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ATAX America First Multifamily Investors

Document and Entity Information

Document and Entity Information3 Months Ended
Mar. 31, 2021shares
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
Entity Small Businesstrue
Entity Emerging Growth Companyfalse
Document Type10-Q
Document Period End DateMar. 31,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Entity Common Stock, Units Outstanding60,690,862
Entity Shell Companyfalse
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity File Number000-24843
Entity Incorporation, State or Country CodeDE
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 Quarterly Reporttrue
Document Transition Reportfalse
Title of each classBeneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P.
Trading SymbolATAX
Name of each exchange on which registeredNASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)Mar. 31, 2021Dec. 31, 2020
Assets:
Cash and cash equivalents $ 53,277,371 $ 44,495,538
Restricted cash78,263,352 78,495,048
Interest receivable, net8,796,636 8,212,076
Mortgage revenue bonds held in trust, at fair value (Note 6)753,176,405 768,468,644
Mortgage revenue bonds, at fair value (Note 6)18,348,507 25,963,841
Governmental issuer loans held in trust (Note 7)103,931,256 64,863,657
Real estate assets: (Note 8)
Land and improvements4,875,265 4,875,265
Buildings and improvements72,342,485 72,316,152
Real estate assets before accumulated depreciation77,217,750 77,191,417
Accumulated depreciation(18,827,865)(18,150,215)
Net real estate assets58,389,885 59,041,202
Investments in unconsolidated entities (Note 9)94,664,865 106,878,570
Property loans, net of loan loss allowance (Note 10)15,920,719 12,920,719
Other assets (Note 12)7,091,123 5,908,584
Total Assets1,191,860,119 1,175,247,879
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 13)10,073,779 9,949,565
Distribution payable6,210,420 3,686,283
Unsecured lines of credit (Note 14)7,475,000
Debt financing, net (Note 15)711,788,901 673,957,640
Mortgages payable and other secured financing, net (Note 16)25,860,469 25,984,872
Total Liabilities753,933,569 721,053,360
Commitments and Contingencies (Note 18)
Redeemable Series A Preferred Units, approximately $94.5 million redemption value, 9.5 million issued and outstanding, net (Note 19)94,431,490 94,422,477
Partnersʼ Capital:
General Partner (Note 1)772,121 934,892
Beneficial Unit Certificates ("BUCs," Note 1)342,722,939 358,837,150
Total Partnersʼ Capital343,495,060 359,772,042
Total Liabilities and Partnersʼ Capital $ 1,191,860,119 $ 1,175,247,879

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in MillionsMar. 31, 2021Dec. 31, 2020
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

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Revenues:
Investment income $ 12,388,241 $ 11,543,423
Property revenues1,694,524 1,952,247
Contingent interest income12,043
Other interest income304,723 228,422
Total revenues14,387,488 13,736,135
Expenses:
Real estate operating (exclusive of items shown below)1,007,840 1,175,374
Provision for credit loss (Note 6)1,357,681
Depreciation and amortization683,460 709,438
Interest expense5,226,475 6,017,968
General and administrative3,285,708 2,898,526
Total expenses10,203,483 12,158,987
Other Income:
Gain on sale of securities1,416,023
Gain on sale of investments in unconsolidated entity2,809,106
Income before income taxes6,993,111 2,993,171
Income tax expense257 11,414
Net income6,992,854 2,981,757
Redeemable Series A Preferred Unit distributions and accretion(717,763)(717,763)
Net income available to Partners6,275,091 2,263,994
Net income (loss) available to Partners allocated to:
General Partner736,936 (53,404)
Net income available to Partners and noncontrolling interest $ 6,275,091 $ 2,263,994
BUC holders' interest in net income per BUC, basic and diluted $ 0.09 $ 0.04
Weighted average number of BUCs outstanding, basic60,690,862 60,754,179
Weighted average number of BUCs outstanding, diluted60,690,862 60,754,179
Beneficial Unit Certificate Holders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners $ 5,526,202 $ 2,312,216
Restricted Unitholders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners $ 11,953 $ 5,182

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Net income $ 6,992,854 $ 2,981,757
Reversal of net unrealized loss on securities to provision for credit loss372,169
Unrealized loss on bond purchase commitments(120,970)
Comprehensive income (loss)(9,426,913)(5,112,614)
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 loss372,169
Unrealized loss on securities(16,298,797) $ (7,057,736)
Unrealized loss on bond purchase commitments(120,970)
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized loss on bond purchase commitments $ (120,970)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($)TotalTier 2 [Member]General Partner [Member]General Partner [Member]Tier 2 [Member]BUCs - Restricted and Unrestricted [Member]BUCs - Restricted and Unrestricted [Member]Tier 2 [Member]Number of BUCs - Restricted and Unrestricted [Member]Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2019 $ 341,938,263 $ 735,128 $ 341,203,135 $ 99,308,677
Partners' Capital Account, Units at Dec. 31, 201960,835,204
Distributions paid or accrued:
Regular distribution(8,050,119)(80,501)(7,969,618)
Distribution of Tier 2 (income) loss (Note 3) $ 445,719 $ 80,501 $ 365,218
Net income (loss) allocable to Partners2,263,994 (53,404)2,317,398
Repurchase of BUCs, Value(2,106,673)(2,106,673)
Repurchase of BUCs, Units(290,000)
Restricted units awarded290,000
Restricted unit compensation expense39,068 391 38,677
Unrealized loss on securities(7,057,736)(70,577)(6,987,159)(7,057,736)
Reversal of net unrealized gains on sale of securities(1,408,804)(14,088)(1,394,716)(1,408,804)
Reversal of net unrealized loss on securities to provision for credit loss372,169 3,722 368,447 372,169
Balance at Mar. 31, 2020326,435,881 601,172 325,834,709 91,214,306
Partners' Capital Account, Units at Mar. 31, 202060,835,204
Balance at Dec. 31, 2020359,772,042 934,892 358,837,150 132,594,007
Partners' Capital Account, Units at Dec. 31, 202060,823,674
Distributions paid or accrued:
Regular distribution(3,401,314)(34,013)(3,367,301)
Distribution of Tier 2 (income) loss (Note 3) $ (2,809,106) $ (702,277) $ (2,106,829)
Net income (loss) allocable to Partners6,275,091 736,936 5,538,155
Restricted unit compensation expense78,114 781 77,333
Unrealized loss on securities(16,298,797)(162,988)(16,135,809)(16,298,797)
Unrealized loss on bond purchase commitments(120,970)(1,210)(119,760)(120,970)
Balance at Mar. 31, 2021 $ 343,495,060 $ 772,121 $ 342,722,939 $ 116,174,240
Partners' Capital Account, Units at Mar. 31, 202160,823,674

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / sharesMar. 31, 2021Mar. 31, 2020
Statement Of Partners Capital [Abstract]
Regular distributions paid or accrued $ 0.09 $ 0.125

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Net income $ 6,992,854 $ 2,981,757
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense683,460 709,438
Gain on sale of investment in securities(1,416,023)
Provision for credit loss1,357,681
Gain on sale of investment in an unconsolidated entity(2,809,106)
Contingent interest realized on investing activities(12,043)
Gain on derivatives, net of cash paid(5,873)(25,201)
Restricted unit compensation expense78,114 39,068
Bond premium/discount amortization(34,531)(27,923)
Debt premium amortization(10,136)(10,111)
Amortization of deferred financing costs206,386 358,908
Deferred income tax expense & income tax payable/receivable257 6,914
Change in preferred return receivable from unconsolidated entities, net3,214,267 (1,391,572)
Changes in operating assets and liabilities
Increase in interest receivable(584,560)(473,070)
Increase in other assets(288,363)(105,961)
Increase in accounts payable and accrued expenses14,585 352,242
Net cash provided by operating activities7,457,354 2,344,104
Cash flows from investing activities:
Capital expenditures(25,023)(86,209)
Acquisition of mortgage revenue bonds(2,071,500)
Advances on governmental issuer loans(39,067,599)
Advances on taxable governmental issuer loans(1,000,000)
Contributions to unconsolidated entities(1,425,562)(10,270,291)
Advances on property loans(3,000,000)
Proceeds from sale of investment in an unconsolidated entity13,234,106
Principal payments received on taxable mortgage revenue bonds2,337 2,138
Principal payments received on property loans and contingent interest12,043
Net cash provided by (used in) investing activities(24,574,322)37,477,567
Cash flows from financing activities:
Distributions paid(4,395,033)(8,316,733)
Repurchase of BUCs(2,106,673)
Proceeds from debt financing39,594,000
Principal payments on debt financing(1,317,897)(36,013,217)
Principal payments on mortgages payable(124,489)(120,958)
Principal borrowing on unsecured lines of credit11,022,445
Principal payments on unsecured lines of credit(18,497,445)(660,000)
(Increase) Decrease in security deposit liability related to restricted cash34,147 (30,549)
Debt financing and other deferred costs(648,623)(720)
Net cash provided by (used in) financing activities25,667,105 (47,248,850)
Net increase (decrease) in cash, cash equivalents and restricted cash8,550,137 (7,427,179)
Cash, cash equivalents and restricted cash at beginning of period122,990,586 43,185,981
Cash, cash equivalents and restricted cash at end of period131,540,723 35,758,802
Supplemental disclosure of cash flow information:
Cash paid during the period for interest4,829,842 4,880,193
Cash paid during the period for income taxes4,500
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner6,210,420 7,604,401
Distributions declared but not paid for Series A Preferred Units708,750 708,750
Capital expenditures financed through accounts payable1,309 3,959
Deferred financing costs financed through accounts payable57,688 103,300
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Proceeds from sale of PHC Certificates43,349,357
Mortgage Revenue Bonds [Member]
Cash flows from investing activities:
Principal payments received $ 8,778,919 $ 4,470,529

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)Mar. 31, 2021Mar. 31, 2020
Statement Of Cash Flows [Abstract]
Cash and cash equivalents $ 53,277,371 $ 35,158,156
Restricted cash78,263,352 600,646
Total cash, cash equivalents and restricted cash $ 131,540,723 $ 35,758,802

Basis of Presentation

Basis of Presentation3 Months Ended
Mar. 31, 2021
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 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. We generally refer to affordable multifamily and residential properties associated with our MRBs and GILs as “Residential Properties.” 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 (Note 19). The holders of the BUCs and Series A Preferred Units are referred to herein collectively as “Unitholders.”

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2021
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. Investment in Governmental Issuer Loans and Taxable Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) and taxable 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 and taxable 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 the estimated fair value of a GIL or taxable GIL 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 condensed consolidated financial statements. If the Partnership experiences deterioration in the value of its GILs or taxable 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. Estimates and assumptions The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC rules and regulations, although the Partnership believes that the disclosures are adequate to make the information presented not misleading. The Partnership’s condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020. These condensed consolidated financial statements and notes have been prepared consistently with the 2020 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of March 31, 2021, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated balance sheet as of December 31, 2020 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements. Risks and Uncertainties The business and economic uncertainty resulting from the COVID-19 pandemic has made estimates and assumptions more difficult to calculate . The extent of the impact of COVID-19 on the Partnership’s future operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, the impact on the underlying borrowers of MRBs and GILs, tenants at the MF Properties and operations of the Partnership’s investments in unconsolidated entities. In addition, market volatility may cause fluctuations in the valuation of the Partnership’s MRBs, taxable MRBs, GILs, taxable 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. The Partnership has noted slight declines in occupancy and operating results at properties securing its MRBs due to the COVID-19 pandemic. However, the Partnership has yet to observe a significant decline at such properties, 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 evaluated the impacts of COVID-19 on its investments in MF Properties, properties related to its GILs, and investments in unconsolidated entities and noted no indications of impairment of such investments. 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, ASU 2016-13 is effective date for the Partnership on January 1, 2023. The Partnership will take advantage of any additional guidance that may c be issued by the FASB regarding the implementation ASU 2016-13 through the effective date. The effective date may be sooner if the Partnership becomes an accelerated filer in the future. Prior to the issuance of ASU 2019-10, the Partnership completed an initial assessment and determined that its property loans, the interest receivable on property loans, receivables reported within other assets, financial guarantees and commitments are within the scope of ASU 2016-13. The Partnership has also determined that the GILs and the interest receivable on GILs are within the scope of ASU 2016-13. Furthermore, the Partnership has begun developing data collection processes, assessment procedures and internal controls required to implement ASU 2016-13. The Partnership will continue to develop data collection processes, assessment procedures and internal controls that will be required when it does implement ASU 2016-13, and to evaluate the impact on the Partnership’s condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited period meant to ease the potential burden in accounting for, or recognizing the effects of, reform to LIBOR and certain other reference rates. The standard is effective for all entities from March 12, 2020 through December 31, 2022. However, ASU 2020-04 is only applicable to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, and that were entered into or evaluated prior to January 1, 2023. The Partnership has evaluated its population of instruments indexed, either directly or indirectly, to LIBOR and is currently evaluating the impact that the adoption of ASU 2020-04 will have on its condensed consolidated financial statements.

Partnership Income, Expenses an

Partnership Income, Expenses and Cash Distributions3 Months Ended
Mar. 31, 2021
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.

Net Income per BUC

Net Income per BUC3 Months Ended
Mar. 31, 2021
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 condensed consolidated statements of operations. The unvested Restricted Unit Awards (“RUAs”) issued under the Partnership’s 2015 Equity Incentive Plan (the “Plan”) are considered participating securities. There were no dilutive BUCs for the three months ended March 31, 2021 and 2020.

Variable Interest Entities

Variable Interest Entities3 Months Ended
Mar. 31, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities5. Variable Interest Entities Consolidated Variable Interest Entities (“VIEs”) The Partnership has determined the Tender Option Bond (“TOB”), Term TOB and TEBS financings are VIEs and the Partnership is the primary beneficiary (Note 15). 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 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 and TEBS financings on a consolidated basis. The Partnership reports the Floater Certificates related to the TOB financings, and the Class A Certificates related to the Term TOB and TEBS financings as secured debt financings on the Partnership’s condensed consolidated balance sheets. The MRBs, GILs, property loans and taxable GIL secured by the TOB, Term TOB and TEBS financings, are reported as assets on the Partnership’s condensed consolidated balance sheets (Notes 6, 7 and 10). Non-Consolidated VIEs The Partnership has variable interests in various entities in the form of MRBs, GILs, property loans, a taxable GIL and investments in unconsolidated entities. These variable interests do not allow the Partnership to direct the activities that most significantly impact the economic performance of such VIEs. As a result, the Partnership is not considered the primary beneficiary and does not consolidate the financial statements of these VIEs in the Partnership’s condensed consolidated financial statements. The Partnership held variable interests in 24 and 21 non-consolidated VIEs as of March 31, 2021 and December 31, 2020, respectively. The following table summarizes the Partnership’s variable interests in these entities and maximum exposure to loss as of March 31, 2021 and December 31, 2020:
Maximum Exposure to Loss
March 31, 2021
December 31, 2020
Mortgage revenue bonds
$
15,405,000
$
20,763,500
Governmental issuer loans
103,931,256
64,863,657
Property loans
8,327,342
5,327,342
Taxable governmental issuer loan
1,000,000
-
Investment in unconsolidated entities
94,664,865
106,878,570
$
223,328,463
$
197,833,069
The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns. The difference between an MRB’s carrying value on the Partnership’s condensed consolidated balance sheets and the maximum exposure to loss is a function of the unrealized gains or losses on the MRB. The maximum exposure to loss for the GILs, property loans, taxable GIL and investments in unconsolidated entities is equal to the Partnership’s carrying value.

Mortgage Revenue Bonds

Mortgage Revenue Bonds3 Months Ended
Mar. 31, 2021
Investments In Mortgage Revenue Bonds [Abstract]
Mortgage Revenue Bonds6. Mortgage Revenue Bonds The Partnership’s MRBs provide construction and/or permanent financing for Residential Properties and a commercial property. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 15). The Partnership had the following investments in MRBs as of March 31, 2021 and December 31, 2020:
March 31, 2021
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
$
10,038,847
$
2,036,900
$
-
$
12,075,747
Glenview Apartments - Series A (3)
CA
4,469,991
941,975
-
5,411,966
Harmony Court Bakersfield - Series A (4)
CA
3,660,303
726,094
-
4,386,397
Harmony Terrace - Series A (4)
CA
6,776,107
1,416,111
-
8,192,218
Harden Ranch - Series A (2)
CA
6,601,343
1,397,564
-
7,998,907
Las Palmas II - Series A (4)
CA
1,660,837
326,950
-
1,987,787
Montclair Apartments - Series A (3)
CA
2,421,644
518,332
-
2,939,976
Montecito at Williams Ranch Apartments - Series A (6)
CA
7,612,095
1,916,887
-
9,528,982
Montevista - Series A (6)
CA
6,720,000
2,086,742
-
8,806,742
Ocotillo Springs - Series A (6)
CA
4,095,000
164,711
-
4,259,711
San Vicente - Series A (4)
CA
3,424,558
658,833
-
4,083,391
Santa Fe Apartments - Series A (3)
CA
2,933,731
637,675
-
3,571,406
Seasons at Simi Valley - Series A (4)
CA
4,225,061
1,076,658
-
5,301,719
Seasons Lakewood - Series A (4)
CA
7,218,027
1,508,466
-
8,726,493
Seasons San Juan Capistrano - Series A (4)
CA
12,152,801
2,428,465
-
14,581,266
Summerhill - Series A (4)
CA
6,302,983
1,165,385
-
7,468,368
Sycamore Walk - Series A (4)
CA
3,507,305
716,843
-
4,224,148
The Village at Madera - Series A (4)
CA
3,027,355
614,256
-
3,641,611
Tyler Park Townhomes - Series A (2)
CA
5,749,890
829,871
-
6,579,761
Vineyard Gardens - Series A (6)
CA
3,961,901
977,393
-
4,939,294
Westside Village Market - Series A (2)
CA
3,757,543
777,054
-
4,534,597
Brookstone (1)
IL
7,364,956
1,903,297
-
9,268,253
Copper Gate Apartments (2)
IN
4,955,000
572,032
-
5,527,032
Renaissance - Series A (3)
LA
10,836,857
3,683,524
-
14,520,381
Live 929 Apartments (6)
MD
36,218,314
-
-
36,218,314
Woodlynn Village (1)
MN
4,120,000
13,341
-
4,133,341
Gateway Village (6)
NC
2,600,000
131,447
-
2,731,447
Greens Property - Series A (2)
NC
7,802,000
557,051
-
8,359,051
Lynnhaven Apartments (6)
NC
3,450,000
174,419
-
3,624,419
Silver Moon - Series A (3)
NM
7,681,225
1,851,589
-
9,532,814
Village at Avalon - Series A (5)
NM
16,159,797
4,151,656
-
20,311,453
Ohio Properties - Series A (1)
OH
13,688,000
-
-
13,688,000
Bridle Ridge (1)
SC
7,190,000
71,710
-
7,261,710
Columbia Gardens (4)
SC
12,856,267
2,501,126
-
15,357,393
Companion at Thornhill Apartments (4)
SC
11,023,297
1,890,764
-
12,914,061
Cross Creek (1)
SC
6,133,061
2,162,011
-
8,295,072
Rosewood Townhomes - Series A (6)
SC
9,259,206
562,960
-
9,822,166
South Pointe Apartments - Series A (6)
SC
21,551,600
1,310,337
-
22,861,937
The Palms at Premier Park Apartments (2)
SC
18,562,061
2,602,480
-
21,164,541
Village at River's Edge (4)
SC
9,784,362
2,030,003
-
11,814,365
Willow Run (4)
SC
12,677,935
2,464,921
-
15,142,856
Arbors at Hickory Ridge (2)
TN
10,872,864
2,316,451
-
13,189,315
Avistar at Copperfield - Series A (6)
TX
13,782,171
2,695,680
-
16,477,851
Avistar at the Crest - Series A (2)
TX
9,111,697
1,934,363
-
11,046,060
Avistar at the Oaks - Series A (2)
TX
7,365,549
1,624,288
-
8,989,837
Avistar at the Parkway - Series A (3)
TX
12,686,495
2,516,255
-
15,202,750
Avistar at Wilcrest - Series A (6)
TX
5,223,164
923,710
-
6,146,874
Avistar at Wood Hollow - Series A (6)
TX
39,659,362
7,309,397
-
46,968,759
Avistar in 09 - Series A (2)
TX
6,359,867
1,348,568
-
7,708,435
Avistar on the Boulevard - Series A (2)
TX
15,522,758
3,169,213
-
18,691,971
Avistar on the Hills - Series A (2)
TX
5,042,621
1,133,545
-
6,176,166
Bruton Apartments (4)
TX
17,639,477
4,336,133
-
21,975,610
Concord at Gulfgate - Series A (4)
TX
18,750,321
4,293,867
-
23,044,188
Concord at Little York - Series A (4)
TX
13,135,487
3,121,179
-
16,256,666
Concord at Williamcrest - Series A (4)
TX
20,348,276
4,747,239
-
25,095,515
Crossing at 1415 - Series A (4)
TX
7,312,727
1,495,203
-
8,807,930
Decatur Angle (4)
TX
22,222,763
4,918,525
-
27,141,288
Esperanza at Palo Alto (4)
TX
19,182,510
5,213,184
-
24,395,694
Heights at 515 - Series A (4)
TX
6,694,927
1,395,575
-
8,090,502
Heritage Square - Series A (3)
TX
10,548,961
1,934,414
-
12,483,375
Oaks at Georgetown - Series A (4)
TX
12,108,609
2,081,022
-
14,189,631
Runnymede (1)
TX
9,805,000
-
-
9,805,000
Southpark (1)
TX
11,480,404
1,735,296
-
13,215,700
15 West Apartments (4)
WA
9,586,894
2,701,301
-
12,288,195
Mortgage revenue bonds held in trust
$
638,674,164
$
114,502,241
$
-
$
753,176,405
(1)
MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
( 2 )
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
( 3 )
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
( 4 )
( 5 )
( 6 )
March 31, 2021
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
$
2,662,206
$
795,575
$
-
$
3,457,781
Greens Property - Series B
NC
924,419
91,098
-
1,015,517
Ohio Properties - Series B
OH
3,480,770
-
-
3,480,770
Rosewood Townhomes - Series B
SC
469,781
-
-
469,781
South Pointe Apartments - Series B
SC
1,099,487
-
-
1,099,487
Provision Center 2014-1
TN
6,160,689
-
-
6,160,689
Avistar at the Crest - Series B
TX
734,678
120,209
-
854,887
Avistar at the Oaks - Series B
TX
537,812
86,978
-
624,790
Avistar at the Parkway - Series B
TX
123,883
40,662
-
164,545
Avistar in 09 - Series B
TX
443,646
71,749
-
515,395
Avistar on the Boulevard - Series B
TX
436,548
68,317
-
504,865
Mortgage revenue bonds held by the Partnership
$
17,073,919
$
1,274,588
$
-
$
18,348,507
December 31, 2020
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 (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)
MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
( 2 )
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
( 3 )
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
( 4 )
( 5 )
MRB held by Morgan Stanley in a debt financing transaction Note 15
( 6 )
MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 15
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
See Note 22 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership’s condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. During the three months ended March 31, 2020, the Partnership recognized a $1.4 million provision for credit loss related to the Provision Center 2014-1 MRB in its condensed consolidated statements of operations. The credit loss related to the Provision Center 2014-1 MRB was primarily driven by debt service shortfalls by the underlying commercial property. The borrower of the Provision Center 2014-1 MRB filed for bankruptcy in December 2020. MRB Activity in the First Three Months of 2021 Acquisitions: There were no MRBs acquired during the three months ended March 31, 2021. Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2021:
Property Name
Month Redeemed
Property Location
Units
Original Maturity Date
Interest Rate
Principal Outstanding at Date of Redemption
Arby Road Apartments - Series A (1)
March
Las Vegas, NV
180
10/1/2027
5.35
%
$
1,600,000
Arby Road Apartments - Series A (1)
March
Las Vegas, NV
180
4/1/2041
5.50
%
5,785,000
$
7,385,000
(1)
MRB Activity in the First Three Months of 2020 Acquisitions: There were no MRBs acquired during the three months ended March 31, 2020. Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2020:
Property Name
Month Redeemed
Property Location
Units
Original Maturity Date
Interest Rate
Principal Outstanding at Date of Redemption
Solano Vista - Series B
January
Vallejo, CA
96
1/1/2021
5.85
%
$
3,103,000
The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Balance, beginning of period
$
7,319,000
$
-
Provision for credit loss
-
1,358,000
Balance, end of period (1)
$
7,319,000
$
1,358,000
(1)
.

