Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2021shares | |
Cover [Abstract] | |
Entity Registrant Name | AMERICA FIRST MULTIFAMILY INVESTORS, L.P. |
Entity Central Index Key | 0001059142 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Entity Common Stock, Units Outstanding | 65,930,903 |
Entity Shell Company | false |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity File Number | 000-24843 |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 47-0810385 |
Entity Address, Address Line One | 14301 FNB Parkway |
Entity Address, Address Line Two | Suite 211 |
Entity Address, City or Town | Omaha |
Entity Address, State or Province | NE |
Entity Address, Postal Zip Code | 68154 |
City Area Code | 402 |
Local Phone Number | 952-1235 |
Document Quarterly Report | true |
Document Transition Report | false |
Title of each class | Beneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P. |
Trading Symbol | ATAX |
Name of each exchange on which registered | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and cash equivalents | $ 91,542,566 | $ 44,495,538 |
Restricted cash | 83,257,569 | 78,495,048 |
Interest receivable, net | 9,718,518 | 8,212,076 |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 727,826,133 | 768,468,644 |
Mortgage revenue bonds, at fair value (Note 6) | 15,812,184 | 25,963,841 |
Governmental issuer loans (Note 7) | 165,986,438 | 64,863,657 |
Real estate assets: (Note 8) | ||
Land and improvements | 7,991,156 | 4,875,265 |
Buildings and improvements | 72,421,529 | 72,316,152 |
Real estate assets before accumulated depreciation | 80,412,685 | 77,191,417 |
Accumulated depreciation | (20,181,951) | (18,150,215) |
Net real estate assets | 60,230,734 | 59,041,202 |
Investments in unconsolidated entities (Note 9) | 89,644,649 | 106,878,570 |
Property loans, net of loan loss allowances (Note 10) | 31,678,426 | 12,920,719 |
Other assets (Note 12) | 8,804,302 | 5,908,584 |
Total Assets | 1,284,501,519 | 1,175,247,879 |
Liabilities: | ||
Accounts payable, accrued expenses and other liabilities (Note 13) | 12,186,546 | 9,949,565 |
Distribution payable | 7,831,176 | 3,686,283 |
Unsecured lines of credit (Note 14) | 7,475,000 | |
Secured lines of credit (Note 15) | 6,500,000 | |
Debt financing, net (Note 16) | 760,632,414 | 673,957,640 |
Mortgages payable and other secured financing, net (Note 17) | 25,429,450 | 25,984,872 |
Total Liabilities | 812,579,586 | 721,053,360 |
Commitments and Contingencies (Note 19) | ||
Redeemable Preferred Units, approximately $94.5 million redemption value, 9.5 million issued and outstanding, net (Note 20) | 94,449,515 | 94,422,477 |
Partnersʼ Capital: | ||
General Partner (Note 1) | 813,097 | 934,892 |
Beneficial Unit Certificates ("BUCs," Note 1) | 376,659,321 | 358,837,150 |
Total Partnersʼ Capital | 377,472,418 | 359,772,042 |
Total Liabilities and Partnersʼ Capital | $ 1,284,501,519 | $ 1,175,247,879 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions | Sep. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Redeemable preferred units redemption value | $ 94.5 | $ 94.5 |
Redeemable preferred units, issued | 9.5 | 9.5 |
Redeemable preferred units, outstanding | 9.5 | 9.5 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues: | ||||
Investment income | $ 13,619,994 | $ 12,043,313 | $ 40,305,861 | $ 35,988,555 |
Property revenues | 1,811,778 | 1,548,931 | 5,294,475 | 5,358,132 |
Contingent interest income | 1,848,825 | 1,848,825 | 12,043 | |
Other interest income | 401,304 | 238,185 | 1,026,724 | 686,253 |
Other income | 9,518 | 9,518 | ||
Total revenues | 17,681,901 | 13,839,947 | 48,475,885 | 42,054,501 |
Expenses: | ||||
Real estate operating (exclusive of items shown below) | 1,239,614 | 1,454,985 | 3,007,979 | 3,484,783 |
Provision for credit loss (Note 6) | 3,463,253 | 900,080 | 5,285,609 | |
Provision for loan loss (Note 10) | 811,706 | 330,116 | 811,706 | |
Impairment charge on real estate assets | 25,200 | |||
Depreciation and amortization | 680,925 | 719,783 | 2,049,269 | 2,141,302 |
Interest expense | 5,663,452 | 5,105,432 | 16,248,023 | 16,012,716 |
General and administrative | 4,145,317 | 3,513,024 | 10,894,937 | 9,257,921 |
Total expenses | 11,729,308 | 15,068,183 | 33,430,404 | 37,019,237 |
Other Income: | ||||
Gain on sale of securities | 1,416,023 | |||
Gain on sale of investments in unconsolidated entities | 6,954,649 | 15,227,239 | ||
Income (loss) before income taxes | 12,907,242 | (1,228,236) | 30,272,720 | 6,451,287 |
Income tax expense (benefit) | (81,142) | (68,219) | 26,802 | 41,199 |
Net income (loss) | 12,988,384 | (1,160,017) | 30,245,918 | 6,410,088 |
Redeemable Preferred Unit distributions and accretion | (717,762) | (717,763) | (2,153,288) | (2,153,288) |
Net income (loss) available to Partners | 12,270,622 | (1,877,780) | 28,092,630 | 4,256,800 |
Net income (loss) available to Partners allocated to: | ||||
General Partner | 579,266 | (18,778) | 2,722,908 | (33,476) |
Net income available to Partners and noncontrolling interest | $ 12,270,622 | $ (1,877,780) | $ 28,092,630 | $ 4,256,800 |
BUC holders' interest in net income (loss) per BUC, basic and diluted | $ 0.19 | $ 0.03 | $ 0.42 | $ 0.07 |
Weighted average number of BUCs outstanding, basic | 60,646,528 | 60,545,204 | 60,637,976 | 60,614,862 |
Weighted average number of BUCs outstanding, diluted | 60,646,528 | 60,545,204 | 60,637,976 | 60,614,862 |
Beneficial Unit Certificate Holders [Member] | ||||
Net income (loss) available to Partners allocated to: | ||||
Limited Partners | $ 11,627,197 | $ (1,879,096) | $ 25,268,441 | $ 4,239,515 |
Restricted Unitholders [Member] | ||||
Net income (loss) available to Partners allocated to: | ||||
Limited Partners | $ 64,159 | $ 20,094 | $ 101,281 | $ 50,761 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income (loss) | $ 12,988,384 | $ (1,160,017) | $ 30,245,918 | $ 6,410,088 |
Reversal of net unrealized loss on securities to provision for credit loss | 280,711 | |||
Unrealized gain (loss) on bond purchase commitments | 8,708 | 256,222 | ||
Comprehensive income | 8,410,947 | 17,377,436 | 11,263,492 | 37,824,819 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Reversal of net unrealized gains on sale of securities | (1,408,804) | |||
Reversal of net unrealized loss on securities to provision for credit loss | 280,711 | 652,880 | ||
Unrealized gain (loss) on securities | (4,586,145) | 18,000,520 | (18,951,770) | 31,914,433 |
Unrealized gain (loss) on bond purchase commitments | 8,708 | 256,222 | ||
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Unrealized gain (loss) on bond purchase commitments | $ 8,708 | $ 256,222 | $ (30,656) | $ 256,222 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($) | Total | Tier 2 [Member] | Tier 3 [Member] | General Partner [Member] | General Partner [Member]Tier 2 [Member] | BUCs - Restricted and Unrestricted [Member] | BUCs - Restricted and Unrestricted [Member]Tier 2 [Member] | BUCs - Restricted and Unrestricted [Member]Tier 3 [Member] | Number of BUCs - Restricted and Unrestricted [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2019 | $ 341,938,263 | $ 735,128 | $ 341,203,135 | $ 99,308,677 | ||||||
Partners' Capital Account, Units at Dec. 31, 2019 | 60,835,204 | |||||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (8,050,119) | (80,501) | (7,969,618) | |||||||
Distribution of (income) loss (Note 3) | $ 445,719 | $ 80,501 | $ 365,218 | |||||||
Net income (loss) allocable to Partners | 2,263,994 | (53,404) | 2,317,398 | |||||||
Repurchase of BUCs, Value | (2,106,673) | (2,106,673) | ||||||||
Repurchase of BUCs, Units | (290,000) | |||||||||
Restricted units awarded | 290,000 | |||||||||
Restricted unit compensation expense | 39,068 | 391 | 38,677 | |||||||
Unrealized gain (loss) on securities | (7,057,736) | (70,577) | (6,987,159) | (7,057,736) | ||||||
Reversal of net unrealized gains on sale of securities | (1,408,804) | (14,088) | (1,394,716) | (1,408,804) | ||||||
Reversal of net unrealized loss on securities to provision for credit loss | 372,169 | 3,722 | 368,447 | 372,169 | ||||||
Balance at Mar. 31, 2020 | 326,435,881 | 601,172 | 325,834,709 | 91,214,306 | ||||||
Partners' Capital Account, Units at Mar. 31, 2020 | 60,835,204 | |||||||||
Balance at Dec. 31, 2019 | 341,938,263 | 735,128 | 341,203,135 | 99,308,677 | ||||||
Partners' Capital Account, Units at Dec. 31, 2019 | 60,835,204 | |||||||||
Distributions paid or accrued: | ||||||||||
Net income (loss) allocable to Partners | 4,256,800 | |||||||||
Reversal of net unrealized loss on securities to provision for credit loss | 652,880 | |||||||||
Balance at Sep. 30, 2020 | 361,159,616 | 948,408 | 360,211,208 | 130,723,408 | ||||||
Partners' Capital Account, Units at Sep. 30, 2020 | 60,835,204 | |||||||||
Balance at Mar. 31, 2020 | 326,435,881 | 601,172 | 325,834,709 | 91,214,306 | ||||||
Partners' Capital Account, Units at Mar. 31, 2020 | 60,835,204 | |||||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (3,686,982) | (36,870) | (3,650,112) | |||||||
Net income (loss) allocable to Partners | 3,870,586 | 38,706 | 3,831,880 | |||||||
Restricted unit compensation expense | 296,268 | 2,962 | 293,306 | |||||||
Unrealized gain (loss) on securities | 20,971,649 | 209,716 | 20,761,933 | 20,971,649 | ||||||
Balance at Jun. 30, 2020 | 347,887,402 | 815,686 | 347,071,716 | 112,185,955 | ||||||
Partners' Capital Account, Units at Jun. 30, 2020 | 60,835,204 | |||||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (3,686,983) | (36,870) | (3,650,113) | |||||||
Net income (loss) allocable to Partners | (1,877,780) | (18,778) | (1,859,002) | |||||||
Restricted unit compensation expense | 299,524 | 2,996 | 296,528 | |||||||
Unrealized gain (loss) on securities | 18,000,520 | 180,005 | 17,820,515 | 18,000,520 | ||||||
Unrealized gain (loss) on bond purchase commitments | 256,222 | 2,562 | 253,660 | 256,222 | ||||||
Reversal of net unrealized loss on securities to provision for credit loss | 280,711 | 2,807 | 277,904 | 280,711 | ||||||
Balance at Sep. 30, 2020 | 361,159,616 | 948,408 | 360,211,208 | 130,723,408 | ||||||
Partners' Capital Account, Units at Sep. 30, 2020 | 60,835,204 | |||||||||
Balance at Dec. 31, 2020 | 359,772,042 | 934,892 | 358,837,150 | 132,594,007 | ||||||
Partners' Capital Account, Units at Dec. 31, 2020 | 60,823,674 | |||||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (3,401,314) | (34,013) | (3,367,301) | |||||||
Distribution of (income) loss (Note 3) | (2,809,106) | (702,277) | (2,106,829) | |||||||
Net income (loss) allocable to Partners | 6,275,091 | 736,936 | 5,538,155 | |||||||
Restricted unit compensation expense | 78,114 | 781 | 77,333 | |||||||
Unrealized gain (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, 2021 | 343,495,060 | 772,121 | 342,722,939 | 116,174,240 | ||||||
Partners' Capital Account, Units at Mar. 31, 2021 | 60,823,674 | |||||||||
Balance at Dec. 31, 2020 | 359,772,042 | 934,892 | 358,837,150 | 132,594,007 | ||||||
Partners' Capital Account, Units at Dec. 31, 2020 | 60,823,674 | |||||||||
Distributions paid or accrued: | ||||||||||
Net income (loss) allocable to Partners | 28,092,630 | |||||||||
Balance at Sep. 30, 2021 | 377,472,418 | 813,097 | 376,659,321 | 113,611,581 | ||||||
Partners' Capital Account, Units at Sep. 30, 2021 | 66,330,039 | |||||||||
Balance at Mar. 31, 2021 | 343,495,060 | 772,121 | 342,722,939 | 116,174,240 | ||||||
Partners' Capital Account, Units at Mar. 31, 2021 | 60,823,674 | |||||||||
Distributions paid or accrued: | ||||||||||
Regular distribution | (2,624,057) | (26,241) | (2,597,816) | |||||||
Distribution of (income) loss (Note 3) | (5,463,484) | (1,365,870) | (4,097,614) | |||||||
Net income (loss) allocable to Partners | 9,546,917 | 1,406,706 | 8,140,211 | |||||||
Repurchase of BUCs, Value | (1,363,736) | (1,363,736) | ||||||||
Repurchase of BUCs, Units | (222,459) | |||||||||
Restricted units awarded | 266,324 | |||||||||
Restricted unit compensation expense | 190,970 | 1,910 | 189,060 | |||||||
Unrealized gain (loss) on securities | 1,933,172 | 19,332 | 1,913,840 | 1,933,172 | ||||||
Unrealized gain (loss) on bond purchase commitments | 81,606 | 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, 2021 | 60,867,539 | |||||||||
Distributions paid or accrued: | ||||||||||
Distribution of (income) loss (Note 3) | $ (2,139,488) | $ (5,691,689) | $ (534,873) | $ (1,604,615) | $ (5,691,689) | |||||
Net income (loss) allocable to Partners | 12,270,622 | 579,266 | 11,691,356 | |||||||
Sale of BUCs, net of issuance costs, Value | 31,243,495 | 31,243,495 | ||||||||
Sale of BUCs, net of issuance costs, Units | 5,462,500 | |||||||||
Restricted unit compensation expense | 570,467 | 5,705 | 564,762 | |||||||
Unrealized gain (loss) on securities | (4,586,145) | (45,862) | (4,540,283) | (4,586,145) | ||||||
Unrealized gain (loss) on bond purchase commitments | 8,708 | 87 | 8,621 | 8,708 | ||||||
Balance at Sep. 30, 2021 | $ 377,472,418 | $ 813,097 | $ 376,659,321 | $ 113,611,581 | ||||||
Partners' Capital Account, Units at Sep. 30, 2021 | 66,330,039 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 |
Statement Of Partners Capital [Abstract] | ||||||
Regular distributions paid or accrued | $ 0.11 | $ 0.11 | $ 0.09 | $ 0.06 | $ 0.06 | $ 0.125 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 30,245,918 | $ 6,410,088 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 2,049,269 | 2,141,302 |
Amortization of deferred financing costs | 823,212 | 1,288,044 |
Gain on sale of investments in unconsolidated entities | (15,227,239) | |
Gain on sale of investment in securities | (1,416,023) | |
Contingent interest realized on investing activities | (1,848,825) | (12,043) |
Provision for credit loss (Note 6) | 900,080 | 5,285,609 |
Provision for loan loss (Note 10) | 330,116 | 811,706 |
Impairment charge on real estate assets | 25,200 | |
(Gain) loss on derivatives, net of cash paid | 9,702 | (144,546) |
Restricted unit compensation expense | 839,551 | 634,860 |
Bond premium/discount amortization | (103,292) | (82,975) |
Debt premium amortization | (30,419) | (30,353) |
Deferred income tax expense (benefit) & income tax payable/receivable | (154,553) | 2,036 |
Change in preferred return receivable from unconsolidated entities, net | 4,589,760 | (2,414,759) |
Changes in operating assets and liabilities | ||
Increase in interest receivable | (1,506,442) | (922,686) |
Decrease in other assets | 134,595 | 327,508 |
Increase in accounts payable and accrued expenses | 2,247,730 | 738,652 |
Net cash provided by operating activities | 23,299,163 | 12,641,620 |
Cash flows from investing activities: | ||
Capital expenditures | (106,415) | (319,757) |
Acquisition of mortgage revenue bonds | (12,946,500) | (9,513,450) |
Acquisition of taxable mortgage revenue bonds | (1,000,000) | |
Advances on governmental issuer loans | (101,122,781) | (62,085,000) |
Advances on taxable governmental issuer loans | (1,000,000) | |
Advances on property loans | (19,279,087) | (5,733,331) |
Contributions to unconsolidated entities | (20,232,531) | (17,542,465) |
Proceeds from sale of investments in unconsolidated entities | 44,988,040 | 7,762,166 |
Principal payments received on mortgage revenue bonds and contingent interest | 45,908,244 | 13,836,006 |
Principal payments received on taxable mortgage revenue bonds | 7,174 | 6,560 |
Principal payments received on property loans and contingent interest | 191,264 | 12,043 |
Net cash used in investing activities | (64,592,592) | (30,227,871) |
Cash flows from financing activities: | ||
Distributions paid | (20,110,495) | (21,025,617) |
Repurchase of BUCs | (1,363,736) | (2,106,673) |
Proceeds from the sale of BUCs | 33,321,250 | |
Payment of offering costs related to the sale of BUCs | (2,077,755) | |
Proceeds from debt financing | 116,800,000 | 277,231,000 |
Principal payments on debt financing | (29,749,667) | (146,126,658) |
Principal payments on mortgages payable | (555,680) | (535,233) |
Principal borrowing on unsecured lines of credit | 15,172,445 | 10,492,728 |
Principal payments on unsecured lines of credit | (22,647,446) | (11,849,728) |
(Increase) decrease in security deposit liability related to restricted cash | 66,694 | (123,286) |
Debt financing and other deferred costs | (2,252,632) | (1,093,484) |
Net cash provided by financing activities | 93,102,978 | 104,863,049 |
Net increase in cash, cash equivalents and restricted cash | 51,809,549 | 87,276,798 |
Cash, cash equivalents and restricted cash at beginning of period | 122,990,586 | 43,185,981 |
Cash, cash equivalents and restricted cash at end of period | 174,800,135 | 130,462,779 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 14,884,920 | 14,481,578 |
Cash paid during the period for income taxes | 181,356 | 36,927 |
Supplemental disclosure of noncash investing and financing activities: | ||
Distributions declared but not paid for BUCs and General Partner | 7,831,176 | 3,686,982 |
Distributions declared but not paid for Series A Preferred Units | 708,750 | 708,750 |
Investment in previously unconsolidated entity consolidated as land | 3,115,891 | |
Capital expenditures financed through accounts payable | 1,970 | 60,572 |
Deferred financing costs financed through accounts payable | (2,540) | 285,108 |
Public housing capital fund trusts [Member] | ||
Cash flows from investing activities: | ||
Proceeds from sale of PHC Certificates | $ 43,349,357 | |
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 ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Statement Of Cash Flows [Abstract] | ||
Cash and cash equivalents | $ 91,542,566 | $ 51,160,770 |
Restricted cash | 83,257,569 | 79,302,009 |
Total cash, cash equivalents and restricted cash | $ 174,800,135 | $ 130,462,779 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation America First Multifamily Investors, L.P. (the “Partnership”) was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act for the purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds (“MRBs”) that have been issued to provide construction and/or permanent financing for affordable multifamily and student housing residential properties and commercial properties. The Partnership has also invested in governmental issuer loans (“GILs”), which are similar to MRBs, to provide construction financing for affordable multifamily properties. The Partnership generally refers to affordable multifamily and residential properties associated with 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 designated three series of non-cumulative, non-voting, non-convertible preferred units (collectively, the “Preferred Units”) that represent limited partnership interests in the Partnership consisting of the Series A Preferred Units, the Series A-1 Preferred Units, and the Series B Preferred Units. The Series A Preferred Units were previously issued pursuant to subscription agreements with five financial institutions and are redeemable in the future (Note 20). The Partnership has not yet issued Series A-1 Preferred Units or Series B Preferred Units. The holders of the BUCs and Preferred Units are referred to herein collectively as “Unitholders.” |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2021 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. The consolidated subsidiaries of the Partnership for the periods presented consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the M24 Tax Exempt Bond Securitization (“TEBS”) Financing (“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 one secured line of credit (Note 15) and 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 in the 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 to the condensed consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. Investment in Governmental Issuer Loans 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 to the 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 September 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 COVID-19 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, variation 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, but not significant, declines in occupancy and operating results at multifamily Residential Properties securing its MRBs due to COVID-19. The Partnership has observed significant declines at properties securing the Provision Center 2014-1 MRB, a commercial property, and Live 929 Apartments MRB, a student housing property (see Note 6 for further discussion). 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 regularly assesses its assets that are within the scope of ASU 2016-13 and has determined that the GILs, taxable GIL, property loans, receivables reported within other assets, financial guarantees, financial commitments, and an interest receivable related to such assets, 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 to the 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 to the condensed consolidated financial statements. |
