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ATAX America First Multifamily Investors

Document and Entity Information

Document and Entity Information6 Months Ended
Jun. 30, 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 DateJun. 30,
2021
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ2
Amendment Flagfalse
Entity Common Stock, Units Outstanding60,468,403
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 ($)Jun. 30, 2021Dec. 31, 2020
Assets:
Cash and cash equivalents $ 52,065,319 $ 44,495,538
Restricted cash83,804,035 78,495,048
Interest receivable, net9,773,967 8,212,076
Mortgage revenue bonds held in trust, at fair value (Note 6)760,538,644 768,468,644
Mortgage revenue bonds, at fair value (Note 6)17,451,452 25,963,841
Governmental issuer loans held in trust (Note 7)130,404,790 64,863,657
Real estate assets: (Note 8)
Land and improvements10,464,403 4,875,265
Buildings and improvements72,373,113 72,316,152
Real estate assets before accumulated depreciation82,837,516 77,191,417
Accumulated depreciation(19,506,937)(18,150,215)
Net real estate assets63,330,579 59,041,202
Investments in unconsolidated entities (Note 9)91,790,880 106,878,570
Property loans, net of loan loss allowance (Note 10)17,449,265 12,920,719
Other assets (Note 12)7,376,928 5,908,584
Total Assets1,233,985,859 1,175,247,879
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 13)10,664,337 9,949,565
Distribution payable8,087,541 3,686,283
Unsecured lines of credit (Note 14)7,475,000
Secured line of credit (Note 15)6,500,000
Debt financing, net (Note 16)741,532,707 673,957,640
Mortgages payable and other secured financing, net (Note 17)26,964,324 25,984,872
Total Liabilities793,748,909 721,053,360
Commitments and Contingencies (Note 19)
Partnersʼ Capital:
General Partner (Note 1)808,774 934,892
Beneficial Unit Certificates ("BUCs," Note 1)344,987,674 358,837,150
Total Partnersʼ Capital345,796,448 359,772,042
Total Liabilities and Partnersʼ Capital1,233,985,859 1,175,247,879
Redeemable Series A Preferred Units [Member]
Liabilities:
Redeemable Series A Preferred Units, approximately $94.5 million redemption value, 9.5 million issued and outstanding, net (Note 20) $ 94,440,502 $ 94,422,477

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in MillionsJun. 30, 2021Dec. 31, 2020
Redeemable Series A Preferred Units [Member]
Redeemable preferred units redemption value $ 94.5 $ 94.5
Redeemable preferred units, issued9,500,000 9,500,000
Redeemable preferred units, outstanding9,500,000 9,500,000
Redeemable Series A-1 Preferred Units [Member]
Redeemable preferred units, issued0 0
Redeemable preferred units, outstanding0 0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Revenues:
Investment income $ 14,297,626 $ 12,401,819 $ 26,685,867 $ 23,945,242
Property revenues1,788,173 1,856,954 3,482,697 3,809,201
Contingent interest income12,043
Other interest income320,697 219,646 625,420 448,068
Total revenues16,406,496 14,478,419 30,793,984 28,214,554
Expenses:
Real estate operating (exclusive of items shown below)760,525 854,424 1,768,365 2,029,798
Provision for credit loss (Note 6)900,080 464,675 900,080 1,822,356
Provision for loan loss (Note 10)330,116 330,116
Impairment charge on real estate assets25,200 25,200
Depreciation and amortization684,884 712,081 1,368,344 1,421,519
Interest expense5,358,096 4,889,316 10,584,571 10,907,284
General and administrative3,463,912 2,846,371 6,749,620 5,744,897
Total expenses11,497,613 9,792,067 21,701,096 21,951,054
Other Income:
Gain on sale of securities1,416,023
Gain on sale of investments in unconsolidated entities5,463,484 8,272,590
Income before income taxes10,372,367 4,686,352 17,365,478 7,679,523
Income tax expense107,687 98,004 107,944 109,418
Net income10,264,680 4,588,348 17,257,534 7,570,105
Redeemable Series A Preferred Unit distributions and accretion(717,763)(717,762)(1,435,526)(1,435,525)
Net income available to Partners9,546,917 3,870,586 15,822,008 6,134,580
Net income (loss) available to Partners allocated to:
General Partner1,406,706 38,706 2,143,642 (14,698)
Net income available to Partners and noncontrolling interest $ 9,546,917 $ 3,870,586 $ 15,822,008 $ 6,134,580
BUC holders' interest in net income per BUC, basic and diluted $ 0.13 $ 0.06 $ 0.22 $ 0.10
Weighted average number of BUCs outstanding, basic60,576,537 60,545,204 60,633,700 60,649,692
Weighted average number of BUCs outstanding, diluted60,576,537 60,545,204 60,633,700 60,649,692
Beneficial Unit Certificate Holders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners $ 8,115,042 $ 3,806,395 $ 13,641,244 $ 6,118,611
Restricted Unitholders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners $ 25,169 $ 25,485 $ 37,122 $ 30,667

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Net income $ 10,264,680 $ 4,588,348 $ 17,257,534 $ 7,570,105
Unrealized gain (loss) on bond purchase commitments81,606
Comprehensive income12,279,458 25,559,997 2,852,545 20,447,383
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 gain (loss) on securities1,933,172 $ 20,971,649 (14,365,625) $ 13,913,913
Unrealized gain (loss) on bond purchase commitments81,606
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized gain (loss) on bond purchase commitments $ 81,606 $ (39,364)

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, 2019341,938,263 735,128 341,203,135 99,308,677
Partners' Capital Account, Units at Dec. 31, 201960,835,204
Distributions paid or accrued:
Net income (loss) allocable to Partners6,134,580
Reversal of net unrealized loss on securities to provision for credit loss372,169
Balance at Jun. 30, 2020347,887,402 815,686 347,071,716 112,185,955
Partners' Capital Account, Units at Jun. 30, 202060,835,204
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
Distributions paid or accrued:
Regular distribution(3,686,982)(36,870)(3,650,112)
Net income (loss) allocable to Partners3,870,586 38,706 3,831,880
Restricted unit compensation expense296,268 2,962 293,306
Unrealized loss on securities20,971,649 209,716 20,761,933 20,971,649
Balance at Jun. 30, 2020347,887,402 815,686 347,071,716 112,185,955
Partners' Capital Account, Units at Jun. 30, 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 gain (loss) on bond purchase commitments(120,970)(1,210)(119,760)(120,970)
Balance at Mar. 31, 2021343,495,060 772,121 342,722,939 116,174,240
Partners' Capital Account, Units at Mar. 31, 202160,823,674
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:
Net income (loss) allocable to Partners15,822,008
Balance at Jun. 30, 2021345,796,448 808,774 344,987,674 118,189,018
Partners' Capital Account, Units at Jun. 30, 202160,867,539
Balance at Mar. 31, 2021343,495,060 772,121 342,722,939 116,174,240
Partners' Capital Account, Units at Mar. 31, 202160,823,674
Distributions paid or accrued:
Regular distribution(2,624,057)(26,241)(2,597,816)
Distribution of Tier 2 (income) loss (Note 3) $ (5,463,484) $ (1,365,870) $ (4,097,614)
Net income (loss) allocable to Partners9,546,917 1,406,706 8,140,211
Repurchase of BUCs, Value(1,363,736)(1,363,736)
Repurchase of BUCs, Units(222,459)
Restricted units awarded266,324
Restricted unit compensation expense190,970 1,910 189,060
Unrealized loss on securities1,933,172 19,332 1,913,840 1,933,172
Unrealized gain (loss) on bond purchase commitments81,606 816 80,790 81,606
Balance at Jun. 30, 2021 $ 345,796,448 $ 808,774 $ 344,987,674 $ 118,189,018
Partners' Capital Account, Units at Jun. 30, 202160,867,539

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / sharesJun. 30, 2021Mar. 31, 2021Jun. 30, 2020Mar. 31, 2020
Statement Of Partners Capital [Abstract]
Regular distributions paid or accrued $ 0.11 $ 0.09 $ 0.06 $ 0.125

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Cash flows from operating activities:
Net income $ 17,257,534 $ 7,570,105
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense1,368,344 1,421,519
Provision for loan loss (Note 10)330,116
Gain on sale of investment in securities(1,416,023)
Provision for credit loss900,080 1,822,356
Gain on sale of investments in an unconsolidated entities(8,272,590)
Contingent interest realized on investing activities(12,043)
Impairment charge on real estate assets25,200
(Gain) loss on derivatives, net of cash paid131 (18,915)
Restricted unit compensation expense269,084 335,336
Bond premium/discount amortization(68,961)(48,021)
Debt premium amortization(20,276)(20,229)
Amortization of deferred financing costs454,433 791,026
Deferred income tax expense (benefit) & income tax payable/receivable(27,960)90,927
Change in preferred return receivable from unconsolidated entities, net3,877,357 (1,260,261)
Changes in operating assets and liabilities
Increase in interest receivable(1,561,891)(104,356)
Decrease in other assets408,450 362,468
Increase (decrease) in accounts payable and accrued expenses649,332 (597,859)
Net cash provided by operating activities15,563,183 8,941,230
Cash flows from investing activities:
Capital expenditures(2,522,704)(116,887)
Acquisition of mortgage revenue bonds(8,951,500)(7,489,950)
Advances on governmental issuer loans(65,541,133)(40,000,000)
Advances on taxable governmental issuer loans(1,000,000)
Contributions to unconsolidated entities(13,066,359)(11,163,709)
Advances on property loans(4,858,662)(1,667,776)
Proceeds from sale of investments in an unconsolidated entities29,433,391 7,762,166
Principal payments received on taxable mortgage revenue bonds4,729 4,324
Principal payments received on property loans and contingent interest12,043
Net cash used in investing activities(56,262,246)(3,406,388)
Cash flows from financing activities:
Distributions paid(11,314,203)(16,629,884)
Repurchase of BUCs(1,363,736)(2,106,673)
Proceeds from debt financing70,577,000 91,386,000
Principal payments on debt financing(2,697,767)(88,985,375)
Principal borrowing on mortgages payable1,440,000
Principal payments on mortgages payable(439,618)(419,128)
Principal borrowing on unsecured lines of credit15,172,445 7,475,000
Principal payments on unsecured lines of credit(22,647,445)(1,980,000)
(Increase) decrease in security deposit liability related to restricted cash51,624 (50,617)
Debt financing and other deferred costs(1,700,469)(285,425)
Net cash provided by (used in) financing activities53,577,831 (11,596,102)
Net increase (decrease) in cash, cash equivalents and restricted cash12,878,768 (6,061,260)
Cash, cash equivalents and restricted cash at beginning of period122,990,586 43,185,981
Cash, cash equivalents and restricted cash at end of period135,869,354 37,124,721
Supplemental disclosure of cash flow information:
Cash paid during the period for interest9,769,631 10,226,352
Cash paid during the period for income taxes135,904 18,491
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner8,087,541 3,686,982
Distributions declared but not paid for Series A Preferred Units708,750 708,750
Investment in previously unconsolidated entity consolidated as land3,115,891
Capital expenditures financed through accounts payable7,504
Deferred financing costs financed through accounts payable(1,400)55,557
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 received10,239,992 $ 5,904,044
Secured Line Of Credit Facility [Member]
Cash flows from financing activities:
Principal borrowing on unsecured lines of credit $ 6,500,000

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)Jun. 30, 2021Jun. 30, 2020
Statement Of Cash Flows [Abstract]
Cash and cash equivalents $ 52,065,319 $ 36,143,639
Restricted cash83,804,035 981,082
Total cash, cash equivalents and restricted cash $ 135,869,354 $ 37,124,721

Basis of Presentation

Basis of Presentation6 Months Ended
Jun. 30, 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 partnership interests 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 were issued pursuant to subscription agreements with five financial institutions and are redeemable in the future (Note 20). The holders of the BUCs and Series A Preferred Units are referred to herein collectively as “Unitholders.” The Partnership has designated but not yet issued non-cumulative, non-voting, non-convertible Series A-1 Preferred Units (“Series A-1 Preferred Units”) that represent limited partnership interests in the Partnership under the Partnership Agreement.

Summary of Significant Accounti

Summary of Significant Accounting Policies6 Months Ended
Jun. 30, 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 wholly owned corporation (“the Greens Hold Co”), which owns 100 % of The 50/50 MF Property, a real estate asset, and certain property loans; and

Lindo Paseo LLC, a wholly owned limited liability company, which owns 100% of the Suites on Paseo MF Property. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary. Restricted Cash Restricted cash is legally restricted as to its use. The Partnership is required to maintain restricted cash collateral related to its secured line of credit (Note 15) and its two total return swap transactions (Note 18). In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities (Note 16), resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. Restricted cash is presented with cash and cash equivalents on the Partnership’s condensed consolidated statement of cash flows. Impairment of Mortgage Revenue Bonds The Partnership periodically reviews its MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, but not necessarily limited to, the following:

The duration and severity of the decline in fair value;

The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers;

Adverse conditions specifically related to the security, its collateral, or both;

Volatility of the fair value of the security;

The likelihood of the borrower being able to make scheduled interest and principal payments;

Failure of the issuer to make scheduled interest or principal payments; and

Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If a MRB’s estimated fair value is below amortized cost, and the Partnership has the intent to sell or may be required to sell the MRB prior to the time that its value recovers or until maturity, the Partnership will record an other-than-temporary impairment through earnings equal to the difference between the MRB’s carrying value and its fair value. If the Partnership does not expect to sell an other-than-temporarily impaired MRB, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income. In determining the provision for credit loss, the Partnership compares the present value of cash flows expected to be collected to the MRB’s amortized cost basis. The recognition of other-than-temporary impairment, provision for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership’s consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. Investment in Governmental Issuer Loans 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 June 30, 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 Residential Properties securing its MRBs due to the COVID-19 pandemic. However, the Partnership has yet to observe a significant decline at such Residential Properties, with the exception of properties securing the Provision Center 2014-1 and Live 929 Apartments MRBs. See Note 6 for further discussion of the Provision Center 2014-1 MRB. The Live 929 Apartments MRB is operating under a forbearance agreement related to certain debt covenants and deferral of contractual MRB principal payments through December 2021 and no additional impairment of the MRB has been recognized during 2021. 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 for the Partnership on January 1, 2023. The Partnership has completed an initial assessment and determined that its GILs, the interest receivable on GILs, 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. 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. 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 Distributions6 Months Ended
Jun. 30, 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 BUC6 Months Ended
Jun. 30, 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 and six months ended June 30, 2021 and 2020.

