properties, LLC was considered a related party of the Partnership. The property management fees are “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, GILs and certain property loans and affiliates for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Non-Partnership property administrative fees received by AFCA 2 (1) 9,000 9,000 $ 27,000 $ 27,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,414,000 - 2,277,000 822,000 (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, GILs, property loans and investments in unconsolidated entities. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Measurements [Abstract] | |
Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments | The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of September 30, 2020 and December 31, 2019 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Mortgage revenue bonds 1.5% - 8.8% 2.4% - 8.5% 3.0 % 3.8 % Taxable mortgage revenue bonds 7.6% - 7.7% 8.7% - 8.9% 7.6 % 8.8 % Bond purchase commitments 3.9% N/A 3.9 % N/A (1) Weighted by the total principal outstanding of all the respective securities as of the reporting date |
Summary of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis as of September 30, 2020 are summarized as follows: Fair Value Measurements as of September 30, 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 $ 759,487,301 $ - $ - $ 759,487,301 Mortgage revenue bonds 37,049,300 - - 37,049,300 Bond purchase commitments (reported within other assets) 256,222 - - 256,222 Taxable mortgage revenue bonds (reported within other assets) 1,486,883 - - 1,486,883 Derivative instruments (reported within other assets) 155,457 - - 155,457 Total Assets at Fair Value, net $ 798,435,163 $ - $ - $ 798,435,163 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 and nine months ended September 30, 2020: For the Three Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2020 $ 787,624,971 $ - $ - $ 1,456,279 $ 29,826 $ 789,111,076 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 34,954 - - - 125,631 160,585 Included in earnings (impairment of securities and provision for credit loss) (3,463,253 ) - - - - (3,463,253 ) Included in other comprehensive income 18,248,391 256,222 - 32,840 - 18,537,453 Purchases 2,023,500 - - - - 2,023,500 Settlements (7,931,962 ) - - (2,236 ) - (7,934,198 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2020 $ (3,463,253 ) $ - $ - $ - $ (14,569 ) $ (3,477,822 ) (1) For the Nine Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives 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) 90,194 - (7,219 ) - 244,479 327,454 Included in earnings (impairment of securities and provision for credit loss) (5,285,609 ) - - - - (5,285,609 ) Included in earnings (gain on sale of securities) - - 1,416,023 - - 1,416,023 Included in other comprehensive (loss) income 32,457,107 256,222 (1,408,804 ) 110,206 - 31,414,731 Purchases 9,513,450 - - - - 9,513,450 Sale of securities - - (43,349,357 ) - - (43,349,357 ) Settlements (13,836,006 ) - - (6,560 ) (99,933 ) (13,942,499 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2020 $ (5,285,609 ) $ - $ - $ - $ 104,279 $ (5,181,330 ) The following table summarizes the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2019: For the Three Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,542 2,915 - (68,333 ) (29,876 ) Included in other comprehensive (loss) income 18,886,878 173,374 (11,936 ) - 19,048,316 Purchases - - - 29,527 29,527 Settlements (1,166,407 ) (2,007,937 ) (2,044 ) (26,868 ) (3,203,256 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (68,333 ) $ (68,333 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Nine Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2019 $ 732,153,435 $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 106,909 (795 ) - (458,141 ) (352,027 ) Included in other comprehensive income 41,280,568 788,318 43,438 - 42,112,324 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (15,508,192 ) (4,775,103 ) (25,997 ) (145,414 ) (20,454,706 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (458,141 ) $ (458,141 ) |
Summary of Fair Value of Partnership's Financial Liabilities | The table below summarizes the fair value of the Partnership’s financial liabilities as of September 30 , 2020 and December 31, 201 9 : September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 679,091,701 $ 711,968,025 $ 549,397,421 $ 568,193,494 Mortgages payable and other secured financing 26,275,890 26,277,618 26,802,246 26,812,851 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 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 and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues Mortgage Revenue Bond Investments $ 10,763,544 $ 10,383,867 $ 31,216,575 $ 31,074,582 MF Properties 1,548,931 1,974,546 5,358,132 6,002,971 Public Housing Capital Fund Trusts - 589,024 174,470 1,812,779 Other Investments 1,527,472 1,918,265 5,305,324 7,986,302 Total revenues $ 13,839,947 $ 14,865,702 $ 42,054,501 $ 46,876,634 Interest expense Mortgage Revenue Bond Investments $ 4,813,114 $ 5,789,009 $ 14,908,641 $ 16,894,378 MF Properties 292,318 365,995 906,082 1,096,016 Public Housing Capital Fund Trusts - 354,017 197,993 1,120,482 Other Investments - - - - Total interest expense $ 5,105,432 $ 6,509,021 $ 16,012,716 $ 19,110,876 Depreciation expense Mortgage Revenue Bond Investments $ 4,688 $ - $ 10,471 $ - MF Properties 715,095 743,503 2,130,831 2,380,815 Public Housing Capital Fund Trusts - - - - Other Investments - - - - Total depreciation expense $ 719,783 $ 743,503 $ 2,141,302 $ 2,380,815 Net income (loss) Mortgage Revenue Bond Investments $ (1,852,974 ) $ (2,492,643 ) $ 888,856 $ 1,836,196 MF Properties (834,648 ) (434,099 ) (1,172,961 ) (946,230 ) Public Housing Capital Fund Trusts - 235,007 1,390,999 692,297 Other Investments 1,527,605 12,399,638 5,303,194 18,463,643 Net income (loss) $ (1,160,017 ) $ 9,707,903 $ 6,410,088 $ 20,045,906 The following table details total assets for the Partnership’s reportable segments as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Total assets Mortgage Revenue Bond Investments $ 1,111,594,864 $ 918,301,172 MF Properties 68,432,579 70,569,646 Public Housing Capital Fund Trusts - 43,591,048 Other Investments 99,223,160 87,098,315 Consolidation/eliminations (104,625,735 ) (90,391,673 ) Total assets $ 1,174,624,868 $ 1,029,168,508 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | Sep. 30, 2020USD ($)Property | Dec. 31, 2019USD ($) |
Summary Of Significant Accounting Policies [Line Items] | ||
Allowance for loan loss | $ 8,205,520 | $ 7,393,814 |
Property Loans [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Allowance for potential loss | 0 | |
Allowance for loan loss | $ 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) | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Dilutive BUCs | 0 | 0 | 0 | 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - Property | Sep. 30, 2020 | Dec. 31, 2019 |
Variable Interest Entities [Abstract] | ||
Number of Variable Interest Entities | 20 | 17 |
Variable Interest Entities - Va
Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 187,468,764 | $ 117,436,864 |
Mortgage Revenue Bonds [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 20,879,500 | 30,455,000 |
Governmental Issuer Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 62,085,000 | |
Property Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 5,327,342 | |
Investment in Unconsolidated Entities [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 99,176,922 | $ 86,981,864 |
Investments in Mortgage Reven_3
Investments in Mortgage Revenue Bonds - Schedule of investments in MRBs (Details) - USD ($) | Sep. 30, 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 | $ 632,867,107 | $ 648,445,150 | |||
Cumulative Unrealized Gain | 126,620,194 | 95,795,445 | |||
Cumulative Unrealized Loss | (652,880) | ||||
Estimated Fair Value | 759,487,301 | 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] | 10,083,199 | 10,147,686 | ||
Cumulative Unrealized Gain | [1] | 2,360,586 | 1,602,534 | ||
Estimated Fair Value | [1] | 12,443,785 | 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] | 4,496,129 | 4,533,958 | ||
Cumulative Unrealized Gain | [2] | 973,537 | 757,900 | ||
Estimated Fair Value | [2] | 5,469,666 | 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] | 3,676,474 | 3,699,987 | ||
Cumulative Unrealized Gain | [1] | 825,077 | 549,211 | ||
Estimated Fair Value | [1] | 4,501,551 | 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] | 6,805,898 | 6,849,214 | ||
Cumulative Unrealized Gain | [1] | 1,638,021 | 1,121,262 | ||
Estimated Fair Value | [1] | 8,443,919 | 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] | 6,642,011 | 6,700,868 | ||
Cumulative Unrealized Gain | [3] | 1,515,729 | 1,281,980 | ||
Estimated Fair Value | [3] | 8,157,740 | 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] | 1,668,247 | 1,679,022 | ||
Cumulative Unrealized Gain | [1] | 387,698 | 263,441 | ||
Estimated Fair Value | [1] | 2,055,945 | 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] | 2,435,805 | 2,456,298 | ||
Cumulative Unrealized Gain | [2] | 588,172 | 446,558 | ||
Estimated Fair Value | [2] | 3,023,977 | 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 | 7,640,285 | [4] | 7,681,146 | [5] | |
Cumulative Unrealized Gain | 2,228,796 | [4] | 1,580,303 | [5] | |
Estimated Fair Value | 9,869,081 | [4] | 9,261,449 | [5] | |
Mortgage Revenue Bonds Held In Trust [Member] | Ocotillo Springs [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | [4] | 2,023,500 | |||
Cumulative Unrealized Gain | [4] | 136,002 | |||
Estimated Fair Value | [4] | 2,159,502 | |||
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] | 3,439,838 | 3,462,053 | ||
Cumulative Unrealized Gain | [1] | 749,936 | 510,593 | ||
Estimated Fair Value | [1] | 4,189,774 | 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] | 2,950,886 | 2,975,713 | ||
Cumulative Unrealized Gain | [2] | 723,204 | 540,988 | ||
Estimated Fair Value | [2] | 3,674,090 | 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] | 4,248,522 | 4,282,477 | ||
Cumulative Unrealized Gain | [1] | 1,148,131 | 860,856 | ||
Estimated Fair Value | [1] | 5,396,653 | 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] | 7,249,761 | 7,295,901 | ||
Cumulative Unrealized Gain | [1] | 1,744,848 | 1,124,372 | ||
Estimated Fair Value | [1] | 8,994,609 | 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] | 12,206,230 | 12,283,916 | ||
Cumulative Unrealized Gain | [1] | 2,817,981 | 1,893,075 | ||
Estimated Fair Value | [1] | 15,024,211 | 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] | 6,330,829 | 6,371,318 | ||
Cumulative Unrealized Gain | [1] | 1,390,308 | 797,228 | ||
Estimated Fair Value | [1] | 7,721,137 | 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] | 3,528,394 | 3,559,011 | ||
Cumulative Unrealized Gain | [1] | 824,890 | 567,713 | ||