Partnership Income, Expenses an
Partnership Income, Expenses and Cash Distributions | 9 Months Ended |
Sep. 30, 2021 | |
Partnership Income Expenses And Cash Distributions [Abstract] | |
Partnership Income, Expenses and Cash Distributions | 3. Partnership Income, Expenses and Cash Distributions The Partnership Agreement contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations, and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments. Income and losses will be allocated to each Unitholder on a periodic basis, as determined by the General Partner, based on the number of Series A Preferred Units and BUCs held by each Unitholder as of the last day of the period for which such allocation is to be made. Distributions of Net Interest Income and Net Residual Proceeds will be made to each Unitholder of record on the last day of each distribution period based on the number of Series A Preferred Units and BUCs held by each Unitholder on that date. Cash distributions are currently made on a quarterly basis. For purposes of the Partnership Agreement, income and cash received by the Partnership from its investments in MF Properties, investments in unconsolidated entities, and property loans will be included in the Partnership’s Net Interest Income, and cash distributions received by the Partnership from the sale or redemption of such investments will be included in the Partnership’s Net Residual Proceeds. The holders of the Series A Preferred Units are entitled to distributions at a fixed rate of 3.0% per annum prior to payment of distributions to other Unitholders. Net Interest Income (Tier 1) is allocated 99% to the limited partners and BUC holders as a class and 1% to the General Partner. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) are allocated 75% to the limited partners and BUC holders as a class and 25% to the General Partner. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) in excess of the maximum allowable amount as set forth in the Partnership Agreement are considered Net Interest Income (Tier 3) and Net Residual Proceeds (Tier 3) and are allocated 100% to the limited partners and BUC holders as a class. |
Net Income per BUC
Net Income per BUC | 9 Months Ended |
Sep. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net Income per BUC | 4. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC in the 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 nine months ended September 30, 2021 and 2020. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities Consolidated Variable Interest Entities (“VIEs”) The Partnership has determined the Tender Option Bond (“TOB”), Term TOB 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 in the condensed consolidated balance sheets. The MRBs, taxable MRB, GILs, taxable GIL and property loans secured by the TOB, Term TOB and TEBS financings, are reported as assets in the condensed consolidated balance sheets (Notes 6, 7, 10 and 12). The Partnership has determined its investment in Vantage at Hutto is a VIE and the Partnership is the primary beneficiary. The Partnership may currently require the managing member of the 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 of Vantage at Hutto on a consolidated basis, which consist of a real estate asset investment (Note 8). If certain events occur in the future, the Partnership’s option to redeem the investment will terminate and the investment may be deconsolidated. The Partnership’s right to require the managing member of the Vantage at Fair Oaks to purchase the Partnership’s equity investment at a price equal to the Partnership’s carrying value was terminated in September 2021. As such, the Partnership is no longer the primary beneficiary and the Vantage at Fair Oaks VIE is not reported on a consolidated basis as of September 30, 2021. Non-Consolidated VIEs The Partnership has variable interests in various entities in the form of MRBs, a taxable MRB, GILs, a taxable GIL, property loans and investments in unconsolidated entities. These variable interests do not allow the Partnership to direct the activities that most significantly impact the economic performance of such VIEs. As a result, the Partnership is not considered the primary beneficiary and does not consolidate the financial statements of these VIEs in the condensed consolidated financial statements. The Partnership held variable interests in 29 and 21 non-consolidated VIEs as of September 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 September 30, 2021 and December 31, 2020: Maximum Exposure to Loss September 30, 2021 December 31, 2020 Mortgage revenue bonds $ 26,208,000 $ 20,763,500 Taxable mortgage revenue bond 1,000,000 - Governmental issuer loans 165,986,438 64,863,657 Taxable governmental issuer loan 1,000,000 - Property loans 24,276,313 5,327,342 Investments in unconsolidated entities 89,644,649 106,878,570 $ 308,115,400 $ 197,833,069 The maximum exposure to loss for the MRBs and taxable MRB is equal to the cost adjusted for paydowns. The difference between an MRB’s carrying value in the 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, taxable GIL, property loans and investments in unconsolidated entities is equal to the Partnership’s carrying value. |
Mortgage Revenue Bonds
Mortgage Revenue Bonds | 9 Months Ended |
Sep. 30, 2021 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Mortgage Revenue Bonds | 6. 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 September 30, 2021 and December 31, 2020: September 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 $ 9,993,374 $ 2,104,001 $ - $ 12,097,375 Glenview Apartments - Series A (3) CA 4,443,092 908,843 - 5,351,935 Harmony Court Bakersfield - Series A (4) CA 3,643,723 735,305 - 4,379,028 Harmony Terrace - Series A (4) CA 6,745,564 1,461,331 - 8,206,895 Harden Ranch - Series A (2) CA 6,559,492 1,375,319 - 7,934,811 Las Palmas II - Series A (4) CA 1,653,240 338,062 - 1,991,302 Montclair Apartments - Series A (3) CA 2,407,071 492,371 - 2,899,442 Montecito at Williams Ranch Apartments - Series A (6) CA 7,583,121 1,986,677 - 9,569,798 Montevista - Series A (6) CA 6,712,763 2,094,223 - 8,806,986 Ocotillo Springs - Series A (6) CA 10,070,000 211,967 - 10,281,967 San Vicente - Series A (4) CA 3,408,893 682,336 - 4,091,229 Santa Fe Apartments - Series A (3) CA 2,916,076 596,489 - 3,512,565 Seasons at Simi Valley - Series A (4) CA 4,200,917 1,032,960 - 5,233,877 Seasons Lakewood - Series A (4) CA 7,185,492 1,556,635 - 8,742,127 Seasons San Juan Capistrano - Series A (4) CA 12,098,022 2,620,866 - 14,718,888 Summerhill - Series A (4) CA 6,274,432 1,184,799 - 7,459,231 Sycamore Walk - Series A (4) CA 3,485,656 735,059 - 4,220,715 The Village at Madera - Series A (4) CA 3,013,642 634,491 - 3,648,133 Tyler Park Townhomes - Series A (2) CA 5,713,008 765,866 - 6,478,874 Vineyard Gardens - Series A (6) CA 3,947,054 997,673 - 4,944,727 Westside Village Market - Series A (2) CA 3,733,442 727,207 - 4,460,649 Brookstone (1) IL 7,344,918 1,847,424 - 9,192,342 Copper Gate Apartments (2) IN 4,955,000 495,838 - 5,450,838 Renaissance - Series A (3) LA 10,767,672 3,942,658 - 14,710,330 Live 929 Apartments (6) MD 36,185,509 - - 36,185,509 Woodlynn Village (1) MN 4,093,000 14,225 - 4,107,225 Jackson Manor Apartments (6) MS 4,900,000 - - 4,900,000 Gateway Village (6) NC 2,600,000 132,943 - 2,732,943 Greens Property - Series A (2) NC 7,748,000 378,239 - 8,126,239 Lynnhaven Apartments (6) NC 3,450,000 176,406 - 3,626,406 Silver Moon - Series A (3) NM 7,647,135 1,797,774 - 9,444,909 Village at Avalon - Series A (5) NM 16,099,958 4,093,405 - 20,193,363 Ohio Properties - Series A (1) OH 13,616,000 - - 13,616,000 Bridle Ridge (1) SC 7,145,000 73,927 - 7,218,927 Columbia Gardens (4) SC 12,769,035 2,149,253 - 14,918,288 Companion at Thornhill Apartments (4) SC 10,957,982 1,913,654 - 12,871,636 Cross Creek (1) SC 6,125,082 1,953,483 - 8,078,565 The Palms at Premier Park Apartments (2) SC 18,445,321 2,419,261 - 20,864,582 Village at River's Edge (4) SC 9,747,304 2,034,411 - 11,781,715 Willow Run (4) SC 12,592,729 2,005,382 - 14,598,111 Arbors at Hickory Ridge (2) TN 10,795,450 3,772,762 - 14,568,212 Avistar at Copperfield - Series A (6) TX 13,713,412 2,499,600 - 16,213,012 Avistar at the Crest - Series A (2) TX 9,052,461 1,874,594 - 10,927,055 Avistar at the Oaks - Series A (2) TX 7,319,090 1,578,486 - 8,897,576 Avistar at the Parkway - Series A (3) TX 12,615,887 2,369,577 - 14,985,464 Avistar at Wilcrest - Series A (6) TX 5,197,106 748,346 - 5,945,452 Avistar at Wood Hollow - Series A (6) TX 39,461,504 6,913,829 - 46,375,333 Avistar in 09 - Series A (2) TX 6,319,751 1,311,792 - 7,631,543 Avistar on the Boulevard - Series A (2) TX 15,421,844 3,074,231 - 18,496,075 Avistar on the Hills - Series A (2) TX 5,010,813 1,101,075 - 6,111,888 Bruton Apartments (4) TX 17,568,495 4,511,584 - 22,080,079 Concord at Gulfgate - Series A (4) TX 18,655,305 4,168,584 - 22,823,889 Concord at Little York - Series A (4) TX 13,068,923 3,027,488 - 16,096,411 Concord at Williamcrest - Series A (4) TX 20,245,162 4,606,709 - 24,851,871 Crossing at 1415 - Series A (4) TX 7,273,669 1,586,241 - 8,859,910 Decatur Angle (4) TX 22,124,707 5,058,303 - 27,183,010 Esperanza at Palo Alto (4) TX 19,109,120 5,252,121 - 24,361,241 Heights at 515 - Series A (4) TX 6,659,170 1,452,231 - 8,111,401 Heritage Square - Series A (3) TX 10,487,401 1,878,152 - 12,365,553 Oaks at Georgetown - Series A (4) TX 12,054,029 2,173,762 - 14,227,791 Runnymede (1) TX 9,740,000 1,119 - 9,741,119 Southpark (1) TX 11,516,868 1,424,311 - 12,941,179 15 West Apartments (4) WA 9,550,479 2,832,108 - 12,382,587 Mortgage revenue bonds held in trust $ 615,938,365 $ 111,887,768 $ - $ 727,826,133 (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 ) September 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 $ 2,653,659 $ 796,897 $ - $ 3,450,556 Greens Property - Series B NC 921,935 62,330 - 984,265 Ohio Properties - Series B OH 3,470,560 - - 3,470,560 Provision Center 2014-1 TN 5,258,078 - - 5,258,078 Avistar at the Crest - Series B TX 731,998 117,989 - 849,987 Avistar at the Oaks - Series B TX 535,927 85,705 - 621,632 Avistar at the Parkway - Series B TX 123,696 38,527 - 162,223 Avistar in 09 - Series B TX 442,092 70,699 - 512,791 Avistar on the Boulevard - Series B TX 434,955 67,137 - 502,092 Mortgage revenue bonds held by the Partnership $ 14,572,900 $ 1,239,284 $ - $ 15,812,184 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 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 nine months ended September 30, 2021, the Partnership recognized a provision for credit loss of zero and approximately $900,000, respectively, 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 credit loss was driven primarily by operational and collateral information obtained during the bankruptcy process. During the three months ended September 30, 2020, the Partnership recognized a provision for credit loss of approximately $3.5 million related to the Live 929 Apartments MRB in the condensed consolidated statements of operations. During the nine months ended September 30, 2020, the Partnership recognized a provision for credit loss of approximately $5.3 million related to the Live 929 Apartments MRB and the Provision Center 2014-1 MRB in its condensed consolidated statements of operations. The provision for credit loss related to the Live 929 Apartments MRB was due to operational results, the borrower’s continued covenant forbearance, and a decline in debt service coverage. The change in operating results at the Live 929 Apartments was primarily driven by the impact of COVID-19, which had a significant impact on the student housing industry. The provision for credit loss related to the Provision Center 2014-1 MRB 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 from COVID-19. MRB Activity in the First Nine Months of 20 2 1 Acquisitions: The following MRB was acquired at a price that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2021: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Initial 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 nine months ended September 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 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 $ 39,765,074 (1) The Rosewood Townhomes - Series A and South Pointe Apartments - Series A MRBs were redeemed at 106% of par value plus accrued interest in July 2021. The redemption premium of approximately $1.8 million is reported as “Contingent interest income” in the condensed consolidated statement of operations. All other MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest. MRB Activity in the First Nine Months of 2020 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Initial Principal Acquired Arby Road Apartments - Series A (1) June Las Vegas, NV 180 10/1/2027 5.35 % $ 1,690,000 Arby Road Apartments - Series A (1) June Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 Ocotillo Springs - Series A (2) July Brawley, CA 75 8/1/2037 4.55 % (3) 2,023,500 $ 9,498,500 (1) Both MRBs are part of the same series but have different interest rates and maturity dates. (2) The Partnership has committed to provide total funding of the MRB up to $15.0 million during construction and lease-up of the property on a drawdown basis. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization is approximately $3.5 million (3) The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25%, subject to a floor of 4.55%, during construction of the project until stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35% Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2020: Property Name Month Redeemed Property Location Units Original Maturity Date Interest Rate Principal Outstanding at Date of Redemption Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 Montevista - Series B August San Pablo, CA 82 7/1/2021 8.00 % $ 6,480,000 $ 9,583,000 The following table summarizes the changes in the Partnership’s allowance for credit losses for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 8,219,000 $ 1,823,000 7,319,000 - Provision for credit loss - 3,463,000 900,000 5,286,000 Balance, end of period (1) $ 8,219,000 $ 5,286,000 $ 8,219,000 $ 5,286,000 (1) The allowance for credit losses as of September 30, 2021 and 2020 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments MRB . |
Governmental Issuer Loans
Governmental Issuer Loans | 9 Months Ended |
Sep. 30, 2021 | |
Governmental Issuer Loans [Abstract] | |
Governmental Issuer Loans | 7. 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 primary 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. 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 GILs were held in trust in connection with TOB Trust financings (Note 16), with the exception of Willow Place Apartments, as of September 30, 2021. All GILs were held in trust in connection with TOB Trust financings as of December 31, 2020. The Partnership has committed to provide additional 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 September 30, 2021 and December 31, 2020: As of September 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% 3.15% $ 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% 31,894,945 1,185,055 Legacy Commons at Signal Hills (1) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07% (4) 3.57% 26,862,183 7,757,817 Hilltop at Signal Hills (1) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07% (4) 3.57% 14,995,969 9,454,031 Hope on Avalon January 2021 Los Angeles, CA 88 2/1/2023 SIFMA + 3.75% (4) 4.60% 8,981,200 14,408,800 Hope on Broadway January 2021 Los Angeles, CA 49 2/1/2023 SIFMA + 3.75% (4) 4.60% 3,691,245 8,414,378 Osprey Village (1) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07% (4) 3.57% 3,589,110 56,410,890 Willow Place Apartments (1) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30% (4) 3.55% 1,971,786 23,028,214 $ 165,986,438 $ 120,659,185 (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 Nine Months of 2021 Acquisitions: During the nine months ended September 30, 2021, the Partnership entered into multiple GIL commitments to provide construction financing for the underlying properties 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; • $60.0 million commitment related to Osprey Village; • $25.0 million commitment related to Willow Place Apartments. Activity in the First Nine Months of 2020 Acquisitions: During the nine months ended September 30, 2020, the Partnership entered into multiple GIL commitments to provide construction financing for the underlying properties on a draw-down basis as summarized below. See above tables for additional information associated with the GIL commitments. • $40.0 million commitment related to Scharbauer Flats Apartments; • $34.0 million commitment related to Oasis at Twin Lakes; • $33.1 million commitment related to Centennial Crossings. |
Real Estate Assets
Real Estate Assets | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Real Estate Assets | 8. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of September 30, 2021 and December 31, 2020: Real Estate Assets as of September 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 $ 39,456,777 $ 42,656,045 The 50/50 MF Property Lincoln, NE 475 - 32,964,752 32,964,752 Vantage at Hutto Hutto, TX (1) 3,115,891 - 3,115,891 Land held for development (2) 1,675,997 - 1,675,997 $ 80,412,685 Less accumulated depreciation (20,181,951 ) Net real estate assets $ 60,230,734 (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 Nine Months of 2021 As of September 30, 2021, the land held for development in Gardner, KS was listed for sale. Activity in the First Nine 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 represented the difference between the Partnership’s carrying value and the estimated fair value of the land. |