Variable Interest Entities

Variable Interest Entities6 Months Ended
Jun. 30, 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 16). In determining the primary beneficiary of each such 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 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). The Partnership has determined its investments in Vantage at Hutto and Vantage at Fair Oaks are VIEs and the Partnership is the primary beneficiary (Notes 8, 9 and 17). The Partnership may currently require the managing member of each VIE to purchase the Partnership’s equity investment in the VIE at a price equal to the Partnership’s carrying value. If the Partnership were to redeem its investment, the underlying assets of the project would likely need to be sold. If the underlying assets were sold, the extent to which the VIE will be exposed to gains or losses would result from decisions made by the Partnership. The Partnership’s option to redeem its investment in Vantage at Hutto was not effective until the second quarter of 2021. As the primary beneficiary, the Partnership reports the assets and liabilities of Vantage at Hutto and Vantage at Fair Oaks on a consolidated basis, which consist of investments in real estate assets and a mortgage payable (Notes 8 and 17). If certain events were to occur in the future, the Partnership’s option to redeem each investment will terminate and each such investment may be deconsolidated. 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 26 and 21 non-consolidated VIEs as of June 30, 2021 and December 31, 2020, respectively. The following table summarizes the Partnership’s maximum exposure to loss associated with its variable interests as of June 30, 2021 and December 31, 2020:
Maximum Exposure to Loss
June 30, 2021
December 31, 2020
Mortgage revenue bonds
$
22,258,000
$
20,763,500
Governmental issuer loans
130,404,790
64,863,657
Property loans
9,855,888
5,327,342
Taxable governmental issuer loan
1,000,000
-
Investment in unconsolidated entities
91,790,880
106,878,570
$
255,309,558
$
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 Bonds6 Months Ended
Jun. 30, 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 16). The Partnership had the following investments in MRBs as of June 30, 2021 and December 31, 2020:
June 30, 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
$
10,016,252
$
2,077,713
$
-
$
12,093,965
Glenview Apartments - Series A (3)
CA
4,456,638
945,069
-
5,401,707
Harmony Court Bakersfield - Series A (4)
CA
3,652,065
725,064
-
4,377,129
Harmony Terrace - Series A (4)
CA
6,760,931
1,443,669
-
8,204,600
Harden Ranch - Series A (2)
CA
6,580,568
1,366,435
-
7,947,003
Las Palmas II - Series A (4)
CA
1,657,062
354,284
-
2,011,346
Montclair Apartments - Series A (3)
CA
2,414,410
511,997
-
2,926,407
Montecito at Williams Ranch Apartments - Series A (6)
CA
7,597,708
2,071,062
-
9,668,770
Montevista - Series A (6)
CA
6,720,000
2,150,547
-
8,870,547
Ocotillo Springs - Series A (6)
CA
6,825,000
234,033
-
7,059,033
San Vicente - Series A (4)
CA
3,416,775
715,295
-
4,132,070
Santa Fe Apartments - Series A (3)
CA
2,924,967
610,906
-
3,535,873
Seasons at Simi Valley - Series A (4)
CA
4,213,075
1,082,286
-
5,295,361
Seasons Lakewood - Series A (4)
CA
7,201,861
1,537,822
-
8,739,683
Seasons San Juan Capistrano - Series A (4)
CA
12,125,582
2,479,899
-
14,605,481
Summerhill - Series A (4)
CA
6,288,796
1,193,069
-
7,481,865
Sycamore Walk - Series A (4)
CA
3,496,551
728,452
-
4,225,003
The Village at Madera - Series A (4)
CA
3,020,541
626,564
-
3,647,105
Tyler Park Townhomes - Series A (2)
CA
5,731,581
796,065
-
6,527,646
Vineyard Gardens - Series A (6)
CA
3,954,528
984,597
-
4,939,125
Westside Village Market - Series A (2)
CA
3,745,579
756,160
-
4,501,739
Brookstone (1)
IL
7,355,181
1,903,798
-
9,258,979
Copper Gate Apartments (2)
IN
4,955,000
543,079
-
5,498,079
Renaissance - Series A (3)
LA
10,802,523
4,112,764
-
14,915,287
Live 929 Apartments (6)
MD
36,201,898
-
-
36,201,898
Woodlynn Village (1)
MN
4,093,000
54,672
-
4,147,672
Jackson Manor Apartments (6)
MS
4,150,000
-
-
4,150,000
Gateway Village (6)
NC
2,600,000
133,379
-
2,733,379
Greens Property - Series A (2)
NC
7,775,000
469,569
-
8,244,569
Lynnhaven Apartments (6)
NC
3,450,000
174,788
-
3,624,788
Silver Moon - Series A (3)
NM
7,664,307
1,945,185
-
9,609,492
Village at Avalon - Series A (5)
NM
16,130,094
4,295,649
-
20,425,743
Ohio Properties - Series A (1)
OH
13,652,000
-
-
13,652,000
Bridle Ridge (1)
SC
7,190,000
801
-
7,190,801
Columbia Gardens (4)
SC
12,812,644
2,516,514
-
15,329,158
Companion at Thornhill Apartments (4)
SC
10,990,877
1,855,889
-
12,846,766
Cross Creek (1)
SC
6,129,339
2,058,249
-
8,187,588
Rosewood Townhomes - Series A (6)
SC
9,259,206
578,254
-
9,837,460
South Pointe Apartments - Series A (6)
SC
21,551,600
1,345,935
-
22,897,535
The Palms at Premier Park Apartments (2)
SC
18,504,146
2,505,025
-
21,009,171
Village at River's Edge (4)
SC
9,765,972
2,104,832
-
11,870,804
Willow Run (4)
SC
12,635,325
2,440,011
-
15,075,336
Arbors at Hickory Ridge (2)
TN
10,834,440
2,331,028
-
13,165,468
Avistar at Copperfield - Series A (6)
TX
13,748,038
2,679,071
-
16,427,109
Avistar at the Crest - Series A (2)
TX
9,082,300
1,964,023
-
11,046,323
Avistar at the Oaks - Series A (2)
TX
7,342,493
1,651,642
-
8,994,135
Avistar at the Parkway - Series A (3)
TX
12,651,455
2,498,397
-
15,149,852
Avistar at Wilcrest - Series A (6)
TX
5,210,228
901,310
-
6,111,538
Avistar at Wood Hollow - Series A (6)
TX
39,561,143
7,418,638
-
46,979,781
Avistar in 09 - Series A (2)
TX
6,339,959
1,373,222
-
7,713,181
Avistar on the Boulevard - Series A (2)
TX
15,472,678
3,222,376
-
18,695,054
Avistar on the Hills - Series A (2)
TX
5,026,836
1,151,856
-
6,178,692
Bruton Apartments (4)
TX
17,604,256
4,282,821
-
21,887,077
Concord at Gulfgate - Series A (4)
TX
18,703,168
4,360,042
-
23,063,210
Concord at Little York - Series A (4)
TX
13,102,454
3,165,305
-
16,267,759
Concord at Williamcrest - Series A (4)
TX
20,297,105
4,817,332
-
25,114,437
Crossing at 1415 - Series A (4)
TX
7,293,344
1,632,719
-
8,926,063
Decatur Angle (4)
TX
22,174,093
5,004,687
-
27,178,780
Esperanza at Palo Alto (4)
TX
19,146,081
5,396,061
-
24,542,142
Heights at 515 - Series A (4)
TX
6,677,182
1,521,291
-
8,198,473
Heritage Square - Series A (3)
TX
10,518,412
1,968,618
-
12,487,030
Oaks at Georgetown - Series A (4)
TX
12,081,489
2,135,841
-
14,217,330
Runnymede (1)
TX
9,740,000
100,274
-
9,840,274
Southpark (1)
TX
11,498,636
1,580,994
-
13,079,630
15 West Apartments (4)
WA
9,568,829
2,808,514
-
12,377,343
Mortgage revenue bonds held in trust
$
644,143,201
$
116,395,443
$
-
$
760,538,644
(1)
MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 16
( 2 )
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16
( 3 )
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 16
( 4 )
( 5 )
( 6 )
June 30, 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
$
2,657,964
$
818,994
$
-
$
3,476,958
Greens Property - Series B
NC
923,195
77,093
-
1,000,288
Ohio Properties - Series B
OH
3,475,730
-
-
3,475,730
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
5,259,343
-
-
5,259,343
Avistar at the Crest - Series B
TX
733,353
123,370
-
856,723
Avistar at the Oaks - Series B
TX
536,880
89,559
-
626,439
Avistar at the Parkway - Series B
TX
123,791
40,149
-
163,940
Avistar in 09 - Series B
TX
442,878
73,878
-
516,756
Avistar on the Boulevard - Series B
TX
435,761
70,246
-
506,007
Mortgage revenue bonds held by the Partnership
$
16,158,163
$
1,293,289
$
-
$
17,451,452
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 16
( 2 )
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16
( 3 )
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 16
( 4 )
( 5 )
MRB held by Morgan Stanley in a debt financing transaction Note 16
( 6 )
MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16
December 31, 2020
Description of Mortgage Revenue Bonds held by the Partnership
State
Cost Adjusted for Paydowns
Cumulative Unrealized Gain
Cumulative Unrealized Loss
Estimated Fair Value
Solano Vista - Series A
CA
$
2,665,000
$
891,612
$
-
$
3,556,612
Greens Property - Series B
NC
925,607
107,347
-
1,032,954
Arby Road Apartments - Series A
NV
7,385,000
15,059
-
7,400,059
Ohio Properties - Series B
OH
3,485,690
13,578
-
3,499,268
Rosewood Townhomes - Series B
SC
469,781
2,549
-
472,330
South Pointe Apartments - Series B
SC
1,099,487
5,967
-
1,105,454
Provision Center 2014-1
TN
6,161,954
-
-
6,161,954
Avistar at the Crest - Series B
TX
735,974
144,746
-
880,720
Avistar at the Oaks - Series B
TX
538,723
100,668
-
639,391
Avistar at the Parkway - Series B
TX
123,973
43,650
-
167,623
Avistar in 09 - Series B
TX
444,398
83,042
-
527,440
Avistar on the Boulevard - Series B
TX
437,318
82,718
-
520,036
Mortgage revenue bonds held by the Partnership
$
24,472,905
$
1,490,936
$
-
$
25,963,841
See Note 23 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership’s condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. During the three and six months ended June 30, 2021, the Partnership recognized a provision for credit loss of approximately $900,000 related to the Provision Center 2014-1 MRB in its condensed consolidated statements of operations. The borrower of the Provision Center 2014-1 MRB filed for Chapter 11 bankruptcy in December 2020 and has ceased making contractual principal and interest payments. The additional credit loss was driven primarily by operational and collateral information obtained during the bankruptcy process. During the three and six months ended June 30, 2020, the Partnership recognized a provision for credit loss of approximately $465,000 and $1.8 million, respectively, related to the Provision Center 2014-1 MRB in its condensed consolidated statements of operations. The credit loss for these periods was primarily driven by debt service shortfalls by the underlying commercial property, the borrower’s request for forbearance (prior to filing for bankruptcy protection), and the general creditworthiness of proton therapy centers in the United States, including the impact on them of the COVID-19 pandemic. MRB Activity in the First Six Months of 2021 Acquisitions: The following MRB was acquired at a price that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2021:
Property Name
Month Acquired
Property Location
Units
Maturity Date
Interest Rate
Principal Acquired
Jackson Manor Apartments (1)
April
Jackson, MS
60
5/1/2038
5.00
%
$
4,150,000
(1)
The Partnership has committed to provide total funding of the MRB up to $6.9 million during the acquisition and rehabilitation phase of the property on a drawdown basis. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $4.8 million Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 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 Six Months of 2020 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2020:
Property Name
Month Acquired
Property Location
Units
Maturity Date
Interest Rate
Principal Acquired
Arby Road Apartments - Series A (1)
June
Las Vegas, NV
180
10/1/2027
5.35
%
$
1,690,000
Arby Road Apartments - Series A (1)
June
Las Vegas, NV
180
4/1/2041
5.50
%
5,785,000
$
7,475,000
(1)
Both MRBs are part of the same series but have different interest rates and maturity dates. Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2020:
Property Name
Month Redeemed
Property Location
Units
Original Maturity Date
Interest Rate
Principal Outstanding at Date of Redemption
Solano Vista - Series B
January
Vallejo, CA
96
1/1/2021
5.85
%
$
3,103,000
The following table summarizes the changes in the Partnership’s allowance for credit losses for the three and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Balance, beginning of period
$
7,319,000
$
1,358,000
7,319,000
-
Provision for credit loss
900,000
465,000
900,000
1,823,000
Balance, end of period (1)
$
8,219,000
$
1,823,000
$
8,219,000
$
1,823,000
(1)
The allowance for credit losses as of June 30, 2021 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments MRB .

Governmental Issuer Loans

Governmental Issuer Loans6 Months Ended
Jun. 30, 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 GILs share a first mortgage lien position with the associated property loans (Note 10) or taxable GIL (Note 12) also owned by the Partnership. 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. Affiliates of the borrowers 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 16). At the closing of each GIL, Freddie Mac, through a servicer, has forward committed to purchase the GIL at maturity if the property has reached stabilization and other conditions are met. 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 June 30, 2021 and December 31, 2020:
As of June 30, 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%
3.13%
$
40,000,000
$
-
Oasis at Twin Lakes (1)
July 2020
Roseville, MN
228
8/1/2023
SIFMA + 3.25%
(3),(4)
3.75%
34,000,000
-
Centennial Crossings (1)
August 2020
Centennial, CO
209
9/1/2023
SIFMA + 2.75%
(4)
3.25%
22,994,534
10,085,466
Legacy Commons at Signal Hills (1)
January 2021
St. Paul, MN
247
2/1/2024
SOFR + 3.07%
(4)
3.57%
14,817,037
19,802,963
Hilltop at Signal Hills (1)
January 2021
St. Paul, MN
146
8/1/2023
SOFR + 3.07%
(4)
3.57%
6,920,774
17,529,226
Hope on Avalon
January 2021
Los Angeles, CA
88
2/1/2023
SIFMA + 3.75%
(4)
4.60%
7,981,200
15,408,800
Hope on Broadway
January 2021
Los Angeles, CA
49
2/1/2023
SIFMA + 3.75%
(4)
4.60%
3,691,245
8,414,378
$
130,404,790
$
71,240,833
(1)
The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22).
(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)
The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22).
(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. Activity in the First Six 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. Activity in the First Six Months of 2020 Acquisitions: During June 2020, the Partnership entered into a $40.0 million GIL commitment to provide construction financing for Scharbauer Flats Apartments.

Real Estate Assets

Real Estate Assets6 Months Ended
Jun. 30, 2021
Real Estate [Abstract]
Real Estate Assets8. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of June 30, 2021 and December 31, 2020:
Real Estate Assets as of June 30, 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
$
39,412,805
$
42,612,073
The 50/50 MF Property
Lincoln, NE
475
-
32,960,308
32,960,308
Vantage at Hutto
Hutto, TX
(1)
3,115,891
-
3,115,891
Vantage at Fair Oaks
Boerne, TX
(1)
2,473,247
-
2,473,247
Land held for development
(2)
1,675,997
-
1,675,997
$
82,837,516
Less accumulated depreciation
(19,506,937
)
Net real estate assets
$
63,330,579
(1 ) (2)
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 Six Months of 2021 As of June 30, 2021, the land held for development in Gardner, KS was listed for sale. In June 2021, Vantage at Fair Oaks, a consolidated VIE (Note 5), purchased a parcel of land in Boerne, TX for approximately $2.5 million for potential future development of a market-rate multifamily property. Activity in the First Six Months of 2020 In June 2020, the Partnership determined that the land held for development in Gardner, Kansas was impaired. The Partnership recorded an impairment charge of $25,200 in the second quarter of 2020, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land.

Investments in Unconsolidated E

Investments in Unconsolidated Entities6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020 and remaining equity commitment amounts as of June 30, 2021:
Property Name
Location
Units
Month Commitment Executed
Construction Completion Date
Carrying Value as of June 30, 2021
Carrying Value as of December 31, 2020
Maximum Remaining Equity Commitment as of June 30, 2021
Vantage at Powdersville
Powdersville, SC
288
November 2017
February 2020
-
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
12,240,000
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
10,938,202
10,406,895
-
Vantage at O'Connor
San Antonio, TX
288
October 2019
June 2021
8,666,870
8,245,890
-
Vantage at Westover Hills
San Antonio, TX
288
January 2020
N/A
8,431,070
8,021,544
-
Vantage at Tomball
Tomball, TX
288
August 2020
N/A
11,240,890
9,280,134
-
Vantage at Hutto (1)
Hutto, TX
288
November 2020
N/A
-
3,163,676
7,359,952
Vantage at San Marcos
San Marcos, TX
288
November 2020
N/A
1,031,813
981,695
8,943,914
Vantage at Loveland
Loveland, CO
288
April 2021
N/A
7,044,939
-
9,409,484
Vantage at Helotes
Helotes, TX
288
May 2021
N/A
4,779,161
-
7,869,399
4,044
$
91,790,880
$
106,878,570
$
33,582,749
(1) Activity in the First Six 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. In April 2021, the Partnership executed a $16.3 equity commitment to fund the construction of the Vantage at Loveland multifamily property. The Partnership may increase its equity commitment to $18.2 million based upon the occurrence of certain events. In May 2021, the Partnership executed a $12.6 equity commitment to fund the construction of the Vantage at Helotes multifamily property. In May 2021, Vantage at Powdersville sold substantially all assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $20.1 million upon sale. The Partnership recognized approximately $2.4 million of “Investment income” and approximately $5.5 million as “Gain on sale of investment in an unconsolidated entity” associated with the sale. Activity in the First Six Months of 2020 In January 2020, the Partnership executed a $7.3 million equity commitment to fund construction of the Vantage at Westover Hills multifamily property. In June 2020, Vantage at Waco sold substantially all assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $10.3 million upon sale. As of June 30, 2020, the Partnership recognized approximately $931,000 of “Investment income” associated with the sale. The Partnership recognized additional “Investment income” of approximately $373,000 and $201,000 in the third and fourth quarters of 2020, respectively, upon the resolution of certain gain contingencies. The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Property Revenues
$
5,475,906
$
2,987,106
$
10,958,776
$
5,470,711
Gain on sale of property
$
15,659,445
$
6,262,992
$
24,626,692
$
6,262,992
Net income
$
13,579,814
$
4,356,453
$
20,510,948
$
1,837,288

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020:
June 30, 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) (2)
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) (2)
1,000,000
-
1,000,000
Legacy Commons at Signal Hills (1) (2)
1,000,000
-
1,000,000
Live 929 Apartments
1,241,348
(1,241,348
)
-
Oasis at Twin Lakes (1) (2)
2,528,546
-
2,528,546
Ohio Properties
2,390,446
-
2,390,446
Scharbauer Flats Apartments (1) (2)
2,309,613
-
2,309,613
Total
$
26,084,427
$
(8,635,162
)
$
17,449,265
(1)
The property loan is held in trust in connection with a TOB financing (Note 16).
(2)
The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property . Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan.
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) (2)
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)
2,309,613
-
2,309,613
Total
$
21,225,765
$
(8,305,046
)
$
12,920,719
(1)
The property loan is held in trust in connection with a TOB financing (Note 16).
(2)
The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property . Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan. The Partnership recognized a provision for loan loss and associated loan loss allowance of approximately $330,000 for the three and six months ended June 30, 2021 related to the Live 929 Apartments property loan as the Partnership determined it was probable the outstanding balance will not be collectible. The interest to be earned on the Live 929 Apartments and Cross Creek property loans was in nonaccrual status for the three and six months ended June 30, 2021. 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 and six months ended June 30, 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 Six 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 following is a summary of the property loans commitments entered into during the six months ended June 30, 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 borrower has the option to extend the maturity date up to six months. 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. Activity in the First Six Months of 2020 Concurrent with the acquisition of a GIL (Note 7), the Partnership has committed to provide a property loan for the construction of the underlying property on a draw-down basis. The following is a summary of the property loan commitment entered into during the six months ended June 30, 2020:
Property Name
Date Committed
Maturity Date
Outstanding Balance
Scharbauer Flats Apartments
June 2020
1/1/2023 (1)
$
1,667,776
(1) The following table summarizes the Partnership’s outstanding property loan commitments as of June 30, 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
25,175,634
Scharbauer Flats Apartments
21,850,387
Total
$
119,690,203

Income Tax Provision

Income Tax Provision6 Months Ended
Jun. 30, 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 and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Current income tax expense
$
127,129
$
98,964
$
143,614
$
141,299
Deferred income tax benefit
(19,442
)
(960
)
(35,670
)
(31,881
)
Total income tax expense
$
107,687
$
98,004
$
107,944
$
109,418
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 June 30, 2021 and December 31, 2020.

Other Assets

Other Assets6 Months Ended
Jun. 30, 2021
Other Assets [Abstract]
Other Assets12. Other Assets The following table summarizes the other assets as of June 30, 2021 and December 31, 2020:
June 30, 2021
December 31, 2020
Deferred financing costs, net
$
1,291,123
$
390,649
Fair value of derivative instruments (Note 18)
321,372
321,503
Taxable mortgage revenue bonds, at fair value
1,462,862
1,510,437
Taxable governmental issuer loan held in trust
1,000,000
-
Bond purchase commitments, at fair value (Note 19)
392,515
431,879
Operating lease right-of-use assets, net
1,634,200
1,648,742
Other assets
1,274,856
1,605,374
Total other assets
$
7,376,928
$
5,908,584
As of June 30, 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 23 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 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 The GIL and taxable GIL are 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 16). The following table includes details of the taxable GIL, and the remaining funding commitment, that was entered into during the six months ended June 30, 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 payment of a non-refundable extension fee.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020:
June 30, 2021
December 31, 2020
Accounts payable
$
333,300
$
94,674
Accrued expenses
2,704,528
2,755,010
Accrued interest expense
3,791,711
3,433,247
Operating lease liabilities
2,150,982
2,149,001
Other liabilities
1,683,816
1,517,633
Total accounts payable, accrued expenses and other liabilities
$
10,664,337
$
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 June 30, 2021:
Remainder of 2021
$
69,710
2022
141,119
2023
143,561
2024
144,706
2025
147,598
Thereafter
4,369,676
Total
5,016,370
Less: Amount representing interest
(2,865,388
)
Total operating lease liabilities
$
2,150,982

