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America First Multifamily Investors (ATAX)

Document and Entity Information

Document and Entity Information - USD ($)12 Months Ended
Dec. 31, 2020Jun. 30, 2020
Cover [Abstract]
Entity Registrant NameAMERICA FIRST MULTIFAMILY INVESTORS, L.P.
Entity Central Index Key0001059142
Current Fiscal Year End Date--12-31
Entity Filer CategoryNon-accelerated Filer
Document Type10-K
Entity Small Businesstrue
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
ICFR Auditor Attestation Flagfalse
Document Period End DateDec. 31,
2020
Document Fiscal Year Focus2020
Document Fiscal Period FocusFY
Amendment Flagfalse
Trading SymbolATAX
Title of each classBeneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P.
Name of each exchange on which registeredNASDAQ
Entity Common Stock, Units Outstanding0
Entity Well-known Seasoned IssuerNo
Entity Voluntary FilersNo
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity File Number000-24843
Entity Tax Identification Number47-0810385
Entity Address, Address Line One14301 FNB Parkway
Entity Address, Address Line TwoSuite 211
Entity Address, City or TownOmaha
Entity Address, State or ProvinceNE
Entity Address, Postal Zip Code68154
City Area Code402
Local Phone Number952-1235
Document Annual Reporttrue
Document Transition Reportfalse
Entity Incorporation, State or Country CodeDE
Entity Public Float $ 250,641,040
Documents Incorporated by ReferenceNone

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)Dec. 31, 2020Dec. 31, 2019
Assets:
Cash and cash equivalents $ 44,495,538 $ 42,308,153
Restricted cash78,495,048 877,828
Interest receivable, net8,212,076 7,432,433
Mortgage revenue bonds held in trust, at fair value (Note 6)768,468,644 743,587,715
Mortgage revenue bonds, at fair value (Note 6)25,963,841 30,009,750
Governmental issuer loans held in trust (Note 7)64,863,657
Public housing capital fund trust certificates, at fair value (Note 8)43,349,357
Real estate assets: (Note 9)
Land and improvements4,875,265 4,906,130
Buildings and improvements72,316,152 72,011,533
Real estate assets before accumulated depreciation77,191,417 76,917,663
Accumulated depreciation(18,150,215)(15,357,700)
Net real estate assets59,041,202 61,559,963
Investments in unconsolidated entities (Note 10)106,878,570 86,981,864
Property loans, net of loan loss allowance (Note 11)12,920,719 7,999,094
Other assets (Note 13)5,908,584 5,062,351
Total Assets1,175,247,879 1,029,168,508
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 14)9,949,565 9,036,167
Distribution payable3,686,283 7,607,984
Unsecured lines of credit (Note 15)7,475,000 13,200,000
Debt financing, net (Note 16)673,957,640 536,197,421
Mortgages payable and other secured financing, net (Note 17)25,984,872 26,802,246
Total Liabilities721,053,360 592,843,818
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)94,422,477 94,386,427
Partnersʼ Capital:
General Partner (Note 1)934,892 735,128
Beneficial Unit Certificates ("BUCs," Note 1)358,837,150 341,203,135
Total Partnersʼ Capital359,772,042 341,938,263
Total Liabilities and Partnersʼ Capital $ 1,175,247,879 $ 1,029,168,508

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in MillionsDec. 31, 2020Dec. 31, 2019
Statement Of Financial Position [Abstract]
Redeemable preferred units redemption value $ 94.5 $ 94.5
Redeemable preferred units, issued9.5 9.5
Redeemable preferred units, outstanding9.5 9.5

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Revenues:
Investment income $ 47,553,660 $ 50,222,435
Property revenues6,986,009 8,081,029
Contingent interest income12,043 3,045,462
Other interest income967,338 851,123
Other income9,518 117,964
Total revenues55,528,568 62,318,013
Expenses:
Real estate operating (exclusive of items shown below)4,347,441 4,473,558
Provision for credit loss (Note 6)7,318,590
Provision for loan loss (Note 11)[1]911,232
Impairment charge on real estate assets25,200 75,000
Depreciation and amortization2,810,073 3,091,417
Interest expense21,215,888 24,717,294
General and administrative13,027,349 15,564,403
Total expenses49,655,773 47,921,672
Other Income:
Gain on sale of securities1,416,023
Gain on sale of investments in unconsolidated entities16,141,797
Income before income taxes7,288,818 30,538,138
Income tax expense79,990 45,987
Net income7,208,828 30,492,151
Redeemable Series A Preferred Unit distributions and accretion(2,871,051)(2,871,051)
Net income available to Partners4,337,777 27,621,100
Net income (loss) available to Partners allocated to:
General Partner(32,666)2,102,874
Net income available to Partners and noncontrolling interest $ 4,337,777 $ 27,621,100
BUC holders' interest in net income per BUC, basic and diluted $ 0.07 $ 0.42
Weighted average number of BUCs outstanding, basic60,606,989 60,551,775
Weighted average number of BUCs outstanding, diluted60,606,989 60,551,775
Beneficial Unit Certificate Holders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners $ 4,304,208 $ 25,423,398
Restricted Unitholders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners $ 66,235 $ 94,828
[1]The provision for loan loss is related to the Live 929 Apartments property loan.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($)12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Net income $ 7,208,828 $ 30,492,151
Reversal of net unrealized loss on securities to provision for credit loss652,880
Unrealized gain on bond purchase commitments431,879
Comprehensive income40,494,158 70,822,786
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 loss652,880
Unrealized gain on securities33,609,375 $ 40,330,635
Unrealized gain on bond purchase commitments431,879
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized gain on bond purchase commitments $ 431,879

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - USD ($)TotalTier 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, 201860,691,467
Cumulative effect of accounting change (Note 2)(212)(2)(210)
Distributions paid or accrued:
Regular distribution(13,379,769)(133,799)(13,245,970)
Distribution of Tier 2 and Tier 3 (income) loss (Note 3) $ (8,072,809) $ (11,081,091) $ (2,018,202) $ (6,054,607) $ (11,081,091)
Net income (loss) allocable to Partners27,621,100 2,102,874 25,518,226
Restricted units awarded353,197
Restricted unit compensation expense3,636,091 36,361 3,599,730
BUCs surrendered to pay tax withholding on vested restricted units(1,581,423)(1,581,423)
BUCs surrendered to pay tax withholding, Units(209,460)
Unrealized gain on securities40,330,635 403,306 39,927,329 40,330,635
Balance at Dec. 31, 2019341,938,263 735,128 341,203,135 99,308,677
Partners' Capital Account, Units at Dec. 31, 201960,835,204
Distributions paid or accrued:
Regular distribution(19,110,367)(191,104)(18,919,263)
Distribution of Tier 2 and Tier 3 (income) loss (Note 3) $ 445,719 $ 80,501 $ 365,218
Net income (loss) allocable to Partners4,337,777 (32,666)4,370,443
Repurchase of BUCs, Value(2,106,673)(2,106,673)
Repurchase of BUCs, Units(290,000)
Restricted units awarded290,000
Restricted unit compensation expense1,017,938 10,179 1,007,759
Restricted units forfeited(2,802)
BUCs surrendered to pay tax withholding on vested restricted units(35,945)(35,945)
BUCs surrendered to pay tax withholding, Units(8,728)
Unrealized gain on securities33,609,375 336,094 33,273,281 33,609,375
Unrealized gain on bond purchase commitments431,879 4,319 427,560 431,879
Reversal of net unrealized gains onsale of securities(1,408,804)(14,088)(1,394,716)(1,408,804)
Reversal of net unrealized loss on securities to provision for credit loss652,880 6,529 646,351 652,880
Balance at Dec. 31, 2020 $ 359,772,042 $ 934,892 $ 358,837,150 $ 132,594,007
Partners' Capital Account, Units at Dec. 31, 202060,823,674

Consolidated Statements of Pa_2

Consolidated Statements of Partners' Capital (Parenthetical) - $ / shares12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Regular distributions paid or accrued $ 0.50 $ 0.305
Tier 2 [Member]
Distributions paid or accrued of tier 2 and tier 30.500.305
Tier 3 [Member]
Distributions paid or accrued of tier 2 and tier 3 $ 0.50 $ 0.305

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Cash flows from operating activities:
Net income $ 7,208,828 $ 30,492,151
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense2,810,073 3,091,417
Provision for loan loss[1]911,232
Gain on sale of investment in securities(1,416,023)
Provision for credit loss7,318,590
Gain on sale of investment in an unconsolidated entity(16,141,797)
Contingent interest realized on investing activities(12,043)(3,045,462)
Impairment charge on real estate assets25,200 75,000
(Gain) loss on derivatives, net of cash paid(310,592)615,722
Restricted unit compensation expense1,017,938 3,636,091
Bond premium/discount amortization(117,831)(135,648)
Debt premium amortization(40,484)(18,513)
Amortization of deferred financing costs1,450,398 1,713,534
Deferred income tax expense & income tax payable/receivable9,564 (29,343)
Change in preferred return receivable from unconsolidated entities, net(3,399,130)(2,246,395)
Changes in operating assets and liabilities
Increase in interest receivable(779,643)(420,594)
Decrease in other assets213,890 672,803
Increase (decrease) in accounts payable and accrued expenses951,530 (264,717)
Net cash provided by operating activities15,841,497 17,994,249
Cash flows from investing activities:
Capital expenditures(416,820)(126,732)
Acquisition of mortgage revenue bonds(9,513,450)(19,250,000)
Advances on governmental issuer loans(64,863,657)
Contributions to unconsolidated entities(24,259,742)(25,274,899)
Advances on property loans(5,832,857)(405,717)
Proceeds from sale of investment in an unconsolidated entity7,762,166 33,215,533
Principal payments received on taxable mortgage revenue bonds8,846 53,086
Principal payments received on property loans and contingent interest12,043 11,413,098
Net cash provided by (used in) investing activities(38,143,016)23,192,923
Cash flows from financing activities:
Distributions paid(25,421,349)(35,336,852)
Repurchase of BUCs(2,106,673)
Payment of tax withholding related to restricted unit awards(35,945)(1,581,423)
Proceeds from debt financing285,438,000 122,921,712
Principal payments on debt financing(147,692,836)(92,811,848)
Principal payments on mortgages payable(826,337)(739,897)
Principal borrowing on unsecured lines of credit10,492,728 23,200,000
Principal payments on unsecured lines of credit(16,217,728)(45,659,200)
Decrease in security deposit liability related to restricted cash(100,558)(22,199)
Debt financing and other deferred costs(1,423,178)(1,240,095)
Net cash provided by (used in) financing activities102,106,124 (31,269,802)
Net increase in cash, cash equivalents and restricted cash79,804,605 9,917,370
Cash, cash equivalents and restricted cash at beginning of period43,185,981 33,268,611
Cash, cash equivalents and restricted cash at end of period122,990,586 43,185,981
Supplemental disclosure of cash flow information:
Cash paid during the period for interest19,139,218 22,084,197
Cash paid during the period for income taxes71,427 340,374
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner3,686,283 7,607,984
Distributions declared but not paid for Series A Preferred Units708,750 708,750
Deferred financing costs financed through accounts payable37,322 73,724
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Principal payments received6,300,042
Proceeds from sale of PHC Certificates43,349,357
Mortgage Revenue Bonds [Member]
Cash flows from investing activities:
Principal payments received $ 15,611,098 $ 17,268,512
[1]The provision for loan loss is related to the Live 929 Apartments property loan.

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)Dec. 31, 2020Dec. 31, 2019
Statement Of Cash Flows [Abstract]
Cash and cash equivalents $ 44,495,538 $ 42,308,153
Restricted cash78,495,048 877,828
Total cash, cash equivalents and restricted cash $ 122,990,586 $ 43,185,981

Basis of Presentation

Basis of Presentation12 Months Ended
Dec. 31, 2020
Basis Of Presentation [Abstract]
Basis of Presentation1. 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.” All disclosures of the number of rental units for properties related to MRBs, taxable MRBs, GILs, and MF Properties are unaudited.

Summary of Significant Accounti

Summary of Significant Accounting Policies12 Months Ended
Dec. 31, 2020
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. The consolidated subsidiaries of the Partnership for the periods presented consist of:

ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the M24 Tax-Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“Freddie Mac”);

ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “M31 TEBS Financing” with Freddie Mac;

ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership created to hold MRBs to facilitate the “M33 TEBS Financing” with Freddie Mac;

ATAX TEBS IV, LLC, a special purpose entity owned and controlled by the Partnership created to hold MRBs to facilitate the “M45 TEBS Financing” with Freddie Mac;

ATAX 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. Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining: (i) the fair value of MRBs and Public Housing Capital Fund Trusts Certificates (“PHC Certificates”); (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for loan losses. 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, property loans, 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 December 31, 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 Provision Center 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 during 2020 due to a significant decline in occupancy 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 deemed impaired. Variable Interest Entities Under the accounting guidance for consolidation, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are VIEs and if the Partnership is the primary beneficiary. The entity that is deemed to have: (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it must consolidate the VIEs in its consolidated financial statements. The Partnership has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Partnership’s consolidated financial statements, all transactions and accounts between the Partnership and the consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. The Partnership does not believe that the consolidation of VIEs for reporting under GAAP impacts its status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership. In addition, the consolidation of VIEs is not expected to impact the treatment of the MRBs, GILs and property loans owned by consolidated VIEs, the tax-exempt nature of the interest payments on secured debt financings, or the manner in which the Partnership’s income is reported to Unitholders on IRS Schedule K-1. Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased. Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at three financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances have exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s short-term investment portfolio being restricted to investment grade securities. Restricted Cash Restricted cash is legally restricted as to its use. 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 consolidated statement of cash flows. Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds The Partnership accounts for its investments in MRBs and taxable MRBs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 24 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership periodically reviews its MRBs and taxable MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, 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 and 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 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;

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 and 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 amortized 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 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. Investment in Public Housing Capital Fund Trust Certificates The Partnership accounted for its investments in PHC Certificates under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the certificates, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 24 for a description of the Partnership’s methodology for estimating the fair value of the PHC Certificates. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily and student housing residential apartment buildings, and five to 15 years on capital improvements. Depreciation expense is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gains and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets for impairment at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. See Note 9 for information on recognized impairments of the real estate assets. Investments in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited membership interests using The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Factors considered include:

The absence of an ability to recover the carrying amount of the investment;

The inability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment; or

Estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment of whether a decline in value is other than temporary is based on the Partnership’s ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered other than temporary, an impairment charge would be recorded equal to the excess of the carrying value over the estimated fair value of the investment. The Partnership earns a return on its investments in unconsolidated entities that is guaranteed by an unrelated third party, which is also an affiliate of the unconsolidated entities. approximately two to three years after 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 consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. Interest income is recognized upon the repayment of these property loans and accrued interest which 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. See Note 11 for additional information on the Partnership’s property loan loss allowances. Accounting for TOB, Term TOB, Term A/B and TEBS Financing Arrangements The Partnership has evaluated the accounting guidance related to its TOB (“Tender Option Bond”), Term TOB, Term A/B and TEBS Financings and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and therefore are accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets. The financing agreements contain certain provisions that allow the Partnership to unilaterally cause the holder to return the securitized assets, other than through a cleanup call. Based on these terms, the Partnership has concluded that the Partnership has not transferred effective control over the transferred assets and, as such, the transactions do not meet the conditions to de-recognize the transferred assets. In addition, the Partnership has evaluated the securitization trusts associated with the TOB, Term TOB, Term A/B and TEBS Financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts in the Partnership’s consolidated financial statements. The Partnership recognizes interest expense for fixed-rate TEBS Financings with escalating stated interest rates using the effective interest method over the estimated term of the arrangement. Deferred Financing Costs Debt financing costs are capitalized and amortized using the effective interest method through either the stated maturity date or the optional redemption date of the related debt financing agreement. Debt financing costs associated with revolving line of credit (“LOC”) arrangements are reported within “Other assets” on the Partnership’s consolidated balance sheets. Deferred financing costs associated with debt financing arrangements are reported as reductions to the carrying value of the related debt financing arrangements on the Partnership’s consolidated balance sheets. Income Taxes No provision has been made for income taxes of the Partnership because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. The Partnership pays franchise margin taxes on revenues in certain jurisdictions relating to property loans and investments in unconsolidated entities. The Greens Hold Co is subject to federal and state income taxes. The Partnership recognizes income tax expense or benefit for the federal and state income taxes incurred by this entity in its consolidated financial statements. The Partnership evaluates the tax positions it takes in its consolidated financial statements under the accounting guidance for uncertain tax positions. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. The Partnership accrues interest and penalties, if any, and reports them within “Income tax expense” on the Partnership’s consolidated statements of operations. Deferred income tax expense or benefit, is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes), such as depreciation, amortization of financing costs, etc. and the utilization of tax net operating losses (“NOLs”). The Partnership values its deferred tax assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Partnership records a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred income tax expense. Investment Income from Investments in Mortgage Revenue Bonds and Governmental Issuer Loans The interest income received by the Partnership from its MRBs and GILs is dependent upon the net cash flow of the underlying properties. Interest income on fully performing MRBs and GILs is recognized as it is earned. Current and past due interest income on MRBs and GILs not fully performing is recognized as it is received. The Partnership reinstates the accrual of interest once the MRB’s or GIL’s ability to perform is adequately demonstrated. Interest income related to MRBs and GILs is reported within “Investment Income” and interest income related to taxable MRBs is reported within “Other interest income” on the Partnership’s consolidated statements of operations. As of December 31, 2020 and 2019, the Partnership’s MRBs and GILs were fully performing and current on all interest payments, with the exception of the Provision Center 2014-1 MRB and forbearance granted to the borrower of the Live 929 Apartments MRB, both of which are further discussed in Note 6. Premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Discounts on MRB investments are amortized as a yield adjustment to the stated maturity date. Amortization of premiums and discounts is reported within “Investment income” on the Partnership’s consolidated statements of operations. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the period to the stated maturity of the related MRBs. Bond issuance costs are reported as an adjustment to the carrying cost of the related MRB on the Partnership’s consolidated balance sheets. Investment Income from PHC Certificates Interest income on the PHC Certificates is recognized as it is earned. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at discounts to par value. The premiums and discounts are amortized using the effective yield method over the term of the related PHC Certificate and amortization is reported within “Investment income” on the Partnership’s consolidated statements of operations. Derivative Instruments and Hedging Activities The Partnership reports all interest rate derivatives in its consolidated balance sheets at fair value. The Partnership’s derivative financial instruments are not designated as hedging instruments and changes in fair value are reported within “Interest expense” on the Partnership’s consolidated statements of operations. The Partnership is exposed to loss should a counterparty to its interest rate derivative agreements default. The Partnership does not anticipate non-performance by any counterparty. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units representing limited partnership interests in the Partnership to various financial institutions. The Series A Preferred Units are recorded as mezzanine equity due to the holders’ redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. The costs of issuing the Series A Preferred Units are been netted against the carrying value of the Series A Preferred Units and are being amortized to the first redemption date. Beneficial Unit Certificates (“BUCs”) The Partnership has issued BUCs representing assigned limited partnership interests to investors. Costs related to the issuance of BUCs are recorded as a reduction to partners’ capital when issued. Restricted Unit Awards (“RUA” or “RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the BUC holders in September 2015, permits the grant of RUAs and other awards to the employees of Greystone Manager, or any affiliate, who performs services for Greystone Manager, the Partnership or an affiliate, and members of Greystone Manager’s Board of Managers for up to 3.0 million BUCs. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. RUAs typically provide for the payment of distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control, or upon death or disability of the participant. The Partnership accounts for forfeitures as they occur. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The Partnership accounts for modifications to RUAs as they occur, if the fair value of the RUAs change, there are changes to vesting conditions or the awards no longer qualify for equity classification. Net Income per BUC The Partnership uses the two-class method to allocate net income available to the BUCs, and to the unvested RUAs as the RUAs are participating securities. Unvested RUAs are included with BUCs for the calculation of diluted net income per BUC using the treasury stock method, if the treasury stock method is more dilutive than the two-class method. Lease Accounting On January 1, 2019, the Partnership adopted the lease guidance in Accounting Standards Codification (“ASC”) 842. The Partnership adopted ASC 842 cumulative-effect adjustment Lessee Operating Leases. The Partnership’s lessee ROU assets are reported within “Other assets” on the Partnership’s consolidated balance sheet (see Note 13). The Partnership’s lessee operating lease liabilities are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheet (see Note 14). See Note 14 for additional information on the Partnership’s ground lease. Lessor Operating Leases. 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 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 consolidated financial statements.

Partnership Income, Expenses an

Partnership Income, Expenses and Cash Distributions12 Months Ended
Dec. 31, 2020
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income, Expenses and Cash Distributions3. Partnership Income, Expenses and Cash Distributions The Partnership Agreement contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations, and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments. Income and losses will be allocated to each Unitholder on a periodic basis, as determined by the General Partner, based on the number of Series A Preferred Units and BUCs held by each Unitholder as of the last day of the period for which such allocation is to be made. Distributions of Net Interest Income and Net Residual Proceeds will be made to each Unitholder of record on the last day of each distribution period based on the number of Series A Preferred Units and BUCs held by each Unitholder on that date. Cash distributions are currently made on a quarterly basis. For purposes of the Partnership Agreement, income and cash received by the Partnership from its investments in MF Properties, investments in unconsolidated entities, and property loans will be included in the Partnership’s Net Interest Income, and cash distributions received by the Partnership from the sale or redemption of such investments will be included in the Partnership’s Net Residual Proceeds. The holders of the Series A Preferred Units are entitled to distributions at a fixed rate of 3.0% per annum prior to payment of distributions to other Unitholders. Net Interest Income (Tier 1) is allocated 99% to the limited partners and BUC holders as a class and 1% to the General Partner. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) are allocated 75% to the limited partners and BUC holders as a class and 25% to the General Partner. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) in excess of the maximum allowable amount as set forth in the Partnership Agreement are considered Net Interest Income (Tier 3) and Net Residual Proceeds (Tier 3) and are allocated 100% to the limited partners and BUC holders as a class. The distributions paid or accrued per BUC during the fiscal years ended December 31, 2020 and 2019 were as follows:
For the Years Ended December 31,
2020
2019
Cash distributions
$
0.3050
$
0.5000

Net Income per BUC

Net Income per BUC12 Months Ended
Dec. 31, 2020
Earnings Per Share [Abstract]
Net Income per BUC4. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC on the Partnership’s consolidated statements of operations. The unvested RUAs issued under the Partnership’s 2015 Equity Incentive Plan (the “2015 Plan”) are considered participating securities. There were no dilutive BUCs for the years ended December 31, 2020 and 2019.

Variable Interest Entities

Variable Interest Entities12 Months Ended
Dec. 31, 2020
Variable Interest Entities [Abstract]
Variable Interest Entities5. Variable Interest Entities Consolidated VIEs The Partnership has determined the TOB, Term TOB, Term A/B and TEBS Financings are VIEs and the Partnership is the primary beneficiary (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 senior Floater Certificates related to the TOB Financings , and the Class A Certificates related to the Term TOB, Term A/B and TEBS Financings as secured debt financings on the Partnership’s consolidated balance sheets (see Note 1 6 ). 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 consolidated balance sheets (see Note s 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 consolidated financial statements. The Partnership held variable interests in 21 and 17 non-consolidated VIEs as of December 31, 2020 and 2019, respectively. The following table summarizes the Partnership’s variable interests in these entities and maximum exposure to loss as of December 31, 2020 and 2019:
Maximum Exposure to Loss
December 31, 2020
December 31, 2019
Mortgage revenue bonds
$
20,763,500
$
30,455,000
Governmental issuer loans
64,863,657
-
Property loans
5,327,342
-
Investment in unconsolidated entities
106,878,570
86,981,864
$
197,833,069
$
117,436,864
The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns. The difference between a MRB’s carrying value on the Partnership’s consolidated balance sheets and the maximum exposure to loss is a function of the unrealized gains or losses on the MRB. The maximum exposure to loss for the GILs, property loans, and investments in unconsolidated entities is equal to the Partnership’s carrying value.