Estimated Fair Value | [1] | 4,353,284 | 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] | 3,040,730 | 3,060,177 | ||
Cumulative Unrealized Gain | [1] | 682,403 | 454,240 | ||
Estimated Fair Value | [1] | 3,723,133 | 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] | 5,785,729 | 5,837,595 | ||
Cumulative Unrealized Gain | [3] | 986,191 | 864,894 | ||
Estimated Fair Value | [3] | 6,771,920 | 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 | 3,976,346 | [4] | 3,995,000 | [5] | |
Cumulative Unrealized Gain | 1,160,591 | [4] | 815,213 | [5] | |
Estimated Fair Value | 5,136,937 | [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] | 3,780,963 | 3,814,857 | ||
Cumulative Unrealized Gain | [3] | 856,081 | 594,361 | ||
Estimated Fair Value | [3] | 4,637,044 | 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] | 7,383,072 | 7,406,755 | ||
Cumulative Unrealized Gain | [6] | 2,247,992 | 2,194,994 | ||
Estimated Fair Value | [6] | 9,631,064 | 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] | 683,989 | 682,497 | ||
Estimated Fair Value | [3] | 5,688,989 | 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] | 10,904,002 | 11,001,027 | ||
Cumulative Unrealized Gain | [2] | 3,564,144 | 1,775,086 | ||
Estimated Fair Value | [2] | 14,468,146 | 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 | 36,291,223 | [4] | 39,984,026 | [5],[7] | |
Cumulative Unrealized Loss | [5],[7] | (280,711) | |||
Estimated Fair Value | 36,291,223 | [4] | 39,703,315 | [5],[7] | |
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] | 4,146,000 | 4,172,000 | ||
Cumulative Unrealized Gain | [6] | 14,592 | 44,510 | ||
Estimated Fair Value | [6] | 4,160,592 | 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 | 2,600,000 | [5] | 2,600,000 | [8] | |
Cumulative Unrealized Gain | 140,475 | [5] | 509,901 | [8] | |
Estimated Fair Value | 2,740,475 | [5] | 3,109,901 | [8] | |
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] | 7,856,000 | 7,936,000 | ||
Cumulative Unrealized Gain | [3] | 756,805 | 845,678 | ||
Estimated Fair Value | [3] | 8,612,805 | 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 | 3,450,000 | [5] | 3,450,000 | [8] | |
Cumulative Unrealized Gain | 186,399 | [5] | 393,686 | [8] | |
Estimated Fair Value | 3,636,399 | [5] | 3,843,686 | [8] | |
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] | 7,714,309 | 7,762,116 | ||
Cumulative Unrealized Gain | [2] | 1,874,494 | 1,166,748 | ||
Estimated Fair Value | [2] | 9,588,803 | 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 | 16,217,931 | [9] | 16,302,038 | [10] | |
Cumulative Unrealized Gain | 4,567,604 | [9] | 3,131,843 | [10] | |
Estimated Fair Value | 20,785,535 | [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] | 13,758,000 | 13,857,000 | ||
Cumulative Unrealized Gain | [6] | 63,719 | 48,813 | ||
Estimated Fair Value | [6] | 13,821,719 | 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] | 7,235,000 | 7,315,000 | ||
Cumulative Unrealized Gain | [6] | 77,658 | 113,469 | ||
Estimated Fair Value | [6] | 7,312,658 | 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] | 12,941,555 | 13,064,589 | ||
Cumulative Unrealized Gain | [1] | 2,668,577 | 2,179,744 | ||
Estimated Fair Value | [1] | 15,610,132 | 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] | 11,086,752 | 11,178,557 | ||
Cumulative Unrealized Gain | [1] | 2,194,358 | 1,709,040 | ||
Estimated Fair Value | [1] | 13,281,110 | 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] | 6,138,945 | 6,143,976 | ||
Cumulative Unrealized Gain | [6] | 2,383,041 | 2,507,072 | ||
Estimated Fair Value | [6] | 8,521,986 | 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] | 18,675,219 | 18,838,478 | ||
Cumulative Unrealized Gain | [3] | 3,044,617 | 2,799,411 | ||
Estimated Fair Value | [3] | 21,719,836 | 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] | 9,820,327 | 9,872,297 | ||
Cumulative Unrealized Gain | [1] | 1,738,232 | 2,236,259 | ||
Estimated Fair Value | [1] | 11,558,559 | 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] | 12,762,198 | 12,884,191 | ||
Cumulative Unrealized Gain | [1] | 2,451,637 | 2,100,598 | ||
Estimated Fair Value | [1] | 15,213,835 | 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] | 10,948,055 | 11,056,825 | ||
Cumulative Unrealized Gain | [3] | 2,529,443 | 1,934,146 | ||
Estimated Fair Value | [3] | 13,477,498 | 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 | 9,266,171 | [4] | 9,280,000 | [5] | |
Cumulative Unrealized Gain | 1,987,546 | [4] | 316,916 | [5] | |
Estimated Fair Value | 11,253,717 | [4] | 9,596,916 | [5] | |
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 | 21,567,811 | [4] | 21,600,000 | [5] | |
Cumulative Unrealized Gain | 4,626,185 | [4] | 835,005 | [5] | |
Estimated Fair Value | 26,193,996 | [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 | 13,848,985 | [5] | 13,945,681 | [8] | |
Cumulative Unrealized Gain | 2,878,107 | [5] | 2,356,231 | [8] | |
Estimated Fair Value | 16,727,092 | [5] | 16,301,912 | [8] | |
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] | 9,169,185 | 9,252,257 | ||
Cumulative Unrealized Gain | [3] | 2,197,370 | 1,715,456 | ||
Estimated Fair Value | [3] | 11,366,555 | 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] | 7,410,639 | 7,475,794 | ||
Cumulative Unrealized Gain | [3] | 1,774,121 | 1,336,580 | ||
Estimated Fair Value | [3] | 9,184,760 | 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] | 12,755,020 | 12,854,039 | ||
Cumulative Unrealized Gain | [2] | 2,772,972 | 2,065,468 | ||
Estimated Fair Value | [2] | 15,527,992 | 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 | 5,248,485 | [5] | 5,285,131 | [8] | |
Cumulative Unrealized Gain | 965,784 | [5] | 806,523 | [8] | |
Estimated Fair Value | 6,214,269 | [5] | 6,091,654 | [8] | |
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 | 39,851,626 | [5] | 40,129,878 | [8] | |
Cumulative Unrealized Gain | 7,804,810 | [5] | 6,450,704 | [8] | |
Estimated Fair Value | 47,656,436 | [5] | 46,580,582 | [8] | |
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] | 6,398,800 | 6,455,058 | ||
Cumulative Unrealized Gain | [3] | 1,560,811 | 1,125,239 | ||
Estimated Fair Value | [3] | 7,959,611 | 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] | 15,620,696 | 15,762,217 | ||
Cumulative Unrealized Gain | [3] | 3,472,860 | 2,648,781 | ||
Estimated Fair Value | [3] | 19,093,556 | 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] | 5,073,490 | 5,118,097 | ||
Cumulative Unrealized Gain | [3] | 1,237,538 | 938,032 | ||
Estimated Fair Value | [3] | 6,311,028 | 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] | 17,708,333 | 17,807,768 | ||
Cumulative Unrealized Gain | [1] | 3,228,263 | 3,534,702 | ||
Estimated Fair Value | [1] | 20,936,596 | 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] | 18,842,536 | 18,975,786 | ||
Cumulative Unrealized Gain | [1] | 4,685,473 | 3,572,995 | ||
Estimated Fair Value | [1] | 23,528,009 | 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] | 13,200,088 | 13,293,436 | ||
Cumulative Unrealized Gain | [1] | 3,403,013 | 2,624,054 | ||
Estimated Fair Value | [1] | 16,603,101 | 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] | 20,448,350 | 20,592,957 | ||
Cumulative Unrealized Gain | [1] | 5,178,003 | 3,971,001 | ||
Estimated Fair Value | [1] | 25,626,353 | 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] | 7,350,633 | 7,405,406 | ||
Cumulative Unrealized Gain | [1] | 1,745,850 | 1,229,438 | ||
Estimated Fair Value | [1] | 9,096,483 | 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] | 22,318,001 | 22,455,747 | ||
Cumulative Unrealized Gain | [1] | 5,321,998 | 4,198,200 | ||
Estimated Fair Value | [1] | 27,639,999 | 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] | 19,253,807 | 19,356,959 | ||
Cumulative Unrealized Gain | [1] | 5,564,002 | 4,111,518 | ||
Estimated Fair Value | [1] | 24,817,809 | 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] | 6,729,631 | 6,779,777 | ||
Cumulative Unrealized Gain | [1] | 1,540,848 | 1,154,387 | ||
Estimated Fair Value | [1] | 8,270,479 | 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] | 10,608,706 | 10,695,037 | ||
Cumulative Unrealized Gain | [2] | 2,082,726 | 1,455,672 | ||
Estimated Fair Value | [2] | 12,691,432 | 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] | 12,161,844 | 12,239,247 | ||
Cumulative Unrealized Gain | [1] | 2,269,126 | 1,645,817 | ||
Estimated Fair Value | [1] | 14,430,970 | 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] | 9,865,000 | 9,925,000 | ||
Cumulative Unrealized Gain | [6] | 212,185 | 80,343 | ||
Estimated Fair Value | [6] | 10,077,185 | 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] | 11,603,714 | 11,548,337 | ||
Cumulative Unrealized Gain | [6] | 2,079,073 | 2,334,262 | ||
Estimated Fair Value | [6] | 13,682,787 | 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] | 9,622,192 | 9,673,117 | ||
Cumulative Unrealized Gain | [1] | 3,105,572 | 2,287,904 | ||
Estimated Fair Value | [1] | 12,727,764 | 11,961,021 | ||
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 | [7],[8] | 10,022,352 | |||
Cumulative Unrealized Loss | [7],[8] | (372,169) | |||
Estimated Fair Value | [7],[8] | 9,650,183 | |||
Mortgage Revenue Bonds [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 33,327,082 | 27,267,010 | |||
Cumulative Unrealized Gain | 3,722,218 | 2,742,740 | |||
Estimated Fair Value | 37,049,300 | 30,009,750 | |||
Mortgage Revenue Bonds [Member] | Greens Property [Member] | Series B [Member] | NC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 926,759 | 930,016 | |||
Cumulative Unrealized Gain | 121,965 | 142,265 | |||
Estimated Fair Value | 1,048,724 | 1,072,281 | |||
Mortgage Revenue Bonds [Member] | Ohio Properties [Member] | Series B [Member] | OH [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 3,490,490 | 3,504,171 | |||
Cumulative Unrealized Gain | 14,476 | 10,363 | |||
Estimated Fair Value | 3,504,966 | 3,514,534 | |||
Mortgage Revenue Bonds [Member] | Rosewood Townhomes [Member] | Series B [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 469,855 | 470,000 | |||
Cumulative Unrealized Gain | 2,694 | 1,685 | |||
Estimated Fair Value | 472,549 | 471,685 | |||
Mortgage Revenue Bonds [Member] | South Pointe Apartments [Member] | Series B [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 1,099,660 | 1,100,000 | |||
Cumulative Unrealized Gain | 6,305 | 2,952 | |||
Estimated Fair Value | 1,105,965 | 1,102,952 | |||
Mortgage Revenue Bonds [Member] | Avistar at the Crest [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 737,241 | 740,876 | |||
Cumulative Unrealized Gain | 133,980 | 94,819 | |||
Estimated Fair Value | 871,221 | 835,695 | |||
Mortgage Revenue Bonds [Member] | Avistar at the Oaks [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 539,614 | 542,170 | |||
Cumulative Unrealized Gain | 94,852 | 65,455 | |||
Estimated Fair Value | 634,466 | 607,625 | |||