Unsecured Lines of Credit

Unsecured Lines of Credit6 Months Ended
Jun. 30, 2021
Unsecured Lines of Credit16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2021 and December 31, 2020:
Outstanding Debt Financings as of June 30, 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
$
39,552,847
$
204,000
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
77,655,139
4,999
2014
July 2024
Weekly
SIFMA
0.06%
1.34%
1.40%
Fixed - M33
30,497,949
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
214,892,281
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
102,944,935
77,530,500
2020
September 2025
Monthly
3-month LIBOR
0.12%
9.00%
9.12% (3)
TOB Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
6,102,623
-
2020
July 2022
Weekly
SIFMA
0.23%
0.89%
1.12%
Variable - TOB
9,213,676
-
2021
February 2023
Weekly
SIFMA
0.23%
1.42%
1.65%
Variable - TOB
3,486,987
-
2021
April 2023
Weekly
SIFMA
0.23%
1.27%
1.50%
Variable - TOB
122,503,096
-
2019
July 2023
Weekly
SIFMA
0.23% - 0.28%
1.17% - 1.67%
1.40% - 1.95%
Variable - TOB
91,897,806
-
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22%
Variable - TOB
5,683,115
-
2020
December 2023
Weekly
SIFMA
0.23%
1.27%
1.50%
Variable - TOB
24,132,417
-
2021
January 2024
Weekly
OBFR
0.33%
0.89%
1.22%
Morgan Stanley:
Fixed - Term TOB
12,969,836
-
2019
May 2024
N/A
N/A
N/A
N/A
1.98%
Total Debt Financings
$
741,532,707
(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 $39.8 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of June 30, 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 18 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 June 30, 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 18). The Partnership may also be required to post collateral, typically in cash, related to the TOB Trusts with Mizuho. The amount of collateral posting required is dependent on the valuation of the underlying MRBs, GILs and property loans in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of June 30, 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 June 30 , 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; requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remains listed on a nationally recognized stock exchange. 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 Class A Certificates held by Morgan Stanley. The Partnership was in compliance with all covenants as of June 30, 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 Six Months of 2021 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the six months ended June 30, 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%
Jackson Manor Apartments MRB
3,528,000
April 2023
Weekly
SIFMA
1.27%
Total TOB Trust Financings
$
27,735,000
(1)
The TOB Trust is securitized by the Legacy Commons at Signal Hills GIL and property loan, Hilltop at Signal Hills GIL and property loan, Oasis at Twin Lakes property loan and Hope on Avalon taxable GIL. In June 2021, the Partnership extended the maturity date of the Morgan Stanley Term TOB financing from May 2022 to May 2024 and the interest rate was reduced to 1.98% from 3.53%. Activity in the First Six Months of 2020 In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest were paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party. In April 2020, the Partnership terminated its Master Trust Agreement and collapsed its Term TOB Trust and all Term A/B Trust financings with Deutsche Bank. As of the termination, the Partnership is no longer subject to the debt covenants in the Master Trust Agreement. All outstanding principal and interest related to the Term A/B Trust financings were paid off in full, and the Partnership paid a one-time fee of approximately $454,000 to terminate the trusts. The following is a summary of the Deutsche Bank Term A/B Trust and TOB Trust financings that were collapsed and paid off in April 2020:
Debt Financing
Debt Facility
Month
Paydown Applied
Avistar at Copperfield - Series A
Term A/B Trust
April 2020
$
8,417,739
Avistar at Wilcrest - Series A
Term A/B Trust
April 2020
3,162,435
Avistar at Wood Hollow - Series A
Term A/B Trust
April 2020
26,860,536
Gateway Village
Term A/B Trust
April 2020
2,262,000
Lynnhaven
Term A/B Trust
April 2020
3,001,500
Pro Nova 2014-1
Term TOB
April 2020
8,010,000
$
51,714,210
The following is a summary of the Mizuho TOB Trust financings that were entered into during the six months ended June 30, 2020:
TOB Trusts Securitization
Outstanding TOB Trust Financing
Stated Maturity
Reset Frequency
Variable Rate Index
Facility Fees
Avistar at Copperfield - Series A
$
11,818,000
May 2021 (1)
Weekly
SIFMA
1.67%
Avistar at Wilcrest - Series A
4,479,000
May 2021 (1)
Weekly
SIFMA
1.67%
Avistar at Wood Hollow - Series A
34,007,000
May 2021 (1)
Weekly
SIFMA
1.67%
Gateway Village
2,184,000
May 2021 (1)
Weekly
SIFMA
1.67%
Lynnhaven
2,898,000
May 2021 (1)
Weekly
SIFMA
1.67%
Scharbauer Flats Apartments
36,000,000
July 2023
Weekly
SIFMA
0.89%
Total TOB Trust Financing
$
91,386,000
(1) Future Maturities The Partnership’s contractual maturities of borrowings as of June 30, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
3,075,795
2022
12,921,689
2023
237,464,816
2024
125,103,152
2025
11,363,784
Thereafter
354,283,139
Total
744,212,375
Unamortized deferred financing costs and debt premium
(2,679,668
)
Total debt financing, net
$
741,532,707
Unsecured Lines of Credit [Member]
Unsecured Lines of Credit14. Unsecured Lines of Credit The following tables summarize the unsecured lines of credit (“LOC” or “LOCs”) as of June 30, 2021 and December 31, 2020:
Unsecured Line of Credit
Outstanding as of June 30, 2021
Total Commitment
Commitment Maturity
Variable / Fixed
Reset Frequency
Period End Rate
Bankers Trust non-operating
$
-
$
50,000,000
June 2022
Variable (1)
Monthly
2.65
%
(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 June 30, 2021. The Partnership and Bankers Trust agreed to terminate the $10 million operating LOC upon closing of the new secured LOC in June 2021 (Note 15). There was no outstanding principal or accrued interest as of the termination date.

Secured Line of Credit

Secured Line of Credit6 Months Ended
Jun. 30, 2021
Secured Line Of Credit Facility [Member]
Secured Line of Credit15. Secured Line of Credit The following table summarizes the secured LOC as of June 30, 2021:
Outstanding as of June 30, 2021
Total Commitment
Commitment Maturity
Variable / Fixed
Reset Frequency
Period End Rate
Secured line of credit
$
6,500,000
$
40,000,000
June 2023 (1)
Variable (2)
Monthly
3.50
%
(1)
The secured LOC contains two one-year
(2)
The variable rate is equal to LIBOR + 3.25%, subject to a floor of 3.50%. In June 2021, the Partnership entered into a secured Credit Agreement (“Secured Credit Agreement”) of up to $40,000,000 with BankUnited, N.A. and Bankers Trust Company (collectively, the “Lenders”), and the sole lead arranger and administrative agent, BankUnited, N.A. The aggregate available commitment cannot exceed a borrowing base calculation, that is equal to 40% multiplied by the aggregate value of a pool of eligible encumbered assets. Eligible encumbered assets consist of (i) the net book value of the Suites on Paseo MF Property, and (ii) 100% of the Partnership’s capital contributions to equity investments, subject to certain restrictions. The proceeds of the secured LOC will be used by the Partnership to purchase additional investments and to meet general working capital and liquidity requirements. The Partnership may borrow, prepay and reborrow amounts at any time through the maturity date, subject to the limitations of the borrowing base. The secured LOC is secured by first priority security interests in the Partnership’s investments in unconsolidated entities, a mortgage and assignment of leases and rents of the Suites on Paseo MF Property, and a security interest in a bank account at BankUnited, N.A., in which the Partnership must maintain a balance of not less than $5.0 million. In addition, an affiliate of the Partnership, Greystone Select Holdings LLC (“Greystone Select”), has provided a deficiency guaranty of the Partnership’s obligations under the Secured Credit Agreement. Greystone Select is subject to certain covenants and was in compliance with such covenants as of June 30, 2021. No fees were paid to Greystone Select related to the deficiency guaranty agreement. The Partnership is subject to various affirmative and negative covenants that, among others, require the Partnership to maintain a minimum liquidity of not less than $5.0 million, maintain a minimum consolidated tangible net worth of $100.0 million, and to notify the Administrative Agent if the Partnership’s consolidated net worth declines by (a) more than 20% from the immediately preceding quarter, or (b) more than 35% from the date at the end of two consecutive calendar quarters ending immediately thereafter. The

Debt Financing

Debt Financing6 Months Ended
Jun. 30, 2021
Debt Financing [Abstract]
Unsecured Lines of Credit16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2021 and December 31, 2020:
Outstanding Debt Financings as of June 30, 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
$
39,552,847
$
204,000
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
77,655,139
4,999
2014
July 2024
Weekly
SIFMA
0.06%
1.34%
1.40%
Fixed - M33
30,497,949
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
214,892,281
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
102,944,935
77,530,500
2020
September 2025
Monthly
3-month LIBOR
0.12%
9.00%
9.12% (3)
TOB Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
6,102,623
-
2020
July 2022
Weekly
SIFMA
0.23%
0.89%
1.12%
Variable - TOB
9,213,676
-
2021
February 2023
Weekly
SIFMA
0.23%
1.42%
1.65%
Variable - TOB
3,486,987
-
2021
April 2023
Weekly
SIFMA
0.23%
1.27%
1.50%
Variable - TOB
122,503,096
-
2019
July 2023
Weekly
SIFMA
0.23% - 0.28%
1.17% - 1.67%
1.40% - 1.95%
Variable - TOB
91,897,806
-
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22%
Variable - TOB
5,683,115
-
2020
December 2023
Weekly
SIFMA
0.23%
1.27%
1.50%
Variable - TOB
24,132,417
-
2021
January 2024
Weekly
OBFR
0.33%
0.89%
1.22%
Morgan Stanley:
Fixed - Term TOB
12,969,836
-
2019
May 2024
N/A
N/A
N/A
N/A
1.98%
Total Debt Financings
$
741,532,707
(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 $39.8 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of June 30, 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 18 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 June 30, 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 18). The Partnership may also be required to post collateral, typically in cash, related to the TOB Trusts with Mizuho. The amount of collateral posting required is dependent on the valuation of the underlying MRBs, GILs and property loans in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of June 30, 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 June 30 , 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; requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remains listed on a nationally recognized stock exchange. 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 Class A Certificates held by Morgan Stanley. The Partnership was in compliance with all covenants as of June 30, 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 Six Months of 2021 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the six months ended June 30, 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%
Jackson Manor Apartments MRB
3,528,000
April 2023
Weekly
SIFMA
1.27%
Total TOB Trust Financings
$
27,735,000
(1)
The TOB Trust is securitized by the Legacy Commons at Signal Hills GIL and property loan, Hilltop at Signal Hills GIL and property loan, Oasis at Twin Lakes property loan and Hope on Avalon taxable GIL. In June 2021, the Partnership extended the maturity date of the Morgan Stanley Term TOB financing from May 2022 to May 2024 and the interest rate was reduced to 1.98% from 3.53%. Activity in the First Six Months of 2020 In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest were paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party. In April 2020, the Partnership terminated its Master Trust Agreement and collapsed its Term TOB Trust and all Term A/B Trust financings with Deutsche Bank. As of the termination, the Partnership is no longer subject to the debt covenants in the Master Trust Agreement. All outstanding principal and interest related to the Term A/B Trust financings were paid off in full, and the Partnership paid a one-time fee of approximately $454,000 to terminate the trusts. The following is a summary of the Deutsche Bank Term A/B Trust and TOB Trust financings that were collapsed and paid off in April 2020:
Debt Financing
Debt Facility
Month
Paydown Applied
Avistar at Copperfield - Series A
Term A/B Trust
April 2020
$
8,417,739
Avistar at Wilcrest - Series A
Term A/B Trust
April 2020
3,162,435
Avistar at Wood Hollow - Series A
Term A/B Trust
April 2020
26,860,536
Gateway Village
Term A/B Trust
April 2020
2,262,000
Lynnhaven
Term A/B Trust
April 2020
3,001,500
Pro Nova 2014-1
Term TOB
April 2020
8,010,000
$
51,714,210
The following is a summary of the Mizuho TOB Trust financings that were entered into during the six months ended June 30, 2020:
TOB Trusts Securitization
Outstanding TOB Trust Financing
Stated Maturity
Reset Frequency
Variable Rate Index
Facility Fees
Avistar at Copperfield - Series A
$
11,818,000
May 2021 (1)
Weekly
SIFMA
1.67%
Avistar at Wilcrest - Series A
4,479,000
May 2021 (1)
Weekly
SIFMA
1.67%
Avistar at Wood Hollow - Series A
34,007,000
May 2021 (1)
Weekly
SIFMA
1.67%
Gateway Village
2,184,000
May 2021 (1)
Weekly
SIFMA
1.67%
Lynnhaven
2,898,000
May 2021 (1)
Weekly
SIFMA
1.67%
Scharbauer Flats Apartments
36,000,000
July 2023
Weekly
SIFMA
0.89%
Total TOB Trust Financing
$
91,386,000
(1) Future Maturities The Partnership’s contractual maturities of borrowings as of June 30, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
3,075,795
2022
12,921,689
2023
237,464,816
2024
125,103,152
2025
11,363,784
Thereafter
354,283,139
Total
744,212,375
Unamortized deferred financing costs and debt premium
(2,679,668
)
Total debt financing, net
$
741,532,707

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing6 Months Ended
Jun. 30, 2021
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing17. 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 June 30, 2021 and December 31, 2020:
Property Mortgage Payables
Outstanding Mortgage Payable as of June 30, 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
$
2,335,034
$
2,521,308
2020
March 2025
Fixed
4.40
%
The 50/50 MF Property--Mortgage
23,210,393
23,463,564
2020
April 2027
Fixed
4.35
%
Vantage at Fair Oaks--Mortgage (1)
1,418,897
-
2021
June 2022
Fixed
4.15
%
Total Mortgage Payable\Weighted Average Period End Rate
$
26,964,324
$
25,984,872
4.34
%
(1) Activity in the First Six Months of 2021 In June 2021, Vantage at Fair Oaks, a consolidated VIE (Note 5), entered into a mortgage payable arrangement to fund the purchase of a parcel of land for potential future development of a market-rate multifamily property. Activity in the First Six 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 June 30, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
419,830
2022
2,310,678
2023
909,690
2024
947,733
2025
1,747,343
Thereafter
20,651,621
Total
26,986,895
Unamortized deferred financing costs
(22,571
)
Total mortgages payable and other secured financings, net
$
26,964,324

Derivative Financial Instrument

Derivative Financial Instruments6 Months Ended
Jun. 30, 2021
Interest Rate Derivatives [Abstract]
Derivative Financial Instruments18. Derivative Financial Instruments The following table summarizes the terms of the Partnership’s total return swaps as of June 30, 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 June 30, 2021
Sept 2020
39,791,732
Sept 2020
Sept 2025
4.25% (1)
9.12% (3)
3-month LIBOR
Mizuho Capital Markets
$
80,725
Sept 2020
63,500,000
Sept 2020
Mar 2022
1.00% (2)
9.12% (3)
3-month LIBOR
Mizuho Capital Markets
214,813
$
295,538
(1)
Variable rate equal to 3-month
(2)
Variable rate equal to 3-month LIBOR + 0.50%, subject to a floor of 1.00%.
(3)
Variable rate equal to 3-month LIBOR + 9.00%.
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)
Variable rate equal to 3-month
(2)
Variable rate equal to 3-month LIBOR + 0.50%, subject to a floor of 1.00%.
(3)
Variable rate equal to 3-month LIBOR + 9.00%. Each of the total return swaps has the Partnership’s Secured Notes with Mizuho as the specified reference security (Note 16). The combined notional amount of the total return swaps is $103.3 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 $39.8 million, requires the Partnership to maintain cash collateral equal to 35% of the notional amount, which was approximately $14.0 million as of June 30, 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 June 30, 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 June 30, 2021 and December 31, 2020:
Purchase Date
Notional Amount
Maturity Date
Effective Capped Rate (1)
Index
Variable Debt Financing Hedged (1)
Counterparty
Fair Value as of June 30, 2021
Aug 2019
77,300,192
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
$
25,834
$
25,834
Purchase Date
Notional Amount
Maturity Date
Effective Capped Rate (1)
Index
Variable Debt Financing Hedged (1)
Counterparty
Fair Value as of December 31, 2020
Aug 2019
77,979,924
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
$
27,877
$
27,877
( 1 )
See Notes 16 and 23 for additional details. The Partnership’s derivative financial instruments are not designated as hedging instruments and are recorded at fair value. Changes in fair value are included in current period earnings as “Interest expense” on the Partnership’s condensed consolidated statements of operations. See Note 23 for a description of the methodology and significant assumptions for determining the fair value of the derivatives. The derivative financial instruments are presented within “Other assets” on the Partnership’s condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies6 Months Ended
Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies19. Commitments and Contingencies Legal Proceedings The Partnership, from time to time, is 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 currently 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. The following table summarizes the Partnership’s bond purchase commitment as of June 30, 2021:
Bond Purchase Commitments
Commitment Date
Maximum Committed Amounts Remaining
Rate
Estimated Closing Date
Fair Value as of June 30, 2021
CCBA Senior Garden Apartments
July 2020
$
3,807,000
4.50
%
Q3 2022
$
392,515
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 related property is under construction. The Partnership’s remaining maximum commitments related to the Series A MRB and the taxable MRB totaled approximately $8.2 million and $7.0 million, respectively, as of June 30, 2021. The Partnership has committed to fund additional proceeds related to the Jackson Manor Apartments MRB (Note 6) while the related property is under rehabilitation. The Partnership’s remaining maximum commitment related to the MRB totaled approximately $2.8 million as of June 30, 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 related properties are 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 June 30, 2021:
Borrower
Year the Guarantee was Executed
Maximum Balance Available on Loan
Loan Balance as of June 30, 2021
Partnership's Maximum Exposure as of June 30, 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
31,029,296
15,514,648
(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 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 June 30, 20 2 1. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation during the ter m. 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 June 30, 2021:
Limited Partnership(s)
Year the Guarantee was Executed
End of Guarantee Period
Partnership's Maximum Exposure as of June 30, 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 Units and Redeemable Series A-1 Preferred Units6 Months Ended
Jun. 30, 2021
Temporary Equity Disclosure [Abstract]
Redeemable Series A Preferred Units and Redeemable Series A-1 Preferred Units20. Redeemable Series A Preferred Units and Redeemable Series A-1 Preferred Units The Partnership has issued Series A Preferred Units via a private placement to five financial institutions. The Partnership has designated but not yet issued Series A-1 Preferred Units as of June 30, 2021. The Series A Preferred Units and Series A-1 Preferred Units represent limited partnership interests of the Partnership. The and Series A-1 Preferred Units In the event of any liquidation, dissolution, or winding up of the Partnership, the holders of the Series A Preferred Units and Series A-1 Preferred Units Series A Preferred Units and Series A-1 Preferred Units Series A Preferred Units or Series A-1 Preferred Units Series A Preferred Units or Series A-1 Preferred Units The following table summarizes the outstanding Series A Preferred Units as of June 30, 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 June 30, 2021 and December 31, 2020
9,450,000
$
94,500,000

Restricted Unit Awards

Restricted Unit Awards6 Months Ended
Jun. 30, 2021
Restricted Unit Awards [Member]
Restricted Unit Awards21. 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 $191,000 and $296,000 for the three months ended June 30, 2021 and 2020, respectively. The compensation expense for RUAs totaled approximately $269,000 and $335,000 for the six months ended June 30, 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 as of and for the six months ended June 30, 2021 and for 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
Granted
266,324
6.49
Nonvested as of June 30, 2021
399,136
$
5.99
The unrecognized compensation expense related to nonvested RUAs granted under the Plan was approximately $1.9 million as of June 30, 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 $2.7 million as of June 30, 2021.