Mortgage Revenue Bonds

Mortgage Revenue Bonds12 Months Ended
Dec. 31, 2020
Investments In Mortgage Revenue Bonds [Abstract]
Mortgage Revenue Bonds6. Mortgage Revenue Bonds The Partnership owns MRBs that were issued by state and local governments, their agencies and authorities to finance the construction or rehabilitation of income-producing real estate properties. The MRBs do not constitute an obligation of any state or local government, agency or authority and no state or local government, agency or authority is liable on them, nor is the taxing power of any state or local government pledged to the payment of principal or interest on the MRBs. The MRBs are non-recourse obligations of the respective owners of the properties. The sole source of the funds to pay principal and interest on the MRBs is the net cash flow or the sale or refinancing proceeds from the properties. Each MRB is collateralized by a mortgage on all real and personal property included in the related property. The MRBs bear interest at a fixed rate, with the exception of Ocotillo Springs – Series A MRB. The following tables present information regarding the MRBs owned by the Partnership as of December 31, 2020 and 2019:
December 31, 2020
Description of Mortgage Revenue Bonds Held in Trust
State
Cost Adjusted for Paydowns and Allowances
Cumulative Unrealized Gain
Cumulative Unrealized Loss
Estimated Fair Value
Courtyard - Series A (4)
CA
$
10,061,161
$
2,487,317
$
-
$
12,548,478
Glenview Apartments - Series A (3)
CA
4,483,154
1,010,425
-
5,493,579
Harmony Court Bakersfield - Series A (4)
CA
3,668,439
889,216
-
4,557,655
Harmony Terrace - Series A (4)
CA
6,791,096
1,724,350
-
8,515,446
Harden Ranch - Series A (2)
CA
6,621,823
1,606,690
-
8,228,513
Las Palmas II - Series A (4)
CA
1,664,566
400,431
-
2,064,997
Montclair Apartments - Series A (3)
CA
2,428,775
572,671
-
3,001,446
Montecito at Williams Ranch Apartments - Series A (6)
CA
7,626,287
2,350,276
-
9,976,563
Montevista - Series A (6)
CA
6,720,000
2,404,771
-
9,124,771
Ocotillo Springs - Series A (6)
CA
2,023,500
215,633
-
2,239,133
San Vicente - Series A (4)
CA
3,432,246
809,327
-
4,241,573
Santa Fe Apartments - Series A (3)
CA
2,942,370
724,678
-
3,667,048
Seasons at Simi Valley - Series A (4)
CA
4,236,876
1,180,122
-
5,416,998
Seasons Lakewood - Series A (4)
CA
7,233,993
1,836,808
-
9,070,801
Seasons San Juan Capistrano - Series A (4)
CA
12,179,682
2,973,846
-
15,153,528
Summerhill - Series A (4)
CA
6,316,993
1,470,689
-
7,787,682
Sycamore Walk - Series A (4)
CA
3,517,919
888,485
-
4,406,404
The Village at Madera - Series A (4)
CA
3,034,084
735,450
-
3,769,534
Tyler Park Townhomes - Series A (2)
CA
5,767,938
939,214
-
6,707,152
Vineyard Gardens - Series A (6)
CA
3,969,173
1,226,058
-
5,195,231
Westside Village Market - Series A (2)
CA
3,769,337
859,860
-
4,629,197
Brookstone (1)
IL
7,374,252
2,201,663
-
9,575,915
Copper Gate Apartments (2)
IN
4,955,000
641,581
-
5,596,581
Renaissance - Series A (3)
LA
10,870,681
4,293,328
-
15,164,009
Live 929 Apartments (6)
MD
36,234,756
-
-
36,234,756
Woodlynn Village (1)
MN
4,120,000
56,458
-
4,176,458
Gateway Village (6)
NC
2,600,000
136,612
-
2,736,612
Greens Property - Series A (2)
NC
7,829,000
663,781
-
8,492,781
Lynnhaven Apartments (6)
NC
3,450,000
178,960
-
3,628,960
Silver Moon - Series A (3)
NM
7,697,891
1,995,694
-
9,693,585
Village at Avalon - Series A (5)
NM
16,189,074
4,879,623
-
21,068,697
Ohio Properties - Series A (1)
OH
13,724,000
61,243
-
13,785,243
Bridle Ridge (1)
SC
7,235,000
153,657
-
7,388,657
Columbia Gardens (4)
SC
12,898,904
2,689,886
-
15,588,790
Companion at Thornhill Apartments (4)
SC
11,055,254
2,208,446
-
13,263,700
Cross Creek (1)
SC
6,136,261
2,277,289
-
8,413,550
Rosewood Townhomes - Series A (6)
SC
9,259,206
578,247
-
9,837,453
South Pointe Apartments - Series A (6)
SC
21,551,600
1,345,919
-
22,897,519
The Palms at Premier Park Apartments (2)
SC
18,619,081
2,906,879
-
21,525,960
Village at River's Edge (4)
SC
9,802,479
1,353,745
-
11,156,224
Willow Run (4)
SC
12,720,560
2,650,995
-
15,371,555
Arbors at Hickory Ridge (2)
TN
10,910,733
2,704,295
-
13,615,028
Avistar at Copperfield - Series A (6)
TX
13,815,817
3,189,896
-
17,005,713
Avistar at the Crest - Series A (2)
TX
9,140,656
2,376,580
-
11,517,236
Avistar at the Oaks - Series A (2)
TX
7,388,262
1,854,785
-
9,243,047
Avistar at the Parkway - Series A (3)
TX
12,721,014
2,790,208
-
15,511,222
Avistar at Wilcrest - Series A (6)
TX
5,235,915
1,084,347
-
6,320,262
Avistar at Wood Hollow - Series A (6)
TX
39,756,184
8,703,609
-
48,459,793
Avistar in 09 - Series A (2)
TX
6,379,479
1,601,535
-
7,981,014
Avistar on the Boulevard - Series A (2)
TX
15,572,093
3,779,139
-
19,351,232
Avistar on the Hills - Series A (2)
TX
5,058,171
1,292,513
-
6,350,684
Bruton Apartments (4)
TX
17,674,167
3,792,253
-
21,466,420
Concord at Gulfgate - Series A (4)
TX
18,796,773
4,888,537
-
23,685,310
Concord at Little York - Series A (4)
TX
13,168,029
3,543,909
-
16,711,938
Concord at Williamcrest - Series A (4)
TX
20,398,687
5,397,326
-
25,796,013
Crossing at 1415 - Series A (4)
TX
7,331,821
1,810,458
-
9,142,279
Decatur Angle (4)
TX
22,270,729
5,600,721
-
27,871,450
Esperanza at Palo Alto (4)
TX
19,218,417
5,955,488
-
25,173,905
Heights at 515 - Series A (4)
TX
6,712,409
1,600,836
-
8,313,245
Heritage Square - Series A (3)
TX
10,579,057
2,095,871
-
12,674,928
Oaks at Georgetown - Series A (4)
TX
12,135,392
2,597,201
-
14,732,593
Runnymede (1)
TX
9,805,000
105,634
-
9,910,634
Southpark (1)
TX
11,462,172
1,917,286
-
13,379,458
15 West Apartments (4)
WA
9,604,680
3,257,826
-
12,862,506
Mortgage revenue bonds held in trust
$
637,948,068
$
130,520,576
$
-
$
768,468,644
(1) (2) (3) (4) (5) MRB held by Morgan Stanley in a debt financing transaction, see Note 16 (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, see Note 16
December 31, 2020
Description of Mortgage Revenue Bonds held by the Partnership
State
Cost Adjusted for Paydowns
Cumulative Unrealized Gain
Cumulative Unrealized Loss
Estimated Fair Value
Solano Vista - Series A
CA
$
2,665,000
$
891,612
$
-
$
3,556,612
Greens Property - Series B
NC
925,607
107,347
-
1,032,954
Arby Road Apartments - Series A
NV
7,385,000
15,059
-
7,400,059
Ohio Properties - Series B
OH
3,485,690
13,578
-
3,499,268
Rosewood Townhomes - Series B
SC
469,781
2,549
-
472,330
South Pointe Apartments - Series B
SC
1,099,487
5,967
-
1,105,454
Provision Center 2014-1
TN
6,161,954
-
-
6,161,954
Avistar at the Crest - Series B
TX
735,974
144,746
-
880,720
Avistar at the Oaks - Series B
TX
538,723
100,668
-
639,391
Avistar at the Parkway - Series B
TX
123,973
43,650
-
167,623
Avistar in 09 - Series B
TX
444,398
83,042
-
527,440
Avistar on the Boulevard - Series B
TX
437,318
82,718
-
520,036
Mortgage revenue bonds held by the Partnership
$
24,472,905
$
1,490,936
$
-
$
25,963,841
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
Provision Center 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) (2) (3) (4) (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 1 6
(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 24 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership’s consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. During the year ended December 31, 2020, the Partnership recognized total provisions for credit loss of approximately $7.3 million, of which approximately $3.5 million related to the Live 929 Apartments MRB and approximately $3.9 million related to the Provision Center 2014-1 MRB in its consolidated statements of operations. The Live 929 Apartments MRB provision for credit loss was incurred during the third quarter of 2020. The Provision Center 2014-1 MRB incurred provisions for credit losses of $1.4 million, $465,000 and $2.0 million during the first, second and fourth quarters of 2020, respectively. 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, forbearance allowing for the deferral of principal payments granted in the fourth quarter of 2020 and declines 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 Provision Center 2014-1 MRB was due to debt service shortfalls by the underlying commercial property, the borrower’s declaration of Chapter 11 bankruptcy protection and 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 2020: Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 31, 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 the MRB up to $15.0 million during construction and lease-up of the property
(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. Upon stabilization, the MRB will convert to a fixed interest rate of 4.35%. Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 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 2019: Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding during the year ended December 31, 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 year ended December 31, 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 year ended December 31, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows:
Property Name
Month Restructured
Property Location
Units
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
Geographic Concentrations The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding:
December 31, 2020
December 31, 2019
Texas
43
%
43
%
California
17
%
18
%
South Carolina
17
%
17
% The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2020, and 2019:
Property Name
Year Acquired
Location
Maturity Date
Base Interest Rate
Principal Outstanding as of December 31, 2020
15 West Apartments - Series A (4)
2016
Vancouver, WA
7/1/2054
6.25
%
$
9,604,680
Arbors at Hickory Ridge (2)
2012
Memphis, TN
1/1/2049
6.25
%
10,848,178
Arby Road Apartments - Series A (7)
2020
Las Vegas, NV
10/1/2027
5.35
%
1,600,000
Arby Road Apartments - Series A (7)
2020
Las Vegas, NV
4/1/2041
5.50
%
5,785,000
Avistar at Copperfield - Series A (6)
2017
Houston, TX
5/1/2054
5.75
%
13,815,817
Avistar on the Boulevard - Series A (2)
2013
San Antonio, TX
3/1/2050
6.00
%
15,572,093
Avistar at the Crest - Series A (2)
2013
San Antonio, TX
3/1/2050
6.00
%
9,140,656
Avistar (February 2013 Acquisition) - Series B (2 Bonds)
2013
San Antonio, TX
4/1/2050
9.00
%
1,173,292
Avistar at the Oaks - Series A (2)
2013
San Antonio, TX
8/1/2050
6.00
%
7,388,262
Avistar in 09 - Series A (2)
2013
San Antonio, TX
8/1/2050
6.00
%
6,379,479
Avistar on the Hills - Series A (2)
2013
San Antonio, TX
8/1/2050
6.00
%
5,058,171
Avistar (June 2013 Acquisition) - Series B (2 Bonds)
2013
San Antonio, TX
9/1/2050
9.00
%
983,121
Avistar at the Parkway - Series A (3)
2015
San Antonio, TX
5/1/2052
6.00
%
12,721,014
Avistar at the Parkway - Series B
2015
San Antonio, TX
6/1/2052
12.00
%
123,973
Avistar at Wilcrest - Series A (6)
2017
Houston, TX
5/1/2054
5.75
%
5,235,915
Avistar at Wood Hollow - Series A (6)
2017
Austin, TX
5/1/2054
5.75
%
39,756,184
Bridle Ridge (1)
2008
Greer, SC
1/1/2043
6.00
%
7,235,000
Brookstone (1)
2009
Waukegan, IL
5/1/2040
5.45
%
8,652,804
Bruton Apartments (4)
2014
Dallas, TX
8/1/2054
6.00
%
17,674,167
Columbia Gardens (4)
2015
Columbia, SC
12/1/2050
5.50
%
12,775,000
Companion at Thornhill Apartments (4)
2016
Lexington, SC
1/1/2052
5.80
%
11,055,254
Concord at Gulfgate - Series A (4)
2015
Houston, TX
2/1/2032
6.00
%
18,796,773
Concord at Little York - Series A (4)
2015
Houston, TX
2/1/2032
6.00
%
13,168,029
Concord at Williamcrest - Series A (4)
2015
Houston, TX
2/1/2032
6.00
%
20,398,687
Copper Gate Apartments (2)
2013
Lafayette, IN
12/1/2029
6.25
%
4,955,000
Courtyard - Series A (4)
2016
Fullerton, CA
12/1/2033
5.00
%
10,061,161
Cross Creek (1)
2009
Beaufort, SC
3/1/2049
6.15
%
7,862,645
Crossing at 1415 - Series A (4)
2015
San Antonio, TX
12/1/2052
6.00
%
7,331,821
Decatur Angle (4)
2014
Fort Worth, TX
1/1/2054
5.75
%
22,270,729
Esperanza at Palo Alto (4)
2018
San Antonio, TX
7/1/2058
5.80
%
19,218,417
Gateway Village (6)
2019
Durham, NC
4/1/2032
6.10
%
2,600,000
Glenview Apartments - Series A (3)
2014
Cameron Park, CA
12/1/2031
5.75
%
4,483,154
Greens Property - Series A (2)
2012
Durham, NC
10/1/2047
6.50
%
7,829,000
Greens Property - Series B
2012
Durham, NC
10/1/2047
12.00
%
925,607
Harden Ranch - Series A (2)
2014
Salinas, CA
3/1/2030
5.75
%
6,621,823
Harmony Court Bakersfield - Series A (4)
2016
Bakersfield, CA
12/1/2033
5.00
%
3,668,439
Harmony Terrace - Series A (4)
2016
Simi Valley, CA
1/1/2034
5.00
%
6,791,096
Heights at 515 - Series A (4)
2015
San Antonio, TX
12/1/2052
6.00
%
6,712,409
Heritage Square - Series A (3)
2014
Edinburg, TX
9/1/2051
6.00
%
10,579,057
Las Palmas II - Series A (4)
2016
Coachella, CA
11/1/2033
5.00
%
1,664,566
Live 929 Apartments (6)
2014
Baltimore, MD
7/1/2049
5.78
%
39,465,000
Lynnhaven Apartments (6)
2019
Durham, NC
4/1/2032
6.10
%
3,450,000
Montclair Apartments - Series A (3)
2014
Lemoore, CA
12/1/2031
5.75
%
2,428,775
Montecito at Williams Ranch Apartments - Series A (6)
2017
Salinas, CA
10/1/2034
5.50
%
7,626,287
Montevista - Series A (6)
2019
San Pablo, CA
7/1/2036
5.75
%
6,720,000
Oaks at Georgetown - Series A (4)
2016
Georgetown, TX
1/1/2034
5.00
%
12,135,392
Ocotillo Springs - Series A (6)
2020
Brawley, CA
8/1/2037
4.55
%
2,023,500
Ohio Properties - Series A (1)
2010
Ohio
6/1/2050
7.00
%
13,724,000
Ohio Properties - Series B
2010
Ohio
6/1/2050
10.00
%
3,485,690
Provision Center 2014-1
2014
Knoxville, TN
5/1/2034
6.00
%
10,000,000
Renaissance - Series A (3)
2015
Baton Rouge, LA
6/1/2050
6.00
%
10,870,681
Rosewood Townhomes - Series A (6)
2017
Goose Creek, SC
7/1/2055
5.75
%
9,259,206
Rosewood Townhomes - Series B
2017
Goose Creek, SC
8/1/2055
12.00
%
469,781
Runnymede (1)
2007
Austin, TX
10/1/2042
6.00
%
9,805,000
San Vicente - Series A (4)
2016
Soledad, CA
11/1/2033
5.00
%
3,432,246
Santa Fe Apartments - Series A (3)
2014
Hesperia, CA
12/1/2031
5.75
%
2,942,370
Seasons at Simi Valley - Series A (4)
2015
Simi Valley, CA
9/1/2032
5.75
%
4,236,876
Seasons Lakewood - Series A (4)
2016
Lakewood, CA
1/1/2034
5.00
%
7,233,993
Seasons San Juan Capistrano - Series A (4)
2016
San Juan Capistrano, CA
1/1/2034
5.00
%
12,179,682
Silver Moon - Series A (3)
2015
Albuquerque, NM
8/1/2055
6.00
%
7,697,891
Solano Vista - Series A
2018
Vallejo, CA
1/1/2036
5.85
%
2,665,000
South Pointe Apartments - Series A (6)
2017
Hanahan, SC
7/1/2055
5.75
%
21,551,600
South Pointe Apartments - Series B
2017
Hanahan, SC
8/1/2055
12.00
%
1,099,487
Southpark (1)
2009
Austin, TX
12/1/2049
6.13
%
12,845,000
Summerhill - Series A (4)
2016
Bakersfield, CA
12/1/2033
5.00
%
6,316,993
Sycamore Walk - Series A (4)
2015
Bakersfield, CA
1/1/2033
5.25
%
3,517,919
The Palms at Premier Park Apartments (2)
2013
Columbia, SC
1/1/2050
6.25
%
18,619,081
Tyler Park Townhomes (2)
2013
Greenfield, CA
1/1/2030
5.75
%
5,767,938
The Village at Madera - Series A (4)
2016
Madera, CA
12/1/2033
5.00
%
3,034,084
Village at Avalon (5)
2018
Albuquerque, NM
1/1/2059
5.80
%
16,189,074
Village at River's Edge (4)
2017
Columbia, SC
6/1/2033
6.00
%
9,802,479
Vineyard Gardens - Series A (6)
2017
Oxnard, CA
1/1/2035
5.50
%
3,969,173
Westside Village Market (2)
2013
Shafter, CA
1/1/2030
5.75
%
3,769,337
Willow Run (4)
2015
Columbia, SC
12/1/2050
5.50
%
12,597,000
Woodlynn Village (1)
2008
Maplewood, MN
11/1/2042
6.00
%
4,120,000
$
673,567,008
(1)
MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 16
(2)
MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 16
(3)
MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 16
(4)
MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 16 (5) MRB held by Morgan Stanley in a secured financing transaction, see Note 16 (6) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 16 (7) Both MRBs are part of the same series but have different interest rates and maturity dates
Property Name
Year Acquired
Location
Maturity Date
Base Interest Rate
Principal Outstanding as of December 31, 2019
15 West Apartments - Series A (5)
2016
Vancouver, WA
7/1/2054
6.25
%
$
9,673,117
Arbors at Hickory Ridge (3)
2012
Memphis, TN
1/1/2049
6.25
%
10,985,959
Avistar at Copperfield - Series A (2)
2017
Houston, TX
5/1/2054
5.75
%
13,945,681
Avistar on the Boulevard - Series A (3)
2013
San Antonio, TX
3/1/2050
6.00
%
15,762,217
Avistar at the Crest - Series A (3)
2013
San Antonio, TX
3/1/2050
6.00
%
9,252,257
Avistar (February 2013 Acquisition) - Series B (2 Bonds)
2013
San Antonio, TX
4/1/2050
9.00
%
1,181,107
Avistar at the Oaks - Series A (3)
2013
San Antonio, TX
8/1/2050
6.00
%
7,475,794
Avistar in 09 - Series A (3)
2013
San Antonio, TX
8/1/2050
6.00
%
6,455,058
Avistar on the Hills - Series A (3)
2013
San Antonio, TX
8/1/2050
6.00
%
5,118,097
Avistar (June 2013 Acquisition) - Series B (2 Bonds)
2013
San Antonio, TX
9/1/2050
9.00
%
989,411
Avistar at the Parkway - Series A (4)
2015
San Antonio, TX
5/1/2052
6.00
%
12,854,039
Avistar at the Parkway - Series B
2015
San Antonio, TX
6/1/2052
12.00
%
124,305
Avistar at Wilcrest - Series A (2)
2017
Houston, TX
5/1/2054
5.75
%
5,285,131
Avistar at Wood Hollow - Series A (2)
2017
Austin, TX
5/1/2054
5.75
%
40,129,878
Bridle Ridge (1)
2008
Greer, SC
1/1/2043
6.00
%
7,315,000
Brookstone (1)
2009
Waukegan, IL
5/1/2040
5.45
%
8,767,616
Bruton Apartments (5)
2014
Dallas, TX
8/1/2054
6.00
%
17,807,768
Columbia Gardens (5)
2015
Columbia, SC
12/1/2050
5.50
%
12,922,000
Companion at Thornhill Apartments (5)
2016
Lexington, SC
1/1/2052
5.80
%
11,178,557
Concord at Gulfgate - Series A (5)
2015
Houston, TX
2/1/2032
6.00
%
18,975,786
Concord at Little York - Series A (5)
2015
Houston, TX
2/1/2032
6.00
%
13,293,436
Concord at Williamcrest - Series A (5)
2015
Houston, TX
2/1/2032
6.00
%
20,592,957
Copper Gate Apartments (3)
2013
Lafayette, IN
12/1/2029
6.25
%
5,005,000
Courtyard - Series A (5)
2016
Fullerton, CA
12/1/2033
5.00
%
10,147,686
Cross Creek (1)
2009
Beaufort, SC
3/1/2049
6.15
%
7,970,921
Crossing at 1415 - Series A (5)
2015
San Antonio, TX
12/1/2052
6.00
%
7,405,406
Decatur Angle (5)
2014
Fort Worth, TX
1/1/2054
5.75
%
22,455,747
Esperanza at Palo Alto (5)
2018
San Antonio, TX
7/1/2058
5.80
%
19,356,959
Gateway Village (2)
2019
Durham, NC
4/1/2032
6.10
%
2,600,000
Glenview Apartments - Series A (4)
2014
Cameron Park, CA
12/1/2031
5.75
%
4,533,958
Greens Property - Series A (3)
2012
Durham, NC
10/1/2047
6.50
%
7,936,000
Greens Property - Series B
2012
Durham, NC
10/1/2047
12.00
%
930,016
Harden Ranch - Series A (3)
2014
Salinas, CA
3/1/2030
5.75
%
6,700,868
Harmony Court Bakersfield - Series A (5)
2016
Bakersfield, CA
12/1/2033
5.00
%
3,699,987
Harmony Terrace - Series A (5)
2016
Simi Valley, CA
1/1/2034
5.00
%
6,849,214
Heights at 515 - Series A (5)
2015
San Antonio, TX
12/1/2052
6.00
%
6,779,777
Heritage Square - Series A (4)
2014
Edinburg, TX
9/1/2051
6.00
%
10,695,037
Las Palmas II - Series A (5)
2016
Coachella, CA
11/1/2033
5.00
%
1,679,022
Live 929 Apartments (7)
2014
Baltimore, MD
7/1/2049
5.78
%
39,685,000
Lynnhaven Apartments (2)
2019
Durham, NC
4/1/2032
6.10
%
3,450,000
Montclair Apartments - Series A (4)
2014
Lemoore, CA
12/1/2031
5.75
%
2,456,298
Montecito at Williams Ranch Apartments - Series A (7)
2017
Salinas, CA
10/1/2034
5.50
%
7,681,146
Montevista - Series A
2019
San Pablo, CA
7/1/2036
5.75
%
6,720,000
Montevista - Series B
2019
San Pablo, CA
7/1/2021
5.75
%
6,480,000
Oaks at Georgetown - Series A (5)
2016
Georgetown, TX
1/1/2034
5.00
%
12,239,247
Ohio Properties - Series A (1)
2010
Ohio
6/1/2050
7.00
%
13,857,000
Ohio Properties - Series B
2010
Ohio
6/1/2050
10.00
%
3,504,170
Provision Center 2014-1 (2)
2014
Knoxville, TN
5/1/2034
6.00
%
10,000,000
Renaissance - Series A (4)
2015
Baton Rouge, LA
6/1/2050
6.00
%
11,001,027
Rosewood Townhomes - Series A (7)
2017
Goose Creek, SC
7/1/2055
5.75
%
9,280,000
Rosewood Townhomes - Series B
2017
Goose Creek, SC
8/1/2055
12.00
%
470,000
Runnymede (1)
2007
Austin, TX
10/1/2042
6.00
%
9,925,000
San Vicente - Series A (5)
2016
Soledad, CA
11/1/2033
5.00
%
3,462,053
Santa Fe Apartments - Series A (4)
2014
Hesperia, CA
12/1/2031
5.75
%
2,975,713
Seasons at Simi Valley - Series A (5)
2015
Simi Valley, CA
9/1/2032
5.75
%
4,282,477
Seasons Lakewood - Series A (5)
2016
Lakewood, CA
1/1/2034
5.00
%
7,295,901
Seasons San Juan Capistrano - Series A (5)
2016
San Juan Capistrano, CA
1/1/2034
5.00
%
12,283,916
Silver Moon - Series A (4)
2015
Albuquerque, NM
8/1/2055
6.00
%
7,762,116
Solano Vista - Series A
2018
Vallejo, CA
1/1/2036
5.85
%
2,665,000
Solano Vista - Series B
2018
Vallejo, CA
1/1/2021
5.85
%
3,103,000
South Pointe Apartments - Series A (7)
2017
Hanahan, SC
7/1/2055
5.75
%
21,600,000
South Pointe Apartments - Series B
2017
Hanahan, SC
8/1/2055
12.00
%
1,100,000
Southpark (1)
2009
Austin, TX
12/1/2049
6.13
%
13,005,000
Summerhill - Series A (5)
2016
Bakersfield, CA
12/1/2033
5.00
%
6,371,318
Sycamore Walk - Series A (5)
2015
Bakersfield, CA
1/1/2033
5.25
%
3,559,011
The Palms at Premier Park Apartments (3)
2013
Columbia, SC
1/1/2050
6.25
%
18,838,478
Tyler Park Townhomes (3)
2013
Greenfield, CA
1/1/2030
5.75
%
5,837,595
The Village at Madera - Series A (5)
2016
Madera, CA
12/1/2033
5.00
%
3,060,177
Village at Avalon (6)
2018
Albuquerque, NM
1/1/2059
5.80
%
16,302,038
Village at River's Edge (5)
2017
Columbia, SC
6/1/2033
6.00
%
9,872,297
Vineyard Gardens - Series A (7)
2017
Oxnard, CA
1/1/2035
5.50
%
3,995,000
Westside Village Market (3)
2013
Shafter, CA
1/1/2030
5.75
%
3,814,857
Willow Run (5)
2015
Columbia, SC
12/1/2050
5.50
%
12,742,000
Woodlynn Village (1)
2008
Maplewood, MN
11/1/2042
6.00
%
4,172,000
$
679,679,604
(1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 16 (2) MRB owned by Deutsche Bank in a debt financing transaction, see Note 16 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 16 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 16 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 16 (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

Governmental Issuer Loans

Governmental Issuer Loans12 Months Ended
Dec. 31, 2020
Governmental Issuer Loans [Abstract]
Governmental Issuer Loans7. 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 GILs. The GILs 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 GILs is the net cash flow or the sale or refinancing proceeds from the underlying property. The GILs share a first mortgage lien position with the associated property loans also owned by the Partnership (see Note 11). The GILs are held in trust in connection with TOB Trust financings (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 GILs as of December 31, 2020:
As of December 31, 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%
3.19%
$
40,000,000
$
-
Oasis at Twin Lakes
July 2020
Roseville, MN
228
8/1/2023 (2)
SIFMA + 3.25%
(3),(4)
3.75%
14,403,000
19,597,000
Centennial Crossings
August 2020
Centennial, CO
209
9/1/2023 (2)
SIFMA + 2.75%
(4)
3.25%
10,460,657
22,619,343
$
64,863,657
$
42,216,343
(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 23). 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 Certificates12 Months Ended
Dec. 31, 2020
Public Housing Capital Fund Trusts [Abstract]
Public Housing Capital Fund Trust Certificates8. Public Housing Capital Fund Trust 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 2 4 for a description of the methodology and significant assumptions for determining the fair value of the PHC Certificates. Unrealized gains or losses on the PHC Certificates were re ported on the Partnership’s consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the PHC Certificates .

Real Estate Assets

Real Estate Assets12 Months Ended
Dec. 31, 2020
Real Estate [Abstract]
Real Estate Assets9. Real Estate Assets The Partnership owns MF Properties either directly or through a wholly owned subsidiary, as described in Note 2. The financial statements of the MF properties are consolidated with those of the Partnership. The Partnership also invests in land with plans to develop into rental properties or for future sale. These investments are reported as “Land held for development” below. The following tables summarize information regarding the Partnership’s real estate assets as of December 31, 2020 and 2019:
Real Estate Assets as of December 31, 2020
Property Name
Location
Number of Units
Land and Land Improvements
Buildings and Improvements
Carrying Value
Suites on Paseo
San Diego, CA
384
$
3,199,268
$
39,375,298
$
42,574,566
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
$
77,191,417
Less accumulated depreciation
(18,150,215
)
Net real estate assets
$
59,041,202
(1)
Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE.
Real Estate Assets as of December 31, 2019
Property Name
Location
Number of Units
Land and Land Improvements
Buildings and Improvements
Carrying Value
Suites on Paseo
San Diego, CA
384
$
3,199,268
$
39,073,728
$
42,272,996
The 50/50 MF Property
Lincoln, NE
475
-
32,937,805
32,937,805
Land held for development
(1)
1,706,862
-
1,706,862
$
76,917,663
Less accumulated depreciation
(15,357,700
)
Net real estate assets
$
61,559,963
( 1 )
Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a Activity in 2020 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 as of the assessment date. Activity in 2019 In September 2019, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded impairment charges of $75,000 in the third quarter of 2019. The impairment charge represented the difference between the Partnership’s carrying value and the estimated fair value of the land as of the assessment date.