Mortgage Revenue Bonds [Member] | Avistar at the Parkway [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 124,059 | 124,305 | |||
Cumulative Unrealized Gain | 42,955 | 38,045 | |||
Estimated Fair Value | 167,014 | 162,350 | |||
Mortgage Revenue Bonds [Member] | Avistar in 09 [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 445,133 | 447,241 | |||
Cumulative Unrealized Gain | 79,970 | 53,995 | |||
Estimated Fair Value | 525,103 | 501,236 | |||
Mortgage Revenue Bonds [Member] | Avistar on the Boulevard [Member] | Series B [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 438,071 | 440,231 | |||
Cumulative Unrealized Gain | 74,669 | 53,056 | |||
Estimated Fair Value | 512,740 | 493,287 | |||
Mortgage Revenue Bonds [Member] | Montevista [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 6,720,000 | ||||
Cumulative Unrealized Gain | 2,263,726 | ||||
Estimated Fair Value | 8,983,726 | ||||
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 | ||||
Cumulative Unrealized Gain | 1,654,870 | ||||
Estimated Fair Value | 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 | 870,630 | ||||
Estimated Fair Value | 3,535,630 | ||||
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 | ||||
Mortgage Revenue Bonds [Member] | Arby Road Apartments [Member] | Series A [Member] | NEVADA | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 7,475,000 | ||||
Cumulative Unrealized Gain | 15,996 | ||||
Estimated Fair Value | 7,490,996 | ||||
Mortgage Revenue Bonds [Member] | Pro Nova 2014-1 [Member] | TN [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns and Allowances | 8,196,200 | ||||
Estimated Fair Value | $ 8,196,200 | ||||
[1] | MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 1 6 | ||||
[2] | MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 | ||||
[3] | MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 | ||||
[4] | MRBs held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16 | ||||
[5] | MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, see Note 16 | ||||
[6] | MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 | ||||
[7] | As of the date presented, the MRB had been in a cumulative unrealized loss position for less than 12 consecutive months. | ||||
[8] | MRBs held by Deutsche Bank in a debt financing transaction, Note 16 | ||||
[9] | MRB held by Morgan Stanley in a debt financing transaction, Note 16 | ||||
[10] | MRB held by Morgan Stanley in a debt financing transaction, see Note 16 |
Investments in Mortgage Reven_4
Investments in Mortgage Revenue Bonds - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020 | Sep. 30, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Provision for credit loss | $ 3,463,253 | $ 5,285,609 |
Live 929 Apartments and Pro Nova 2014-1 [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Provision for credit loss | $ 5,300,000 | |
Live 929 Apartments [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Provision for credit loss | $ 3,500,000 |
Investments in Mortgage Reven_5
Investments in Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details) | 9 Months Ended | ||
Sep. 30, 2020USD ($)Unit | Sep. 30, 2019USD ($)Unit | ||
Schedule Of Available For Sale Securities [Line Items] | |||
Units | Unit | 3,180 | ||
Principal Acquired | $ | $ 9,498,500 | $ 19,250,000 | |
Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | [1] | June | |
Units | Unit | [1] | 180 | |
Maturity Date | [1] | Oct. 1, 2027 | |
Interest Rate | [1] | 5.35% | |
Principal Acquired | $ | [1] | $ 1,690,000 | |
Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | [1] | June | |
Units | Unit | [1] | 180 | |
Maturity Date | [1] | Apr. 1, 2041 | |
Interest Rate | [1] | 5.50% | |
Principal Acquired | $ | [1] | $ 5,785,000 | |
Ocotillo Springs [Member] | Series A [Member] | Brawley, CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | [2] | July | |
Units | Unit | [2] | 75 | |
Maturity Date | [2] | Aug. 1, 2037 | |
Interest Rate | [2],[3] | 4.55% | |
Principal Acquired | $ | [2] | $ 2,023,500 | |
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 | ||
Interest Rate | 6.10% | ||
Principal Acquired | $ | $ 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 | ||
Interest Rate | 6.10% | ||
Principal Acquired | $ | $ 3,450,000 | ||
Montevista [Member] | Series A [Member] | San Pablo, CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | June | ||
Units | Unit | 82 | ||
Maturity Date | Jul. 1, 2036 | ||
Interest Rate | 5.75% | ||
Principal Acquired | $ | $ 6,720,000 | ||
Montevista [Member] | Series B [Member] | San Pablo, CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | June | ||
Units | Unit | 82 | ||
Maturity Date | Jul. 1, 2021 | ||
Interest Rate | 5.75% | ||
Principal Acquired | $ | $ 6,480,000 | ||
[1] | Both MRBs are part of the same series but have different interest rates and maturity dates. | ||
[2] | The Partnership has committed to provide total funding of | ||
[3] | The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25%, subject to a floor of 4.55%, during construction of the project until stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35%. |
Investments in Mortgage Reven_6
Investments in Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Parenthetical) (Details) - Mortgage Revenue Bonds [Member] - Ocotillo Springs [Member] - Brawley, CA [Member] | Sep. 30, 2020USD ($) |
Schedule Of Available For Sale Securities [Line Items] | |
Maximum amount committed to fund | $ 15,000,000 |
Maximum balance of mortgage revenue bonds after stabilization | $ 3,500,000 |
LIBOR [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Variable interest rate | 3.25% |
Floor rate | 4.55% |
Fixed interest rate | 4.35% |
Investments in Mortgage Reven_7
Investments in Mortgage Revenue Bonds - Schedule of MRB Redeemed (Details) | 9 Months Ended | |
Sep. 30, 2020USD ($)Unit | Sep. 30, 2019USD ($)Unit | |
Schedule Of Available For Sale Securities [Line Items] | ||
Units | 3,180 | |
Montevista [Member] | Series B [Member] | San Pablo, CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Units | 82 | |
Original Maturity Date | Jul. 1, 2021 | |
Interest Rate | 5.75% | |
Mortgage Revenue Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Principal Outstanding at Date of Redemption | $ | $ 9,583,000 | $ 11,802,000 |
Mortgage Revenue Bonds [Member] | Solano Vista [Member] | Series B [Member] | Vallejo, CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | January | |
Units | 96 | |
Original Maturity Date | Jan. 1, 2021 | |
Interest Rate | 5.85% | |
Principal Outstanding at Date of Redemption | $ | $ 3,103,000 | |
Mortgage Revenue Bonds [Member] | Montevista [Member] | Series B [Member] | San Pablo, CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | August | |
Units | 82 | |
Original Maturity Date | Jul. 1, 2021 | |
Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 6,480,000 | |
Mortgage Revenue Bonds [Member] | Seasons San Juan Capistrano [Member] | Series B [Member] | San Juan Capistrano California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | January | |
Units | 112 | |
Original Maturity Date | Jan. 1, 2019 | |
Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 5,574,000 | |
Mortgage Revenue Bonds [Member] | Courtyard [Member] | Series B [Member] | Fullerton, CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | April | |
Units | 108 | |
Original Maturity Date | Jun. 1, 2019 | |
Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ | $ 6,228,000 |
Investments in Mortgage Reven_8
Investments in Mortgage Revenue Bonds - Schedule of MRBs Eliminated (Details) | 9 Months Ended | |
Sep. 30, 2019USD ($)Unit | Sep. 30, 2020Unit | |
Schedule Of Available For Sale Securities [Line Items] | ||
Units | Unit | 3,180 | |
Mortgage Revenue Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Principal Outstanding at Date of Restructuring | $ | $ 13,960,000 | |
Mortgage Revenue Bonds [Member] | Avistar at Copperfield [Member] | Series B [Member] | Houston, TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Restructured | May | |
Units | Unit | 192 | |
Original Maturity Date | Jun. 1, 2054 | |
Interest Rate | 12.00% | |
Principal Outstanding at Date of Restructuring | $ | $ 4,000,000 | |
Mortgage Revenue Bonds [Member] | Avistar at Wilcrest [Member] | Series B [Member] | Houston, TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Restructured | May | |
Units | Unit | 88 | |
Original Maturity Date | Jun. 1, 2054 | |
Interest Rate | 12.00% | |
Principal Outstanding at Date of Restructuring | $ | $ 1,550,000 | |
Mortgage Revenue Bonds [Member] | Avistar at Wood Hollow [Member] | Series B [Member] | Austin,TX [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Restructured | May | |
Units | Unit | 409 | |
Original Maturity Date | Jun. 1, 2054 | |
Interest Rate | 12.00% | |
Principal Outstanding at Date of Restructuring | $ | $ 8,410,000 |
Governmental Issuer Loans - Sum
Governmental Issuer Loans - Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans (Details) | 9 Months Ended | |
Sep. 30, 2020USD ($)Unit | ||
Governmental Issuer Loans [Line Items] | ||
Units | Unit | 3,180 | |
Maximum Remaining Commitment | $ 70,786,838 | |
SIFMA [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Variable interest rate | 2.25% | |
Scharbauer Flats Apartments [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Maturity Date | Jan. 1, 2023 | [1] |
Maximum Remaining Commitment | $ 21,850,387 | |
Oasis at Twin Lakes [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Maturity Date | Aug. 1, 2023 | [2] |
Maximum Remaining Commitment | $ 27,704,180 | |
Centennial Crossings [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Maturity Date | Sep. 1, 2023 | [2] |
Maximum Remaining Commitment | $ 21,232,271 | |
Governmental Issuer Loans [Member] | TOB Trust [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Amortized Cost | 62,085,000 | |
Maximum Remaining Commitment | $ 44,995,000 | |
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | Midland, TX [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Date Acquired | June 2020 | |
Units | Unit | 300 | |
Maturity Date | Jan. 1, 2023 | [3] |
Current Interest Rate | 3.22% | |
Amortized Cost | $ 40,000,000 | |
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | SIFMA [Member] | Midland, TX [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Variable interest rate | 3.10% | |
Governmental Issuer Loans [Member] | Oasis at Twin Lakes [Member] | TOB Trust [Member] | Roseville, MN [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Date Acquired | July 2020 | |
Units | Unit | 228 | |
Maturity Date | Aug. 1, 2023 | [4] |
Current Interest Rate | 3.75% | |
Amortized Cost | $ 12,410,000 | |
Maximum Remaining Commitment | $ 21,590,000 | |
Governmental Issuer Loans [Member] | Oasis at Twin Lakes [Member] | TOB Trust [Member] | SIFMA [Member] | Roseville, MN [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Variable interest rate | 3.25% | [5],[6] |
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | Centennial, CO [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Date Acquired | August 2020 | |