Transactions with Related Parti

Transactions with Related Parties6 Months Ended
Jun. 30, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties22. 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 and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Partnership administrative fees paid to AFCA 2 (1)
$
987,000
$
866,000
$
1,953,000
$
1,731,000
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2)
16,000
33,000
27,000
41,000
(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 and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Non-Partnership property administrative fees received by AFCA 2 (1)
9,000
9,000
$
18,000
$
18,000
Investment/mortgage placement fees received by AFCA 2 (2)
1,528,000
321,000
2,782,000
863,000
(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. Greystone Select, an affiliate of the Partnership, has provided a deficiency guaranty of the Partnership’s obligations under the Secured Credit Agreement. The guaranty is enforceable if an event of default occurs, the administrative agent takes certain actions in relation to the collateral and the amounts due under the Secured Credit Agreement are not collected within a certain period of time after the commencement of such actions. No fees were paid to Greystone Select related to the deficiency guaranty agreement. The Partnership has 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. The term of the agreement ends December 31, 2021. There were no fees paid under this agreement for the three and six months ended June 30, 2021. The Partnership reported receivables due from unconsolidated entities of approximately $19,000 and $53,000 as of June 30, 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 $365,000 and $344,000 as of June 30, 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 Instruments6 Months Ended
Jun. 30, 2021
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments23. 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 June 30, 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 June 30, 2021 and December 31, 2020 are as follows:
Range of Effective Yields
Weighted Average Effective Yields (1)
Security Type
June 30, 2021
December 31, 2020
June 30, 2021
December 31, 2020
Mortgage revenue bonds
1.6% - 16.4%
1.4% - 13.3%
3.2
%
3.0
%
Taxable mortgage revenue bonds
7.7% - 7.8%
7.1% - 7.4%
7.7
%
7.3
%
Bond purchase commitments
3.5%
3.5%
3.5
%
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 June 30, 2021 are summarized as follows:
Fair Value Measurements as of June 30, 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
$
760,538,644
$
-
$
-
$
760,538,644
Mortgage revenue bonds
17,451,452
-
-
17,451,452
Bond purchase commitments (reported within other assets)
392,515
-
-
392,515
Taxable mortgage revenue bonds (reported within other assets)
1,462,862
-
-
1,462,862
Derivative financial instruments (reported within other assets)
321,372
-
-
321,372
Total Assets at Fair Value, net
$
780,166,845
$
-
$
-
$
780,166,845
The following tables summarize the activity related to Level 3 assets for the three and six months ended June 30, 2021:
For the Three Months Ended June 30, 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 April 1, 2021
$
771,524,912
$
310,909
$
1,443,988
$
327,376
$
773,607,185
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)
34,430
-
-
1,769,026
1,803,456
Included in earnings (provision for credit loss)
(900,080
)
-
-
-
(900,080
)
Included in other comprehensive income
1,911,907
81,606
21,266
-
2,014,779
Purchases
6,880,000
-
-
-
6,880,000
Settlements
(1,461,073
)
-
(2,392
)
(1,775,030
)
(3,238,495
)
Ending Balance June 30, 2021
$
777,990,096
$
392,515
$
1,462,862
$
321,372
$
780,166,845
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2021
$
(900,080
)
$
-
$
-
$
(9,494
)
$
(909,574
)
(1)
For the Six Months Ended June 30, 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)
68,961
-
-
3,575,193
3,644,154
Included in earnings (provision for credit loss)
(900,080
)
-
-
-
(900,080
)
Included in other comprehensive income
(14,322,778
)
(39,364
)
(42,846
)
-
(14,404,988
)
Purchases
8,951,500
-
-
-
8,951,500
Settlements
(10,239,992
)
-
(4,729
)
(3,575,324
)
(13,820,045
)
Ending Balance June 30, 2021
$
777,990,096
$
392,515
$
1,462,862
$
321,372
$
780,166,845
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2021
$
(900,080
)
$
-
$
-
$
(2,043
)
$
(902,123
)
(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 tables summarize the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2020:
For the Three Months Ended June 30, 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 April 1, 2020
$
761,082,275
$
-
$
1,417,654
$
36,112
$
762,536,041
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)
20,098
-
-
93,647
113,745
Included in earnings (impairment of securities and provision for credit loss)
(464,675
)
-
-
-
(464,675
)
Included in other comprehensive income
20,930,838
-
40,811
-
20,971,649
Purchases
7,489,950
-
-
-
7,489,950
Settlements
(1,433,515
)
-
(2,186
)
(99,933
)
(1,535,634
)
Ending Balance June 30, 2020
$
787,624,971
$
-
$
1,456,279
$
29,826
$
789,111,076
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 June 30, 2020
$
(464,675
)
$
-
$
-
$
93,647
$
(371,028
)
(1)
Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.
For the Six Months Ended June 30, 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)
55,240
(7,219
)
-
118,848
166,869
Included in earnings (impairment of securities and provision for credit loss)
(1,822,356
)
-
-
-
(1,822,356
)
Included in earnings (gain on sale of securities)
-
1,416,023
-
-
1,416,023
Included in other comprehensive income
14,208,716
(1,408,804
)
77,366
-
12,877,278
Purchases
7,489,950
-
-
-
7,489,950
Sale of securities
-
(43,349,357
)
-
-
(43,349,357
)
Settlements
(5,904,044
)
-
(4,324
)
(99,933
)
(6,008,301
)
Ending Balance June 30, 2020
$
787,624,971
$
-
$
1,456,279
$
29,826
$
789,111,076
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2020
$
(1,822,356
)
$
-
$
-
$
118,848
$
(1,703,508
) (1) 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 June 30, 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 June 30, 2021 and December 31, 2020. As of June 30, 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 financings are credit enhanced by Freddie Mac. The TOB Trust financings are credit enhanced by Mizuho. The table below summarizes the fair value of the Partnership’s financial liabilities as of June 30, 2021 and December 31, 2020:
June 30, 2021
December 31, 2020
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Financial Liabilities:
Debt financing
$
741,532,707
777,231,398
$
673,957,640
$
709,760,933
Unsecured lines of credit
-
-
7,475,000
7,475,000
Secured lines of credit
6,500,000
6,500,000
-
-
Mortgages payable and other secured financing
26,964,324
26,986,896
25,984,872
25,986,514

Segments

Segments6 Months Ended
Jun. 30, 2021
Segment Reporting [Abstract]
Segments24. Segments The Partnership has four reportable segments - Mortgage Revenue Bond Investments, Other Investments, MF Properties and Public Housing Capital Fund Trusts. Only the Mortgage Revenue Bond Investments, Other Investments, and MF Properties segments had activity for the three months and six months ended June 30, 2021. 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 June 30, 2021, the Partnership reported 76 MRBs and seven GILs. The Residential Properties financed by MRBs and GILs contain a total of 10,995 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). The Other Investments segment also includes the consolidated VIEs of Vantage at Hutto and Vantage at Fair Oaks (Note 5). 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 June 30, 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 and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Total revenues
Mortgage Revenue Bond Investments
$
11,034,482
$
10,247,228
$
21,829,270
$
20,453,031
Other Investments
3,583,841
2,374,237
5,482,017
3,777,852
MF Properties
1,788,173
1,856,954
3,482,697
3,809,201
Public Housing Capital Fund Trusts
-
-
-
174,470
Total revenues
$
16,406,496
$
14,478,419
$
30,793,984
$
28,214,554
Interest expense
Mortgage Revenue Bond Investments
$
5,035,615
$
4,597,328
$
9,979,892
$
10,095,527
Other Investments
40,498
-
40,498
-
MF Properties
281,983
291,988
564,181
613,764
Public Housing Capital Fund Trusts
-
-
-
197,993
Total interest expense
$
5,358,096
$
4,889,316
$
10,584,571
$
10,907,284
Depreciation expense
Mortgage Revenue Bond Investments
$
5,811
$
3,359
$
11,622
$
5,783
Other Investments
-
-
-
-
MF Properties
679,073
708,722
1,356,722
1,415,736
Public Housing Capital Fund Trusts
-
-
-
-
Total depreciation expense
$
684,884
$
712,081
$
1,368,344
$
1,421,519
Net income (loss)
Mortgage Revenue Bond Investments
$
1,290,784
$
2,301,494
$
3,840,236
$
2,741,830
Other Investments
9,004,390
2,372,437
13,710,611
3,775,589
MF Properties
(30,494
)
(85,583
)
(293,313
)
(338,313
)
Public Housing Capital Fund Trusts
-
-
-
1,390,999
Net income (loss)
$
10,264,680
$
4,588,348
$
17,257,534
$
7,570,105
The following table details total assets for the Partnership’s reportable segments as of June 30, 2021 and December 31, 2020:
June 30, 2021
December 31, 2020
Total assets
Mortgage Revenue Bond Investments
$
1,172,640,853
$
1,114,146,614
Other Investments
96,636,495
106,931,182
MF Properties
67,387,271
67,988,190
Public Housing Capital Fund Trusts
-
-
Consolidation/eliminations
(102,678,760
)
(113,818,107
)
Total assets
$
1,233,985,859
$
1,175,247,879

Subsequent Events

Subsequent Events6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]
Subsequent Events25. Subsequent Events In July 2021, the following MRBs were redeemed:
Property Name
Month Redeemed
Property Location
Units
Original Maturity Date
Interest Rate
Principal Outstanding at Date of Redemption
Rosewood Townhomes - Series A
July
Goose Creek, SC
100
7/1/2055
5.75%
$
9,259,206
Rosewood Townhomes - Series B
July
Goose Creek, SC
100
8/1/2055
12.00%
469,781
South Pointe Apartments - Series A
July
Hanahan, SC
256
7/1/2055
5.75%
21,551,600
South Pointe Apartments - Series B
July
Hanahan, SC
256
8/1/2055
12.00%
1,099,487
$
32,380,074
The Series A MRBs were redeemed at prices that approximated 106% of the Partnership’s outstanding principal plus accrued interest and the Series B MRBs were redeemed at prices that approximated 100% of the Partnership’s outstanding principal plus accrued interest. The Partnership will recognize approximately $1.8 million of “Contingent interest income” associated with the redemptions in the third quarter of 2021. In July 2021, the following TOB Trust financings were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest. The Partnership paid a one-time fee of approximately $187,000 to terminate the TOB Trust financings.
Debt Financing
Debt Facility
Month
Paydown Applied
Rosewood Townhomes - Series A
TOB
July 2021
$
7,700,000
South Pointe Apartments - Series A
TOB
July 2021
17,990,000
$
25,690,000
In July 2021, the Partnership committed to fund a GIL and property loan for the construction of an affordable multifamily property. At closing, the Partnership advanced approximately $4.0 million with the remaining commitment to be funded as construction progresses. The GIL and property loan share a first mortgage lien position on the property. The following table summarizes the terms of the Partnership’s GIL and property loan commitments:
Commitment
Month Acquired
Property Location
Units
Maturity Date
Variable Interest Rate
Initial Funding
Maximum Remaining Commitment
Osprey Village - GIL
July 2021
Kissimmee, FL
383
8/1/2024 (1)
SOFR + 3.07%
(2)
$
2,955,303
$
57,044,697
Osprey Village - Property Loan
July 2021
Kissimmee, FL
383
8/1/2024 (1)
SOFR + 3.07%
(2)
1,000,000
24,500,000
$
3,955,303
$
81,544,697
(1) (2) In July 2021, the Partnership entered into a TOB Trust financing arrangement with Mizuho to securitize the Osprey Village GIL and property loan and the Ocotillo Springs taxable MRB. The TOB Trust financing allows for additional borrowings as the Partnership makes additional advances for the related funding commitments. The following table summarizes the initial terms of the TOB Trust financing:
TOB Trusts Securitization
Initial TOB Trust Financing
Stated Maturity
Reset Frequency
OBFR Based Rates
Facility Fees
Initial Interest Rate
TOB Trust 2021-XF2939
$
4,085,000
July 2024
Weekly
0.33%
1.16%
1.49%
In July 2021, the Partnership’s registration statement on Form S-4 for the offering and issuance of up to 9,450,000 of Series A-1 Preferred Units under a shelf registration process was declared effective by the SEC. Under this offering, the Partnership may issue up to 9,450,000 Series A-1 Preferred Units in exchange for the Partnership’s outstanding Series A Preferred Units. In July 2021, the Partnership entered into a Capital on Demand TM

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)6 Months Ended
Jun. 30, 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 wholly owned corporation (“the Greens Hold Co”), which owns 100 % of The 50/50 MF Property, a real estate asset, and certain property loans; and

Lindo Paseo LLC, a wholly owned limited liability company, which owns 100% of the Suites on Paseo MF Property. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary.
Restricted CashRestricted Cash Restricted cash is legally restricted as to its use. The Partnership is required to maintain restricted cash collateral related to its secured line of credit (Note 15) and its two total return swap transactions (Note 18). In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities (Note 16), resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. Restricted cash is presented with cash and cash equivalents on the Partnership’s condensed consolidated statement of cash flows.
Impairment of Mortgage Revenue BondsImpairment of Mortgage Revenue Bonds The Partnership periodically reviews its MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, but not necessarily limited to, the following:

The duration and severity of the decline in fair value;

The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers;

Adverse conditions specifically related to the security, its collateral, or both;

Volatility of the fair value of the security;

The likelihood of the borrower being able to make scheduled interest and principal payments;

Failure of the issuer to make scheduled interest or principal payments; and

Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If a MRB’s estimated fair value is below amortized cost, and the Partnership has the intent to sell or may be required to sell the MRB prior to the time that its value recovers or until maturity, the Partnership will record an other-than-temporary impairment through earnings equal to the difference between the MRB’s carrying value and its fair value. If the Partnership does not expect to sell an other-than-temporarily impaired MRB, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income. In determining the provision for credit loss, the Partnership compares the present value of cash flows expected to be collected to the MRB’s amortized cost basis. The recognition of other-than-temporary impairment, provision for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership’s consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings.
Investment in Governmental Issuer Loans 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 June 30, 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 Residential Properties securing its MRBs due to the COVID-19 pandemic. However, the Partnership has yet to observe a significant decline at such Residential Properties, with the exception of properties securing the Provision Center 2014-1 and Live 929 Apartments MRBs. See Note 6 for further discussion of the Provision Center 2014-1 MRB. The Live 929 Apartments MRB is operating under a forbearance agreement related to certain debt covenants and deferral of contractual MRB principal payments through December 2021 and no additional impairment of the MRB has been recognized during 2021. 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 for the Partnership on January 1, 2023. The Partnership has completed an initial assessment and determined that its GILs, the interest receivable on GILs, 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. 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. 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)6 Months Ended
Jun. 30, 2021
Variable Interest Entities [Abstract]
Variable Interest Entities Property Asset Carrying Value and Maximum ExposureThe following table summarizes the Partnership’s maximum exposure to loss associated with its variable interests as of June 30, 2021 and December 31, 2020:
Maximum Exposure to Loss
June 30, 2021
December 31, 2020
Mortgage revenue bonds
$
22,258,000
$
20,763,500
Governmental issuer loans
130,404,790
64,863,657
Property loans
9,855,888
5,327,342
Taxable governmental issuer loan
1,000,000
-
Investment in unconsolidated entities
91,790,880
106,878,570
$
255,309,558
$
197,833,069

Mortgage Revenue Bonds (Tables)

Mortgage Revenue Bonds (Tables)6 Months Ended
Jun. 30, 2021
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of investments in MRBs The Partnership had the following investments in MRBs as of June 30, 2021 and December 31, 2020:
June 30, 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
$
10,016,252
$
2,077,713
$
-
$
12,093,965
Glenview Apartments - Series A (3)
CA
4,456,638
945,069
-
5,401,707
Harmony Court Bakersfield - Series A (4)
CA
3,652,065
725,064
-
4,377,129
Harmony Terrace - Series A (4)
CA
6,760,931
1,443,669
-
8,204,600
Harden Ranch - Series A (2)
CA
6,580,568
1,366,435
-
7,947,003
Las Palmas II - Series A (4)
CA
1,657,062
354,284
-
2,011,346
Montclair Apartments - Series A (3)
CA
2,414,410
511,997
-
2,926,407
Montecito at Williams Ranch Apartments - Series A (6)
CA
7,597,708
2,071,062
-
9,668,770
Montevista - Series A (6)
CA
6,720,000
2,150,547
-
8,870,547
Ocotillo Springs - Series A (6)
CA
6,825,000
234,033
-
7,059,033
San Vicente - Series A (4)
CA
3,416,775
715,295
-
4,132,070
Santa Fe Apartments - Series A (3)
CA
2,924,967
610,906
-
3,535,873
Seasons at Simi Valley - Series A (4)
CA
4,213,075
1,082,286
-
5,295,361
Seasons Lakewood - Series A (4)
CA
7,201,861
1,537,822
-
8,739,683
Seasons San Juan Capistrano - Series A (4)
CA
12,125,582
2,479,899
-
14,605,481
Summerhill - Series A (4)
CA
6,288,796
1,193,069
-
7,481,865
Sycamore Walk - Series A (4)
CA
3,496,551
728,452
-
4,225,003
The Village at Madera - Series A (4)
CA
3,020,541
626,564
-
3,647,105
Tyler Park Townhomes - Series A (2)
CA
5,731,581
796,065
-
6,527,646
Vineyard Gardens - Series A (6)
CA
3,954,528
984,597
-
4,939,125
Westside Village Market - Series A (2)
CA
3,745,579
756,160
-
4,501,739
Brookstone (1)
IL
7,355,181
1,903,798
-
9,258,979
Copper Gate Apartments (2)
IN
4,955,000
543,079
-
5,498,079
Renaissance - Series A (3)
LA
10,802,523
4,112,764
-
14,915,287
Live 929 Apartments (6)
MD
36,201,898
-
-
36,201,898
Woodlynn Village (1)
MN
4,093,000
54,672
-
4,147,672
Jackson Manor Apartments (6)
MS
4,150,000
-
-
4,150,000
Gateway Village (6)
NC
2,600,000
133,379
-
2,733,379
Greens Property - Series A (2)
NC
7,775,000
469,569
-
8,244,569
Lynnhaven Apartments (6)
NC
3,450,000
174,788
-
3,624,788
Silver Moon - Series A (3)
NM
7,664,307
1,945,185
-
9,609,492
Village at Avalon - Series A (5)
NM
16,130,094
4,295,649
-
20,425,743
Ohio Properties - Series A (1)
OH
13,652,000
-
-
13,652,000
Bridle Ridge (1)
SC
7,190,000
801
-
7,190,801
Columbia Gardens (4)
SC
12,812,644
2,516,514
-
15,329,158
Companion at Thornhill Apartments (4)
SC
10,990,877
1,855,889
-
12,846,766
Cross Creek (1)
SC
6,129,339
2,058,249
-
8,187,588
Rosewood Townhomes - Series A (6)
SC
9,259,206
578,254
-
9,837,460
South Pointe Apartments - Series A (6)
SC
21,551,600
1,345,935
-
22,897,535
The Palms at Premier Park Apartments (2)
SC
18,504,146
2,505,025
-
21,009,171
Village at River's Edge (4)
SC
9,765,972
2,104,832
-
11,870,804
Willow Run (4)
SC
12,635,325
2,440,011
-
15,075,336
Arbors at Hickory Ridge (2)
TN
10,834,440
2,331,028
-
13,165,468
Avistar at Copperfield - Series A (6)
TX
13,748,038
2,679,071
-
16,427,109
Avistar at the Crest - Series A (2)
TX
9,082,300
1,964,023
-
11,046,323
Avistar at the Oaks - Series A (2)
TX
7,342,493
1,651,642
-
8,994,135
Avistar at the Parkway - Series A (3)
TX
12,651,455
2,498,397
-
15,149,852
Avistar at Wilcrest - Series A (6)
TX
5,210,228
901,310
-
6,111,538
Avistar at Wood Hollow - Series A (6)
TX
39,561,143
7,418,638
-
46,979,781
Avistar in 09 - Series A (2)
TX
6,339,959
1,373,222
-
7,713,181
Avistar on the Boulevard - Series A (2)
TX
15,472,678
3,222,376
-
18,695,054
Avistar on the Hills - Series A (2)
TX
5,026,836
1,151,856
-
6,178,692
Bruton Apartments (4)
TX
17,604,256
4,282,821
-
21,887,077
Concord at Gulfgate - Series A (4)
TX
18,703,168
4,360,042
-
23,063,210
Concord at Little York - Series A (4)
TX
13,102,454
3,165,305
-
16,267,759
Concord at Williamcrest - Series A (4)
TX
20,297,105
4,817,332
-
25,114,437
Crossing at 1415 - Series A (4)
TX
7,293,344
1,632,719
-
8,926,063
Decatur Angle (4)
TX
22,174,093
5,004,687
-
27,178,780
Esperanza at Palo Alto (4)
TX
19,146,081
5,396,061
-
24,542,142
Heights at 515 - Series A (4)
TX
6,677,182
1,521,291
-
8,198,473
Heritage Square - Series A (3)
TX
10,518,412
1,968,618
-
12,487,030
Oaks at Georgetown - Series A (4)
TX
12,081,489
2,135,841
-
14,217,330
Runnymede (1)
TX
9,740,000
100,274
-
9,840,274
Southpark (1)
TX
11,498,636
1,580,994
-
13,079,630
15 West Apartments (4)
WA
9,568,829
2,808,514
-
12,377,343
Mortgage revenue bonds held in trust
$
644,143,201
$
116,395,443
$
-
$
760,538,644
(1)
MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 16
( 2 )
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16
( 3 )
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 16
( 4 )
( 5 )
( 6 )
June 30, 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
$
2,657,964
$
818,994
$
-
$
3,476,958
Greens Property - Series B
NC
923,195
77,093
-
1,000,288
Ohio Properties - Series B
OH
3,475,730
-
-
3,475,730
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
5,259,343
-
-
5,259,343
Avistar at the Crest - Series B
TX
733,353
123,370
-
856,723
Avistar at the Oaks - Series B
TX
536,880
89,559
-
626,439
Avistar at the Parkway - Series B
TX
123,791
40,149
-
163,940
Avistar in 09 - Series B
TX
442,878
73,878
-
516,756
Avistar on the Boulevard - Series B
TX
435,761
70,246
-
506,007
Mortgage revenue bonds held by the Partnership
$
16,158,163
$
1,293,289
$
-
$
17,451,452
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 16
( 2 )
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16
( 3 )
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 16
( 4 )
( 5 )
MRB held by Morgan Stanley in a debt financing transaction Note 16
( 6 )
MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16
December 31, 2020
Description of Mortgage Revenue Bonds held by the Partnership
State
Cost Adjusted for Paydowns
Cumulative Unrealized Gain
Cumulative Unrealized Loss
Estimated Fair Value
Solano Vista - Series A
CA
$
2,665,000
$
891,612
$
-
$
3,556,612
Greens Property - Series B
NC
925,607
107,347
-
1,032,954
Arby Road Apartments - Series A
NV
7,385,000
15,059
-
7,400,059
Ohio Properties - Series B
OH
3,485,690
13,578
-
3,499,268
Rosewood Townhomes - Series B
SC
469,781
2,549
-
472,330
South Pointe Apartments - Series B
SC
1,099,487
5,967
-
1,105,454
Provision Center 2014-1
TN
6,161,954
-
-
6,161,954
Avistar at the Crest - Series B
TX
735,974
144,746
-
880,720
Avistar at the Oaks - Series B
TX
538,723
100,668
-
639,391
Avistar at the Parkway - Series B
TX
123,973
43,650
-
167,623
Avistar in 09 - Series B
TX
444,398
83,042
-
527,440
Avistar on the Boulevard - Series B
TX
437,318
82,718
-
520,036
Mortgage revenue bonds held by the Partnership
$
24,472,905
$
1,490,936
$
-
$
25,963,841
Schedule of MRBs AcquisitionsThe following MRB was acquired at a price that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2021:
Property Name
Month Acquired
Property Location
Units
Maturity Date
Interest Rate
Principal Acquired
Jackson Manor Apartments (1)
April
Jackson, MS
60
5/1/2038
5.00
%
$
4,150,000
(1)
The Partnership has committed to provide total funding of the MRB up to $6.9 million during the acquisition and rehabilitation phase of the property on a drawdown basis. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $4.8 million The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2020:
Property Name
Month Acquired
Property Location
Units
Maturity Date
Interest Rate
Principal Acquired
Arby Road Apartments - Series A (1)
June
Las Vegas, NV
180
10/1/2027
5.35
%
$
1,690,000
Arby Road Apartments - Series A (1)
June
Las Vegas, NV
180
4/1/2041
5.50
%
5,785,000
$
7,475,000
(1)
Both MRBs are part of the same series but have different interest rates and maturity dates.
Schedule of MRB RedeemedThe following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 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 six months ended June 30, 2020:
Property Name
Month Redeemed
Property Location
Units
Original Maturity Date
Interest Rate
Principal Outstanding at Date of Redemption
Solano Vista - Series B
January
Vallejo, CA
96
1/1/2021
5.85
%
$
3,103,000
In July 2021, the following MRBs were redeemed:
Property Name
Month Redeemed
Property Location
Units
Original Maturity Date
Interest Rate
Principal Outstanding at Date of Redemption
Rosewood Townhomes - Series A
July
Goose Creek, SC
100
7/1/2055
5.75%
$
9,259,206
Rosewood Townhomes - Series B
July
Goose Creek, SC
100
8/1/2055
12.00%
469,781
South Pointe Apartments - Series A
July
Hanahan, SC
256
7/1/2055
5.75%
21,551,600
South Pointe Apartments - Series B
July
Hanahan, SC
256
8/1/2055
12.00%
1,099,487
$
32,380,074
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 and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Balance, beginning of period
$
7,319,000
$
1,358,000
7,319,000
-
Provision for credit loss
900,000
465,000
900,000
1,823,000
Balance, end of period (1)
$
8,219,000
$
1,823,000
$
8,219,000
$
1,823,000
(1)
The allowance for credit losses as of June 30, 2021 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments MRB .