Governmental Issuer Loans

Governmental Issuer Loans3 Months Ended
Mar. 31, 2021
Governmental Issuer Loans [Abstract]
Governmental Issuer Loans7. Governmental Issuer Loans Governmental issuer loans (“GILs”) owned by the Partnership are issued by state or local 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 government, agency or authority and no government, agency or authority is liable for them, nor is the taxing power of any 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 (Note 10) or taxable GIL (Note 12) also owned by the Partnership. Affiliates of the borrower have guaranteed limited-to-full payment of principal and interest on the GILs. The GILs are held in trust in connection with TOB Trust financings (Note 15). 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 March 31, 2021 and December 31, 2020:
As of March 31, 2021
Property Name
Month Acquired
Property Location
Units
Maturity Date (2)
Variable Interest Rate
Current Interest Rate
Amortized Cost
Maximum Remaining Commitment
Scharbauer Flats Apartments (1)
June 2020
Midland, TX
300
1/1/2023
SIFMA + 3.10%
3.15%
$
40,000,000
$
-
Oasis at Twin Lakes (1)
July 2020
Roseville, MN
228
8/1/2023
SIFMA + 3.25%
(3),(4)
3.75%
24,733,130
9,266,870
Centennial Crossings (1)
August 2020
Centennial, CO
209
9/1/2023
SIFMA + 2.75%
(4)
3.25%
15,182,744
17,897,256
Legacy Commons at Signal Hills (1)
January 2021
St. Paul, MN
247
2/1/2024
SOFR + 3.07%
(4)
3.57%
9,917,887
24,702,113
Hilltop at Signal Hills (1)
January 2021
St. Paul, MN
146
8/1/2023
SOFR + 3.07%
(4)
3.57%
4,075,050
20,374,950
Hope on Avalon
January 2021
Los Angeles, CA
88
2/1/2023
SIFMA + 3.75%
(4)
4.60%
6,331,200
17,058,800
Hope on Broadway
January 2021
Los Angeles, CA
49
2/1/2023
SIFMA + 3.75%
(4)
4.60%
3,691,245
8,414,378
$
103,931,256
$
97,714,367
(1)
An affiliate of the Partnership has forward committed to purchase the GIL at maturity if the property has reached stabilization and other conditions are met (Note 21).
(2)
The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.
(3)
The variable rate decreases to SIFMA plus 2.25% upon completion of c
(4)
The variable index interest rate component is subject to a floor.
As of December 31, 2020
Property Name
Month Acquired
Property Location
Units
Maturity Date (2)
Variable Interest Rate
Current Interest Rate
Amortized Cost
Scharbauer Flats Apartments (1)
June 2020
Midland, TX
300
1/1/2023
SIFMA + 3.10%
3.19%
$
40,000,000
Oasis at Twin Lakes (1)
July 2020
Roseville, MN
228
8/1/2023
SIFMA + 3.25%
(3),(4)
3.75%
14,403,000
Centennial Crossings (1)
August 2020
Centennial, CO
209
9/1/2023
SIFMA + 2.75%
(4)
3.25%
10,460,657
$
64,863,657
(1)
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 (Note 21).
(2)
The borrower may elect to extend the maturity date to for a period ranging between six and twelve 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 variable index interest rate component is subject to a floor. GIL Activity in the First Three Months of 2021 Acquisitions: During January 2021, the Partnership entered into multiple GIL commitments to provide construction financing for the underlying property on a draw-down basis as summarized below. See above tables for additional information associated with the GIL commitments.

$34.6 million commitment related to Legacy Commons at Signal Hills

$24.5 million commitment related to Hilltop at Signal Hills

$23.4 million commitment related to Hope on Avalon;

$12.1 million commitment related to Hope on Broadway

Real Estate Assets

Real Estate Assets3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]
Real Estate Assets8 . Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2021 and December 31, 2020:
Real Estate Assets as of March 31, 2021
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
$
39,399,529
$
42,598,797
The 50/50 MF Property
Lincoln, NE
475
-
32,942,956
32,942,956
Land held for development
(1)
1,675,997
-
1,675,997
$
77,217,750
Less accumulated depreciation
(18,827,865
)
Net real estate assets
$
58,389,885
(1)
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 land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE. Activity in the First Three Months of 2021 As of March 31, 2021, the land held for development in Gardner, KS was listed for sale.

Investments in Unconsolidated E

Investments in Unconsolidated Entities3 Months Ended
Mar. 31, 2021
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Entities9 . 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 following table provides the details of the investments in unconsolidated entities as of March 31, 2021 and December 31, 2020 and remaining equity commitment amounts as of March 31, 2021:
Property Name
Location
Units
Month Commitment Executed
Construction Completion Date
Carrying Value as of March 31, 2021
Carrying Value as of December 31, 2020
Maximum Remaining Equity Commitment as of March 31, 2021
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
10,570,000
-
Vantage at Germantown
Germantown, TN
288
June 2018
March 2020
-
12,425,000
-
Vantage at Murfreesboro
Murfreesboro, TN
288
September 2018
October 2020
12,390,012
14,640,000
-
Vantage at Coventry
Omaha, NE
294
September 2018
February 2021
9,007,435
9,007,435
-
Vantage at Conroe
Conroe, TX
288
April 2019
January 2021
10,669,242
10,406,895
-
Vantage at O'Connor
San Antonio, TX
288
October 2019
N/A
8,453,760
8,245,890
-
Vantage at Westover Hills
San Antonio, TX
288
January 2020
N/A
8,223,758
8,021,544
-
Vantage at Tomball
Tomball, TX
288
August 2020
N/A
10,964,487
9,280,134
-
Vantage at Hutto
Hutto, TX
288
November 2020
N/A
3,243,428
3,163,676
7,359,952
Vantage at San Marcos
San Marcos, TX
288
November 2020
N/A
1,006,442
981,695
8,943,914
3,468
$
94,664,865
$
106,878,570
$
16,303,866
Activity in the First Three Months of 2021 In March 2021, Vantage at Germantown sold substantially all assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $16.1 million upon sale. The Partnership recognized approximately $862,000 of “Investment income” and approximately $2.8 million as “Gain on sale of investment in an unconsolidated entity” associated with the sale. Activity in the First Three Months of 2020 In January 2020, the Partnership executed a $7.3 million equity commitment to fund construction of the Vantage at Westover Hills multifamily property. The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Property Revenues
$
5,482,870
$
2,483,605
Gain on sale of property
$
8,967,247
$
-
Net income (loss)
$
6,931,134
$
(2,519,165
)

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances3 Months Ended
Mar. 31, 2021
Property Loans Net Of Loan Loss Allowance [Abstract]
Property Loans, Net of Loan Loss Allowances10. Property Loans, Net of Loan Loss Allowances The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of March 31, 2021 and December 31, 2020:
March 31, 2021
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
Hilltop at Signal Hills (1)
1,000,000
-
1,000,000
Legacy Commons at Signal Hills (1)
1,000,000
-
1,000,000
Live 929 Apartments
911,232
(911,232
)
-
Oasis at Twin Lakes (1)
1,000,000
-
1,000,000
Ohio Properties
2,390,446
-
2,390,446
Scharbauer Flats Apartments (1)
2,309,613
-
2,309,613
Total
$
24,225,765
$
(8,305,046
)
$
15,920,719
(1)
The p
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)
The p During the three months ended March 31, 2021 and 2020, the interest to be earned on the Live 929 Apartments and Cross Creek property loans were in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest accrued was not probable. In addition, for the three months ended March 31, 2021 and 2020, interest to be earned on approximately $983,000 of property loan principal for the Ohio Properties was in nonaccrual status as, in management’s opinion, the interest was not considered collectible. Activity in the First Three Months of 2021 Concurrent with the acquisition of GILs (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 properties Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loans.
Property Name
Date Committed
Maturity Date (1)
Outstanding Balance
Legacy Commons at Signal Hills
January 2021
2/1/2024
$
1,000,000
Hilltop at Signal Hills
January 2021
8/1/2023
1,000,000
$
2,000,000
(1)
In March 2021, the Partnership amended the secured property loan with Live 929 Apartments to increase the total available loan amount to $1.5 million from $1.0 million. The property loan is subordinate to the MRBs associated with the property. The following table summarizes the Partnership’s outstanding property loan commitments as of March 31, 2021:
Maximum Remaining Commitment
Centennial Crossings
21,232,271
Hilltop at Signal Hills
20,197,939
Legacy Commons at Signal Hills
31,233,972
Oasis at Twin Lakes
26,704,180
Scharbauer Flats Apartments
21,850,387
Total
$
121,218,749

Income Tax Provision

Income Tax Provision3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax Provision11. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by the Greens Hold Co, which owns The 50/50 MF Property and certain property loans. The following table summarizes income tax expense (benefit) for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Current income tax expense
$
16,485
$
42,335
Deferred income tax benefit
(16,228
)
(30,921
)
Total income tax expense
$
257
$
11,414
The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable. There was no valuation allowance recorded as of March 31, 2021 and December 31, 2020.

Other Assets

Other Assets3 Months Ended
Mar. 31, 2021
Other Assets [Abstract]
Other Assets12. Other Assets The following table summarizes the other assets as of March 31, 2021 and December 31, 2020:
March 31, 2021
December 31, 2020
Deferred financing costs, net
$
455,954
$
390,649
Fair value of derivative instruments (Note 17)
327,376
321,503
Taxable mortgage revenue bonds, at fair value
1,443,988
1,510,437
Taxable governmental issuer loan held in trust
1,000,000
-
Bond purchase commitments, at fair value (Note 18)
310,909
431,879
Operating lease right-of-use assets, net
1,641,462
1,648,742
Other assets
1,911,434
1,605,374
Total other assets
$
7,091,123
$
5,908,584
As of March 31, 2021 and December 31, 2020, the operating lease right-of-use assets consisted primarily of a ground lease at the 50/50 MF Property (Note 13). See Note 22 for a description of the methodology and significant assumptions for determining the fair value of derivative instruments, taxable MRBs and bond purchase commitments. Unrealized gains or losses on derivative instruments are reported as “Interest expense” on the Partnership’s condensed consolidated statements of operations. Unrealized gain or losses on taxable MRBs and bond purchase commitments are recorded in the Partnership’s condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. Concurrent with the acquisition of the Hope on Avalon GIL (Note 7), the Partnership entered into a taxable GIL to provide construction financing for the underlying property on a draw-down basis. The GIL and taxable GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. The taxable GIL is held in trust in connection with a TOB Trust financing (Note 15). The following table includes details of the taxable GIL, and the remaining funding commitment, that was entered into during the three months ended March 31, 2021:
Property Name
Date Committed
Maturity Date
Outstanding Balance
Maximum Remaining Commitment
Hope on Avalon
January 2021
2/1/2023 (1)
$
1,000,000
$
9,573,000
(1)
The borrower ha s the option to extend the maturity up to six months upon

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities3 Months Ended
Mar. 31, 2021
Payables And Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities13. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the accounts payable, accrued expenses and other liabilities as of March 31, 2021 and December 31, 2020:
March 31, 2021
December 31, 2020
Accounts payable
$
109,503
$
94,674
Accrued expenses
2,626,800
2,755,010
Accrued interest expense
3,630,945
3,433,247
Operating lease liabilities
2,150,033
2,149,001
Other liabilities
1,556,498
1,517,633
Total accounts payable, accrued expenses and other liabilities
$
10,073,779
$
9,949,565
The 50/50 MF Property has a ground lease with the University of Nebraska-Lincoln with an initial lease term expiring in March 2048. The Partnership has an option to extend the lease for an additional five-year The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities as of March 31, 2021:
Remainder of 2021
$
104,102
2022
141,119
2023
143,561
2024
144,706
2025
147,598
Thereafter
4,369,676
Total
5,050,762
Less: Amount representing interest
(2,900,729
)
Total operating lease liabilities
$
2,150,033

Unsecured Lines of Credit

Unsecured Lines of Credit3 Months Ended
Mar. 31, 2021
Unsecured Lines of Credit15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2021 and December 31, 2020:
Outstanding Debt Financings as of March 31, 2021, 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
$
39,710,422
$
4,000
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
77,965,698
4,999
2014
July 2024
Weekly
SIFMA
0.08%
1.36%
1.44%
Fixed - M33
30,648,101
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
215,362,292
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
103,016,551
77,530,126
2020
September 2025
Monthly
3-month LIBOR
0.18%
9.00%
9.18% (3)
TOB Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
3,635,973
-
2020
July 2022
Weekly
SIFMA
0.25%
0.89%
1.14%
Variable - TOB
7,873,144
-
2021
February 2023
Weekly
SIFMA
0.25%
1.42%
1.67%
Variable - TOB
122,615,475
-
2019
July 2023
Weekly
SIFMA
0.25% - 0.30%
1.17% - 1.67%
1.42% - 1.97%
Variable - TOB
76,533,047
-
2020
September 2023
Weekly
OBFR
0.32%
0.89%
1.21%
Variable - TOB
5,680,127
-
2020
December 2023
Weekly
SIFMA
0.25%
1.27%
1.52%
Variable - TOB
15,761,909
-
2021
January 2024
Weekly
OBFR
0.32%
0.89%
1.21%
Morgan Stanley:
Fixed - Term TOB
12,986,162
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
Total Debt Financings
$
711,788,901
(1)
Facility fees have a variable component
(2)
The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.
(3)
The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $39.9 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of March 31, 2021.
Outstanding Debt Financings as of December 31, 2020
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 Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
1,765,167
-
2020
July 2022
Weekly
SIFMA
0.29%
0.89%
1.18%
Variable - TOB
122,724,862
-
2019
July 2023
Weekly
SIFMA
0.29% - 0.39%
1.17% - 1.67%
1.46% - 2.06%
Variable - TOB
62,992,845
-
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22%
Variable - TOB
5,668,324
-
2020
December 2023
Weekly
SIFMA
0.29%
1.27%
1.56%
Morgan Stanley:
Fixed - Term TOB
13,001,530
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
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 Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of December 31, 2020. See Note 17 for further information on the total return swaps. The TOB, Term TOB 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 and TEBS financings in the Partnership’s condensed consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TOB, Term TOB and TEBS financing, Note 7 for information regarding the GILs securitized within each TOB Trust financing, Note 10 for information regarding the property loans securitized within each TOB Trust financing and Note 12 for information regarding the taxable GIL securitized within a TOB Trust financing. As the residual interest holder, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the underlying collateral may be sold and, if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. As of March 31, 2021 and December 31, 2020, the Partnership posted restricted cash as contractually required under the terms of the four TEBS financings. The restricted cash associated with the Secured Notes is collateral posted with Mizuho according to the terms of two total return swaps that have the Secured Notes as the reference security (Note 17). 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 March 31, 2021 and December 31, 2020. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, GILs, property loans and a taxable GIL. The Mizuho TOB Trusts require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remains listed on the NASDAQ. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facility would be triggered, which would require the Partnership to purchase a portion or all of the senior interests issued by each TOB Trust. The Partnership was in compliance with these covenants as of March 31, 2021. 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 March 31, 2021. 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. Activity in the First Three Months of 2021 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the three months ended March 31, 2021:
TOB Trusts Securitization
Initial TOB Trust Financing
Stated Maturity
Reset Frequency
Variable Rate Index
Facility Fees
TOB Trust 2021-XF2926 (1)
$
16,190,000
January 2024
Weekly
OBFR
0.89%
Hope on Avalon GIL
5,064,000
February 2023
Weekly
SIFMA
1.42%
Hope on Broadway GIL
2,953,000
February 2023
Weekly
SIFMA
1.42%
Total TOB Trust Financings
$
24,207,000
(1)
Activity in the First Three Months of 2020 In January 2020, the Partnership extended the maturity date of the Term TOB Trust financing related to Provision Center 2014-1 from January 2020 to May 2020. The Term TOB Trust financing was subsequently collapsed in April 2020. In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest was paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party. In February 2020, the Partnership extended the maturity dates of the Term A/B Trust financings related to Gateway Village and Lynnhaven Apartments from February 2020 to February 2021. The Term A/B Trust financings were subsequently collapsed in April 2020. Future Maturities The Partnership’s contractual maturities of borrowings as of March 31, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
4,456,041
2022
23,310,689
2023
217,166,816
2024
104,029,152
2025
11,363,784
Thereafter
354,282,763
Total
714,609,245
Unamortized deferred financing costs and debt premium
(2,820,344
)
Total debt financing, net
$
711,788,901
Unsecured Lines of Credit [Member]
Unsecured Lines of Credit14. Unsecured Lines of Credit The following tables summarize the unsecured lines of credit (“LOC”) as of March 31, 2021 and December 31, 2020:
Unsecured Lines of Credit
Outstanding as of March 31, 2021
Total Commitment
Commitment Maturity
Variable / Fixed
Reset Frequency
Period End Rate
Bankers Trust non-operating
$
-
$
50,000,000
June 2022
Variable (1)
Monthly
2.61
%
Bankers Trust operating
-
10,000,000
June 2022
Variable (1)
Monthly
3.36
%
Total unsecured lines of credit
$
-
$
60,000,000
(1)
The variable rate is indexed to LIBOR plus an applicable margin.
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. The principal amount of each acquisition advance from the non-operating LOC is due on the 270th day following the advance date and may be extended for up to three additional 90-day periods by making partial repayments in accordance with the Credit Agreement. The non-operating LOC contains a covenant, among others, that the Partnership’s ratio of the lender’s senior debt will not exceed 75% of the market value of the Partnership’s assets, as defined in the Credit Agreement. The Partnership was in compliance with all covenants as of March 31, 2021. The Partnership is required to make principal payments to reduce the operating LOC to zero for fifteen consecutive calendar days during each calendar quarter. The Partnership has fulfilled its prepayment obligation for all periods presented. In addition, the Partnership has fulfilled its second quarter of 2021 repayment obligation as it maintained a zero balance in the operating LOC for fifteen consecutive days during April 2021.