Units | Unit | 209 | |
Maturity Date | Sep. 1, 2023 | [4] |
Current Interest Rate | 3.25% | |
Amortized Cost | $ 9,675,000 | |
Maximum Remaining Commitment | $ 23,405,000 | |
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | SIFMA [Member] | Centennial, CO [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Variable interest rate | 2.75% | [6] |
[1] | ||
[2] | ||
[3] | The borrower may automatically extend the maturity to July 2023 and may further extend the maturity to January 2024 upon payment of a non-refundable extension fee. | |
[4] | The borrower may extend the maturity date to for a period not to exceed six months upon payment of a non-refundable extension fee. | |
[5] | The variable rate decreases to SIFMA plus 2.25% upon completion of construction. | |
[6] | The SIFMA index interest rate component is subject to a floor of 0.50%. |
Governmental Issuer Loans - S_2
Governmental Issuer Loans - Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 2020 | |
Governmental Issuer Loans [Line Items] | |
Construction financing, extended maturity month and year | 2023-07 |
Construction financing, extended maturity month and year upon payment of non-refundable extension fee | 2024-01 |
SIFMA [Member] | |
Governmental Issuer Loans [Line Items] | |
Variable rate | 2.25% |
SIFMA [Member] | Floor Rate [Member] | |
Governmental Issuer Loans [Line Items] | |
Variable rate | 0.50% |
Governmental Issuer Loans - Add
Governmental Issuer Loans - Additional Information (Details) - Scharbauer Flats Apartments [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Governmental Issuer Loans [Line Items] | |
Percentage of payment of principal and accrued interest on governmental issuer loans at origination | 100.00% |
Percentage of decrease in principal and interest payment upon receipt of the certificate of occupancy | 50.00% |
Percentage of decrease in principal and interest payment upon achievement of 90% occupancy | 25.00% |
Public Housing Capital Fund T_3
Public Housing Capital Fund Trust ("PHC") Certificates - Additional Information (Details) | Jan. 30, 2020USD ($) | Sep. 30, 2020USD ($)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 | Sep. 30, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value, held in trust | $ 1,383,237 | $ 1,486,883 |
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) | Sep. 30, 2020USD ($)Unit | Dec. 31, 2019USD ($)Unit | |
Real Estate [Line Items] | |||
Number of Units | Unit | 3,180 | ||
Land and Land Improvements | $ 4,875,265 | $ 4,906,130 | |
Buildings and improvements | 72,290,734 | 72,011,533 | |
Carrying Value | 77,165,999 | 76,917,663 | |
Accumulated depreciation | (17,486,887) | (15,357,700) | |
Net real estate assets | $ 59,679,112 | $ 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 | 39,349,880 | 39,073,728 | |
Carrying Value | $ 42,549,148 | $ 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 | $ 32,940,854 | $ 32,937,805 | |
Carrying Value | 32,940,854 | 32,937,805 | |
Land Held for Development [Member] | |||
Real Estate [Line Items] | |||
Land and Land Improvements | [1] | 1,675,997 | 1,706,862 |
Carrying Value | [1] | $ 1,675,997 | $ 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. |
Real Estate Assets - Additional
Real Estate Assets - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Real Estate [Line Items] | |||
Impairment charge on real estate assets | $ 75,000 | $ 25,200 | $ 75,000 |
Gardner, KS [Member] | |||
Real Estate [Line Items] | |||
Impairment charge on real estate assets | $ 25,200 | $ 75,000 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Aug. 31, 2020 | Jan. 31, 2020 | Apr. 30, 2019 | |
Vantage At Westover Hills [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity commitment of fund construction | $ 7,300,000 | |||||||
Vantage At Waco [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Cash received | $ 10,600,000 | |||||||
Income on sale of properties | $ 1,300,000 | |||||||
Vantage At Tomball [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity commitment of fund construction | $ 10,400,000 | |||||||
Vantage At Conroe [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Equity commitment of fund construction | $ 9,000,000 | |||||||
Vantage At Panama City Beach [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Cash received | $ 22,700,000 | |||||||
Income on sale of properties | 10,500,000 | $ 547,000 | ||||||
Maximum [Member] | Vantage At Waco [Member] | Scenario Forecast [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Cash received | $ 213,000 | |||||||
Maximum [Member] | Vantage At Panama City Beach [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Cash received | $ 325,000 | |||||||
ATAX Vantage Holdings, LLC [Member] | Minimum [Member] | ||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||
Return on investment period | 2 years | |||||||
ATAX Vantage Holdings, LLC [Member] | Maximum [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) | 9 Months Ended | |
Sep. 30, 2020USD ($)Unit | Dec. 31, 2019USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 3,180 | |
Carrying Value | $ 99,176,922 | $ 86,981,864 |
Maximum Remaining Equity Commitment | $ 4,056,333 | |
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 | |
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 | |
Construction Completion Date | 2020-04 | |
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 | $ 10,570,000 | 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 | $ 12,425,000 | 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 | $ 14,564,613 | 13,516,425 |
Vantage At Coventry [Member] | Omaha, NE [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 294 | |
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 | $ 8,043,132 | 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 | $ 10,151,000 | $ 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 | $ 7,824,302 | |
Vantage At Tomball [Member] | Tomball TX [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | August 2020 | |
Carrying Value | $ 6,455,139 | |
Maximum Remaining Equity Commitment | $ 4,056,333 |
Investments in Unconsolidated_5
Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Equity Method Investments And Joint Ventures [Abstract] | ||||
Property Revenues | $ 3,501,288 | $ 3,713,106 | $ 8,971,999 | $ 9,534,250 |
Gain on sale of property | 372,974 | 22,556,694 | 6,635,966 | 22,556,694 |
Net income (loss) | $ (1,495,383) | $ 21,606,621 | $ 341,905 | $ 20,918,176 |
Property Loans, Net of Loan L_3
Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | $ 21,126,239 | $ 15,392,908 | |
Loan Loss Allowance | (8,205,520) | (7,393,814) | |
Property Loan Principal, net of allowance | 12,920,719 | 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 | |
Centennial Crossings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | 3,017,729 | ||
Property Loan Principal, net of allowance | 3,017,729 | ||
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 | 811,706 | 405,717 | |
Loan Loss Allowance | (811,706) | ||
Property Loan Principal, net of allowance | 405,717 | ||
Ohio Properties [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | 2,390,446 | 2,390,446 | |
Property Loan Principal, net of allowance | 2,390,446 | $ 2,390,446 | |
Scharbauer Flats Apartments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | [1] | 2,309,613 | |
Property Loan Principal, net of allowance | [1] | $ 2,309,613 | |
[1] |
Property Loans, Net of Loan L_4
Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2019 | Jan. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||
Provision for loans loss allowance | $ 811,706 | $ 811,706 | ||||
Contingent interest income | $ 3,360 | 12,043 | $ 3,045,462 | |||
Ohio Properties [Member] | ||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||
Interest earned on property loan principal | 983,000 | $ 983,000 | 983,000 | $ 983,000 | ||
Live 929 Apartments [Member] | ||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||
Provision for loans loss allowance | 812,000 | 812,000 | ||||
Secured property loan advances | $ 406,000 | $ 406,000 | ||||
Total property loan amount | $ 1,000,000 | |||||
Property loan maturity date | Jul. 31, 2049 | |||||
Scharbauer Flats Apartments [Member] | ||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||
Percentage of payment of principal and accrued interest on GILs at origination | 100.00% | |||||
Percentage of decrease in principal and interest payment upon receipt of the certificate of occupancy | 50.00% | |||||
Percentage of decrease in principal and interest payment upon achievement of 90% occupancy | 25.00% | |||||
Vantage at Brooks LLC [Member] | ||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||
Contingent interest income | $ 3,000,000 |
Property Loans, Net of Loan L_5
Property Loans, Net of Loan Loss Allowances - Summary of Property Loans and Remaining Commitments (Details) | 9 Months Ended | |
Sep. 30, 2020USD ($) | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Outstanding Balance | $ 5,327,342 | |
Maximum Remaining Commitment | $ 70,786,838 | |
Scharbauer Flats Apartments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Date Committed | 2020-06 | |
Original Maturity Date | Jan. 1, 2023 | [1] |
Outstanding Balance | $ 2,309,613 | |
Maximum Remaining Commitment | $ 21,850,387 | |
Oasis at Twin Lakes [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Date Committed | 2020-07 | |
Original Maturity Date | Aug. 1, 2023 | [2] |
Maximum Remaining Commitment | $ 27,704,180 | |
Centennial Crossings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Date Committed | 2020-08 | |
Original Maturity Date | Sep. 1, 2023 | [2] |
Outstanding Balance | $ 3,017,729 | |
Maximum Remaining Commitment | $ 21,232,271 | |
[1] | ||
[2] |
Income Tax Provision - Summary
Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Tax Provision [Line Items] | ||||
Total income tax expense (benefit) | $ (68,219) | $ (68,235) | $ 41,199 | $ (9,236) |
Greens Hold Co [Member] | ||||
Income Tax Provision [Line Items] | ||||
Current income tax expense (benefit) | (33,618) | 13,932 | 107,681 | 129,095 |
Deferred income tax benefit | (34,601) | (82,167) | (66,482) | (138,331) |
Total income tax expense (benefit) | $ (68,219) | $ (68,235) | $ 41,199 | $ (9,236) |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Details) - USD ($) | Sep. 30, 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 ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Other Assets [Abstract] | ||
Deferred financing costs, net | $ 430,578 | $ 353,862 |
Fair value of derivative instruments (Note 18) | 155,457 | 10,911 |
Taxable mortgage revenue bonds, at fair value | 1,486,883 | 1,383,237 |
Bond purchase commitments, at fair value (Note 19) | 256,222 | |
Operating lease right-of-use assets, net | 1,650,360 | 1,673,242 |
Other assets | 1,429,116 | 1,641,099 |
Total other assets | $ 5,408,616 | $ 5,062,351 |
Other Assets - Summary of Taxab