Investments in Unconsolidated E

Investments in Unconsolidated Entities12 Months Ended
Dec. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Entities10. Investments in Unconsolidated Entities ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, has equity investment commitments and has made equity investments in unconsolidated entities. The carrying value of the equity investments represents the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in the unconsolidated entities. An affiliate of the unconsolidated entities guarantees ATAX Vantage Holdings, LLC’s return on its investments through a date approximately two to three years after construction completion . The return on these investments earned by the Partnership is reported as “I nvestment income ” on the Partnership’s consolidated statements of operations. The following table provides the details of the investments in unconsolidated entities as of December 31, 2020 and 2019 and remaining equity commitment amounts as of December 31, 2020:
Property Name
Location
Units
Month Commitment Executed
Construction Completion Date
Carrying Value as of December 31, 2020
Carrying Value as of December 31, 2019
Maximum Remaining Equity Commitment as of December 31, 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
October 2020
14,640,000
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
10,406,895
8,078,519
-
Vantage at O'Connor
San Antonio, TX
288
October 2019
N/A
8,245,890
5,016,811
-
Vantage at Westover Hills
San Antonio, TX
288
January 2020
N/A
8,021,544
-
-
Vantage at Tomball
Tomball, TX
288
August 2020
N/A
9,280,134
-
1,425,562
Vantage at Hutto
Hutto, TX
288
November 2020
N/A
3,163,676
-
7,359,952
Vantage at San Marcos
San Marcos, TX
288
November 2020
N/A
981,695
-
8,943,914
3,756
$
106,878,570
$
86,981,864
$
17,729,428
Activity in 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 $10.8 million as a result of the sale. The Partnership recognized approximately $1.5 million of “Investment Income” associated with the sale. In August 2020, the Partnership executed a $10.4 million equity commitment to fund construction of the Vantage at Tomball multifamily property. In November 2020, the Partnership executed a $10.5 million equity commitment to fund construction of the Vantage at Hutto multifamily property and a $9.9 million equity commitment to fund construction of the Vantage at San Marcos. Activity in 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 investments in unconsolidated entities” associated with the sale. The Partnership may also be entitled to receive up to $325,000 of additional proceeds in future periods if certain gain contingencies are satisfied. In December 2019, Vantage at Boerne sold substantially all its assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $15.2 million upon sale. The Partnership recognized approximately $1.2 million of “Investment income” and approximately $5.7 million as “Gain on sale of investments in unconsolidated entities” associated with the sale. The following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Property Revenues
$
14,553,331
$
12,541,852
Gain on sale of property
$
6,106,279
$
35,871,041
Net income (loss)
$
(1,674,527
)
$
32,662,003

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances12 Months Ended
Dec. 31, 2020
Property Loans Net Of Loan Loss Allowance [Abstract]
Property Loans, Net of Loan Loss Allowances11. Property Loans, Net of Loan Loss Allowances The following table summarize the Partnership’s property loans, net of loan loss allowances, as of December 31, 2020 and 2019:
December 31, 2020
Outstanding Balance
Loan Loss Allowance
Property Loan Principal, net of allowance
Arbors at Hickory Ridge
$
191,264
$
-
$
191,264
Avistar (February 2013 portfolio)
201,972
-
201,972
Avistar (June 2013 portfolio)
251,622
-
251,622
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
911,232
(911,232
)
-
Ohio Properties
2,390,446
-
2,390,446
Scharbauer Flats Apartments (1)
2,309,613
-
2,309,613
Total
$
21,225,765
$
(8,305,046
)
$
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
During the year ended December 31, 2020, the Partnership recognized a provision for loan loss and associated loan loss allowance of approximately $911,000 related to the 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 years ended December 31, 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, interest to be earned on approximately $983,000 of property loan principal for the Ohio Properties was in nonaccrual status for the years ended December 31, 2020 and 2019 as, in management’s opinion, the interest was not considered collectible. Activity in 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 December 31, 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 year end December 31, 2020, the Partnership advanced Live 929 Apartments approximately $505,000 under the secured property loan entered into in August 2019. A loan loss allowance was established for these advances during the year ended December 31, 2020. Activity in 2019 In January 2019, the Vantage at Brooks property was sold by its owner. Upon sale, the Partnership received all outstanding principal and accrued interest on the Vantage at Brooks, LLC property loan. The Partnership received additional proceeds of approximately $3.0 million, which is reported as “Contingent interest” on the Partnership’s consolidated statements of operations. The contingent interest recognized is considered Tier 2 income for purposes of distributions to the General Partner and BUC holders (see Note 3). In August 2019, the Partnership entered into a secured property loan with Live 929 Apartments. The property may request additional advances for the sole purpose of funding monthly operating shortfalls up to a total loan amount of $1.0 million. The property loan is subordinate to the MRBs associated with the property and has a stated maturity date of July 31, 2049. The following table summarizes the changes in the Partnership’s loan loss allowance for the years ended December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Balance, beginning of year
$
7,393,814
$
7,393,814
Provision for loan loss (1)
911,232
-
Balance, end of year
$
8,305,046
$
7,393,814
(1)
The provision for loan loss is related to the Live 929 Apartments property loan.

Income Tax Provision

Income Tax Provision12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income Tax Provision12. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by the Greens Hold Co, which owns The 50/50 MF Property and certain property loans. The following table summarizes income tax expense (benefit) for the years ended December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Current income tax expense
$
185,910
$
195,861
Deferred income tax benefit
(105,920
)
(149,874
)
Total income tax expense
$
79,990
$
45,987
The Partnership’s income tax expense fluctuates from period to period based on the timing of the taxable income in the Greens Hold Co and the impact of deferred income taxes. Deferred income tax expense is generally a function of the period’s temporary differences (i.e. depreciation, amortization of finance costs, etc.). The deferred tax assets and liabilities are valued based on enacted tax rates. The Greens Hold Co had net deferred tax assets of approximately $532,000 and $426,000 as of December 31, 2020 and 2019, respectively. These amounts are reported within “Other assets” on the Partnership’s consolidated balance sheets. The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable and recorded no valuation allowance as of December 31, 2020 and 2019. For the years ended December 31, 2020 and 2019, income taxes computed by applying the U.S. federal statutory rates to income from continuing operations before income taxes for the Greens Hold Co differ from the provision for income taxes due to state income taxes (net of the effect on federal income tax). The Partnership accrues interest and penalties associated with uncertain tax positions as part of income tax expense. There were no uncertain tax positions, accrued interest or penalties as of December 31, 2020 and 2019. The Partnership files U.S. federal and state tax returns. The Partnership’s returns for years 2017 through 2019 remain subject to examination by the Internal Revenue Service.

Other Assets

Other Assets12 Months Ended
Dec. 31, 2020
Other Assets [Abstract]
Other Assets13. Other Assets The following table summarizes the Partnership’s other assets as of December 31, 2020 and 2019:
December 31, 2020
December 31, 2019
Deferred financing costs, net
$
390,649
$
353,862
Fair value of derivative instruments (Note 18)
321,503
10,911
Taxable mortgage revenue bonds, at fair value
1,510,437
1,383,237
Bond purchase commitments, at fair value (Note 19)
431,879
-
Operating lease right-of-use assets, net
1,648,742
1,673,242
Other assets
1,605,374
1,641,099
Total other assets
$
5,908,584
$
5,062,351
As of December 31, 2020 and 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 24 for a description of the methodology and significant assumptions for determining the fair value of the derivative instruments, taxable MRBs and bond purchase commitments. Unrealized gains or losses on derivative instruments are reported as “interest expense” on the Partnership’s consolidated statements of operations. Unrealized gains or losses on taxable MRBs and bond purchase commitments are recorded in the Partnership’s consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. The following table includes details of the taxable MRB acquired during the year ended December 31, 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 December 31, 2020.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities12 Months Ended
Dec. 31, 2020
Payables And Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities14. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of December 31, 2020 and 2019:
December 31, 2020
December 31, 2019
Accounts payable
$
94,674
$
93,834
Accrued expenses
2,755,010
2,529,982
Accrued interest expense
3,433,247
2,690,076
Operating lease liabilities
2,149,001
2,138,783
Other liabilities
1,517,633
1,583,492
Total accounts payable, accrued expenses and other liabilities
$
9,949,565
$
9,036,167
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 the Partnership’s contractual payments related to operating leases and a reconciliation to the carrying value of operating lease liabilities as of December 31, 2020.
2021
$
138,394
2022
141,119
2023
143,561
2024
144,706
2025
147,598
Thereafter
4,369,676
Total
5,085,054
Less: Amount representing interest
(2,936,053
)
Total operating lease liabilities
$
2,149,001

Unsecured Lines of Credit

Unsecured Lines of Credit12 Months Ended
Dec. 31, 2020
Unsecured Lines of Credit16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2020:
Outstanding Debt Financings as of December 31, 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
$
39,825,019
$
238,760
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
78,272,018
4,999
2014
July 2024
Weekly
SIFMA
0.12%
1.34%
1.46%
Fixed - M33
30,796,097
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
215,825,022
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
103,086,756
77,500,000
2020
September 2025
Monthly
3-month LIBOR
0.22%
9.00%
9.22% (3)
TOB & Term A/B Trusts Securitization
Fixed - Term TOB (4)
13,001,530
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
Variable - TOB (5)
193,151,198
-
2019 - 2020
July 2022 - December 2023
Weekly
SIFMA/OBFR
0.29% - 0.39%
0.89% - 1.67%
1.18% - 2.06%
Total Debt Financings
$
673,957,640
(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
(4)
The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB Trust securitizations as of December 31, 2020:
Outstanding Financing as of December 31, 2020, net
Financing Facility Provider
Year Acquired
Stated Maturity
Reset Frequency
Variable Rate Index
Index Based Rates
Facility Fees
Period End Rates
Variable - TOB Securitization
Live 929
$
31,553,785
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.66%
1.95
%
Montecito at Williams Ranch - Series A
6,915,682
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Rosewood Townhomes - Series A
7,691,507
Mizuho
2019
July 2023
Weekly
SIFMA
0.39%
1.17%
1.56
%
South Pointe Apartments - Series A
17,976,559
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Vineyard Gardens - Series A
3,587,685
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Avistar at Copperfield - Series A
11,729,379
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Avistar at Wilcrest - Series A
4,433,372
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Avistar at Wood Hollow - Series A
33,776,383
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Gateway Village
2,173,253
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Lynnhaven
2,887,257
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Montevista - Series A
5,668,324
Mizuho
2020
December 2023
Weekly
SIFMA
0.29%
1.27%
1.56
%
Ocotillo Springs - Series A
1,765,167
Mizuho
2020
July 2022
Weekly
SIFMA
0.29%
0.89%
1.18
%
Trust 2020-XF2907 (1)
58,353,917
Mizuho
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22
%
Trust 2020-XF2908 (2)
4,638,928
Mizuho
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22
%
Total TOB Financing\ Weighted Average Period End Rate
$
193,151,198
1.63
%
(1)
The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs.
(2)
The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 201 9 :
Outstanding Debt Financings as of December 31, 2019, net
Restricted Cash
Year Acquired
Stated Maturities
Reset Frequency
SIFMA Based Rates
Facility Fees
Period End Rates
TEBS Financings
Fixed - M24
$
40,495,442
$
204,000
2010
May 2027
N/A
N/A
N/A
3.05%
Variable - M31 (1)
79,505,180
4,999
2014
July 2024
Weekly
1.64%
1.54%
3.18%
Fixed - M33
31,367,147
2,606
2015
September 2030
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
217,603,233
5,000
2018
July 2034
N/A
N/A
N/A
3.82%
TOB & Term A/B Trusts Securitization
Variable - TOB (3)
102,591,789
-
2019
July 2020 - September 2020
Weekly
1.79% - 2.08%
1.12% - 1.66%
2.96% - 3.45%
Fixed - Term TOB (3)
21,073,418
-
2014 - 2019
January 2020 - May 2022
N/A
N/A
N/A
3.53% - 4.01%
Fixed - Term A/B (3)
43,561,212
-
2017 - 2019
February 2020 - February 2027
N/A
N/A
N/A
4.46% - 4.53%
Total Debt Financings
$
536,197,421
(1)
Facility fees have a variable component.
(2)
M45 TEBS has an initial interest rate
(3)
The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019:
Outstanding Financing as of December 31, 2019, net
Financing Facility Provider
Year Acquired
Stated Maturity
Reset Frequency
SIFMA Based Rates
Facility Fees
Period End Rates
Variable - TOB Securitization
Live 929
$
31,733,007
Mizuho
2019
August 2020
Weekly
1.79%
1.66%
3.45
%
Montecito at Williams Ranch - Series A
6,899,653
Mizuho
2019
August 2020
Weekly
1.79%
1.17%
2.96
%
PHC Certificate Trust 1
20,067,635
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
PHC Certificate Trust 2
3,786,197
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
PHC Certificate Trust 3
10,850,103
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
Rosewood Townhomes - Series A
7,687,958
Mizuho
2019
July 2020
Weekly
1.79%
1.17%
2.96
%
South Pointe Apartments - Series A
17,992,112
Mizuho
2019
July 2020
Weekly
1.79%
1.17%
2.96
%
Vineyard Gardens - Series A
3,575,124
Mizuho
2019
August 2020
Weekly
1.79%
1.17%
2.96
%
Total TOB Financing\ Weighted Average Period End Rate
$
102,591,789
3.19
%
Outstanding Financing as of December 31, 2019, net
Financing Facility Provider
Year Acquired
Stated Maturity
Fixed Interest Rate
Fixed - Term TOB Securitization
Provision Center 2014-1
$
8,010,000
Deutsche Bank
2014
January 2020
4.01
%
Village at Avalon
13,063,418
Morgan Stanley
2019
May 2022
3.53
%
Total Fixed Term TOB Financing\ Weighted Average Period End Rate
$
21,073,418
3.71
%
Fixed - Term A/B Trusts Securitization
Avistar at Copperfield - Series A
$
8,385,080
Deutsche Bank
2017
February 2027
4.46
%
Avistar at Wilcrest - Series A
3,142,267
Deutsche Bank
2017
February 2027
4.46
%
Avistar at Wood Hollow - Series A
26,773,109
Deutsche Bank
2017
February 2027
4.46
%
Gateway Village
2,260,628
Deutsche Bank
2019
February 2020
4.53
%
Lynnhaven
3,000,128
Deutsche Bank
2019
February 2020
4.53
%
Total Fixed A/B Trust Financing\ Weighted Average Period End Rate
$
43,561,212
4.47
% The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (Note 5). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, Term TOB, Term A/B and TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TOB, Term TOB, Term A/B and TEBS Financing , 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. 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 assets. Tax Exempt Bond Securitization (“TEBS”) Financings The Partnership, through four wholly owned subsidiaries (collectively, the “Sponsors”), has sponsored four separate TEBS financings – the M24 TEBS Financing, the M31 TEBS Financing, the M33 TEBS Financing, and the M45 TEBS Financing (collectively, the “TEBS Financings”). The TEBS Financings are structured such that the Partnership transferred MRBs to Freddie Mac to be securitized into the TEBS Financings. Freddie Mac then issued Class A and Class B Freddie Mac Multifamily Variable Rate Certificates or Class A and Class B Freddie Mac Multifamily Fixed Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class A TEBS Certificates are credit enhanced by Freddie Mac such that Freddie Mac will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Class A TEBS Certificate holders. The Sponsors or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets. As of December 31, 2020 and 2019, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. In addition, the Partnership has entered into an interest rate cap agreement to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS Financings (see Note 18). In June 2019, the Partnership exercised its unilateral right to extend the M31 TEBS Financing with Freddie Mac for an additional five-year In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended from September 2020 to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended from July 2020 to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000, which will be amortized using the effective interest method through the term of the agreement. Secured Notes Financings (“Secured Notes”) 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 assigned to Mizuho. If this occurs, the Partnership will cease to be the primary beneficiary of the TEBS Financing VIEs and such VIEs will no longer be consolidated in the Partnership’s consolidated financial statements. Concurrent with the issuance of the Notes, the Partnership entered into two total return swap transactions with Mizuho to reduce the net interest cost related to the Secured Notes (see Note 18). Of the $ 103.5 million of proceeds from the Secured Notes, approximately $ million was received in cash by the Partnership during 2020 and approximately $ 77.5 million was deposited with Mizuho as collateral for the total return swaps. 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). TOB, Term TOB and Term A/B Trust Financings Mizuho Capital Markets The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, GILs, and property loans. Under each TOB Trust structure, the trustee issues senior Floater Certificates and Residual Certificates that represent beneficial interests in the securitized asset held by the TOB Trust. The Floater Certificates are sold to unaffiliated investors and entitle the holder to cash flows from the securitized assets at a variable interest rate. The Floater Certificates are credit enhanced by Mizuho such that Mizuho will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Floater Certificate holders. The Partnership would then be required to reimburse Mizuho for any credit enhancement payments. The Residual Certificates are retained by the Partnership and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Floater Certificates and related trust fees, as well as certain other rights to the securitized assets. The TOB Trusts with Mizuho require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remained listed on the NASDAQ. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facility would be triggered, which would require the Partnership to purchase a portion or all of the senior interests issued by each TOB Trust. The Partnership was in compliance with these covenants as of December 31, 2020. 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 December 31, 2020 and 2019. Deutsche Bank The Partnership previously executed a Master Trust Agreement with Deutsche Bank that allowed the Partnership to execute multiple TOB, Term TOB and Term A/B Trust (collectively, “Trusts”) structures upon the approval and agreement of terms by Deutsche Bank. The Master Trust Agreement contained covenants with which the Partnership was required to comply. In April 2020, the Partnership terminated its Master Trust Agreement with Deutsche Bank and the Partnership is no longer subject to the debt covenants in the Master Trust Agreement. 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, in conjunction with the termination of the Master Trust Agreement, the Partnership collapsed its Term TOB Trust and all Term A/B Trust financings with Deutsche Bank. 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. Morgan Stanley Bank In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley Bank, N.A. (“Morgan Stanley”) secured by an MRB. Under the Term TOB Trust structure, the trustee issued Class A and Class B Certificates that represent beneficial interests in the securitized asset held by the Term TOB Trust. Morgan Stanley has purchased the Class A Certificates and the Partnership has retained the Class B Certificates of the Trust. The Class B Certificates grant the Partnership certain rights to the securitized asset. 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 December 31, 2020. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st
2021
$
5,894,456
2022
21,448,689
2023
195,504,816
2024
87,839,152
2025
11,363,784
Thereafter
354,282,244
Total
676,333,141
Unamortized deferred financing costs and debt premium
(2,375,501
)
Total debt financing, net
$
673,957,640
Unsecured Lines of Credit [Member]
Unsecured Lines of Credit15. Unsecured Lines of Credit The following tables summarize the Partnership’s unsecured lines of credit as of December 31, 2020 and 2019:
Unsecured Lines of Credit
Outstanding as of December 31, 2020
Total Commitment
Commitment Maturity
Variable / Fixed
Reset Frequency
Period End Rate
Bankers Trust non-operating
$
7,475,000
$
50,000,000
June 2022
Variable (1)
Monthly
2.65
%
Bankers Trust operating
-
10,000,000
June 2022
Variable (1)
Monthly
3.40
%
Total unsecured lines of credit
$
7,475,000
$
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 (1)
Monthly
4.19
%
Bankers Trust operating
-
10,000,000
June 2021
Variable (1)
Monthly
4.94
%
Total unsecured lines of credit
$
13,200,000
$
60,000,000
( 1 )
The variable rate is indexed to LIBOR plus an applicable margin. The Partnership has entered into a Credit Agreement (the “Credit Agreement”) for an unsecured LOC (“non-operating LOC”) of up to $50.0 million with Bankers Trust, the Partnership’s sole lead arranger and administrative agent. The Credit Agreement originated in May 2015 and has been subsequently amended. The non-operating LOC bears interest at a variable rate equal to 2.5% plus the 30-day London Interbank Offered Rate (“LIBOR”), subject to a floor of 0.1% as of December 31, 2020. The proceeds of the non-operating LOC are used by the Partnership to purchase multifamily real estate assets, MRBs, taxable MRBs and GILs. The Partnership intends to repay each advance either through alternative long-term debt or equity financing. The principal amount of each acquisition advance is due on the 270th day following the advance date (the “Repayment Date”). The Partnership may extend any Repayment Date for up to three additional 90-day periods. In order to extend the Repayment Date, the Partnership must make principal payments equal to 5% of the original advance for the first extension, 10% for the second extension, and 20% for the third extension. The Repayment Date may not be extended beyond the stated maturity of the non-operating LOC. The Repayment Date for the balance outstanding as of December 31, 2020, exclusive of available extensions, is March 2021, though the Partnership may extend final repayment of the amount due 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 a specified percentage of the market value of the Partnership’s assets, as defined in the Credit Agreement. The Partnership was in compliance with all covenants as of December 31, 2020. During 2020 and 2019, the Partnership had an unsecured operating Line of Credit (“operating LOC”) with Bankers Trust. The operating LOC bears interest at a variable rate equal to 3.25% plus the 30-day LIBOR. The Partnership is required to make principal payments to reduce the outstanding principal balance on the operating LOC to zero for fifteen consecutive days during each calendar quarter. The Partnership fulfilled this requirement throughout 2020 and for the first quarter of 2021.

Debt Financing

Debt Financing12 Months Ended
Dec. 31, 2020
Debt Financing [Abstract]
Unsecured Lines of Credit16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2020:
Outstanding Debt Financings as of December 31, 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
$
39,825,019
$
238,760
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
78,272,018
4,999
2014
July 2024
Weekly
SIFMA
0.12%
1.34%
1.46%
Fixed - M33
30,796,097
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
215,825,022
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
103,086,756
77,500,000
2020
September 2025
Monthly
3-month LIBOR
0.22%
9.00%
9.22% (3)
TOB & Term A/B Trusts Securitization
Fixed - Term TOB (4)
13,001,530
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
Variable - TOB (5)
193,151,198
-
2019 - 2020
July 2022 - December 2023
Weekly
SIFMA/OBFR
0.29% - 0.39%
0.89% - 1.67%
1.18% - 2.06%
Total Debt Financings
$
673,957,640
(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
(4)
The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB Trust securitizations as of December 31, 2020:
Outstanding Financing as of December 31, 2020, net
Financing Facility Provider
Year Acquired
Stated Maturity
Reset Frequency
Variable Rate Index
Index Based Rates
Facility Fees
Period End Rates
Variable - TOB Securitization
Live 929
$
31,553,785
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.66%
1.95
%
Montecito at Williams Ranch - Series A
6,915,682
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Rosewood Townhomes - Series A
7,691,507
Mizuho
2019
July 2023
Weekly
SIFMA
0.39%
1.17%
1.56
%
South Pointe Apartments - Series A
17,976,559
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Vineyard Gardens - Series A
3,587,685
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Avistar at Copperfield - Series A
11,729,379
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Avistar at Wilcrest - Series A
4,433,372
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Avistar at Wood Hollow - Series A
33,776,383
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Gateway Village
2,173,253
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Lynnhaven
2,887,257
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Montevista - Series A
5,668,324
Mizuho
2020
December 2023
Weekly
SIFMA
0.29%
1.27%
1.56
%
Ocotillo Springs - Series A
1,765,167
Mizuho
2020
July 2022
Weekly
SIFMA
0.29%
0.89%
1.18
%
Trust 2020-XF2907 (1)
58,353,917
Mizuho
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22
%
Trust 2020-XF2908 (2)
4,638,928
Mizuho
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22
%
Total TOB Financing\ Weighted Average Period End Rate
$
193,151,198
1.63
%
(1)
The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs.
(2)
The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 201 9 :
Outstanding Debt Financings as of December 31, 2019, net
Restricted Cash
Year Acquired
Stated Maturities
Reset Frequency
SIFMA Based Rates
Facility Fees
Period End Rates
TEBS Financings
Fixed - M24
$
40,495,442
$
204,000
2010
May 2027
N/A
N/A
N/A
3.05%
Variable - M31 (1)
79,505,180
4,999
2014
July 2024
Weekly
1.64%
1.54%
3.18%
Fixed - M33
31,367,147
2,606
2015
September 2030
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
217,603,233
5,000
2018
July 2034
N/A
N/A
N/A
3.82%
TOB & Term A/B Trusts Securitization
Variable - TOB (3)
102,591,789
-
2019
July 2020 - September 2020
Weekly
1.79% - 2.08%
1.12% - 1.66%
2.96% - 3.45%
Fixed - Term TOB (3)
21,073,418
-
2014 - 2019
January 2020 - May 2022
N/A
N/A
N/A
3.53% - 4.01%
Fixed - Term A/B (3)
43,561,212
-
2017 - 2019
February 2020 - February 2027
N/A
N/A
N/A
4.46% - 4.53%
Total Debt Financings
$
536,197,421
(1)
Facility fees have a variable component.
(2)
M45 TEBS has an initial interest rate
(3)
The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019:
Outstanding Financing as of December 31, 2019, net
Financing Facility Provider
Year Acquired
Stated Maturity
Reset Frequency
SIFMA Based Rates
Facility Fees
Period End Rates
Variable - TOB Securitization
Live 929
$
31,733,007
Mizuho
2019
August 2020
Weekly
1.79%
1.66%
3.45
%
Montecito at Williams Ranch - Series A
6,899,653
Mizuho
2019
August 2020
Weekly
1.79%
1.17%
2.96
%
PHC Certificate Trust 1
20,067,635
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
PHC Certificate Trust 2
3,786,197
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
PHC Certificate Trust 3
10,850,103
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
Rosewood Townhomes - Series A
7,687,958
Mizuho
2019
July 2020
Weekly
1.79%
1.17%
2.96
%
South Pointe Apartments - Series A
17,992,112
Mizuho
2019
July 2020
Weekly
1.79%
1.17%
2.96
%
Vineyard Gardens - Series A
3,575,124
Mizuho
2019
August 2020
Weekly
1.79%
1.17%
2.96
%
Total TOB Financing\ Weighted Average Period End Rate
$
102,591,789
3.19
%
Outstanding Financing as of December 31, 2019, net
Financing Facility Provider
Year Acquired
Stated Maturity
Fixed Interest Rate
Fixed - Term TOB Securitization
Provision Center 2014-1
$
8,010,000
Deutsche Bank
2014
January 2020
4.01
%
Village at Avalon
13,063,418
Morgan Stanley
2019
May 2022
3.53
%
Total Fixed Term TOB Financing\ Weighted Average Period End Rate
$
21,073,418
3.71
%
Fixed - Term A/B Trusts Securitization
Avistar at Copperfield - Series A
$
8,385,080
Deutsche Bank
2017
February 2027
4.46
%
Avistar at Wilcrest - Series A
3,142,267
Deutsche Bank
2017
February 2027
4.46
%
Avistar at Wood Hollow - Series A
26,773,109
Deutsche Bank
2017
February 2027
4.46
%
Gateway Village
2,260,628
Deutsche Bank
2019
February 2020
4.53
%
Lynnhaven
3,000,128
Deutsche Bank
2019
February 2020
4.53
%
Total Fixed A/B Trust Financing\ Weighted Average Period End Rate
$
43,561,212
4.47
% The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (Note 5). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, Term TOB, Term A/B and TEBS Financings in the Partnership’s consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TOB, Term TOB, Term A/B and TEBS Financing , 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. 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 assets. Tax Exempt Bond Securitization (“TEBS”) Financings The Partnership, through four wholly owned subsidiaries (collectively, the “Sponsors”), has sponsored four separate TEBS financings – the M24 TEBS Financing, the M31 TEBS Financing, the M33 TEBS Financing, and the M45 TEBS Financing (collectively, the “TEBS Financings”). The TEBS Financings are structured such that the Partnership transferred MRBs to Freddie Mac to be securitized into the TEBS Financings. Freddie Mac then issued Class A and Class B Freddie Mac Multifamily Variable Rate Certificates or Class A and Class B Freddie Mac Multifamily Fixed Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class A TEBS Certificates are credit enhanced by Freddie Mac such that Freddie Mac will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Class A TEBS Certificate holders. The Sponsors or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets. As of December 31, 2020 and 2019, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. In addition, the Partnership has entered into an interest rate cap agreement to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS Financings (see Note 18). In June 2019, the Partnership exercised its unilateral right to extend the M31 TEBS Financing with Freddie Mac for an additional five-year In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended from September 2020 to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended from July 2020 to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000, which will be amortized using the effective interest method through the term of the agreement. Secured Notes Financings (“Secured Notes”) 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 assigned to Mizuho. If this occurs, the Partnership will cease to be the primary beneficiary of the TEBS Financing VIEs and such VIEs will no longer be consolidated in the Partnership’s consolidated financial statements. Concurrent with the issuance of the Notes, the Partnership entered into two total return swap transactions with Mizuho to reduce the net interest cost related to the Secured Notes (see Note 18). Of the $ 103.5 million of proceeds from the Secured Notes, approximately $ million was received in cash by the Partnership during 2020 and approximately $ 77.5 million was deposited with Mizuho as collateral for the total return swaps. 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). TOB, Term TOB and Term A/B Trust Financings Mizuho Capital Markets The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, GILs, and property loans. Under each TOB Trust structure, the trustee issues senior Floater Certificates and Residual Certificates that represent beneficial interests in the securitized asset held by the TOB Trust. The Floater Certificates are sold to unaffiliated investors and entitle the holder to cash flows from the securitized assets at a variable interest rate. The Floater Certificates are credit enhanced by Mizuho such that Mizuho will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Floater Certificate holders. The Partnership would then be required to reimburse Mizuho for any credit enhancement payments. The Residual Certificates are retained by the Partnership and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Floater Certificates and related trust fees, as well as certain other rights to the securitized assets. The TOB Trusts with Mizuho require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remained listed on the NASDAQ. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facility would be triggered, which would require the Partnership to purchase a portion or all of the senior interests issued by each TOB Trust. The Partnership was in compliance with these covenants as of December 31, 2020. 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 December 31, 2020 and 2019. Deutsche Bank The Partnership previously executed a Master Trust Agreement with Deutsche Bank that allowed the Partnership to execute multiple TOB, Term TOB and Term A/B Trust (collectively, “Trusts”) structures upon the approval and agreement of terms by Deutsche Bank. The Master Trust Agreement contained covenants with which the Partnership was required to comply. In April 2020, the Partnership terminated its Master Trust Agreement with Deutsche Bank and the Partnership is no longer subject to the debt covenants in the Master Trust Agreement. 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, in conjunction with the termination of the Master Trust Agreement, the Partnership collapsed its Term TOB Trust and all Term A/B Trust financings with Deutsche Bank. 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. Morgan Stanley Bank In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley Bank, N.A. (“Morgan Stanley”) secured by an MRB. Under the Term TOB Trust structure, the trustee issued Class A and Class B Certificates that represent beneficial interests in the securitized asset held by the Term TOB Trust. Morgan Stanley has purchased the Class A Certificates and the Partnership has retained the Class B Certificates of the Trust. The Class B Certificates grant the Partnership certain rights to the securitized asset. 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 December 31, 2020. Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st
2021
$
5,894,456
2022
21,448,689
2023
195,504,816
2024
87,839,152
2025
11,363,784
Thereafter
354,282,244
Total
676,333,141
Unamortized deferred financing costs and debt premium
(2,375,501
)
Total debt financing, net
$
673,957,640