Debt Financing

Debt Financing3 Months Ended
Mar. 31, 2021
Debt Financing [Abstract]
Unsecured Lines of Credit15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2021 and December 31, 2020:
Outstanding Debt Financings as of March 31, 2021, 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
$
39,710,422
$
4,000
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
77,965,698
4,999
2014
July 2024
Weekly
SIFMA
0.08%
1.36%
1.44%
Fixed - M33
30,648,101
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
215,362,292
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
103,016,551
77,530,126
2020
September 2025
Monthly
3-month LIBOR
0.18%
9.00%
9.18% (3)
TOB Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
3,635,973
-
2020
July 2022
Weekly
SIFMA
0.25%
0.89%
1.14%
Variable - TOB
7,873,144
-
2021
February 2023
Weekly
SIFMA
0.25%
1.42%
1.67%
Variable - TOB
122,615,475
-
2019
July 2023
Weekly
SIFMA
0.25% - 0.30%
1.17% - 1.67%
1.42% - 1.97%
Variable - TOB
76,533,047
-
2020
September 2023
Weekly
OBFR
0.32%
0.89%
1.21%
Variable - TOB
5,680,127
-
2020
December 2023
Weekly
SIFMA
0.25%
1.27%
1.52%
Variable - TOB
15,761,909
-
2021
January 2024
Weekly
OBFR
0.32%
0.89%
1.21%
Morgan Stanley:
Fixed - Term TOB
12,986,162
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
Total Debt Financings
$
711,788,901
(1)
Facility fees have a variable component
(2)
The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.
(3)
The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $39.9 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of March 31, 2021.
Outstanding Debt Financings as of December 31, 2020
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 Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
1,765,167
-
2020
July 2022
Weekly
SIFMA
0.29%
0.89%
1.18%
Variable - TOB
122,724,862
-
2019
July 2023
Weekly
SIFMA
0.29% - 0.39%
1.17% - 1.67%
1.46% - 2.06%
Variable - TOB
62,992,845
-
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22%
Variable - TOB
5,668,324
-
2020
December 2023
Weekly
SIFMA
0.29%
1.27%
1.56%
Morgan Stanley:
Fixed - Term TOB
13,001,530
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
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 Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of December 31, 2020. See Note 17 for further information on the total return swaps. The TOB, Term TOB 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 and TEBS financings in the Partnership’s condensed consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TOB, Term TOB and TEBS financing, Note 7 for information regarding the GILs securitized within each TOB Trust financing, Note 10 for information regarding the property loans securitized within each TOB Trust financing and Note 12 for information regarding the taxable GIL securitized within a TOB Trust financing. As the residual interest holder, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the underlying collateral may be sold and, if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. As of March 31, 2021 and December 31, 2020, the Partnership posted restricted cash as contractually required under the terms of the four TEBS financings. The restricted cash associated with the Secured Notes is collateral posted with Mizuho according to the terms of two total return swaps that have the Secured Notes as the reference security (Note 17). 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 March 31, 2021 and December 31, 2020. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, GILs, property loans and a taxable GIL. The Mizuho TOB Trusts require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remains listed on the NASDAQ. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facility would be triggered, which would require the Partnership to purchase a portion or all of the senior interests issued by each TOB Trust. The Partnership was in compliance with these covenants as of March 31, 2021. 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 March 31, 2021. 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. Activity in the First Three Months of 2021 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the three months ended March 31, 2021:
TOB Trusts Securitization
Initial TOB Trust Financing
Stated Maturity
Reset Frequency
Variable Rate Index
Facility Fees
TOB Trust 2021-XF2926 (1)
$
16,190,000
January 2024
Weekly
OBFR
0.89%
Hope on Avalon GIL
5,064,000
February 2023
Weekly
SIFMA
1.42%
Hope on Broadway GIL
2,953,000
February 2023
Weekly
SIFMA
1.42%
Total TOB Trust Financings
$
24,207,000
(1)
Activity in the First Three Months of 2020 In January 2020, the Partnership extended the maturity date of the Term TOB Trust financing related to Provision Center 2014-1 from January 2020 to May 2020. The Term TOB Trust financing was subsequently collapsed in April 2020. In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest was paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party. In February 2020, the Partnership extended the maturity dates of the Term A/B Trust financings related to Gateway Village and Lynnhaven Apartments from February 2020 to February 2021. The Term A/B Trust financings were subsequently collapsed in April 2020. Future Maturities The Partnership’s contractual maturities of borrowings as of March 31, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
4,456,041
2022
23,310,689
2023
217,166,816
2024
104,029,152
2025
11,363,784
Thereafter
354,282,763
Total
714,609,245
Unamortized deferred financing costs and debt premium
(2,820,344
)
Total debt financing, net
$
711,788,901

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing3 Months Ended
Mar. 31, 2021
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing16. Mortgages Payable and Other Secured Financing The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of March 31, 2021 and December 31, 2020:
MF Property Mortgage Payables
Outstanding Mortgage Payable as of March 31, 2021, net
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
$
2,521,369
$
2,521,308
2020
March 2025
Fixed
4.40
%
The 50/50 MF Property--Mortgage
23,339,100
23,463,564
2020
April 2027
Fixed
4.35
%
Total Mortgage Payable\Weighted Average Period End Rate
$
25,860,469
$
25,984,872
4.36
% Activity in the First Three Months of 2020 I n February 2020, the Partnership refinanced The 50/50 MF Property Mortgage loan with its existing lender. The Mortgage loan maturity date was extended seven years to April 2027, and the interest rate decreased to a fixed interest rate of 4.35%. In February 2020, the Partnership refinanced The 50/50 MF Property TIF loan and the interest rate decreased to Future Maturities The Partnership’s contractual maturities of borrowings as of March 31, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
710,641
2022
869,599
2023
908,564
2024
946,558
2025
1,782,213
Thereafter
20,644,450
Total
25,862,025
Unamortized deferred financing costs
(1,556
)
Total mortgages payable and other secured financings, net
$
25,860,469

Derivative Financial Instrument

Derivative Financial Instruments3 Months Ended
Mar. 31, 2021
Interest Rate Derivatives [Abstract]
Derivative Financial Instruments17. Derivative Financial Instruments The following table summarizes the terms of the Partnership’s total return swaps as of March 31, 2021 and 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 March 31, 2021
Sept 2020
39,881,661
Sept 2020
Sept 2025
4.25% (1)
9.18% (3)
3-month LIBOR
Mizuho Capital Markets
$
77,280
Sept 2020
63,500,000
Sept 2020
Mar 2022
1.00% (2)
9.18% (3)
3-month LIBOR
Mizuho Capital Markets
214,768
$
292,048
(1)
(2)
(3)
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 (Note 15). The combined notional amount of the total return swaps is $103.4 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 $39.9 million, requires the Partnership to maintain cash collateral equal to 35% of the notional amount, which was approximately $14.0 million as of March 31, 2021. 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 March 31, 2021. 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 March 31, 2021 and December 31, 2020:
Purchase Date
Notional Amount
Maturity Date
Effective Capped Rate (1)
Index
Variable Debt Financing Facility Hedged (1)
Counterparty
Fair Value as of March 31, 2021
Aug 2019
77,642,414
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
$
35,328
$
35,328
(1)
See Notes 15 and 22 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, 2020
Aug 2019
77,979,924
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
$
27,877
$
27,877
( 1 )
See Notes 15 and 22 for additional details. The Partnership’s derivative financial instruments are not designated as hedging instruments and are recorded at fair value. Changes in fair value are included in current period earnings as “Interest expense” on the Partnership’s condensed consolidated statements of operations. See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the derivatives. The derivative financial instruments are presented within “Other assets” on the Partnership’s condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies18. Commitments and Contingencies Legal Proceedings The Partnership, from time to time, may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable to occur, the estimated amount of the loss is accrued in the Partnership’s condensed consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, the Partnership believes the outcome of such matters will not have a material effect on the Partnership’s condensed consolidated financial statements. Bond Purchase Commitments 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 (loss). The following table summarizes the Partnership’s bond purchase commitment as of March 31, 2021:
Bond Purchase Commitments
Commitment Date
Maximum Committed Amounts Remaining
Rate
Estimated Closing Date
Fair Value as of March 31, 2021
CCBA Senior Garden Apartments
July 2020
$
3,807,000
4.50
%
Q3 2022
$
310,909
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 (Note 6) and a taxable MRB (Note 12) while the property is under construction. The Partnership’s remaining maximum commitments related to the Series A MRB and a taxable MRB totaled $10.9 million and $7.0 million, respectively, as of March 31, 2021. Governmental Issuer Loan and Taxable Governmental Issuer Loan Commitments The Partnership has outstanding commitments to fund the proceeds related to the GILs and taxable GILs while the property is under construction. Disclosures of remaining maximum commitment for GILs and a taxable GIL are in Note 7 and Note 12, respectively. 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 9 for disclosure of remaining maximum commitments. Property Loan Commitments The Partnership has outstanding commitments to fund the proceeds related to property loans while certain properties are under construction. See Note 10 for disclosure of remaining maximum commitments. Construction Loan Guarantees The Partnership has entered into guaranty agreements for 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. The Partnership has not accrued any amount for these contingent liabilities because the likelihood of guarantee claims is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of March 31, 2021:
Borrower
Year the Guarantee was Executed
Maximum Balance Available on Loan
Loan Balance as of March 31, 2021
Partnership's Maximum Exposure as of March 31, 2021
Guarantee Terms
Vantage at Stone Creek
2018
$
30,824,000
$
30,501,955
$
15,250,978
(1)
Vantage at Coventry
2018
31,500,000
29,369,707
14,684,853
(1)
Vantage at Murfreesboro
2021
30,500,000
30,500,000
15,250,000
(2)
(1)
The Partnership’s guaranty was initially for the entire amount of the loan and will decrease based on the achievement of certain events or financial ratios. The Partnership’s maximum exposure will decrease to 25%
(2)
The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth and maintain liquid assets of not less than $5.0 million. The Partnership was in compliance with these requirements as of March 31, 2001. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation during the term. Other Guarantees and Commitments The Partnership has entered into guarantee agreements with unaffiliated entities under which the Partnership has guaranteed certain obligations of the general partners of certain limited partnerships upon the occurrence of a “repurchase event.” Potential repurchase events include LIHTC tax credit recapture and foreclosure. The Partnership’s maximum exposure is limited to 75% of the equity contributed by the limited partner to each limited partnership. No amount has been accrued for these guarantees because the likelihood of repurchase events is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of March 31, 2021:
Limited Partnership(s)
Year the Guarantee was Executed
End of Guarantee Period
Partnership's Maximum Exposure as of March 31, 2021
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 Units3 Months Ended
Mar. 31, 2021
Temporary Equity Disclosure [Abstract]
Redeemable Series A Preferred Units19. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units via a private placement to five financial institutions. The Series A Preferred Units represent limited partnership interests of the Partnership. Series A Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless redeemed by the Partnership or by the holder. Upon the sixth anniversary of the closing of the sale of Series A Preferred Units to a subscriber, and upon each annual anniversary thereafter, the Partnership and each holder of Series A Preferred Units have the right to redeem, in whole or in part, the Series A Preferred Units held by such holder at a per unit redemption price equal to $10.00 per unit plus an amount equal to all declared and unpaid distributions through the date of the redemption. In the event of any liquidation, dissolution, or winding up of the Partnership, the holders of the Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units The following table summarizes the outstanding Series A Preferred Units as of March 31, 2021 and December 31, 2020
Month Issued
Units
Purchase Price
Distribution Rate
Redemption Price per Unit
Earliest Redemption Date
March 2016
1,000,000
$
10,000,000
3.00
%
$
10.00
March 2022
May 2016
1,386,900
13,869,000
3.00
%
10.00
May 2022
September 2016
1,000,000
10,000,000
3.00
%
10.00
September 2022
December 2016
700,000
7,000,000
3.00
%
10.00
December 2022
March 2017
1,613,100
16,131,000
3.00
%
10.00
March 2023
August 2017
2,000,000
20,000,000
3.00
%
10.00
August 2023
October 2017
1,750,000
17,500,000
3.00
%
10.00
October 2023
Series A Preferred Units outstanding as of March 31, 2021 and December 31, 2020
9,450,000
$
94,500,000

Restricted Unit Awards

Restricted Unit Awards3 Months Ended
Mar. 31, 2021
Restricted Unit Awards [Member]
Restricted Unit Awards20. Restricted Unit Awards The Partnership’s 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 vested 50,000 of the Partnership’s previous CEO’s unvested restricted unit awards and all related compensation expense was recognized immediately. 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 $78,000 and $39,000 for the three months ended March 31, 2021 and 2020, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations. The following table summarizes the RUA activity for the three months ended March 31, 2021 and the year ended December 31, 2020:
Restricted Units Awarded
Weighted average Grant-date Fair Value
Nonvested as of January 1, 2020
-
$
-
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
No activity
-
4.98
Nonvested as of March 31, 2021
132,812
$
4.98
The unrecognized compensation expense related to nonvested RUAs granted under the Plan was $334,000 as of March 31, 2021. The remaining compensation expense is expected to be recognized over a weighted average period of 1.2 years. The total intrinsic value of unvested RUAs was approximately $734,000 as of March 31, 2021.

Transactions with Related Parti

Transactions with Related Parties3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties21. Transactions with Related Parties The Partnership incurs costs for services and makes contractual payments to AFCA 2, AFCA 2’s general partner, and their affiliates. The costs are reported either as expenses or capitalized costs depending on the nature of each item. The following table summarizes transactions with related parties that are reflected in the Partnership’s condensed consolidated financial statements for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Partnership administrative fees paid to AFCA 2 (1)
$
966,000
$
865,000
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2)
11,000
8,000
(1)
AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, GILs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations.
( 2 )
The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s condensed consolidated statements of operations. AFCA 2 receives fees from the borrowers of the Partnership’s MRBs, GILs and certain property loans for services provided to the borrower and based on the occurrence of certain investment transactions. These fees were paid by the borrowers and are not reported on the Partnership’s condensed consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s MRBs, GILs and certain property loans and affiliates for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Non-Partnership property administrative fees received by AFCA 2 (1)
$
9,000
$
9,000
Investment/mortgage placement fees received by AFCA 2 (2)
1,254,000
542,000
(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. Greystone Servicing Company LLC, an affiliate of the Partnership, has forward committed to purchase five of the Partnership’s GILs (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 three months ended March 31, 2021. The Partnership reported receivables due from unconsolidated entities of approximately $63,000 and $53,000 as of March 31, 2021 and December 31, 2020, respectively. These amounts are reported within “Other assets” on the Partnership’s condensed consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $368,000 and $344,000 as of March 31, 2021 and December 31, 2020, respectively. These amounts are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s condensed consolidated balance sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments3 Months Ended
Mar. 31, 2021
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments22. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance:

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

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

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

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

Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for the 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 March 31, 2021 and December 31, 2020, 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 March 31, 2021 and December 31, 2020 are as follows:
Range of Effective Yields
Weighted Average Effective Yields (1)
Security Type
March 31, 2021
December 31, 2020
March 31, 2021
December 31, 2020
Mortgage revenue bonds
1.6% - 13.5%
1.4% - 13.3%
3.3
%
3.0
%
Taxable mortgage revenue bonds
7.9% - 8.0%
7.1% - 7.4%
8.0
%
7.3
%
Bond purchase commitments
3.7%
3.5%
3.7
%
3.5
%
(1)
Weighted by the total principal outstanding of all the respective securities 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 March 31, 2021 are summarized as follows:
Fair Value Measurements as of March 31, 2021
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
$
753,176,405
$
-
$
-
$
753,176,405
Mortgage revenue bonds
18,348,507
-
-
18,348,507
Bond purchase commitments (reported within other assets)
310,909
-
-
310,909
Taxable mortgage revenue bonds (reported within other assets)
1,443,988
-
-
1,443,988
Derivative financial instruments (reported within other assets)
327,376
-
-
327,376
Total Assets at Fair Value, net
$
773,607,185
$
-
$
-
$
773,607,185
The following table summarizes the activity related to Level 3 assets for the three months ended March 31, 2021:
For the Three Months Ended March 31, 2021
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
Mortgage Revenue Bonds (1)
Bond Purchase Commitments
Taxable Mortgage Revenue Bonds
Derivative Financial Instruments
Total
Beginning Balance January 1, 2021
$
794,432,485
$
431,879
$
1,510,437
$
321,503
$
796,696,304
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)
34,531
-
-
1,806,167
1,840,698
Included in other comprehensive loss
(16,234,685
)
(120,970
)
(64,112
)
-
(16,419,767
)
Purchases
2,071,500
-
-
-
2,071,500
Settlements
(8,778,919
)
-
(2,337
)
(1,800,294
)
(10,581,550
)
Ending Balance March 31, 2021
$
771,524,912
$
310,909
$
1,443,988
$
327,376
$
773,607,185
Total amount of gains for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on March 31, 2021
$
-
$
-
$
-
$
7,451
$
7,451
(1)
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 instruments (reported within other assets)
321,503
-
-
321,503
Total Assets at Fair Value, net
$
796,696,304
$
-
$
-
$
796,696,304
The following table summarizes the activity related to Level 3 assets and liabilities for the three months ended March 31, 2020:
For the Three Months Ended March 31, 2020
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
Mortgage Revenue Bonds (1)
PHC Certificates
Taxable Mortgage Revenue Bonds
Interest Rate Derivatives
Total
Beginning Balance January 1, 2020
$
773,597,465
$
43,349,357
$
1,383,237
$
10,911
$
818,340,970
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)
35,142
(7,219
)
-
25,201
53,124
Included in earnings (impairment of securities and provision for credit loss)
(1,357,681
)
-
-
-
(1,357,681
)
Included in earnings (gain on sale of securities)
-
1,416,023
-
-
1,416,023
Included in other comprehensive (loss) income
(6,722,122
)
(1,408,804
)
36,555
-
(8,094,371
)
Sale of securities
-
(43,349,357
)
-
-
(43,349,357
)
Settlements
(4,470,529
)
-
(2,138
)
-
(4,472,667
)
Ending Balance March 31, 2020
$
761,082,275
$
-
$
1,417,654
$
36,112
$
762,536,041
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on March 31, 2020
$
(1,357,681
)
$
-
$
-
$
25,201
$
(1,332,480
)
(1)
Mortgage revenue bonds includes 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 condensed consolidated statements of operations. As of March 31, 2021 and December 31, 2020, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s GILs and taxable GIL, 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, and the financial capacity of guarantors. The valuation methodology also considers the probability that conditions for the execution of forward commitments to purchase the GILs will be met. Due to the judgments involved, the fair value measurements of the Partnership’s GILs and taxable GILs are categorized as Level 3 assets. The fair value of the GILs and taxable GILs approximated amortized cost as of March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, 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 f inancings 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 March 31, 2021 and December 31, 20 20 :
March 31, 2021
December 31, 2020
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Financial Liabilities:
Debt financing
$
711,788,901
745,686,708
$
673,957,640
$
709,760,933
Unsecured lines of credit
-
-
7,475,000
7,475,000
Mortgages payable and other secured financing
25,860,469
25,862,025
25,984,872
25,986,514

Segments

Segments3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Segments23. Segments As of March 31, 2021, the Partnership has three reportable segments - Mortgage Revenue Bond Investments, Other Investments, and MF Properties. Previously, the Partnership had a fourth reportable segment related to its investments in Public Housing Capital Fund Trusts; however, all activity in that segment ceased with the sale of the Public Housing Capital Trust Fund investments in January 2020 as described further below. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership Agreement authorizes the Partnership to make investments in tax-exempt securities other than MRBs provided that the tax-exempt investments are rated in one of the four highest rating categories by a national securities rating agency. The Partnership Agreement also allows the Partnership to invest in other securities whose interest may be taxable for federal income tax purposes. Total tax-exempt and other investments cannot exceed 25% of the Partnership’s total assets at the time of acquisition as required under the Partnership Agreement. Tax-exempt and other investments consist of taxable MRBs, a taxable GIL, 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 commercial properties in their market areas. Such MRBs and GILs are held as investments, and the related property loans, net of loan loss allowances, are reported as such on the Partnership’s condensed consolidated balance sheets. As of March 31, 2021, the Partnership reported 75 MRBs and seven GILs. The Residential Properties financed by MRBs and GILs contain a total of 10,935 and 1,267 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 condensed consolidated statements of operations are reported within this segment. Other Investments Segment The Other Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (Note 9) and property loans to certain market-rate multifamily properties (Note 10). MF Properties Segment The MF Properties segment consists of multifamily and student housing residential properties held by the Partnership (Note 8). During the time the Partnership holds an interest in an MF Property, any net rental income generated by the MF Properties in excess of debt service will be available for distribution to the Partnership. As of March 31, 2021, the Partnership owned two MF Properties containing a total of 859 rental units. Income tax expense for the Greens Hold Co is reported within this segment. Public Housing Capital Fund Trusts Segment The Public Housing Capital Fund Trusts segment consisted of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates 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. The following table details certain financial information for the Partnership’s reportable segments for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Total revenues
Mortgage Revenue Bond Investments
$
10,794,788
$
10,205,803
Other Investments
1,898,176
1,403,615
MF Properties
1,694,524
1,952,247
Public Housing Capital Fund Trusts
-
174,470
Total revenues
$
14,387,488
$
13,736,135
Interest expense
Mortgage Revenue Bond Investments
$
4,944,277
$
5,498,199
Other Investments
-
-
MF Properties
282,198
321,776
Public Housing Capital Fund Trusts
-
197,993
Total interest expense
$
5,226,475
$
6,017,968
Depreciation expense
Mortgage Revenue Bond Investments
$
5,811
$
2,424
Other Investments
-
-
MF Properties
677,649
707,014
Public Housing Capital Fund Trusts
-
-
Total depreciation expense
$
683,460
$
709,438
Net income (loss)
Mortgage Revenue Bond Investments
$
2,549,452
$
440,336
Other Investments
4,706,221
1,403,152
MF Properties
(262,819
)
(252,730
)
Public Housing Capital Fund Trusts
-
1,390,999
Net income (loss)
$
6,992,854
$
2,981,757
The following table details total assets for the Partnership’s reportable segments as of March 31, 2021 and December 31, 2020:
March 31, 2021
December 31, 2020
Total assets
Mortgage Revenue Bond Investments
$
1,131,733,809
$
1,114,146,614
Other Investments
94,728,344
106,931,182
MF Properties
67,649,074
67,988,190
Public Housing Capital Fund Trusts
-
-
Consolidation/eliminations
(102,251,108
)
(113,818,107
)
Total assets
$
1,191,860,119
$
1,175,247,879