Other Assets - Summary of Taxable MRB Acquired (Details) | 9 Months Ended | ||
Sep. 30, 2020USD ($)Unit | Sep. 30, 2019USD ($) | ||
Mortgage Loans On Real Estate [Line Items] | |||
Units | 3,180 | ||
Principal Acquired | $ | $ 9,498,500 | $ 19,250,000 | |
Taxable MRB [Member] | Ocotillo Springs [Member] | Series A-T [Member] | Brawley, CA [Member] | |||
Mortgage Loans On Real Estate [Line Items] | |||
Month Acquired | July | ||
Units | 75 | ||
Maturity Date | Aug. 1, 2022 | ||
Interest Rate | [1] | 4.91% | |
[1] | The taxable MRB has a variable interest rate equal to the 1-month LIBOR plus 3.55%, subject to a floor of 4.91%. |
Other Assets - Summary of Tax_2
Other Assets - Summary of Taxable MRB Acquired (Parenthetical) (Details) - Taxable MRB [Member] - Ocotillo Springs [Member] - Series A-T [Member] - Brawley, CA [Member] | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Mortgage Loans On Real Estate [Line Items] | |
Maximum funding commitment | $ 7,000,000 |
Funds advanced | $ 0 |
LIBOR [Member] | |
Mortgage Loans On Real Estate [Line Items] | |
Description of variable interest rate basis | 1-month LIBOR |
Variable interest rate basis spread | 3.55% |
Variable interest floor rate, percentage | 4.91% |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accounts payable | $ 425,445 | $ 93,834 |
Accrued expenses | 2,950,430 | 2,529,982 |
Accrued interest expense | 3,037,449 | 2,690,076 |
Operating lease liabilities | 2,142,308 | 2,138,783 |
Other liabilities | 1,441,582 | 1,583,492 |
Total accounts payable, accrued expenses and other liabilities | $ 9,997,214 | $ 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 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 | $ 135,000 | |||
Annual increment percentage in lease rent | 2.00% | |||
Lease agreement annual renewable increase percentage after july 31,2034 | 3.00% | |||
Expenses related to the agreement | $ 42,000 | $ 42,000 | $ 126,000 | $ 126,000 |
Accounts Payable, Accrued Exp_5
Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Remainder of 2020 | $ 33,785 | |
2021 | 136,366 | |
2022 | 139,091 | |
2023 | 141,871 | |
2024 | 144,706 | |
Thereafter | 4,517,274 | |
Total | 5,113,093 | |
Less: Amount representing interest | (2,970,785) | |
Total operating lease liabilities | $ 2,142,308 | $ 2,138,783 |
Unsecured Lines of Credit - Sum
Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | ||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 11,843,000 | $ 13,200,000 | |
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 | 11,843,000 | 13,200,000 | |
Line of credit facility maximum borrowing capacity | 60,000,000 | 60,000,000 | |
Unsecured Lines of Credit [Member] | 2.68% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 11,843,000 | ||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||
Commitment Maturity | 2022-06 | ||
Variable / Fixed | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 2.66% | ||
Unsecured Lines of Credit [Member] | 3.43% 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 | ||
Commitment Maturity | 2022-06 | ||
Variable / Fixed | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 3.41% | ||
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 | ||
Commitment Maturity | 2021-06 | ||
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 | ||
Commitment Maturity | 2021-06 | ||
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 ($) | 9 Months Ended | ||
Sep. 30, 2020 | Oct. 31, 2020 | Dec. 31, 2019 | |
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 11,843,000 | $ 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 one | 2020-12 | ||
Debt instrument, maturity date two | 2021-03 | ||
Debt instrument, maturity date, description | The outstanding balances of the non-operating LOC as of September 30, 2020 are due in December 2020 and March 2021, though the Partnership may extend final repayment of the amounts due in March 2021 to December 2021 by making partial repayments. | ||
Partnerships ratio of lenders senior debt maximum percentage | 75.00% |
Debt Financing - Schedule of To
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jul. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | ||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 667,248,701 | $ 536,197,421 | ||||
Period End Rates | 4.36% | 4.74% | ||||
Variable - Notes [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 103,500,000 | |||||
Restricted Cash | 77,500,000 | |||||
TEBS Financings [Member] | Fixed - M24 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | 40,134,588 | $ 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 | ||||
Variable Rate Index | N/A | |||||
Period End Rates | 3.05% | 3.05% | ||||
TEBS Financings [Member] | Fixed - M45 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 216,280,562 | [1] | $ 217,603,233 | [2] | ||
Restricted Cash | $ 5,000 | [1] | $ 5,000 | [2] | ||
Year Acquired | 2018 | [1] | 2018 | [2] | ||
Stated Maturities | 2034-07 | [1] | 2034-07 | [2] | ||
Reset Frequency | N/A | [1] | N/A | [2] | ||
Variable Rate Index | [1] | N/A | ||||
Period End Rates | 3.82% | [1] | 3.82% | [2] | ||
TEBS Financings [Member] | Variable - M31 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [3] | $ 78,624,164 | $ 79,505,180 | |||
Restricted Cash | [3] | $ 4,999 | $ 4,999 | |||
Year Acquired | [3] | 2014 | 2014 | |||
Stated Maturities | [3] | 2024-07 | 2024-07 | |||
Reset Frequency | [3] | Weekly | Weekly | |||
Variable Rate Index | [3] | SIFMA | ||||
Index Based Rates | [3] | 0.15% | 1.64% | |||
Spread/ Facility Fees | [3] | 1.38% | 1.54% | |||
Period End Rates | [3] | 1.53% | 3.18% | |||
TEBS Financings [Member] | Fixed - M33 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 30,941,969 | $ 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 | ||||
Variable Rate Index | N/A | |||||
Period End Rates | 3.24% | 3.24% | ||||
Secured Notes [Member] | Variable - Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 103,135,193 | |||||
Restricted Cash | $ 78,729,063 | |||||
Year Acquired | 2020 | |||||
Stated Maturities | 2025-09 | |||||
Reset Frequency | Monthly | |||||
Variable Rate Index | 3-month LIBOR | |||||
Index Based Rates | 0.22% | |||||
Spread/ Facility Fees | 9.00% | |||||
Period End Rates | [4] | 9.22% | ||||
TOB Trusts Securitization [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Stated Maturities | 2023-07 | |||||
TOB Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 1,756,362 | |||||
Year Acquired | 2020 | |||||
Stated Maturities | 2022-07 | |||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
Index Based Rates | 0.37% | |||||
Spread/ Facility Fees | 0.89% | |||||
Period End Rates | 1.26% | |||||
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 122,881,252 | |||||
Year Acquired | 2019 | |||||
Stated Maturities | 2023-07 | |||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Index Based Rates | 0.32% | |||||
Spread/ Facility Fees | 1.17% | |||||
Period End Rates | 1.49% | |||||
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Index Based Rates | 0.54% | |||||
Spread/ Facility Fees | 1.67% | |||||
Period End Rates | 2.21% | |||||
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 60,477,672 | |||||
Year Acquired | 2020 | |||||
Stated Maturities | [5] | 2023-09 | ||||
Reset Frequency | Weekly | |||||
Variable Rate Index | OBFR | |||||
Spread/ Facility Fees | 0.89% | |||||
Period End Rates | 1.26% | |||||
TOB Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 13,016,939 | |||||
Year Acquired | 2019 | |||||
Stated Maturities | 2022-05 | |||||
Reset Frequency | N/A | |||||
Variable Rate Index | N/A | |||||
Period End Rates | 3.53% | |||||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 25,680,070 | |||||
Year Acquired | 2019 | |||||
Stated Maturities | 2020-07 | |||||
Reset Frequency | Weekly | |||||
Index Based Rates | 1.79% | |||||
Spread/ Facility Fees | 1.17% | |||||
Period End Rates | 2.96% | |||||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 42,207,784 | |||||
Year Acquired | 2019 | |||||
Stated Maturities | 2020-08 | |||||
Reset Frequency | Weekly | |||||
Index 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] | ||||||
Spread/ Facility Fees | 1.17% | |||||
Period End Rates | 2.96% | |||||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Spread/ Facility Fees | 1.66% | |||||
Period End Rates | 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 | |||||
Index Based Rates | 2.08% | |||||
Spread/ Facility Fees | 1.12% | |||||
Period End Rates | 3.20% | |||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 13,063,418 | |||||
Year Acquired | 2019 | |||||
Stated Maturities | 2022-05 | |||||
Reset Frequency | N/A | |||||
Period End Rates | 3.53% | |||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Deutsche Bank [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 8,010,000 | |||||
Year Acquired | 2014 | |||||
Stated Maturities | 2020-01 | |||||
Reset Frequency | N/A | |||||
Period End Rates | 4.01% | |||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Deutsche Bank [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 5,260,756 | |||||
Year Acquired | 2019 | |||||
Stated Maturities | 2020-02 | |||||
Reset Frequency | N/A | |||||
Period End Rates | 4.53% | |||||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B II [Member] | Deutsche Bank [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 38,300,456 | |||||
Year Acquired | 2017 | |||||
Stated Maturities | 2027-02 | |||||
Reset Frequency | N/A | |||||
Period End Rates | 4.46% | |||||
[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] | 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] | Facility fees have a variable component | |||||
[4] | The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2020. | |||||
[5] | Date represents the stated maturity date of the related liquidity and credit enhancement facilities which is the effective maturity of the TOB Trust financing. |
Debt Financing - Schedule of _2
Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details) | Sep. 30, 2020USD ($)Swap | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||
Effective net interest rate | 4.36% | 4.74% |
Debt financing | $ 667,248,701 | $ 536,197,421 |
Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Number of return swap transactions | Swap | 2 | |
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% |
Total Return Swaps [Member] | Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Number of return swap transactions | Swap | 2 | |
Total Return Swap One | Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective net interest rate | 4.25% | |
Debt financing | $ 40,000,000 | |
Total Return Swap Two [Member] | Secured Notes [Member] | ||
Debt Instrument [Line Items] | ||
Effective net interest rate | 1.00% | |
Debt financing | $ 63,500,000 |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Details) | 1 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020USD ($)Swap | Jul. 31, 2020 | Jul. 31, 2019USD ($) | Feb. 28, 2019USD ($)Agreement | Sep. 30, 2020USD ($)Swap | Sep. 30, 2019USD ($) | Apr. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