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing12 Months Ended
Dec. 31, 2020
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing17. Mortgages Payable and Other Secured Financing The Partnership has entered into mortgages payable and other secured financings collateralized by MF Properties. The following is a
MF Property Mortgage Payables
Outstanding Mortgage Payable as of December 31, 2020, net
Year Acquired or Refinanced
Stated Maturity
Variable / Fixed
Period End Rate
The 50/50 MF Property--TIF Loan
$
2,521,308
2020
March 2025
Fixed
4.40
%
The 50/50 MF Property--Mortgage
23,463,564
2020
April 2027
Fixed
4.35
%
Total Mortgage Payable\Weighted Average Period End Rate
$
25,984,872
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 ) 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 Contractual Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st :
2021
$
835,130
2022
869,599
2023
908,564
2024
946,558
2025
1,782,213
Thereafter
20,644,450
Total
25,986,514
Unamortized deferred financing costs
(1,642
)
Total mortgages payable and other secured financings, net
$
25,984,872

Derivative Financial Instrument

Derivative Financial Instruments12 Months Ended
Dec. 31, 2020
Interest Rate Derivatives [Abstract]
Derivative Financial Instruments18. 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 December 31, 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 December 31, 2020
Sept 2020
39,970,485
Sept 2020
Sept 2025
4.25% (1)
9.22% (3)
3-month LIBOR
Mizuho Capital Markets
$
77,995
Sept 2020
63,500,000
Sept 2020
Mar 2022
1.00% (2)
9.22% (3)
3-month LIBOR
Mizuho Capital Markets
215,631
$
293,626
(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 December 31, 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 December 31, 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 December 31, 2020 and 2019:
Purchase Date
Notional Amount
Maturity Date
Effective Capped Rate (1)
Index
Variable Debt Financing Facility Hedged (1)
Counterparty
Fair Value as of December 31, 2020
Aug 2019
77,979,924
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
$
27,877
$
27,877
(1 )
See Notes 16 and 24 for additional details.
Purchase Date
Notional Amount
Maturity Date
Effective Capped Rate (1)
Index
Variable Debt Financing Facility Hedged (1)
Counterparty
Fair Value as of December 31, 2019
July 2015
27,033,788
Aug 2020
3.0
%
SIFMA
TOB Trusts
Wells Fargo Bank
$
-
July 2015
27,033,788
Aug 2020
3.0
%
SIFMA
TOB Trusts
Royal Bank of Canada
-
July 2015
27,033,788
Aug 2020
3.0
%
SIFMA
TOB Trusts
SMBC Capital Markets, Inc
-
June 2017
81,101,364
Aug 2020
1.5
%
SIFMA
TOB Trusts
Barclays Bank PLC
4,090
Sept 2017
58,090,000
Sept 2020
4.0
%
SIFMA
TOB Trusts
Barclays Bank PLC
-
Aug 2019
79,333,280
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
6,821
$
10,911
( 1 )
See Notes 16 and 24 for additional details. In August 2019, the Partnership purchased an interest rate derivative intended to cap the variable interest rate component of the M31 TEBS Financing at 4.5%. The Partnership paid approximately $30,000 for the interest rate derivative. 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 consolidated statements of operations. See Note 24 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 consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies12 Months Ended
Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies19. Commitments and Contingencies Legal Proceedings The Partnership, from time to time, may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable to occur, the estimated amount of the loss is accrued in the Partnership’s consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, the Partnership believes the outcome of such matters will not have a material effect on the Partnership’s consolidated financial statements. Bond Purchase Commitments The Partnership may 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 commitment as of December 31, 2020:
Bond Purchase Commitments
Commitment Date
Maximum Committed Amounts Remaining
Rate
Estimated Closing Date
Fair Value as of December 31, 2020
CCBA Senior Garden Apartments
July 2020
$
3,807,000
4.50
%
Q3 2022
$
431,879
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 approximately $13.0 million and $7.0 million, respectively, as of December 31, 2020. Governmental Issuer Loan Commitments The Partnership has outstanding commitments to fund additional proceeds related to its GILs while the properties are under construction. See Note 7 for disclosure of remaining commitments. 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 disclosure of remaining commitments. 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. See Note 11 for disclosure of remaining commitments. 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 December 31, 2020:
Borrower
Year the Guarantee was Executed
Maximum Balance Available on Construction Loan
Construction Loan Balance as of December 31, 2020
Partnership's Maximum Exposure as of December 31, 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
29,295,571
14,647,786
(1)
(1)
The Partnership’s maximum exposure will decrease to 25% of the construction loan balance when certain debt service coverage levels are achieved by the borrower. Other Guarantees and Commitments The Partnership has entered into guarantee agreements with unaffiliated entities under which the Partnership has guaranteed certain obligations of the general partners of certain limited partnerships upon the occurrence of a “repurchase event.” Potential repurchase events include LIHTC tax credit recapture and foreclosure. The Partnership’s maximum exposure is limited to 75% of the equity contributed by the limited partner to each limited partnership. No amount has been accrued for these guarantees because the likelihood of repurchase events is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2020:
Limited Partnership(s)
Year the Guarantee was Executed
End of Guarantee Period
Partnership's Maximum Exposure as of December 31, 2020
Ohio Properties
2011
2026
$
3,011,522
Greens of Pine Glen, LP
2012
2027
2,046,028

Redeemable Series A Preferred U

Redeemable Series A Preferred Units12 Months Ended
Dec. 31, 2020
Temporary Equity Disclosure [Abstract]
Redeemable Series A Preferred Units20. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units via a private placement to five financial institutions. The Series A Preferred Units represent limited partnership interests of the Partnership. Series A Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless redeemed by the Partnership or by the holder. Upon the sixth anniversary of the closing of the sale of Series A Preferred Units to a subscriber, and upon each annual anniversary thereafter, the Partnership and each holder of Series A Preferred Units have the right to redeem, in whole or in part, the Series A Preferred Units held by such holder at a per unit redemption price equal to $10.00 per unit plus an amount equal to all declared and unpaid distributions through the date of the redemption. In the event of any liquidation, dissolution, or winding up of the Partnership, the holders of the Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units The following table summarizes the Series A Preferred Units outstanding as of December 31, 2020 and 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 December 31, 2020 and December 31, 2019
9,450,000
$
94,500,000

Issuances of Beneficial Unit Ce

Issuances of Beneficial Unit Certificates12 Months Ended
Dec. 31, 2020
Issuances Of Beneficial Unit Certificates [Abstract]
Issuances of Beneficial Unit Certificates21. Issuances of Beneficial Unit Certificates In December 2019, a “shelf” Registration Statement on Form S-3 was declared effective by the SEC and allows the Partnership to offer up to $225.0 million of BUCs for sale from time to time. This Registration Statement will expire in December 2022.

Restricted Unit Awards

Restricted Unit Awards12 Months Ended
Dec. 31, 2020
Restricted Unit Awards [Member]
Restricted Unit Awards22. Restricted Unit Awards The Partnership’s 2015 Plan permits the grant of restricted units 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 December 2020, the Board of Managers of Greystone Manager determined that 50,000 of the Partnership’s previous CEO’s unvested restricted unit awards were fully vested and all related compensation expense was recognized immediately. I The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The compensation expense for RUAs totaled approximately $1.0 million and $3.6 million for the years ended December 31, 2020 and 2019, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s consolidated statements of operations. The following table summarizes the RUA activity for years ended December 31, 2020 and 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
Vested
(154,386
)
4.98
Forfeited
(2,802
)
4.98
Nonvested as of December 31, 2020
132,812
$
4.98
The unrecognized compensation expense related to nonvested RUAs granted under the Plan was $412,000 as of December 31, 2020. The remaining compensation expense is expected to be recognized over a weighted average period of 1.4 years. The total intrinsic value of unvested RUAs was approximately $564,000 as of December 31, 2020.

Transactions with Related Parti

Transactions with Related Parties12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties23. Transactions with Related Parties Effective September 10, 2019, Greystone acquired all issued and outstanding partnership interests of AFCA 2 from Burlington Capital LLC and an affiliate, at which time Burlington Capital LLC and its affiliates (collectively, “Burlington”) ceased to be related parties of the Partnership. The Partnership is managed by AFCA 2, which is controlled by AFCA 2’s general partner, Greystone Manager. The Board of Managers of Greystone Manager act as managers (and effectively as the directors) of the Partnership and certain employees of Greystone Manager are executive officers of the Partnership. Certain services are provided to the Partnership by employees of Greystone Manager and the Partnership reimburses Greystone Manager for its allocated share of these salaries and benefits. The Partnership also reimburses Greystone Manager for its share of general and administrative expenses. These reimbursed costs represent a substantial portion of the Partnership’s general and administrative expenses. The amounts in the following table represent amounts reimbursable to AFCA 2, the general partner of AFCA 2, or an affiliate for the years ended December 31, 2020 and 2019:
2020
2019
Reimbursable salaries and benefits
$
4,625,222
$
4,702,754
Other expenses
57,424
19,622
Office expenses
257,641
17,630
Insurance
312,530
243,773
Professional fees and expenses
105,208
82,962
$
5,358,025
$
5,066,741
The Partnership incurs costs for services and makes contractual payments to AFCA 2, AFCA 2’s general partner, and their affiliates. The costs are reported either as expenses or capitalized costs depending on the nature of each item. The following table summarizes transactions with related parties that are reflected in the Partnership’s consolidated financial statements for the years ended December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Partnership administrative fees paid to AFCA 2 (1)
$
3,585,000
$
3,620,000
Property management fees paid to an affiliate (2)
-
101,000
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3)
53,000
131,000
(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 consolidated statements of operations.
(2)
A former affiliate of AFCA 2, Burlington Capital Properties, LLC, provides property management, administrative and marketing services for The 50/50 MF Property. 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 consolidated statements of operations.
(3)
The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s consolidated statements of operations. AFCA 2 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 consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s MRBs, GILs, and certain property loans and affiliates for the years ended December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Non-Partnership property administrative fees received by AFCA 2 (1)
$
36,000
$
36,000
Investment/mortgage placement fees received by AFCA 2 (2)
2,277,000
1,362,000
(1)
AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified.
(2)
AFCA 2 received placement fees in connection with the acquisition of certain MRBs, 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 year ended December 31, 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. 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. There were no fees paid under this agreement for the year ended December 31, 2020. The Partnership reported receivables due from unconsolidated entities of approximately $53,000 and $116,000 as of December 31, 2020 and 2019, respectively. These amounts are reported within “Other assets” on the Partnership’s consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $344,000 and $301,000 as of December 31, 2020 and 2019, respectively. These amounts are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments12 Months Ended
Dec. 31, 2020
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments24. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance:

Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and

Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows:

Level 1 - inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 - inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument; and

Level 3 - inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for assets and liabilities measured at fair value 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 December 31, 2020 and 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 requires the use of judgment on the part of the third-party pricing service and the Partnership. Due to the judgments involved, the fair value measurements of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments are categorized as Level 3 assets. 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 December 31, 2020 and 2019 are as follows:
Range of Effective Yields
Weighted Average Effective Yields (1)
Security Type
December 31, 2020
December 31, 2019
December 31, 2020
December 31, 2019
Mortgage revenue bonds
1.4% - 13.3%
2.4% - 8.5%
3.0
%
3.8
%
Taxable mortgage revenue bonds
7.1% - 7.4%
8.7% - 8.9%
7.3
%
8.8
%
Bond purchase commitments
3.5%
N/A
3.5
%
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 were categorized as Level 3 assets. 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 the inputs are categorized as Level 3 assets or liabilities. Assets measured at fair value on a recurring basis as of December 31, 2020 are summarized as follows:
Fair Value Measurements as of December 31, 2020
Description
Assets at Fair Value
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Assets
Mortgage revenue bonds, held in trust
$
768,468,644
$
-
$
-
$
768,468,644
Mortgage revenue bonds
25,963,841
-
-
25,963,841
Bond purchase commitments (reported within other assets)
431,879
-
-
431,879
Taxable mortgage revenue bonds (reported within other assets)
1,510,437
-
-
1,510,437
Derivative financial instruments (reported within other assets)
321,503
-
-
321,503
Total Assets at Fair Value, net
$
796,696,304
$
-
$
-
$
796,696,304
T he following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 20 20 :
For the Years Ended December 31, 2020
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
Mortgage Revenue Bonds (1)
Bond Purchase Commitments
PHC Certificates
Taxable Mortgage Revenue Bonds
Derivative Financial Instruments
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)
125,050
-
(7,219
)
-
2,026,070
2,143,901
Included in earnings (impairment of securities and provision for credit loss)
(7,318,590
)
-
-
-
-
(7,318,590
)
Included in earnings (gain on sale of securities)
-
-
1,416,023
-
-
1,416,023
Included in other comprehensive (loss) income
34,126,208
431,879
(1,408,804
)
136,046
-
33,285,329
Purchases
9,513,450
-
-
-
-
9,513,450
Sale of securities
-
-
(43,349,357
)
-
-
(43,349,357
)
Settlements
(15,611,098
)
-
-
(8,846
)
(1,715,478
)
(17,335,422
)
Ending Balance December 31, 2020
$
794,432,485
$
431,879
$
-
$
1,510,437
$
321,503
$
796,696,304
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 December 31, 2020
$
(7,318,590
)
$
-
$
-
$
-
$
116,899
$
(7,201,691
)
(1)
Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. Assets and liabilities measured at fair value on a recurring basis as of December 31, 2019 are summarized as follows:
Fair Value Measurements as of December 31, 2019
Description
Assets at Fair Value
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Assets
Mortgage revenue bonds, held in trust
$
743,587,715
$
-
$
-
$
743,587,715
Mortgage revenue bonds
30,009,750
-
-
30,009,750
PHC Certificates
43,349,357
-
-
43,349,357
Taxable mortgage revenue bonds (reported within other assets)
1,383,237
-
-
1,383,237
Derivative instruments (reported within other assets)
10,911
-
-
10,911
Total Assets at Fair Value, net
$
818,340,970
$
-
$
-
$
818,340,970
The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2019:
For the Years Ended December 31, 2019
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
Mortgage Revenue Bonds (1)
PHC Certificates
Taxable Mortgage Revenue Bonds
Interest Rate Derivatives
Total
Beginning Balance January 1, 2019
$
732,153,435
$
48,672,086
$
1,409,895
$
626,633
$
782,862,049
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)
142,356
(6,708
)
-
(499,835
)
(364,187
)
Included in other comprehensive income
39,320,186
984,021
26,428
-
40,330,635
Purchases
19,250,000
-
-
29,527
19,279,527
Settlements
(17,268,512
)
(6,300,042
)
(53,086
)
(145,414
)
(23,767,054
)
Ending Balance December 31, 2019
$
773,597,465
$
43,349,357
$
1,383,237
$
10,911
$
818,340,970
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2019
$
-
$
-
$
-
$
(499,835
)
$
(499,835
)
(1)
Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. Total gains and losses included in earnings for the derivative financial instruments are reported within “Interest expense” on the Partnership’s consolidated statements of operations. As of December 31, 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 Level 3 assets. The fair value of the GILs approximates amortized cost as of December 31, 2020. As of December 31, 2020 and 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 Level 3 liabilities. 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 December 31, 2020 and 2019:
December 31, 2020
December 31, 2019
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Financial Liabilities:
Debt financing
$
673,957,640
709,760,933
$
536,197,421
$
554,993,494
Unsecured lines of credit
7,475,000
7,475,000
13,200,000
13,200,000
Mortgages payable and other secured financing
25,984,872
25,986,514
26,802,246
26,812,851

Segments

Segments12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]
Segments25. Segments The Partnership has four reportable segments - Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership Agreement authorizes the Partnership to make investments in tax-exempt securities other than in MRBs provided that the tax-exempt investments are rated in one of the four highest rating categories by a national securities rating agency. The Partnership Agreement also allows the Partnership to invest in other securities whose interest may be taxable for federal income tax purposes. Total tax-exempt and other investments cannot exceed 25% of the Partnership’s total assets at the time of acquisition as required under the Partnership Agreement. Tax-exempt and other investments consist of the PHC Certificates, taxable MRBs, real estate assets and investments in unconsolidated entities. In addition, the amount of other investments is limited based on the conditions to the exemption from registration under the Investment Company Act of 1940. Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of MRBs, GILs and related property loans that have been issued to provide construction and/or permanent financing for Residential Properties and a commercial property 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 consolidated balance sheets. As of December 31, 2020, the Partnership reported 77 MRBs and three GILs. The Residential Properties financed by the MRBs and GILs contain a total of 11,114 and 737 rental units, respectively. In addition, one MRB (Provision Center 2014-1) is collateralized by commercial real estate. All “General and administrative expenses” on the Partnership’s consolidated statements of operations are reported within this segment. MF Properties Segment The MF Properties segment consists of multifamily and student housing residential properties held by the Partnership (see Note 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 December 31, 2020, the Partnership owned two MF Properties containing a total of 859 rental units. Income tax expense (benefit) for the Greens Hold Co is reported within this segment. Public Housing Capital Fund Trusts Segment The Public Housing Capital Fund Trusts segment consisted 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 market-rate multifamily properties (see Note 11). The following table details certain financial information for the Partnership’s reportable segments for the December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Total revenues
Mortgage Revenue Bond Investments
$
41,877,394
$
41,348,004
MF Properties
6,986,009
8,081,029
Public Housing Capital Fund Trusts
174,470
2,368,541
Other Investments
6,490,695
10,520,439
Total revenues
$
55,528,568
$
62,318,013
Interest expense
Mortgage Revenue Bond Investments
$
19,821,502
$
21,862,030
MF Properties
1,196,393
1,444,700
Public Housing Capital Fund Trusts
197,993
1,410,564
Other Investments
-
-
Total interest expense
$
21,215,888
$
24,717,294
Depreciation expense
Mortgage Revenue Bond Investments
$
15,913
$
-
MF Properties
2,794,160
3,088,117
Public Housing Capital Fund Trusts
-
-
Other Investments
-
-
Total depreciation expense
$
2,810,073
$
3,088,117
Net income (loss)
Mortgage Revenue Bond Investments
$
719,183
$
3,835,002
MF Properties
(1,389,571
)
(964,355
)
Public Housing Capital Fund Trusts
1,390,999
957,977
Other Investments
6,488,217
26,663,527
Net income (loss)
$
7,208,828
$
30,492,151
The following table details total assets for the Partnership’s reportable segments as of December 31, 2020 and 2019:
December 31, 2020
December 31, 2019
Total assets
Mortgage Revenue Bond Investments
$
1,114,146,614
$
918,301,172
MF Properties
67,988,190
70,569,646
Public Housing Capital Fund Trusts
-
43,591,048
Other Investments
106,931,182
87,098,315
Consolidation/eliminations
(113,818,107
)
(90,391,673
)
Total assets
$
1,175,247,879
$
1,029,168,508

Summary of Unaudited Quarterly

Summary of Unaudited Quarterly Results of Operations12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Summary of Unaudited Quarterly Results of Operations26. Summary of Unaudited Quarterly Results of Operations
2020
March 31,
June 30,
September 30,
December 31,
Revenues and other income
$
15,152,158
$
14,478,419
$
13,839,947
$
13,474,067
Income (loss) from continuing operations
2,981,757
4,588,348
(1,160,017
)
798,740
Net income (loss)
$
2,981,757
$
4,588,348
$
(1,160,017
)
$
798,740
Income (loss) from continuing operations, per BUC
$
0.04
$
0.06
$
(0.03
)
$
0.00
Net income (loss), basic and diluted, per BUC
$
0.04
$
0.06
$
(0.03
)
$
0.00
2019
March 31,
June 30,
September 30,
December 31,
Revenues and other income
$
17,664,598
$
14,346,334
$
25,341,629
$
21,107,249
Income from continuing operations
6,451,813
3,886,190
9,707,903
10,446,245
Net income
$
6,451,813
$
3,886,190
$
9,707,903
$
10,446,245
Income from continuing operations, per BUC
$
0.08
$
0.05
$
0.13
$
0.16
Net income, basic and diluted, per BUC
$
0.08
$
0.05
$
0.13
$
0.16

Subsequent Events

Subsequent Events12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]
Subsequent Events27. Subsequent Events In January 2021, the Partnership committed to fund multiple GILs and property loans for the construction of affordable multifamily properties. At closing, the Partnership advanced the initial funding amounts as summarized below with the remaining commitments to be funded as construction progresses. The GIL and the property loan for each respective property share a first mortgage lien position on the property. The following table summarizes the terms of the Partnership’s GIL and property loan commitments:
Commitment
Month Acquired
Property Location
Units
Maturity Date
Variable Interest Rate
Initial Funding
Maximum Remaining Commitment
Legacy Commons at Signal Hills - GIL
January 2021
St Paul, MN
247
2/1/2024 (1)
SOFR + 3.07%
(2)
$
9,917,887
$
24,702,113
Legacy Commons at Signal Hills - Property Loan
January 2021
St Paul, MN
247
2/1/2024 (1)
SOFR + 3.07%
(2)
1,000,000
31,233,972
Hilltop at Signal Hills - GIL
January 2021
St Paul, MN
146
8/1/2023 (1)
SOFR + 3.07%
(2)
4,075,050
20,374,950
Hilltop at Signal Hills - Property Loan
January 2021
St Paul, MN
146
8/1/2023 (1)
SOFR + 3.07%
(2)
1,000,000
20,197,939
Hope on Avalon - GIL
January 2021
Los Angeles, CA
88
2/1/2023 (1)
SIFMA + 3.75%
(3)
6,331,200
17,058,800
Hope on Avalon - Property Loan
January 2021
Los Angeles, CA
88
2/1/2023 (1)
SOFR + 3.55%
(4)
1,000,000
9,573,000
Hope on Broadway - GIL
January 2021
Los Angeles, CA
49
2/1/2023 (1)
SIFMA + 3.75%
(3)
3,691,245
8,414,378
(1)
The borrower has the option to extend the maturity up to six months upon payment of a non-refundable extension fee.
(2)
The SOFR-based component has a floor of 0.50%.
(3)
The variable interest rate is subject to floor of 4.60%.
(4)
The variable interest rate is subject to a floor of 4.85%. In January 2021 the Partnership entered into a TOB Trust financing arrangement with Mizuho to securitize the Oasis at Twin Lakes property loan, the Legacy Commons at Signal Hills GIL and property loan, and the Hilltop at Signal Hills GIL and property loan. The TOB Trust financing allows for additional borrowings as the Partnership makes additional advances for the related funding commitments. The following table summarizes the initial terms of the TOB Trust financing:
TOB Trusts Securitization
Initial TOB Trust Financing
Stated Maturity
Reset Frequency
OBFR Based Rates
Facility Fees
Initial Interest Rate
TOB Trust 2021-XF2926
$
15,290,000
January 2024
Weekly
0.33%
0.89%
1.22%
In January 2021, the Partnership borrowed approximately $11.0 million on its unsecured non-operating line of credit to finance the investments in the Hope on Broadway GIL, Hope on Avalon GIL and Hope on Avalon property loan investments discussed above.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]
ConsolidationConsolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. The consolidated subsidiaries of the Partnership for the periods presented consist of:

ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the M24 Tax-Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“Freddie Mac”);

ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “M31 TEBS Financing” with Freddie Mac;

ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership created to hold MRBs to facilitate the “M33 TEBS Financing” with Freddie Mac;

ATAX TEBS IV, LLC, a special purpose entity owned and controlled by the Partnership created to hold MRBs to facilitate the “M45 TEBS Financing” with Freddie Mac;