Subsequent Events

Subsequent Events3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events24. Subsequent Events In April 2021, the Partnership acquired an MRB for the acquisition and rehabilitation of a senior citizen Residential Property. At closing, the Partnership advanced $4.2 million of the MRB commitment with the remaining commitments to be advanced during the renovation period. The following table summarizes the terms of the MRB:
Commitment
Month Acquired
Property Location
Units
Maturity Date
Fixed Interest Rate
Initial Funding
Maximum Remaining Commitment (1)
Jackson Manor Apartments
April
Jackson, MS
60
May 1, 2038
5.00%
$
4,150,000
$
2,750,000
(1)
In April 2021, the Partnership entered into a TOB Trust financing arrangement with Mizuho to securitize the Jackson Manor MRB. The TOB Trust financing allows for additional borrowings as the Partnership makes additional advances for the related funding commitment. The following table summarizes the initial terms of the TOB Trust financing:
TOB Trusts Securitization
Initial TOB Trust Financing
Stated Maturity
Reset Frequency
SIFMA Based Rates
Facility Fees
Initial Interest Rate
TOB Trust 2021-XF2936
$
3,528,000
April 2023
Weekly
0.26%
1.27%
1.53%
In April 2021, the Partnership executed a $16.3 million equity commitment to fund construction of the Vantage at Loveland multifamily property in Loveland, CO. The Partnership may increase its equity commitment to $18.2 million based upon the occurrence of certain events. In April 2021, the General Partner approved the Fifth Amendment to the Partnership Agreement authorizing the Partnership to issue a new series of limited partnership interests designated as Series A-1 Preferred Units (“Series A-1 Preferred Units”). The Series A-1 Preferred Units are on parity with the 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-1 Preferred Units to a subscriber, and upon each annual anniversary thereafter, the Partnership and each holder of Series A-1 Preferred Units have the right to redeem, in whole or in part, the Series A-1 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 April 2021, the Partnership filed a registration statement on Form S-4 to register the offering and issuance of up to 9,450,000 of a newly-created series of limited partnership interests designated as Series A-1 Preferred Units under a shelf registration process. Under this process, the Partnership may from time to time offer and issue up to 9,450,000 Series A-1 Preferred Units in connection with future acquisitions, exchanges, and redemptions of other securities by the Partnership. The registration statement has not yet been declared effective by the SEC, and no Series A-1 Preferred Units are currently outstanding.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
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.
Investment in Governmental Issuer Loans and Taxable Governmental Issuer LoansInvestment in Governmental Issuer Loans and Taxable Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) and taxable 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 and taxable 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 the estimated fair value of a GIL or taxable GIL 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 condensed consolidated financial statements. If the Partnership experiences deterioration in the value of its GILs or taxable 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.
Estimates and AssumptionsEstimates and assumptions The preparation of 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC rules and regulations, although the Partnership believes that the disclosures are adequate to make the information presented not misleading. The Partnership’s condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020. These condensed consolidated financial statements and notes have been prepared consistently with the 2020 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of March 31, 2021, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated balance sheet as of December 31, 2020 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements.
Risks And 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, taxable 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. The Partnership has noted slight declines in occupancy and operating results at properties securing its MRBs due to the COVID-19 pandemic. However, the Partnership has yet to observe a significant decline at such properties, 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 evaluated the impacts of COVID-19 on its investments in MF Properties, properties related to its GILs, and investments in unconsolidated entities and noted no indications of impairment of such investments.
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, ASU 2016-13 is effective date for the Partnership on January 1, 2023. The Partnership will take advantage of any additional guidance that may c be issued by the FASB regarding the implementation ASU 2016-13 through the effective date. The effective date may be sooner if the Partnership becomes an accelerated filer in the future. Prior to the issuance of ASU 2019-10, the Partnership completed an initial assessment and determined that its property loans, the interest receivable on property loans, receivables reported within other assets, financial guarantees and commitments are within the scope of ASU 2016-13. The Partnership has also determined that the GILs and the interest receivable on GILs are within the scope of ASU 2016-13. Furthermore, the Partnership has begun developing data collection processes, assessment procedures and internal controls required to implement ASU 2016-13. The Partnership will continue to develop data collection processes, assessment procedures and internal controls that will be required when it does implement ASU 2016-13, and to evaluate the impact on the Partnership’s condensed consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited period meant to ease the potential burden in accounting for, or recognizing the effects of, reform to LIBOR and certain other reference rates. The standard is effective for all entities from March 12, 2020 through December 31, 2022. However, ASU 2020-04 is only applicable to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, and that were entered into or evaluated prior to January 1, 2023. The Partnership has evaluated its population of instruments indexed, either directly or indirectly, to LIBOR and is currently evaluating the impact that the adoption of ASU 2020-04 will have on its condensed consolidated financial statements.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020:
Maximum Exposure to Loss
March 31, 2021
December 31, 2020
Mortgage revenue bonds
$
15,405,000
$
20,763,500
Governmental issuer loans
103,931,256
64,863,657
Property loans
8,327,342
5,327,342
Taxable governmental issuer loan
1,000,000
-
Investment in unconsolidated entities
94,664,865
106,878,570
$
223,328,463
$
197,833,069

Mortgage Revenue Bonds (Tables)

Mortgage Revenue Bonds (Tables)3 Months Ended
Mar. 31, 2021
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of investments in MRBs The Partnership had the following investments in MRBs as of March 31, 2021 and December 31, 2020:
March 31, 2021
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
$
10,038,847
$
2,036,900
$
-
$
12,075,747
Glenview Apartments - Series A (3)
CA
4,469,991
941,975
-
5,411,966
Harmony Court Bakersfield - Series A (4)
CA
3,660,303
726,094
-
4,386,397
Harmony Terrace - Series A (4)
CA
6,776,107
1,416,111
-
8,192,218
Harden Ranch - Series A (2)
CA
6,601,343
1,397,564
-
7,998,907
Las Palmas II - Series A (4)
CA
1,660,837
326,950
-
1,987,787
Montclair Apartments - Series A (3)
CA
2,421,644
518,332
-
2,939,976
Montecito at Williams Ranch Apartments - Series A (6)
CA
7,612,095
1,916,887
-
9,528,982
Montevista - Series A (6)
CA
6,720,000
2,086,742
-
8,806,742
Ocotillo Springs - Series A (6)
CA
4,095,000
164,711
-
4,259,711
San Vicente - Series A (4)
CA
3,424,558
658,833
-
4,083,391
Santa Fe Apartments - Series A (3)
CA
2,933,731
637,675
-
3,571,406
Seasons at Simi Valley - Series A (4)
CA
4,225,061
1,076,658
-
5,301,719
Seasons Lakewood - Series A (4)
CA
7,218,027
1,508,466
-
8,726,493
Seasons San Juan Capistrano - Series A (4)
CA
12,152,801
2,428,465
-
14,581,266
Summerhill - Series A (4)
CA
6,302,983
1,165,385
-
7,468,368
Sycamore Walk - Series A (4)
CA
3,507,305
716,843
-
4,224,148
The Village at Madera - Series A (4)
CA
3,027,355
614,256
-
3,641,611
Tyler Park Townhomes - Series A (2)
CA
5,749,890
829,871
-
6,579,761
Vineyard Gardens - Series A (6)
CA
3,961,901
977,393
-
4,939,294
Westside Village Market - Series A (2)
CA
3,757,543
777,054
-
4,534,597
Brookstone (1)
IL
7,364,956
1,903,297
-
9,268,253
Copper Gate Apartments (2)
IN
4,955,000
572,032
-
5,527,032
Renaissance - Series A (3)
LA
10,836,857
3,683,524
-
14,520,381
Live 929 Apartments (6)
MD
36,218,314
-
-
36,218,314
Woodlynn Village (1)
MN
4,120,000
13,341
-
4,133,341
Gateway Village (6)
NC
2,600,000
131,447
-
2,731,447
Greens Property - Series A (2)
NC
7,802,000
557,051
-
8,359,051
Lynnhaven Apartments (6)
NC
3,450,000
174,419
-
3,624,419
Silver Moon - Series A (3)
NM
7,681,225
1,851,589
-
9,532,814
Village at Avalon - Series A (5)
NM
16,159,797
4,151,656
-
20,311,453
Ohio Properties - Series A (1)
OH
13,688,000
-
-
13,688,000
Bridle Ridge (1)
SC
7,190,000
71,710
-
7,261,710
Columbia Gardens (4)
SC
12,856,267
2,501,126
-
15,357,393
Companion at Thornhill Apartments (4)
SC
11,023,297
1,890,764
-
12,914,061
Cross Creek (1)
SC
6,133,061
2,162,011
-
8,295,072
Rosewood Townhomes - Series A (6)
SC
9,259,206
562,960
-
9,822,166
South Pointe Apartments - Series A (6)
SC
21,551,600
1,310,337
-
22,861,937
The Palms at Premier Park Apartments (2)
SC
18,562,061
2,602,480
-
21,164,541
Village at River's Edge (4)
SC
9,784,362
2,030,003
-
11,814,365
Willow Run (4)
SC
12,677,935
2,464,921
-
15,142,856
Arbors at Hickory Ridge (2)
TN
10,872,864
2,316,451
-
13,189,315
Avistar at Copperfield - Series A (6)
TX
13,782,171
2,695,680
-
16,477,851
Avistar at the Crest - Series A (2)
TX
9,111,697
1,934,363
-
11,046,060
Avistar at the Oaks - Series A (2)
TX
7,365,549
1,624,288
-
8,989,837
Avistar at the Parkway - Series A (3)
TX
12,686,495
2,516,255
-
15,202,750
Avistar at Wilcrest - Series A (6)
TX
5,223,164
923,710
-
6,146,874
Avistar at Wood Hollow - Series A (6)
TX
39,659,362
7,309,397
-
46,968,759
Avistar in 09 - Series A (2)
TX
6,359,867
1,348,568
-
7,708,435
Avistar on the Boulevard - Series A (2)
TX
15,522,758
3,169,213
-
18,691,971
Avistar on the Hills - Series A (2)
TX
5,042,621
1,133,545
-
6,176,166
Bruton Apartments (4)
TX
17,639,477
4,336,133
-
21,975,610
Concord at Gulfgate - Series A (4)
TX
18,750,321
4,293,867
-
23,044,188
Concord at Little York - Series A (4)
TX
13,135,487
3,121,179
-
16,256,666
Concord at Williamcrest - Series A (4)
TX
20,348,276
4,747,239
-
25,095,515
Crossing at 1415 - Series A (4)
TX
7,312,727
1,495,203
-
8,807,930
Decatur Angle (4)
TX
22,222,763
4,918,525
-
27,141,288
Esperanza at Palo Alto (4)
TX
19,182,510
5,213,184
-
24,395,694
Heights at 515 - Series A (4)
TX
6,694,927
1,395,575
-
8,090,502
Heritage Square - Series A (3)
TX
10,548,961
1,934,414
-
12,483,375
Oaks at Georgetown - Series A (4)
TX
12,108,609
2,081,022
-
14,189,631
Runnymede (1)
TX
9,805,000
-
-
9,805,000
Southpark (1)
TX
11,480,404
1,735,296
-
13,215,700
15 West Apartments (4)
WA
9,586,894
2,701,301
-
12,288,195
Mortgage revenue bonds held in trust
$
638,674,164
$
114,502,241
$
-
$
753,176,405
(1)
MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
( 2 )
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
( 3 )
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
( 4 )
( 5 )
( 6 )
March 31, 2021
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
$
2,662,206
$
795,575
$
-
$
3,457,781
Greens Property - Series B
NC
924,419
91,098
-
1,015,517
Ohio Properties - Series B
OH
3,480,770
-
-
3,480,770
Rosewood Townhomes - Series B
SC
469,781
-
-
469,781
South Pointe Apartments - Series B
SC
1,099,487
-
-
1,099,487
Provision Center 2014-1
TN
6,160,689
-
-
6,160,689
Avistar at the Crest - Series B
TX
734,678
120,209
-
854,887
Avistar at the Oaks - Series B
TX
537,812
86,978
-
624,790
Avistar at the Parkway - Series B
TX
123,883
40,662
-
164,545
Avistar in 09 - Series B
TX
443,646
71,749
-
515,395
Avistar on the Boulevard - Series B
TX
436,548
68,317
-
504,865
Mortgage revenue bonds held by the Partnership
$
17,073,919
$
1,274,588
$
-
$
18,348,507
December 31, 2020
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 (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)
MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
( 2 )
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
( 3 )
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
( 4 )
( 5 )
MRB held by Morgan Stanley in a debt financing transaction Note 15
( 6 )
MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 15
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
Schedule of MRB RedeemedThe following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2021:
Property Name
Month Redeemed
Property Location
Units
Original Maturity Date
Interest Rate
Principal Outstanding at Date of Redemption
Arby Road Apartments - Series A (1)
March
Las Vegas, NV
180
10/1/2027
5.35
%
$
1,600,000
Arby Road Apartments - Series A (1)
March
Las Vegas, NV
180
4/1/2041
5.50
%
5,785,000
$
7,385,000
(1)
The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2020:
Property Name
Month Redeemed
Property Location
Units
Original Maturity Date
Interest Rate
Principal Outstanding at Date of Redemption
Solano Vista - Series B
January
Vallejo, CA
96
1/1/2021
5.85
%
$
3,103,000
Summary of Changes in Partnership's Allowance for Credit LossesThe following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Balance, beginning of period
$
7,319,000
$
-
Provision for credit loss
-
1,358,000
Balance, end of period (1)
$
7,319,000
$
1,358,000
(1)
.

Governmental Issuer Loans (Tabl

Governmental Issuer Loans (Tables)3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020:
As of March 31, 2021
Property Name
Month Acquired
Property Location
Units
Maturity Date (2)
Variable Interest Rate
Current Interest Rate
Amortized Cost
Maximum Remaining Commitment
Scharbauer Flats Apartments (1)
June 2020
Midland, TX
300
1/1/2023
SIFMA + 3.10%
3.15%
$
40,000,000
$
-
Oasis at Twin Lakes (1)
July 2020
Roseville, MN
228
8/1/2023
SIFMA + 3.25%
(3),(4)
3.75%
24,733,130
9,266,870
Centennial Crossings (1)
August 2020
Centennial, CO
209
9/1/2023
SIFMA + 2.75%
(4)
3.25%
15,182,744
17,897,256
Legacy Commons at Signal Hills (1)
January 2021
St. Paul, MN
247
2/1/2024
SOFR + 3.07%
(4)
3.57%
9,917,887
24,702,113
Hilltop at Signal Hills (1)
January 2021
St. Paul, MN
146
8/1/2023
SOFR + 3.07%
(4)
3.57%
4,075,050
20,374,950
Hope on Avalon
January 2021
Los Angeles, CA
88
2/1/2023
SIFMA + 3.75%
(4)
4.60%
6,331,200
17,058,800
Hope on Broadway
January 2021
Los Angeles, CA
49
2/1/2023
SIFMA + 3.75%
(4)
4.60%
3,691,245
8,414,378
$
103,931,256
$
97,714,367
(1)
An affiliate of the Partnership has forward committed to purchase the GIL at maturity if the property has reached stabilization and other conditions are met (Note 21).
(2)
The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.
(3)
The variable rate decreases to SIFMA plus 2.25% upon completion of c
(4)
The variable index interest rate component is subject to a floor.
As of December 31, 2020
Property Name
Month Acquired
Property Location
Units
Maturity Date (2)
Variable Interest Rate
Current Interest Rate
Amortized Cost
Scharbauer Flats Apartments (1)
June 2020
Midland, TX
300
1/1/2023
SIFMA + 3.10%
3.19%
$
40,000,000
Oasis at Twin Lakes (1)
July 2020
Roseville, MN
228
8/1/2023
SIFMA + 3.25%
(3),(4)
3.75%
14,403,000
Centennial Crossings (1)
August 2020
Centennial, CO
209
9/1/2023
SIFMA + 2.75%
(4)
3.25%
10,460,657
$
64,863,657
(1)
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 (Note 21).
(2)
The borrower may elect to extend the maturity date to for a period ranging between six and twelve 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 variable index interest rate component is subject to a floor.

Real Estate Assets (Tables)

Real Estate Assets (Tables)3 Months Ended
Mar. 31, 2021
Real Estate [Abstract]
Real Estate Assets Owned by PartnershipThe following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2021 and December 31, 2020:
Real Estate Assets as of March 31, 2021
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
$
39,399,529
$
42,598,797
The 50/50 MF Property
Lincoln, NE
475
-
32,942,956
32,942,956
Land held for development
(1)
1,675,997
-
1,675,997
$
77,217,750
Less accumulated depreciation
(18,827,865
)
Net real estate assets
$
58,389,885
(1)
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 land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE.

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 and remaining equity commitment amounts as of March 31, 2021:
Property Name
Location
Units
Month Commitment Executed
Construction Completion Date
Carrying Value as of March 31, 2021
Carrying Value as of December 31, 2020
Maximum Remaining Equity Commitment as of March 31, 2021
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
10,570,000
-
Vantage at Germantown
Germantown, TN
288
June 2018
March 2020
-
12,425,000
-
Vantage at Murfreesboro
Murfreesboro, TN
288
September 2018
October 2020
12,390,012
14,640,000
-
Vantage at Coventry
Omaha, NE
294
September 2018
February 2021
9,007,435
9,007,435
-
Vantage at Conroe
Conroe, TX
288
April 2019
January 2021
10,669,242
10,406,895
-
Vantage at O'Connor
San Antonio, TX
288
October 2019
N/A
8,453,760
8,245,890
-
Vantage at Westover Hills
San Antonio, TX
288
January 2020
N/A
8,223,758
8,021,544
-
Vantage at Tomball
Tomball, TX
288
August 2020
N/A
10,964,487
9,280,134
-
Vantage at Hutto
Hutto, TX
288
November 2020
N/A
3,243,428
3,163,676
7,359,952
Vantage at San Marcos
San Marcos, TX
288
November 2020
N/A
1,006,442
981,695
8,943,914
3,468
$
94,664,865
$
106,878,570
$
16,303,866
Summary of Partnership's Investments in Unconsolidated EntitiesThe following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Property Revenues
$
5,482,870
$
2,483,605
Gain on sale of property
$
8,967,247
$
-
Net income (loss)
$
6,931,134
$
(2,519,165
)

Property Loans, Net of Loan L_2

Property Loans, Net of Loan Loss Allowances (Tables)3 Months Ended
Mar. 31, 2021
Property Loans Net Of Loan Loss Allowance [Abstract]
Summary of Partnership's Property Loans, Net of Loan Loss AllowancesThe following tables summarize the Partnership’s property loans, net of loan loss allowances, as of March 31, 2021 and December 31, 2020:
March 31, 2021
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
Hilltop at Signal Hills (1)
1,000,000
-
1,000,000
Legacy Commons at Signal Hills (1)
1,000,000
-
1,000,000
Live 929 Apartments
911,232
(911,232
)
-
Oasis at Twin Lakes (1)
1,000,000
-
1,000,000
Ohio Properties
2,390,446
-
2,390,446
Scharbauer Flats Apartments (1)
2,309,613
-
2,309,613
Total
$
24,225,765
$
(8,305,046
)
$
15,920,719
(1)
The p
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)
The p
Summary of Outstanding Property Loans and Remaining CommitmentsThe following is a summary of the property loans commitments entered into during the three months ended March 31, 2021
Property Name
Date Committed
Maturity Date (1)
Outstanding Balance
Legacy Commons at Signal Hills
January 2021
2/1/2024
$
1,000,000
Hilltop at Signal Hills
January 2021
8/1/2023
1,000,000
$
2,000,000
(1)
The following table summarizes the Partnership’s outstanding property loan commitments as of March 31, 2021:
Maximum Remaining Commitment
Centennial Crossings
21,232,271
Hilltop at Signal Hills
20,197,939
Legacy Commons at Signal Hills
31,233,972
Oasis at Twin Lakes
26,704,180
Scharbauer Flats Apartments
21,850,387
Total
$
121,218,749

Income Tax Provision (Tables)

Income Tax Provision (Tables)3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)The following table summarizes income tax expense (benefit) for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Current income tax expense
$
16,485
$
42,335
Deferred income tax benefit
(16,228
)
(30,921
)
Total income tax expense
$
257
$
11,414

Other Assets (Tables)

Other Assets (Tables)3 Months Ended
Mar. 31, 2021
Other Assets [Abstract]
Schedule of Other AssetsThe following table summarizes the other assets as of March 31, 2021 and December 31, 2020:
March 31, 2021
December 31, 2020
Deferred financing costs, net
$
455,954
$
390,649
Fair value of derivative instruments (Note 17)
327,376
321,503
Taxable mortgage revenue bonds, at fair value
1,443,988
1,510,437
Taxable governmental issuer loan held in trust
1,000,000
-
Bond purchase commitments, at fair value (Note 18)
310,909
431,879
Operating lease right-of-use assets, net
1,641,462
1,648,742
Other assets
1,911,434
1,605,374
Total other assets
$
7,091,123
$
5,908,584
Summary of Taxable Governmental Issuer Loan and Remaining Funding CommitmentThe following table includes details of the taxable GIL, and the remaining funding commitment, that was entered into during the three months ended March 31, 2021:
Property Name
Date Committed
Maturity Date
Outstanding Balance
Maximum Remaining Commitment
Hope on Avalon
January 2021
2/1/2023 (1)
$
1,000,000
$
9,573,000
(1)
The borrower ha s the option to extend the maturity up to six months upon

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)3 Months Ended
Mar. 31, 2021
Payables And Accruals [Abstract]
Summary of Accounts Payable, Accrued Expenses and Other LiabilitiesThe following table summarizes the accounts payable, accrued expenses and other liabilities as of March 31, 2021 and December 31, 2020:
March 31, 2021
December 31, 2020
Accounts payable
$
109,503
$
94,674
Accrued expenses
2,626,800
2,755,010
Accrued interest expense
3,630,945
3,433,247
Operating lease liabilities
2,150,033
2,149,001
Other liabilities
1,556,498
1,517,633
Total accounts payable, accrued expenses and other liabilities
$
10,073,779
$
9,949,565
Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease LiabilitiesThe following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities as of March 31, 2021:
Remainder of 2021
$
104,102
2022
141,119
2023
143,561
2024
144,706
2025
147,598
Thereafter
4,369,676
Total
5,050,762
Less: Amount representing interest
(2,900,729
)
Total operating lease liabilities
$
2,150,033

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)3 Months Ended
Mar. 31, 2021
Unsecured Lines of Credit [Member]
Summary of Unsecured Lines of CreditThe following tables summarize the unsecured lines of credit (“LOC”) as of March 31, 2021 and December 31, 2020:
Unsecured Lines of Credit
Outstanding as of March 31, 2021
Total Commitment
Commitment Maturity
Variable / Fixed
Reset Frequency
Period End Rate
Bankers Trust non-operating
$
-
$
50,000,000
June 2022
Variable (1)
Monthly
2.61
%
Bankers Trust operating
-
10,000,000
June 2022
Variable (1)
Monthly
3.36
%
Total unsecured lines of credit
$
-
$
60,000,000
(1)
The variable rate is indexed to LIBOR plus an applicable margin.
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.