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% | |||||||
Debt financing, net (Note 16) | $ 667,248,701 | $ 667,248,701 | $ 536,197,421 | |||||
Amortization of deferred financing costs | 1,288,044 | $ 1,476,463 | ||||||
Variable - M24 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated Maturities | 2027-05 | |||||||
Interest rate | 3.05% | |||||||
Deferred financing costs - net | $ 307,000 | |||||||
Variable - M33 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated Maturities | 2030-09 | |||||||
Interest rate | 3.24% | |||||||
Deferred financing costs - net | 265,000 | |||||||
Amortization of deferred financing costs | 496,000 | |||||||
Premium received upon refinancing of debt | $ 435,000 | |||||||
Mizuho Capital Markets [Member] | Variable - Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt financing, net (Note 16) | 103,500,000 | 103,500,000 | ||||||
Proceeds from secured notes | 103,500,000 | |||||||
Restricted Cash | $ 77,500,000 | $ 77,500,000 | ||||||
Mizuho Capital Markets [Member] | Variable - Notes [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Variable Rate Index | equal to the 3-month LIBOR plus 9.00% | |||||||
Variable interest rate | 9.00% | 9.00% | ||||||
Mizuho Capital Markets [Member] | Variable - Notes [Member] | Partnership Interest [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Cash received by partnership | $ 24,800,000 | |||||||
Restricted Cash | $ 1,200,000 | $ 1,200,000 | ||||||
Secured Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of return swap transactions | Swap | 2 | 2 | ||||||
Secured Notes [Member] | Variable - Notes [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt financing, net (Note 16) | $ 103,135,193 | $ 103,135,193 | ||||||
Variable Rate Index | 3-month LIBOR | |||||||
Variable interest rate | 9.00% | 9.00% | ||||||
Restricted Cash | $ 78,729,063 | $ 78,729,063 | ||||||
Stated Maturities | 2025-09 | |||||||
TOB Trusts Securitization [Member] | Mizuho Capital Markets [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Stated Maturities | 2023-07 | |||||||
Term A/B Trust [Member] | Deutsche Bank [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt financing, net (Note 16) | $ 5,263,500 | |||||||
Debt instrument, one-time fee | $ 454,000 | |||||||
Number of new agreements | Agreement | 2 |
Debt Financing - Summary of Miz
Debt Financing - Summary of Mizuho TOB Trust Financings (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Debt Instrument [Line Items] | |||
Debt financing | $ 667,248,701 | $ 536,197,421 | |
TOB Trust [Member] | Mizuho Capital Markets [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | 173,731,000 | $ 104,056,000 | |
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Copperfield - Series A [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 11,818,000 | ||
Stated Maturities | 2021-05 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.67% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Wilcrest - Series A [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 4,479,000 | ||
Stated Maturities | 2021-05 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.67% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Wood Hollow - Series A [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 34,007,000 | ||
Stated Maturities | 2021-05 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.67% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Gateway Village [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 2,184,000 | ||
Stated Maturities | 2021-05 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.67% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Lynnhaven [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 2,898,000 | ||
Stated Maturities | 2021-05 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.67% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Ocotillo Springs - Series A [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 1,818,000 | ||
Stated Maturities | 2022-07 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 0.89% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Oasis at Twin Lakes GIL [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 11,160,000 | ||
Stated Maturities | 2023-07 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 0.89% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Scharbauer Flats Apartments GIL [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 36,000,000 | ||
Stated Maturities | 2023-07 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 0.89% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Centennial Crossings GIL [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 8,707,000 | ||
Stated Maturities | 2023-08 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 0.89% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Scharbauer Flats, Twin Lakes, & Centennial Crossings GILs [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 55,870,000 | ||
Stated Maturities | 2023-09 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | OBFR | ||
Facility Fees | 0.89% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Scharbauer Flats and Centennial Crossings Property Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 4,790,000 | ||
Stated Maturities | 2023-09 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | OBFR | ||
Facility Fees | 0.89% |
Debt Financing - Summary of M_2
Debt Financing - Summary of Mizuho TOB Trust Financings (Parenthetical) (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Deferred financings costs | $ 430,578 | $ 353,862 |
TOB Trust [Member] | Mizuho Capital Markets [Member] | ||
Debt Instrument [Line Items] | ||
Deferred financings costs | $ 364,000 |
Debt Financing - Summary of Deu
Debt Financing - Summary of Deutsche Bank Term A/B and Term TOB Trust Financings Collapsed and Paid Off (Details) - USD ($) | 1 Months Ended | |
Apr. 30, 2020 | Sep. 30, 2019 | |
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 82,254,300 | |
Deutsche Bank [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 51,714,210 | |
Deutsche Bank [Member] | Term A/B Trust [Member] | Avistar at Copperfield - Series A [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 8,417,739 | |
Deutsche Bank [Member] | Term A/B Trust [Member] | Avistar at Wilcrest - Series A [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 3,162,435 | |
Deutsche Bank [Member] | Term A/B Trust [Member] | Avistar at Wood Hollow - Series A [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 26,860,536 | |
Deutsche Bank [Member] | Term A/B Trust [Member] | Gateway Village [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 2,262,000 | |
Deutsche Bank [Member] | Term A/B Trust [Member] | Lynnhaven [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 3,001,500 | |
Deutsche Bank [Member] | Term TOB Trust [Member] | Pro Nova 2014-1 [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 8,010,000 |
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 | Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Debt financing | $ 667,248,701 | $ 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 - Summary Of G_2
Debt Financing - Summary Of Gross Principal and Term TOB Trust Financings (Details) - USD ($) | 1 Months Ended | ||
May 31, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Debt financing | $ 667,248,701 | $ 536,197,421 | |
Term TOB Trust [Member] | Morgan Stanley Bank [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 13,167,000 | ||
Term TOB Trust [Member] | Village at Avalon [Member] | Morgan Stanley Bank [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 13,167,000 | ||
Stated Maturities | 2022-05 | ||
Fixed Interest Rate | 3.53% |
Debt Financing - Summary of G_3
Debt Financing - Summary of Gross Principal and Terms of TOB Trunst (Details) - USD ($) | 3 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Debt financing | $ 667,248,701 | $ 536,197,421 | |
TOB Trust [Member] | Mizuho Capital Markets [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 104,056,000 | $ 173,731,000 | |
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust I [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 20,121,000 | ||
Stated Maturities | 2020-09 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.12% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust II [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 3,803,000 | ||
Stated Maturities | 2020-09 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.12% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust III [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 12,062,000 | ||
Stated Maturities | 2020-09 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.12% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Rosewood Townhomes [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 7,715,000 | ||
Stated Maturities | 2020-07 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.17% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | South Pointe Apartments [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 18,035,000 | ||
Stated Maturities | 2020-07 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.17% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Live 929 Apartments [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 31,800,000 | ||
Stated Maturities | 2020-08 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.66% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Montecito at Williams Ranch Apartments [Member] | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 6,925,000 | ||
Stated Maturities | 2020-08 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.17% | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Vineyard Gardens | |||
Debt Instrument [Line Items] | |||
Debt financing | $ 3,595,000 | ||
Stated Maturities | 2020-08 | ||
Reset Frequency | Weekly | ||
Variable Rate Index | SIFMA | ||
Facility Fees | 1.17% |
Debt Financing - Summary of Deb
Debt Financing - Summary of Debt Financing Facilities Collapsed and Redeemed (Details) - USD ($) | 1 Months Ended | |
Sep. 30, 2019 | Aug. 31, 2019 | |
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 82,254,300 | |
Live 929 Apartments [Member] | Term TOB Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 37,553,300 | |
Montecito at Williams Ranch [Member] | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 6,921,000 | |
Vineyard Gardens | Term A/B Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 3,595,000 | |
PHC Trust I [Member] | TOB Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 19,755,000 | |
PHC Trust II [Member] | TOB Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 3,430,000 | |
PHC Trust III [Member] | TOB Trust [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 11,000,000 |
Debt Financing - Schedule of Co
Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Financing [Abstract] | ||