Investments in Unconsolidated E
Investments in Unconsolidated Entities | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investments in Unconsolidated Entities | 9. Investments in Unconsolidated Entities ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, has equity investment commitments and has made equity investments in unconsolidated entities. The carrying value of the equity investments represents the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in the unconsolidated entities. An affiliate of the unconsolidated entities guarantees ATAX Vantage Holdings, LLC’s return on its investments 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 September 30, 2021 and December 31, 2020 and remaining equity commitment amounts as of September 30, 2021: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of September 30, 2021 Carrying Value as of December 31, 2020 Maximum Remaining Equity Commitment as of September 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 - 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 11,164,625 10,406,895 - Vantage at O'Connor San Antonio, TX 288 October 2019 June 2021 8,885,353 8,245,890 - Vantage at Westover Hills San Antonio, TX 288 January 2020 July 2021 8,643,608 8,021,544 - Vantage at Tomball Tomball, TX 288 August 2020 N/A 11,524,260 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 1,057,823 981,695 8,943,914 Vantage at Loveland Loveland, CO 288 April 2021 N/A 7,970,362 - 8,633,831 Vantage at Helotes Helotes, TX 288 May 2021 N/A 6,932,720 - 5,833,703 Vantage at Fair Oaks Boerne, TX 288 June 2021 N/A 4,377,963 - 6,656,422 4,332 $ 89,644,649 $ 106,878,570 $ 37,427,822 (1) Activity in the First Nine 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 million 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 million 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. In August 2021, Vantage at Bulverde sold substantially all assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $18.9 million upon sale. The Partnership recognized approximately $1.4 million of “Investment income” and approximately $7.0 million as “Gain on sale of investment in an unconsolidated entity” associated with the sale. In September 2021, Vantage at Fair Oaks ceased to be a consolidated VIE (Note 5) and the Partnership executed a $11.0 million commitment to fund the construction of the property. Activity in the First Nine Months of 2020 In January 2020, the Partnership executed a $7.3 million equity commitment to fund construction of the Vantage at Westover Hills multifamily property. In June 2020, Vantage at Waco sold substantially all assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $10.6 million upon sale. The Partnership recognized approximately $1.3 million of “Investment income” associated with the sale. The Partnership recognized additional “Investment income” of approximately $201,000 in the fourth quarter of 2020 upon the resolution of certain gain contingencies. In August 2020, the Partnership executed a $10.4 million equity commitment to fund construction of the Vantage at Tomball multifamily property. The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Property Revenues $ 6,486,029 $ 3,501,288 $ 17,444,805 $ 8,971,999 Gain on sale of property $ 17,646,543 $ 372,974 $ 42,273,235 $ 6,635,966 Net income (loss) $ 17,591,694 $ (1,495,383 ) $ 38,102,642 $ 341,905 |
Property Loans, Net of Loan Los
Property Loans, Net of Loan Loss Allowances | 9 Months Ended |
Sep. 30, 2021 | |
Property Loans Net Of Loan Loss Allowance [Abstract] | |
Property Loans, Net of Loan Loss Allowances | 10. Property Loans, Net of Loan Loss Allowances The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of September 30, 2021 and December 31, 2020: September 30, 2021 Outstanding Balance Loan Loss Allowance Property Loan Principal, net of allowance 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) 13,948,971 - 13,948,971 Ohio Properties 2,390,446 - 2,390,446 Osprey Village (1)(2) 1,000,000 - 1,000,000 Scharbauer Flats Apartments (1) (2) 3,309,613 - 3,309,613 Willow Place Apartments (2) 1,000,000 - 1,000,000 Total $ 40,313,588 $ (8,635,162 ) $ 31,678,426 (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 zero and approximately $330,000 for the three and nine months ended September 30, 2021, respectively, related to the Live 929 Apartments property loan as the Partnership determined it was probable the outstanding balance will not be collectible. The Partnership recognized a provision for loan loss and associated loan loss allowance of approximately $812,000 for the three and nine months ended September 30, 2020 related to Live 929 Apartments property loan as the Partnership determined it was probable the outstanding balance will not be collectible. The interest to be earned on the Live 929 Apartments and Cross Creek property loans was in nonaccrual status for the three and nine months ended September 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 nine months ended September 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 Nine Months of 2021 Concurrent with the acquisition of GILs (Note 7), the Partnership committed to provide property loans for the construction of the underlying properties on a draw-down basis for Legacy Commons at Signal Hills, Hilltop at Signal Hills, Osprey Village, and Willow Place Apartments. Property loan commitments for these properties total $100.3 million 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. In August 2021, the Partnership received approximately $328,000 as payment in full for outstanding principal and interest on a note receivable due from Arbors at Hickory Ridge. Activity in the First Nine Months of 2020 Concurrent with the acquisition of GILs (Note 7), the Partnership committed to provide property loans for the construction of the underlying properties on a draw-down basis for Scharbauer Flats Apartments, Oasis at Twin Lakes, and Centennial Crossings. Property loan commitments for these properties total $76.1 million. During the third quarter of 2020, the Partnership advanced Live 929 Apartments approximately $406,000 under the secured property loan entered into in August 2019. The following table summarizes the Partnership’s remaining property loan commitments as of September 30, 2021: Maturity Date (1) Interest Rate Maximum Remaining Commitment Centennial Crossings 9/1/2023 LIBOR + 2.50% (2) 21,232,271 Hilltop at Signal Hills 8/1/2023 SOFR + 3.07% (2) 20,197,939 Legacy Commons at Signal Hills 2/1/2024 SOFR + 3.07% (2) 31,233,972 Oasis at Twin Lakes 8/1/2023 LIBOR + 2.50% (2) 13,755,209 Scharbauer Flats Apartments 1/1/2023 LIBOR + 2.85% 20,850,387 Osprey Village 8/1/2024 SOFR + 3.07% (2) 24,500,000 Willow Place Apartments 10/1/2024 SOFR + 3.30% (3) 20,351,328 Total $ 152,121,106 (1) (2) The index is subject to a floor of 0.5%. ( 3 ) The index is subject to a floor of 0.25%. |
Income Tax Provision
Income Tax Provision | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Tax Provision | 11. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by the Greens Hold Co, which owns The 50/50 MF Property and certain property loans. The following table summarizes income tax expense (benefit) for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Current income tax expense (benefit) $ (39,131 ) $ (33,618 ) $ 104,483 $ 107,681 Deferred income tax benefit (42,011 ) (34,601 ) (77,681 ) (66,482 ) Total income tax expense (benefit) $ (81,142 ) $ (68,219 ) $ 26,802 $ 41,199 The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable. There was no valuation allowance recorded as of September 30, 2021 and December 31, 2020. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2021 | |
Other Assets [Abstract] | |
Other Assets | 12. Other Assets The following table summarizes the other assets as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Deferred financing costs, net $ 1,419,806 $ 390,649 Fair value of derivative instruments (Note 18) 311,801 321,503 Taxable mortgage revenue bonds, at fair value 2,435,954 1,510,437 Taxable governmental issuer loan held in trust 1,000,000 - Bond purchase commitments, at fair value (Note 19) 401,223 431,879 Operating lease right-of-use assets, net 1,626,953 1,648,742 Other assets 1,608,565 1,605,374 Total other assets $ 8,804,302 $ 5,908,584 As of September 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” in the condensed consolidated statements of operations. Unrealized gain or losses on taxable MRBs and bond purchase commitments are recorded in the 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 total funding commitment, that was entered into during the nine months ended September 30, 2021: Property Name Date Committed Maturity Date Initial Outstanding Balance Total Commitment Hope on Avalon January 2021 2/1/2023 (1) $ 1,000,000 $ 10,573,000 (1) The borrower ha s the option to extend the maturity up to six months upon payment of a non-refundable extension fee. The following table includes details of the taxable MRB, and the total funding commitment, that was entered into during the nine months ended September 30, 2020: Property Name Date Committed Maturity Date Initial Outstanding Balance Total Commitment Ocotillo Springs - Series A-T July 2020 8/1/2022 (1) $ - (2) $ 7,000,000 (1) The borrower has the option to extend the maturity up to one year. (2) The Partnership had advanced zero and $1.0 million as of December 31, 2020 and September 30, 2021, respectively. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Liabilities | 13. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the accounts payable, accrued expenses and other liabilities as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Accounts payable $ 214,525 $ 94,674 Accrued expenses 4,121,562 2,755,010 Accrued interest expense 3,961,834 3,433,247 Operating lease liabilities 2,151,595 2,149,001 Other liabilities 1,737,030 1,517,633 Total accounts payable, accrued expenses and other liabilities $ 12,186,546 $ 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 September 30, 2021: Remainder of 2021 $ 34,968 2022 141,119 2023 143,561 2024 144,706 2025 147,598 Thereafter 4,369,676 Total 4,981,628 Less: Amount representing interest (2,830,033 ) Total operating lease liabilities $ 2,151,595 |
Unsecured Lines of Credit
Unsecured Lines of Credit | 9 Months Ended |
Sep. 30, 2021 | |
Unsecured Lines of Credit | 16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2021 and December 31, 2020: Outstanding Debt Financings as of September 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 $ 39,435,294 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 77,340,279 4,999 2014 July 2024 Weekly SIFMA 0.05% 1.27% 1.32% Fixed - M33 30,345,610 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 214,415,750 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 102,872,192 77,530,879 2020 September 2025 Monthly 3-month LIBOR 0.12% 9.00% 9.12% (3) TOB Trust Securitizations Mizuho Capital Markets: Variable - TOB 9,034,467 - 2020 July 2022 Weekly SIFMA 0.21% 0.89% 1.10% Variable - TOB 10,032,675 - 2021 February 2023 Weekly SIFMA 0.21% 1.42% 1.63% Variable - TOB 4,127,846 - 2021 April 2023 Weekly SIFMA 0.21% 1.27% 1.48% Variable - TOB 96,716,042 - 2019 July 2023 Weekly SIFMA 0.21% - 0.25% 1.17% - 1.67% 1.38% - 1.92% Variable - TOB 100,813,059 - 2020 September 2023 Weekly OBFR 0.26% 0.89% 1.15% Variable - TOB 5,680,103 - 2020 December 2023 Weekly SIFMA 0.21% 1.27% 1.48% Variable - TOB 52,531,175 - 2021 January 2024 Weekly OBFR 0.26% 0.89% 1.15% Variable - TOB 4,351,664 - 2021 July 2024 Weekly OBFR 0.26% 1.16% 1.42% Morgan Stanley: Fixed - Term TOB 12,936,258 - 2019 May 2024 N/A N/A N/A N/A 1.98% Total Debt Financings $ 760,632,414 (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 $39.7 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2021. See Note 18 for further information on the total return swaps. 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 Trust Securitizations 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 VIEs of 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 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 September 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 aggregate valuation of the underlying MRBs, taxable MRB, GILs, taxable GIL and property loans in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of September 30, 2021 or December 31, 2020. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, a taxable MRB, GILs, a taxable GIL, and property loans. The Mizuho TOB Trusts require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that 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 September 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 September 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 Nine Months of 2021 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the nine months ended September 30, 2021: TOB Trusts Securitization Initial TOB Trust Financing (1) Stated Maturity Reset Frequency Variable Rate Index Facility Fees TOB Trust 2021-XF2926 (2) $ 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% TOB Trust 2021-XF2939 (3) 4,085,000 July 2024 Weekly OBFR 1.16% Total TOB Trust Financings $ 31,820,000 (1) Amounts shown are the initial funding into the respective TOB Trusts. The balances will increase based upon subsequent fundings of the related securitized assets and the current outstanding balances are contained in the summarized debt financing table above (2) The TOB Trust is a securitization of 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 (3) The TOB Trust is a securitization of the Osprey Village GIL and property loan and the Ocotillo Spring Series A-T taxable MRB Redemptions: The following is a summary of the TOB Trust financings that were collapsed and all principal and interest were paid in full during the nine months ended September 30, 2021: Debt Financing Debt Facility Month Paydown Applied Rosewood Townhomes - Series A TOB Trust July 2021 $ 7,700,000 South Pointe Apartments - Series A TOB Trust July 2021 17,990,000 $ 25,690,000 Refinancing Activity: 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 Nine Months of 2020 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the nine months ended September 30, 2020: TOB Trusts Securitization Initial TOB Trust Financing (1) Stated Maturity Reset Frequency Variable Rate Index Facility Fees Avistar at Copperfield - Series A $ 11,818,000 May 2021 (2) Weekly SIFMA 1.67% Avistar at Wilcrest - Series A 4,479,000 May 2021 (2) Weekly SIFMA 1.67% Avistar at Wood Hollow - Series A 34,007,000 May 2021 (2) Weekly SIFMA 1.67% Gateway Village 2,184,000 May 2021 (2) Weekly SIFMA 1.67% Lynnhaven 2,898,000 May 2021 (2) Weekly SIFMA 1.67% Ocotillo Springs - Series A 100,000 July 2022 Weekly SIFMA 0.89% Oasis at Twin Lakes GIL (3) 10,440,000 July 2023 Weekly SIFMA 0.89% Scharbauer Flats Apartments GIL (3) 36,000,000 July 2023 Weekly SIFMA 0.89% Centennial Crossings GIL (3) 8,707,000 August 2023 Weekly SIFMA 0.89% TOB Trust 2020-XF2907 (3) 55,870,000 September 2023 Weekly OBFR 0.89% TOB Trust 2020-XF2908 4,790,000 September 2023 Weekly OBFR 0.89% Total TOB Trust Financings $ 171,293,000 (1) Amounts shown are the initial funding into the respective TOB Trusts. The balances will increase based upon subsequent fundings of the related securitized assets and the current outstanding balances are contained in the summarized debt financing table above. (2) In July 2020, the Partnership extended the maturity date to July 2023 (3) Three In September 2020, ATAX TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, issued Secured Notes to Mizuho with an aggregate principal amount of $103.5 million. The Secured Notes are secured by the Partnership’s residual certificates associated with its four TEBS Financings. The Secured Notes bear interest at a variable rate equal to the 3-month LIBOR plus 9.00%, payable monthly. Concurrent with the issuance of the Notes, the Partnership entered into two total return swap transactions with Mizuho to reduce the net interest cost related to the Secured Notes (Note 18). Of the $103.5 million of proceeds from the Secured Notes, approximately $26.0 million was received in cash by the Partnership, and approximately $77.5 million was deposited with Mizuho as collateral for the total return swaps. Redemptions: In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest were paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party. 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 Future Maturities The Partnership’s contractual maturities of borrowings as of September 30, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 1,653,516 2022 15,604,689 2023 222,409,816 2024 158,068,152 2025 11,363,784 Thereafter 354,283,518 Total 763,383,475 Unamortized deferred financing costs and debt premium (2,751,061 ) Total debt financing, net $ 760,632,414 |
Unsecured Lines of Credit [Member] | |
Unsecured Lines of Credit | 14. Unsecured Lines of Credit The following table summarizes the unsecured lines of credit (“LOC” or “LOCs”) as of December 31, 2020: 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. In June 2021, the Partnership and Bankers Trust agreed to terminate the $10 million unsecured operating LOC upon closing of a new $40 million secured LOC with BankUnited, N.A. and Bankers Trust (Note 15). There was no outstanding principal or accrued interest outstanding as of the termination date. In August 2021, the Partnership and Bankers Trust Company (“Bankers Trust”) agreed to terminate the $50 million unsecured non-operating LOC and was replaced with a secured line of credit (Note 15). There was no outstanding principal on the unsecured non-operating LOC as of the termination date. |
Secured Lines of Credit
Secured Lines of Credit | 9 Months Ended |
Sep. 30, 2021 | |
Secured Line Of Credit Facility [Member] | |