Debt Financing (Tables)

Debt Financing (Tables)3 Months Ended
Mar. 31, 2021
Debt Financing [Abstract]
Schedule of Total Debt FinancingThe following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2021 and December 31, 2020:
Outstanding Debt Financings as of March 31, 2021, 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
$
39,710,422
$
4,000
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
77,965,698
4,999
2014
July 2024
Weekly
SIFMA
0.08%
1.36%
1.44%
Fixed - M33
30,648,101
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
215,362,292
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
103,016,551
77,530,126
2020
September 2025
Monthly
3-month LIBOR
0.18%
9.00%
9.18% (3)
TOB Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
3,635,973
-
2020
July 2022
Weekly
SIFMA
0.25%
0.89%
1.14%
Variable - TOB
7,873,144
-
2021
February 2023
Weekly
SIFMA
0.25%
1.42%
1.67%
Variable - TOB
122,615,475
-
2019
July 2023
Weekly
SIFMA
0.25% - 0.30%
1.17% - 1.67%
1.42% - 1.97%
Variable - TOB
76,533,047
-
2020
September 2023
Weekly
OBFR
0.32%
0.89%
1.21%
Variable - TOB
5,680,127
-
2020
December 2023
Weekly
SIFMA
0.25%
1.27%
1.52%
Variable - TOB
15,761,909
-
2021
January 2024
Weekly
OBFR
0.32%
0.89%
1.21%
Morgan Stanley:
Fixed - Term TOB
12,986,162
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
Total Debt Financings
$
711,788,901
(1)
Facility fees have a variable component
(2)
The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.
(3)
The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $39.9 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of March 31, 2021.
Outstanding Debt Financings as of December 31, 2020
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 Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
1,765,167
-
2020
July 2022
Weekly
SIFMA
0.29%
0.89%
1.18%
Variable - TOB
122,724,862
-
2019
July 2023
Weekly
SIFMA
0.29% - 0.39%
1.17% - 1.67%
1.46% - 2.06%
Variable - TOB
62,992,845
-
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22%
Variable - TOB
5,668,324
-
2020
December 2023
Weekly
SIFMA
0.29%
1.27%
1.56%
Morgan Stanley:
Fixed - Term TOB
13,001,530
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
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 Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of December 31, 2020. See Note 17 for further information on the total return swaps.
Summary of Mizuho TOB Trust FinancingsThe following is a summary of the Mizuho TOB Trust financings that were entered into during the three months ended March 31, 2021:
TOB Trusts Securitization
Initial TOB Trust Financing
Stated Maturity
Reset Frequency
Variable Rate Index
Facility Fees
TOB Trust 2021-XF2926 (1)
$
16,190,000
January 2024
Weekly
OBFR
0.89%
Hope on Avalon GIL
5,064,000
February 2023
Weekly
SIFMA
1.42%
Hope on Broadway GIL
2,953,000
February 2023
Weekly
SIFMA
1.42%
Total TOB Trust Financings
$
24,207,000
(1)
Schedule of Contractual Maturities of BorrowingsThe Partnership’s contractual maturities of borrowings as of March 31, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
4,456,041
2022
23,310,689
2023
217,166,816
2024
104,029,152
2025
11,363,784
Thereafter
354,282,763
Total
714,609,245
Unamortized deferred financing costs and debt premium
(2,820,344
)
Total debt financing, net
$
711,788,901

Mortgages Payable and Other S_2

Mortgages Payable and Other Secured Financing (Tables)3 Months Ended
Mar. 31, 2021
Schedule of Total Debt FinancingThe following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2021 and December 31, 2020:
Outstanding Debt Financings as of March 31, 2021, 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
$
39,710,422
$
4,000
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
77,965,698
4,999
2014
July 2024
Weekly
SIFMA
0.08%
1.36%
1.44%
Fixed - M33
30,648,101
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
215,362,292
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
103,016,551
77,530,126
2020
September 2025
Monthly
3-month LIBOR
0.18%
9.00%
9.18% (3)
TOB Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
3,635,973
-
2020
July 2022
Weekly
SIFMA
0.25%
0.89%
1.14%
Variable - TOB
7,873,144
-
2021
February 2023
Weekly
SIFMA
0.25%
1.42%
1.67%
Variable - TOB
122,615,475
-
2019
July 2023
Weekly
SIFMA
0.25% - 0.30%
1.17% - 1.67%
1.42% - 1.97%
Variable - TOB
76,533,047
-
2020
September 2023
Weekly
OBFR
0.32%
0.89%
1.21%
Variable - TOB
5,680,127
-
2020
December 2023
Weekly
SIFMA
0.25%
1.27%
1.52%
Variable - TOB
15,761,909
-
2021
January 2024
Weekly
OBFR
0.32%
0.89%
1.21%
Morgan Stanley:
Fixed - Term TOB
12,986,162
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
Total Debt Financings
$
711,788,901
(1)
Facility fees have a variable component
(2)
The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.
(3)
The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $39.9 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of March 31, 2021.
Outstanding Debt Financings as of December 31, 2020
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 Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
1,765,167
-
2020
July 2022
Weekly
SIFMA
0.29%
0.89%
1.18%
Variable - TOB
122,724,862
-
2019
July 2023
Weekly
SIFMA
0.29% - 0.39%
1.17% - 1.67%
1.46% - 2.06%
Variable - TOB
62,992,845
-
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22%
Variable - TOB
5,668,324
-
2020
December 2023
Weekly
SIFMA
0.29%
1.27%
1.56%
Morgan Stanley:
Fixed - Term TOB
13,001,530
-
2019
May 2022
N/A
N/A
N/A
N/A
3.53%
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 Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of December 31, 2020. See Note 17 for further information on the total return swaps.
Schedule of Contractual Maturities of BorrowingsThe Partnership’s contractual maturities of borrowings as of March 31, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
4,456,041
2022
23,310,689
2023
217,166,816
2024
104,029,152
2025
11,363,784
Thereafter
354,282,763
Total
714,609,245
Unamortized deferred financing costs and debt premium
(2,820,344
)
Total debt financing, net
$
711,788,901
Mortgages payable [Member]
Schedule of Total Debt FinancingThe following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of March 31, 2021 and December 31, 2020:
MF Property Mortgage Payables
Outstanding Mortgage Payable as of March 31, 2021, net
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
$
2,521,369
$
2,521,308
2020
March 2025
Fixed
4.40
%
The 50/50 MF Property--Mortgage
23,339,100
23,463,564
2020
April 2027
Fixed
4.35
%
Total Mortgage Payable\Weighted Average Period End Rate
$
25,860,469
$
25,984,872
4.36
%
Schedule of Contractual Maturities of BorrowingsThe Partnership’s contractual maturities of borrowings as of March 31, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
710,641
2022
869,599
2023
908,564
2024
946,558
2025
1,782,213
Thereafter
20,644,450
Total
25,862,025
Unamortized deferred financing costs
(1,556
)
Total mortgages payable and other secured financings, net
$
25,860,469

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)3 Months Ended
Mar. 31, 2021
Total Return Swaps [Member]
Summary of Partnership's Derivative InstrumentsThe following table summarizes the terms of the Partnership’s total return swaps as of March 31, 2021 and 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 March 31, 2021
Sept 2020
39,881,661
Sept 2020
Sept 2025
4.25% (1)
9.18% (3)
3-month LIBOR
Mizuho Capital Markets
$
77,280
Sept 2020
63,500,000
Sept 2020
Mar 2022
1.00% (2)
9.18% (3)
3-month LIBOR
Mizuho Capital Markets
214,768
$
292,048
(1)
(2)
(3)
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 March 31, 2021 and December 31, 2020:
Purchase Date
Notional Amount
Maturity Date
Effective Capped Rate (1)
Index
Variable Debt Financing Facility Hedged (1)
Counterparty
Fair Value as of March 31, 2021
Aug 2019
77,642,414
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
$
35,328
$
35,328
(1)
See Notes 15 and 22 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, 2020
Aug 2019
77,979,924
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
$
27,877
$
27,877
( 1 )
See Notes 15 and 22 for additional details.

Commitments and Contingencies (

Commitments and Contingencies (Tables)3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Summary of Partnership's Bond Purchase CommitmentsThe following table summarizes the Partnership’s bond purchase commitment as of March 31, 2021:
Bond Purchase Commitments
Commitment Date
Maximum Committed Amounts Remaining
Rate
Estimated Closing Date
Fair Value as of March 31, 2021
CCBA Senior Garden Apartments
July 2020
$
3,807,000
4.50
%
Q3 2022
$
310,909
Summary of Partnership's Maximum Exposure Under Guarantee AgreementsThe following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of March 31, 2021:
Borrower
Year the Guarantee was Executed
Maximum Balance Available on Loan
Loan Balance as of March 31, 2021
Partnership's Maximum Exposure as of March 31, 2021
Guarantee Terms
Vantage at Stone Creek
2018
$
30,824,000
$
30,501,955
$
15,250,978
(1)
Vantage at Coventry
2018
31,500,000
29,369,707
14,684,853
(1)
Vantage at Murfreesboro
2021
30,500,000
30,500,000
15,250,000
(2)
(1)
The Partnership’s guaranty was initially for the entire amount of the loan and will decrease based on the achievement of certain events or financial ratios. The Partnership’s maximum exposure will decrease to 25%
(2)
The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth and maintain liquid assets of not less than $5.0 million. The Partnership was in compliance with these requirements as of March 31, 2001. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation during the term.
Limited Partnership(s)
Year the Guarantee was Executed
End of Guarantee Period
Partnership's Maximum Exposure as of March 31, 2021
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)3 Months Ended
Mar. 31, 2021
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Series A Preferred UnitsThe following table summarizes the outstanding Series A Preferred Units as of March 31, 2021 and December 31, 2020
Month Issued
Units
Purchase Price
Distribution Rate
Redemption Price per Unit
Earliest Redemption Date
March 2016
1,000,000
$
10,000,000
3.00
%
$
10.00
March 2022
May 2016
1,386,900
13,869,000
3.00
%
10.00
May 2022
September 2016
1,000,000
10,000,000
3.00
%
10.00
September 2022
December 2016
700,000
7,000,000
3.00
%
10.00
December 2022
March 2017
1,613,100
16,131,000
3.00
%
10.00
March 2023
August 2017
2,000,000
20,000,000
3.00
%
10.00
August 2023
October 2017
1,750,000
17,500,000
3.00
%
10.00
October 2023
Series A Preferred Units outstanding as of March 31, 2021 and December 31, 2020
9,450,000
$
94,500,000

Restricted Unit Awards (Tables)

Restricted Unit Awards (Tables)3 Months Ended
Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of RUA ActivityThe following table summarizes the RUA activity for the three months ended March 31, 2021 and the year ended December 31, 2020:
Restricted Units Awarded
Weighted average Grant-date Fair Value
Nonvested as of January 1, 2020
-
$
-
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
No activity
-
4.98
Nonvested as of March 31, 2021
132,812
$
4.98

Transactions with Related Par_2

Transactions with Related Parties (Tables)3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
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 condensed consolidated financial statements for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Partnership administrative fees paid to AFCA 2 (1)
$
966,000
$
865,000
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2)
11,000
8,000
(1)
AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, GILs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations.
( 2 )
The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s condensed consolidated statements of operations.
Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates. The following table summarizes transactions between borrowers of the Partnership’s MRBs, GILs and certain property loans and affiliates for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Non-Partnership property administrative fees received by AFCA 2 (1)
$
9,000
$
9,000
Investment/mortgage placement fees received by AFCA 2 (2)
1,254,000
542,000
(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)3 Months Ended
Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 are as follows:
Range of Effective Yields
Weighted Average Effective Yields (1)
Security Type
March 31, 2021
December 31, 2020
March 31, 2021
December 31, 2020
Mortgage revenue bonds
1.6% - 13.5%
1.4% - 13.3%
3.3
%
3.0
%
Taxable mortgage revenue bonds
7.9% - 8.0%
7.1% - 7.4%
8.0
%
7.3
%
Bond purchase commitments
3.7%
3.5%
3.7
%
3.5
%
(1)
Weighted by the total principal outstanding of all the respective securities as of the reporting date
Summary of Assets Measured at Fair Value on Recurring BasisAssets measured at fair value on a recurring basis as of March 31, 2021 are summarized as follows:
Fair Value Measurements as of March 31, 2021
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
$
753,176,405
$
-
$
-
$
753,176,405
Mortgage revenue bonds
18,348,507
-
-
18,348,507
Bond purchase commitments (reported within other assets)
310,909
-
-
310,909
Taxable mortgage revenue bonds (reported within other assets)
1,443,988
-
-
1,443,988
Derivative financial instruments (reported within other assets)
327,376
-
-
327,376
Total Assets at Fair Value, net
$
773,607,185
$
-
$
-
$
773,607,185
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 instruments (reported within other assets)
321,503
-
-
321,503
Total Assets at Fair Value, net
$
796,696,304
$
-
$
-
$
796,696,304
Summary of Activity Related to Level 3 Assets and LiabilitiesThe following table summarizes the activity related to Level 3 assets for the three months ended March 31, 2021:
For the Three Months Ended March 31, 2021
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
Mortgage Revenue Bonds (1)
Bond Purchase Commitments
Taxable Mortgage Revenue Bonds
Derivative Financial Instruments
Total
Beginning Balance January 1, 2021
$
794,432,485
$
431,879
$
1,510,437
$
321,503
$
796,696,304
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)
34,531
-
-
1,806,167
1,840,698
Included in other comprehensive loss
(16,234,685
)
(120,970
)
(64,112
)
-
(16,419,767
)
Purchases
2,071,500
-
-
-
2,071,500
Settlements
(8,778,919
)
-
(2,337
)
(1,800,294
)
(10,581,550
)
Ending Balance March 31, 2021
$
771,524,912
$
310,909
$
1,443,988
$
327,376
$
773,607,185
Total amount of gains for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on March 31, 2021
$
-
$
-
$
-
$
7,451
$
7,451
(1)
The following table summarizes the activity related to Level 3 assets and liabilities for the three months ended March 31, 2020:
For the Three Months Ended March 31, 2020
Fair Value Measurements Using Significant
Unobservable Inputs (Level 3)
Mortgage Revenue Bonds (1)
PHC Certificates
Taxable Mortgage Revenue Bonds
Interest Rate Derivatives
Total
Beginning Balance January 1, 2020
$
773,597,465
$
43,349,357
$
1,383,237
$
10,911
$
818,340,970
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)
35,142
(7,219
)
-
25,201
53,124
Included in earnings (impairment of securities and provision for credit loss)
(1,357,681
)
-
-
-
(1,357,681
)
Included in earnings (gain on sale of securities)
-
1,416,023
-
-
1,416,023
Included in other comprehensive (loss) income
(6,722,122
)
(1,408,804
)
36,555
-
(8,094,371
)
Sale of securities
-
(43,349,357
)
-
-
(43,349,357
)
Settlements
(4,470,529
)
-
(2,138
)
-
(4,472,667
)
Ending Balance March 31, 2020
$
761,082,275
$
-
$
1,417,654
$
36,112
$
762,536,041
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on March 31, 2020
$
(1,357,681
)
$
-
$
-
$
25,201
$
(1,332,480
)
(1)
Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.
Summary of Fair Value of Partnership's Financial LiabilitiesThe table below summarizes the fair value of the Partnership’s financial liabilities as of March 31, 2021 and December 31, 20 20 :
March 31, 2021
December 31, 2020
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Financial Liabilities:
Debt financing
$
711,788,901
745,686,708
$
673,957,640
$
709,760,933
Unsecured lines of credit
-
-
7,475,000
7,475,000
Mortgages payable and other secured financing
25,860,469
25,862,025
25,984,872
25,986,514

Segments (Tables)

Segments (Tables)3 Months Ended
Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Partnership Reportable Segment InformationThe following table details certain financial information for the Partnership’s reportable segments for the three months ended March 31, 2021 and 2020:
For the Three Months Ended March 31,
2021
2020
Total revenues
Mortgage Revenue Bond Investments
$
10,794,788
$
10,205,803
Other Investments
1,898,176
1,403,615
MF Properties
1,694,524
1,952,247
Public Housing Capital Fund Trusts
-
174,470
Total revenues
$
14,387,488
$
13,736,135
Interest expense
Mortgage Revenue Bond Investments
$
4,944,277
$
5,498,199
Other Investments
-
-
MF Properties
282,198
321,776
Public Housing Capital Fund Trusts
-
197,993
Total interest expense
$
5,226,475
$
6,017,968
Depreciation expense
Mortgage Revenue Bond Investments
$
5,811
$
2,424
Other Investments
-
-
MF Properties
677,649
707,014
Public Housing Capital Fund Trusts
-
-
Total depreciation expense
$
683,460
$
709,438
Net income (loss)
Mortgage Revenue Bond Investments
$
2,549,452
$
440,336
Other Investments
4,706,221
1,403,152
MF Properties
(262,819
)
(252,730
)
Public Housing Capital Fund Trusts
-
1,390,999
Net income (loss)
$
6,992,854
$
2,981,757
The following table details total assets for the Partnership’s reportable segments as of March 31, 2021 and December 31, 2020:
March 31, 2021
December 31, 2020
Total assets
Mortgage Revenue Bond Investments
$
1,131,733,809
$
1,114,146,614
Other Investments
94,728,344
106,931,182
MF Properties
67,649,074
67,988,190
Public Housing Capital Fund Trusts
-
-
Consolidation/eliminations
(102,251,108
)
(113,818,107
)
Total assets
$
1,191,860,119
$
1,175,247,879

Subsequent Events (Tables)

Subsequent Events (Tables)3 Months Ended
Mar. 31, 2021
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
SIFMA Based Rates
Facility Fees
Initial Interest Rate
TOB Trust 2021-XF2936
$
3,528,000
April 2023
Weekly
0.26%
1.27%
1.53%
Jackson Manor Apartments [Member]
Summary of Terms of MRBThe following table summarizes the terms of the MRB:
Commitment
Month Acquired
Property Location
Units
Maturity Date
Fixed Interest Rate
Initial Funding
Maximum Remaining Commitment (1)
Jackson Manor Apartments
April
Jackson, MS
60
May 1, 2038
5.00%
$
4,150,000
$
2,750,000
(1)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - Greens Hold Co [Member]Mar. 31, 2021Property
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties1
Ownership interest percentage in MF property100.00%