Remainder of 2020 | $ 1,650,787 | |
2021 | 6,129,456 | |
2022 | 21,232,689 | |
2023 | 187,223,816 | |
2024 | 87,839,152 | |
Thereafter | 365,616,422 | |
Total | 669,692,322 | |
Unamortized deferred financing costs and debt premium | (2,443,621) | |
Total debt financing, net | $ 667,248,701 | $ 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 ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | ||
Mortgage Loans On Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 26,275,890 | $ 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 | $ 2,680,639 | $ 2,859,390 | |
Year Acquired | 2020 | 2014 | |
Stated Maturity | 2025-03 | 2020-03 | |
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 | $ 23,595,251 | $ 23,942,856 | |
Year Acquired | 2020 | 2013 | |
Stated Maturity | 2027-04 | 2020-03 | |
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 ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Mortgage Loans On Real Estate [Line Items] | ||
Total mortgages payable and other secured financings, net | $ 26,275,890 | $ 26,802,246 |
Mortgages Payable and Other Secured Financing [Member] | ||
Mortgage Loans On Real Estate [Line Items] | ||
Remainder of 2020 | 287,779 | |
2021 | 832,032 | |
2022 | 869,313 | |
2023 | 908,265 | |
2024 | 946,246 | |
Thereafter | 22,433,983 | |
Total | 26,277,618 | |
Unamortized deferred financing costs | (1,728) | |
Total mortgages payable and other secured financings, net | $ 26,275,890 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Details) | 1 Months Ended | 18 Months Ended |
Sep. 30, 2020USD ($)Swap | Mar. 31, 2022USD ($) | |
Derivative [Line Items] | ||
Derivative notional amount | $ 103,500,000 | |
Scenario Forecast [Member] | Mizuho Capital Markets [Member] | ||
Derivative [Line Items] | ||
Minimum increments of notional amount between swaps | $ 10,000,000 | |
Percentage of net cash proceeds of reallocated notional amount | 65.00% | |
Total Return Swaps [Member] | ||
Derivative [Line Items] | ||
Number of swap transactions | Swap | 2 | |
Total Return Swap One | Mizuho Capital Markets [Member] | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 40,000,000 | |
Required cash collateral percentage | 35.00% | |
Amount of obligation to return cash collateral under swap arrangement | $ 14,000,000 | |
Total Return Swap Two [Member] | Mizuho Capital Markets [Member] | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 63,500,000 | |
Required cash collateral percentage | 100.00% | |
Amount of obligation to return cash collateral under swap arrangement | $ 63,500,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Details) | 9 Months Ended | |
Sep. 30, 2020USD ($) | ||
Derivative [Line Items] | ||
Derivative, Notional Amount | $ 103,500,000 | |
Derivative, Fair Value Liability | $ 140,200 | |
Mizuho Capital Markets 1 [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2020-09 | |
Derivative, Notional Amount | $ 40,000,000 | |
Derivative, Effective Date | 2020-09 | |
Derivative, Termination Date | 2025-09 | |
Derivative, Period End Variable Rate Paid | 4.25% | [1] |
Derivative, Period End Variable Rate Received | 9.22% | [2] |
Derivative, Variable Rate Index | 3-month LIBOR | |
Derivative, Fair Value Liability | $ 38,675 | |
Mizuho Capital Markets 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2020-09 | |
Derivative, Notional Amount | $ 63,500,000 | |
Derivative, Effective Date | 2020-09 | |
Derivative, Termination Date | 2022-03 | |
Derivative, Period End Variable Rate Paid | 1.00% | [3] |
Derivative, Period End Variable Rate Received | 9.22% | [2] |
Derivative, Variable Rate Index | 3-month LIBOR | |
Derivative, Fair Value Liability | $ 101,525 | |
[1] | ||
[2] | ||
[3] |
Derivative Financial Instrume_5
Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Parenthetical) (Details) | Sep. 30, 2020 |
Mizuho Capital Markets 1 [Member] | |
Derivative [Line Items] | |
Derivative, basis spread on variable rate | 3.75% |
Derivative, floor interest rate | 4.25% |
Mizuho Capital Markets 2 [Member] | |
Derivative [Line Items] | |
Derivative, basis spread on variable rate | 0.50% |
Derivative, floor interest rate | 1.00% |
Mizuho Capital Markets [Member] | |
Derivative [Line Items] | |
Derivative, basis spread on variable rate | 9.00% |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Partnership's Interest Rate Cap Agreements (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | ||
Derivative [Line Items] | |||
Derivative, Fair Value - Asset (Liability) | $ 15,257 | $ 10,911 | |
Barclays Bank PLC 3 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2019-08 | 2019-08 | |
Derivative, Notional Amount | $ 78,362,798 | $ 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) | $ 15,257 | $ 6,821 | |
Wells Fargo Bank [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | ||
Derivative, Notional Amount | $ 27,033,788 | ||
Derivative, Maturity Date | 2020-08 | ||
Derivative, Effective Capped Rate | [1] | 3.00% | |
Derivative, Index | SIFMA | ||
Derivative, Variable Debt Financing Facility Hedged | [1] | TOB Trusts | |
Royal Bank of Canada-1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | ||
Derivative, Notional Amount | $ 27,033,788 | ||
Derivative, Maturity Date | 2020-08 | ||
Derivative, Effective Capped Rate | [1] | 3.00% | |
Derivative, Index | SIFMA | ||
Derivative, Variable Debt Financing Facility Hedged | [1] | TOB Trusts | |
SMBC Capital Markets, Inc-1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | ||
Derivative, Notional Amount | $ 27,033,788 | ||
Derivative, Maturity Date | 2020-08 | ||
Derivative, Effective Capped Rate | [1] | 3.00% | |
Derivative, Index | SIFMA | ||
Derivative, Variable Debt Financing Facility Hedged | [1] | TOB Trusts | |
Barclays Bank PLC 1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2017-06 | ||
Derivative, Notional Amount | $ 81,101,364 | ||
Derivative, Maturity Date | 2020-08 | ||
Derivative, Effective Capped Rate | [1] | 1.50% | |
Derivative, Index | SIFMA | ||
Derivative, Variable Debt Financing Facility Hedged | [1] | TOB Trusts | |
Derivative, Fair Value - Asset (Liability) | $ 4,090 | ||
Barclays Bank PLC 2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2017-09 | ||
Derivative, Notional Amount | $ 58,090,000 | ||
Derivative, Maturity Date | 2020-09 | ||
Derivative, Effective Capped Rate | [1] | 4.00% | |
Derivative, Index | SIFMA | ||
Derivative, Variable Debt Financing Facility Hedged | [1] | TOB Trusts | |
[1] | See Notes 16 and 23 for additional details. |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Partnership's Bond Purchase Commitments (Details) - Bond Purchase Commitment [Member] | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Bond Purchase Commitment [Line Items] | |
Maximum Committed Amounts Remaining | $ 3,807,000 |
Fair Value as of September 30, 2020 | $ 256,222 |
CCBA Senior Garden Apartments [Member] | |
Bond Purchase Commitment [Line Items] | |
Commitment Date | 2020-07 |
Maximum Committed Amounts Remaining | $ 3,807,000 |
Rate | 4.50% |
Estimated Closing Date | Q3 2022 |
Fair Value as of September 30, 2020 | $ 256,222 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Millions | Sep. 30, 2020USD ($) |
Scharbauer Flats Apartments, Oasis at Twin Lakes Apartments and Centennial Crossings Senior Apartments [Member] | |
Commitments And Other Guarantees [Line Items] | |
Property loan remaining maximum commitment | $ 70.8 |
Greens of Pine Glen [Member] | |
Commitments And Other Guarantees [Line Items] | |
Percentage of loss contingency, range of possible loss, maximum | 75.00% |
Series A MRB [Member] | |
Commitments And Other Guarantees [Line Items] | |
Remaining maximum commitments amount | $ 13 |
Series A-T taxable MRB [Member] | |
Commitments And Other Guarantees [Line Items] | |
Remaining maximum commitments amount | $ 7 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details) | 9 Months Ended |
Sep. 30, 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 September 30, 2020 | 30,501,955 |
Partnership's Maximum Exposure as of September 30, 2020 | $ 15,250,978 |
Guarantee Terms | 1 year |
Vantage At Coventry [Member] | |
Long-term Purchase Commitment [Line Items] | |
Year the Guarantee was Executed | 2018 |
Maximum Balance Available on Construction Loan | $ 31,500,000 |
Construction Loan Balance as of September 30, 2020 | 26,665,010 |
Partnership's Maximum Exposure as of September 30, 2020 | $ 26,665,010 |
Guarantee Terms | 1 year |
Ohio Properties [Member] | |
Long-term Purchase Commitment [Line Items] | |
Year the Guarantee was Executed | 2011 |
Partnership's Maximum Exposure as of September 30, 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 September 30, 2020 | $ 2,237,843 |
End of Guarantee Period | 2027 |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details) | 9 Months Ended |
Sep. 30, 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% |
Redeemable Series A Preferred_3
Redeemable Series A Preferred Units - Additional Information (Details) - $ / shares | Sep. 30, 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 | 9 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2017 | Aug. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | Sep. 30, 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 | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to non-vested RUAs granted | $ 809,000 | $ 809,000 | ||
Remaining compensation expense expected to be recognized over a weighted-average period | 1 year 1 month 6 days | |||
Intrinsic value of unvested RUAs | $ 1,200,000 | |||
General and Administrative Expenses [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 300,000 | $ 3,300,000 | $ 635,000 | $ 3,600,000 |
Greystone Manager [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Approved grant of restricted units and other awards to employees | 3,000,000 | 3,000,000 | ||
RUAs granted with vesting range | 3 years | |||
Greystone Manager [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
RUAs granted with vesting range | 3 months |
Restricted Unit Awards - Schedu
Restricted Unit Awards - Schedule of RUA Activity (Details) - Restricted Unit Awards [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Related Party Transaction [Line Items] | |||||
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities | [1] | $ 6,000 | $ 12,000 | $ 47,000 | $ 44,000 |
General Partner [Member] | |||||
Related Party Transaction [Line Items] | |||||
Administrative fees | [2] | $ 922,000 | 914,000 | $ 2,653,000 | 2,714,000 |
Burlington Capital Properties, LLC [Member] | MF Properties Managed [Member] | |||||
Related Party Transaction [Line Items] | |||||
Property management fees to an affiliate | [3] | $ 28,000 | $ 101,000 | ||