Secured Lines of Credit | 15. Secured Lines of Credit The following table summarizes the secured LOCs as of September 30, 2021: Secured Line of Credit Outstanding as of September 30, 2021 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate BankUnited general $ 6,500,000 $ 40,000,000 June 2023 (1) Variable (2) Monthly 3.50 % Bankers Trust acquisition - 50,000,000 June 2023 Variable (3) Monthly 3.10 % $ 6,500,000 $ 90,000,000 (1) The General LOC contains two one-year (2) The variable rate is equal to LIBOR + 3.25%, subject to a floor of 3.50%. (3) The variable rate is equal to the greater of (i) the Prime Rate or (ii) 3.25% per annum; plus or minus a margin varying from 0.35% to (0.65%) depending upon the ratio of the Partnership’s senior debt to market value of assets. In June 2021, the Partnership entered into a secured Credit Agreement (“Secured Credit Agreement”) of up to $40 million with BankUnited, N.A. and Bankers Trust Company, and the sole lead arranger and administrative agent, BankUnited, N.A, for a general secured line of credit (“General LOC”). 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 General 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 General 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 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 September 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 under the Secured Credit Agreement that, among others, require the Partnership to maintain a minimum liquidity of not less than $5 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 In August 2021, the Partnership and Bankers Trust entered into an amended and restated credit agreement for a secured non-operating line of credit (“Acquisition LOC”) with a maximum commitment of up to $50 million. The Acquisition LOC replaces the Partnership’s previous unsecured non-operating line of credit (Note 14). The Acquisition LOC may be used to fund purchases of multifamily real estate, tax-exempt or taxable MRBs, and tax-exempt or taxable loans issued to finance the acquisition, rehabilitation, or construction of affordable housing or which are otherwise secured by real estate or mortgage-backed securities (collectively, the “financed assets”). The financed assets acquired with the proceeds of the Acquisition LOC will be held in a custody account and the outstanding balances of the Acquisition LOC will be secured by a first priority interest in the financed assets and will be maintained in the custody account until released by Bankers Trust. Advances on the Acquisition LOC are due on the 270th day following the advance date but may be extended for up to three additional 90-day periods, but in no event later than the maturity date by providing Bankers Trust with a written request for such extension together with a principal payment of 5% of the principal amount of the original acquisition advance for the first such extension, 10% for the second such extension, and 20% for the third such extension. The Acquisition LOC documents contains a covenant, among others, that the Partnership’s ratio of the lender’s senior debt will not exceed a specified percentage of the market value of the Partnership’s assets, as defined in the Credit Agreement. The Partnership was in compliance with all covenants as of September 30, 2021. |
Debt Financing
Debt Financing | 9 Months Ended |
Sep. 30, 2021 | |
Debt Financing [Abstract] | |
Unsecured Lines of Credit | 16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2021 and December 31, 2020: Outstanding Debt Financings as of September 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 $ 39,435,294 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 77,340,279 4,999 2014 July 2024 Weekly SIFMA 0.05% 1.27% 1.32% Fixed - M33 30,345,610 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 214,415,750 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 102,872,192 77,530,879 2020 September 2025 Monthly 3-month LIBOR 0.12% 9.00% 9.12% (3) TOB Trust Securitizations Mizuho Capital Markets: Variable - TOB 9,034,467 - 2020 July 2022 Weekly SIFMA 0.21% 0.89% 1.10% Variable - TOB 10,032,675 - 2021 February 2023 Weekly SIFMA 0.21% 1.42% 1.63% Variable - TOB 4,127,846 - 2021 April 2023 Weekly SIFMA 0.21% 1.27% 1.48% Variable - TOB 96,716,042 - 2019 July 2023 Weekly SIFMA 0.21% - 0.25% 1.17% - 1.67% 1.38% - 1.92% Variable - TOB 100,813,059 - 2020 September 2023 Weekly OBFR 0.26% 0.89% 1.15% Variable - TOB 5,680,103 - 2020 December 2023 Weekly SIFMA 0.21% 1.27% 1.48% Variable - TOB 52,531,175 - 2021 January 2024 Weekly OBFR 0.26% 0.89% 1.15% Variable - TOB 4,351,664 - 2021 July 2024 Weekly OBFR 0.26% 1.16% 1.42% Morgan Stanley: Fixed - Term TOB 12,936,258 - 2019 May 2024 N/A N/A N/A N/A 1.98% Total Debt Financings $ 760,632,414 (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 $39.7 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2021. See Note 18 for further information on the total return swaps. 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 Trust Securitizations 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 VIEs of 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 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 September 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 aggregate valuation of the underlying MRBs, taxable MRB, GILs, taxable GIL and property loans in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of September 30, 2021 or December 31, 2020. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, a taxable MRB, GILs, a taxable GIL, and property loans. The Mizuho TOB Trusts require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that 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 September 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 September 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 Nine Months of 2021 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the nine months ended September 30, 2021: TOB Trusts Securitization Initial TOB Trust Financing (1) Stated Maturity Reset Frequency Variable Rate Index Facility Fees TOB Trust 2021-XF2926 (2) $ 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% TOB Trust 2021-XF2939 (3) 4,085,000 July 2024 Weekly OBFR 1.16% Total TOB Trust Financings $ 31,820,000 (1) Amounts shown are the initial funding into the respective TOB Trusts. The balances will increase based upon subsequent fundings of the related securitized assets and the current outstanding balances are contained in the summarized debt financing table above (2) The TOB Trust is a securitization of 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 (3) The TOB Trust is a securitization of the Osprey Village GIL and property loan and the Ocotillo Spring Series A-T taxable MRB Redemptions: The following is a summary of the TOB Trust financings that were collapsed and all principal and interest were paid in full during the nine months ended September 30, 2021: Debt Financing Debt Facility Month Paydown Applied Rosewood Townhomes - Series A TOB Trust July 2021 $ 7,700,000 South Pointe Apartments - Series A TOB Trust July 2021 17,990,000 $ 25,690,000 Refinancing Activity: 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 Nine Months of 2020 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the nine months ended September 30, 2020: TOB Trusts Securitization Initial TOB Trust Financing (1) Stated Maturity Reset Frequency Variable Rate Index Facility Fees Avistar at Copperfield - Series A $ 11,818,000 May 2021 (2) Weekly SIFMA 1.67% Avistar at Wilcrest - Series A 4,479,000 May 2021 (2) Weekly SIFMA 1.67% Avistar at Wood Hollow - Series A 34,007,000 May 2021 (2) Weekly SIFMA 1.67% Gateway Village 2,184,000 May 2021 (2) Weekly SIFMA 1.67% Lynnhaven 2,898,000 May 2021 (2) Weekly SIFMA 1.67% Ocotillo Springs - Series A 100,000 July 2022 Weekly SIFMA 0.89% Oasis at Twin Lakes GIL (3) 10,440,000 July 2023 Weekly SIFMA 0.89% Scharbauer Flats Apartments GIL (3) 36,000,000 July 2023 Weekly SIFMA 0.89% Centennial Crossings GIL (3) 8,707,000 August 2023 Weekly SIFMA 0.89% TOB Trust 2020-XF2907 (3) 55,870,000 September 2023 Weekly OBFR 0.89% TOB Trust 2020-XF2908 4,790,000 September 2023 Weekly OBFR 0.89% Total TOB Trust Financings $ 171,293,000 (1) Amounts shown are the initial funding into the respective TOB Trusts. The balances will increase based upon subsequent fundings of the related securitized assets and the current outstanding balances are contained in the summarized debt financing table above. (2) In July 2020, the Partnership extended the maturity date to July 2023 (3) Three In September 2020, ATAX TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, issued Secured Notes to Mizuho with an aggregate principal amount of $103.5 million. The Secured Notes are secured by the Partnership’s residual certificates associated with its four TEBS Financings. The Secured Notes bear interest at a variable rate equal to the 3-month LIBOR plus 9.00%, payable monthly. Concurrent with the issuance of the Notes, the Partnership entered into two total return swap transactions with Mizuho to reduce the net interest cost related to the Secured Notes (Note 18). Of the $103.5 million of proceeds from the Secured Notes, approximately $26.0 million was received in cash by the Partnership, and approximately $77.5 million was deposited with Mizuho as collateral for the total return swaps. Redemptions: In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest were paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party. 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 Future Maturities The Partnership’s contractual maturities of borrowings as of September 30, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 1,653,516 2022 15,604,689 2023 222,409,816 2024 158,068,152 2025 11,363,784 Thereafter 354,283,518 Total 763,383,475 Unamortized deferred financing costs and debt premium (2,751,061 ) Total debt financing, net $ 760,632,414 |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 9 Months Ended |
Sep. 30, 2021 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing | 17. Mortgages Payable and Other Secured Financing The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of September 30, 2021 and December 31, 2020: Property Mortgage Payables Outstanding Mortgage Payable as of September 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 $ 2,335,094 $ 2,521,308 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,094,356 23,463,564 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 25,429,450 $ 25,984,872 4.36 % Activity in the First Nine 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 a fixed interest rate of Future Maturities The Partnership’s contractual maturities of borrowings as of September 30, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 292,299 2022 870,162 2023 909,151 2024 947,168 2025 1,746,754 Thereafter 20,665,299 Total 25,430,833 Unamortized deferred financing costs (1,383 ) Total mortgages payable and other secured financings, net $ 25,429,450 |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Interest Rate Derivatives [Abstract] | |
Derivative Financial Instruments | 18. Derivative Financial Instruments The following table summarizes the terms of the Partnership’s total return swaps as of September 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 September 30, 2021 Sept 2020 39,700,231 Sept 2020 Sept 2025 4.25% (1) 9.12% (3) 3-month LIBOR Mizuho Capital Markets $ 80,492 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00% (2) 9.12% (3) 3-month LIBOR Mizuho Capital Markets 214,736 $ 295,228 (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 $103.2 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 $39.7 million, requires the Partnership to maintain cash collateral equal to 35% of the notional amount, which was approximately $14.0 million as of September 30, 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 September 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 September 30 , 2021 and December 31, 20 20 : Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Hedged (1) Counterparty Fair Value as of September 30, 2021 Aug 2019 76,953,191 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 16,573 $ 16,573 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” in the 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” in the condensed consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 19. 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 and the amount of the loss can be reasonably estimated, the estimated amount of the loss is accrued in the condensed consolidated financial statements. If the Partnership determines that a loss is reasonably possible, the Partnership will, if material, disclose the nature of the loss contingency and the estimated range of possible loss, or include a statement that no estimate of loss can be made. While the resolution of these matters cannot be predicted with certainty, the Partnership currently believes there are no pending legal proceedings in which the Partnership is currently involved the outcome of which will have a material effect on the Partnership’s financial condition, results of operations, or cash flows. 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 September 30, 2021: Bond Purchase Commitments Commitment Date Maximum Committed Amounts Remaining Rate Estimated Closing Date Fair Value as of September 30, 2021 CCBA Senior Garden Apartments July 2020 $ 3,807,000 4.50 % Q4 2021 $ 401,223 Anaheim & Walnut September 2021 3,900,000 4.85 % Q3 2024 - $ 7,707,000 $ 401,223 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 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 $4.9 million and $6.0 million, respectively, as of September 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 $2.0 million as of September 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 a taxable GIL 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 September 30, 2021: Borrower Guarantee Maturity Maximum Balance Available on Loan Loan Balance as of September 30, 2021 Partnership's Maximum Exposure as of September 30, 2021 Guarantee Terms Vantage at Stone Creek 2023 $ 30,824,000 $ 30,501,955 $ 15,250,978 (1) Vantage at Coventry 2023 31,500,000 31,173,875 15,586,937 (1) Vantage at Murfreesboro 2022 (2) 30,500,000 30,500,000 15,250,000 (3) (1) The Partnership’s guaranty was initially for the entire amount of the loan and will decrease based on the achievement of certain events or financial ratios. The Partnership’s maximum exposure will decrease to 25% (2) The initial maturity is September 2022, though the borrower may extend the maturity date for one 6-month period. (3) 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 September 30, 2021. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation Other Guarantees and Commitments The Partnership has entered into guarantee agreements with unaffiliated entities under which the Partnership has guaranteed certain obligations of the general partners of certain limited partnerships upon the occurrence of a “repurchase event.” Potential repurchase events include LIHTC tax credit recapture and foreclosure. The Partnership’s maximum exposure is limited to 75% of the equity contributed by the limited partner to each limited partnership. No amount has been accrued for these guarantees because the likelihood of repurchase events is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of September 30, 2021: Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure as of September 30, 2021 Ohio Properties 2026 $ 3,011,522 Greens of Pine Glen, LP 2027 2,046,028 |
Redeemable Preferred Units
Redeemable Preferred Units | 9 Months Ended |
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Preferred Units | 20. Redeemable Preferred Units The Partnership has designated three series of non-cumulative, non-voting, non-convertible Preferred Units that represent limited partnership interests in the Partnership consisting of the Series A Preferred Units, the Series A-1 Preferred Units, and the Series B Preferred Units. The Partnership previously issued Series A Preferred Units via a private placement to five financial institutions. The Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless redeemed by the Partnership or by the holder. Upon the sixth anniversary of the closing of the sale or issuance of Series A Preferred Units or Series A-1 Preferred Units to a subscriber, and upon each anniversary thereafter, the Partnership and each holder have the right to redeem, in whole or in part, the Series A Preferred Units or Series A-1 Preferred Units held by such holder at a per unit redemption price equal to $10.00 per unit, plus an amount equal to all declared and unpaid distributions through the date of the redemption. Each holder desiring to exercise its redemption rights must provide written notice of its intent to so exercise no less than 180 calendar days prior to any such redemption date. Upon the eighth anniversary of the closing of the sale or issuance of Series B Preferred Units to a subscriber, and upon each anniversary thereafter, the Partnership and each holder have the right to redeem, in whole or in part, the Series B Preferred Units held by such holder at a per unit redemption price equal to $10.00 per unit, plus an amount equal to all declared and unpaid distributions through the date of the redemption. In the event of any liquidation, dissolution, or winding up of the Partnership, the holders of the Series A Preferred Units, Series A-1 Preferred Units and Series B Preferred Units Series A Preferred Units and Series A-1 Preferred Units The following table summarizes the outstanding Series A Preferred Units as of September 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 September 30, 2021 and December 31, 2020 9,450,000 $ 94,500,000 |
Restricted Unit Awards
Restricted Unit Awards | 9 Months Ended |
Sep. 30, 2021 | |
Restricted Unit Awards [Member] | |