Governmental Issuer Loans (Tabl

Governmental Issuer Loans (Tables)6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020:
As of June 30, 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%
3.13%
$
40,000,000
$
-
Oasis at Twin Lakes (1)
July 2020
Roseville, MN
228
8/1/2023
SIFMA + 3.25%
(3),(4)
3.75%
34,000,000
-
Centennial Crossings (1)
August 2020
Centennial, CO
209
9/1/2023
SIFMA + 2.75%
(4)
3.25%
22,994,534
10,085,466
Legacy Commons at Signal Hills (1)
January 2021
St. Paul, MN
247
2/1/2024
SOFR + 3.07%
(4)
3.57%
14,817,037
19,802,963
Hilltop at Signal Hills (1)
January 2021
St. Paul, MN
146
8/1/2023
SOFR + 3.07%
(4)
3.57%
6,920,774
17,529,226
Hope on Avalon
January 2021
Los Angeles, CA
88
2/1/2023
SIFMA + 3.75%
(4)
4.60%
7,981,200
15,408,800
Hope on Broadway
January 2021
Los Angeles, CA
49
2/1/2023
SIFMA + 3.75%
(4)
4.60%
3,691,245
8,414,378
$
130,404,790
$
71,240,833
(1)
The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22).
(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)
The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22).
(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)6 Months Ended
Jun. 30, 2021
Real Estate [Abstract]
Real Estate Assets Owned by PartnershipThe following tables summarize information regarding the Partnership’s real estate assets as of June 30, 2021 and December 31, 2020:
Real Estate Assets as of June 30, 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
$
39,412,805
$
42,612,073
The 50/50 MF Property
Lincoln, NE
475
-
32,960,308
32,960,308
Vantage at Hutto
Hutto, TX
(1)
3,115,891
-
3,115,891
Vantage at Fair Oaks
Boerne, TX
(1)
2,473,247
-
2,473,247
Land held for development
(2)
1,675,997
-
1,675,997
$
82,837,516
Less accumulated depreciation
(19,506,937
)
Net real estate assets
$
63,330,579
(1 ) (2)
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)6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020 and remaining equity commitment amounts as of June 30, 2021:
Property Name
Location
Units
Month Commitment Executed
Construction Completion Date
Carrying Value as of June 30, 2021
Carrying Value as of December 31, 2020
Maximum Remaining Equity Commitment as of June 30, 2021
Vantage at Powdersville
Powdersville, SC
288
November 2017
February 2020
-
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
12,240,000
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
10,938,202
10,406,895
-
Vantage at O'Connor
San Antonio, TX
288
October 2019
June 2021
8,666,870
8,245,890
-
Vantage at Westover Hills
San Antonio, TX
288
January 2020
N/A
8,431,070
8,021,544
-
Vantage at Tomball
Tomball, TX
288
August 2020
N/A
11,240,890
9,280,134
-
Vantage at Hutto (1)
Hutto, TX
288
November 2020
N/A
-
3,163,676
7,359,952
Vantage at San Marcos
San Marcos, TX
288
November 2020
N/A
1,031,813
981,695
8,943,914
Vantage at Loveland
Loveland, CO
288
April 2021
N/A
7,044,939
-
9,409,484
Vantage at Helotes
Helotes, TX
288
May 2021
N/A
4,779,161
-
7,869,399
4,044
$
91,790,880
$
106,878,570
$
33,582,749
(1)
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 and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Property Revenues
$
5,475,906
$
2,987,106
$
10,958,776
$
5,470,711
Gain on sale of property
$
15,659,445
$
6,262,992
$
24,626,692
$
6,262,992
Net income
$
13,579,814
$
4,356,453
$
20,510,948
$
1,837,288

Property Loans, Net of Loan L_2

Property Loans, Net of Loan Loss Allowances (Tables)6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020:
June 30, 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) (2)
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) (2)
1,000,000
-
1,000,000
Legacy Commons at Signal Hills (1) (2)
1,000,000
-
1,000,000
Live 929 Apartments
1,241,348
(1,241,348
)
-
Oasis at Twin Lakes (1) (2)
2,528,546
-
2,528,546
Ohio Properties
2,390,446
-
2,390,446
Scharbauer Flats Apartments (1) (2)
2,309,613
-
2,309,613
Total
$
26,084,427
$
(8,635,162
)
$
17,449,265
(1)
The property loan is held in trust in connection with a TOB financing (Note 16).
(2)
The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property . Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan.
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) (2)
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)
2,309,613
-
2,309,613
Total
$
21,225,765
$
(8,305,046
)
$
12,920,719
(1)
The property loan is held in trust in connection with a TOB financing (Note 16).
(2)
The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property . Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan.
Summary of Outstanding Property Loans and Remaining CommitmentsThe following is a summary of the property loans commitments entered into during the six months ended June 30, 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 borrower has the option to extend the maturity date up to six months.
Property Name
Date Committed
Maturity Date
Outstanding Balance
Scharbauer Flats Apartments
June 2020
1/1/2023 (1)
$
1,667,776
(1) The following table summarizes the Partnership’s outstanding property loan commitments as of June 30, 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
25,175,634
Scharbauer Flats Apartments
21,850,387
Total
$
119,690,203

Income Tax Provision (Tables)

Income Tax Provision (Tables)6 Months Ended
Jun. 30, 2021
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)The following table summarizes income tax expense (benefit) for the three and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Current income tax expense
$
127,129
$
98,964
$
143,614
$
141,299
Deferred income tax benefit
(19,442
)
(960
)
(35,670
)
(31,881
)
Total income tax expense
$
107,687
$
98,004
$
107,944
$
109,418

Other Assets (Tables)

Other Assets (Tables)6 Months Ended
Jun. 30, 2021
Other Assets [Abstract]
Schedule of Other AssetsThe following table summarizes the other assets as of June 30, 2021 and December 31, 2020:
June 30, 2021
December 31, 2020
Deferred financing costs, net
$
1,291,123
$
390,649
Fair value of derivative instruments (Note 18)
321,372
321,503
Taxable mortgage revenue bonds, at fair value
1,462,862
1,510,437
Taxable governmental issuer loan held in trust
1,000,000
-
Bond purchase commitments, at fair value (Note 19)
392,515
431,879
Operating lease right-of-use assets, net
1,634,200
1,648,742
Other assets
1,274,856
1,605,374
Total other assets
$
7,376,928
$
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 six months ended June 30, 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 payment of a non-refundable extension fee.

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020:
June 30, 2021
December 31, 2020
Accounts payable
$
333,300
$
94,674
Accrued expenses
2,704,528
2,755,010
Accrued interest expense
3,791,711
3,433,247
Operating lease liabilities
2,150,982
2,149,001
Other liabilities
1,683,816
1,517,633
Total accounts payable, accrued expenses and other liabilities
$
10,664,337
$
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 June 30, 2021:
Remainder of 2021
$
69,710
2022
141,119
2023
143,561
2024
144,706
2025
147,598
Thereafter
4,369,676
Total
5,016,370
Less: Amount representing interest
(2,865,388
)
Total operating lease liabilities
$
2,150,982

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)6 Months Ended
Jun. 30, 2021
Unsecured Lines of Credit [Member]
Summary of Unsecured Lines of CreditThe following tables summarize the unsecured lines of credit (“LOC” or “LOCs”) as of June 30, 2021 and December 31, 2020:
Unsecured Line of Credit
Outstanding as of June 30, 2021
Total Commitment
Commitment Maturity
Variable / Fixed
Reset Frequency
Period End Rate
Bankers Trust non-operating
$
-
$
50,000,000
June 2022
Variable (1)
Monthly
2.65
%
(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.

Secured Line of Credit (Tables)

Secured Line of Credit (Tables)6 Months Ended
Jun. 30, 2021
Secured Line Of Credit Facility [Member]
Summary of Unsecured Lines of CreditThe following table summarizes the secured LOC as of June 30, 2021:
Outstanding as of June 30, 2021
Total Commitment
Commitment Maturity
Variable / Fixed
Reset Frequency
Period End Rate
Secured line of credit
$
6,500,000
$
40,000,000
June 2023 (1)
Variable (2)
Monthly
3.50
%
(1)
The secured LOC contains two one-year
(2)
The variable rate is equal to LIBOR + 3.25%, subject to a floor of 3.50%.

Debt Financing (Tables)

Debt Financing (Tables)6 Months Ended
Jun. 30, 2021
Debt Financing [Abstract]
Schedule of Total Debt FinancingThe following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2021 and December 31, 2020:
Outstanding Debt Financings as of June 30, 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
$
39,552,847
$
204,000
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
77,655,139
4,999
2014
July 2024
Weekly
SIFMA
0.06%
1.34%
1.40%
Fixed - M33
30,497,949
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
214,892,281
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
102,944,935
77,530,500
2020
September 2025
Monthly
3-month LIBOR
0.12%
9.00%
9.12% (3)
TOB Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
6,102,623
-
2020
July 2022
Weekly
SIFMA
0.23%
0.89%
1.12%
Variable - TOB
9,213,676
-
2021
February 2023
Weekly
SIFMA
0.23%
1.42%
1.65%
Variable - TOB
3,486,987
-
2021
April 2023
Weekly
SIFMA
0.23%
1.27%
1.50%
Variable - TOB
122,503,096
-
2019
July 2023
Weekly
SIFMA
0.23% - 0.28%
1.17% - 1.67%
1.40% - 1.95%
Variable - TOB
91,897,806
-
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22%
Variable - TOB
5,683,115
-
2020
December 2023
Weekly
SIFMA
0.23%
1.27%
1.50%
Variable - TOB
24,132,417
-
2021
January 2024
Weekly
OBFR
0.33%
0.89%
1.22%
Morgan Stanley:
Fixed - Term TOB
12,969,836
-
2019
May 2024
N/A
N/A
N/A
N/A
1.98%
Total Debt Financings
$
741,532,707
(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 $39.8 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of June 30, 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 18 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 six months ended June 30, 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%
Jackson Manor Apartments MRB
3,528,000
April 2023
Weekly
SIFMA
1.27%
Total TOB Trust Financings
$
27,735,000
(1)
The TOB Trust is securitized by the Legacy Commons at Signal Hills GIL and property loan, Hilltop at Signal Hills GIL and property loan, Oasis at Twin Lakes property loan and Hope on Avalon taxable GIL. The following is a summary of the Mizuho TOB Trust financings that were entered into during the six months ended June 30, 2020:
TOB Trusts Securitization
Outstanding TOB Trust Financing
Stated Maturity
Reset Frequency
Variable Rate Index
Facility Fees
Avistar at Copperfield - Series A
$
11,818,000
May 2021 (1)
Weekly
SIFMA
1.67%
Avistar at Wilcrest - Series A
4,479,000
May 2021 (1)
Weekly
SIFMA
1.67%
Avistar at Wood Hollow - Series A
34,007,000
May 2021 (1)
Weekly
SIFMA
1.67%
Gateway Village
2,184,000
May 2021 (1)
Weekly
SIFMA
1.67%
Lynnhaven
2,898,000
May 2021 (1)
Weekly
SIFMA
1.67%
Scharbauer Flats Apartments
36,000,000
July 2023
Weekly
SIFMA
0.89%
Total TOB Trust Financing
$
91,386,000
(1)
Summary of Deutsche Bank Term A/B and Term TOB Trust Financings and Debt Financing Facilities Collapsed and Paid Off or RedeemedThe following is a summary of the Deutsche Bank Term A/B Trust and TOB Trust financings that were collapsed and paid off in April 2020:
Debt Financing
Debt Facility
Month
Paydown Applied
Avistar at Copperfield - Series A
Term A/B Trust
April 2020
$
8,417,739
Avistar at Wilcrest - Series A
Term A/B Trust
April 2020
3,162,435
Avistar at Wood Hollow - Series A
Term A/B Trust
April 2020
26,860,536
Gateway Village
Term A/B Trust
April 2020
2,262,000
Lynnhaven
Term A/B Trust
April 2020
3,001,500
Pro Nova 2014-1
Term TOB
April 2020
8,010,000
$
51,714,210
In July 2021, the following TOB Trust financings were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest. The Partnership paid a one-time fee of approximately $187,000 to terminate the TOB Trust financings.
Debt Financing
Debt Facility
Month
Paydown Applied
Rosewood Townhomes - Series A
TOB
July 2021
$
7,700,000
South Pointe Apartments - Series A
TOB
July 2021
17,990,000
$
25,690,000
Schedule of Contractual Maturities of BorrowingsThe Partnership’s contractual maturities of borrowings as of June 30, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
3,075,795
2022
12,921,689
2023
237,464,816
2024
125,103,152
2025
11,363,784
Thereafter
354,283,139
Total
744,212,375
Unamortized deferred financing costs and debt premium
(2,679,668
)
Total debt financing, net
$
741,532,707

Mortgages Payable and Other S_2

Mortgages Payable and Other Secured Financing (Tables)6 Months Ended
Jun. 30, 2021
Schedule of Total Debt FinancingThe following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2021 and December 31, 2020:
Outstanding Debt Financings as of June 30, 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
$
39,552,847
$
204,000
2010
May 2027
N/A
N/A
N/A
N/A
3.05%
Variable - M31 (1)
77,655,139
4,999
2014
July 2024
Weekly
SIFMA
0.06%
1.34%
1.40%
Fixed - M33
30,497,949
2,606
2015
September 2030
N/A
N/A
N/A
N/A
3.24%
Fixed - M45 (2)
214,892,281
5,000
2018
July 2034
N/A
N/A
N/A
N/A
3.82%
Secured Notes
Variable - Notes
102,944,935
77,530,500
2020
September 2025
Monthly
3-month LIBOR
0.12%
9.00%
9.12% (3)
TOB Trusts Securitization
Mizuho Capital Markets:
Variable - TOB
6,102,623
-
2020
July 2022
Weekly
SIFMA
0.23%
0.89%
1.12%
Variable - TOB
9,213,676
-
2021
February 2023
Weekly
SIFMA
0.23%
1.42%
1.65%
Variable - TOB
3,486,987
-
2021
April 2023
Weekly
SIFMA
0.23%
1.27%
1.50%
Variable - TOB
122,503,096
-
2019
July 2023
Weekly
SIFMA
0.23% - 0.28%
1.17% - 1.67%
1.40% - 1.95%
Variable - TOB
91,897,806
-
2020
September 2023
Weekly
OBFR
0.33%
0.89%
1.22%
Variable - TOB
5,683,115
-
2020
December 2023
Weekly
SIFMA
0.23%
1.27%
1.50%
Variable - TOB
24,132,417
-
2021
January 2024
Weekly
OBFR
0.33%
0.89%
1.22%
Morgan Stanley:
Fixed - Term TOB
12,969,836
-
2019
May 2024
N/A
N/A
N/A
N/A
1.98%
Total Debt Financings
$
741,532,707
(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 $39.8 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of June 30, 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 18 for further information on the total return swaps.
Schedule of Contractual Maturities of BorrowingsThe Partnership’s contractual maturities of borrowings as of June 30, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
3,075,795
2022
12,921,689
2023
237,464,816
2024
125,103,152
2025
11,363,784
Thereafter
354,283,139
Total
744,212,375
Unamortized deferred financing costs and debt premium
(2,679,668
)
Total debt financing, net
$
741,532,707
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 June 30, 2021 and December 31, 2020:
Property Mortgage Payables
Outstanding Mortgage Payable as of June 30, 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
$
2,335,034
$
2,521,308
2020
March 2025
Fixed
4.40
%
The 50/50 MF Property--Mortgage
23,210,393
23,463,564
2020
April 2027
Fixed
4.35
%
Vantage at Fair Oaks--Mortgage (1)
1,418,897
-
2021
June 2022
Fixed
4.15
%
Total Mortgage Payable\Weighted Average Period End Rate
$
26,964,324
$
25,984,872
4.34
%
(1)
Schedule of Contractual Maturities of BorrowingsThe Partnership’s contractual maturities of borrowings as of June 30, 2021 for the twelve-month periods ending December 31 st
Remainder of 2021
$
419,830
2022
2,310,678
2023
909,690
2024
947,733
2025
1,747,343
Thereafter
20,651,621
Total
26,986,895
Unamortized deferred financing costs
(22,571
)
Total mortgages payable and other secured financings, net
$
26,964,324

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)6 Months Ended
Jun. 30, 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 June 30, 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 June 30, 2021
Sept 2020
39,791,732
Sept 2020
Sept 2025
4.25% (1)
9.12% (3)
3-month LIBOR
Mizuho Capital Markets
$
80,725
Sept 2020
63,500,000
Sept 2020
Mar 2022
1.00% (2)
9.12% (3)
3-month LIBOR
Mizuho Capital Markets
214,813
$
295,538
(1)
Variable rate equal to 3-month
(2)
Variable rate equal to 3-month LIBOR + 0.50%, subject to a floor of 1.00%.
(3)
Variable rate equal to 3-month LIBOR + 9.00%.
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)
Variable rate equal to 3-month
(2)
Variable rate equal to 3-month LIBOR + 0.50%, subject to a floor of 1.00%.
(3)
Variable rate equal to 3-month LIBOR + 9.00%.
Interest Rate Cap Agreements [Member]
Summary of Partnership's Derivative InstrumentsThe following tables summarize the Partnership’s interest rate cap agreements as of June 30, 2021 and December 31, 2020:
Purchase Date
Notional Amount
Maturity Date
Effective Capped Rate (1)
Index
Variable Debt Financing Hedged (1)
Counterparty
Fair Value as of June 30, 2021
Aug 2019
77,300,192
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
$
25,834
$
25,834
Purchase Date
Notional Amount
Maturity Date
Effective Capped Rate (1)
Index
Variable Debt Financing Hedged (1)
Counterparty
Fair Value as of December 31, 2020
Aug 2019
77,979,924
Aug 2024
4.5
%
SIFMA
M31 TEBS
Barclays Bank PLC
$
27,877
$
27,877
( 1 )
See Notes 16 and 23 for additional details.