[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, GILs, 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, provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). Burlington Capital Properties, LLC ceased to be a related party of the Partnership effective September 10, 2019. The disclosed amounts are only for property management fees earned during the periods that Burlington Capital Properties, LLC was considered a related party of the Partnership. The property management fees are “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) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Non-partnership property administrative fee received | [1] | $ 9,000 | $ 9,000 | $ 27,000 | $ 27,000 |
Investment/mortgage fees received | [2] | $ 1,414,000 | $ 2,277,000 | $ 822,000 | |
[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, GILs, property loans 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) | 9 Months Ended |
Sep. 30, 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 ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Related Party Transactions [Abstract] | ||
Receivables due from unconsolidated entities | $ 46,000 | $ 116,000 |
Outstanding liabilities due to related parties | $ 379,000 | $ 301,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments (Details) | Sep. 30, 2020 | Dec. 31, 2019 | |
Taxable Mortgage Revenue Bonds [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Weighted Average Effective Yields | [1] | 7.60% | 8.80% |
Taxable Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 7.60% | 8.70% | |
Taxable Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 7.70% | 8.90% | |
Bond Purchase Commitment [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 3.90% | ||
Weighted Average Effective Yields | [1] | 3.90% | |
Mortgage Revenue Bonds [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Weighted Average Effective Yields | [1] | 3.00% | 3.80% |
Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 1.50% | 2.40% | |
Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 8.80% | 8.50% | |
[1] | Weighted by the total principal outstanding of all the respective securities as of the reporting date |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Additional Information (Details) - Public housing capital fund trusts [Member] | Dec. 31, 2019 |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Weighted average effective yield | 5.20% |
Effective rate - minimum [Member] | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Effective Rate | 4.40% |
Effective rate - maximum [Member] | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Effective Rate | 5.30% |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | $ 798,435,163 | $ 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 | 798,435,163 | $ 789,111,076 | 818,340,970 | $ 823,447,167 | $ 807,602,456 | $ 782,862,049 |
Bond Purchase Commitment [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 256,222 | |||||
Bond Purchase Commitment [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 | 256,222 | |||||
Taxable Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 1,486,883 | 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 | 1,486,883 | $ 1,456,279 | 1,383,237 | 1,427,336 | 1,441,316 | 1,409,895 |
Derivative Instruments (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 155,457 | 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 | 155,457 | 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 | $ 44,684,506 | $ 46,516,154 | $ 48,672,086 | ||
Mortgage Revenue Bonds Held In Trust [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 759,487,301 | 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 | 759,487,301 | 743,587,715 | ||||
Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 37,049,300 | 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 | $ 37,049,300 | $ 30,009,750 |
Fair Value of Financial Instr_6
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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | $ 789,111,076 | $ 807,602,456 | $ 818,340,970 | $ 782,862,049 | |
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | 160,585 | (29,876) | 327,454 | (352,027) | |
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss) | (3,463,253) | (5,285,609) | |||
Total gain (losses) Included in earnings (gain on sale of securities) | 1,416,023 | ||||
Total gain (losses) included in other comprehensive (loss) income | 18,537,453 | 19,048,316 | 31,414,731 | 42,112,324 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 2,023,500 | 29,527 | 9,513,450 | 19,279,527 | |
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 | (7,934,198) | (3,203,256) | (13,942,499) | (20,454,706) | |
Assets at Fair Value, ending balance | 798,435,163 | 823,447,167 | 798,435,163 | 823,447,167 | |
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held | (3,477,822) | (68,333) | (5,181,330) | (458,141) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | (43,349,357) | ||||
Interest rate derivatives [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Derivative Assets (Liabilities) at Fair Value, beginning balance | 29,826 | 118,279 | 10,911 | 626,633 | |
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | 125,631 | (68,333) | 244,479 | (458,141) | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 29,527 | 29,527 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements | (26,868) | (99,933) | (145,414) | ||
Derivative Assets (Liabilities) at Fair Value, beginning balance | 155,457 | 52,605 | 155,457 | 52,605 | |
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held | (14,569) | (68,333) | 104,279 | (458,141) | |
Bond Purchase Commitment [Member] | |||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in other comprehensive (loss) income | 256,222 | 256,222 | |||
Assets at Fair Value, ending balance | 256,222 | 256,222 | |||
Public housing capital fund trusts [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | 46,516,154 | 43,349,357 | 48,672,086 | ||
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | 2,915 | (7,219) | (795) | ||
Total gain (losses) Included in earnings (gain on sale of securities) | 1,416,023 | ||||
Total gain (losses) included in other comprehensive (loss) income | 173,374 | (1,408,804) | 788,318 | ||
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 | (2,007,937) | (4,775,103) | |||
Assets at Fair Value, ending balance | 44,684,506 | 44,684,506 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | (43,349,357) | ||||
Taxable Mortgage Revenue Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | 1,456,279 | 1,441,316 | 1,383,237 | 1,409,895 | |
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in other comprehensive (loss) income | 32,840 | (11,936) | 110,206 | 43,438 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (2,236) | (2,044) | (6,560) | (25,997) | |
Assets at Fair Value, ending balance | 1,486,883 | 1,427,336 | 1,486,883 | 1,427,336 | |
Mortgage Revenue Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | [1] | 787,624,971 | 759,526,707 | 773,597,465 | 732,153,435 |
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | [1] | 34,954 | 35,542 | 90,194 | 106,909 |
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss) | [1] | (3,463,253) | (5,285,609) | ||
Total gain (losses) included in other comprehensive (loss) income | [1] | 18,248,391 | 18,886,878 | 32,457,107 | 41,280,568 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 2,023,500 | 9,513,450 | 19,250,000 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (7,931,962) | (1,166,407) | (13,836,006) | (15,508,192) |
Assets at Fair Value, ending balance | [1] | 796,536,601 | $ 777,282,720 | 796,536,601 | $ 777,282,720 |
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held | [1] | $ (3,463,253) | $ (5,285,609) | ||
[1] | Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($) | Sep. 30, 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 | $ 26,275,890 | $ 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 | 679,091,701 | 549,397,421 |
Mortgages payable and other secured financing | 26,275,890 | 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 | 711,968,025 | 568,193,494 |
Mortgages payable and other secured financing | $ 26,277,618 | $ 26,812,851 |
Segments - Additional Informati
Segments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 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 | 77 |
Number of available for sale securities in tax-exempt loan | Security | 3 |
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 | 11,118 |
Number of rental units financed by tax-exempt loan | Unit | 737 |
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 | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Total revenues | |||||
Total revenues | $ 13,839,947 | $ 14,865,702 | $ 42,054,501 | $ 46,876,634 | |
Interest expense | |||||
Interest expense | 5,105,432 | 6,509,021 | 16,012,716 | 19,110,876 | |
Depreciation expense | |||||
Depreciation expense | 719,783 | 743,503 | 2,141,302 | 2,380,815 | |
Net income (loss) | |||||
Net income (loss) | (1,160,017) | 9,707,903 | 6,410,088 | 20,045,906 | |
Total assets | |||||
Total assets | 1,174,624,868 | 1,174,624,868 | $ 1,029,168,508 | ||
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member] | |||||
Total revenues | |||||
Total revenues | 10,763,544 | 10,383,867 | 31,216,575 | 31,074,582 | |
Interest expense | |||||
Interest expense | 4,813,114 | 5,789,009 | 14,908,641 | 16,894,378 | |
Depreciation expense | |||||
Depreciation expense | 4,688 | 10,471 | |||
Net income (loss) | |||||
Net income (loss) | (1,852,974) | (2,492,643) | 888,856 | 1,836,196 | |
Total assets | |||||
Total assets | 1,111,594,864 | 1,111,594,864 | 918,301,172 | ||
Operating Segments [Member] | MF Properties [Member] | |||||
Total revenues | |||||
Total revenues | 1,548,931 | 1,974,546 | 5,358,132 | 6,002,971 | |
Interest expense | |||||
Interest expense | 292,318 | 365,995 | 906,082 | 1,096,016 | |
Depreciation expense | |||||
Depreciation expense | 715,095 | 743,503 | 2,130,831 | 2,380,815 | |
Net income (loss) | |||||
Net income (loss) | (834,648) | (434,099) | (1,172,961) | (946,230) | |
Total assets | |||||
Total assets | 68,432,579 | 68,432,579 | 70,569,646 | ||
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member] | |||||
Total revenues | |||||
Total revenues | 589,024 | 174,470 | 1,812,779 | ||
Interest expense | |||||
Interest expense | 354,017 | 197,993 | 1,120,482 | ||
Net income (loss) | |||||
Net income (loss) | 235,007 | 1,390,999 | 692,297 | ||
Total assets | |||||
Total assets | 43,591,048 | ||||
Operating Segments [Member] | Other Investments [Member] | |||||
Total revenues | |||||
Total revenues | 1,527,472 | 1,918,265 | 5,305,324 | 7,986,302 | |
Net income (loss) | |||||
Net income (loss) | 1,527,605 | $ 12,399,638 | 5,303,194 | $ 18,463,643 | |
Total assets | |||||
Total assets | 99,223,160 | 99,223,160 | 87,098,315 | ||
Consolidation, Eliminations [Member] | |||||
Total assets | |||||
Total assets | $ (104,625,735) | $ (104,625,735) | $ (90,391,673) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | 1 Months Ended |
Oct. 30, 2020 | |
Greystone Affiliate [Member] | Subsequent Event [Member] | |
Debt Instrument [Line Items] | |
Percentage of referral fee to be received in original principal amount | 0.25% |