Restricted Unit Awards | 21. 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 $571,000 and $300,000 for the three months ended September 30, 2021 and 2020, respectively. The compensation expense for RUAs totaled approximately $840,000 and $635,000 for the nine months ended September 30, 2021 and 2020, respectively. Compensation expense is reported within “General and administrative expenses” in the condensed consolidated statements of operations. The following table summarizes the RUA activity as of and for the nine months ended September 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 September 30, 2021 399,136 $ 5.99 The unrecognized compensation expense related to nonvested RUAs granted under the Plan was approximately $1.3 million as of September 30, 2021. The remaining compensation expense is expected to be recognized over a weighted average period of 1.0 years. The total intrinsic value of unvested RUAs was approximately $2.4 million as of September 30, 2021. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 22. 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 condensed consolidated financial statements for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Partnership administrative fees paid to AFCA 2 (1) $ 1,003,000 $ 922,000 $ 2,956,000 $ 2,653,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 117,000 6,000 144,000 47,000 Referral fees paid to an affiliate (3) 9,750 - 9,750 - (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. (3) 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, unless the parties mutually agree to extend the term. 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 in the Partnership’s condensed consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s MRBs, GILs and certain property loans and affiliates for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Non-Partnership property administrative fees received by AFCA 2 (1) 8,000 9,000 $ 26,000 $ 27,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,349,000 1,414,000 4,131,000 2,277,000 (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 seven 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 reported receivables due from unconsolidated entities of approximately $136,000 and $53,000 as of September 30, 2021 and December 31, 2020, respectively. These amounts are reported within “Other assets” in the condensed consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $412,000 and $344,000 as of September 30, 2021 and December 31, 2020, respectively. These amounts are reported within “Accounts payable, accrued expenses and other liabilities” in the condensed consolidated balance sheets. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments | 23. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for the assets and liabilities measured at fair value on a recurring basis. Investments in MRBs, Taxable MRBs and Bond Purchase Commitments The fair value of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of September 30, 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 September 30, 2021 and December 31, 2020 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Mortgage revenue bonds 0.9% - 16.6% 1.4% - 13.3% 3.1 % 3.0 % Taxable mortgage revenue bonds 4.9% - 8.0% 7.1% - 7.4% 6.7 % 7.3 % Bond purchase commitments 3.5% - 4.9% 3.5% 4.2 % 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 September 30, 2021 are summarized as follows: Fair Value Measurements as of September 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 $ 727,826,133 $ - $ - $ 727,826,133 Mortgage revenue bonds 15,812,184 - - 15,812,184 Bond purchase commitments (reported within other assets) 401,223 - - 401,223 Taxable mortgage revenue bonds (reported within other assets) 2,435,954 - - 2,435,954 Derivative financial instruments (reported within other assets) 311,801 - - 311,801 Total Assets at Fair Value, net $ 746,787,295 $ - $ - $ 746,787,295 The following tables summarize the activity related to Level 3 assets for the three and nine months ended September 30, 2021: For the Three Months Ended September 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 July 1, 2021 $ 777,990,096 $ 392,515 $ 1,462,862 $ 321,372 $ 780,166,845 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 34,331 - - 1,751,136 1,785,467 Included in other comprehensive income (4,561,683 ) 8,708 (24,463 ) - (4,577,438 ) Purchases 3,995,000 - 1,000,000 - 4,995,000 Settlements (33,819,427 ) - (2,445 ) (1,760,707 ) (35,582,579 ) Ending Balance September 30, 2021 $ 743,638,317 $ 401,223 $ 2,435,954 $ 311,801 $ 746,787,295 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2021 $ - $ - $ - $ (9,261 ) $ (9,261 ) (1) For the Nine Months Ended September 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) 103,292 - - 5,326,329 5,429,621 Included in earnings (provision for credit loss) (900,080 ) - - - (900,080 ) Included in other comprehensive income (18,884,461 ) (30,656 ) (67,309 ) - (18,982,426 ) Purchases 12,946,500 - 1,000,000 - 13,946,500 Settlements (44,059,419 ) - (7,174 ) (5,336,031 ) (49,402,624 ) Ending Balance September 30, 2021 $ 743,638,317 $ 401,223 $ 2,435,954 $ 311,801 $ 746,787,295 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2021 $ (900,080 ) $ - $ - $ (11,304 ) $ (911,384 ) (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 nine months ended September 30, 2020: For the Three Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2020 $ 787,624,971 $ - $ - $ 1,456,279 $ 29,826 $ 789,111,076 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 34,954 - - - 125,631 160,585 Included in earnings (impairment of securities and provision for credit loss) (3,463,253 ) - - - - (3,463,253 ) Included in other comprehensive income 18,248,391 256,222 - 32,840 - 18,537,453 Purchases 2,023,500 - - - - 2,023,500 Settlements (7,931,962 ) - - (2,236 ) - (7,934,198 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2020 $ (3,463,253 ) $ - $ - $ - $ (14,569 ) $ (3,477,822 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Nine Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2020 $ 773,597,465 $ - $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 90,194 - (7,219 ) - 244,479 327,454 Included in earnings (impairment of securities and provision for credit loss) (5,285,609 ) - - - - (5,285,609 ) Included in earnings (gain on sale of securities) - - 1,416,023 - - 1,416,023 Included in other comprehensive income 32,457,107 256,222 (1,408,804 ) 110,206 - 31,414,731 Purchases 9,513,450 - - - - 9,513,450 Sale of securities - - (43,349,357 ) - - (43,349,357 ) Settlements (13,836,006 ) - - (6,560 ) (99,933 ) (13,942,499 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2020 $ (5,285,609 ) $ - $ - $ - $ 104,279 $ (5,181,330 ) (1) Total gains and losses included in earnings for the derivative financial instruments are reported within “Interest expense” in the condensed consolidated statements of operations. As of September 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 the ir 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 measurement s of the Partnership’s GILs and taxable GILs are categorized as Level 3 assets . T he fair value of the GILs and taxable GILs approximate d amortized cost as of September 30 , 2021 and December 31, 2020 . As of September 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 September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 760,632,414 794,828,424 $ 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 25,429,450 25,430,834 25,984,872 25,986,514 |
Segments
Segments | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments | 24. 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 nine months ended September 30, 2021. The partnership primarily invests in mortgage investments as defined in the Partnership Agreement, which consistent of MRBs, taxable MRBs, GILs, taxable GILs and related property loans. The Partnership Agreement authorizes the Partnership to make investments in tax-exempt securities other than mortgage investments 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, taxable MRBs, GILs, taxable 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 in the condensed consolidated balance sheets. As of September 30, 2021, the Partnership reported 72 MRBs and nine GILs. As of September 30, 2021, the Residential Properties financed by MRBs and GILs contain a total of 10,654 and 1,832 rental units, respectively. In addition, one MRB (Provision Center 2014-1) is collateralized by commercial real estate. All “General and administrative expenses” in the 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 VIE of Vantage at Hutto (Note 5). MF Properties Segment The MF Properties segment consists primarily 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 excess cash flow will be available for distribution to the Partnership. As of September 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 had no activity after January 2020. The following table details certain financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Total revenues Mortgage Revenue Bond Investments $ 12,795,214 $ 10,763,544 $ 34,624,484 $ 31,216,575 Other Investments 3,074,909 1,527,472 8,556,926 5,305,324 MF Properties 1,811,778 1,548,931 5,294,475 5,358,132 Public Housing Capital Fund Trusts - - - 174,470 Total revenues $ 17,681,901 $ 13,839,947 $ 48,475,885 $ 42,054,501 Interest expense Mortgage Revenue Bond Investments $ 5,186,465 $ 4,813,114 $ 15,166,356 $ 14,908,641 Other Investments 193,876 - 234,375 - MF Properties 283,111 292,318 847,292 906,082 Public Housing Capital Fund Trusts - - - 197,993 Total interest expense $ 5,663,452 $ 5,105,432 $ 16,248,023 $ 16,012,716 Depreciation expense Mortgage Revenue Bond Investments $ 5,912 $ 4,688 $ 17,534 $ 10,471 Other Investments - - - - MF Properties 675,013 715,095 2,031,735 2,130,831 Public Housing Capital Fund Trusts - - - - Total depreciation expense $ 680,925 $ 719,783 $ 2,049,269 $ 2,141,302 Net income (loss) Mortgage Revenue Bond Investments $ 3,453,537 $ (1,852,974 ) $ 7,293,774 $ 888,856 Other Investments 9,836,133 1,527,605 23,546,743 5,303,194 MF Properties (301,286 ) (834,648 ) (594,599 ) (1,172,961 ) Public Housing Capital Fund Trusts - - - 1,390,999 Net income (loss) $ 12,988,384 $ (1,160,017 ) $ 30,245,918 $ 6,410,088 The following table details total assets for the Partnership’s reportable segments as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Total assets Mortgage Revenue Bond Investments $ 1,223,689,462 $ 1,114,146,614 Other Investments 92,248,043 106,931,182 MF Properties 67,379,270 67,988,190 Public Housing Capital Fund Trusts - - Consolidation/eliminations (98,815,256 ) (113,818,107 ) Total assets $ 1,284,501,519 $ 1,175,247,879 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. Subsequent Events In October 2021, the Partnership entered into a TOB Trust financing arrangement with Barclays Bank PLC to securitize the Willow Place GIL and property loan. The TOB Trust financing allows for additional borrowings as the Partnership makes additional advances for the related funding commitments. The following table summarizes the initial terms of the TOB Trust financing: TOB Trusts Securitization Initial TOB Trust Financing Stated Maturity Reset Frequency OBFR Based Rates Facility Fees Initial Interest Rate TOB Trust 2021-XF2953 $ 2,375,000 October 2022 Weekly 0.13% 1.27% 1.40% In October 2021, the Partnership committed to fund an MRB and a taxable MRB for the construction and permanent financing of an affordable multifamily property. The Partnership funded its initial investment with proceeds from the Acquisition LOC. The following table summarizes the terms of the Partnership’s MRB and taxable MRB commitments: Commitment Month Acquired Property Location Units Maturity Date Variable Interest Rate (2) Initial Funding Maximum Remaining Commitment The Residency at the Mayer - Series A (1) October 2021 Los Angeles, CA 79 4/1/2039 SOFR + 3.60% $ 24,000,000 $ 5,500,000 The Residency at the Mayer - Series A-T October 2021 Los Angeles, CA 79 4/1/2024 SOFR + 3.70% 1,000,000 11,500,000 $ 25,000,000 $ 17,000,000 (1) Upon stabilization of the property, the MRB (2) The index is subject to a floor of 0.25%. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. The consolidated subsidiaries of the Partnership for the periods presented consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the M24 Tax Exempt Bond Securitization (“TEBS”) Financing (“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 Restricted cash is legally restricted as to its use. The Partnership is required to maintain restricted cash collateral related to one secured line of credit (Note 15) and 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 in the condensed consolidated statement of cash flows. |
Impairment of Mortgage Revenue Bonds | Impairment of Mortgage Revenue Bonds The Partnership periodically reviews its MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, but not necessarily limited to, the following: • The duration and severity of the decline in fair value; • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers; • Adverse conditions specifically related to the security, its collateral, or both; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make scheduled interest 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 to the condensed consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. |
Investment in Governmental Issuer Loans and Taxable Governmental Issuer Loans | 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 to the 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 | 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 September 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 | Risks and Uncertainties The business and economic uncertainty resulting from COVID-19 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, variation 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, but not significant, declines in occupancy and operating results at multifamily Residential Properties securing its MRBs due to COVID-19. The Partnership has observed significant declines at properties securing the Provision Center 2014-1 MRB, a commercial property, and Live 929 Apartments MRB, a student housing property (see Note 6 for further discussion). 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 | 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 regularly assesses its assets that are within the scope of ASU 2016-13 and has determined that the GILs, taxable GIL, property loans, receivables reported within other assets, financial guarantees, financial commitments, and an interest receivable related to such assets, 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 to the 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 to the condensed consolidated financial statements. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure | The following table summarizes the Partnership’s maximum exposure to loss associated with its variable interests as of September 30, 2021 and December 31, 2020: Maximum Exposure to Loss September 30, 2021 December 31, 2020 Mortgage revenue bonds $ 26,208,000 $ 20,763,500 Taxable mortgage revenue bond 1,000,000 - Governmental issuer loans 165,986,438 64,863,657 Taxable governmental issuer loan 1,000,000 - Property loans 24,276,313 5,327,342 Investments in unconsolidated entities 89,644,649 106,878,570 $ 308,115,400 $ 197,833,069 |
Mortgage Revenue Bonds (Tables)
Mortgage Revenue Bonds (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Schedule of investments in MRBs | The Partnership had the following investments in MRBs as of September 30, 2021 and December 31, 2020: September 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 $ 9,993,374 $ 2,104,001 $ - $ 12,097,375 Glenview Apartments - Series A (3) CA 4,443,092 908,843 - 5,351,935 Harmony Court Bakersfield - Series A (4) CA 3,643,723 735,305 - 4,379,028 Harmony Terrace - Series A (4) CA 6,745,564 1,461,331 - 8,206,895 Harden Ranch - Series A (2) CA 6,559,492 1,375,319 - 7,934,811 Las Palmas II - Series A (4) CA 1,653,240 338,062 - 1,991,302 Montclair Apartments - Series A (3) CA 2,407,071 492,371 - 2,899,442 Montecito at Williams Ranch Apartments - Series A (6) CA 7,583,121 1,986,677 - 9,569,798 Montevista - Series A (6) CA 6,712,763 2,094,223 - 8,806,986 Ocotillo Springs - Series A (6) CA 10,070,000 211,967 - 10,281,967 San Vicente - Series A (4) CA 3,408,893 682,336 - 4,091,229 Santa Fe Apartments - Series A (3) CA 2,916,076 596,489 - 3,512,565 Seasons at Simi Valley - Series A (4) CA 4,200,917 1,032,960 - 5,233,877 Seasons Lakewood - Series A (4) CA 7,185,492 1,556,635 - 8,742,127 Seasons San Juan Capistrano - Series A (4) CA 12,098,022 2,620,866 - 14,718,888 Summerhill - Series A (4) CA 6,274,432 1,184,799 - 7,459,231 Sycamore Walk - Series A (4) CA 3,485,656 735,059 - 4,220,715 The Village at Madera - Series A (4) CA 3,013,642 634,491 - 3,648,133 Tyler Park Townhomes - Series A (2) CA 5,713,008 765,866 - 6,478,874 Vineyard Gardens - Series A (6) CA 3,947,054 997,673 - 4,944,727 Westside Village Market - Series A (2) CA 3,733,442 727,207 - 4,460,649 Brookstone (1) IL 7,344,918 1,847,424 - 9,192,342 Copper Gate Apartments (2) IN 4,955,000 495,838 - 5,450,838 Renaissance - Series A (3) LA 10,767,672 3,942,658 - 14,710,330 Live 929 Apartments (6) MD 36,185,509 - - 36,185,509 Woodlynn Village (1) MN 4,093,000 14,225 - 4,107,225 Jackson Manor Apartments (6) MS 4,900,000 - - 4,900,000 Gateway Village (6) NC 2,600,000 132,943 - 2,732,943 Greens Property - Series A (2) NC 7,748,000 378,239 - 8,126,239 Lynnhaven Apartments (6) NC 3,450,000 176,406 - 3,626,406 Silver Moon - Series A (3) NM 7,647,135 1,797,774 - 9,444,909 Village at Avalon - Series A (5) NM 16,099,958 4,093,405 - 20,193,363 Ohio Properties - Series A (1) OH 13,616,000 - - 13,616,000 Bridle Ridge (1) SC 7,145,000 73,927 - 7,218,927 Columbia Gardens (4) SC 12,769,035 2,149,253 - 14,918,288 Companion at Thornhill Apartments (4) SC 10,957,982 1,913,654 - 12,871,636 Cross Creek (1) SC 6,125,082 1,953,483 - 8,078,565 The Palms at Premier Park Apartments (2) SC 18,445,321 2,419,261 - 20,864,582 Village at River's Edge (4) SC 9,747,304 2,034,411 - 11,781,715 Willow Run (4) SC 12,592,729 2,005,382 - 14,598,111 Arbors at Hickory Ridge (2) TN 10,795,450 3,772,762 - 14,568,212 Avistar at Copperfield - Series A (6) TX 13,713,412 2,499,600 - 16,213,012 Avistar at the Crest - Series A (2) TX 9,052,461 1,874,594 - 10,927,055 Avistar at the Oaks - Series A (2) TX 7,319,090 1,578,486 - 8,897,576 Avistar at the Parkway - Series A (3) TX 12,615,887 2,369,577 - 14,985,464 Avistar at Wilcrest - Series A (6) TX 5,197,106 748,346 - 5,945,452 Avistar at Wood Hollow - Series A (6) TX 39,461,504 6,913,829 - 46,375,333 Avistar in 09 - Series A (2) TX 6,319,751 1,311,792 - 7,631,543 Avistar on the Boulevard - Series A (2) TX 15,421,844 3,074,231 - 18,496,075 Avistar on the Hills - Series A (2) TX 5,010,813 1,101,075 - 6,111,888 Bruton Apartments (4) TX 17,568,495 4,511,584 - 22,080,079 Concord at Gulfgate - Series A (4) TX 18,655,305 4,168,584 - 22,823,889 Concord at Little York - Series A (4) TX 13,068,923 3,027,488 - 16,096,411 Concord at Williamcrest - Series A (4) TX 20,245,162 4,606,709 - 24,851,871 Crossing at 1415 - Series A (4) TX 7,273,669 1,586,241 - 8,859,910 Decatur Angle (4) TX 22,124,707 5,058,303 - 27,183,010 Esperanza at Palo Alto (4) TX 19,109,120 5,252,121 - 24,361,241 Heights at 515 - Series A (4) TX 6,659,170 1,452,231 - 8,111,401 Heritage Square - Series A (3) TX 10,487,401 1,878,152 - 12,365,553 Oaks at Georgetown - Series A (4) TX 12,054,029 2,173,762 - 14,227,791 Runnymede (1) TX 9,740,000 1,119 - 9,741,119 Southpark (1) TX 11,516,868 1,424,311 - 12,941,179 15 West Apartments (4) WA 9,550,479 2,832,108 - 12,382,587 Mortgage revenue bonds held in trust $ 615,938,365 $ 111,887,768 $ - $ 727,826,133 (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 ) September 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 $ 2,653,659 $ 796,897 $ - $ 3,450,556 Greens Property - Series B NC 921,935 62,330 - 984,265 Ohio Properties - Series B OH 3,470,560 - - 3,470,560 Provision Center 2014-1 TN 5,258,078 - - 5,258,078 Avistar at the Crest - Series B TX 731,998 117,989 - 849,987 Avistar at the Oaks - Series B TX 535,927 85,705 - 621,632 Avistar at the Parkway - Series B TX 123,696 38,527 - 162,223 Avistar in 09 - Series B TX 442,092 70,699 - 512,791 Avistar on the Boulevard - Series B TX 434,955 67,137 - 502,092 Mortgage revenue bonds held by the Partnership $ 14,572,900 $ 1,239,284 $ - $ 15,812,184 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 Acquisitions | The following MRB was acquired at a price that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2021: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Initial 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 nine months ended September 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Initial Principal Acquired Arby Road Apartments - Series A (1) June Las Vegas, NV 180 10/1/2027 5.35 % $ 1,690,000 Arby Road Apartments - Series A (1) June Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 Ocotillo Springs - Series A (2) July Brawley, CA 75 8/1/2037 4.55 % (3) 2,023,500 $ 9,498,500 (1) Both MRBs are part of the same series but have different interest rates and maturity dates. (2) The Partnership has committed to provide total funding of the MRB up to $15.0 million during construction and lease-up of the property on a drawdown basis. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization is approximately $3.5 million (3) The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25%, subject to a floor of 4.55%, during construction of the project until stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35% |