Commitments and Contingencies (

Commitments and Contingencies (Tables)6 Months Ended
Jun. 30, 2021
Commitments And Contingencies Disclosure [Abstract]
Summary of Partnership's Bond Purchase CommitmentsThe following table summarizes the Partnership’s bond purchase commitment as of June 30, 2021:
Bond Purchase Commitments
Commitment Date
Maximum Committed Amounts Remaining
Rate
Estimated Closing Date
Fair Value as of June 30, 2021
CCBA Senior Garden Apartments
July 2020
$
3,807,000
4.50
%
Q3 2022
$
392,515
Summary of Partnership's Maximum Exposure Under Guarantee AgreementsThe following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of June 30, 2021:
Borrower
Year the Guarantee was Executed
Maximum Balance Available on Loan
Loan Balance as of June 30, 2021
Partnership's Maximum Exposure as of June 30, 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
31,029,296
15,514,648
(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 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 June 30, 20 2 1. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation during the ter m.
Limited Partnership(s)
Year the Guarantee was Executed
End of Guarantee Period
Partnership's Maximum Exposure as of June 30, 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 and Redeemable Series A-1 Preferred Units (Tables)6 Months Ended
Jun. 30, 2021
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Series A Preferred UnitsThe following table summarizes the outstanding Series A Preferred Units as of June 30, 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 June 30, 2021 and December 31, 2020
9,450,000
$
94,500,000

Restricted Unit Awards (Tables)

Restricted Unit Awards (Tables)6 Months Ended
Jun. 30, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of RUA ActivityThe following table summarizes the RUA activity as of and for the six months ended June 30, 2021 and for 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
Granted
266,324
6.49
Nonvested as of June 30, 2021
399,136
$
5.99

Transactions with Related Par_2

Transactions with Related Parties (Tables)6 Months Ended
Jun. 30, 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 and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Partnership administrative fees paid to AFCA 2 (1)
$
987,000
$
866,000
$
1,953,000
$
1,731,000
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2)
16,000
33,000
27,000
41,000
(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 and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Non-Partnership property administrative fees received by AFCA 2 (1)
9,000
9,000
$
18,000
$
18,000
Investment/mortgage placement fees received by AFCA 2 (2)
1,528,000
321,000
2,782,000
863,000
(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)6 Months Ended
Jun. 30, 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 June 30, 2021 and December 31, 2020 are as follows:
Range of Effective Yields
Weighted Average Effective Yields (1)
Security Type
June 30, 2021
December 31, 2020
June 30, 2021
December 31, 2020
Mortgage revenue bonds
1.6% - 16.4%
1.4% - 13.3%
3.2
%
3.0
%
Taxable mortgage revenue bonds
7.7% - 7.8%
7.1% - 7.4%
7.7
%
7.3
%
Bond purchase commitments
3.5%
3.5%
3.5
%
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 June 30, 2021 are summarized as follows:
Fair Value Measurements as of June 30, 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
$
760,538,644
$
-
$
-
$
760,538,644
Mortgage revenue bonds
17,451,452
-
-
17,451,452
Bond purchase commitments (reported within other assets)
392,515
-
-
392,515
Taxable mortgage revenue bonds (reported within other assets)
1,462,862
-
-
1,462,862
Derivative financial instruments (reported within other assets)
321,372
-
-
321,372
Total Assets at Fair Value, net
$
780,166,845
$
-
$
-
$
780,166,845
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 tables summarize the activity related to Level 3 assets for the three and six months ended June 30, 2021:
For the Three Months Ended June 30, 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 April 1, 2021
$
771,524,912
$
310,909
$
1,443,988
$
327,376
$
773,607,185
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)
34,430
-
-
1,769,026
1,803,456
Included in earnings (provision for credit loss)
(900,080
)
-
-
-
(900,080
)
Included in other comprehensive income
1,911,907
81,606
21,266
-
2,014,779
Purchases
6,880,000
-
-
-
6,880,000
Settlements
(1,461,073
)
-
(2,392
)
(1,775,030
)
(3,238,495
)
Ending Balance June 30, 2021
$
777,990,096
$
392,515
$
1,462,862
$
321,372
$
780,166,845
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2021
$
(900,080
)
$
-
$
-
$
(9,494
)
$
(909,574
)
(1)
For the Six Months Ended June 30, 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)
68,961
-
-
3,575,193
3,644,154
Included in earnings (provision for credit loss)
(900,080
)
-
-
-
(900,080
)
Included in other comprehensive income
(14,322,778
)
(39,364
)
(42,846
)
-
(14,404,988
)
Purchases
8,951,500
-
-
-
8,951,500
Settlements
(10,239,992
)
-
(4,729
)
(3,575,324
)
(13,820,045
)
Ending Balance June 30, 2021
$
777,990,096
$
392,515
$
1,462,862
$
321,372
$
780,166,845
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2021
$
(900,080
)
$
-
$
-
$
(2,043
)
$
(902,123
)
(1)
The following tables summarize the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2020:
For the Three Months Ended June 30, 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 April 1, 2020
$
761,082,275
$
-
$
1,417,654
$
36,112
$
762,536,041
Total gains (losses) (realized/unrealized)
Included in earnings (interest income and interest expense)
20,098
-
-
93,647
113,745
Included in earnings (impairment of securities and provision for credit loss)
(464,675
)
-
-
-
(464,675
)
Included in other comprehensive income
20,930,838
-
40,811
-
20,971,649
Purchases
7,489,950
-
-
-
7,489,950
Settlements
(1,433,515
)
-
(2,186
)
(99,933
)
(1,535,634
)
Ending Balance June 30, 2020
$
787,624,971
$
-
$
1,456,279
$
29,826
$
789,111,076
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 June 30, 2020
$
(464,675
)
$
-
$
-
$
93,647
$
(371,028
)
(1)
Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.
For the Six Months Ended June 30, 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)
55,240
(7,219
)
-
118,848
166,869
Included in earnings (impairment of securities and provision for credit loss)
(1,822,356
)
-
-
-
(1,822,356
)
Included in earnings (gain on sale of securities)
-
1,416,023
-
-
1,416,023
Included in other comprehensive income
14,208,716
(1,408,804
)
77,366
-
12,877,278
Purchases
7,489,950
-
-
-
7,489,950
Sale of securities
-
(43,349,357
)
-
-
(43,349,357
)
Settlements
(5,904,044
)
-
(4,324
)
(99,933
)
(6,008,301
)
Ending Balance June 30, 2020
$
787,624,971
$
-
$
1,456,279
$
29,826
$
789,111,076
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2020
$
(1,822,356
)
$
-
$
-
$
118,848
$
(1,703,508
) (1)
Summary of Fair Value of Partnership's Financial LiabilitiesThe table below summarizes the fair value of the Partnership’s financial liabilities as of June 30, 2021 and December 31, 2020:
June 30, 2021
December 31, 2020
Carrying Amount
Fair Value
Carrying Amount
Fair Value
Financial Liabilities:
Debt financing
$
741,532,707
777,231,398
$
673,957,640
$
709,760,933
Unsecured lines of credit
-
-
7,475,000
7,475,000
Secured lines of credit
6,500,000
6,500,000
-
-
Mortgages payable and other secured financing
26,964,324
26,986,896
25,984,872
25,986,514

Segments (Tables)

Segments (Tables)6 Months Ended
Jun. 30, 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 and six months ended June 30, 2021 and 2020:
For the Three Months Ended June 30,
For the Six Months Ended June 30,
2021
2020
2021
2020
Total revenues
Mortgage Revenue Bond Investments
$
11,034,482
$
10,247,228
$
21,829,270
$
20,453,031
Other Investments
3,583,841
2,374,237
5,482,017
3,777,852
MF Properties
1,788,173
1,856,954
3,482,697
3,809,201
Public Housing Capital Fund Trusts
-
-
-
174,470
Total revenues
$
16,406,496
$
14,478,419
$
30,793,984
$
28,214,554
Interest expense
Mortgage Revenue Bond Investments
$
5,035,615
$
4,597,328
$
9,979,892
$
10,095,527
Other Investments
40,498
-
40,498
-
MF Properties
281,983
291,988
564,181
613,764
Public Housing Capital Fund Trusts
-
-
-
197,993
Total interest expense
$
5,358,096
$
4,889,316
$
10,584,571
$
10,907,284
Depreciation expense
Mortgage Revenue Bond Investments
$
5,811
$
3,359
$
11,622
$
5,783
Other Investments
-
-
-
-
MF Properties
679,073
708,722
1,356,722
1,415,736
Public Housing Capital Fund Trusts
-
-
-
-
Total depreciation expense
$
684,884
$
712,081
$
1,368,344
$
1,421,519
Net income (loss)
Mortgage Revenue Bond Investments
$
1,290,784
$
2,301,494
$
3,840,236
$
2,741,830
Other Investments
9,004,390
2,372,437
13,710,611
3,775,589
MF Properties
(30,494
)
(85,583
)
(293,313
)
(338,313
)
Public Housing Capital Fund Trusts
-
-
-
1,390,999
Net income (loss)
$
10,264,680
$
4,588,348
$
17,257,534
$
7,570,105
The following table details total assets for the Partnership’s reportable segments as of June 30, 2021 and December 31, 2020:
June 30, 2021
December 31, 2020
Total assets
Mortgage Revenue Bond Investments
$
1,172,640,853
$
1,114,146,614
Other Investments
96,636,495
106,931,182
MF Properties
67,387,271
67,988,190
Public Housing Capital Fund Trusts
-
-
Consolidation/eliminations
(102,678,760
)
(113,818,107
)
Total assets
$
1,233,985,859
$
1,175,247,879

Subsequent Events (Tables)

Subsequent Events (Tables)6 Months Ended
Jun. 30, 2021
Subsequent Events [Abstract]
Schedule of MRB RedeemedThe following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 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 six months ended June 30, 2020:
Property Name
Month Redeemed
Property Location
Units
Original Maturity Date
Interest Rate
Principal Outstanding at Date of Redemption
Solano Vista - Series B
January
Vallejo, CA
96
1/1/2021
5.85
%
$
3,103,000
In July 2021, the following MRBs were redeemed:
Property Name
Month Redeemed
Property Location
Units
Original Maturity Date
Interest Rate
Principal Outstanding at Date of Redemption
Rosewood Townhomes - Series A
July
Goose Creek, SC
100
7/1/2055
5.75%
$
9,259,206
Rosewood Townhomes - Series B
July
Goose Creek, SC
100
8/1/2055
12.00%
469,781
South Pointe Apartments - Series A
July
Hanahan, SC
256
7/1/2055
5.75%
21,551,600
South Pointe Apartments - Series B
July
Hanahan, SC
256
8/1/2055
12.00%
1,099,487
$
32,380,074
Summary of Deutsche Bank Term A/B and Term TOB Trust Financings and Debt Financing Facilities Collapsed and Paid Off or RedeemedThe following is a summary of the Deutsche Bank Term A/B Trust and TOB Trust financings that were collapsed and paid off in April 2020:
Debt Financing
Debt Facility
Month
Paydown Applied
Avistar at Copperfield - Series A
Term A/B Trust
April 2020
$
8,417,739
Avistar at Wilcrest - Series A
Term A/B Trust
April 2020
3,162,435
Avistar at Wood Hollow - Series A
Term A/B Trust
April 2020
26,860,536
Gateway Village
Term A/B Trust
April 2020
2,262,000
Lynnhaven
Term A/B Trust
April 2020
3,001,500
Pro Nova 2014-1
Term TOB
April 2020
8,010,000
$
51,714,210
In July 2021, the following TOB Trust financings were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest. The Partnership paid a one-time fee of approximately $187,000 to terminate the TOB Trust financings.
Debt Financing
Debt Facility
Month
Paydown Applied
Rosewood Townhomes - Series A
TOB
July 2021
$
7,700,000
South Pointe Apartments - Series A
TOB
July 2021
17,990,000
$
25,690,000
Summary of Terms of MRBThe following table summarizes the terms of the Partnership’s GIL and property loan commitments:
Commitment
Month Acquired
Property Location
Units
Maturity Date
Variable Interest Rate
Initial Funding
Maximum Remaining Commitment
Osprey Village - GIL
July 2021
Kissimmee, FL
383
8/1/2024 (1)
SOFR + 3.07%
(2)
$
2,955,303
$
57,044,697
Osprey Village - Property Loan
July 2021
Kissimmee, FL
383
8/1/2024 (1)
SOFR + 3.07%
(2)
1,000,000
24,500,000
$
3,955,303
$
81,544,697
(1) (2)
Summary of Initial Terms of TOB Trusts FinancingsTOB Trusts Securitization
Initial TOB Trust Financing
Stated Maturity
Reset Frequency
OBFR Based Rates
Facility Fees
Initial Interest Rate
TOB Trust 2021-XF2939
$
4,085,000
July 2024
Weekly
0.33%
1.16%
1.49%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)Jun. 30, 2021Property
Greens Hold Co [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties1
Ownership interest percentage in MF property100.00%
Lindo Paseo LLC [Member]
Summary Of Significant Accounting Policies [Line Items]
Ownership interest percentage in MF property100.00%

Partnership Income, Expenses _2

Partnership Income, Expenses and Cash Distributions - Additional Information (Details)Jun. 30, 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 Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Earnings Per Share [Abstract]
Dilutive BUCs0 0 0 0

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - PropertyJun. 30, 2021Dec. 31, 2020
Variable Interest Entities [Abstract]
Number of Variable Interest Entities26 21

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)Jun. 30, 2021Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure $ 255,309,558 $ 197,833,069
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure22,258,000 20,763,500
Governmental Issuer Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure130,404,790 64,863,657
Property Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure9,855,888 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 $ 91,790,880 $ 106,878,570