ATAX 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.
Use of Estimates in Preparation of Consolidated Financial StatementsUse of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining: (i) the fair value of MRBs and Public Housing Capital Fund Trusts Certificates (“PHC Certificates”); (ii) investment impairments; (iii) impairment of real estate assets; and (iv) allowances for loan losses.
Risks and UncertaintiesRisks 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, property loans, 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 December 31, 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 Provision Center 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 during 2020 due to a significant decline in occupancy 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 deemed impaired.
Variable Interest EntitiesVariable Interest Entities Under the accounting guidance for consolidation, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are VIEs and if the Partnership is the primary beneficiary. The entity that is deemed to have: (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance; and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it must consolidate the VIEs in its consolidated financial statements. The Partnership has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Partnership’s consolidated financial statements, all transactions and accounts between the Partnership and the consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. The Partnership does not believe that the consolidation of VIEs for reporting under GAAP impacts its status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership. In addition, the consolidation of VIEs is not expected to impact the treatment of the MRBs, GILs and property loans owned by consolidated VIEs, the tax-exempt nature of the interest payments on secured debt financings, or the manner in which the Partnership’s income is reported to Unitholders on IRS Schedule K-1. Accounting for TOB, Term TOB, Term A/B and TEBS Financing Arrangements The Partnership has evaluated the accounting guidance related to its TOB (“Tender Option Bond”), Term TOB, Term A/B and TEBS Financings and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and therefore are accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets. The financing agreements contain certain provisions that allow the Partnership to unilaterally cause the holder to return the securitized assets, other than through a cleanup call. Based on these terms, the Partnership has concluded that the Partnership has not transferred effective control over the transferred assets and, as such, the transactions do not meet the conditions to de-recognize the transferred assets. In addition, the Partnership has evaluated the securitization trusts associated with the TOB, Term TOB, Term A/B and TEBS Financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts in the Partnership’s consolidated financial statements. The Partnership recognizes interest expense for fixed-rate TEBS Financings with escalating stated interest rates using the effective interest method over the estimated term of the arrangement.
Cash and Cash EquivalentsCash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased.
Concentration of Credit RiskConcentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at three financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances have exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s short-term investment portfolio being restricted to investment grade securities.
Restricted CashRestricted 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 consolidated statement of cash flows.
Investments in Mortgage Revenue Bonds and Taxable Mortgage Revenue BondsInvestments in Mortgage Revenue Bonds and Taxable Mortgage Revenue Bonds The Partnership accounts for its investments in MRBs and taxable MRBs under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 24 for a description of the Partnership’s methodology for estimating the fair value of MRBs and taxable MRBs. The Partnership periodically reviews its MRBs and taxable MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, 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 and 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 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;

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 and 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 amortized 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 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. Investment in Public Housing Capital Fund Trust Certificates The Partnership accounted for its investments in PHC Certificates under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale debt securities and are reported at their estimated fair value. The net unrealized gains or losses on these investments are reflected in the Partnership’s consolidated statements of comprehensive income. Unrealized gains and losses do not affect the cash flow of the certificates, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 24 for a description of the Partnership’s methodology for estimating the fair value of the PHC Certificates. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily and student housing residential apartment buildings, and five to 15 years on capital improvements. Depreciation expense is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gains and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets for impairment at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. See Note 9 for information on recognized impairments of the real estate assets. Investments in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited membership interests using The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Factors considered include:

The absence of an ability to recover the carrying amount of the investment;

The inability of the investee to sustain an earnings capacity that justifies the carrying amount of the investment; or

Estimated sales proceeds that are insufficient to recover the carrying amount of the investment. The Partnership’s assessment of whether a decline in value is other than temporary is based on the Partnership’s ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered other than temporary, an impairment charge would be recorded equal to the excess of the carrying value over the estimated fair value of the investment. The Partnership earns a return on its investments in unconsolidated entities that is guaranteed by an unrelated third party, which is also an affiliate of the unconsolidated entities. approximately two to three years after
Property Loans, Net of Loan Loss AllowanceProperty 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 consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. Interest income is recognized upon the repayment of these property loans and accrued interest which 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. See Note 11 for additional information on the Partnership’s property loan loss allowances.
Deferred Financing CostsDeferred Financing Costs Debt financing costs are capitalized and amortized using the effective interest method through either the stated maturity date or the optional redemption date of the related debt financing agreement. Debt financing costs associated with revolving line of credit (“LOC”) arrangements are reported within “Other assets” on the Partnership’s consolidated balance sheets. Deferred financing costs associated with debt financing arrangements are reported as reductions to the carrying value of the related debt financing arrangements on the Partnership’s consolidated balance sheets.
Income TaxesIncome Taxes No provision has been made for income taxes of the Partnership because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. The Partnership pays franchise margin taxes on revenues in certain jurisdictions relating to property loans and investments in unconsolidated entities. The Greens Hold Co is subject to federal and state income taxes. The Partnership recognizes income tax expense or benefit for the federal and state income taxes incurred by this entity in its consolidated financial statements. The Partnership evaluates the tax positions it takes in its consolidated financial statements under the accounting guidance for uncertain tax positions. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. The Partnership accrues interest and penalties, if any, and reports them within “Income tax expense” on the Partnership’s consolidated statements of operations. Deferred income tax expense or benefit, is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes), such as depreciation, amortization of financing costs, etc. and the utilization of tax net operating losses (“NOLs”). The Partnership values its deferred tax assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Partnership records a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred income tax expense.
Investment Income from Investments in Mortgage Revenue Bonds and Governmental Issuer LoansInvestment Income from Investments in Mortgage Revenue Bonds and Governmental Issuer Loans The interest income received by the Partnership from its MRBs and GILs is dependent upon the net cash flow of the underlying properties. Interest income on fully performing MRBs and GILs is recognized as it is earned. Current and past due interest income on MRBs and GILs not fully performing is recognized as it is received. The Partnership reinstates the accrual of interest once the MRB’s or GIL’s ability to perform is adequately demonstrated. Interest income related to MRBs and GILs is reported within “Investment Income” and interest income related to taxable MRBs is reported within “Other interest income” on the Partnership’s consolidated statements of operations. As of December 31, 2020 and 2019, the Partnership’s MRBs and GILs were fully performing and current on all interest payments, with the exception of the Provision Center 2014-1 MRB and forbearance granted to the borrower of the Live 929 Apartments MRB, both of which are further discussed in Note 6. Premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Discounts on MRB investments are amortized as a yield adjustment to the stated maturity date. Amortization of premiums and discounts is reported within “Investment income” on the Partnership’s consolidated statements of operations. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the period to the stated maturity of the related MRBs. Bond issuance costs are reported as an adjustment to the carrying cost of the related MRB on the Partnership’s consolidated balance sheets. Investment Income from PHC Certificates Interest income on the PHC Certificates is recognized as it is earned. The PHC Certificate Trust I was purchased at a premium and PHC Certificate Trusts II and III were purchased at discounts to par value. The premiums and discounts are amortized using the effective yield method over the term of the related PHC Certificate and amortization is reported within “Investment income” on the Partnership’s consolidated statements of operations.
Derivative Instruments and Hedging ActivitiesDerivative Instruments and Hedging Activities The Partnership reports all interest rate derivatives in its consolidated balance sheets at fair value. The Partnership’s derivative financial instruments are not designated as hedging instruments and changes in fair value are reported within “Interest expense” on the Partnership’s consolidated statements of operations. The Partnership is exposed to loss should a counterparty to its interest rate derivative agreements default. The Partnership does not anticipate non-performance by any counterparty.
Redeemable Series A Preferred UnitsRedeemable Series A Preferred Units The Partnership has issued Series A Preferred Units representing limited partnership interests in the Partnership to various financial institutions. The Series A Preferred Units are recorded as mezzanine equity due to the holders’ redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. The costs of issuing the Series A Preferred Units are been netted against the carrying value of the Series A Preferred Units and are being amortized to the first redemption date.
Beneficial Unit Certificates ("BUCs")Beneficial Unit Certificates (“BUCs”) The Partnership has issued BUCs representing assigned limited partnership interests to investors. Costs related to the issuance of BUCs are recorded as a reduction to partners’ capital when issued.
Restricted Unit Awards ("RUA" or "RUAs")Restricted Unit Awards (“RUA” or “RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the BUC holders in September 2015, permits the grant of RUAs and other awards to the employees of Greystone Manager, or any affiliate, who performs services for Greystone Manager, the Partnership or an affiliate, and members of Greystone Manager’s Board of Managers for up to 3.0 million BUCs. RUAs have historically been granted with vesting conditions ranging from three months to up to three years. RUAs typically provide for the payment of distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control, or upon death or disability of the participant. The Partnership accounts for forfeitures as they occur. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The Partnership accounts for modifications to RUAs as they occur, if the fair value of the RUAs change, there are changes to vesting conditions or the awards no longer qualify for equity classification.
Net Income per BUCNet Income per BUC The Partnership uses the two-class method to allocate net income available to the BUCs, and to the unvested RUAs as the RUAs are participating securities. Unvested RUAs are included with BUCs for the calculation of diluted net income per BUC using the treasury stock method, if the treasury stock method is more dilutive than the two-class method.
Lease AccountingLease Accounting On January 1, 2019, the Partnership adopted the lease guidance in Accounting Standards Codification (“ASC”) 842. The Partnership adopted ASC 842 cumulative-effect adjustment Lessee Operating Leases. The Partnership’s lessee ROU assets are reported within “Other assets” on the Partnership’s consolidated balance sheet (see Note 13). The Partnership’s lessee operating lease liabilities are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s consolidated balance sheet (see Note 14). See Note 14 for additional information on the Partnership’s ground lease. Lessor Operating Leases.
Recently Issued Accounting PronouncementsRecently 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 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 consolidated financial statements.

Partnership Income, Expenses _2

Partnership Income, Expenses and Cash Distributions (Tables)12 Months Ended
Dec. 31, 2020
Partnership Income Expenses And Cash Distributions [Abstract]
Schedule of Distributions Paid or Accrued per Beneficial Unit CertificatesThe distributions paid or accrued per BUC during the fiscal years ended December 31, 2020 and 2019 were as follows:
For the Years Ended December 31,
2020
2019
Cash distributions
$
0.3050
$
0.5000

Variable Interest Entities (Tab

Variable Interest Entities (Tables)12 Months Ended
Dec. 31, 2020
Variable Interest Entities [Abstract]
Variable Interest Entities Property Asset Carrying Value and Maximum ExposureThe following table summarizes the Partnership’s variable interests in these entities and maximum exposure to loss as of December 31, 2020 and 2019:
Maximum Exposure to Loss
December 31, 2020
December 31, 2019
Mortgage revenue bonds
$
20,763,500
$
30,455,000
Governmental issuer loans
64,863,657
-
Property loans
5,327,342
-
Investment in unconsolidated entities
106,878,570
86,981,864
$
197,833,069
$
117,436,864

Mortgage Revenue Bonds (Tables)

Mortgage Revenue Bonds (Tables)12 Months Ended
Dec. 31, 2020
Investments In Mortgage Revenue Bonds [Abstract]
Information Regarding MRBs OwnedThe following tables present information regarding the MRBs owned by the Partnership as of December 31, 2020 and 2019:
December 31, 2020
Description of Mortgage Revenue Bonds Held in Trust
State
Cost Adjusted for Paydowns and Allowances
Cumulative Unrealized Gain
Cumulative Unrealized Loss
Estimated Fair Value
Courtyard - Series A (4)
CA
$
10,061,161
$
2,487,317
$
-
$
12,548,478
Glenview Apartments - Series A (3)
CA
4,483,154
1,010,425
-
5,493,579
Harmony Court Bakersfield - Series A (4)
CA
3,668,439
889,216
-
4,557,655
Harmony Terrace - Series A (4)
CA
6,791,096
1,724,350
-
8,515,446
Harden Ranch - Series A (2)
CA
6,621,823
1,606,690
-
8,228,513
Las Palmas II - Series A (4)
CA
1,664,566
400,431
-
2,064,997
Montclair Apartments - Series A (3)
CA
2,428,775
572,671
-
3,001,446
Montecito at Williams Ranch Apartments - Series A (6)
CA
7,626,287
2,350,276
-
9,976,563
Montevista - Series A (6)
CA
6,720,000
2,404,771
-
9,124,771
Ocotillo Springs - Series A (6)
CA
2,023,500
215,633
-
2,239,133
San Vicente - Series A (4)
CA
3,432,246
809,327
-
4,241,573
Santa Fe Apartments - Series A (3)
CA
2,942,370
724,678
-
3,667,048
Seasons at Simi Valley - Series A (4)
CA
4,236,876
1,180,122
-
5,416,998
Seasons Lakewood - Series A (4)
CA
7,233,993
1,836,808
-
9,070,801
Seasons San Juan Capistrano - Series A (4)
CA
12,179,682
2,973,846
-
15,153,528
Summerhill - Series A (4)
CA
6,316,993
1,470,689
-
7,787,682
Sycamore Walk - Series A (4)
CA
3,517,919
888,485
-
4,406,404
The Village at Madera - Series A (4)
CA
3,034,084
735,450
-
3,769,534
Tyler Park Townhomes - Series A (2)
CA
5,767,938
939,214
-
6,707,152
Vineyard Gardens - Series A (6)
CA
3,969,173
1,226,058
-
5,195,231
Westside Village Market - Series A (2)
CA
3,769,337
859,860
-
4,629,197
Brookstone (1)
IL
7,374,252
2,201,663
-
9,575,915
Copper Gate Apartments (2)
IN
4,955,000
641,581
-
5,596,581
Renaissance - Series A (3)
LA
10,870,681
4,293,328
-
15,164,009
Live 929 Apartments (6)
MD
36,234,756
-
-
36,234,756
Woodlynn Village (1)
MN
4,120,000
56,458
-
4,176,458
Gateway Village (6)
NC
2,600,000
136,612
-
2,736,612
Greens Property - Series A (2)
NC
7,829,000
663,781
-
8,492,781
Lynnhaven Apartments (6)
NC
3,450,000
178,960
-
3,628,960
Silver Moon - Series A (3)
NM
7,697,891
1,995,694
-
9,693,585
Village at Avalon - Series A (5)
NM
16,189,074
4,879,623
-
21,068,697
Ohio Properties - Series A (1)
OH
13,724,000
61,243
-
13,785,243
Bridle Ridge (1)
SC
7,235,000
153,657
-
7,388,657
Columbia Gardens (4)
SC
12,898,904
2,689,886
-
15,588,790
Companion at Thornhill Apartments (4)
SC
11,055,254
2,208,446
-
13,263,700
Cross Creek (1)
SC
6,136,261
2,277,289
-
8,413,550
Rosewood Townhomes - Series A (6)
SC
9,259,206
578,247
-
9,837,453
South Pointe Apartments - Series A (6)
SC
21,551,600
1,345,919
-
22,897,519
The Palms at Premier Park Apartments (2)
SC
18,619,081
2,906,879
-
21,525,960
Village at River's Edge (4)
SC
9,802,479
1,353,745
-
11,156,224
Willow Run (4)
SC
12,720,560
2,650,995
-
15,371,555
Arbors at Hickory Ridge (2)
TN
10,910,733
2,704,295
-
13,615,028
Avistar at Copperfield - Series A (6)
TX
13,815,817
3,189,896
-
17,005,713
Avistar at the Crest - Series A (2)
TX
9,140,656
2,376,580
-
11,517,236
Avistar at the Oaks - Series A (2)
TX
7,388,262
1,854,785
-
9,243,047
Avistar at the Parkway - Series A (3)
TX
12,721,014
2,790,208
-
15,511,222
Avistar at Wilcrest - Series A (6)
TX
5,235,915
1,084,347
-
6,320,262
Avistar at Wood Hollow - Series A (6)
TX
39,756,184
8,703,609
-
48,459,793
Avistar in 09 - Series A (2)
TX
6,379,479
1,601,535
-
7,981,014
Avistar on the Boulevard - Series A (2)
TX
15,572,093
3,779,139
-
19,351,232
Avistar on the Hills - Series A (2)
TX
5,058,171
1,292,513
-
6,350,684
Bruton Apartments (4)
TX
17,674,167
3,792,253
-
21,466,420
Concord at Gulfgate - Series A (4)
TX
18,796,773
4,888,537
-
23,685,310
Concord at Little York - Series A (4)
TX
13,168,029
3,543,909
-
16,711,938
Concord at Williamcrest - Series A (4)
TX
20,398,687
5,397,326
-
25,796,013
Crossing at 1415 - Series A (4)
TX
7,331,821
1,810,458
-
9,142,279
Decatur Angle (4)
TX
22,270,729
5,600,721
-
27,871,450
Esperanza at Palo Alto (4)
TX
19,218,417
5,955,488
-
25,173,905
Heights at 515 - Series A (4)
TX
6,712,409
1,600,836
-
8,313,245
Heritage Square - Series A (3)
TX
10,579,057
2,095,871
-
12,674,928
Oaks at Georgetown - Series A (4)
TX
12,135,392
2,597,201
-
14,732,593
Runnymede (1)
TX
9,805,000
105,634
-
9,910,634
Southpark (1)
TX
11,462,172
1,917,286
-
13,379,458
15 West Apartments (4)
WA
9,604,680
3,257,826
-
12,862,506
Mortgage revenue bonds held in trust
$
637,948,068
$
130,520,576
$
-
$
768,468,644
(1) (2) (3) (4) (5) MRB held by Morgan Stanley in a debt financing transaction, see Note 16 (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, see Note 16
December 31, 2020
Description of Mortgage Revenue Bonds held by the Partnership
State
Cost Adjusted for Paydowns
Cumulative Unrealized Gain
Cumulative Unrealized Loss
Estimated Fair Value
Solano Vista - Series A
CA
$
2,665,000
$
891,612
$
-
$
3,556,612
Greens Property - Series B
NC
925,607
107,347
-
1,032,954
Arby Road Apartments - Series A
NV
7,385,000
15,059
-
7,400,059
Ohio Properties - Series B
OH
3,485,690
13,578
-
3,499,268
Rosewood Townhomes - Series B
SC
469,781
2,549
-
472,330
South Pointe Apartments - Series B
SC
1,099,487
5,967
-
1,105,454
Provision Center 2014-1
TN
6,161,954
-
-
6,161,954
Avistar at the Crest - Series B
TX
735,974
144,746
-
880,720
Avistar at the Oaks - Series B
TX
538,723
100,668
-
639,391
Avistar at the Parkway - Series B
TX
123,973
43,650
-
167,623
Avistar in 09 - Series B
TX
444,398
83,042
-
527,440
Avistar on the Boulevard - Series B
TX
437,318
82,718
-
520,036
Mortgage revenue bonds held by the Partnership
$
24,472,905
$
1,490,936
$
-
$
25,963,841
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
Provision Center 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) (2) (3) (4) (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 1 6
(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 AcquisitionsAcquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 31, 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 the MRB up to $15.0 million during construction and lease-up of the property
(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. Upon stabilization, the MRB will convert to a fixed interest rate of 4.35%. Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding during the year ended December 31, 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 MRBs RedeemedThe following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 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 year ended December 31, 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 RestructuringThe following MRBs were restructured during the year ended December 31, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows:
Property Name
Month Restructured
Property Location
Units
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
Schedule of Percentage of MRBs Principal OutstandingThe properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding:
December 31, 2020
December 31, 2019
Texas
43
%
43
%
California
17
%
18
%
South Carolina
17
%
17
%
Description of Certain Terms of Partnership' MRB'sThe following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2020, and 2019:
Property Name
Year Acquired
Location
Maturity Date
Base Interest Rate
Principal Outstanding as of December 31, 2020
15 West Apartments - Series A (4)
2016
Vancouver, WA
7/1/2054
6.25
%
$
9,604,680
Arbors at Hickory Ridge (2)
2012
Memphis, TN
1/1/2049
6.25
%
10,848,178
Arby Road Apartments - Series A (7)
2020
Las Vegas, NV
10/1/2027
5.35
%
1,600,000
Arby Road Apartments - Series A (7)
2020
Las Vegas, NV
4/1/2041
5.50
%
5,785,000
Avistar at Copperfield - Series A (6)
2017
Houston, TX
5/1/2054
5.75
%
13,815,817
Avistar on the Boulevard - Series A (2)
2013
San Antonio, TX
3/1/2050
6.00
%
15,572,093
Avistar at the Crest - Series A (2)
2013
San Antonio, TX
3/1/2050
6.00
%
9,140,656
Avistar (February 2013 Acquisition) - Series B (2 Bonds)
2013
San Antonio, TX
4/1/2050
9.00
%
1,173,292
Avistar at the Oaks - Series A (2)
2013
San Antonio, TX
8/1/2050
6.00
%
7,388,262
Avistar in 09 - Series A (2)
2013
San Antonio, TX
8/1/2050
6.00
%
6,379,479
Avistar on the Hills - Series A (2)
2013
San Antonio, TX
8/1/2050
6.00
%
5,058,171
Avistar (June 2013 Acquisition) - Series B (2 Bonds)
2013
San Antonio, TX
9/1/2050
9.00
%
983,121
Avistar at the Parkway - Series A (3)
2015
San Antonio, TX
5/1/2052
6.00
%
12,721,014
Avistar at the Parkway - Series B
2015
San Antonio, TX
6/1/2052
12.00
%
123,973
Avistar at Wilcrest - Series A (6)
2017
Houston, TX
5/1/2054
5.75
%
5,235,915
Avistar at Wood Hollow - Series A (6)
2017
Austin, TX
5/1/2054
5.75
%
39,756,184
Bridle Ridge (1)
2008
Greer, SC
1/1/2043
6.00
%
7,235,000
Brookstone (1)
2009
Waukegan, IL
5/1/2040
5.45
%
8,652,804
Bruton Apartments (4)
2014
Dallas, TX
8/1/2054
6.00
%
17,674,167
Columbia Gardens (4)
2015
Columbia, SC
12/1/2050
5.50
%
12,775,000
Companion at Thornhill Apartments (4)
2016
Lexington, SC
1/1/2052
5.80
%
11,055,254
Concord at Gulfgate - Series A (4)
2015
Houston, TX
2/1/2032
6.00
%
18,796,773
Concord at Little York - Series A (4)
2015
Houston, TX
2/1/2032
6.00
%
13,168,029
Concord at Williamcrest - Series A (4)
2015
Houston, TX
2/1/2032
6.00
%
20,398,687
Copper Gate Apartments (2)
2013
Lafayette, IN
12/1/2029
6.25
%
4,955,000
Courtyard - Series A (4)
2016
Fullerton, CA
12/1/2033
5.00
%
10,061,161
Cross Creek (1)
2009
Beaufort, SC
3/1/2049
6.15
%
7,862,645
Crossing at 1415 - Series A (4)
2015
San Antonio, TX
12/1/2052
6.00
%
7,331,821
Decatur Angle (4)
2014
Fort Worth, TX
1/1/2054
5.75
%
22,270,729
Esperanza at Palo Alto (4)
2018
San Antonio, TX
7/1/2058
5.80
%
19,218,417
Gateway Village (6)
2019
Durham, NC
4/1/2032
6.10
%
2,600,000
Glenview Apartments - Series A (3)
2014
Cameron Park, CA
12/1/2031
5.75
%
4,483,154
Greens Property - Series A (2)
2012
Durham, NC
10/1/2047
6.50
%
7,829,000
Greens Property - Series B
2012
Durham, NC
10/1/2047
12.00
%
925,607
Harden Ranch - Series A (2)
2014
Salinas, CA
3/1/2030
5.75
%
6,621,823
Harmony Court Bakersfield - Series A (4)
2016
Bakersfield, CA
12/1/2033
5.00
%
3,668,439
Harmony Terrace - Series A (4)
2016
Simi Valley, CA
1/1/2034
5.00
%
6,791,096
Heights at 515 - Series A (4)
2015
San Antonio, TX
12/1/2052
6.00
%
6,712,409
Heritage Square - Series A (3)
2014
Edinburg, TX
9/1/2051
6.00
%
10,579,057
Las Palmas II - Series A (4)
2016
Coachella, CA
11/1/2033
5.00
%
1,664,566
Live 929 Apartments (6)
2014
Baltimore, MD
7/1/2049
5.78
%
39,465,000
Lynnhaven Apartments (6)
2019
Durham, NC
4/1/2032
6.10
%
3,450,000
Montclair Apartments - Series A (3)
2014
Lemoore, CA
12/1/2031
5.75
%
2,428,775
Montecito at Williams Ranch Apartments - Series A (6)
2017
Salinas, CA
10/1/2034
5.50
%
7,626,287
Montevista - Series A (6)
2019
San Pablo, CA
7/1/2036
5.75
%
6,720,000
Oaks at Georgetown - Series A (4)
2016
Georgetown, TX
1/1/2034
5.00
%
12,135,392
Ocotillo Springs - Series A (6)
2020
Brawley, CA
8/1/2037
4.55
%
2,023,500
Ohio Properties - Series A (1)
2010
Ohio
6/1/2050
7.00
%
13,724,000
Ohio Properties - Series B
2010
Ohio
6/1/2050
10.00
%
3,485,690
Provision Center 2014-1
2014
Knoxville, TN
5/1/2034
6.00
%
10,000,000
Renaissance - Series A (3)
2015
Baton Rouge, LA
6/1/2050
6.00
%
10,870,681
Rosewood Townhomes - Series A (6)
2017
Goose Creek, SC
7/1/2055
5.75
%
9,259,206
Rosewood Townhomes - Series B
2017
Goose Creek, SC
8/1/2055
12.00
%
469,781
Runnymede (1)
2007
Austin, TX
10/1/2042
6.00
%
9,805,000
San Vicente - Series A (4)
2016
Soledad, CA
11/1/2033
5.00
%
3,432,246
Santa Fe Apartments - Series A (3)
2014
Hesperia, CA
12/1/2031
5.75
%
2,942,370
Seasons at Simi Valley - Series A (4)
2015
Simi Valley, CA
9/1/2032
5.75
%
4,236,876
Seasons Lakewood - Series A (4)
2016
Lakewood, CA
1/1/2034
5.00
%
7,233,993
Seasons San Juan Capistrano - Series A (4)
2016
San Juan Capistrano, CA
1/1/2034
5.00
%
12,179,682
Silver Moon - Series A (3)
2015
Albuquerque, NM
8/1/2055
6.00
%
7,697,891
Solano Vista - Series A
2018
Vallejo, CA
1/1/2036
5.85
%
2,665,000
South Pointe Apartments - Series A (6)
2017
Hanahan, SC
7/1/2055
5.75
%
21,551,600
South Pointe Apartments - Series B
2017
Hanahan, SC
8/1/2055
12.00
%
1,099,487
Southpark (1)
2009
Austin, TX
12/1/2049
6.13
%
12,845,000
Summerhill - Series A (4)
2016
Bakersfield, CA
12/1/2033
5.00
%
6,316,993
Sycamore Walk - Series A (4)
2015
Bakersfield, CA
1/1/2033
5.25
%
3,517,919
The Palms at Premier Park Apartments (2)
2013
Columbia, SC
1/1/2050
6.25
%
18,619,081
Tyler Park Townhomes (2)
2013
Greenfield, CA
1/1/2030
5.75
%
5,767,938
The Village at Madera - Series A (4)
2016
Madera, CA
12/1/2033
5.00
%
3,034,084
Village at Avalon (5)
2018
Albuquerque, NM
1/1/2059
5.80
%
16,189,074
Village at River's Edge (4)
2017
Columbia, SC
6/1/2033
6.00
%
9,802,479
Vineyard Gardens - Series A (6)
2017
Oxnard, CA
1/1/2035
5.50
%
3,969,173
Westside Village Market (2)
2013
Shafter, CA
1/1/2030
5.75
%
3,769,337
Willow Run (4)
2015
Columbia, SC
12/1/2050
5.50
%
12,597,000
Woodlynn Village (1)
2008
Maplewood, MN
11/1/2042
6.00
%
4,120,000
$
673,567,008
(1)
MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 16
(2)
MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 16
(3)
MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 16
(4)
MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 16 (5) MRB held by Morgan Stanley in a secured financing transaction, see Note 16 (6) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 16 (7) Both MRBs are part of the same series but have different interest rates and maturity dates
Property Name
Year Acquired
Location
Maturity Date
Base Interest Rate
Principal Outstanding as of December 31, 2019
15 West Apartments - Series A (5)
2016
Vancouver, WA
7/1/2054
6.25
%
$
9,673,117
Arbors at Hickory Ridge (3)
2012
Memphis, TN
1/1/2049
6.25
%
10,985,959
Avistar at Copperfield - Series A (2)
2017
Houston, TX
5/1/2054
5.75
%
13,945,681
Avistar on the Boulevard - Series A (3)
2013
San Antonio, TX
3/1/2050
6.00
%
15,762,217
Avistar at the Crest - Series A (3)
2013
San Antonio, TX
3/1/2050
6.00
%
9,252,257
Avistar (February 2013 Acquisition) - Series B (2 Bonds)
2013
San Antonio, TX
4/1/2050
9.00
%
1,181,107
Avistar at the Oaks - Series A (3)
2013
San Antonio, TX
8/1/2050
6.00
%
7,475,794
Avistar in 09 - Series A (3)
2013
San Antonio, TX
8/1/2050
6.00
%
6,455,058
Avistar on the Hills - Series A (3)
2013
San Antonio, TX
8/1/2050
6.00
%
5,118,097
Avistar (June 2013 Acquisition) - Series B (2 Bonds)
2013
San Antonio, TX
9/1/2050
9.00
%
989,411
Avistar at the Parkway - Series A (4)
2015
San Antonio, TX
5/1/2052
6.00
%
12,854,039
Avistar at the Parkway - Series B
2015
San Antonio, TX
6/1/2052
12.00
%
124,305
Avistar at Wilcrest - Series A (2)
2017
Houston, TX
5/1/2054
5.75
%
5,285,131
Avistar at Wood Hollow - Series A (2)
2017
Austin, TX
5/1/2054
5.75
%
40,129,878
Bridle Ridge (1)
2008
Greer, SC
1/1/2043
6.00
%
7,315,000
Brookstone (1)
2009
Waukegan, IL
5/1/2040
5.45
%
8,767,616
Bruton Apartments (5)
2014
Dallas, TX
8/1/2054
6.00
%
17,807,768
Columbia Gardens (5)
2015
Columbia, SC
12/1/2050
5.50
%
12,922,000
Companion at Thornhill Apartments (5)
2016
Lexington, SC
1/1/2052
5.80
%
11,178,557
Concord at Gulfgate - Series A (5)
2015
Houston, TX
2/1/2032
6.00
%
18,975,786
Concord at Little York - Series A (5)
2015
Houston, TX
2/1/2032
6.00
%
13,293,436
Concord at Williamcrest - Series A (5)
2015
Houston, TX
2/1/2032
6.00
%
20,592,957
Copper Gate Apartments (3)
2013
Lafayette, IN
12/1/2029
6.25
%
5,005,000
Courtyard - Series A (5)
2016
Fullerton, CA
12/1/2033
5.00
%
10,147,686
Cross Creek (1)
2009
Beaufort, SC
3/1/2049
6.15
%
7,970,921
Crossing at 1415 - Series A (5)
2015
San Antonio, TX
12/1/2052
6.00
%
7,405,406
Decatur Angle (5)
2014
Fort Worth, TX
1/1/2054
5.75
%
22,455,747
Esperanza at Palo Alto (5)
2018
San Antonio, TX
7/1/2058
5.80
%
19,356,959
Gateway Village (2)
2019
Durham, NC
4/1/2032
6.10
%
2,600,000
Glenview Apartments - Series A (4)
2014
Cameron Park, CA
12/1/2031
5.75
%
4,533,958
Greens Property - Series A (3)
2012
Durham, NC
10/1/2047
6.50
%
7,936,000
Greens Property - Series B
2012
Durham, NC
10/1/2047
12.00
%
930,016
Harden Ranch - Series A (3)
2014
Salinas, CA
3/1/2030
5.75
%
6,700,868
Harmony Court Bakersfield - Series A (5)
2016
Bakersfield, CA
12/1/2033
5.00
%
3,699,987
Harmony Terrace - Series A (5)
2016
Simi Valley, CA
1/1/2034
5.00
%
6,849,214
Heights at 515 - Series A (5)
2015
San Antonio, TX
12/1/2052
6.00
%
6,779,777
Heritage Square - Series A (4)
2014
Edinburg, TX
9/1/2051
6.00
%
10,695,037
Las Palmas II - Series A (5)
2016
Coachella, CA
11/1/2033
5.00
%
1,679,022
Live 929 Apartments (7)
2014
Baltimore, MD
7/1/2049
5.78
%
39,685,000
Lynnhaven Apartments (2)
2019
Durham, NC
4/1/2032
6.10
%
3,450,000
Montclair Apartments - Series A (4)
2014
Lemoore, CA
12/1/2031
5.75
%
2,456,298
Montecito at Williams Ranch Apartments - Series A (7)
2017
Salinas, CA
10/1/2034
5.50
%
7,681,146
Montevista - Series A
2019
San Pablo, CA
7/1/2036
5.75
%
6,720,000
Montevista - Series B
2019
San Pablo, CA
7/1/2021
5.75
%
6,480,000
Oaks at Georgetown - Series A (5)
2016
Georgetown, TX
1/1/2034
5.00
%
12,239,247
Ohio Properties - Series A (1)
2010
Ohio
6/1/2050
7.00
%
13,857,000
Ohio Properties - Series B
2010
Ohio
6/1/2050
10.00
%
3,504,170
Provision Center 2014-1 (2)
2014
Knoxville, TN
5/1/2034
6.00
%
10,000,000
Renaissance - Series A (4)
2015
Baton Rouge, LA
6/1/2050
6.00
%
11,001,027
Rosewood Townhomes - Series A (7)
2017
Goose Creek, SC
7/1/2055
5.75
%
9,280,000
Rosewood Townhomes - Series B
2017
Goose Creek, SC
8/1/2055
12.00
%
470,000
Runnymede (1)
2007
Austin, TX
10/1/2042
6.00
%
9,925,000
San Vicente - Series A (5)
2016
Soledad, CA
11/1/2033
5.00
%
3,462,053
Santa Fe Apartments - Series A (4)
2014
Hesperia, CA
12/1/2031
5.75
%
2,975,713
Seasons at Simi Valley - Series A (5)
2015
Simi Valley, CA
9/1/2032
5.75
%
4,282,477
Seasons Lakewood - Series A (5)
2016
Lakewood, CA
1/1/2034
5.00
%
7,295,901
Seasons San Juan Capistrano - Series A (5)
2016
San Juan Capistrano, CA
1/1/2034
5.00
%
12,283,916
Silver Moon - Series A (4)
2015
Albuquerque, NM
8/1/2055
6.00
%
7,762,116
Solano Vista - Series A
2018
Vallejo, CA
1/1/2036
5.85
%
2,665,000
Solano Vista - Series B
2018
Vallejo, CA
1/1/2021
5.85
%
3,103,000
South Pointe Apartments - Series A (7)
2017
Hanahan, SC
7/1/2055
5.75
%
21,600,000
South Pointe Apartments - Series B
2017
Hanahan, SC
8/1/2055
12.00
%
1,100,000
Southpark (1)
2009
Austin, TX
12/1/2049
6.13
%
13,005,000
Summerhill - Series A (5)
2016
Bakersfield, CA
12/1/2033
5.00
%
6,371,318
Sycamore Walk - Series A (5)
2015
Bakersfield, CA
1/1/2033
5.25
%
3,559,011
The Palms at Premier Park Apartments (3)
2013
Columbia, SC
1/1/2050
6.25
%
18,838,478
Tyler Park Townhomes (3)
2013
Greenfield, CA
1/1/2030
5.75
%
5,837,595
The Village at Madera - Series A (5)
2016
Madera, CA
12/1/2033
5.00
%
3,060,177
Village at Avalon (6)
2018
Albuquerque, NM
1/1/2059
5.80
%
16,302,038
Village at River's Edge (5)
2017
Columbia, SC
6/1/2033
6.00
%
9,872,297
Vineyard Gardens - Series A (7)
2017
Oxnard, CA
1/1/2035
5.50
%
3,995,000
Westside Village Market (3)
2013
Shafter, CA
1/1/2030
5.75
%
3,814,857
Willow Run (5)
2015
Columbia, SC
12/1/2050
5.50
%
12,742,000
Woodlynn Village (1)
2008
Maplewood, MN
11/1/2042
6.00
%
4,172,000
$
679,679,604
(1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 16 (2) MRB owned by Deutsche Bank in a debt financing transaction, see Note 16 (3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 16 (4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 16 (5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 16 (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