Schedule of MRB Redeemed | The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 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 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 $ 39,765,074 (1) The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2020: Property Name Month Redeemed Property Location Units Original Maturity Date Interest Rate Principal Outstanding at Date of Redemption Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 Montevista - Series B August San Pablo, CA 82 7/1/2021 8.00 % $ 6,480,000 $ 9,583,000 |
Summary of Changes in Partnership's Allowance for Credit Losses | The following table summarizes the changes in the Partnership’s allowance for credit losses for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Balance, beginning of period $ 8,219,000 $ 1,823,000 7,319,000 - Provision for credit loss - 3,463,000 900,000 5,286,000 Balance, end of period (1) $ 8,219,000 $ 5,286,000 $ 8,219,000 $ 5,286,000 (1) The allowance for credit losses as of September 30, 2021 and 2020 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments MRB . |
Governmental Issuer Loans (Tabl
Governmental Issuer Loans (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Governmental Issuer Loans [Abstract] | |
Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans | The Partnership had the following investments and remaining funding commitments related to its GILs as of September 30, 2021 and December 31, 2020: As of September 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% 3.15% $ 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% 31,894,945 1,185,055 Legacy Commons at Signal Hills (1) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07% (4) 3.57% 26,862,183 7,757,817 Hilltop at Signal Hills (1) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07% (4) 3.57% 14,995,969 9,454,031 Hope on Avalon January 2021 Los Angeles, CA 88 2/1/2023 SIFMA + 3.75% (4) 4.60% 8,981,200 14,408,800 Hope on Broadway January 2021 Los Angeles, CA 49 2/1/2023 SIFMA + 3.75% (4) 4.60% 3,691,245 8,414,378 Osprey Village (1) July 2021 Kissimmee, FL 383 8/1/2024 SOFR + 3.07% (4) 3.57% 3,589,110 56,410,890 Willow Place Apartments (1) September 2021 McDonough, GA 182 10/1/2024 SOFR + 3.30% (4) 3.55% 1,971,786 23,028,214 $ 165,986,438 $ 120,659,185 (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) | 9 Months Ended |
Sep. 30, 2021 | |
Real Estate [Abstract] | |
Real Estate Assets Owned by Partnership | The following tables summarize information regarding the Partnership’s real estate assets as of September 30, 2021 and December 31, 2020: Real Estate Assets as of September 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 $ 39,456,777 $ 42,656,045 The 50/50 MF Property Lincoln, NE 475 - 32,964,752 32,964,752 Vantage at Hutto Hutto, TX (1) 3,115,891 - 3,115,891 Land held for development (2) 1,675,997 - 1,675,997 $ 80,412,685 Less accumulated depreciation (20,181,951 ) Net real estate assets $ 60,230,734 (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) | 9 Months Ended |
Sep. 30, 2021 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summary of Investments in Unconsolidated Entities | The following table provides the details of the investments in unconsolidated entities as of September 30, 2021 and December 31, 2020 and remaining equity commitment amounts as of September 30, 2021: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of September 30, 2021 Carrying Value as of December 31, 2020 Maximum Remaining Equity Commitment as of September 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 - 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 11,164,625 10,406,895 - Vantage at O'Connor San Antonio, TX 288 October 2019 June 2021 8,885,353 8,245,890 - Vantage at Westover Hills San Antonio, TX 288 January 2020 July 2021 8,643,608 8,021,544 - Vantage at Tomball Tomball, TX 288 August 2020 N/A 11,524,260 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 1,057,823 981,695 8,943,914 Vantage at Loveland Loveland, CO 288 April 2021 N/A 7,970,362 - 8,633,831 Vantage at Helotes Helotes, TX 288 May 2021 N/A 6,932,720 - 5,833,703 Vantage at Fair Oaks Boerne, TX 288 June 2021 N/A 4,377,963 - 6,656,422 4,332 $ 89,644,649 $ 106,878,570 $ 37,427,822 (1) |
Summary of Partnership's Investments in Unconsolidated Entities | The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Property Revenues $ 6,486,029 $ 3,501,288 $ 17,444,805 $ 8,971,999 Gain on sale of property $ 17,646,543 $ 372,974 $ 42,273,235 $ 6,635,966 Net income (loss) $ 17,591,694 $ (1,495,383 ) $ 38,102,642 $ 341,905 |
Property Loans, Net of Loan L_2
Property Loans, Net of Loan Loss Allowances (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Property Loans Net Of Loan Loss Allowance [Abstract] | |
Summary of Partnership's Property Loans, Net of Loan Loss Allowances | The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of September 30, 2021 and December 31, 2020: September 30, 2021 Outstanding Balance Loan Loss Allowance Property Loan Principal, net of allowance 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) 13,948,971 - 13,948,971 Ohio Properties 2,390,446 - 2,390,446 Osprey Village (1)(2) 1,000,000 - 1,000,000 Scharbauer Flats Apartments (1) (2) 3,309,613 - 3,309,613 Willow Place Apartments (2) 1,000,000 - 1,000,000 Total $ 40,313,588 $ (8,635,162 ) $ 31,678,426 (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 Partnership's Remaining Property Loan Commitments | The following table summarizes the Partnership’s remaining property loan commitments as of September 30, 2021: Maturity Date (1) Interest Rate Maximum Remaining Commitment Centennial Crossings 9/1/2023 LIBOR + 2.50% (2) 21,232,271 Hilltop at Signal Hills 8/1/2023 SOFR + 3.07% (2) 20,197,939 Legacy Commons at Signal Hills 2/1/2024 SOFR + 3.07% (2) 31,233,972 Oasis at Twin Lakes 8/1/2023 LIBOR + 2.50% (2) 13,755,209 Scharbauer Flats Apartments 1/1/2023 LIBOR + 2.85% 20,850,387 Osprey Village 8/1/2024 SOFR + 3.07% (2) 24,500,000 Willow Place Apartments 10/1/2024 SOFR + 3.30% (3) 20,351,328 Total $ 152,121,106 |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense (Benefit) | The following table summarizes income tax expense (benefit) for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Current income tax expense (benefit) $ (39,131 ) $ (33,618 ) $ 104,483 $ 107,681 Deferred income tax benefit (42,011 ) (34,601 ) (77,681 ) (66,482 ) Total income tax expense (benefit) $ (81,142 ) $ (68,219 ) $ 26,802 $ 41,199 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table summarizes the other assets as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Deferred financing costs, net $ 1,419,806 $ 390,649 Fair value of derivative instruments (Note 18) 311,801 321,503 Taxable mortgage revenue bonds, at fair value 2,435,954 1,510,437 Taxable governmental issuer loan held in trust 1,000,000 - Bond purchase commitments, at fair value (Note 19) 401,223 431,879 Operating lease right-of-use assets, net 1,626,953 1,648,742 Other assets 1,608,565 1,605,374 Total other assets $ 8,804,302 $ 5,908,584 |
Summary of Taxable Governmental Issuer Loan and Remaining Funding Commitment | The following table includes details of the taxable GIL, and the total funding commitment, that was entered into during the nine months ended September 30, 2021: Property Name Date Committed Maturity Date Initial Outstanding Balance Total Commitment Hope on Avalon January 2021 2/1/2023 (1) $ 1,000,000 $ 10,573,000 (1) The borrower ha s the option to extend the maturity up to six months upon payment of a non-refundable extension fee. |
Summary of Taxable Mortgage Revenue Bonds and Total Funding Commitment | The following table includes details of the taxable MRB, and the total funding commitment, that was entered into during the nine months ended September 30, 2020: Property Name Date Committed Maturity Date Initial Outstanding Balance Total Commitment Ocotillo Springs - Series A-T July 2020 8/1/2022 (1) $ - (2) $ 7,000,000 (1) The borrower has the option to extend the maturity up to one year. (2) The Partnership had advanced zero and $1.0 million as of December 31, 2020 and September 30, 2021, respectively. |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Payables And Accruals [Abstract] | |
Summary of Accounts Payable, Accrued Expenses and Other Liabilities | The following table summarizes the accounts payable, accrued expenses and other liabilities as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Accounts payable $ 214,525 $ 94,674 Accrued expenses 4,121,562 2,755,010 Accrued interest expense 3,961,834 3,433,247 Operating lease liabilities 2,151,595 2,149,001 Other liabilities 1,737,030 1,517,633 Total accounts payable, accrued expenses and other liabilities $ 12,186,546 $ 9,949,565 |
Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities | The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities as of September 30, 2021: Remainder of 2021 $ 34,968 2022 141,119 2023 143,561 2024 144,706 2025 147,598 Thereafter 4,369,676 Total 4,981,628 Less: Amount representing interest (2,830,033 ) Total operating lease liabilities $ 2,151,595 |
Unsecured Lines of Credit (Tabl
Unsecured Lines of Credit (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Unsecured Lines of Credit [Member] | |
Summary of Lines of Credit | The following table summarizes the unsecured lines of credit (“LOC” or “LOCs”) as of December 31, 2020: 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) | 9 Months Ended |
Sep. 30, 2021 | |
Secured Line Of Credit Facility [Member] | |
Summary of Lines of Credit | The following table summarizes the secured LOCs as of September 30, 2021: Secured Line of Credit Outstanding as of September 30, 2021 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate BankUnited general $ 6,500,000 $ 40,000,000 June 2023 (1) Variable (2) Monthly 3.50 % Bankers Trust acquisition - 50,000,000 June 2023 Variable (3) Monthly 3.10 % $ 6,500,000 $ 90,000,000 (1) The General LOC contains two one-year (2) The variable rate is equal to LIBOR + 3.25%, subject to a floor of 3.50%. (3) The variable rate is equal to the greater of (i) the Prime Rate or (ii) 3.25% per annum; plus or minus a margin varying from 0.35% to (0.65%) depending upon the ratio of the Partnership’s senior debt to market value of assets. |
Debt Financing (Tables)
Debt Financing (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Debt Financing [Abstract] | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2021 and December 31, 2020: Outstanding Debt Financings as of September 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 $ 39,435,294 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 77,340,279 4,999 2014 July 2024 Weekly SIFMA 0.05% 1.27% 1.32% Fixed - M33 30,345,610 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 214,415,750 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 102,872,192 77,530,879 2020 September 2025 Monthly 3-month LIBOR 0.12% 9.00% 9.12% (3) TOB Trust Securitizations Mizuho Capital Markets: Variable - TOB 9,034,467 - 2020 July 2022 Weekly SIFMA 0.21% 0.89% 1.10% Variable - TOB 10,032,675 - 2021 February 2023 Weekly SIFMA 0.21% 1.42% 1.63% Variable - TOB 4,127,846 - 2021 April 2023 Weekly SIFMA 0.21% 1.27% 1.48% Variable - TOB 96,716,042 - 2019 July 2023 Weekly SIFMA 0.21% - 0.25% 1.17% - 1.67% 1.38% - 1.92% Variable - TOB 100,813,059 - 2020 September 2023 Weekly OBFR 0.26% 0.89% 1.15% Variable - TOB 5,680,103 - 2020 December 2023 Weekly SIFMA 0.21% 1.27% 1.48% Variable - TOB 52,531,175 - 2021 January 2024 Weekly OBFR 0.26% 0.89% 1.15% Variable - TOB 4,351,664 - 2021 July 2024 Weekly OBFR 0.26% 1.16% 1.42% Morgan Stanley: Fixed - Term TOB 12,936,258 - 2019 May 2024 N/A N/A N/A N/A 1.98% Total Debt Financings $ 760,632,414 (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 $39.7 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2021. See Note 18 for further information on the total return swaps. 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 Trust Securitizations 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 Financings | The following is a summary of the Mizuho TOB Trust financings that were entered into during the nine months ended September 30, 2021: TOB Trusts Securitization Initial TOB Trust Financing (1) Stated Maturity Reset Frequency Variable Rate Index Facility Fees TOB Trust 2021-XF2926 (2) $ 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% TOB Trust 2021-XF2939 (3) 4,085,000 July 2024 Weekly OBFR 1.16% Total TOB Trust Financings $ 31,820,000 (1) Amounts shown are the initial funding into the respective TOB Trusts. The balances will increase based upon subsequent fundings of the related securitized assets and the current outstanding balances are contained in the summarized debt financing table above (2) The TOB Trust is a securitization of 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 (3) The TOB Trust is a securitization of the Osprey Village GIL and property loan and the Ocotillo Spring Series A-T taxable MRB The following is a summary of the Mizuho TOB Trust financings that were entered into during the nine months ended September 30, 2020: TOB Trusts Securitization Initial TOB Trust Financing (1) Stated Maturity Reset Frequency Variable Rate Index Facility Fees Avistar at Copperfield - Series A $ 11,818,000 May 2021 (2) Weekly SIFMA 1.67% Avistar at Wilcrest - Series A 4,479,000 May 2021 (2) Weekly SIFMA 1.67% Avistar at Wood Hollow - Series A 34,007,000 May 2021 (2) Weekly SIFMA 1.67% Gateway Village 2,184,000 May 2021 (2) Weekly SIFMA 1.67% Lynnhaven 2,898,000 May 2021 (2) Weekly SIFMA 1.67% Ocotillo Springs - Series A 100,000 July 2022 Weekly SIFMA 0.89% Oasis at Twin Lakes GIL (3) 10,440,000 July 2023 Weekly SIFMA 0.89% Scharbauer Flats Apartments GIL (3) 36,000,000 July 2023 Weekly SIFMA 0.89% Centennial Crossings GIL (3) 8,707,000 August 2023 Weekly SIFMA 0.89% TOB Trust 2020-XF2907 (3) 55,870,000 September 2023 Weekly OBFR 0.89% TOB Trust 2020-XF2908 4,790,000 September 2023 Weekly OBFR 0.89% Total TOB Trust Financings $ 171,293,000 (1) Amounts shown are the initial funding into the respective TOB Trusts. The balances will increase based upon subsequent fundings of the related securitized assets and the current outstanding balances are contained in the summarized debt financing table above. (2) In July 2020, the Partnership extended the maturity date to July 2023 (3) Three |
Summary of Deutsche Bank Term A/B and Term TOB Trust Financings and Debt Financing Facilities Collapsed and Paid Off or Redeemed | The following is a summary of the TOB Trust financings that were collapsed and all principal and interest were paid in full during the nine months ended September 30, 2021: Debt Financing Debt Facility Month Paydown Applied Rosewood Townhomes - Series A TOB Trust July 2021 $ 7,700,000 South Pointe Apartments - Series A TOB Trust July 2021 17,990,000 $ 25,690,000 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 |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings as of September 30, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 1,653,516 2022 15,604,689 2023 222,409,816 2024 158,068,152 2025 11,363,784 Thereafter 354,283,518 Total 763,383,475 Unamortized deferred financing costs and debt premium (2,751,061 ) Total debt financing, net $ 760,632,414 |
Mortgages Payable and Other S_2
Mortgages Payable and Other Secured Financing (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2021 and December 31, 2020: Outstanding Debt Financings as of September 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 $ 39,435,294 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 77,340,279 4,999 2014 July 2024 Weekly SIFMA 0.05% 1.27% 1.32% Fixed - M33 30,345,610 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 214,415,750 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 102,872,192 77,530,879 2020 September 2025 Monthly 3-month LIBOR 0.12% 9.00% 9.12% (3) TOB Trust Securitizations Mizuho Capital Markets: Variable - TOB 9,034,467 - 2020 July 2022 Weekly SIFMA 0.21% 0.89% 1.10% Variable - TOB 10,032,675 - 2021 February 2023 Weekly SIFMA 0.21% 1.42% 1.63% Variable - TOB 4,127,846 - 2021 April 2023 Weekly SIFMA 0.21% 1.27% 1.48% Variable - TOB 96,716,042 - 2019 July 2023 Weekly SIFMA 0.21% - 0.25% 1.17% - 1.67% 1.38% - 1.92% Variable - TOB 100,813,059 - 2020 September 2023 Weekly OBFR 0.26% 0.89% 1.15% Variable - TOB 5,680,103 - 2020 December 2023 Weekly SIFMA 0.21% 1.27% 1.48% Variable - TOB 52,531,175 - 2021 January 2024 Weekly OBFR 0.26% 0.89% 1.15% Variable - TOB 4,351,664 - 2021 July 2024 Weekly OBFR 0.26% 1.16% 1.42% Morgan Stanley: Fixed - Term TOB 12,936,258 - 2019 May 2024 N/A N/A N/A N/A 1.98% Total Debt Financings $ 760,632,414 (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 $39.7 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2021. See Note 18 for further information on the total return swaps. 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 Trust Securitizations 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 Borrowings | The Partnership’s contractual maturities of borrowings as of September 30, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 1,653,516 2022 15,604,689 2023 222,409,816 2024 158,068,152 2025 11,363,784 Thereafter 354,283,518 Total 763,383,475 Unamortized deferred financing costs and debt premium (2,751,061 ) Total debt financing, net $ 760,632,414 |
Mortgages payable [Member] | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of September 30, 2021 and December 31, 2020: Property Mortgage Payables Outstanding Mortgage Payable as of September 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 $ 2,335,094 $ 2,521,308 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,094,356 23,463,564 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 25,429,450 $ 25,984,872 4.36 % |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings as of September 30, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 292,299 2022 870,162 2023 909,151 2024 947,168 2025 1,746,754 Thereafter 20,665,299 Total 25,430,833 Unamortized deferred financing costs (1,383 ) Total mortgages payable and other secured financings, net $ 25,429,450 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Total Return Swaps [Member] | |
Summary of Partnership's Derivative Instruments | The following table summarizes the terms of the Partnership’s total return swaps as of September 30, 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 September 30, 2021 Sept 2020 39,700,231 Sept 2020 Sept 2025 4.25% (1) 9.12% (3) 3-month LIBOR Mizuho Capital Markets $ 80,492 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00% (2) 9.12% (3) 3-month LIBOR Mizuho Capital Markets 214,736 $ 295,228 (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 Instruments | The following tables summarize the Partnership’s interest rate cap agreements as of September 30 , 2021 and December 31, 20 20 : Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Hedged (1) Counterparty Fair Value as of September 30, 2021 Aug 2019 76,953,191 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 16,573 $ 16,573 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) | 9 Months Ended |
Sep. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Partnership's Bond Purchase Commitments | The following table summarizes the Partnership’s bond purchase commitment as of September 30, 2021: Bond Purchase Commitments Commitment Date Maximum Committed Amounts Remaining Rate Estimated Closing Date Fair Value as of September 30, 2021 CCBA Senior Garden Apartments July 2020 $ 3,807,000 4.50 % Q4 2021 $ 401,223 Anaheim & Walnut September 2021 3,900,000 4.85 % Q3 2024 - $ 7,707,000 $ 401,223 |