Mortgage Revenue Bonds - Schedu

Mortgage Revenue Bonds - Schedule of investments in MRBs (Details) - USD ($)Jun. 30, 2021Dec. 31, 2020
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances $ 644,143,201 $ 637,948,068
Cumulative Unrealized Gain116,395,443 130,520,576
Estimated Fair Value760,538,644 768,468,644
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]10,016,252 10,061,161
Cumulative Unrealized Gain[1]2,077,713 2,487,317
Estimated Fair Value[1]12,093,965 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]4,456,638 4,483,154
Cumulative Unrealized Gain[2]945,069 1,010,425
Estimated Fair Value[2]5,401,707 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]3,652,065 3,668,439
Cumulative Unrealized Gain[1]725,064 889,216
Estimated Fair Value[1]4,377,129 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]6,760,931 6,791,096
Cumulative Unrealized Gain[1]1,443,669 1,724,350
Estimated Fair Value[1]8,204,600 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]6,580,568 6,621,823
Cumulative Unrealized Gain[3]1,366,435 1,606,690
Estimated Fair Value[3]7,947,003 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]1,657,062 1,664,566
Cumulative Unrealized Gain[1]354,284 400,431
Estimated Fair Value[1]2,011,346 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]2,414,410 2,428,775
Cumulative Unrealized Gain[2]511,997 572,671
Estimated Fair Value[2]2,926,407 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]7,597,708 7,626,287
Cumulative Unrealized Gain[4]2,071,062 2,350,276
Estimated Fair Value[4]9,668,770 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]6,825,000 2,023,500
Cumulative Unrealized Gain[4]234,033 215,633
Estimated Fair Value[4]7,059,033 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]2,150,547 2,404,771
Estimated Fair Value[4]8,870,547 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]3,416,775 3,432,246
Cumulative Unrealized Gain[1]715,295 809,327
Estimated Fair Value[1]4,132,070 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]2,924,967 2,942,370
Cumulative Unrealized Gain[2]610,906 724,678
Estimated Fair Value[2]3,535,873 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]4,213,075 4,236,876
Cumulative Unrealized Gain[1]1,082,286 1,180,122
Estimated Fair Value[1]5,295,361 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]7,201,861 7,233,993
Cumulative Unrealized Gain[1]1,537,822 1,836,808
Estimated Fair Value[1]8,739,683 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]12,125,582 12,179,682
Cumulative Unrealized Gain[1]2,479,899 2,973,846
Estimated Fair Value[1]14,605,481 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]6,288,796 6,316,993
Cumulative Unrealized Gain[1]1,193,069 1,470,689
Estimated Fair Value[1]7,481,865 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]3,496,551 3,517,919
Cumulative Unrealized Gain[1]728,452 888,485
Estimated Fair Value[1]4,225,003 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]3,020,541 3,034,084
Cumulative Unrealized Gain[1]626,564 735,450
Estimated Fair Value[1]3,647,105 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]5,731,581 5,767,938
Cumulative Unrealized Gain[3]796,065 939,214
Estimated Fair Value[3]6,527,646 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]3,954,528 3,969,173
Cumulative Unrealized Gain[4]984,597 1,226,058
Estimated Fair Value[4]4,939,125 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]3,745,579 3,769,337
Cumulative Unrealized Gain[3]756,160 859,860
Estimated Fair Value[3]4,501,739 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]7,355,181 7,374,252
Cumulative Unrealized Gain[5]1,903,798 2,201,663
Estimated Fair Value[5]9,258,979 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]543,079 641,581
Estimated Fair Value[3]5,498,079 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]10,802,523 10,870,681
Cumulative Unrealized Gain[2]4,112,764 4,293,328
Estimated Fair Value[2]14,915,287 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]36,201,898 36,234,756
Estimated Fair Value[4]36,201,898 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]4,093,000 4,120,000
Cumulative Unrealized Gain[5]54,672 56,458
Estimated Fair Value[5]4,147,672 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]133,379 136,612
Estimated Fair Value[4]2,733,379 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]7,775,000 7,829,000
Cumulative Unrealized Gain[3]469,569 663,781
Estimated Fair Value[3]8,244,569 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]174,788 178,960
Estimated Fair Value[4]3,624,788 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]7,664,307 7,697,891
Cumulative Unrealized Gain[2]1,945,185 1,995,694
Estimated Fair Value[2]9,609,492 9,693,585
Mortgage Revenue Bonds Held In Trust [Member] | Jackson Manor Apartments [member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances[4]4,150,000
Estimated Fair Value[4]4,150,000
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]16,130,094 16,189,074
Cumulative Unrealized Gain[6]4,295,649 4,879,623
Estimated Fair Value[6]20,425,743 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]13,652,000 13,724,000
Cumulative Unrealized Gain[5]61,243
Estimated Fair Value[5]13,652,000 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]801 153,657
Estimated Fair Value[5]7,190,801 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]12,812,644 12,898,904
Cumulative Unrealized Gain[1]2,516,514 2,689,886
Estimated Fair Value[1]15,329,158 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]10,990,877 11,055,254
Cumulative Unrealized Gain[1]1,855,889 2,208,446
Estimated Fair Value[1]12,846,766 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]6,129,339 6,136,261
Cumulative Unrealized Gain[5]2,058,249 2,277,289
Estimated Fair Value[5]8,187,588 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]18,504,146 18,619,081
Cumulative Unrealized Gain[3]2,505,025 2,906,879
Estimated Fair Value[3]21,009,171 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]9,765,972 9,802,479
Cumulative Unrealized Gain[1]2,104,832 1,353,745
Estimated Fair Value[1]11,870,804 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]12,635,325 12,720,560
Cumulative Unrealized Gain[1]2,440,011 2,650,995
Estimated Fair Value[1]15,075,336 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]10,834,440 10,910,733
Cumulative Unrealized Gain[3]2,331,028 2,704,295
Estimated Fair Value[3]13,165,468 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]578,254 578,247
Estimated Fair Value[4]9,837,460 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]1,345,935 1,345,919
Estimated Fair Value[4]22,897,535 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]13,748,038 13,815,817
Cumulative Unrealized Gain[4]2,679,071 3,189,896
Estimated Fair Value[4]16,427,109 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]9,082,300 9,140,656
Cumulative Unrealized Gain[3]1,964,023 2,376,580
Estimated Fair Value[3]11,046,323 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]7,342,493 7,388,262
Cumulative Unrealized Gain[3]1,651,642 1,854,785
Estimated Fair Value[3]8,994,135 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]12,651,455 12,721,014
Cumulative Unrealized Gain[2]2,498,397 2,790,208
Estimated Fair Value[2]15,149,852 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]5,210,228 5,235,915
Cumulative Unrealized Gain[4]901,310 1,084,347
Estimated Fair Value[4]6,111,538 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]39,561,143 39,756,184
Cumulative Unrealized Gain[4]7,418,638 8,703,609
Estimated Fair Value[4]46,979,781 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]6,339,959 6,379,479
Cumulative Unrealized Gain[3]1,373,222 1,601,535
Estimated Fair Value[3]7,713,181 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]15,472,678 15,572,093
Cumulative Unrealized Gain[3]3,222,376 3,779,139
Estimated Fair Value[3]18,695,054 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]5,026,836 5,058,171
Cumulative Unrealized Gain[3]1,151,856 1,292,513
Estimated Fair Value[3]6,178,692 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]17,604,256 17,674,167
Cumulative Unrealized Gain[1]4,282,821 3,792,253
Estimated Fair Value[1]21,887,077 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]18,703,168 18,796,773
Cumulative Unrealized Gain[1]4,360,042 4,888,537
Estimated Fair Value[1]23,063,210 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]13,102,454 13,168,029
Cumulative Unrealized Gain[1]3,165,305 3,543,909
Estimated Fair Value[1]16,267,759 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]20,297,105 20,398,687
Cumulative Unrealized Gain[1]4,817,332 5,397,326
Estimated Fair Value[1]25,114,437 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]7,293,344 7,331,821
Cumulative Unrealized Gain[1]1,632,719 1,810,458
Estimated Fair Value[1]8,926,063 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]22,174,093 22,270,729
Cumulative Unrealized Gain[1]5,004,687 5,600,721
Estimated Fair Value[1]27,178,780 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]19,146,081 19,218,417
Cumulative Unrealized Gain[1]5,396,061 5,955,488
Estimated Fair Value[1]24,542,142 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]6,677,182 6,712,409
Cumulative Unrealized Gain[1]1,521,291 1,600,836
Estimated Fair Value[1]8,198,473 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]10,518,412 10,579,057
Cumulative Unrealized Gain[2]1,968,618 2,095,871
Estimated Fair Value[2]12,487,030 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]12,081,489 12,135,392
Cumulative Unrealized Gain[1]2,135,841 2,597,201
Estimated Fair Value[1]14,217,330 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]9,740,000 9,805,000
Cumulative Unrealized Gain[5]100,274 105,634
Estimated Fair Value[5]9,840,274 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]11,498,636 11,462,172
Cumulative Unrealized Gain[5]1,580,994 1,917,286
Estimated Fair Value[5]13,079,630 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]9,568,829 9,604,680
Cumulative Unrealized Gain[1]2,808,514 3,257,826
Estimated Fair Value[1]12,377,343 12,862,506
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances16,158,163 24,472,905
Cumulative Unrealized Gain1,293,289 1,490,936
Estimated Fair Value17,451,452 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 Allowances923,195 925,607
Cumulative Unrealized Gain77,093 107,347
Estimated Fair Value1,000,288 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 Allowances3,475,730 3,485,690
Cumulative Unrealized Gain13,578
Estimated Fair Value3,475,730 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 Allowances733,353 735,974
Cumulative Unrealized Gain123,370 144,746
Estimated Fair Value856,723 880,720
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 Allowances536,880 538,723
Cumulative Unrealized Gain89,559 100,668
Estimated Fair Value626,439 639,391
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 Allowances123,791 123,973
Cumulative Unrealized Gain40,149 43,650
Estimated Fair Value163,940 167,623
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 Allowances442,878 444,398
Cumulative Unrealized Gain73,878 83,042
Estimated Fair Value516,756 527,440
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 Allowances435,761 437,318
Cumulative Unrealized Gain70,246 82,718
Estimated Fair Value506,007 520,036
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 Allowances2,657,964 2,665,000
Cumulative Unrealized Gain818,994 891,612
Estimated Fair Value3,476,958 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 Allowances5,259,343 6,161,954
Estimated Fair Value $ 5,259,343 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 16
[2]MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 16
[3]MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16
[4]MRBs held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16
[5]MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 16
[6]MRB held by Morgan Stanley in a debt financing transaction, Note 16

Mortgage Revenue Bonds - Additi

Mortgage Revenue Bonds - Additional Information (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Schedule Of Available For Sale Securities [Line Items]
Provision for credit loss $ 900,080 $ 464,675 $ 900,080 $ 1,822,356
Provision Center 2014-1 [Member]
Schedule Of Available For Sale Securities [Line Items]
Provision for credit loss $ 900,000 $ 465,000 $ 900,000 $ 1,800,000

Mortgage Revenue Bonds - Sche_2

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)6 Months Ended
Jun. 30, 2021USD ($)UnitJun. 30, 2020USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit4,044
Principal Acquired | $ $ 7,475,000
Jackson Manor Apartments [member] | Jackson, MS [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired[1]April
Units | Unit[1]60
Maturity Date[1]May 1,
2038
Interest Rate[1]5.00%
Principal Acquired | $[1] $ 4,150,000
Arby Road Apartments [Member] | Las Vegas, NV [Member] | Series A [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired[2]June
Units | Unit[2]180
Maturity Date[2]Oct. 1,
2027
Interest Rate[2]5.35%
Principal Acquired | $[2] $ 1,690,000
Arby Road Apartments [Member] | Las Vegas, NV [Member] | Series A [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired[2]June
Units | Unit[2]180
Maturity Date[2]Apr. 1,
2041
Interest Rate[2]5.50%
Principal Acquired | $[2] $ 5,785,000
[1]The Partnership has committed to provide total funding of the MRB up to $6.9 million during the acquisition and rehabilitation phase of the property on a drawdown basis. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $4.8 million
[2]Both MRBs are part of the same series but have different interest rates and maturity dates.

Mortgage Revenue Bonds - Sche_3

Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Parenthetical) (Details)Jun. 30, 2021USD ($)
Investments Debt And Equity Securities [Abstract]
Commitment to provide maximum funding of MRB $ 6,900,000
Maximum balance of the MRB after stabilization $ 4,800,000

Mortgage Revenue Bonds - Sche_4

Mortgage Revenue Bonds - Schedule of MRB Redeemed (Details)6 Months Ended
Jun. 30, 2021USD ($)UnitJun. 30, 2020USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units4,044
Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Units[1]180
Maturity Date[1]Oct. 1,
2027
Interest Rate[1]5.35%
Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Units[1]180
Maturity Date[1]Apr. 1,
2041
Interest Rate[1]5.50%
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[2]March
Units[2]180
Maturity Date[2]Oct. 1,
2027
Interest Rate[2]5.35%
Principal Outstanding at Date of Redemption | $[2] $ 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[2]March
Units[2]180
Maturity Date[2]Apr. 1,
2041
Interest Rate[2]5.50%
Principal Outstanding at Date of Redemption | $[2] $ 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
Units96
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 have different interest rates and maturity dates.
[2]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 Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Allowance for Credit Loss [Abstract]
Balance, beginning of period $ 7,319,000 $ 1,358,000 $ 7,319,000 $ 0
Provision for credit loss900,000 465,000 900,000 1,823,000
Balance, end of period[1] $ 8,219,000 $ 1,823,000 $ 8,219,000 $ 1,823,000
[1]The allowance for credit losses as of June 30, 2021 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments MRB .

Governmental Issuer Loans - Sum

Governmental Issuer Loans - Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans (Details)6 Months Ended12 Months Ended
Jun. 30, 2021USD ($)UnitJun. 30, 2020Dec. 31, 2020USD ($)Unit
Governmental Issuer Loans [Line Items]
Units | Unit4,044
Maximum Remaining Commitment $ 119,690,203
SIFMA [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate2.25%2.25%
Scharbauer Flats Apartments [Member]
Governmental Issuer Loans [Line Items]
Maturity Date[1]Jan. 1,
2023
Maximum Remaining Commitment $ 21,850,387
Oasis at Twin Lakes [Member]
Governmental Issuer Loans [Line Items]
Maximum Remaining Commitment25,175,634
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 Cost130,404,790 $ 64,863,657
Maximum Remaining Commitment $ 71,240,833
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 Rate3.13%[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 $ 34,000,000 [2] $ 14,403,000 [3]
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 $ 22,994,534 [2] $ 10,460,657 [3]
Maximum Remaining Commitment[2] $ 10,085,466
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] $ 14,817,037
Maximum Remaining Commitment[2] $ 19,802,963
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] $ 6,920,774
Maximum Remaining Commitment[2] $ 17,529,226
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 $ 7,981,200
Maximum Remaining Commitment $ 15,408,800
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]The borrower has the option to extend the maturity date up to six months.
[2]The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22).
[3]The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22).
[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 payment of a non-refundable extension fee.

Governmental Issuer Loans - S_2

Governmental Issuer Loans - Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans (Parenthetical) (Details)Jun. 30, 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] - USD ($) $ in MillionsJan. 31, 2021Jun. 30, 2020
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
Scharbauer Flats Apartments [Member]
Governmental Issuer Loans [Line Items]
Loans commitment $ 40

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Assets Owned by Partnership (Details)Jun. 30, 2021USD ($)UnitDec. 31, 2020USD ($)Unit
Real Estate [Line Items]
Number of Units | Unit4,044
Land and Land Improvements $ 10,464,403 $ 4,875,265
Buildings and improvements72,373,113 72,316,152
Carrying Value82,837,516 77,191,417
Accumulated depreciation(19,506,937)(18,150,215)
Net real estate assets $ 63,330,579 $ 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 improvements39,412,805 39,375,298
Carrying Value $ 42,612,073 $ 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 $ 32,960,308 $ 32,940,854
Carrying Value $ 32,960,308 32,940,854
Vantage At Hutto | Hutto T X
Real Estate [Line Items]
Number of Units | Unit[1]288
Land and Land Improvements[2] $ 3,115,891
Carrying Value[2]3,115,891
Vantage At Fair Oaks | Boerne T X
Real Estate [Line Items]
Land and Land Improvements[2]2,473,247
Carrying Value[2]2,473,247
Land Held for Development [Member]
Real Estate [Line Items]
Land and Land Improvements[3]1,675,997 1,675,997
Carrying Value[3] $ 1,675,997 $ 1,675,997
[1]The property became a consolidated VIE effective during the second quarter of 2021 (Note 5).
[2]The land is owned by a consolidated VIE for future development of a market-rate multifamily property. See Note 5 for further information.
[3]Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE.

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Real Estate [Line Items]
Impairment charge on real estate assets $ 25,200 $ 25,200
Gardner, KS [Member]
Real Estate [Line Items]
Impairment charge on real estate assets $ 2,500,000 $ 25,200

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Details) - USD ($)1 Months Ended3 Months Ended6 Months Ended
May 31, 2021Mar. 31, 2021Jun. 30, 2020Jun. 30, 2021Dec. 31, 2020Sep. 30, 2020Jun. 30, 2021Apr. 30, 2021Jan. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Gain on sale of investments in unconsolidated entities $ 5,463,484 $ 8,272,590
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 entities $ 2,800,000
Vantage at Loveland [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction $ 16.3
Increase in equity commitment of fund construction upon certain events $ 18,200,000
Vantage at Helotes [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction $ 12.6
Vantage At Powdersville [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received20,100,000
Income on sale of properties2,400,000
Gain on sale of investments in unconsolidated entities $ 5,500,000
Vantage At Westover Hills [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction $ 7,300,000
Vantage at Waco [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received $ 10,300,000
Income on sale of properties $ 931,000 $ 201,000 $ 373,000
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)6 Months Ended
Jun. 30, 2021USD ($)UnitDec. 31, 2020USD ($)
Schedule Of Equity Method Investments [Line Items]
Units | Unit4,044
Carrying Value $ 91,790,880 $ 106,878,570
Maximum Remaining Equity Commitment $ 33,582,749
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 Value12,295,801
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 $ 12,240,000 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
Construction Completion Date2021-06
Carrying Value $ 8,666,870 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 $ 10,938,202 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 $ 8,431,070 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 $ 11,240,890 9,280,134
Vantage At Hutto | Hutto T X
Schedule Of Equity Method Investments [Line Items]
Units | Unit[1]288
Month Commitment Executed[1]November 2020
Carrying Value[1]3,163,676
Maximum Remaining Equity Commitment[1] $ 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 $ 1,031,813 $ 981,695
Maximum Remaining Equity Commitment $ 8,943,914
Vantage at Loveland [Member] | Loveland, CO [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedApril 2021
Carrying Value $ 7,044,939
Maximum Remaining Equity Commitment $ 9,409,484
Vantage at Helotes [Member] | Helotes, TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit288
Month Commitment ExecutedMay 2021
Carrying Value $ 4,779,161
Maximum Remaining Equity Commitment $ 7,869,399
[1]The property became a consolidated VIE effective during the second quarter of 2021 (Note 5).

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Equity Method Investments And Joint Ventures [Abstract]
Property Revenues $ 5,475,906 $ 2,987,106 $ 10,958,776 $ 5,470,711
Gain on sale of property15,659,445 6,262,992 24,626,692 6,262,992
Net income $ 13,579,814 $ 4,356,453 $ 20,510,948 $ 1,837,288

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 ($)Jun. 30, 2021Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance $ 26,084,427 $ 21,225,765
Loan Loss Allowance(8,635,162)(8,305,046)
Property Loan Principal, net of allowance17,449,265 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],[2]3,017,729 3,017,729
Property Loan Principal, net of allowance[1],[2]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 balance1,241,348 911,232
Loan Loss Allowance(1,241,348)(911,232)
Hilltop at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance[1],[2]1,000,000
Property Loan Principal, net of allowance[1],[2]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],[2]1,000,000
Property Loan Principal, net of allowance[1],[2]1,000,000
Scharbauer Flats Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance[1],[2]2,309,613 2,309,613
Property Loan Principal, net of allowance[1],[2]2,309,613 $ 2,309,613
Oasis at Twin Lakes [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance[1],[2]2,528,546
Property Loan Principal, net of allowance[1],[2] $ 2,528,546
[1]The property loan and associated GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property . Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loan.
[2]The property loan is held in trust in connection with a TOB financing (Note 16).

Property Loans, Net of Loan L_4

Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020Aug. 31, 2019
Property Loans Net Of Loan Loss Allowance [Line Items]
Provision for loans loss allowance $ 330,116 $ 330,116
Live 929 Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Provision for loans loss allowance330,000 330,000
Total property loan amount1,500,000 1,500,000 $ 1,000,000
Ohio Properties [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Interest earned on property loan principal $ 983,000 $ 983,000 $ 983,000 $ 983,000

Property Loans, Net of Loan L_5

Property Loans, Net of Loan Loss Allowances - Summary of Outstanding Property Loans and Remaining Commitments (Details) - USD ($)6 Months Ended
Jun. 30, 2021Jun. 30, 2020
Accounts Notes And Loans Receivable [Line Items]
Outstanding Balance $ 2,000,000
Maximum Remaining Commitment $ 119,690,203
Legacy Commons at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Date Committed2021-01
Maturity Date[1]Feb. 1,
2024
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
Maturity Date[1]Aug. 1,
2023
Outstanding Balance $ 1,000,000
Maximum Remaining Commitment20,197,939
Scharbauer Flats Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Date Committed2020-06
Maturity Date[1]Jan. 1,
2023
Outstanding Balance $ 1,667,776
Maximum Remaining Commitment21,850,387
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 Commitment $ 25,175,634
[1]The borrower has the option to extend the maturity date up to six months.

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($)3 Months Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Income Tax Provision [Line Items]
Total income tax expense $ 107,687 $ 98,004 $ 107,944 $ 109,418
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense127,129 98,964 143,614 141,299
Deferred income tax benefit(19,442)(960)(35,670)(31,881)
Total income tax expense $ 107,687 $ 98,004 $ 107,944 $ 109,418

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) - USD ($)Jun. 30, 2021Dec. 31, 2020
Income Tax Disclosure [Abstract]
Valuation allowance $ 0 $ 0

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)Jun. 30, 2021Dec. 31, 2020
Other Assets [Abstract]
Deferred financing costs, net $ 1,291,123 $ 390,649
Fair value of derivative instruments (Note 18)321,372 321,503
Taxable mortgage revenue bonds, at fair value1,462,862 1,510,437
Taxable governmental issuer loan held in trust1,000,000
Bond purchase commitments, at fair value (Note 19)392,515 431,879
Operating lease right-of-use assets, net1,634,200 1,648,742
Other assets1,274,856 1,605,374
Total other assets $ 7,376,928 $ 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]6 Months Ended
Jun. 30, 2021USD ($)
Governmental Issuer Loans [Line Items]
Date Committed2021-01
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 payment of a non-refundable extension fee.

Other Assets - Summary of Tax_2

Other Assets - Summary of Taxable Governmental Issuer Loan and Remaining Funding Commitment (Parenthetical) (Details)6 Months Ended
Jun. 30, 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 ($)Jun. 30, 2021Dec. 31, 2020
Payables And Accruals [Abstract]
Accounts payable $ 333,300 $ 94,674
Accrued expenses2,704,528 2,755,010
Accrued interest expense3,791,711 3,433,247
Operating lease liabilities2,150,982 2,149,001
Other liabilities1,683,816 1,517,633
Total accounts payable, accrued expenses and other liabilities $ 10,664,337 $ 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 Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 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 $ 84,000 $ 84,000

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 ($)Jun. 30, 2021Dec. 31, 2020
Payables And Accruals [Abstract]
Remainder of 2021 $ 69,710
2022141,119
2023143,561
2024144,706
2025147,598
Thereafter4,369,676
Total5,016,370
Less: Amount representing interest(2,865,388)
Total operating lease liabilities $ 2,150,982 $ 2,149,001

Unsecured Lines of Credit - Sum

Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($)6 Months Ended12 Months Ended
Jun. 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 credit7,475,000
Line of credit facility maximum borrowing capacity60,000,000
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 period2.65%
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) - Unsecured Lines of Credit [Member]6 Months Ended
Jun. 30, 2021USD ($)
Bankers Trust Non-operating [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]
Line Of Credit Facility [Line Items]
Termination of operating LOC $ 10,000,000
Outstanding principal $ 0
Bankers Trust [Member]
Line Of Credit Facility [Line Items]
Debt instrument, covenant complianceThe Partnership was in compliance with all covenants as of June 30, 2021.