Governmental Issuer Loans (Tabl

Governmental Issuer Loans (Tables)12 Months Ended
Dec. 31, 2020
Governmental Issuer Loans [Abstract]
Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer LoansThe Partnership had the following investments and remaining funding commitments related to its GILs as of December 31, 2020:
As of December 31, 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%
3.19%
$
40,000,000
$
-
Oasis at Twin Lakes
July 2020
Roseville, MN
228
8/1/2023 (2)
SIFMA + 3.25%
(3),(4)
3.75%
14,403,000
19,597,000
Centennial Crossings
August 2020
Centennial, CO
209
9/1/2023 (2)
SIFMA + 2.75%
(4)
3.25%
10,460,657
22,619,343
$
64,863,657
$
42,216,343
(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 Certificates (Tables)12 Months Ended
Dec. 31, 2020
Public Housing Capital Fund Trusts [Abstract]
Schedule of Investments in PHC CertificatesThe 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)12 Months Ended
Dec. 31, 2020
Real Estate [Abstract]
Real Estate Assets Owned by PartnershipThe following tables summarize information regarding the Partnership’s real estate assets as of December 31, 2020 and 2019:
Real Estate Assets as of December 31, 2020
Property Name
Location
Number of Units
Land and Land Improvements
Buildings and Improvements
Carrying Value
Suites on Paseo
San Diego, CA
384
$
3,199,268
$
39,375,298
$
42,574,566
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
$
77,191,417
Less accumulated depreciation
(18,150,215
)
Net real estate assets
$
59,041,202
(1)
Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE.
Real Estate Assets as of December 31, 2019
Property Name
Location
Number of Units
Land and Land Improvements
Buildings and Improvements
Carrying Value
Suites on Paseo
San Diego, CA
384
$
3,199,268
$
39,073,728
$
42,272,996
The 50/50 MF Property
Lincoln, NE
475
-
32,937,805
32,937,805
Land held for development
(1)
1,706,862
-
1,706,862
$
76,917,663
Less accumulated depreciation
(15,357,700
)
Net real estate assets
$
61,559,963
( 1 )
Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)12 Months Ended
Dec. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Summary of Investments in Unconsolidated EntitiesThe following table provides the details of the investments in unconsolidated entities as of December 31, 2020 and 2019 and remaining equity commitment amounts as of December 31, 2020:
Property Name
Location
Units
Month Commitment Executed
Construction Completion Date
Carrying Value as of December 31, 2020
Carrying Value as of December 31, 2019
Maximum Remaining Equity Commitment as of December 31, 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
October 2020
14,640,000
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
10,406,895
8,078,519
-
Vantage at O'Connor
San Antonio, TX
288
October 2019
N/A
8,245,890
5,016,811
-
Vantage at Westover Hills
San Antonio, TX
288
January 2020
N/A
8,021,544
-
-
Vantage at Tomball
Tomball, TX
288
August 2020
N/A
9,280,134
-
1,425,562
Vantage at Hutto
Hutto, TX
288
November 2020
N/A
3,163,676
-
7,359,952
Vantage at San Marcos
San Marcos, TX
288
November 2020
N/A
981,695
-
8,943,914
3,756
$
106,878,570
$
86,981,864
$
17,729,428
Summary of Partnership's Investments in Unconsolidated EntitiesThe following table provides summary combined financial information related to the Partnership’s investments in unconsolidated entities for the years ended December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Property Revenues
$
14,553,331
$
12,541,852
Gain on sale of property
$
6,106,279
$
35,871,041
Net income (loss)
$
(1,674,527
)
$
32,662,003

Property Loans, Net of Loan L_2

Property Loans, Net of Loan Loss Allowances (Tables)12 Months Ended
Dec. 31, 2020
Property Loans Net Of Loan Loss Allowance [Abstract]
Summary of Partnership's Property Loans, Net of Loan Loss AllowancesThe following table summarize the Partnership’s property loans, net of loan loss allowances, as of December 31, 2020 and 2019:
December 31, 2020
Outstanding Balance
Loan Loss Allowance
Property Loan Principal, net of allowance
Arbors at Hickory Ridge
$
191,264
$
-
$
191,264
Avistar (February 2013 portfolio)
201,972
-
201,972
Avistar (June 2013 portfolio)
251,622
-
251,622
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
911,232
(911,232
)
-
Ohio Properties
2,390,446
-
2,390,446
Scharbauer Flats Apartments (1)
2,309,613
-
2,309,613
Total
$
21,225,765
$
(8,305,046
)
$
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 CommitmentsThe following is a summary of property loans, and the remaining funding commitments, that were entered into during 2020:
As of December 31, 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)
Summary of Changes in Partnership's Loan Loss AllowanceThe following table summarizes the changes in the Partnership’s loan loss allowance for the years ended December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Balance, beginning of year
$
7,393,814
$
7,393,814
Provision for loan loss (1)
911,232
-
Balance, end of year
$
8,305,046
$
7,393,814
(1)
The provision for loan loss is related to the Live 929 Apartments property loan.

Income Tax Provision (Tables)

Income Tax Provision (Tables)12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit). The following table summarizes income tax expense (benefit) for the years ended December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Current income tax expense
$
185,910
$
195,861
Deferred income tax benefit
(105,920
)
(149,874
)
Total income tax expense
$
79,990
$
45,987

Other Assets (Tables)

Other Assets (Tables)12 Months Ended
Dec. 31, 2020
Other Assets [Abstract]
Schedule of Other AssetsThe following table summarizes the Partnership’s other assets as of December 31, 2020 and 2019:
December 31, 2020
December 31, 2019
Deferred financing costs, net
$
390,649
$
353,862
Fair value of derivative instruments (Note 18)
321,503
10,911
Taxable mortgage revenue bonds, at fair value
1,510,437
1,383,237
Bond purchase commitments, at fair value (Note 19)
431,879
-
Operating lease right-of-use assets, net
1,648,742
1,673,242
Other assets
1,605,374
1,641,099
Total other assets
$
5,908,584
$
5,062,351
Summary of Taxable MRB AcquiredThe following table includes details of the taxable MRB acquired during the year ended December 31, 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 December 31, 2020.

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)12 Months Ended
Dec. 31, 2020
Payables And Accruals [Abstract]
Summary of Partnership's Accounts Payable, Accrued Expenses and Other LiabilitiesThe following table summarizes the Partnership’s accounts payable, accrued expenses and other liabilities as of December 31, 2020 and 2019:
December 31, 2020
December 31, 2019
Accounts payable
$
94,674
$
93,834
Accrued expenses
2,755,010
2,529,982
Accrued interest expense
3,433,247
2,690,076
Operating lease liabilities
2,149,001
2,138,783
Other liabilities
1,517,633
1,583,492
Total accounts payable, accrued expenses and other liabilities
$
9,949,565
$
9,036,167
Summary of Partnership's Contractual Payments Related to Operating Leases and Reconciliation to the Carrying Value of Operating Lease LiabilitiesThe following table summarizes the Partnership’s contractual payments related to operating leases and a reconciliation to the carrying value of operating lease liabilities as of December 31, 2020.
2021
$
138,394
2022
141,119
2023
143,561
2024
144,706
2025
147,598
Thereafter
4,369,676
Total
5,085,054
Less: Amount representing interest
(2,936,053
)
Total operating lease liabilities
$
2,149,001

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)12 Months Ended
Dec. 31, 2020
Unsecured Lines of Credit [Member]
Summary of Unsecured Lines of CreditThe following tables summarize the Partnership’s unsecured lines of credit as of December 31, 2020 and 2019:
Unsecured Lines of Credit
Outstanding as of December 31, 2020
Total Commitment
Commitment Maturity
Variable / Fixed
Reset Frequency
Period End Rate
Bankers Trust non-operating
$
7,475,000
$
50,000,000
June 2022
Variable (1)
Monthly
2.65
%
Bankers Trust operating
-
10,000,000
June 2022
Variable (1)
Monthly
3.40
%
Total unsecured lines of credit
$
7,475,000
$
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 (1)
Monthly
4.19
%
Bankers Trust operating
-
10,000,000
June 2021
Variable (1)
Monthly
4.94
%
Total unsecured lines of credit
$
13,200,000
$
60,000,000
( 1 )
The variable rate is indexed to LIBOR plus an applicable margin.

Debt Financing (Tables)

Debt Financing (Tables)12 Months Ended
Dec. 31, 2020
Debt Financing [Abstract]
Schedule of Total Debt FinancingThe following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2020:
Outstanding Debt Financings as of December 31, 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
$
39,825,019
$
238,760
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
78,272,018
4,999
2014
July 2024
Weekly
SIFMA
0.12%
1.34%
1.46%
Fixed - M33
30,796,097
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
215,825,022
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
103,086,756
77,500,000
2020
September 2025
Monthly
3-month LIBOR
0.22%
9.00%
9.22% (3)
TOB & Term A/B Trusts Securitization
Fixed - Term TOB (4)
13,001,530
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
Variable - TOB (5)
193,151,198
-
2019 - 2020
July 2022 - December 2023
Weekly
SIFMA/OBFR
0.29% - 0.39%
0.89% - 1.67%
1.18% - 2.06%
Total Debt Financings
$
673,957,640
(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
(4)
The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB Trust securitizations as of December 31, 2020:
Outstanding Financing as of December 31, 2020, net
Financing Facility Provider
Year Acquired
Stated Maturity
Reset Frequency
Variable Rate Index
Index Based Rates
Facility Fees
Period End Rates
Variable - TOB Securitization
Live 929
$
31,553,785
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.66%
1.95
%
Montecito at Williams Ranch - Series A
6,915,682
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Rosewood Townhomes - Series A
7,691,507
Mizuho
2019
July 2023
Weekly
SIFMA
0.39%
1.17%
1.56
%
South Pointe Apartments - Series A
17,976,559
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Vineyard Gardens - Series A
3,587,685
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Avistar at Copperfield - Series A
11,729,379
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Avistar at Wilcrest - Series A
4,433,372
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Avistar at Wood Hollow - Series A
33,776,383
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Gateway Village
2,173,253
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Lynnhaven
2,887,257
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Montevista - Series A
5,668,324
Mizuho
2020
December 2023
Weekly
SIFMA
0.29%
1.27%
1.56
%
Ocotillo Springs - Series A
1,765,167
Mizuho
2020
July 2022
Weekly
SIFMA
0.29%
0.89%
1.18
%
Trust 2020-XF2907 (1)
58,353,917
Mizuho
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22
%
Trust 2020-XF2908 (2)
4,638,928
Mizuho
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22
%
Total TOB Financing\ Weighted Average Period End Rate
$
193,151,198
1.63
%
(1)
The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs.
(2)
The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 201 9 :
Outstanding Debt Financings as of December 31, 2019, net
Restricted Cash
Year Acquired
Stated Maturities
Reset Frequency
SIFMA Based Rates
Facility Fees
Period End Rates
TEBS Financings
Fixed - M24
$
40,495,442
$
204,000
2010
May 2027
N/A
N/A
N/A
3.05%
Variable - M31 (1)
79,505,180
4,999
2014
July 2024
Weekly
1.64%
1.54%
3.18%
Fixed - M33
31,367,147
2,606
2015
September 2030
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
217,603,233
5,000
2018
July 2034
N/A
N/A
N/A
3.82%
TOB & Term A/B Trusts Securitization
Variable - TOB (3)
102,591,789
-
2019
July 2020 - September 2020
Weekly
1.79% - 2.08%
1.12% - 1.66%
2.96% - 3.45%
Fixed - Term TOB (3)
21,073,418
-
2014 - 2019
January 2020 - May 2022
N/A
N/A
N/A
3.53% - 4.01%
Fixed - Term A/B (3)
43,561,212
-
2017 - 2019
February 2020 - February 2027
N/A
N/A
N/A
4.46% - 4.53%
Total Debt Financings
$
536,197,421
(1)
Facility fees have a variable component.
(2)
M45 TEBS has an initial interest rate
(3)
The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019:
Outstanding Financing as of December 31, 2019, net
Financing Facility Provider
Year Acquired
Stated Maturity
Reset Frequency
SIFMA Based Rates
Facility Fees
Period End Rates
Variable - TOB Securitization
Live 929
$
31,733,007
Mizuho
2019
August 2020
Weekly
1.79%
1.66%
3.45
%
Montecito at Williams Ranch - Series A
6,899,653
Mizuho
2019
August 2020
Weekly
1.79%
1.17%
2.96
%
PHC Certificate Trust 1
20,067,635
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
PHC Certificate Trust 2
3,786,197
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
PHC Certificate Trust 3
10,850,103
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
Rosewood Townhomes - Series A
7,687,958
Mizuho
2019
July 2020
Weekly
1.79%
1.17%
2.96
%
South Pointe Apartments - Series A
17,992,112
Mizuho
2019
July 2020
Weekly
1.79%
1.17%
2.96
%
Vineyard Gardens - Series A
3,575,124
Mizuho
2019
August 2020
Weekly
1.79%
1.17%
2.96
%
Total TOB Financing\ Weighted Average Period End Rate
$
102,591,789
3.19
%
Outstanding Financing as of December 31, 2019, net
Financing Facility Provider
Year Acquired
Stated Maturity
Fixed Interest Rate
Fixed - Term TOB Securitization
Provision Center 2014-1
$
8,010,000
Deutsche Bank
2014
January 2020
4.01
%
Village at Avalon
13,063,418
Morgan Stanley
2019
May 2022
3.53
%
Total Fixed Term TOB Financing\ Weighted Average Period End Rate
$
21,073,418
3.71
%
Fixed - Term A/B Trusts Securitization
Avistar at Copperfield - Series A
$
8,385,080
Deutsche Bank
2017
February 2027
4.46
%
Avistar at Wilcrest - Series A
3,142,267
Deutsche Bank
2017
February 2027
4.46
%
Avistar at Wood Hollow - Series A
26,773,109
Deutsche Bank
2017
February 2027
4.46
%
Gateway Village
2,260,628
Deutsche Bank
2019
February 2020
4.53
%
Lynnhaven
3,000,128
Deutsche Bank
2019
February 2020
4.53
%
Total Fixed A/B Trust Financing\ Weighted Average Period End Rate
$
43,561,212
4.47
%
Schedule of Contractual Maturities of BorrowingsThe Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st
2021
$
5,894,456
2022
21,448,689
2023
195,504,816
2024
87,839,152
2025
11,363,784
Thereafter
354,282,244
Total
676,333,141
Unamortized deferred financing costs and debt premium
(2,375,501
)
Total debt financing, net
$
673,957,640
The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st :
2021
$
835,130
2022
869,599
2023
908,564
2024
946,558
2025
1,782,213
Thereafter
20,644,450
Total
25,986,514
Unamortized deferred financing costs
(1,642
)
Total mortgages payable and other secured financings, net
$
25,984,872

Mortgages Payable and Other S_2

Mortgages Payable and Other Secured Financing (Tables)12 Months Ended
Dec. 31, 2020
Schedule of Total Debt FinancingThe following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of December 31, 2020:
Outstanding Debt Financings as of December 31, 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
$
39,825,019
$
238,760
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
78,272,018
4,999
2014
July 2024
Weekly
SIFMA
0.12%
1.34%
1.46%
Fixed - M33
30,796,097
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
215,825,022
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
103,086,756
77,500,000
2020
September 2025
Monthly
3-month LIBOR
0.22%
9.00%
9.22% (3)
TOB & Term A/B Trusts Securitization
Fixed - Term TOB (4)
13,001,530
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
Variable - TOB (5)
193,151,198
-
2019 - 2020
July 2022 - December 2023
Weekly
SIFMA/OBFR
0.29% - 0.39%
0.89% - 1.67%
1.18% - 2.06%
Total Debt Financings
$
673,957,640
(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
(4)
The Term TOB Trust is securitized by the Village at Avalon MRB. (5) The following table summarizes the individual TOB Trust securitizations as of December 31, 2020:
Outstanding Financing as of December 31, 2020, net
Financing Facility Provider
Year Acquired
Stated Maturity
Reset Frequency
Variable Rate Index
Index Based Rates
Facility Fees
Period End Rates
Variable - TOB Securitization
Live 929
$
31,553,785
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.66%
1.95
%
Montecito at Williams Ranch - Series A
6,915,682
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Rosewood Townhomes - Series A
7,691,507
Mizuho
2019
July 2023
Weekly
SIFMA
0.39%
1.17%
1.56
%
South Pointe Apartments - Series A
17,976,559
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Vineyard Gardens - Series A
3,587,685
Mizuho
2019
July 2023
Weekly
SIFMA
0.29%
1.17%
1.46
%
Avistar at Copperfield - Series A
11,729,379
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Avistar at Wilcrest - Series A
4,433,372
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Avistar at Wood Hollow - Series A
33,776,383
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Gateway Village
2,173,253
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Lynnhaven
2,887,257
Mizuho
2020
July 2023
Weekly
SIFMA
0.39%
1.67%
2.06
%
Montevista - Series A
5,668,324
Mizuho
2020
December 2023
Weekly
SIFMA
0.29%
1.27%
1.56
%
Ocotillo Springs - Series A
1,765,167
Mizuho
2020
July 2022
Weekly
SIFMA
0.29%
0.89%
1.18
%
Trust 2020-XF2907 (1)
58,353,917
Mizuho
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22
%
Trust 2020-XF2908 (2)
4,638,928
Mizuho
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22
%
Total TOB Financing\ Weighted Average Period End Rate
$
193,151,198
1.63
%
(1)
The TOB Trust is securitized by the Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings GILs.
(2)
The TOB Trust is securitized by the Scharbauer Flats Apartments and Centennial Crossings property loans. The following table summarizes the Partnership’s Debt Financing, net of deferred financing costs, as of December 31, 201 9 :
Outstanding Debt Financings as of December 31, 2019, net
Restricted Cash
Year Acquired
Stated Maturities
Reset Frequency
SIFMA Based Rates
Facility Fees
Period End Rates
TEBS Financings
Fixed - M24
$
40,495,442
$
204,000
2010
May 2027
N/A
N/A
N/A
3.05%
Variable - M31 (1)
79,505,180
4,999
2014
July 2024
Weekly
1.64%
1.54%
3.18%
Fixed - M33
31,367,147
2,606
2015
September 2030
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
217,603,233
5,000
2018
July 2034
N/A
N/A
N/A
3.82%
TOB & Term A/B Trusts Securitization
Variable - TOB (3)
102,591,789
-
2019
July 2020 - September 2020
Weekly
1.79% - 2.08%
1.12% - 1.66%
2.96% - 3.45%
Fixed - Term TOB (3)
21,073,418
-
2014 - 2019
January 2020 - May 2022
N/A
N/A
N/A
3.53% - 4.01%
Fixed - Term A/B (3)
43,561,212
-
2017 - 2019
February 2020 - February 2027
N/A
N/A
N/A
4.46% - 4.53%
Total Debt Financings
$
536,197,421
(1)
Facility fees have a variable component.
(2)
M45 TEBS has an initial interest rate
(3)
The following table summarizes the individual TOB, Term TOB and Term A/B Trust securitizations as of December 31, 2019:
Outstanding Financing as of December 31, 2019, net
Financing Facility Provider
Year Acquired
Stated Maturity
Reset Frequency
SIFMA Based Rates
Facility Fees
Period End Rates
Variable - TOB Securitization
Live 929
$
31,733,007
Mizuho
2019
August 2020
Weekly
1.79%
1.66%
3.45
%
Montecito at Williams Ranch - Series A
6,899,653
Mizuho
2019
August 2020
Weekly
1.79%
1.17%
2.96
%
PHC Certificate Trust 1
20,067,635
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
PHC Certificate Trust 2
3,786,197
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
PHC Certificate Trust 3
10,850,103
Mizuho
2019
September 2020
Weekly
2.08%
1.12%
3.20
%
Rosewood Townhomes - Series A
7,687,958
Mizuho
2019
July 2020
Weekly
1.79%
1.17%
2.96
%
South Pointe Apartments - Series A
17,992,112
Mizuho
2019
July 2020
Weekly
1.79%
1.17%
2.96
%
Vineyard Gardens - Series A
3,575,124
Mizuho
2019
August 2020
Weekly
1.79%
1.17%
2.96
%
Total TOB Financing\ Weighted Average Period End Rate
$
102,591,789
3.19
%
Outstanding Financing as of December 31, 2019, net
Financing Facility Provider
Year Acquired
Stated Maturity
Fixed Interest Rate
Fixed - Term TOB Securitization
Provision Center 2014-1
$
8,010,000
Deutsche Bank
2014
January 2020
4.01
%
Village at Avalon
13,063,418
Morgan Stanley
2019
May 2022
3.53
%
Total Fixed Term TOB Financing\ Weighted Average Period End Rate
$
21,073,418
3.71
%
Fixed - Term A/B Trusts Securitization
Avistar at Copperfield - Series A
$
8,385,080
Deutsche Bank
2017
February 2027
4.46
%
Avistar at Wilcrest - Series A
3,142,267
Deutsche Bank
2017
February 2027
4.46
%
Avistar at Wood Hollow - Series A
26,773,109
Deutsche Bank
2017
February 2027
4.46
%
Gateway Village
2,260,628
Deutsche Bank
2019
February 2020
4.53
%
Lynnhaven
3,000,128
Deutsche Bank
2019
February 2020
4.53
%
Total Fixed A/B Trust Financing\ Weighted Average Period End Rate
$
43,561,212
4.47
%
Schedule of Contractual Maturities of BorrowingsThe Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st
2021
$
5,894,456
2022
21,448,689
2023
195,504,816
2024
87,839,152
2025
11,363,784
Thereafter
354,282,244
Total
676,333,141
Unamortized deferred financing costs and debt premium
(2,375,501
)
Total debt financing, net
$
673,957,640
The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st :
2021
$
835,130
2022
869,599
2023
908,564
2024
946,558
2025
1,782,213
Thereafter
20,644,450
Total
25,986,514
Unamortized deferred financing costs
(1,642
)
Total mortgages payable and other secured financings, net
$
25,984,872
Mortgages payable [Member]
Schedule of Total Debt FinancingThe following is a
MF Property Mortgage Payables
Outstanding Mortgage Payable as of December 31, 2020, net
Year Acquired or Refinanced
Stated Maturity
Variable / Fixed
Period End Rate
The 50/50 MF Property--TIF Loan
$
2,521,308
2020
March 2025
Fixed
4.40
%
The 50/50 MF Property--Mortgage
23,463,564
2020
April 2027
Fixed
4.35
%
Total Mortgage Payable\Weighted Average Period End Rate
$
25,984,872
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 )