Summary of Partnership's Maximum Exposure Under Guarantee Agreements | The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of September 30, 2021: Borrower Guarantee Maturity Maximum Balance Available on Loan Loan Balance as of September 30, 2021 Partnership's Maximum Exposure as of September 30, 2021 Guarantee Terms Vantage at Stone Creek 2023 $ 30,824,000 $ 30,501,955 $ 15,250,978 (1) Vantage at Coventry 2023 31,500,000 31,173,875 15,586,937 (1) Vantage at Murfreesboro 2022 (2) 30,500,000 30,500,000 15,250,000 (3) (1) The Partnership’s guaranty was initially for the entire amount of the loan and will decrease based on the achievement of certain events or financial ratios. The Partnership’s maximum exposure will decrease to 25% (2) The initial maturity is September 2022, though the borrower may extend the maturity date for one 6-month period. (3) 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 September 30, 2021. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation Limited Partnership(s) End of Guaranty Period Partnership's Maximum Exposure as of September 30, 2021 Ohio Properties 2026 $ 3,011,522 Greens of Pine Glen, LP 2027 2,046,028 |
Redeemable Preferred Units (Tab
Redeemable Preferred Units (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Issuances of Series A Preferred Units | The following table summarizes the outstanding Series A Preferred Units as of September 30, 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 September 30, 2021 and December 31, 2020 9,450,000 $ 94,500,000 |
Restricted Unit Awards (Tables)
Restricted Unit Awards (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of RUA Activity | The following table summarizes the RUA activity as of and for the nine months ended September 30, 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 September 30, 2021 399,136 $ 5.99 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements | The following table summarizes transactions with related parties that are reflected in the condensed consolidated financial statements for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Partnership administrative fees paid to AFCA 2 (1) $ 1,003,000 $ 922,000 $ 2,956,000 $ 2,653,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 117,000 6,000 144,000 47,000 Referral fees paid to an affiliate (3) 9,750 - 9,750 - (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. (3) 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, unless the parties mutually agree to extend the term. |
Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates | . The following table summarizes transactions between borrowers of the Partnership’s MRBs, GILs and certain property loans and affiliates for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Non-Partnership property administrative fees received by AFCA 2 (1) 8,000 9,000 $ 26,000 $ 27,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,349,000 1,414,000 4,131,000 2,277,000 (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) | 9 Months Ended |
Sep. 30, 2021 | |
Fair Value Measurements [Abstract] | |
Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments | The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of September 30, 2021 and December 31, 2020 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type September 30, 2021 December 31, 2020 September 30, 2021 December 31, 2020 Mortgage revenue bonds 0.9% - 16.6% 1.4% - 13.3% 3.1 % 3.0 % Taxable mortgage revenue bonds 4.9% - 8.0% 7.1% - 7.4% 6.7 % 7.3 % Bond purchase commitments 3.5% - 4.9% 3.5% 4.2 % 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 Basis | Assets measured at fair value on a recurring basis as of September 30, 2021 are summarized as follows: Fair Value Measurements as of September 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 $ 727,826,133 $ - $ - $ 727,826,133 Mortgage revenue bonds 15,812,184 - - 15,812,184 Bond purchase commitments (reported within other assets) 401,223 - - 401,223 Taxable mortgage revenue bonds (reported within other assets) 2,435,954 - - 2,435,954 Derivative financial instruments (reported within other assets) 311,801 - - 311,801 Total Assets at Fair Value, net $ 746,787,295 $ - $ - $ 746,787,295 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 Liabilities | The following tables summarize the activity related to Level 3 assets for the three and nine months ended September 30, 2021: For the Three Months Ended September 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 July 1, 2021 $ 777,990,096 $ 392,515 $ 1,462,862 $ 321,372 $ 780,166,845 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 34,331 - - 1,751,136 1,785,467 Included in other comprehensive income (4,561,683 ) 8,708 (24,463 ) - (4,577,438 ) Purchases 3,995,000 - 1,000,000 - 4,995,000 Settlements (33,819,427 ) - (2,445 ) (1,760,707 ) (35,582,579 ) Ending Balance September 30, 2021 $ 743,638,317 $ 401,223 $ 2,435,954 $ 311,801 $ 746,787,295 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2021 $ - $ - $ - $ (9,261 ) $ (9,261 ) (1) For the Nine Months Ended September 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) 103,292 - - 5,326,329 5,429,621 Included in earnings (provision for credit loss) (900,080 ) - - - (900,080 ) Included in other comprehensive income (18,884,461 ) (30,656 ) (67,309 ) - (18,982,426 ) Purchases 12,946,500 - 1,000,000 - 13,946,500 Settlements (44,059,419 ) - (7,174 ) (5,336,031 ) (49,402,624 ) Ending Balance September 30, 2021 $ 743,638,317 $ 401,223 $ 2,435,954 $ 311,801 $ 746,787,295 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2021 $ (900,080 ) $ - $ - $ (11,304 ) $ (911,384 ) (1) The following tables summarize the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2020: For the Three Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2020 $ 787,624,971 $ - $ - $ 1,456,279 $ 29,826 $ 789,111,076 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 34,954 - - - 125,631 160,585 Included in earnings (impairment of securities and provision for credit loss) (3,463,253 ) - - - - (3,463,253 ) Included in other comprehensive income 18,248,391 256,222 - 32,840 - 18,537,453 Purchases 2,023,500 - - - - 2,023,500 Settlements (7,931,962 ) - - (2,236 ) - (7,934,198 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2020 $ (3,463,253 ) $ - $ - $ - $ (14,569 ) $ (3,477,822 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Nine Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2020 $ 773,597,465 $ - $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 90,194 - (7,219 ) - 244,479 327,454 Included in earnings (impairment of securities and provision for credit loss) (5,285,609 ) - - - - (5,285,609 ) Included in earnings (gain on sale of securities) - - 1,416,023 - - 1,416,023 Included in other comprehensive income 32,457,107 256,222 (1,408,804 ) 110,206 - 31,414,731 Purchases 9,513,450 - - - - 9,513,450 Sale of securities - - (43,349,357 ) - - (43,349,357 ) Settlements (13,836,006 ) - - (6,560 ) (99,933 ) (13,942,499 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2020 $ (5,285,609 ) $ - $ - $ - $ 104,279 $ (5,181,330 ) (1) |
Summary of Fair Value of Partnership's Financial Liabilities | The table below summarizes the fair value of the Partnership’s financial liabilities as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 760,632,414 794,828,424 $ 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 25,429,450 25,430,834 25,984,872 25,986,514 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Partnership Reportable Segment Information | The following table details certain financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2021 and 2020: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Total revenues Mortgage Revenue Bond Investments $ 12,795,214 $ 10,763,544 $ 34,624,484 $ 31,216,575 Other Investments 3,074,909 1,527,472 8,556,926 5,305,324 MF Properties 1,811,778 1,548,931 5,294,475 5,358,132 Public Housing Capital Fund Trusts - - - 174,470 Total revenues $ 17,681,901 $ 13,839,947 $ 48,475,885 $ 42,054,501 Interest expense Mortgage Revenue Bond Investments $ 5,186,465 $ 4,813,114 $ 15,166,356 $ 14,908,641 Other Investments 193,876 - 234,375 - MF Properties 283,111 292,318 847,292 906,082 Public Housing Capital Fund Trusts - - - 197,993 Total interest expense $ 5,663,452 $ 5,105,432 $ 16,248,023 $ 16,012,716 Depreciation expense Mortgage Revenue Bond Investments $ 5,912 $ 4,688 $ 17,534 $ 10,471 Other Investments - - - - MF Properties 675,013 715,095 2,031,735 2,130,831 Public Housing Capital Fund Trusts - - - - Total depreciation expense $ 680,925 $ 719,783 $ 2,049,269 $ 2,141,302 Net income (loss) Mortgage Revenue Bond Investments $ 3,453,537 $ (1,852,974 ) $ 7,293,774 $ 888,856 Other Investments 9,836,133 1,527,605 23,546,743 5,303,194 MF Properties (301,286 ) (834,648 ) (594,599 ) (1,172,961 ) Public Housing Capital Fund Trusts - - - 1,390,999 Net income (loss) $ 12,988,384 $ (1,160,017 ) $ 30,245,918 $ 6,410,088 The following table details total assets for the Partnership’s reportable segments as of September 30, 2021 and December 31, 2020: September 30, 2021 December 31, 2020 Total assets Mortgage Revenue Bond Investments $ 1,223,689,462 $ 1,114,146,614 Other Investments 92,248,043 106,931,182 MF Properties 67,379,270 67,988,190 Public Housing Capital Fund Trusts - - Consolidation/eliminations (98,815,256 ) (113,818,107 ) Total assets $ 1,284,501,519 $ 1,175,247,879 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Subsequent Events [Abstract] | |
Summary of Initial Terms of TOB Trusts Financings | 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-XF2953 $ 2,375,000 October 2022 Weekly 0.13% 1.27% 1.40% |
Summary of Terms of MRB and Taxable MRB Commitments | In October 2021, the Partnership committed to fund an MRB and a taxable MRB for the construction and permanent financing of an affordable multifamily property. The Partnership funded its initial investment with proceeds from the Acquisition LOC. The following table summarizes the terms of the Partnership’s MRB and taxable MRB commitments: Commitment Month Acquired Property Location Units Maturity Date Variable Interest Rate (2) Initial Funding Maximum Remaining Commitment The Residency at the Mayer - Series A (1) October 2021 Los Angeles, CA 79 4/1/2039 SOFR + 3.60% $ 24,000,000 $ 5,500,000 The Residency at the Mayer - Series A-T October 2021 Los Angeles, CA 79 4/1/2024 SOFR + 3.70% 1,000,000 11,500,000 $ 25,000,000 $ 17,000,000 (1) Upon stabilization of the property, the MRB (2) The index is subject to a floor of 0.25%. |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021PreferredUnit | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of partnership preferred units | 3 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) | Sep. 30, 2021Property |
Greens Hold Co [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of Real Estate Properties | 1 |
Ownership interest percentage in MF property | 100.00% |
Lindo Paseo LLC [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Ownership interest percentage in MF property | 100.00% |
Partnership Income, Expenses _2
Partnership Income, Expenses and Cash Distributions - Additional Information (Details) | Sep. 30, 2021 |
Partners capital account, fixed rate | 3.00% |
Tier 1 [Member] | Limited Partner [Member] | |
Percent of regular allocations | 99.00% |
Tier 1 [Member] | General Partner [Member] | |
Percent of regular allocations | 1.00% |
Tier 2 [Member] | Limited Partner [Member] | |
Percent of special allocations | 75.00% |
Tier 2 [Member] | General Partner [Member] | |
Percent of special allocations | 25.00% |
Tier 3 [Member] | Limited Partner [Member] | |
Percent of special allocations | 100.00% |
Net Income per BUC (Details)
Net Income per BUC (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Earnings Per Share [Abstract] | ||||
Dilutive BUCs | 0 | 0 | 0 | 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - Property | Sep. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entities [Abstract] | ||
Number of Variable Interest Entities | 29 | 21 |
Variable Interest Entities - Va
Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 308,115,400 | $ 197,833,069 |
Mortgage Revenue Bonds [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 26,208,000 | 20,763,500 |
Taxable Mortgage Revenue Bond [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 1,000,000 | |
Governmental Issuer Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 165,986,438 | 64,863,657 |
Taxable Governmental Issuer Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 1,000,000 | |
Property Loans [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 24,276,313 | 5,327,342 |
Investments in Unconsolidated Entities [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 89,644,649 | $ 106,878,570 |
Mortgage Revenue Bonds - Schedu
Mortgage Revenue Bonds - Schedule of investments in MRBs (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | |
Mortgage Revenue Bonds Held In Trust [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns and Allowances | $ 615,938,365 | $ 637,948,068 | |
Cumulative Unrealized Gain | 111,887,768 | 130,520,576 | |
Estimated Fair Value | 727,826,133 | 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] | 9,993,374 | 10,061,161 |
Cumulative Unrealized Gain | [1] | 2,104,001 | 2,487,317 |
Estimated Fair Value | [1] | 12,097,375 | 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] | 4,443,092 | 4,483,154 |
Cumulative Unrealized Gain | [2] | 908,843 | 1,010,425 |
Estimated Fair Value | [2] | 5,351,935 | 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] | 3,643,723 | 3,668,439 |
Cumulative Unrealized Gain | [1] | 735,305 | 889,216 |
Estimated Fair Value | [1] | 4,379,028 | 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] | 6,745,564 | 6,791,096 |
Cumulative Unrealized Gain | [1] | 1,461,331 | 1,724,350 |
Estimated Fair Value | [1] | 8,206,895 | 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] | 6,559,492 | 6,621,823 |
Cumulative Unrealized Gain | [3] | 1,375,319 | 1,606,690 |
Estimated Fair Value | [3] | 7,934,811 | 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] | 1,653,240 | 1,664,566 |
Cumulative Unrealized Gain | [1] | 338,062 | 400,431 |
Estimated Fair Value | [1] | 1,991,302 | 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] | 2,407,071 | 2,428,775 |
Cumulative Unrealized Gain | [2] | 492,371 | 572,671 |
Estimated Fair Value | [2] | 2,899,442 | 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] | 7,583,121 | 7,626,287 |
Cumulative Unrealized Gain | [4] | 1,986,677 | 2,350,276 |
Estimated Fair Value | [4] | 9,569,798 | 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] | 10,070,000 | 2,023,500 |
Cumulative Unrealized Gain | [4] | 211,967 | 215,633 |
Estimated Fair Value | [4] | 10,281,967 | 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] | 6,712,763 | 6,720,000 |
Cumulative Unrealized Gain | [4] | 2,094,223 | 2,404,771 |
Estimated Fair Value | [4] | 8,806,986 | 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] | 3,408,893 | 3,432,246 |
Cumulative Unrealized Gain | [1] | 682,336 | 809,327 |
Estimated Fair Value | [1] | 4,091,229 | 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] | 2,916,076 | 2,942,370 |
Cumulative Unrealized Gain | [2] | 596,489 | 724,678 |
Estimated Fair Value | [2] | 3,512,565 | 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] | 4,200,917 | 4,236,876 |
Cumulative Unrealized Gain | [1] | 1,032,960 | 1,180,122 |
Estimated Fair Value | [1] | 5,233,877 | 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] | 7,185,492 | 7,233,993 |
Cumulative Unrealized Gain | [1] | 1,556,635 | 1,836,808 |
Estimated Fair Value | [1] | 8,742,127 | 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] | 12,098,022 | 12,179,682 |
Cumulative Unrealized Gain | [1] | 2,620,866 | 2,973,846 |
Estimated Fair Value | [1] | 14,718,888 | 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] | 6,274,432 | 6,316,993 |
Cumulative Unrealized Gain | [1] | 1,184,799 | 1,470,689 |
Estimated Fair Value | [1] | 7,459,231 | 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] | 3,485,656 | 3,517,919 |
Cumulative Unrealized Gain | [1] | 735,059 | 888,485 |
Estimated Fair Value | [1] | 4,220,715 | 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] | 3,013,642 | 3,034,084 |
Cumulative Unrealized Gain | [1] | 634,491 | 735,450 |
Estimated Fair Value | [1] | 3,648,133 | 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] | 5,713,008 | 5,767,938 |
Cumulative Unrealized Gain | [3] | 765,866 | 939,214 |
Estimated Fair Value | [3] | 6,478,874 | 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] | 3,947,054 | 3,969,173 |
Cumulative Unrealized Gain | [4] | 997,673 | 1,226,058 |
Estimated Fair Value | [4] | 4,944,727 | 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] | 3,733,442 | 3,769,337 |
Cumulative Unrealized Gain | [3] | 727,207 | 859,860 |
Estimated Fair Value | [3] | 4,460,649 | 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] | 7,344,918 | 7,374,252 |
Cumulative Unrealized Gain | [5] | 1,847,424 | 2,201,663 |
Estimated Fair Value | [5] | 9,192,342 | 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] | 495,838 | 641,581 |
Estimated Fair Value | [3] | 5,450,838 | 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] | 10,767,672 | 10,870,681 |
Cumulative Unrealized Gain | [2] | 3,942,658 | 4,293,328 |
Estimated Fair Value | [2] | 14,710,330 | 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] | 36,185,509 | 36,234,756 |
Estimated Fair Value | [4] | 36,185,509 | 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] | 14,225 | 56,458 |
Estimated Fair Value | [5] | 4,107,225 | 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] | 132,943 | 136,612 |
Estimated Fair Value | [4] | 2,732,943 | 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] | 7,748,000 | 7,829,000 |
Cumulative Unrealized Gain | [3] | 378,239 | 663,781 |
Estimated Fair Value | [3] | 8,126,239 | 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] | 176,406 | 178,960 |
Estimated Fair Value | [4] | 3,626,406 | 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] | 7,647,135 | 7,697,891 |
Cumulative Unrealized Gain | [2] | 1,797,774 | 1,995,694 |
Estimated Fair Value | [2] | 9,444,909 | 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] | 4,900,000 | |
Estimated Fair Value | [4] | 4,900,000 | |
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] | 16,099,958 | 16,189,074 |
Cumulative Unrealized Gain | [6] | 4,093,405 | 4,879,623 |
Estimated Fair Value | [6] | 20,193,363 | 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] | 13,616,000 | 13,724,000 |
Cumulative Unrealized Gain | [5] | 61,243 | |
Estimated Fair Value | [5] | 13,616,000 | 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] | 7,145,000 | 7,235,000 |
Cumulative Unrealized Gain | [5] | 73,927 | 153,657 |
Estimated Fair Value | [5] | 7,218,927 | 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] | 12,769,035 | 12,898,904 |
Cumulative Unrealized Gain | [1] | 2,149,253 | 2,689,886 |
Estimated Fair Value | [1] | 14,918,288 | 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] | 10,957,982 | 11,055,254 |
Cumulative Unrealized Gain | [1] | 1,913,654 | 2,208,446 |