Secured Line of Credit - Summar

Secured Line of Credit - Summary of Secured Line of Credit (Details) - USD ($)6 Months Ended
Jun. 30, 2021Dec. 31, 2020
Line Of Credit Facility [Line Items]
Lines of credit $ 7,475,000
Secured Line Of Credit Facility [Member]
Line Of Credit Facility [Line Items]
Lines of credit $ 6,500,000
Total Commitment $ 40,000,000
Commitment Maturity[1]2023-06
Variable / Fixed[2]Variable
Reset FrequencyMonthly
Line of credit facility, interest rate during period3.50%
[1]The secured LOC contains two one-year
[2]The variable rate is equal to LIBOR + 3.25%, subject to a floor of 3.50%.

Secured Line of Credit - Summ_2

Secured Line of Credit - Summary of Secured Line of Credit (Parenthetical) (Details) - Secured Line Of Credit Facility [Member]6 Months Ended
Jun. 30, 2021Extension
Line Of Credit Facility [Line Items]
Debt instrument number of extensions2
Debt instrument extended maturity period1 year
Payment of extension fee percentage0.25%
LIBOR [Member]
Line Of Credit Facility [Line Items]
Debt instrument variable rate3.25%
Floor rate3.50%

Secured Line of Credit - Additi

Secured Line of Credit - Additional Information (Details) - Secured Line Of Credit Facility [Member]1 Months Ended6 Months Ended
Jun. 30, 2021USD ($)Jun. 30, 2021USD ($)
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity $ 40,000,000 $ 40,000,000
Minimum liquidity5,000,000 5,000,000
Minimum consolidated tangible net worth $ 100,000,000 $ 100,000,000
Percentage of minimum consolidated net worth decline from immediately preceding quarter20.00%
Percentage of minimum consolidated net worth decline from date at the end of two consecutive calendar quarters ending immediately thereafter35.00%
Debt instrument, covenant complianceThe Partnership is subject to various affirmative and negative covenants that, among others, require the Partnership to maintain a minimum liquidity of not less than $5.0 million, maintain a minimum consolidated tangible net worth of $100.0 million, and to notify the Administrative Agent if the Partnership’s consolidated net worth declines by (a) more than 20% from the immediately preceding quarter, or (b) more than 35% from the date at the end of two consecutive calendar quarters ending immediately thereafter. The Partnership was in compliance with all covenants as of June 30, 2021.
BankUnited, N.A. and Bankers Trust Company [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity $ 40,000,000 $ 40,000,000
Aggregate available commitment cannot exceed borrowing base calculation equal to multiplied by the aggregate value of pool of eligible encumbered assets percentage40.00%
Percentage of partnership’s capital contributions to equity investments100.00%
BankUnited, N.A [Member]
Line Of Credit Facility [Line Items]
Minimum amount required to maintain security interest in bank account $ 5,000,000 $ 5,000,000

Debt Financing - Schedule of To

Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)1 Months Ended3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2021Jun. 30, 2021Dec. 31, 2020
Debt Instrument [Line Items]
Debt financing $ 741,532,707 $ 741,532,707 $ 673,957,640
Period End Rates4.34%4.34%
Variable T O B Seven
Debt Instrument [Line Items]
Debt financing $ 24,132,417 $ 24,132,417
Year Acquired2021
Stated Maturities2024-01
Reset FrequencyWeekly
Variable Rate IndexOBFR
Index Based Rates0.33%
Spread/ Facility Fees0.89%0.89%
Period End Rates1.22%1.22%
TEBS Financings [Member] | Fixed - M24 [Member]
Debt Instrument [Line Items]
Debt financing $ 39,552,847 $ 39,552,847 39,825,019
Restricted Cash $ 204,000 $ 204,000 $ 238,760
Year Acquired20102010
Stated Maturities2027-052027-05
Reset FrequencyN/AN/A
Variable Rate IndexN/AN/A
Period End Rates3.05%3.05%3.05%
TEBS Financings [Member] | Variable - M31 [Member]
Debt Instrument [Line Items]
Debt financing[1] $ 77,655,139 $ 77,655,139 $ 78,272,018
Restricted Cash[1] $ 4,999 $ 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]0.06%0.12%
Spread/ Facility Fees[1]1.34%1.34%1.34%
Period End Rates[1]1.40%1.40%1.46%
TEBS Financings [Member] | Fixed - M33 [Member]
Debt Instrument [Line Items]
Debt financing $ 30,497,949 $ 30,497,949 $ 30,796,097
Restricted Cash $ 2,606 $ 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%3.24%
TEBS Financings [Member] | Fixed - M45 [Member]
Debt Instrument [Line Items]
Debt financing[2] $ 214,892,281 $ 214,892,281 $ 215,825,022
Restricted Cash[2] $ 5,000 $ 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%3.82%
Secured Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Reset FrequencyMonthly
Secured Line Of Credit Facility [Member] | Variable - Notes [Member]
Debt Instrument [Line Items]
Debt financing $ 102,944,935 $ 102,944,935 $ 103,086,756
Restricted Cash $ 77,530,500 $ 77,530,500 $ 77,500,000
Year Acquired20202020
Stated Maturities2025-092025-09
Reset FrequencyMonthlyMonthly
Variable Rate Index3-month LIBOR3-month LIBOR
Index Based Rates0.12%0.22%
Spread/ Facility Fees9.00%9.00%9.00%
Period End Rates[3]9.12%9.12%9.22%
TOB Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing $ 6,102,623 $ 6,102,623 $ 1,765,167
Year Acquired20202020
Stated Maturities2022-072022-07
Reset FrequencyWeeklyWeekly
Variable Rate IndexSIFMASIFMA
Index Based Rates0.23%0.29%
Spread/ Facility Fees0.89%0.89%0.89%
Period End Rates1.12%1.12%1.18%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing $ 9,213,676 $ 9,213,676 $ 122,724,862
Year Acquired20212019
Stated Maturities2023-022023-07
Reset FrequencyWeeklyWeekly
Variable Rate IndexSIFMASIFMA
Index Based Rates0.23%
Spread/ Facility Fees1.42%1.42%
Period End Rates1.65%1.65%
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 $ 3,486,987 $ 3,486,987 $ 62,992,845
Year Acquired20212020
Stated Maturities2023-042023-09
Reset FrequencyWeeklyWeekly
Variable Rate IndexSIFMAOBFR
Index Based Rates0.23%0.33%
Spread/ Facility Fees1.27%1.27%0.89%
Period End Rates1.50%1.50%1.22%
TOB Trusts Securitization [Member] | Variable - TOB IV [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing $ 122,503,096 $ 122,503,096 $ 5,668,324
Year Acquired20192020
Stated Maturities2023-072023-12
Reset FrequencyWeeklyWeekly
Variable Rate IndexSIFMASIFMA
Index Based Rates0.29%
Spread/ Facility Fees1.27%
Period End Rates1.56%
TOB Trusts Securitization [Member] | Variable - TOB IV [Member] | Mizuho Capital Markets [Member] | Minimum [Member]
Debt Instrument [Line Items]
Index Based Rates0.23%
Spread/ Facility Fees1.17%1.17%
Period End Rates1.40%1.40%
TOB Trusts Securitization [Member] | Variable - TOB IV [Member] | Mizuho Capital Markets [Member] | Maximum [Member]
Debt Instrument [Line Items]
Index Based Rates0.28%
Spread/ Facility Fees1.67%1.67%
Period End Rates1.95%1.95%
TOB Trusts Securitization [Member] | Variable - TOB V [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing $ 91,897,806 $ 91,897,806
Year Acquired2020
Stated Maturities2023-09
Reset FrequencyWeekly
Variable Rate IndexOBFR
Index Based Rates0.33%
Spread/ Facility Fees0.89%0.89%
Period End Rates1.22%1.22%
TOB Trusts Securitization [Member] | Variable - TOB VI [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing $ 5,683,115 $ 5,683,115
Year Acquired2020
Stated Maturities2023-12
Reset FrequencyWeekly
Variable Rate IndexSIFMA
Index Based Rates0.23%
Spread/ Facility Fees1.27%1.27%
Period End Rates1.50%1.50%
TOB Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Debt financing $ 12,969,836 $ 12,969,836 $ 13,001,530
Year Acquired20192019
Stated Maturities2024-052022-052024-052022-05
Reset FrequencyN/AN/A
Variable Rate IndexN/AN/A
Period End Rates1.98%3.53%1.98%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 $39.8 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of June 30, 2021.

Debt Financing - Schedule of _2

Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details)Jun. 30, 2021USD ($)SwapDec. 31, 2020USD ($)Swap
Debt Instrument [Line Items]
Effective net interest rate4.34%
Debt financing $ 741,532,707 $ 673,957,640
Secured Line Of Credit Facility [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 Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Number of return swap transactions | Swap2 2
Total Return Swap One [Member] | Secured Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Effective net interest rate4.25%4.25%
Debt financing $ 39,800,000 $ 40,000,000
Total Return Swap Two [Member] | Secured Line Of Credit Facility [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)1 Months Ended3 Months Ended6 Months Ended12 Months Ended
Jun. 30, 2021SwapMar. 31, 2021Jun. 30, 2021SwapDec. 31, 2020Apr. 30, 2020USD ($)
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%
Effective net interest rate4.34%4.34%
Secured Line Of Credit Facility [Member]
Debt Instrument [Line Items]
Number of return swap transactions | Swap2 2
TOB Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Maturity date2024-052022-052024-052022-05
Effective net interest rate1.98%3.53%1.98%3.53%
Term A/B Trust [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt instrument, one-time fee | $ $ 454,000

Debt Financing - Summary of Miz

Debt Financing - Summary of Mizuho TOB Trust Financings (Details) - USD ($)6 Months Ended
Jun. 30, 2021Jun. 30, 2020Dec. 31, 2020
Debt Instrument [Line Items]
Debt financing $ 741,532,707 $ 673,957,640
TOB Trust [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing27,735,000 $ 91,386,000
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%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Jackson Manor Apartments [member]
Debt Instrument [Line Items]
Debt financing $ 3,528,000
Stated Maturities2023-04
Reset FrequencyWeekly
Variable Rate IndexSIFMA
Facility Fees1.27%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Copperfield - Series A [Member]
Debt Instrument [Line Items]
Debt financing $ 11,818,000
Stated Maturities[2]2021-05
Reset FrequencyWeekly
Variable Rate IndexSIFMA
Facility Fees1.67%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Wilcrest - Series A [Member]
Debt Instrument [Line Items]
Debt financing $ 4,479,000
Stated Maturities[2]2021-05
Reset FrequencyWeekly
Variable Rate IndexSIFMA
Facility Fees1.67%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Wood Hollow - Series A [Member]
Debt Instrument [Line Items]
Debt financing $ 34,007,000
Stated Maturities[2]2021-05
Reset FrequencyWeekly
Variable Rate IndexSIFMA
Facility Fees1.67%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Gateway Village [Member]
Debt Instrument [Line Items]
Debt financing $ 2,184,000
Stated Maturities[2]2021-05
Reset FrequencyWeekly
Variable Rate IndexSIFMA
Facility Fees1.67%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Lynnhaven [Member]
Debt Instrument [Line Items]
Debt financing $ 2,898,000
Stated Maturities[2]2021-05
Reset FrequencyWeekly
Variable Rate IndexSIFMA
Facility Fees1.67%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Scharbauer Flats Apartments [Member]
Debt Instrument [Line Items]
Debt financing $ 36,000,000
Stated Maturities2023-07
Reset FrequencyWeekly
Variable Rate IndexSIFMA
Facility Fees0.89%
[1]The TOB Trust is securitized by the Legacy Commons at Signal Hills GIL and property loan, Hilltop at Signal Hills GIL and property loan, Oasis at Twin Lakes property loan and Hope on Avalon taxable GIL.
[2]In July 2020, the Partnership extended the maturity date to July 2023.

Debt Financing - Summary of M_2

Debt Financing - Summary of Mizuho TOB Trust Financings (Parenthetical) (Details)1 Months Ended
Jul. 31, 2020
Term TOB Trust [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Maturity date2023-07

Debt Financing - Summary of Deu

Debt Financing - Summary of Deutsche Bank Term A/B and Term TOB Trust Financings Collapsed and Paid Off (Details) - Deutsche Bank [Member]1 Months Ended
Apr. 30, 2020USD ($)
Debt Instrument Redemption [Line Items]
Paydown Applied $ 51,714,210
Term A/B Trust [Member] | Avistar at Copperfield - Series A [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied8,417,739
Term A/B Trust [Member] | Avistar at Wilcrest - Series A [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied3,162,435
Term A/B Trust [Member] | Avistar at Wood Hollow - Series A [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied26,860,536
Term A/B Trust [Member] | Gateway Village [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied2,262,000
Term A/B Trust [Member] | Lynnhaven [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied3,001,500
Term TOB Trust [Member] | Pro Nova 2014-1 [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied $ 8,010,000

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($)Jun. 30, 2021Dec. 31, 2020
Debt Financing [Abstract]
Remainder of 2021 $ 3,075,795
202212,921,689
2023237,464,816
2024125,103,152
202511,363,784
Thereafter354,283,139
Total744,212,375
Unamortized deferred financing costs and debt premium(2,679,668)
Total debt financing, net $ 741,532,707 $ 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 ($)6 Months Ended
Jun. 30, 2021Dec. 31, 2020
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net $ 26,964,324 $ 25,984,872
Period End Rate4.34%
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 $ 2,335,034 2,521,308
Year Acquired2020
Commitment Maturity2025-03
Variable / FixedFixed
Period End Rate4.40%
Mortgages payable [Member] | Real Estate [Member] | Vantage At Fair Oaks
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net[1] $ 1,418,897
Year Acquired[1]2021
Commitment Maturity[1]2022-06
Variable / Fixed[1]Fixed
Period End Rate[1]4.15%
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net $ 23,210,393 $ 23,463,564
Year Acquired2020
Commitment Maturity2027-04
Variable / FixedFixed
Period End Rate4.35%
[1]The mortgage payable relates to a consolidated VIE for future development of a market-rate multifamily property (Note 5).

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 ($)Jun. 30, 2021Dec. 31, 2020
Mortgage Loans on Real Estate [Line Items]
Total mortgages payable and other secured financings, net $ 26,964,324 $ 25,984,872
Mortgages Payable and Other Secured Financing [Member]
Mortgage Loans on Real Estate [Line Items]
Remainder of 2021419,830
20222,310,678
2023909,690
2024947,733
20251,747,343
Thereafter20,651,621
Total26,986,895
Unamortized deferred financing costs(22,571)
Total mortgages payable and other secured financings, net $ 26,964,324

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Details) - USD ($)6 Months Ended12 Months Ended
Jun. 30, 2021Dec. 31, 2020
Derivative [Line Items]
Derivative, Notional Amount $ 103,300,000
Derivative, Fair Value Liability $ 295,538 $ 293,626
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, Purchase Date2020-092020-09
Derivative, Notional Amount $ 39,791,732 $ 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]9.12%9.22%
Derivative, Variable Rate Index3-month LIBOR3-month LIBOR
Derivative, Fair Value Liability $ 80,725 $ 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]9.12%9.22%
Derivative, Variable Rate Index3-month LIBOR3-month LIBOR
Derivative, Fair Value Liability $ 214,813 $ 215,631
[1]Variable rate equal to 3-month
[2]Variable rate equal to 3-month LIBOR + 9.00%.
[3]Variable rate equal to 3-month LIBOR + 0.50%, subject to a floor of 1.00%.

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Parenthetical) (Details)Jun. 30, 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 ($)6 Months Ended12 Months Ended
Jun. 30, 2021Mar. 31, 2022
Derivative [Line Items]
Derivative notional amount $ 103,300,000
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 $ 39,800,000
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 ($)6 Months Ended12 Months Ended
Jun. 30, 2021Dec. 31, 2020
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability) $ 25,834 $ 27,877
Barclays Bank PLC [Member]
Derivative [Line Items]
Derivative, Purchase Date2019-082019-08
Derivative, Notional Amount $ 77,300,192 $ 77,979,924
Derivative, Maturity Date2024-082024-08
Derivative, Effective Capped Rate[1]4.50%4.50%
Derivative, IndexSIFMASIFMA
Derivative, Variable Debt Financing Hedged[1]M31 TEBSM31 TEBS
Derivative, Fair Value - Asset (Liability) $ 25,834 $ 27,877
[1]See Notes 16 and 23 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]6 Months Ended
Jun. 30, 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 June 30, 2021 $ 392,515

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in MillionsJun. 30, 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 $ 8.2
Series A-T taxable MRB [Member]
Commitments And Other Guarantees [Line Items]
Remaining maximum commitments amount7
MRB [Member]
Commitments And Other Guarantees [Line Items]
Remaining maximum commitments amount $ 2.8

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details)6 Months Ended
Jun. 30, 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 June 30, 202130,501,955 [1]
Partnership's Maximum Exposure as of June 30, 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 June 30, 202131,029,296 [1]
Partnership's Maximum Exposure as of June 30, 2021 $ 15,514,648 [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 June 30, 202130,500,000 [2]
Partnership's Maximum Exposure as of June 30, 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 June 30, 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 June 30, 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 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 June 30, 20 2 1. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation during the ter m.

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details) $ in Millions6 Months Ended
Jun. 30, 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 and Redeemable Series A-1 Preferred Units - Additional Information (Details) - $ / sharesJun. 30, 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 or Series A-1 Preferred Units [Member]
Redemption Price per Unit $ 10

Redeemable Series A Preferred_4

Redeemable Series A Preferred Units and Series A-1 Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($)1 Months Ended6 Months Ended12 Months Ended
Oct. 31, 2017Aug. 31, 2017Mar. 31, 2017Dec. 31, 2016Sep. 30, 2016May 31, 2016Mar. 31, 2016Jun. 30, 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 Ended6 Months Ended12 Months Ended
Dec. 31, 2020Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 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 $ 1,900,000 $ 1,900,000
Remaining compensation expense expected to be recognized over a weighted-average period1 year 2 months 12 days
Intrinsic value of unvested RUAs $ 2,700,000
General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense $ 191,000 $ 296,000 $ 269,000 $ 335,000
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 3,000,000
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] - $ / shares6 Months Ended12 Months Ended
Jun. 30, 2021Dec. 31, 2020
Restricted Units Awarded
Beginning Balance132,812
Granted266,324 290,000
Vested(154,386)
Forfeited(2,802)
Ending Balance399,136 132,812
Weighted-average Grant-Date Fair Value
Beginning Balance $ 4.98
Granted6.49 $ 4.98
Vested4.98
Forfeited4.98
Ending Balance $ 5.99 $ 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 Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Related Party Transaction [Line Items]
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities[1] $ 16,000 $ 33,000 $ 27,000 $ 41,000
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees[2] $ 987,000 $ 866,000 $ 1,953,000 $ 1,731,000
[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 Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Related Party Transactions [Abstract]
Rate for administration fees receivable0.45%0.45%0.45%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 Ended6 Months Ended
Jun. 30, 2021Jun. 30, 2020Jun. 30, 2021Jun. 30, 2020
Non-partnership property administrative fee received[1] $ 9,000 $ 9,000 $ 18,000 $ 18,000
Investment/mortgage fees received[2] $ 1,528,000 $ 321,000 $ 2,782,000 $ 863,000
[1]AFCA 2 received administrative fees di