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)12 Months Ended
Dec. 31, 2020
Total Return Swaps [Member]
Summary of Partnership's Derivative InstrumentsThe following table summarizes the terms of the Partnership’s total return swaps as of December 31, 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 December 31, 2020
Sept 2020
39,970,485
Sept 2020
Sept 2025
4.25% (1)
9.22% (3)
3-month LIBOR
Mizuho Capital Markets
$
77,995
Sept 2020
63,500,000
Sept 2020
Mar 2022
1.00% (2)
9.22% (3)
3-month LIBOR
Mizuho Capital Markets
215,631
$
293,626
(1)
(2)
(3)
Interest Rate Cap Agreements [Member]
Summary of Partnership's Derivative InstrumentsThe following tables summarize the Partnership’s interest rate cap agreements as of December 31, 2020 and 2019:
Purchase Date
Notional Amount
Maturity Date
Effective Capped Rate (1)
Index
Variable Debt Financing Facility Hedged (1)
Counterparty
Fair Value as of December 31, 2020
Aug 2019
77,979,924
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
$
27,877
$
27,877
(1 )
See Notes 16 and 24 for additional details.
Purchase Date
Notional Amount
Maturity Date
Effective Capped Rate (1)
Index
Variable Debt Financing Facility Hedged (1)
Counterparty
Fair Value as of December 31, 2019
July 2015
27,033,788
Aug 2020
3.0
%
SIFMA
TOB Trusts
Wells Fargo Bank
$
-
July 2015
27,033,788
Aug 2020
3.0
%
SIFMA
TOB Trusts
Royal Bank of Canada
-
July 2015
27,033,788
Aug 2020
3.0
%
SIFMA
TOB Trusts
SMBC Capital Markets, Inc
-
June 2017
81,101,364
Aug 2020
1.5
%
SIFMA
TOB Trusts
Barclays Bank PLC
4,090
Sept 2017
58,090,000
Sept 2020
4.0
%
SIFMA
TOB Trusts
Barclays Bank PLC
-
Aug 2019
79,333,280
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
6,821
$
10,911
( 1 )
See Notes 16 and 24 for additional details.

Commitments and Contingencies (

Commitments and Contingencies (Tables)12 Months Ended
Dec. 31, 2020
Commitments And Contingencies Disclosure [Abstract]
Summary of Partnership's Bond Purchase CommitmentThe following table summarizes the Partnership’s bond purchase commitment as of December 31, 2020:
Bond Purchase Commitments
Commitment Date
Maximum Committed Amounts Remaining
Rate
Estimated Closing Date
Fair Value as of December 31, 2020
CCBA Senior Garden Apartments
July 2020
$
3,807,000
4.50
%
Q3 2022
$
431,879
Summary of Partnership's Maximum Exposure Under Guarantee AgreementsThe following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of December 31, 2020:
Borrower
Year the Guarantee was Executed
Maximum Balance Available on Construction Loan
Construction Loan Balance as of December 31, 2020
Partnership's Maximum Exposure as of December 31, 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
29,295,571
14,647,786
(1)
Limited Partnership(s)
Year the Guarantee was Executed
End of Guarantee Period
Partnership's Maximum Exposure as of December 31, 2020
Ohio Properties
2011
2026
$
3,011,522
Greens of Pine Glen, LP
2012
2027
2,046,028

Redeemable Series A Preferred_2

Redeemable Series A Preferred Units (Tables)12 Months Ended
Dec. 31, 2020
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Series A Preferred UnitsThe following table summarizes the Series A Preferred Units outstanding as of December 31, 2020 and 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 December 31, 2020 and December 31, 2019
9,450,000
$
94,500,000

Restricted Unit Awards (Tables)

Restricted Unit Awards (Tables)12 Months Ended
Dec. 31, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of RUA ActivityThe following table summarizes the RUA activity for years ended December 31, 2020 and 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
Vested
(154,386
)
4.98
Forfeited
(2,802
)
4.98
Nonvested as of December 31, 2020
132,812
$
4.98

Transactions with Related Par_2

Transactions with Related Parties (Tables)12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]
Summary of Amounts Reimbursable to AFCA 2, the General Partner of AFCA 2, or an AffiliateThe amounts in the following table represent amounts reimbursable to AFCA 2, the general partner of AFCA 2, or an affiliate for the years ended December 31, 2020 and 2019:
2020
2019
Reimbursable salaries and benefits
$
4,625,222
$
4,702,754
Other expenses
57,424
19,622
Office expenses
257,641
17,630
Insurance
312,530
243,773
Professional fees and expenses
105,208
82,962
$
5,358,025
$
5,066,741
Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial StatementsThe following table summarizes transactions with related parties that are reflected in the Partnership’s consolidated financial statements for the years ended December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Partnership administrative fees paid to AFCA 2 (1)
$
3,585,000
$
3,620,000
Property management fees paid to an affiliate (2)
-
101,000
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3)
53,000
131,000
(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 consolidated statements of operations.
(2)
A former affiliate of AFCA 2, Burlington Capital Properties, LLC, provides property management, administrative and marketing services for The 50/50 MF Property. 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 consolidated statements of operations.
(3)
The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s consolidated statements of operations.
Summary of Transactions Between Borrowers of Partnership's MRBs and AffiliatesThe following table summarizes transactions between borrowers of the Partnership’s MRBs, GILs, and certain property loans and affiliates for the years ended December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Non-Partnership property administrative fees received by AFCA 2 (1)
$
36,000
$
36,000
Investment/mortgage placement fees received by AFCA 2 (2)
2,277,000
1,362,000
(1)
AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified.
(2)
AFCA 2 received placement fees in connection with the acquisition of certain MRBs, GILs, property loans, and investments in unconsolidated entities.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)12 Months Ended
Dec. 31, 2020
Fair Value Measurements [Abstract]
Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's InvestmentsThe range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of December 31, 2020 and 2019 are as follows:
Range of Effective Yields
Weighted Average Effective Yields (1)
Security Type
December 31, 2020
December 31, 2019
December 31, 2020
December 31, 2019
Mortgage revenue bonds
1.4% - 13.3%
2.4% - 8.5%
3.0
%
3.8
%
Taxable mortgage revenue bonds
7.1% - 7.4%
8.7% - 8.9%
7.3
%
8.8
%
Bond purchase commitments
3.5%
N/A
3.5
%
N/A
(1)
Weighted by the total principal outstanding of all the respective securities as of the reporting date
Summary of Assets and Liabilities Measured at Fair Value on Recurring BasisAssets measured at fair value on a recurring basis as of December 31, 2020 are summarized as follows:
Fair Value Measurements as of December 31, 2020
Description
Assets at Fair Value
Quoted Prices in Active Markets for Identical Assets (Level 1)
Significant Other Observable Inputs (Level 2)
Significant Unobservable Inputs (Level 3)
Assets
Mortgage revenue bonds, held in trust
$
768,468,644
$
-
$
-
$
768,468,644
Mortgage revenue bonds
25,963,841
-
-
25,963,841
Bond purchase commitments (reported within other assets)
431,879
-
-
431,879
Taxable mortgage revenue bonds (reported within other assets)
1,510,437
-
-
1,510,437
Derivative financial instruments (reported within other assets)
321,503
-
-
321,503
Total Assets at Fair Value, net
$
796,696,304
$
-
$
-
$
796,696,304
Assets and liabilities 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 LiabilitiesT he following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 20 20 :
For the Years Ended December 31, 2020
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
Mortgage Revenue Bonds (1)
Bond Purchase Commitments
PHC Certificates
Taxable Mortgage Revenue Bonds
Derivative Financial Instruments
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)
125,050
-
(7,219
)
-
2,026,070
2,143,901
Included in earnings (impairment of securities and provision for credit loss)
(7,318,590
)
-
-
-
-
(7,318,590
)
Included in earnings (gain on sale of securities)
-
-
1,416,023
-
-
1,416,023
Included in other comprehensive (loss) income
34,126,208
431,879
(1,408,804
)
136,046
-
33,285,329
Purchases
9,513,450
-
-
-
-
9,513,450
Sale of securities
-
-
(43,349,357
)
-
-
(43,349,357
)
Settlements
(15,611,098
)
-
-
(8,846
)
(1,715,478
)
(17,335,422
)
Ending Balance December 31, 2020
$
794,432,485
$
431,879
$
-
$
1,510,437
$
321,503
$
796,696,304
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 December 31, 2020
$
(7,318,590
)
$
-
$
-
$
-
$
116,899
$
(7,201,691
)
(1)
Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership. The following table summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2019:
For the Years Ended December 31, 2019
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
Mortgage Revenue Bonds (1)
PHC Certificates
Taxable Mortgage Revenue Bonds
Interest Rate Derivatives
Total
Beginning Balance January 1, 2019
$
732,153,435
$
48,672,086
$
1,409,895
$
626,633
$
782,862,049
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)
142,356
(6,708
)
-
(499,835
)
(364,187
)
Included in other comprehensive income
39,320,186
984,021
26,428
-
40,330,635
Purchases
19,250,000
-
-
29,527
19,279,527
Settlements
(17,268,512
)
(6,300,042
)
(53,086
)
(145,414
)
(23,767,054
)
Ending Balance December 31, 2019
$
773,597,465
$
43,349,357
$
1,383,237
$
10,911
$
818,340,970
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2019
$
-
$
-
$
-
$
(499,835
)
$
(499,835
)
(1)
Mortgage revenue bonds include both bonds held in trust as well as those held by the Partnership.
Summary of Fair Value of Partnership's Financial LiabilitiesThe table below summarizes the fair value of the Partnership’s financial liabilities as of December 31, 2020 and 2019:
December 31, 2020
December 31, 2019
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Financial Liabilities:
Debt financing
$
673,957,640
709,760,933
$
536,197,421
$
554,993,494
Unsecured lines of credit
7,475,000
7,475,000
13,200,000
13,200,000
Mortgages payable and other secured financing
25,984,872
25,986,514
26,802,246
26,812,851

Segments (Tables)

Segments (Tables)12 Months Ended
Dec. 31, 2020
Segment Reporting [Abstract]
Summary of Partnership Reportable Segment InformationThe following table details certain financial information for the Partnership’s reportable segments for the December 31, 2020 and 2019:
For the Years Ended December 31,
2020
2019
Total revenues
Mortgage Revenue Bond Investments
$
41,877,394
$
41,348,004
MF Properties
6,986,009
8,081,029
Public Housing Capital Fund Trusts
174,470
2,368,541
Other Investments
6,490,695
10,520,439
Total revenues
$
55,528,568
$
62,318,013
Interest expense
Mortgage Revenue Bond Investments
$
19,821,502
$
21,862,030
MF Properties
1,196,393
1,444,700
Public Housing Capital Fund Trusts
197,993
1,410,564
Other Investments
-
-
Total interest expense
$
21,215,888
$
24,717,294
Depreciation expense
Mortgage Revenue Bond Investments
$
15,913
$
-
MF Properties
2,794,160
3,088,117
Public Housing Capital Fund Trusts
-
-
Other Investments
-
-
Total depreciation expense
$
2,810,073
$
3,088,117
Net income (loss)
Mortgage Revenue Bond Investments
$
719,183
$
3,835,002
MF Properties
(1,389,571
)
(964,355
)
Public Housing Capital Fund Trusts
1,390,999
957,977
Other Investments
6,488,217
26,663,527
Net income (loss)
$
7,208,828
$
30,492,151
The following table details total assets for the Partnership’s reportable segments as of December 31, 2020 and 2019:
December 31, 2020
December 31, 2019
Total assets
Mortgage Revenue Bond Investments
$
1,114,146,614
$
918,301,172
MF Properties
67,988,190
70,569,646
Public Housing Capital Fund Trusts
-
43,591,048
Other Investments
106,931,182
87,098,315
Consolidation/eliminations
(113,818,107
)
(90,391,673
)
Total assets
$
1,175,247,879
$
1,029,168,508

Summary of Unaudited Quarterl_2

Summary of Unaudited Quarterly Results of Operations (Tables)12 Months Ended
Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information2020
March 31,
June 30,
September 30,
December 31,
Revenues and other income
$
15,152,158
$
14,478,419
$
13,839,947
$
13,474,067
Income (loss) from continuing operations
2,981,757
4,588,348
(1,160,017
)
798,740
Net income (loss)
$
2,981,757
$
4,588,348
$
(1,160,017
)
$
798,740
Income (loss) from continuing operations, per BUC
$
0.04
$
0.06
$
(0.03
)
$
0.00
Net income (loss), basic and diluted, per BUC
$
0.04
$
0.06
$
(0.03
)
$
0.00
2019
March 31,
June 30,
September 30,
December 31,
Revenues and other income
$
17,664,598
$
14,346,334
$
25,341,629
$
21,107,249
Income from continuing operations
6,451,813
3,886,190
9,707,903
10,446,245
Net income
$
6,451,813
$
3,886,190
$
9,707,903
$
10,446,245
Income from continuing operations, per BUC
$
0.08
$
0.05
$
0.13
$
0.16
Net income, basic and diluted, per BUC
$
0.08
$
0.05
$
0.13
$
0.16

Subsequent Events (Tables)

Subsequent Events (Tables)12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]
Summary of Partnership's GIL and Property Loan CommitmentsThe following table summarizes the terms of the Partnership’s GIL and property loan commitments:
Commitment
Month Acquired
Property Location
Units
Maturity Date
Variable Interest Rate
Initial Funding
Maximum Remaining Commitment
Legacy Commons at Signal Hills - GIL
January 2021
St Paul, MN
247
2/1/2024 (1)
SOFR + 3.07%
(2)
$
9,917,887
$
24,702,113
Legacy Commons at Signal Hills - Property Loan
January 2021
St Paul, MN
247
2/1/2024 (1)
SOFR + 3.07%
(2)
1,000,000
31,233,972
Hilltop at Signal Hills - GIL
January 2021
St Paul, MN
146
8/1/2023 (1)
SOFR + 3.07%
(2)
4,075,050
20,374,950
Hilltop at Signal Hills - Property Loan
January 2021
St Paul, MN
146
8/1/2023 (1)
SOFR + 3.07%
(2)
1,000,000
20,197,939
Hope on Avalon - GIL
January 2021
Los Angeles, CA
88
2/1/2023 (1)
SIFMA + 3.75%
(3)
6,331,200
17,058,800
Hope on Avalon - Property Loan
January 2021
Los Angeles, CA
88
2/1/2023 (1)
SOFR + 3.55%
(4)
1,000,000
9,573,000
Hope on Broadway - GIL
January 2021
Los Angeles, CA
49
2/1/2023 (1)
SIFMA + 3.75%
(3)
3,691,245
8,414,378
(1)
The borrower has the option to extend the maturity up to six months upon payment of a non-refundable extension fee.
(2)
The SOFR-based component has a floor of 0.50%.
(3)
The variable interest rate is subject to floor of 4.60%.
(4)
The variable interest rate is subject to a floor of 4.85%.
Summary of Initial Terms of TOB Trusts FinancingsThe following table summarizes the initial terms of the TOB Trust financing:
TOB Trusts Securitization
Initial TOB Trust Financing
Stated Maturity
Reset Frequency
OBFR Based Rates
Facility Fees
Initial Interest Rate
TOB Trust 2021-XF2926
$
15,290,000
January 2024
Weekly
0.33%
0.89%
1.22%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)12 Months Ended
Dec. 31, 2020USD ($)PropertysharesDec. 31, 2019USD ($)Jan. 01, 2019USD ($)Dec. 31, 2018USD ($)
Summary Of Significant Accounting Policies [Line Items]
Cash, FDIC Insured Amount $ 250,000
Allowance for loan loss $ 8,305,046 $ 7,393,814 $ 7,393,814
Change in accounting principle, accounting standards update, adoptedtrue
Change in accounting principle, accounting standards update, adoption dateJan. 1,
2019
Accounting standards update [Extensible List]us-gaap:AccountingStandardsUpdate201602Member
Change in accounting principle, accounting standards update, transition option elected [Extensible List]us-gaap:AccountingStandardsUpdate201602CumulativeEffectPeriodOfAdoptionMember
Operating leases, right-of-use assets $ 1,648,742 $ 1,673,242
Property Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for potential loss0
Allowance for loan loss $ 0
Minimum [Member] | Restricted Unit Awards [Member] | Greystone Manager [Member]
Summary Of Significant Accounting Policies [Line Items]
RUAs granted with vesting range3 months
Minimum [Member] | ATAX Vantage Holdings, LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Return on investment period2 years
Maximum [Member] | RUA and Other Awards [Member] | Greystone Manager [Member]
Summary Of Significant Accounting Policies [Line Items]
Approved grant of restricted units and other awards to employees | shares3,000,000
Maximum [Member] | Restricted Unit Awards [Member] | Greystone Manager [Member]
Summary Of Significant Accounting Policies [Line Items]
Approved grant of restricted units and other awards to employees | shares3,000,000
RUAs granted with vesting range3 years
Maximum [Member] | ATAX Vantage Holdings, LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Return on investment period3 years
Real Estate Buildings [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset19 years
Real Estate Buildings [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset40 years
Capital Improvements [Member] | Minimum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset5 years
Capital Improvements [Member] | Maximum [Member]
Summary Of Significant Accounting Policies [Line Items]
Estimated useful life of the related asset15 years
The 5050 MF Property [Member] | ASU 2016-02 [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating leases, right-of-use assets $ 1,700,000
Operating leases, liabilities for current leases $ 2,200,000
Lessee operating lease discount rate6.60%
Greens Hold Co [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties | Property1
Ownership interest percentage in MF property100.00%

Partnership Income, Expenses _3

Partnership Income, Expenses and Cash Distributions - Additional Information (Details)Dec. 31, 2020
Partners capital account, fixed rate3.00%
Tier 1 [Member] | Limited Partner [Member]
Percent of regular allocations99.00%
Tier 1 [Member] | General Partner [Member]
Percent of regular allocations1.00%
Tier 2 [Member] | Limited Partner [Member]
Percent of special allocations75.00%
Tier 2 [Member] | General Partner [Member]
Percent of special allocations25.00%
Tier 3 [Member] | Limited Partner [Member]
Percent of special allocations100.00%

Partnership Income, Expenses _4

Partnership Income, Expenses and Cash Distributions - Schedule of Distributions Paid or Accrued per Beneficial Unit Certificates (Details) - $ / shares12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Cash distributions $ 0.3050 $ 0.5000

Net Income per BUC (Details)

Net Income per BUC (Details) - shares12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Earnings Per Share [Abstract]
Dilutive BUCs0 0

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - PropertyDec. 31, 2020Dec. 31, 2019
Variable Interest Entities [Abstract]
Number of Variable Interest Entities21 17

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)Dec. 31, 2020Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure $ 197,833,069 $ 117,436,864
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure20,763,500 30,455,000
Governmental Issuer Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure64,863,657
Property Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure5,327,342
Investment in Unconsolidated Entities [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure $ 106,878,570 $ 86,981,864