Partnership Income, Expenses _2

Partnership Income, Expenses and Cash Distributions - Additional Information (Details)Mar. 31, 2021
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%

Net Income per BUC (Details)

Net Income per BUC (Details) - shares3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Earnings Per Share [Abstract]
Dilutive BUCs0 0

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - PropertyMar. 31, 2021Dec. 31, 2020
Variable Interest Entities [Abstract]
Number of Variable Interest Entities24 21

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure $ 223,328,463 $ 197,833,069
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure15,405,000 20,763,500
Governmental Issuer Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure103,931,256 64,863,657
Property Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure8,327,342 5,327,342
Taxable Governmental Issuer Loan [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure1,000,000
Investment in Unconsolidated Entities [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure $ 94,664,865 $ 106,878,570

Mortgage Revenue Bonds - Schedu

Mortgage Revenue Bonds - Schedule of investments in MRBs (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances $ 638,674,164 $ 637,948,068
Cumulative Unrealized Gain114,502,241 130,520,576
Estimated Fair Value753,176,405 768,468,644
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]10,038,847 10,061,161
Cumulative Unrealized Gain[1]2,036,900 2,487,317
Estimated Fair Value[1]12,075,747 12,548,478
Mortgage Revenue Bonds Held In Trust [Member] | Glenview Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[2]4,469,991 4,483,154
Cumulative Unrealized Gain[2]941,975 1,010,425
Estimated Fair Value[2]5,411,966 5,493,579
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]3,660,303 3,668,439
Cumulative Unrealized Gain[1]726,094 889,216
Estimated Fair Value[1]4,386,397 4,557,655
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]6,776,107 6,791,096
Cumulative Unrealized Gain[1]1,416,111 1,724,350
Estimated Fair Value[1]8,192,218 8,515,446
Mortgage Revenue Bonds Held In Trust [Member] | Harden Ranch [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]6,601,343 6,621,823
Cumulative Unrealized Gain[3]1,397,564 1,606,690
Estimated Fair Value[3]7,998,907 8,228,513
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]1,660,837 1,664,566
Cumulative Unrealized Gain[1]326,950 400,431
Estimated Fair Value[1]1,987,787 2,064,997
Mortgage Revenue Bonds Held In Trust [Member] | Montclair Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[2]2,421,644 2,428,775
Cumulative Unrealized Gain[2]518,332 572,671
Estimated Fair Value[2]2,939,976 3,001,446
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]7,612,095 7,626,287
Cumulative Unrealized Gain[4]1,916,887 2,350,276
Estimated Fair Value[4]9,528,982 9,976,563
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]4,095,000 2,023,500
Cumulative Unrealized Gain[4]164,711 215,633
Estimated Fair Value[4]4,259,711 2,239,133
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 6,720,000
Cumulative Unrealized Gain[4]2,086,742 2,404,771
Estimated Fair Value[4]8,806,742 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]3,424,558 3,432,246
Cumulative Unrealized Gain[1]658,833 809,327
Estimated Fair Value[1]4,083,391 4,241,573
Mortgage Revenue Bonds Held In Trust [Member] | Santa Fe Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[2]2,933,731 2,942,370
Cumulative Unrealized Gain[2]637,675 724,678
Estimated Fair Value[2]3,571,406 3,667,048
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]4,225,061 4,236,876
Cumulative Unrealized Gain[1]1,076,658 1,180,122
Estimated Fair Value[1]5,301,719 5,416,998
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]7,218,027 7,233,993
Cumulative Unrealized Gain[1]1,508,466 1,836,808
Estimated Fair Value[1]8,726,493 9,070,801
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]12,152,801 12,179,682
Cumulative Unrealized Gain[1]2,428,465 2,973,846
Estimated Fair Value[1]14,581,266 15,153,528
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]6,302,983 6,316,993
Cumulative Unrealized Gain[1]1,165,385 1,470,689
Estimated Fair Value[1]7,468,368 7,787,682
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]3,507,305 3,517,919
Cumulative Unrealized Gain[1]716,843 888,485
Estimated Fair Value[1]4,224,148 4,406,404
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]3,027,355 3,034,084
Cumulative Unrealized Gain[1]614,256 735,450
Estimated Fair Value[1]3,641,611 3,769,534
Mortgage Revenue Bonds Held In Trust [Member] | Tyler Park Townhomes [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]5,749,890 5,767,938
Cumulative Unrealized Gain[3]829,871 939,214
Estimated Fair Value[3]6,579,761 6,707,152
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]3,961,901 3,969,173
Cumulative Unrealized Gain[4]977,393 1,226,058
Estimated Fair Value[4]4,939,294 5,195,231
Mortgage Revenue Bonds Held In Trust [Member] | Westside Village Market [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]3,757,543 3,769,337
Cumulative Unrealized Gain[3]777,054 859,860
Estimated Fair Value[3]4,534,597 4,629,197
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]7,364,956 7,374,252
Cumulative Unrealized Gain[5]1,903,297 2,201,663
Estimated Fair Value[5]9,268,253 9,575,915
Mortgage Revenue Bonds Held In Trust [Member] | Copper Gate Apartments [Member] | IN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]4,955,000 4,955,000
Cumulative Unrealized Gain[3]572,032 641,581
Estimated Fair Value[3]5,527,032 5,596,581
Mortgage Revenue Bonds Held In Trust [Member] | Renaissance [Member] | Series A [Member] | LA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[2]10,836,857 10,870,681
Cumulative Unrealized Gain[2]3,683,524 4,293,328
Estimated Fair Value[2]14,520,381 15,164,009
Mortgage Revenue Bonds Held In Trust [Member] | Live 929 Apartments [Member] | MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[4]36,218,314 36,234,756
Estimated Fair Value[4]36,218,314 36,234,756
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 4,120,000
Cumulative Unrealized Gain[5]13,341 56,458
Estimated Fair Value[5]4,133,341 4,176,458
Mortgage Revenue Bonds Held In Trust [Member] | Gateway Village [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[4]2,600,000 2,600,000
Cumulative Unrealized Gain[4]131,447 136,612
Estimated Fair Value[4]2,731,447 2,736,612
Mortgage Revenue Bonds Held In Trust [Member] | Greens Property [Member] | Series A [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]7,802,000 7,829,000
Cumulative Unrealized Gain[3]557,051 663,781
Estimated Fair Value[3]8,359,051 8,492,781
Mortgage Revenue Bonds Held In Trust [Member] | Lynnhaven Apartments [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[4]3,450,000 3,450,000
Cumulative Unrealized Gain[4]174,419 178,960
Estimated Fair Value[4]3,624,419 3,628,960
Mortgage Revenue Bonds Held In Trust [Member] | Silver Moon [Member] | Series A [Member] | NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[2]7,681,225 7,697,891
Cumulative Unrealized Gain[2]1,851,589 1,995,694
Estimated Fair Value[2]9,532,814 9,693,585
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[6]16,159,797 16,189,074
Cumulative Unrealized Gain[6]4,151,656 4,879,623
Estimated Fair Value[6]20,311,453 21,068,697
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]13,688,000 13,724,000
Cumulative Unrealized Gain[5]61,243
Estimated Fair Value[5]13,688,000 13,785,243
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]7,190,000 7,235,000
Cumulative Unrealized Gain[5]71,710 153,657
Estimated Fair Value[5]7,261,710 7,388,657
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]12,856,267 12,898,904
Cumulative Unrealized Gain[1]2,501,126 2,689,886
Estimated Fair Value[1]15,357,393 15,588,790
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]11,023,297 11,055,254
Cumulative Unrealized Gain[1]1,890,764 2,208,446
Estimated Fair Value[1]12,914,061 13,263,700
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]6,133,061 6,136,261
Cumulative Unrealized Gain[5]2,162,011 2,277,289
Estimated Fair Value[5]8,295,072 8,413,550
Mortgage Revenue Bonds Held In Trust [Member] | The Palms at Premier Park [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]18,562,061 18,619,081
Cumulative Unrealized Gain[3]2,602,480 2,906,879
Estimated Fair Value[3]21,164,541 21,525,960
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]9,784,362 9,802,479
Cumulative Unrealized Gain[1]2,030,003 1,353,745
Estimated Fair Value[1]11,814,365 11,156,224
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]12,677,935 12,720,560
Cumulative Unrealized Gain[1]2,464,921 2,650,995
Estimated Fair Value[1]15,142,856 15,371,555
Mortgage Revenue Bonds Held In Trust [Member] | Arbors at Hickory Ridge [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]10,872,864 10,910,733
Cumulative Unrealized Gain[3]2,316,451 2,704,295
Estimated Fair Value[3]13,189,315 13,615,028
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 9,259,206
Cumulative Unrealized Gain[4]562,960 578,247
Estimated Fair Value[4]9,822,166 9,837,453
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 21,551,600
Cumulative Unrealized Gain[4]1,310,337 1,345,919
Estimated Fair Value[4]22,861,937 22,897,519
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Copperfield [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[4]13,782,171 13,815,817
Cumulative Unrealized Gain[4]2,695,680 3,189,896
Estimated Fair Value[4]16,477,851 17,005,713
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Crest [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]9,111,697 9,140,656
Cumulative Unrealized Gain[3]1,934,363 2,376,580
Estimated Fair Value[3]11,046,060 11,517,236
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Oaks [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]7,365,549 7,388,262
Cumulative Unrealized Gain[3]1,624,288 1,854,785
Estimated Fair Value[3]8,989,837 9,243,047
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Parkway [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[2]12,686,495 12,721,014
Cumulative Unrealized Gain[2]2,516,255 2,790,208
Estimated Fair Value[2]15,202,750 15,511,222
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Wilcrest [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[4]5,223,164 5,235,915
Cumulative Unrealized Gain[4]923,710 1,084,347
Estimated Fair Value[4]6,146,874 6,320,262
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Wood Hollow [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[4]39,659,362 39,756,184
Cumulative Unrealized Gain[4]7,309,397 8,703,609
Estimated Fair Value[4]46,968,759 48,459,793
Mortgage Revenue Bonds Held In Trust [Member] | Avistar in 09 [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]6,359,867 6,379,479
Cumulative Unrealized Gain[3]1,348,568 1,601,535
Estimated Fair Value[3]7,708,435 7,981,014
Mortgage Revenue Bonds Held In Trust [Member] | Avistar on the Boulevard [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]15,522,758 15,572,093
Cumulative Unrealized Gain[3]3,169,213 3,779,139
Estimated Fair Value[3]18,691,971 19,351,232
Mortgage Revenue Bonds Held In Trust [Member] | Avistar on the Hills [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[3]5,042,621 5,058,171
Cumulative Unrealized Gain[3]1,133,545 1,292,513
Estimated Fair Value[3]6,176,166 6,350,684
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]17,639,477 17,674,167
Cumulative Unrealized Gain[1]4,336,133 3,792,253
Estimated Fair Value[1]21,975,610 21,466,420
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]18,750,321 18,796,773
Cumulative Unrealized Gain[1]4,293,867 4,888,537
Estimated Fair Value[1]23,044,188 23,685,310
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]13,135,487 13,168,029
Cumulative Unrealized Gain[1]3,121,179 3,543,909
Estimated Fair Value[1]16,256,666 16,711,938
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]20,348,276 20,398,687
Cumulative Unrealized Gain[1]4,747,239 5,397,326
Estimated Fair Value[1]25,095,515 25,796,013
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]7,312,727 7,331,821
Cumulative Unrealized Gain[1]1,495,203 1,810,458
Estimated Fair Value[1]8,807,930 9,142,279
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]22,222,763 22,270,729
Cumulative Unrealized Gain[1]4,918,525 5,600,721
Estimated Fair Value[1]27,141,288 27,871,450
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]19,182,510 19,218,417
Cumulative Unrealized Gain[1]5,213,184 5,955,488
Estimated Fair Value[1]24,395,694 25,173,905
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]6,694,927 6,712,409
Cumulative Unrealized Gain[1]1,395,575 1,600,836
Estimated Fair Value[1]8,090,502 8,313,245
Mortgage Revenue Bonds Held In Trust [Member] | Heritage Square [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[2]10,548,961 10,579,057
Cumulative Unrealized Gain[2]1,934,414 2,095,871
Estimated Fair Value[2]12,483,375 12,674,928
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]12,108,609 12,135,392
Cumulative Unrealized Gain[1]2,081,022 2,597,201
Estimated Fair Value[1]14,189,631 14,732,593
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 9,805,000
Cumulative Unrealized Gain[5]105,634
Estimated Fair Value[5]9,805,000 9,910,634
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]11,480,404 11,462,172
Cumulative Unrealized Gain[5]1,735,296 1,917,286
Estimated Fair Value[5]13,215,700 13,379,458
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]9,586,894 9,604,680
Cumulative Unrealized Gain[1]2,701,301 3,257,826
Estimated Fair Value[1]12,288,195 12,862,506
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances17,073,919 24,472,905
Cumulative Unrealized Gain1,274,588 1,490,936
Estimated Fair Value18,348,507 25,963,841
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 Allowances924,419 925,607
Cumulative Unrealized Gain91,098 107,347
Estimated Fair Value1,015,517 1,032,954
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 Allowances3,480,770 3,485,690
Cumulative Unrealized Gain13,578
Estimated Fair Value3,480,770 3,499,268
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 Allowances469,781 469,781
Cumulative Unrealized Gain2,549
Estimated Fair Value469,781 472,330
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 1,099,487
Cumulative Unrealized Gain5,967
Estimated Fair Value1,099,487 1,105,454
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 Allowances734,678 735,974
Cumulative Unrealized Gain120,209 144,746
Estimated Fair Value854,887 880,720
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 Allowances537,812 538,723
Cumulative Unrealized Gain86,978 100,668
Estimated Fair Value624,790 639,391
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 Allowances123,883 123,973
Cumulative Unrealized Gain40,662 43,650
Estimated Fair Value164,545 167,623
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 Allowances443,646 444,398
Cumulative Unrealized Gain71,749 83,042
Estimated Fair Value515,395 527,440
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 Allowances436,548 437,318
Cumulative Unrealized Gain68,317 82,718
Estimated Fair Value504,865 520,036
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 Allowances2,662,206 2,665,000
Cumulative Unrealized Gain795,575 891,612
Estimated Fair Value3,457,781 3,556,612
Mortgage Revenue Bonds [Member] | Provision Center 2014-1 [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances6,160,689 6,161,954
Estimated Fair Value $ 6,160,689 6,161,954
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 Value $ 7,400,059
[1]MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15
[2]MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
[3]MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
[4]MRBs held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 15
[5]MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
[6]MRB held by Morgan Stanley in a debt financing transaction, Note 15

Mortgage Revenue Bonds - Additi

Mortgage Revenue Bonds - Additional Information (Details)3 Months Ended
Mar. 31, 2020USD ($)
Schedule Of Available For Sale Securities [Line Items]
Provision for credit loss $ 1,357,681
Provision Center 2014-1 [Member]
Schedule Of Available For Sale Securities [Line Items]
Provision for credit loss $ 1,400,000

Mortgage Revenue Bonds - Sche_2

Mortgage Revenue Bonds - Schedule of MRB Redeemed (Details)3 Months Ended
Mar. 31, 2021USD ($)UnitMar. 31, 2020USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit3,468
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption | $ $ 7,385,000
Mortgage Revenue Bonds [Member] | Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed[1]March
Units | Unit[1]180
Original Maturity Date[1]Oct. 1,
2027
Interest Rate[1]5.35%
Principal Outstanding at Date of Redemption | $[1] $ 1,600,000
Mortgage Revenue Bonds [Member] | Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed[1]March
Units | Unit[1]180
Original Maturity Date[1]Apr. 1,
2041
Interest Rate[1]5.50%
Principal Outstanding at Date of Redemption | $[1] $ 5,785,000
Mortgage Revenue Bonds [Member] | Solano Vista [Member] | Series B [Member] | Vallejo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month RedeemedJanuary
Units | Unit96
Original Maturity DateJan. 1,
2021
Interest Rate5.85%
Principal Outstanding at Date of Redemption | $ $ 3,103,000
[1]Both MRBs are part of the same series but had different interest rates and maturity dates.

Mortgage Revenue Bonds - Summar

Mortgage Revenue Bonds - Summary of Changes in Partnership's Allowance for Credit Losses (Details) - Mortgage Revenue Bonds [Member] - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Allowance for Credit Loss [Abstract]
Balance, beginning of period $ 7,319,000 $ 0
Provision for credit loss0 1,358,000
Balance, end of period[1] $ 7,319,000 $ 1,358,000
[1].

Governmental Issuer Loans - Sum

Governmental Issuer Loans - Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans (Details)3 Months Ended12 Months Ended
Mar. 31, 2021USD ($)UnitDec. 31, 2020USD ($)Unit
Governmental Issuer Loans [Line Items]
Units | Unit3,468
Maximum Remaining Commitment $ 121,218,749
SIFMA [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate2.25%2.25%
Scharbauer Flats Apartments [Member]
Governmental Issuer Loans [Line Items]
Maximum Remaining Commitment $ 21,850,387
Oasis at Twin Lakes [Member]
Governmental Issuer Loans [Line Items]
Maximum Remaining Commitment26,704,180
Centennial Crossings [Member]
Governmental Issuer Loans [Line Items]
Maximum Remaining Commitment $ 21,232,271
Legacy Commons at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Maturity Date[1]Feb. 1,
2024
Maximum Remaining Commitment $ 31,233,972
Hilltop at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Maturity Date[1]Aug. 1,
2023
Maximum Remaining Commitment $ 20,197,939
Governmental Issuer Loans [Member] | TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Amortized Cost103,931,256 $ 64,863,657
Maximum Remaining Commitment $ 97,714,367
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | Midland, TX [Member]
Governmental Issuer Loans [Line Items]
Month AcquiredJune 2020[2]June 2020[3]
Units | Unit300 [2]300 [3]
Maturity DateJan. 1,
2023
[2],[4]Jan. 1,
2023
[3],[5]
Current Interest Rate3.15%[2]3.19%[3]
Amortized Cost $ 40,000,000 [2] $ 40,000,000 [3]
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | SIFMA [Member] | Midland, TX [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate3.10%[2]3.10%[3]
Governmental Issuer Loans [Member] | Oasis at Twin Lakes [Member] | TOB Trust [Member] | Roseville, MN [Member]
Governmental Issuer Loans [Line Items]
Month AcquiredJuly 2020[2]July 2020[3]
Units | Unit228 [2]228 [3]
Maturity DateAug. 1,
2023
[2],[4]Aug. 1,
2023
[3],[5]
Current Interest Rate3.75%[2]3.75%[3]
Amortized Cost $ 24,733,130 [2] $ 14,403,000 [3]
Maximum Remaining Commitment[2] $ 9,266,870
Governmental Issuer Loans [Member] | Oasis at Twin Lakes [Member] | TOB Trust [Member] | SIFMA [Member] | Roseville, MN [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate[6],[7]3.25%[2]3.25%[3]
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | Centennial, CO [Member]
Governmental Issuer Loans [Line Items]
Month AcquiredAugust 2020[2]August 2020[3]
Units | Unit209 [2]209 [3]
Maturity DateSep. 1,
2023
[2],[4]Sep. 1,
2023
[3],[5]
Current Interest Rate3.25%[2]3.25%[3]
Amortized Cost $ 15,182,744 [2] $ 10,460,657 [3]
Maximum Remaining Commitment[2] $ 17,897,256
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | SIFMA [Member] | Centennial, CO [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate[6]2.75%[2]2.75%[3]
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired[2]January 2021
Units | Unit[2]247
Maturity Date[2],[4]Feb. 1,
2024
Current Interest Rate[2]3.57%
Amortized Cost[2] $ 9,917,887
Maximum Remaining Commitment[2] $ 24,702,113
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | SOFR [Member] | St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate[2],[6]3.07%
Governmental Issuer Loans [Member] | Hilltop at Signal Hills [Member] | TOB Trust [Member] | St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired[2]January 2021
Units | Unit[2]146
Maturity Date[2],[4]Aug. 1,
2023
Current Interest Rate[2]3.57%
Amortized Cost[2] $ 4,075,050
Maximum Remaining Commitment[2] $ 20,374,950
Governmental Issuer Loans [Member] | Hilltop at Signal Hills [Member] | TOB Trust [Member] | SOFR [Member] | St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate[2],[6]3.07%
Governmental Issuer Loans [Member] | Hope on Avalon [Member] | TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Maturity Date[8]Feb. 1,
2023
Governmental Issuer Loans [Member] | Hope on Avalon [Member] | TOB Trust [Member] | Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Month AcquiredJanuary 2021
Units | Unit88
Maturity Date[4]Feb. 1,
2023
Current Interest Rate4.60%
Amortized Cost $ 6,331,200
Maximum Remaining Commitment $ 17,058,800
Governmental Issuer Loans [Member] | Hope on Avalon [Member] | TOB Trust [Member] | SIFMA [Member] | Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate[6]3.75%
Governmental Issuer Loans [Member] | Hope on Broadway [Member] | TOB Trust [Member] | Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Month AcquiredJanuary 2021
Units | Unit49
Maturity Date[4]Feb. 1,
2023
Current Interest Rate4.60%
Amortized Cost $ 3,691,245
Maximum Remaining Commitment $ 8,414,378
Governmental Issuer Loans [Member] | Hope on Broadway [Member] | TOB Trust [Member] | SIFMA [Member] | Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate[6]3.75%
[1]
[2]An affiliate of the Partnership has forward committed to purchase the GIL at maturity if the property has reached stabilization and other conditions are met (Note 21).
[3]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 (Note 21).
[4]The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.
[5]The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon payment of a non-refundable extension fee.
[6]The variable index interest rate component is subject to a floor.
[7]The variable rate decreases to SIFMA plus 2.25% upon completion of c
[8]The borrower ha s the option to extend the maturity up to six months upon

Governmental Issuer Loans - S_2

Governmental Issuer Loans - Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans (Parenthetical) (Details)Mar. 31, 2021Dec. 31, 2020
SIFMA [Member]
Governmental Issuer Loans [Line Items]
Variable rate2.25%2.25%

Governmental Issuer Loans - Add

Governmental Issuer Loans - Additional Information (Details) - Governmental Issuer Loans [Member] $ in MillionsJan. 31, 2021USD ($)
Legacy Commons at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Loans commitment $ 34.6
Hilltop at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Loans commitment24.5
Hope on Avalon [Member]
Governmental Issuer Loans [Line Items]
Loans commitment23.4
Hope on Broadway [Member]
Governmental Issuer Loans [Line Items]
Loans commitment $ 12.1

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Assets Owned by Partnership (Details)Mar. 31, 2021USD ($)UnitDec. 31, 2020USD ($)Unit
Real Estate [Line Items]
Number of Units | Unit3,468
Land and Land Improvements $ 4,875,265 $ 4,875,265
Buildings and improvements72,342,485 72,316,152
Carrying Value77,217,750 77,191,417
Accumulated depreciation(18,827,865)(18,150,215)
Net real estate assets $ 58,389,885 $ 59,041,202
Suites on Paseo [Member] | San Diego, CA [Member]
Real Estate [Line Items]
Number of Units | Unit384 384
Land and Land Improvements $ 3,199,268 $ 3,199,268
Buildings and improvements39,399,529 39,375,298
Carrying Value $ 42,598,797 $ 42,574,566
The 50/50 Student Housing--UNL [Member] | Lincoln, NE [Member]
Real Estate [Line Items]
Number of Units | Unit475 475
Buildings and improvements $ 32,942,956 $ 32,940,854
Carrying Value32,942,956 32,940,854
Land Held for Development [Member]
Real Estate [Line Items]
Land and Land Improvements[1]1,675,997 1,675,997
Carrying Value[1] $ 1,675,997 $ 1,675,997
[1]Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE.

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Details) - USD ($)1 Months Ended3 Months Ended
Mar. 31, 2021Mar. 31, 2021Jan. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Gain on sale of investments in unconsolidated entity $ 2,809,106
Vantage At Germantown [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received $ 16,100,000
Income on sale of properties862,000
Gain on sale of investments in unconsolidated entity $ 2,800,000
Vantage At Westover Hills [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction $ 7,300,000
ATAX Vantage Holdings, LLC [Member] | Minimum [Member]
Schedule Of Equity Method Investments [Line Items]
Return on investment period2 years
ATAX Vantage Holdings, LLC [Member] | Maximum [Member]
Schedule Of Equity Method Investments [Line Items]
Return on investment period3 years

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details)3 Months Ended
Mar. 31, 2021USD ($)UnitDec. 31, 2020USD ($)
Schedule Of Equity Method Investments [Line Items]
Units | Unit3,468
Carrying Value $ 94,664,865 $ 106,878,570
Maximum Remaining Equity Commitment $ 16,303,866
Vantage At Powdersville [Member] | Powdersville S C [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedNovember 2017
Construction Completion Date2020-02
Carrying Value $ 12,295,801 12,295,801
Vantage At Stone Creek [Member] | Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit294
Month Commitment ExecutedMarch 2018
Construction Completion Date2020-04
Carrying Value $ 7,840,500 7,840,500
Vantage At Bulverde [Member] | Bulverde T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedMarch 2018
Construction Completion Date2019-08
Carrying Value $ 10,570,000 10,570,000
Vantage At Germantown [Member] | Germantown, TN [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedJune 2018
Construction Completion Date2020-03
Carrying Value12,425,000
Vantage At Murfreesboro [Member] | Murfreesboro, TN [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedSeptember 2018
Construction Completion Date2020-10
Carrying Value $ 12,390,012 14,640,000
Vantage At Coventry [Member] | Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit294
Month Commitment ExecutedSeptember 2018
Construction Completion Date2021-02
Carrying Value $ 9,007,435 9,007,435
Vantage At O'Connor [Member] | San Antonio, TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedOctober 2019
Carrying Value $ 8,453,760 8,245,890
Vantage At Conroe [Member] | Conroe T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedApril 2019
Construction Completion Date2021-01
Carrying Value $ 10,669,242 10,406,895
Vantage At Westover Hills [Member] | San Antonio, TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedJanuary 2020
Carrying Value $ 8,223,758 8,021,544
Vantage At Tomball [Member] | Tomball TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedAugust 2020
Carrying Value $ 10,964,487 9,280,134
Vantage At Hutto [Member] | Hutto TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedNovember 2020
Carrying Value $ 3,243,428 3,163,676
Maximum Remaining Equity Commitment $ 7,359,952
Vantage At San Marcos [Member] | San Marcos TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedNovember 2020
Carrying Value $ 1,006,442 $ 981,695
Maximum Remaining Equity Commitment $ 8,943,914

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Property Revenues $ 5,482,870 $ 2,483,605
Gain on sale of property8,967,247
Net income (loss) $ 6,931,134 $ (2,519,165)

Property Loans, Net of Loan L_3

Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance $ 24,225,765 $ 21,225,765
Loan Loss Allowance(8,305,046)(8,305,046)
Property Loan Principal, net of allowance15,920,719 12,920,719
Arbors at Hickory Ridge [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance191,264 191,264
Property Loan Principal, net of allowance191,264 191,264
Avistar (February 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance201,972 201,972
Property Loan Principal, net of allowance201,972 201,972
Avistar (June 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance251,622 251,622
Property Loan Principal, net of allowance251,622 251,622
Centennial Crossings [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance[1]3,017,729 3,017,729
Property Loan Principal, net of allowance[1]3,017,729 3,017,729
Cross Creek [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance11,101,887 11,101,887
Loan Loss Allowance(7,393,814)(7,393,814)
Property Loan Principal, net of allowance3,708,073 3,708,073
Greens Property [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance850,000 850,000
Property Loan Principal, net of allowance850,000 850,000
Live 929 Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance911,232 911,232
Loan Loss Allowance(911,232)(911,232)
Hilltop at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance[1]1,000,000
Property Loan Principal, net of allowance[1]1,000,000
Ohio Properties [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance2,390,446 2,390,446
Property Loan Principal, net of allowance2,390,446 2,390,446
Legacy Commons at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance[1]1,000,000
Property Loan Principal, net of allowance[1]1,000,000
Scharbauer Flats Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance[1]2,309,613 2,309,613
Property Loan Principal, net of allowance[1]2,309,613 $ 2,309,613
Oasis at Twin Lakes [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance[1]1,000,000
Property Loan Principal, net of allowance[1] $ 1,000,000
[1]The p

Property Loans, Net of Loan L_4

Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Aug. 31, 2019
Ohio Properties [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Interest earned on property loan principal $ 983,000 $ 983,000
Live 929 Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Total property loan amount $ 1,500,000 $ 1,000,000

Property Loans, Net of Loan L_5

Property Loans, Net of Loan Loss Allowances - Summary of Outstanding Property Loans and Remaining Commitments (Details)3 Months Ended
Mar. 31, 2021USD ($)
Accounts Notes And Loans Receivable [Line Items]
Outstanding Balance $ 2,000,000
Maximum Remaining Commitment $ 121,218,749
Legacy Commons at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Date Committed2021-01
Original Maturity DateFeb. 1,
2024
[1]
Outstanding Balance $ 1,000,000
Maximum Remaining Commitment $ 31,233,972
Hilltop at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Date Committed2021-01
Original Maturity DateAug. 1,
2023
[1]
Outstanding Balance $ 1,000,000
Maximum Remaining Commitment20,197,939
Centennial Crossings [Member]
Accounts Notes And Loans Receivable [Line Items]
Maximum Remaining Commitment21,232,271
Oasis at Twin Lakes [Member]
Accounts Notes And Loans Receivable [Line Items]
Maximum Remaining Commitment26,704,180
Scharbauer Flats Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Maximum Remaining Commitment $ 21,850,387
[1]

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Provision [Line Items]
Total income tax expense $ 257 $ 11,414
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense16,485 42,335
Deferred income tax benefit(16,228)(30,921)
Total income tax expense $ 257 $ 11,414

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) - USD ($)Mar. 31, 2021Mar. 31, 2020
Income Tax Disclosure [Abstract]
Valuation allowance $ 0 $ 0

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Other Assets [Abstract]
Deferred financing costs, net $ 455,954 $ 390,649
Fair value of derivative instruments (Note 17)327,376 321,503
Taxable mortgage revenue bonds, at fair value1,443,988 1,510,437
Taxable governmental issuer loan held in trust1,000,000
Bond purchase commitments, at fair value (Note 18)310,909 431,879
Operating lease right-of-use assets, net1,641,462 1,648,742
Other assets1,911,434 1,605,374
Total other assets $ 7,091,123 $ 5,908,584

Other Assets - Summary of Taxab

Other Assets - Summary of Taxable Governmental Issuer Loan and Remaining Funding Commitment (Details) - Governmental Issuer Loans [Member] - Hope on Avalon [Member] - TOB Trust [Member]3 Months Ended
Mar. 31, 2021USD ($)
Governmental Issuer Loans [Line Items]
Date Committed2021-01
Original Maturity DateFeb. 1,
2023
[1]
Outstanding Balance $ 1,000,000
Maximum Remaining Commitment $ 9,573,000
[1]The borrower ha s the option to extend the maturity up to six months upon

Other Assets - Summary of Tax_2

Other Assets - Summary of Taxable Governmental Issuer Loan and Remaining Funding Commitment (Parenthetical) (Details)3 Months Ended
Mar. 31, 2021
Governmental Issuer Loans [Abstract]
Tax exempt loan maturity periods6 months

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Payables And Accruals [Abstract]
Accounts payable $ 109,503 $ 94,674
Accrued expenses2,626,800 2,755,010
Accrued interest expense3,630,945 3,433,247
Operating lease liabilities $ 2,150,033 $ 2,149,001
Operating Lease, Liability, Statement of Financial Position [Extensible List]Total accounts payable, accrued expenses and other liabilitiesTotal accounts payable, accrued expenses and other liabilities
Other liabilities $ 1,556,498 $ 1,517,633
Total accounts payable, accrued expenses and other liabilities $ 10,073,779 $ 9,949,565

Accounts Payable, Accrued Exp_4

Accounts Payable, Accrued Expenses and Other Liabilities - Additional Information (Details) - The 50/50 Student Housing--UNL [Member] - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Lessee Lease Description [Line Items]
Initial lease term expiration period2048-03
Lease agreement extend term5 years
Annual lease payments $ 100
Minimum annual rentals under lease agreement $ 135,000
Annual increment percentage in lease rent2.00%
Lease agreement annual renewable increase percentage after July 31, 20343.00%
Expenses related to the agreement $ 42,000 $ 42,000

Accounts Payable, Accrued Exp_5

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Payables And Accruals [Abstract]
Remainder of 2021 $ 104,102
2022141,119
2023143,561
2024144,706
2025147,598
Thereafter4,369,676
Total5,050,762
Less: Amount representing interest(2,900,729)
Total operating lease liabilities $ 2,150,033 $ 2,149,001

Unsecured Lines of Credit - Sum

Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($)3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Line Of Credit Facility [Line Items]
Lines of credit $ 7,475,000
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit7,475,000
Line of credit facility maximum borrowing capacity $ 60,000,000 60,000,000
Unsecured Lines of Credit [Member] | Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit0
Unsecured Lines of Credit [Member] | 2.61% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity $ 50,000,000
Commitment Maturity2022-06
Variable / Fixed[1]Variable
Reset FrequencyMonthly
Line of credit facility, interest rate during period2.61%
Unsecured Lines of Credit [Member] | 3.36% Interest Bearing Line of Credit [Member] | Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity $ 10,000,000
Commitment Maturity2022-06
Variable / Fixed[1]Variable
Reset FrequencyMonthly
Line of credit facility, interest rate during period3.36%
Unsecured Lines of Credit [Member] | 2.65% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit7,475,000
Line of credit facility maximum borrowing capacity $ 50,000,000
Commitment Maturity2022-06
Variable / Fixed[1]Variable
Reset FrequencyMonthly
Line of credit facility, interest rate during period2.65%
Unsecured Lines of Credit [Member] | 3.40% Interest Bearing Line of Credit [Member] | Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity $ 10,000,000
Commitment Maturity2022-06
Variable / Fixed[1]Variable
Reset FrequencyMonthly
Line of credit facility, interest rate during period3.40%
[1]The variable rate is indexed to LIBOR plus an applicable margin.

Unsecured Lines of Credit - Add

Unsecured Lines of Credit - Additional Information (Details) - USD ($)3 Months Ended
Mar. 31, 2021Apr. 30, 2021Dec. 31, 2020
Line Of Credit Facility [Line Items]
Lines of credit $ 7,475,000
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit $ 7,475,000
Bankers Trust Non-operating [Member] | Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Debt instrument, maturity date, descriptionThe principal amount of each acquisition advance from the non-operating LOC is due on the 270th day following the advance date and may be extended for up to three additional 90-day periods by making partial repayments in accordance with the Credit Agreement.
Partnerships ratio of lenders senior debt maximum percentage75.00%
Bankers Trust Operating [Member] | Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit $ 0
Bankers Trust Operating [Member] | Unsecured Lines of Credit [Member] | Subsequent Event
Line Of Credit Facility [Line Items]
Lines of credit $ 0
Bankers Trust [Member] | Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Debt instrument, covenant complianceThe Partnership was in compliance with all covenants as of March 31, 2021.

Debt Financing - Schedule of To

Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Debt financing $ 711,788,901 $ 673,957,640
Period End Rates4.36%
TEBS Financings [Member] | Fixed - M24 [Member]
Debt Instrument [Line Items]
Debt financing $ 39,710,422 39,825,019
Restricted Cash $ 4,000 $ 238,760
Year Acquired20102010
Stated Maturities2027-052027-05
Reset FrequencyN/AN/A
Variable Rate IndexN/AN/A
Period End Rates3.05%3.05%
TEBS Financings [Member] | Variable - M31 [Member]
Debt Instrument [Line Items]
Debt financing[1] $ 77,965,698 $ 78,272,018
Restricted Cash[1] $ 4,999 $ 4,999
Year Acquired[1]20142014
Stated Maturities[1]2024-072024-07
Reset Frequency[1]WeeklyWeekly
Variable Rate Index[1]SIFMASIFMA
Index Based Rates[1]0.08%0.12%
Spread/ Facility Fees[1]1.36%1.34%
Period End Rates[1]1.44%1.46%
TEBS Financings [Member] | Fixed - M33 [Member]
Debt Instrument [Line Items]
Debt financing $ 30,648,101 $ 30,796,097
Restricted Cash $ 2,606 $ 2,606
Year Acquired20152015
Stated Maturities2030-092030-09
Reset FrequencyN/AN/A
Variable Rate IndexN/AN/A
Period End Rates3.24%3.24%
TEBS Financings [Member] | Fixed - M45 [Member]
Debt Instrument [Line Items]
Debt financing[2] $ 215,362,292 $ 215,825,022
Restricted Cash[2] $ 5,000 $ 5,000
Year Acquired[2]20182018
Stated Maturities[2]2034-072034-07
Reset Frequency[2]N/AN/A
Variable Rate Index[2]N/AN/A
Period End Rates[2]3.82%3.82%
Secured Notes [Member] | Variable - Notes [Member]
Debt Instrument [Line Items]
Debt financing $ 103,016,551 $ 103,086,756
Restricted Cash $ 77,530,126 $ 77,500,000
Year Acquired20202020
Stated Maturities2025-092025-09
Reset FrequencyMonthlyMonthly
Variable Rate Index3-month LIBOR3-month LIBOR
Index Based Rates0.18%0.22%
Spread/ Facility Fees9.00%9.00%
Period End Rates[3]9.18%9.22%
TOB Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing $ 3,635,973 $ 1,765,167
Year Acquired20202020
Stated Maturities2022-072022-07
Reset FrequencyWeeklyWeekly
Variable Rate IndexSIFMASIFMA
Index Based Rates0.25%0.29%
Spread/ Facility Fees0.89%0.89%
Period End Rates1.14%1.18%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing $ 7,873,144 $ 122,724,862
Year Acquired20212019
Stated Maturities2023-022023-07
Reset FrequencyWeeklyWeekly
Variable Rate IndexSIFMASIFMA
Index Based Rates0.25%
Spread/ Facility Fees1.42%
Period End Rates1.67%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Minimum [Member]
Debt Instrument [Line Items]
Index Based Rates0.29%
Spread/ Facility Fees1.17%
Period End Rates1.46%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Maximum [Member]
Debt Instrument [Line Items]
Index Based Rates0.39%
Spread/ Facility Fees1.67%
Period End Rates2.06%
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing $ 122,615,475 $ 62,992,845
Year Acquired20192020
Stated Maturities2023-072023-09
Reset FrequencyWeeklyWeekly
Variable Rate IndexSIFMAOBFR
Index Based Rates0.33%
Spread/ Facility Fees0.89%
Period End Rates1.22%
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | Minimum [Member]
Debt Instrument [Line Items]
Index Based Rates0.25%
Spread/ Facility Fees1.17%
Period End Rates1.42%
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | Maximum [Member]
Debt Instrument [Line Items]
Index Based Rates0.30%
Spread/ Facility Fees1.67%
Period End Rates1.97%
TOB Trusts Securitization [Member] | Variable - TOB IV [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing $ 76,533,047 $ 5,668,324
Year Acquired20202020
Stated Maturities2023-092023-12
Reset FrequencyWeeklyWeekly
Variable Rate IndexOBFRSIFMA
Index Based Rates0.32%0.29%
Spread/ Facility Fees0.89%1.27%
Period End Rates1.21%1.56%
TOB Trusts Securitization [Member] | Variable - TOB V [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing $ 5,680,127
Year Acquired2020
Stated Maturities2023-12
Reset FrequencyWeekly
Variable Rate IndexSIFMA
Index Based Rates0.25%
Spread/ Facility Fees1.27%
Period End Rates1.52%
TOB Trusts Securitization [Member] | Variable - TOB VI [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing $ 15,761,909
Year Acquired2021
Stated Maturities2024-01
Reset FrequencyWeekly
Variable Rate IndexOBFR
Index Based Rates0.32%
Spread/ Facility Fees0.89%
Period End Rates1.21%
TOB Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Debt financing $ 12,986,162 $ 13,001,530
Year Acquired20192019
Stated Maturities2022-052022-05
Reset FrequencyN/AN/A
Variable Rate IndexN/AN/A
Period End Rates3.53%3.53%
[1]Facility fees have a variable component
[2]The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac.
[3]The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $39.9 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of March 31, 2021.