Mortgage Revenue Bonds - Inform

Mortgage Revenue Bonds - Information Regarding MRBs Owned (Details) - USD ($)Dec. 31, 2020Dec. 31, 2019
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances $ 637,948,068 $ 648,445,150
Cumulative Unrealized Gain130,520,576 95,795,445
Cumulative Unrealized Loss(652,880)
Estimated Fair Value768,468,644 743,587,715
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]10,061,161 10,147,686
Cumulative Unrealized Gain[1]2,487,317 1,602,534
Estimated Fair Value[1]12,548,478 11,750,220
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[2]10,910,733 11,056,825
Cumulative Unrealized Gain[2]2,704,295 1,934,146
Estimated Fair Value[2]13,615,028 12,990,971
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]3,668,439 3,699,987
Cumulative Unrealized Gain[1]889,216 549,211
Estimated Fair Value[1]4,557,655 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]6,791,096 6,849,214
Cumulative Unrealized Gain[1]1,724,350 1,121,262
Estimated Fair Value[1]8,515,446 7,970,476
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[2]9,140,656 9,252,257
Cumulative Unrealized Gain[2]2,376,580 1,715,456
Estimated Fair Value[2]11,517,236 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[2]7,388,262 7,475,794
Cumulative Unrealized Gain[2]1,854,785 1,336,580
Estimated Fair Value[2]9,243,047 8,812,374
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]1,664,566 1,679,022
Cumulative Unrealized Gain[1]400,431 263,441
Estimated Fair Value[1]2,064,997 1,942,463
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]4,236,876 4,282,477
Cumulative Unrealized Gain[1]1,180,122 860,856
Estimated Fair Value[1]5,416,998 5,143,333
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[3]12,721,014 12,854,039
Cumulative Unrealized Gain[3]2,790,208 2,065,468
Estimated Fair Value[3]15,511,222 14,919,507
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]3,517,919 3,559,011
Cumulative Unrealized Gain[1]888,485 567,713
Estimated Fair Value[1]4,406,404 4,126,724
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[2]6,379,479 6,455,058
Cumulative Unrealized Gain[2]1,601,535 1,125,239
Estimated Fair Value[2]7,981,014 7,580,297
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[4]7,626,287 7,681,146
Cumulative Unrealized Gain[4]2,350,276 1,580,303
Estimated Fair Value[4]9,976,563 9,261,449
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[2]15,572,093 15,762,217
Cumulative Unrealized Gain[2]3,779,139 2,648,781
Estimated Fair Value[2]19,351,232 18,410,998
Mortgage Revenue Bonds Held In Trust [Member] | Montevista [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[4]6,720,000
Cumulative Unrealized Gain[4]2,404,771
Estimated Fair Value[4]9,124,771
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]3,432,246 3,462,053
Cumulative Unrealized Gain[1]809,327 510,593
Estimated Fair Value[1]4,241,573 3,972,646
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[2]5,058,171 5,118,097
Cumulative Unrealized Gain[2]1,292,513 938,032
Estimated Fair Value[2]6,350,684 6,056,129
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]215,633
Estimated Fair Value[4]2,239,133
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[5]7,235,000 7,315,000
Cumulative Unrealized Gain[5]153,657 113,469
Estimated Fair Value[5]7,388,657 7,428,469
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]7,233,993 7,295,901
Cumulative Unrealized Gain[1]1,836,808 1,124,372
Estimated Fair Value[1]9,070,801 8,420,273
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[5]7,374,252 7,406,755
Cumulative Unrealized Gain[5]2,201,663 2,194,994
Estimated Fair Value[5]9,575,915 9,601,749
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]12,179,682 12,283,916
Cumulative Unrealized Gain[1]2,973,846 1,893,075
Estimated Fair Value[1]15,153,528 14,176,991
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]17,674,167 17,807,768
Cumulative Unrealized Gain[1]3,792,253 3,534,702
Estimated Fair Value[1]21,466,420 21,342,470
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]6,316,993 6,371,318
Cumulative Unrealized Gain[1]1,470,689 797,228
Estimated Fair Value[1]7,787,682 7,168,546
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]12,898,904 13,064,589
Cumulative Unrealized Gain[1]2,689,886 2,179,744
Estimated Fair Value[1]15,588,790 15,244,333
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]18,796,773 18,975,786
Cumulative Unrealized Gain[1]4,888,537 3,572,995
Estimated Fair Value[1]23,685,310 22,548,781
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]3,034,084 3,060,177
Cumulative Unrealized Gain[1]735,450 454,240
Estimated Fair Value[1]3,769,534 3,514,417
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]13,168,029 13,293,436
Cumulative Unrealized Gain[1]3,543,909 2,624,054
Estimated Fair Value[1]16,711,938 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]20,398,687 20,592,957
Cumulative Unrealized Gain[1]5,397,326 3,971,001
Estimated Fair Value[1]25,796,013 24,563,958
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[4]3,969,173 3,995,000
Cumulative Unrealized Gain[4]1,226,058 815,213
Estimated Fair Value[4]5,195,231 4,810,213
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[2]4,955,000 5,005,000
Cumulative Unrealized Gain[2]641,581 682,497
Estimated Fair Value[2]5,596,581 5,687,497
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[5]6,136,261 6,143,976
Cumulative Unrealized Gain[5]2,277,289 2,507,072
Estimated Fair Value[5]8,413,550 8,651,048
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]22,270,729 22,455,747
Cumulative Unrealized Gain[1]5,600,721 4,198,200
Estimated Fair Value[1]27,871,450 26,653,947
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[3]4,483,154 4,533,958
Cumulative Unrealized Gain[3]1,010,425 757,900
Estimated Fair Value[3]5,493,579 5,291,858
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[2]7,829,000 7,936,000
Cumulative Unrealized Gain[2]663,781 845,678
Estimated Fair Value[2]8,492,781 8,781,678
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]11,055,254 11,178,557
Cumulative Unrealized Gain[1]2,208,446 1,709,040
Estimated Fair Value[1]13,263,700 12,887,597
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[2]6,621,823 6,700,868
Cumulative Unrealized Gain[2]1,606,690 1,281,980
Estimated Fair Value[2]8,228,513 7,982,848
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[3]10,579,057 10,695,037
Cumulative Unrealized Gain[3]2,095,871 1,455,672
Estimated Fair Value[3]12,674,928 12,150,709
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 Allowances36,234,756 [4]39,984,026 [6]
Cumulative Unrealized Loss[6](280,711)
Estimated Fair Value36,234,756 [4]39,703,315 [6]
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 Allowances2,600,000 [4]2,600,000 [7]
Cumulative Unrealized Gain136,612 [4]509,901 [7]
Estimated Fair Value2,736,612 [4]3,109,901 [7]
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[3]2,428,775 2,456,298
Cumulative Unrealized Gain[3]572,671 446,558
Estimated Fair Value[3]3,001,446 2,902,856
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 Allowances3,450,000 [4]3,450,000 [7]
Cumulative Unrealized Gain178,960 [4]393,686 [7]
Estimated Fair Value3,628,960 [4]3,843,686 [7]
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[5]13,724,000 13,857,000
Cumulative Unrealized Gain[5]61,243 48,813
Estimated Fair Value[5]13,785,243 13,905,813
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[3]10,870,681 11,001,027
Cumulative Unrealized Gain[3]4,293,328 1,775,086
Estimated Fair Value[3]15,164,009 12,776,113
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[8]16,189,074 16,302,038
Cumulative Unrealized Gain[8]4,879,623 3,131,843
Estimated Fair Value[8]21,068,697 19,433,881
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[5]9,805,000 9,925,000
Cumulative Unrealized Gain[5]105,634 80,343
Estimated Fair Value[5]9,910,634 10,005,343
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[3]2,942,370 2,975,713
Cumulative Unrealized Gain[3]724,678 540,988
Estimated Fair Value[3]3,667,048 3,516,701
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]9,802,479 9,872,297
Cumulative Unrealized Gain[1]1,353,745 2,236,259
Estimated Fair Value[1]11,156,224 12,108,556
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[3]7,697,891 7,762,116
Cumulative Unrealized Gain[3]1,995,694 1,166,748
Estimated Fair Value[3]9,693,585 8,928,864
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[5]11,462,172 11,548,337
Cumulative Unrealized Gain[5]1,917,286 2,334,262
Estimated Fair Value[5]13,379,458 13,882,599
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[2]18,619,081 18,838,478
Cumulative Unrealized Gain[2]2,906,879 2,799,411
Estimated Fair Value[2]21,525,960 21,637,889
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[2]5,767,938 5,837,595
Cumulative Unrealized Gain[2]939,214 864,894
Estimated Fair Value[2]6,707,152 6,702,489
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 Allowances13,815,817 [4]13,945,681 [7]
Cumulative Unrealized Gain3,189,896 [4]2,356,231 [7]
Estimated Fair Value17,005,713 [4]16,301,912 [7]
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[4]9,259,206 9,280,000
Cumulative Unrealized Gain[4]578,247 316,916
Estimated Fair Value[4]9,837,453 9,596,916
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[2]3,769,337 3,814,857
Cumulative Unrealized Gain[2]859,860 594,361
Estimated Fair Value[2]4,629,197 4,409,218
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[4]21,551,600 21,600,000
Cumulative Unrealized Gain[4]1,345,919 835,005
Estimated Fair Value[4]22,897,519 22,435,005
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]12,720,560 12,884,191
Cumulative Unrealized Gain[1]2,650,995 2,100,598
Estimated Fair Value[1]15,371,555 14,984,789
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 Allowances5,235,915 [4]5,285,131 [7]
Cumulative Unrealized Gain1,084,347 [4]806,523 [7]
Estimated Fair Value6,320,262 [4]6,091,654 [7]
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]7,331,821 7,405,406
Cumulative Unrealized Gain[1]1,810,458 1,229,438
Estimated Fair Value[1]9,142,279 8,634,844
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[5]4,120,000 4,172,000
Cumulative Unrealized Gain[5]56,458 44,510
Estimated Fair Value[5]4,176,458 4,216,510
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 Allowances39,756,184 [4]40,129,878 [7]
Cumulative Unrealized Gain8,703,609 [4]6,450,704 [7]
Estimated Fair Value48,459,793 [4]46,580,582 [7]
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]6,712,409 6,779,777
Cumulative Unrealized Gain[1]1,600,836 1,154,387
Estimated Fair Value[1]8,313,245 7,934,164
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]9,604,680 9,673,117
Cumulative Unrealized Gain[1]3,257,826 2,287,904
Estimated Fair Value[1]12,862,506 11,961,021
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]19,218,417 19,356,959
Cumulative Unrealized Gain[1]5,955,488 4,111,518
Estimated Fair Value[1]25,173,905 23,468,477
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]12,135,392 12,239,247
Cumulative Unrealized Gain[1]2,597,201 1,645,817
Estimated Fair Value[1]14,732,593 13,885,064
Mortgage Revenue Bonds Held In Trust [Member] | Provision Center 2014-1 [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[6]10,022,352
Cumulative Unrealized Loss[6](372,169)
Estimated Fair Value[6]9,650,183
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances24,472,905 27,267,010
Cumulative Unrealized Gain1,490,936 2,742,740
Estimated Fair Value25,963,841 30,009,750
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 Allowances735,974 740,876
Cumulative Unrealized Gain144,746 94,819
Estimated Fair Value880,720 835,695
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 Allowances538,723 542,170
Cumulative Unrealized Gain100,668 65,455
Estimated Fair Value639,391 607,625
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 Allowances123,973 124,305
Cumulative Unrealized Gain43,650 38,045
Estimated Fair Value167,623 162,350
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 Allowances444,398 447,241
Cumulative Unrealized Gain83,042 53,995
Estimated Fair Value527,440 501,236
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 Allowances437,318 440,231
Cumulative Unrealized Gain82,718 53,056
Estimated Fair Value520,036 493,287
Mortgage Revenue Bonds [Member] | Montevista [Member] | Series A and B [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances13,200,000
Cumulative Unrealized Gain1,654,870
Estimated Fair Value14,854,870
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 Allowances925,607 930,016
Cumulative Unrealized Gain107,347 142,265
Estimated Fair Value1,032,954 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 Allowances3,485,690 3,504,171
Cumulative Unrealized Gain13,578 10,363
Estimated Fair Value3,499,268 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 Allowances469,781 470,000
Cumulative Unrealized Gain2,549 1,685
Estimated Fair Value472,330 471,685
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 Allowances1,099,487 1,100,000
Cumulative Unrealized Gain5,967 2,952
Estimated Fair Value1,105,454 1,102,952
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 Allowances2,665,000
Cumulative Unrealized Gain891,612
Estimated Fair Value3,556,612
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 Allowances5,768,000
Cumulative Unrealized Gain625,235
Estimated Fair Value $ 6,393,235
Mortgage Revenue Bonds [Member] | Arby Road Apartments [Member] | Series A [Member] | NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances7,385,000
Cumulative Unrealized Gain15,059
Estimated Fair Value7,400,059
Mortgage Revenue Bonds [Member] | Provision Center 2014-1 [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances6,161,954
Estimated Fair Value $ 6,161,954
[1]
[2]
[3]
[4]MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, see Note 16
[5]
[6]As of the date presented, the MRB had been in a cumulative unrealized loss position for less than 12 consecutive months
[7]
[8]MRB held by Morgan Stanley in a debt financing transaction, see Note 16

Mortgage Revenue Bonds - Additi

Mortgage Revenue Bonds - Additional Information (Details) - USD ($)3 Months Ended12 Months Ended
Dec. 31, 2020Jun. 30, 2020Mar. 31, 2020Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Provisions for credit loss $ 7,318,590
Live 929 Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Provisions for credit loss3,500,000
Provision Center 2014-1 [Member]
Schedule Of Available For Sale Securities [Line Items]
Provisions for credit loss $ 2,000,000 $ 465,000 $ 1,400,000 $ 3,900,000

Mortgage Revenue Bonds - Schedu

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)12 Months Ended
Dec. 31, 2020USD ($)UnitDec. 31, 2019USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit3,756
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 AcquiredFebruary
Units | Unit64
Maturity DateApr. 1,
2032
Interest Rate6.10%
Principal Acquired | $ $ 2,600,000
Lynnhaven Apartments [Member] | Durham NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month AcquiredFebruary
Units | Unit75
Maturity DateApr. 1,
2032
Interest Rate6.10%
Principal Acquired | $ $ 3,450,000
Montevista [Member] | Series A [Member] | San Pablo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month AcquiredJune
Units | Unit82
Maturity DateJul. 1,
2036
Interest Rate5.75%
Principal Acquired | $ $ 6,720,000
Montevista [Member] | Series B [Member] | San Pablo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month AcquiredJune
Units | Unit82
Maturity DateJul. 1,
2021
Interest Rate5.75%
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 the MRB up to $15.0 million during construction and lease-up of the property
[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. Upon stabilization, the MRB will convert to a fixed interest rate of 4.35%.

Mortgage Revenue Bonds - Sche_2

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Parenthetical) (Details) - Mortgage Revenue Bonds [Member] - Ocotillo Springs [Member] - Brawley, CA [Member]Dec. 31, 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 rate3.25%
Floor rate4.55%
Fixed interest rate4.35%

Mortgage Revenue Bonds - Sche_3

Mortgage Revenue Bonds - Schedule of MRBs Redeemed (Details)12 Months Ended
Dec. 31, 2020USD ($)UnitDec. 31, 2019USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units3,756
Montevista [Member] | Series B [Member] | San Pablo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Units82
Original Maturity DateJul. 1,
2021
Interest Rate5.75%
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 RedeemedJanuary
Units96
Original Maturity DateJan. 1,
2021
Interest Rate5.85%
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 RedeemedAugust
Units82
Original Maturity DateJul. 1,
2021
Interest Rate8.00%
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 RedeemedJanuary
Units112
Original Maturity DateJan. 1,
2019
Interest Rate8.00%
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 RedeemedApril
Units108
Original Maturity DateJun. 1,
2019
Interest Rate8.00%
Principal Outstanding at Date of Redemption | $ $ 6,228,000

Mortgage Revenue Bonds - Sche_4

Mortgage Revenue Bonds - Schedule of MRBs Eliminated (Details)12 Months Ended
Dec. 31, 2019USD ($)UnitDec. 31, 2020Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit3,756
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 RestructuredMay
Units | Unit192
Original Maturity DateJun. 1,
2054
Interest Rate12.00%
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 RestructuredMay
Units | Unit88
Original Maturity DateJun. 1,
2054
Interest Rate12.00%
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 RestructuredMay
Units | Unit409
Original Maturity DateJun. 1,
2054
Interest Rate12.00%
Principal Outstanding at Date of Restructuring | $ $ 8,410,000

Mortgage Revenue Bonds - Sche_5

Mortgage Revenue Bonds - Schedule of Percentage of MRBs Principal Outstanding (Details)Dec. 31, 2020Dec. 31, 2019
TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location43.00%43.00%
CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location17.00%18.00%
SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Percentage of available for sale securities by location17.00%17.00%

Mortgage Revenue Bonds - Descri

Mortgage Revenue Bonds - Description of Certain Terms of Partnership's MRBs (Details) - USD ($)12 Months Ended
Dec. 31, 2020Dec. 31, 2019
Summary Of Investment Holdings [Line Items]
Principal Outstanding $ 673,567,008 $ 679,679,604
15 West Apartments [Member] | Series A [Member] | Vancouver Washington [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20162016
Maturity Date[1]Jul. 1,
2054
Jul. 1,
2054
Base Interest Rate[1]6.25%6.25%
Principal Outstanding[1] $ 9,604,680 $ 9,673,117
Arbors at Hickory Ridge [Member] | Memphis, Tennessee [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[2]20122012
Maturity Date[2]Jan. 1,
2049
Jan. 1,
2049
Base Interest Rate[2]6.25%6.25%
Principal Outstanding[2] $ 10,848,178 $ 10,985,959
Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[3]2020
Maturity Date[3]Oct. 1,
2027
Base Interest Rate[3]5.35%
Principal Outstanding[3] $ 1,600,000
Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[3]2020
Maturity Date[3]Apr. 1,
2041
Base Interest Rate[3]5.50%
Principal Outstanding[3] $ 5,785,000
Avistar at Copperfield [Member] | Series A [Member] | Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired2017[4]2017[5]
Maturity DateMay 1,
2054
[4]May 1,
2054
[5]
Base Interest Rate5.75%[4]5.75%[5]
Principal Outstanding $ 13,815,817 [4] $ 13,945,681 [5]
Avistar on the Boulevard [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[2]20132013
Maturity Date[2]Mar. 1,
2050
Mar. 1,
2050
Base Interest Rate[2]6.00%6.00%
Principal Outstanding[2] $ 15,572,093 $ 15,762,217
Avistar at the Crest [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[2]20132013
Maturity Date[2]Mar. 1,
2050
Mar. 1,
2050
Base Interest Rate[2]6.00%6.00%
Principal Outstanding[2] $ 9,140,656 $ 9,252,257
Avistar (February 2013 Acquisition) [Member] | Series B [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired20132013
Maturity DateApr. 1,
2050
Apr. 1,
2050
Base Interest Rate9.00%9.00%
Principal Outstanding $ 1,173,292 $ 1,181,107
Avistar at the Oaks [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[2]20132013
Maturity Date[2]Aug. 1,
2050
Aug. 1,
2050
Base Interest Rate[2]6.00%6.00%
Principal Outstanding[2] $ 7,388,262 $ 7,475,794
Avistar in 09 [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[2]20132013
Maturity Date[2]Aug. 1,
2050
Aug. 1,
2050
Base Interest Rate[2]6.00%6.00%
Principal Outstanding[2] $ 6,379,479 $ 6,455,058
Avistar on the Hills [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[2]20132013
Maturity Date[2]Aug. 1,
2050
Aug. 1,
2050
Base Interest Rate[2]6.00%6.00%
Principal Outstanding[2] $ 5,058,171 $ 5,118,097
Avistar (June 2013 Acquisition) [Member] | Series B [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired20132013
Maturity DateSep. 1,
2050
Sep. 1,
2050
Base Interest Rate9.00%9.00%
Principal Outstanding $ 983,121 $ 989,411
Avistar at the Parkway [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[6]20152015
Maturity Date[6]May 1,
2052
May 1,
2052
Base Interest Rate[6]6.00%6.00%
Principal Outstanding[6] $ 12,721,014 $ 12,854,039
Avistar at the Parkway [Member] | Series B [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired20152015
Maturity DateJun. 1,
2052
Jun. 1,
2052
Base Interest Rate12.00%12.00%
Principal Outstanding $ 123,973 $ 124,305
Avistar at Wilcrest [Member] | Series A [Member] | Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired2017[4]2017[5]
Maturity DateMay 1,
2054
[4]May 1,
2054
[5]
Base Interest Rate5.75%[4]5.75%[5]
Principal Outstanding $ 5,235,915 [4] $ 5,285,131 [5]
Avistar at Wood Hollow [Member] | Series A [Member] | Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired2017[4]2017[5]
Maturity DateMay 1,
2054
[4]May 1,
2054
[5]
Base Interest Rate5.75%[4]5.75%[5]
Principal Outstanding $ 39,756,184 [4] $ 40,129,878 [5]
Bridle Ridge [Member] | Greer, SC [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[7]20082008
Maturity Date[7]Jan. 1,
2043
Jan. 1,
2043
Base Interest Rate[7]6.00%6.00%
Principal Outstanding[7] $ 7,235,000 $ 7,315,000
Brookstone [Member] | Waukegan, Illinois [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[7]20092009
Maturity Date[7]May 1,
2040
May 1,
2040
Base Interest Rate[7]5.45%5.45%
Principal Outstanding[7] $ 8,652,804 $ 8,767,616
Bruton Apartments [Member] | Dallas Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20142014
Maturity Date[1]Aug. 1,
2054
Aug. 1,
2054
Base Interest Rate[1]6.00%6.00%
Principal Outstanding[1] $ 17,674,167 $ 17,807,768
Columbia Gardens [Member] | Columbia South Carolina
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20152015
Maturity Date[1]Dec. 1,
2050
Dec. 1,
2050
Base Interest Rate[1]5.50%5.50%
Principal Outstanding[1] $ 12,775,000 $ 12,922,000
Companion at Thornhill Apartments [Member] | Lexington, South Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20162016
Maturity Date[1]Jan. 1,
2052
Jan. 1,
2052
Base Interest Rate[1]5.80%5.80%
Principal Outstanding[1] $ 11,055,254 $ 11,178,557
Concord at Gulfgate [Member] | Series A [Member] | Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20152015
Maturity Date[1]Feb. 1,
2032
Feb. 1,
2032
Base Interest Rate[1]6.00%6.00%
Principal Outstanding[1] $ 18,796,773 $ 18,975,786
Concord at Little York [Member] | Series A [Member] | Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20152015
Maturity Date[1]Feb. 1,
2032
Feb. 1,
2032
Base Interest Rate[1]6.00%6.00%
Principal Outstanding[1] $ 13,168,029 $ 13,293,436
Concord at Williamcrest [Member] | Series A [Member] | Houston, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20152015
Maturity Date[1]Feb. 1,
2032
Feb. 1,
2032
Base Interest Rate[1]6.00%6.00%
Principal Outstanding[1] $ 20,398,687 $ 20,592,957
Courtyard [Member] | Series A [Member] | Fullerton California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20162016
Maturity Date[1]Dec. 1,
2033
Dec. 1,
2033
Base Interest Rate[1]5.00%5.00%
Principal Outstanding[1] $ 10,061,161 $ 10,147,686
Cross Creek [Member] | Beaufort, South Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[7]20092009
Maturity Date[7]Mar. 1,
2049
Mar. 1,
2049
Base Interest Rate[7]6.15%6.15%
Principal Outstanding[7] $ 7,862,645 $ 7,970,921
Decatur Angle [Member] | Fort Worth, Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20142014
Maturity Date[1]Jan. 1,
2054
Jan. 1,
2054
Base Interest Rate[1]5.75%5.75%
Principal Outstanding[1] $ 22,270,729 $ 22,455,747
Harden Ranch [Member] | Series A [Member] | Salinas California
Summary Of Investment Holdings [Line Items]
Year Acquired[2]20142014
Maturity Date[2]Mar. 1,
2030
Mar. 1,
2030
Base Interest Rate[2]5.75%5.75%
Principal Outstanding[2] $ 6,621,823 $ 6,700,868
Heritage Square [Member] | Series A [Member] | Edinburg Texas
Summary Of Investment Holdings [Line Items]
Year Acquired[6]20142014
Maturity Date[6]Sep. 1,
2051
Sep. 1,
2051
Base Interest Rate[6]6.00%6.00%
Principal Outstanding[6] $ 10,579,057 $ 10,695,037
Crossing at 1415 [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20152015
Maturity Date[1]Dec. 1,
2052
Dec. 1,
2052
Base Interest Rate[1]6.00%6.00%
Principal Outstanding[1] $ 7,331,821 $ 7,405,406
Gateway Village [Member] | Durham, North Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired2019[4]2019[2],[8]
Maturity DateApr. 1,
2032
[4]Apr. 1,
2032
[2],[8]
Base Interest Rate6.10%[4]6.10%[2],[8]
Principal Outstanding $ 2,600,000 [4] $ 2,600,000 [2],[8]
Esperanza at Palo Alto [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20182018
Maturity Date[1]Jul. 1,
2058
Jul. 1,
2058
Base Interest Rate[1]5.80%5.80%
Principal Outstanding[1] $ 19,218,417 $ 19,356,959
Glenview Apartments [Member] | Series A [Member] | Cameron California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[6]20142014
Maturity Date[6]Dec. 1,
2031
Dec. 1,
2031
Base Interest Rate[6]5.75%5.75%
Principal Outstanding[6] $ 4,483,154 $ 4,533,958
Greens Property [Member] | Series A [Member] | Durham, North Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[2]20122012
Maturity Date[2]Oct. 1,
2047
Oct. 1,
2047
Base Interest Rate[2]6.50%6.50%
Principal Outstanding[2] $ 7,829,000 $ 7,936,000
Greens Property [Member] | Series B [Member] | Durham, North Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired20122012
Maturity DateOct. 1,
2047
Oct. 1,
2047
Base Interest Rate12.00%12.00%
Principal Outstanding $ 925,607 $ 930,016
Harmony Court Bakersfield [Member] | Series A [Member] | Bakersfield, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20162016
Maturity Date[1]Dec. 1,
2033
Dec. 1,
2033
Base Interest Rate[1]5.00%5.00%
Principal Outstanding[1] $ 3,668,439 $ 3,699,987
Heights at 515 [Member] | Series A [Member] | San Antonio, TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20152015
Maturity Date[1]Dec. 1,
2052
Dec. 1,
2052
Base Interest Rate[1]6.00%6.00%
Principal Outstanding[1] $ 6,712,409 $ 6,779,777
Renaissance [Member] | Series A [Member] | Baton Rouge, Louisiana [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[6]20152015
Maturity Date[6]Jun. 1,
2050
Jun. 1,
2050
Base Interest Rate[6]6.00%6.00%
Principal Outstanding[6] $ 10,870,681 $ 11,001,027
Harmony Terrace [Member] | Series A [Member] | Simi Valley, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20162016
Maturity Date[1]Jan. 1,
2034
Jan. 1,
2034
Base Interest Rate[1]5.00%5.00%
Principal Outstanding[1] $ 6,791,096 $ 6,849,214
Runnymede [Member] | Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[7]20072007
Maturity Date[7]Oct. 1,
2042
Oct. 1,
2042
Base Interest Rate[7]6.00%6.00%
Principal Outstanding[7] $ 9,805,000 $ 9,925,000
Southpark [Member] | Austin,TX [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[7]20092009
Maturity Date[7]Dec. 1,
2049
Dec. 1,
2049
Base Interest Rate[7]6.13%6.13%
Principal Outstanding[7] $ 12,845,000 $ 13,005,000
Las Palmas II [Member] | Series A [Member] | Coachella, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20162016
Maturity Date[1]Nov. 1,
2033
Nov. 1,
2033
Base Interest Rate[1]5.00%5.00%
Principal Outstanding[1] $ 1,664,566 $ 1,679,022
Live 929 Apartments [Member] | Baltimore Maryland
Summary Of Investment Holdings [Line Items]
Year Acquired2014[4]2014[9]
Maturity DateJul. 1,
2049
[4]Jul. 1,
2049
[9]
Base Interest Rate5.78%[4]5.78%[9]
Principal Outstanding $ 39,465,000 [4] $ 39,685,000 [9]
Lynnhaven Apartments [Member] | Durham, North Carolina [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired2019[4]2019[2],[8]
Maturity DateApr. 1,
2032
[4]Apr. 1,
2032
[2],[8]
Base Interest Rate6.10%[4]6.10%[2],[8]
Principal Outstanding $ 3,450,000 [4] $ 3,450,000 [2],[8]
Montclair Apartments [Member] | Series A [Member] | Lemoore California
Summary Of Investment Holdings [Line Items]
Year Acquired[6]20142014
Maturity Date[6]Dec. 1,
2031
Dec. 1,
2031
Base Interest Rate[6]5.75%5.75%
Principal Outstanding[6] $ 2,428,775 $ 2,456,298
Montecito at Williams Ranch Apartments [Member] | Series A [Member] | Salinas California
Summary Of Investment Holdings [Line Items]
Year Acquired2017[4]2017[9]
Maturity DateOct. 1,
2034
[4]Oct. 1,
2034
[9]
Base Interest Rate5.50%[4]5.50%[9]
Principal Outstanding $ 7,626,287 [4] $ 7,681,146 [9]
Montevista [Member] | Series A [Member] | San Pablo, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired2019[4]2019
Maturity DateJul. 1,
2036
[4]Jul. 1,
2036
Base Interest Rate5.75%[4]5.75%
Principal Outstanding $ 6,720,000 [4] $ 6,720,000
Montevista [Member] | Series B [Member] | San Pablo, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired2019
Maturity DateJul. 1,
2021
Base Interest Rate5.75%
Principal Outstanding $ 6,480,000
Oaks at Georgetown [Member] | Series A [Member] | Georgetown, Texas [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20162016
Maturity Date[1]Jan. 1,
2034
Jan. 1,
2034
Base Interest Rate[1]5.00%5.00%
Principal Outstanding[1] $ 12,135,392 $ 12,239,247
Ohio Properties [Member] | Series A [Member] | OH [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[7]20102010
Maturity Date[7]Jun. 1,
2050
Jun. 1,
2050
Base Interest Rate[7]7.00%7.00%
Principal Outstanding[7] $ 13,724,000 $ 13,857,000
Ohio Properties [Member] | Series B [Member] | OH [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired20102010
Maturity DateJun. 1,
2050
Jun. 1,
2050
Base Interest Rate10.00%10.00%
Principal Outstanding $ 3,485,690 $ 3,504,170
Ocotillo Springs [Member] | Series A [Member] | Brawley, CA [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[4]2020
Maturity Date[4]Aug. 1,
2037
Base Interest Rate[4]4.55%
Principal Outstanding[4] $ 2,023,500
Woodlynn Village [Member] | Maplewood Minnesota
Summary Of Investment Holdings [Line Items]
Year Acquired[7]20082008
Maturity Date[7]Nov. 1,
2042
Nov. 1,
2042
Base Interest Rate[7]6.00%6.00%
Principal Outstanding[7] $ 4,120,000 $ 4,172,000
Provision Center 2014-1 [Member] | Knoxville Tennessee
Summary Of Investment Holdings [Line Items]
Year Acquired20142014[8]
Maturity DateMay 1,
2034
May 1,
2034
[8]
Base Interest Rate6.00%6.00%[8]
Principal Outstanding $ 10,000,000 $ 10,000,000 [8]
Seasons at Simi Valley [Member] | Series A [Member] | Simi Valley, California [Member]
Summary Of Investment Holdings [Line Items]
Year Acquired[1]20152015
Maturity Date[1]Sep. 1,
2032
Sep. 1,
2032
Base Interest Rate[1]5.75%5.75%
Principal Outstanding[1] $ 4,236,876 $ 4,282,477
Silver Moon [Member] | Series A [Mem