Debt Financing - Schedule of _2

Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details)Mar. 31, 2021USD ($)SwapDec. 31, 2020USD ($)Swap
Debt Instrument [Line Items]
Effective net interest rate4.36%
Debt financing $ 711,788,901 $ 673,957,640
Secured Notes [Member]
Debt Instrument [Line Items]
Number of return swap transactions | Swap2
Fixed - M45 [Member] | Interest Rate Through July 31, 2023 [Member]
Debt Instrument [Line Items]
Interest rate3.82%3.82%
Fixed - M45 [Member] | Interest Rate from August 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate4.39%4.39%
Total Return Swaps [Member] | Secured Notes [Member]
Debt Instrument [Line Items]
Number of return swap transactions | Swap2 2
Total Return Swap One [Member] | Secured Notes [Member]
Debt Instrument [Line Items]
Effective net interest rate4.25%4.25%
Debt financing $ 39,900,000 $ 40,000,000
Total Return Swap Two [Member] | Secured Notes [Member]
Debt Instrument [Line Items]
Effective net interest rate1.00%1.00%
Debt financing $ 63,500,000 $ 63,500,000

Debt Financing - Additional Inf

Debt Financing - Additional Information (Details) - Swap1 Months Ended3 Months Ended12 Months Ended
Apr. 30, 2020Feb. 29, 2020Jan. 31, 2020Mar. 31, 2021Dec. 31, 2019
Debt Instrument [Line Items]
Termination occur percentage decrease by partners net assets in one quarter25.00%
Termination occur percentage decrease by partners net assets in over one year35.00%
Secured Notes [Member]
Debt Instrument [Line Items]
Number of return swap transactions2
TOB Trusts Securitization [Member] | Provision Center 2014-1 [Member]
Debt Instrument [Line Items]
Maturity date2020-052020-01
Collapse date2020-04
Term A/B Trust [Member] | Gateway Village and Lynnhaven Apartments [Member]
Debt Instrument [Line Items]
Maturity date2021-022020-02
Collapse date2020-04

Debt Financing - Summary of Miz

Debt Financing - Summary of Mizuho TOB Trust Financings (Details) - USD ($)3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Debt financing $ 711,788,901 $ 673,957,640
TOB Trust [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing24,207,000
TOB Trust [Member] | Mizuho Capital Markets [Member] | TOB Trust 2021-XF2926 [Member]
Debt Instrument [Line Items]
Debt financing[1] $ 16,190,000
Stated Maturities[1]2024-01
Reset Frequency[1]Weekly
Variable Rate Index[1]OBFR
Facility Fees[1]0.89%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Hope on Avalon [Member]
Debt Instrument [Line Items]
Debt financing $ 5,064,000
Stated Maturities2023-02
Reset FrequencyWeekly
Variable Rate IndexSIFMA
Facility Fees1.42%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Hope on Broadway [Member]
Debt Instrument [Line Items]
Debt financing $ 2,953,000
Stated Maturities2023-02
Reset FrequencyWeekly
Variable Rate IndexSIFMA
Facility Fees1.42%
[1]

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Debt Financing [Abstract]
Remainder of 2021 $ 4,456,041
202223,310,689
2023217,166,816
2024104,029,152
202511,363,784
Thereafter354,282,763
Total714,609,245
Unamortized deferred financing costs and debt premium(2,820,344)
Total debt financing, net $ 711,788,901 $ 673,957,640

Mortgage Payable and Other Secu

Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Details) - USD ($)3 Months Ended
Mar. 31, 2021Dec. 31, 2020
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net $ 25,860,469 $ 25,984,872
Period End Rate4.36%
Tax Increment Financing [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net $ 2,521,369 2,521,308
Year Acquired2020
Stated Maturity2025-03
Variable / FixedFixed
Period End Rate4.40%
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net $ 23,339,100 $ 23,463,564
Year Acquired2020
Stated Maturity2027-04
Variable / FixedFixed
Period End Rate4.35%

Mortgage Payable and Other Se_2

Mortgage Payable and Other Secured Financing - Additional Information (Details) - Real Estate [Member] - The 50/50 Student Housing--UNL [Member]1 Months Ended
Feb. 29, 2020
Tax Increment Financing [Member]
Mortgage Loans on Real Estate [Line Items]
Debt instrument extended maturity period5 years
Maturity date2025-03
Debt instrument, interest rate, decrease to fixed rate.4.40%
Mortgages payable [Member]
Mortgage Loans on Real Estate [Line Items]
Debt instrument extended maturity period7 years
Maturity date2027-04
Debt instrument, interest rate, decrease to fixed rate.4.35%

Mortgage Payable and Other Se_3

Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Mortgage Loans on Real Estate [Line Items]
Total mortgages payable and other secured financings, net $ 25,860,469 $ 25,984,872
Mortgages Payable and Other Secured Financing [Member]
Mortgage Loans on Real Estate [Line Items]
Remainder of 2021710,641
2022869,599
2023908,564
2024946,558
20251,782,213
Thereafter20,644,450
Total25,862,025
Unamortized deferred financing costs(1,556)
Total mortgages payable and other secured financings, net $ 25,860,469

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Details) - USD ($)3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Derivative [Line Items]
Derivative, Notional Amount $ 103,400,000
Derivative, Fair Value Liability $ 292,048 $ 293,626
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, Purchase Date2020-092020-09
Derivative, Notional Amount $ 39,881,661 $ 39,970,485
Derivative, Effective Date2020-092020-09
Derivative, Termination Date2025-092025-09
Derivative, Period End Variable Rate Paid[1]4.25%4.25%
Derivative, Period End Variable Rate Received[2]9.18%9.22%
Derivative, Variable Rate Index3-month LIBOR3-month LIBOR
Derivative, Fair Value Liability $ 77,280 $ 77,995
Mizuho Capital Markets 2 [Member]
Derivative [Line Items]
Derivative, Purchase Date2020-092020-09
Derivative, Notional Amount $ 63,500,000 $ 63,500,000
Derivative, Effective Date2020-092020-09
Derivative, Termination Date2022-032022-03
Derivative, Period End Variable Rate Paid[3]1.00%1.00%
Derivative, Period End Variable Rate Received[2]9.18%9.22%
Derivative, Variable Rate Index3-month LIBOR3-month LIBOR
Derivative, Fair Value Liability $ 214,768 $ 215,631
[1]
[2]
[3]

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Parenthetical) (Details)Mar. 31, 2021Dec. 31, 2020
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate3.75%3.75%
Derivative, floor interest rate4.25%4.25%
Mizuho Capital Markets 2 [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate0.50%0.50%
Derivative, floor interest rate1.00%1.00%
Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate9.00%9.00%

Derivative Financial Instrume_5

Derivative Financial Instruments - Additional Information (Details) - USD ($)3 Months Ended12 Months Ended
Mar. 31, 2021Mar. 31, 2022
Derivative [Line Items]
Derivative notional amount $ 103,400,000
Scenario Forecast [Member] | Mizuho Capital Markets [Member]
Derivative [Line Items]
Minimum increments of notional amount between swaps $ 10,000,000
Percentage of net cash proceeds of reallocated notional amount65.00%
Total Return Swap One [Member] | Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative notional amount $ 39,900,000
Required cash collateral percentage35.00%
Amount of obligation to return cash collateral under swap arrangement $ 14,000,000
Total Return Swap Two [Member] | Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative notional amount $ 63,500,000
Required cash collateral percentage100.00%
Amount of obligation to return cash collateral under swap arrangement $ 63,500,000

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Partnership's Interest Rate Cap Agreements (Details) - USD ($)3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability) $ 35,328 $ 27,877
Barclays Bank PLC [Member]
Derivative [Line Items]
Derivative, Purchase Date2019-082019-08
Derivative, Notional Amount $ 77,642,414 $ 77,979,924
Derivative, Maturity Date2024-082024-08
Derivative, Effective Capped Rate[1]4.50%4.50%
Derivative, IndexSIFMASIFMA
Derivative, Variable Debt Financing Facility Hedged[1]M31 TEBSM31 TEBS
Derivative, Fair Value - Asset (Liability) $ 35,328 $ 27,877
[1]See Notes 15 and 22 for additional details.

Commitments and Contingencies -

Commitments and Contingencies - Summary of Partnership's Bond Purchase Commitments (Details) - CCBA Senior Garden Apartments [Member] - Bond Purchase Commitment [Member]3 Months Ended
Mar. 31, 2021USD ($)
Bond Purchase Commitment [Line Items]
Commitment Date2020-07
Maximum Committed Amounts Remaining $ 3,807,000
Rate4.50%
Estimated Closing DateQ3 2022
Fair Value as of March 31, 2021 $ 310,909

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in MillionsMar. 31, 2021USD ($)
Greens of Pine Glen [Member]
Commitments And Other Guarantees [Line Items]
Percentage of loss contingency, range of possible loss, maximum75.00%
Series A MRB [Member]
Commitments And Other Guarantees [Line Items]
Remaining maximum commitments amount $ 10.9
Series A-T taxable MRB [Member]
Commitments And Other Guarantees [Line Items]
Remaining maximum commitments amount $ 7

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details)3 Months Ended
Mar. 31, 2021USD ($)
Vantage At Stone Creek [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed2018[1]
Maximum Balance Available on Loan $ 30,824,000 [1]
Loan Balance as of March 31, 202130,501,955 [1]
Partnership's Maximum Exposure as of March 31, 2021 $ 15,250,978 [1]
Vantage At Coventry [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed2018[1]
Maximum Balance Available on Loan $ 31,500,000 [1]
Loan Balance as of March 31, 202129,369,707 [1]
Partnership's Maximum Exposure as of March 31, 2021 $ 14,684,853 [1]
Vantage At Murfreesboro [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed2021[2]
Maximum Balance Available on Loan $ 30,500,000 [2]
Loan Balance as of March 31, 202130,500,000 [2]
Partnership's Maximum Exposure as of March 31, 2021 $ 15,250,000 [2]
Ohio Properties [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed2011
Partnership's Maximum Exposure as of March 31, 2021 $ 3,011,522
End of Guarantee Period2026
Greens of Pine Glen [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed2012
Partnership's Maximum Exposure as of March 31, 2021 $ 2,046,028
End of Guarantee Period2027
[1]The Partnership’s guaranty was initially for the entire amount of the loan and will decrease based on the achievement of certain events or financial ratios. The Partnership’s maximum exposure will decrease to 25%
[2]The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth and maintain liquid assets of not less than $5.0 million. The Partnership was in compliance with these requirements as of March 31, 2001. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation during the term.

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details) $ in Millions3 Months Ended
Mar. 31, 2021USD ($)
Vantage At Stone Creek [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio25.00%
Vantage At Coventry [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio25.00%
Vantage At Murfreesboro [Member]
Commitments And Other Guarantees [Line Items]
Guarantee obligations loan balance percentage50.00%
Construction loan guarantee percentage upon occurrence of fraud, borrower willful misconduct and bankruptcy100.00%
Vantage At Murfreesboro [Member] | Maximum [Member]
Commitments And Other Guarantees [Line Items]
Liquid assets to be maintained as per guaranty agreement $ 5

Redeemable Series A Preferred_3

Redeemable Series A Preferred Units - Additional Information (Details) - $ / sharesMar. 31, 2021Oct. 31, 2017Aug. 31, 2017Mar. 31, 2017Dec. 31, 2016Sep. 30, 2016May 31, 2016Mar. 31, 2016
Redemption Price per Unit $ 10 $ 10 $ 10 $ 10 $ 10 $ 10 $ 10
Series A Preferred Units [Member]
Redemption Price per Unit $ 10

Redeemable Series A Preferred_4

Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($)1 Months Ended3 Months Ended12 Months Ended
Oct. 31, 2017Aug. 31, 2017Mar. 31, 2017Dec. 31, 2016Sep. 30, 2016May 31, 2016Mar. 31, 2016Mar. 31, 2021Dec. 31, 2020
Temporary Equity Disclosure [Abstract]
Series A Preferred Units outstanding1,750,000 2,000,000 1,613,100 700,000 1,000,000 1,386,900 1,000,000 9,450,000 9,450,000
Purchase Price $ 17,500,000 $ 20,000,000 $ 16,131,000 $ 7,000,000 $ 10,000,000 $ 13,869,000 $ 10,000,000 $ 94,500,000 $ 94,500,000
Distribution Rate3.00%3.00%3.00%3.00%3.00%3.00%3.00%
Redemption Price per Unit $ 10 $ 10 $ 10 $ 10 $ 10 $ 10 $ 10
Earliest Redemption Date2023-102023-082023-032022-122022-092022-052022-03

Restricted Unit Awards - Additi

Restricted Unit Awards - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($)1 Months Ended3 Months Ended12 Months Ended
Dec. 31, 2020Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested unvested restricted units awards154,386
Unrecognized compensation expense related to non-vested RUAs granted $ 334,000
Remaining compensation expense expected to be recognized over a weighted-average period1 year 2 months 12 days
Intrinsic value of unvested RUAs $ 734,000
General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense $ 78,000 $ 39,000
Greystone Manager [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested unvested restricted units awards50,000
Greystone Manager [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Approved grant of restricted units and other awards to employees3,000,000
RUAs granted with vesting range3 years
Greystone Manager [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RUAs granted with vesting range3 months

Restricted Unit Awards - Schedu

Restricted Unit Awards - Schedule of RUA Activity (Details) - Restricted Unit Awards [Member] - $ / shares3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Restricted Units Awarded
Beginning Balance132,812
Granted290,000
Vested(154,386)
Ending Balance132,812 132,812
Forfeited(2,802)
Weighted-average Grant-Date Fair Value
Beginning Balance $ 4.98
Granted4.98 $ 4.98
Vested4.98
Forfeited4.98
Ending Balance $ 4.98 $ 4.98

Transactions with Related Par_3

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Related Party Transaction [Line Items]
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities[1] $ 11,000 $ 8,000
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees[2] $ 966,000 $ 865,000
[1]The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s condensed consolidated statements of operations.
[2]AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, GILs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations.

Transactions with Related Par_4

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Related Party Transactions [Abstract]
Rate for administration fees receivable0.45%0.45%

Transactions with Related Par_5

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - General Partner [Member] - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Non-partnership property administrative fee received[1] $ 9,000 $ 9,000
Investment/mortgage fees received[2] $ 1,254,000 $ 542,000
[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.

Transactions with Related Par_6

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Related Party Transactions [Abstract]
Rate for administration fees receivable0.45%0.45%

Transactions with Related Par_7

Transactions with Related Parties - Additional Information (Details) - USD ($)1 Months Ended3 Months Ended
Oct. 31, 2020Mar. 31, 2021Dec. 31, 2020
Related Party Transaction [Line Items]
Receivables due from unconsolidated entities $ 63,000 $ 53,000
Outstanding liabilities due to related parties368,000 $ 344,000
Greystone Affiliate [Member]
Related Party Transaction [Line Items]
Percentage of referral fee to be received in original principal amount0.25%
Fee paid $ 0

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments (Details)Mar. 31, 2021Dec. 31, 2020
Taxable Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields[1]8.00%7.30%
Taxable Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields7.90%7.10%
Taxable Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields8.00%7.40%
Bond Purchase Commitment [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields3.70%3.50%
Weighted Average Effective Yields[1]3.70%3.50%
Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields[1]3.30%3.00%
Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields1.60%1.40%
Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields13.50%13.30%
[1]Weighted by the total principal outstanding of all the respective securities as of the reporting date

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020Mar. 31, 2020Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value $ 773,607,185 $ 796,696,304
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value773,607,185 796,696,304 $ 762,536,041 $ 818,340,970
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value310,909 431,879
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value310,909 431,879
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value1,443,988 1,510,437
Taxable Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value1,443,988 1,510,437 $ 1,417,654 $ 1,383,237
Derivative Financial Instruments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value327,376 321,503
Derivative Financial Instruments (Reported within Other Assets) [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value327,376 321,503
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value753,176,405 768,468,644
Mortgage Revenue Bonds Held In Trust [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value753,176,405 768,468,644
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value18,348,507 25,963,841
Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value $ 18,348,507 $ 25,963,841

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of Activity Related to Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance $ 796,696,304 $ 818,340,970
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)1,840,698 53,124
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)(1,357,681)
Total gain (losses) Included in earnings (gain on sale of securities)1,416,023
Total gain (losses) included in other comprehensive (loss) income(16,419,767)(8,094,371)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases2,071,500
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities(43,349,357)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements(10,581,550)(4,472,667)
Assets at Fair Value, ending balance773,607,185 762,536,041
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held7,451 (1,332,480)
Interest Rate Derivative Financial Instruments [Member]
Schedule of Available-for-sale Securities [Line Items]
Derivative Assets (Liabilities) at Fair Value, beginning balance321,503 10,911
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)1,806,167 25,201
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements(1,800,294)
Derivative Assets (Liabilities) at Fair Value, beginning balance327,376 36,112
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held7,451 25,201
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance431,879
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income(120,970)
Assets at Fair Value, ending balance310,909
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance43,349,357
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)(7,219)
Total gain (losses) Included in earnings (gain on sale of securities)1,416,023
Total gain (losses) included in other comprehensive (loss) income(1,408,804)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities(43,349,357)
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance1,510,437 1,383,237
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income(64,112)36,555
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements(2,337)(2,138)
Assets at Fair Value, ending balance1,443,988 1,417,654
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance[1]794,432,485 773,597,465
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)[1]34,531 35,142
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)[1](1,357,681)
Total gain (losses) included in other comprehensive (loss) income[1](16,234,685)(6,722,122)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases[1]2,071,500
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements[1](8,778,919)(4,470,529)
Assets at Fair Value, ending balance[1] $ 771,524,912 761,082,275
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held[1] $ (1,357,681)
[1]Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($)Mar. 31, 2021Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Mortgages payable and other secured financing $ 25,860,469 $ 25,984,872
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt financing711,788,901 673,957,640
Unsecured lines of credit7,475,000
Mortgages payable and other secured financing25,860,469 25,984,872
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt financing745,686,708 709,760,933
Unsecured lines of credit7,475,000
Mortgages payable and other secured financing $ 25,862,025 $ 25,986,514

Segments - Additional Informati

Segments - Additional Information (Details)3 Months Ended
Mar. 31, 2021PropertyUnitSegmentRatingSecurity
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment3
Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities | Security75
Number of available for sale securities in tax-exempt loan | Security7
MF Properties Segment [Member]
Segment Reporting Information [Line Items]
Number of Real Estate Properties | Property2
Number of rental units under MF properties segment | Unit859
Residential Properties [Member] | Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of rental units financed by mortgage revenue bonds | Unit10,935
Number of rental units financed by tax-exempt loan | Unit1,267
Commercial Real Estate [Member] | Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of collateralized securities | Security1
Minimum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds | Rating1
Maximum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds | Rating4
Tax-exempt and Other Investments [Member]
Segment Reporting Information [Line Items]
Assets percentage25.00%

Segments - Summary of Partnersh

Segments - Summary of Partnership Reportable Segment Information (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020
Total revenues
Total revenues $ 14,387,488 $ 13,736,135
Interest expense
Interest expense5,226,475 6,017,968
Depreciation expense
Depreciation expense683,460 709,438
Net income (loss)
Net income (loss)6,992,854 2,981,757
Total assets
Total assets1,191,860,119 $ 1,175,247,879
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member]
Total revenues
Total revenues10,794,788 10,205,803
Interest expense
Interest expense4,944,277 5,498,199
Depreciation expense
Depreciation expense5,811 2,424
Net income (loss)
Net income (loss)2,549,452 440,336
Total assets
Total assets1,131,733,809 1,114,146,614
Operating Segments [Member] | MF Properties [Member]
Total revenues
Total revenues1,694,524 1,952,247
Interest expense
Interest expense282,198 321,776
Depreciation expense
Depreciation expense677,649 707,014
Net income (loss)
Net income (loss)(262,819)(252,730)
Total assets
Total assets67,649,074 67,988,190
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member]
Total revenues
Total revenues174,470
Interest expense
Interest expense197,993
Net income (loss)
Net income (loss)1,390,999
Operating Segments [Member] | Other Investments [Member]
Total revenues
Total revenues1,898,176 1,403,615
Net income (loss)
Net income (loss)4,706,221 $ 1,403,152
Total assets
Total assets94,728,344 106,931,182
Consolidation, Eliminations [Member]
Total assets
Total assets $ (102,251,108) $ (113,818,107)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)1 Months Ended
Apr. 30, 2021Mar. 31, 2021Dec. 31, 2020Oct. 31, 2017Aug. 31, 2017Mar. 31, 2017Dec. 31, 2016Sep. 30, 2016May 31, 2016Mar. 31, 2016
Debt Instrument [Line Items]
Redemption Price per Unit $ 10 $ 10 $ 10 $ 10 $ 10 $ 10 $ 10
Redeemable preferred units, outstanding9,500,000 9,500,000
Subsequent Event | Series A-1 Preferred Units [Member]
Debt Instrument [Line Items]
Redemption Price per Unit $ 10
Annual rate of non-cumulative cash distributions3.00%
Redeemable preferred units, registered for offering and issuance9,450,000
Redeemable preferred units, outstanding0
Jackson Manor Apartments [Member] | Subsequent Event | Jackson, MS [Member] | Mortgage Revenue Bonds [Member]
Debt Instrument [Line Items]
MRB Partnership advances $ 4,150,000
Vantage at Loveland [Member] | Subsequent Event
Debt Instrument [Line Items]
Equity commitment of fund construction16,300,000
Equity commitment of fund construction upon occurrence of certain events $ 18,200,000

Subsequent Events - Summary of

Subsequent Events - Summary of Terms of MRB (Details)1 Months Ended
Apr. 30, 2021USD ($)UnitMar. 31, 2021Unit
Mortgage Loans on Real Estate [Line Items]
Units | Unit3,468
Subsequent Event | Jackson, MS [Member] | Jackson Manor Apartments [Member] | Mortgage Revenue Bonds [Member]
Mortgage Loans on Real Estate [Line Items]
Month AcquiredApril
Units | Unit60
Maturity DateMay 1,
2038
Interest Rate5.00%
Initial Funding | $ $ 4,150,000
Maximum Remaining Commitment | $[1] $ 2,750,000
[1]Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed approximately $4.8 million.

Subsequent Events - Summary o_2

Subsequent Events - Summary of Terms of MRB (Parenthetical) (Details)Apr. 30, 2021USD ($)
Jackson Manor Apartments [Member] | Jackson, MS [Member] | Mortgage Revenue Bonds [Member] | Subsequent Event
Mortgage Loans on Real Estate [Line Items]
Maximum balance of mortgage revenue bonds after stabilization $ 4,800,000

Subsequent Events - Summary o_3

Subsequent Events - Summary of Initial Terms of TOB Trusts Financings (Details) - USD ($)1 Months Ended
Apr. 30, 2021Mar. 31, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Initial TOB Trust Financing $ 711,788,901 $ 673,957,640
Subsequent Event | TOB Trust [Member]
Debt Instrument [Line Items]
Initial TOB Trust Financing $ 3,528,000
Stated Maturity2023-04
Reset FrequencyWeekly
SIFMA Based Rates0.26%
Spread/ Facility Fees1.27%
Initial Interest Rate1.53%