Estimated Fair Value | [1] | 12,871,636 | 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] | 6,125,082 | 6,136,261 |
Cumulative Unrealized Gain | [5] | 1,953,483 | 2,277,289 |
Estimated Fair Value | [5] | 8,078,565 | 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] | 18,445,321 | 18,619,081 |
Cumulative Unrealized Gain | [3] | 2,419,261 | 2,906,879 |
Estimated Fair Value | [3] | 20,864,582 | 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] | 9,747,304 | 9,802,479 |
Cumulative Unrealized Gain | [1] | 2,034,411 | 1,353,745 |
Estimated Fair Value | [1] | 11,781,715 | 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] | 12,592,729 | 12,720,560 |
Cumulative Unrealized Gain | [1] | 2,005,382 | 2,650,995 |
Estimated Fair Value | [1] | 14,598,111 | 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] | 10,795,450 | 10,910,733 |
Cumulative Unrealized Gain | [3] | 3,772,762 | 2,704,295 |
Estimated Fair Value | [3] | 14,568,212 | 13,615,028 |
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] | 13,713,412 | 13,815,817 |
Cumulative Unrealized Gain | [4] | 2,499,600 | 3,189,896 |
Estimated Fair Value | [4] | 16,213,012 | 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] | 9,052,461 | 9,140,656 |
Cumulative Unrealized Gain | [3] | 1,874,594 | 2,376,580 |
Estimated Fair Value | [3] | 10,927,055 | 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] | 7,319,090 | 7,388,262 |
Cumulative Unrealized Gain | [3] | 1,578,486 | 1,854,785 |
Estimated Fair Value | [3] | 8,897,576 | 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] | 12,615,887 | 12,721,014 |
Cumulative Unrealized Gain | [2] | 2,369,577 | 2,790,208 |
Estimated Fair Value | [2] | 14,985,464 | 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] | 5,197,106 | 5,235,915 |
Cumulative Unrealized Gain | [4] | 748,346 | 1,084,347 |
Estimated Fair Value | [4] | 5,945,452 | 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] | 39,461,504 | 39,756,184 |
Cumulative Unrealized Gain | [4] | 6,913,829 | 8,703,609 |
Estimated Fair Value | [4] | 46,375,333 | 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] | 6,319,751 | 6,379,479 |
Cumulative Unrealized Gain | [3] | 1,311,792 | 1,601,535 |
Estimated Fair Value | [3] | 7,631,543 | 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] | 15,421,844 | 15,572,093 |
Cumulative Unrealized Gain | [3] | 3,074,231 | 3,779,139 |
Estimated Fair Value | [3] | 18,496,075 | 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] | 5,010,813 | 5,058,171 |
Cumulative Unrealized Gain | [3] | 1,101,075 | 1,292,513 |
Estimated Fair Value | [3] | 6,111,888 | 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] | 17,568,495 | 17,674,167 |
Cumulative Unrealized Gain | [1] | 4,511,584 | 3,792,253 |
Estimated Fair Value | [1] | 22,080,079 | 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] | 18,655,305 | 18,796,773 |
Cumulative Unrealized Gain | [1] | 4,168,584 | 4,888,537 |
Estimated Fair Value | [1] | 22,823,889 | 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] | 13,068,923 | 13,168,029 |
Cumulative Unrealized Gain | [1] | 3,027,488 | 3,543,909 |
Estimated Fair Value | [1] | 16,096,411 | 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] | 20,245,162 | 20,398,687 |
Cumulative Unrealized Gain | [1] | 4,606,709 | 5,397,326 |
Estimated Fair Value | [1] | 24,851,871 | 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] | 7,273,669 | 7,331,821 |
Cumulative Unrealized Gain | [1] | 1,586,241 | 1,810,458 |
Estimated Fair Value | [1] | 8,859,910 | 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] | 22,124,707 | 22,270,729 |
Cumulative Unrealized Gain | [1] | 5,058,303 | 5,600,721 |
Estimated Fair Value | [1] | 27,183,010 | 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] | 19,109,120 | 19,218,417 |
Cumulative Unrealized Gain | [1] | 5,252,121 | 5,955,488 |
Estimated Fair Value | [1] | 24,361,241 | 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] | 6,659,170 | 6,712,409 |
Cumulative Unrealized Gain | [1] | 1,452,231 | 1,600,836 |
Estimated Fair Value | [1] | 8,111,401 | 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] | 10,487,401 | 10,579,057 |
Cumulative Unrealized Gain | [2] | 1,878,152 | 2,095,871 |
Estimated Fair Value | [2] | 12,365,553 | 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] | 12,054,029 | 12,135,392 |
Cumulative Unrealized Gain | [1] | 2,173,762 | 2,597,201 |
Estimated Fair Value | [1] | 14,227,791 | 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] | 1,119 | 105,634 |
Estimated Fair Value | [5] | 9,741,119 | 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] | 11,516,868 | 11,462,172 |
Cumulative Unrealized Gain | [5] | 1,424,311 | 1,917,286 |
Estimated Fair Value | [5] | 12,941,179 | 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] | 9,550,479 | 9,604,680 |
Cumulative Unrealized Gain | [1] | 2,832,108 | 3,257,826 |
Estimated Fair Value | [1] | 12,382,587 | 12,862,506 |
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 | |
Cumulative Unrealized Gain | [4] | 578,247 | |
Estimated Fair Value | [4] | 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 | |
Cumulative Unrealized Gain | [4] | 1,345,919 | |
Estimated Fair Value | [4] | 22,897,519 | |
Mortgage Revenue Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns and Allowances | 14,572,900 | 24,472,905 | |
Cumulative Unrealized Gain | 1,239,284 | 1,490,936 | |
Estimated Fair Value | 15,812,184 | 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 Allowances | 921,935 | 925,607 | |
Cumulative Unrealized Gain | 62,330 | 107,347 | |
Estimated Fair Value | 984,265 | 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 Allowances | 3,470,560 | 3,485,690 | |
Cumulative Unrealized Gain | 13,578 | ||
Estimated Fair Value | 3,470,560 | 3,499,268 | |
Mortgage Revenue Bonds [Member] | Avistar at the Crest [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns and Allowances | 731,998 | 735,974 | |
Cumulative Unrealized Gain | 117,989 | 144,746 | |
Estimated Fair Value | 849,987 | 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 Allowances | 535,927 | 538,723 | |
Cumulative Unrealized Gain | 85,705 | 100,668 | |
Estimated Fair Value | 621,632 | 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 Allowances | 123,696 | 123,973 | |
Cumulative Unrealized Gain | 38,527 | 43,650 | |
Estimated Fair Value | 162,223 | 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 Allowances | 442,092 | 444,398 | |
Cumulative Unrealized Gain | 70,699 | 83,042 | |
Estimated Fair Value | 512,791 | 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 Allowances | 434,955 | 437,318 | |
Cumulative Unrealized Gain | 67,137 | 82,718 | |
Estimated Fair Value | 502,092 | 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 Allowances | 2,653,659 | 2,665,000 | |
Cumulative Unrealized Gain | 796,897 | 891,612 | |
Estimated Fair Value | 3,450,556 | 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 Allowances | 5,258,078 | 6,161,954 | |
Estimated Fair Value | $ 5,258,078 | 6,161,954 | |
Mortgage Revenue Bonds [Member] | Rosewood Townhomes [Member] | Series B [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns and Allowances | 469,781 | ||
Cumulative Unrealized Gain | 2,549 | ||
Estimated Fair Value | 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 Allowances | 1,099,487 | ||
Cumulative Unrealized Gain | 5,967 | ||
Estimated Fair Value | 1,105,454 | ||
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 Allowances | 7,385,000 | ||
Cumulative Unrealized Gain | 15,059 | ||
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 ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Schedule Of Available For Sale Securities [Line Items] | |||||
Provision for credit loss | $ 3,463,253 | $ 900,080 | $ 5,285,609 | ||
Redemption of contingent interest income | $ 1,800,000 | ||||
Provision Center 2014-1 [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Provision for credit loss | $ 0 | $ 900,000 | |||
Live 929 Apartments [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Provision for credit loss | $ 3,500,000 | ||||
Live 929 Apartments and Provision Center 2014-1 [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Provision for credit loss | $ 5,300,000 | ||||
Rosewood Townhomes and South Pointe Apartments [Member] | Series A MRB [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Redemption price | 106.00% |
Mortgage Revenue Bonds - Sche_2
Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details) | 9 Months Ended | ||
Sep. 30, 2021USD ($)Unit | Sep. 30, 2020USD ($)Unit | ||
Schedule Of Available For Sale Securities [Line Items] | |||
Units | Unit | 4,332 | ||
Initial Principal Acquired | $ | $ 9,498,500 | ||
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% | |
Initial 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% | |
Initial 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% | |
Initial Principal Acquired | $ | [2] | $ 5,785,000 | |
Ocotillo Springs [Member] | Brawley, CA [Member] | Series A [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | [3] | July | |
Units | Unit | [3] | 75 | |
Maturity Date | [3] | Aug. 1, 2037 | |
Interest Rate | [3],[4] | 4.55% | |
Initial Principal Acquired | $ | [3] | $ 2,023,500 | |
[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. | ||
[3] | The Partnership has committed to provide total funding of the MRB up to $15.0 million during construction and lease-up 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 is approximately $3.5 million | ||
[4] | The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25%, subject to a floor of 4.55%, during construction of the project until stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35% |
Mortgage Revenue Bonds - Sche_3
Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Parenthetical) (Details) - USD ($) | Sep. 30, 2021 | Sep. 30, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Commitment to provide maximum funding of MRB | $ 6,900,000 | |
Maximum balance of the MRB after stabilization | $ 4,800,000 | |
Mortgage Revenue Bonds [Member] | Ocotillo Springs [Member] | Brawley, CA [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Maximum amount committed to fund | $ 15,000,000 | |
Maximum balance of mortgage revenue bonds after stabilization | $ 3,500,000 | |
Mortgage Revenue Bonds [Member] | Ocotillo Springs [Member] | Brawley, CA [Member] | LIBOR [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Variable interest rate | 3.25% | |
Floor rate | 4.55% | |
Fixed interest rate | 4.35% |
Mortgage Revenue Bonds - Sche_4
Mortgage Revenue Bonds - Schedule of MRB Redeemed (Details) | 9 Months Ended | ||
Sep. 30, 2021USD ($)Unit | Sep. 30, 2020USD ($)Unit | ||
Schedule Of Available For Sale Securities [Line Items] | |||
Units | 4,332 | ||
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 | $ | $ 39,765,074 | $ 9,583,000 | |
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] | Rosewood Townhomes [Member] | Series A [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | July | ||
Units | 100 | ||
Maturity Date | Jul. 1, 2055 | ||
Interest Rate | 5.75% | ||
Principal Outstanding at Date of Redemption | $ | $ 9,259,206 | ||
Mortgage Revenue Bonds [Member] | Rosewood Townhomes [Member] | Series B [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | July | ||
Units | 100 | ||
Maturity Date | Aug. 1, 2055 | ||
Interest Rate | 12.00% | ||
Principal Outstanding at Date of Redemption | $ | $ 469,781 | ||
Mortgage Revenue Bonds [Member] | South Pointe Apartments [Member] | Series A [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | July | ||
Units | 256 | ||
Maturity Date | Jul. 1, 2055 | ||
Interest Rate | 5.75% | ||
Principal Outstanding at Date of Redemption | $ | $ 21,551,600 | ||
Mortgage Revenue Bonds [Member] | South Pointe Apartments [Member] | Series B [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | July | ||
Units | 256 | ||
Maturity Date | Aug. 1, 2055 | ||
Interest Rate | 12.00% | ||
Principal Outstanding at Date of Redemption | $ | $ 1,099,487 | ||
Mortgage Revenue Bonds [Member] | Solano Vista [Member] | Series B [Member] | Vallejo, CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | January | ||
Units | 96 | ||
Maturity Date | Jan. 1, 2021 | ||
Interest Rate | 5.85% | ||
Principal Outstanding at Date of Redemption | $ | $ 3,103,000 | ||
Mortgage Revenue Bonds [Member] | Montevista [Member] | Series B [Member] | San Pablo, CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Redeemed | August | ||
Units | 82 | ||
Maturity Date | Jul. 1, 2021 | ||
Interest Rate | 8.00% | ||
Principal Outstanding at Date of Redemption | $ | $ 6,480,000 | ||
[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 Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Allowance for Credit Loss [Abstract] | |||||
Balance, beginning of period | $ 8,219,000 | $ 1,823,000 | $ 7,319,000 | $ 0 | |
Provision for credit loss | 0 | 3,463,000 | 900,000 | 5,286,000 | |
Balance, end of period | [1] | $ 8,219,000 | $ 5,286,000 | $ 8,219,000 | $ 5,286,000 |
[1] | The allowance for credit losses as of September 30, 2021 and 2020 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) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021USD ($)Unit | Dec. 31, 2020USD ($)Unit | ||||
Governmental Issuer Loans [Line Items] | |||||
Units | Unit | 4,332 | ||||
Maximum Remaining Commitment | $ 152,121,106 | ||||
SIFMA [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Variable Interest Rate | 2.25% | 2.25% | |||
Scharbauer Flats Apartments [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Maturity Date | [1] | Jan. 1, 2023 | |||
Maximum Remaining Commitment | $ 20,850,387 | ||||
Oasis at Twin Lakes [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Maturity Date | [1] | Aug. 1, 2023 | |||
Maximum Remaining Commitment | $ 13,755,209 | ||||
Centennial Crossings [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Maturity Date | [1] | Sep. 1, 2023 | |||
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 | ||||
Legacy Commons at Signal Hills [Member] | SOFR [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Variable Interest Rate | [2] | 3.07% | |||
Hilltop at Signal Hills [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Maturity Date | [1] | Aug. 1, 2023 | |||
Maximum Remaining Commitment | $ 20,197,939 | ||||
Hilltop at Signal Hills [Member] | SOFR [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Variable Interest Rate | [2] | 3.07% | |||
Osprey Village [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Maturity Date | [1] | Aug. 1, 2024 | |||
Maximum Remaining Commitment | $ 24,500,000 | ||||
Osprey Village [Member] | SOFR [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Variable Interest Rate | [2] | 3.07% | |||
Willow Place Apartments [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Maturity Date | [1] | Oct. 1, 2024 | |||
Maximum Remaining Commitment | $ 20,351,328 | ||||
Willow Place Apartments [Member] | SOFR [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Variable Interest Rate | [3] | 3.30% | |||
Governmental Issuer Loans [Member] | TOB Trust [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Amortized Cost | $ 165,986,438 | $ 64,863,657 | |||
Maximum Remaining Commitment | $ 120,659,185 | ||||
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | Midland, TX [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Month Acquired | June 2020 | [4] | June 2020 | [5] | |
Units | Unit | 300 | [4] | 300 | [5] | |
Maturity Date | Jan. 1, 2023 | [4],[6] | Jan. 1, 2023 | [5],[7] | |
Current Interest Rate | 3.15% | [4] | 3.19% | [5] | |
Amortized Cost | $ 40,000,000 | [4] | $ 40,000,000 | [5] | |
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | SIFMA [Member] | Midland, TX [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Variable Interest Rate | 3.10% | [4] | 3.10% | [5] | |
Governmental Issuer Loans [Member] | Oasis at Twin Lakes [Member] | TOB Trust [Member] | Roseville, MN [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Month Acquired | July 2020 | [4] | July 2020 | [5] | |
Units | Unit | 228 | [4] | 228 | [5] | |
Maturity Date | Aug. 1, 2023 | [4],[6] | Aug. 1, 2023 | [5],[7] | |
Current Interest Rate | 3.75% | [4] | 3.75% | [5] | |
Amortized Cost | $ 34,000,000 | [4] | $ 14,403,000 | [5] | |
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 | [8],[9] | 3.25% | [4] | 3.25% | [5] |
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | Centennial, CO [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Month Acquired | August 2020 | [4] | August 2020 | [5] | |
Units | Unit | 209 | [4] | 209 | [5] | |
Maturity Date | Sep. 1, 2023 | [4],[6] | Sep. 1, 2023 | [5],[7] | |
Current Interest Rate | 3.25% | [4] | 3.25% | [5] | |
Amortized Cost | $ 31,894,945 | [4] | $ 10,460,657 | [5] | |
Maximum Remaining Commitment | [4] | $ 1,185,055 | |||
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | SIFMA [Member] | Centennial, CO [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Variable Interest Rate | [8] | 2.75% | [4] | 2.75% | [5] |
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | St. Paul, MN [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Month Acquired | [4] | January 2021 | |||
Units | Unit | [4] | 247 | |||
Maturity Date | [4],[6] | Feb. 1, 2024 | |||
Current Interest Rate | [4] | 3.57% | |||
Amortized Cost | [4] | $ 26,862,183 | |||
Maximum Remaining Commitment | [4] | $ 7,757,817 | |||
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 | [4],[8] | 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 | [4] | January 2021 | |||
Units | Unit | [4] | 146 | |||
Maturity Date | [4],[6] | Aug. 1, 2023 | |||
Current Interest Rate | [4] | 3.57% | |||
Amortized Cost | [4] | $ 14,995,969 | |||
Maximum Remaining Commitment | [4] | $ 9,454,031 | |||
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 | [4],[8] | 3.07% | |||
Governmental Issuer Loans [Member] | Hope on Avalon [Member] | TOB Trust [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Maturity Date | [10] | Feb. 1, 2023 | |||
Governmental Issuer Loans [Member] | Hope on Avalon [Member] | TOB Trust [Member] | Los Angeles, CA [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Month Acquired | January 2021 | ||||
Units | Unit | 88 | ||||
Maturity Date | [6] | Feb. 1, 2023 | |||
Current Interest Rate | 4.60% | ||||
Amortized Cost | $ 8,981,200 | ||||
Maximum Remaining Commitment | $ 14,408,800 | ||||
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 | [8] | 3.75% | |||
Governmental Issuer Loans [Member] | Hope on Broadway [Member] | TOB Trust [Member] | Los Angeles, CA [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Month Acquired | January 2021 | ||||
Units | Unit | 49 | ||||
Maturity Date | [6] | Feb. 1, 2023 | |||
Current Interest Rate | 4.60% | ||||
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 | [8] | 3.75% | |||
Governmental Issuer Loans [Member] | Osprey Village [Member] | TOB Trust [Member] | Kissimmee FL [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Month Acquired | [4] | July 2021 | |||
Units | Unit | [4] | 383 | |||
Maturity Date | [4],[6] | Aug. 1, 2024 | |||
Current Interest Rate | [4] | 3.57% | |||
Amortized Cost | [4] | $ 3,589,110 | |||
Maximum Remaining Commitment | [4] | $ 56,410,890 | |||
Governmental Issuer Loans [Member] | Osprey Village [Member] | TOB Trust [Member] | SOFR [Member] | Kissimmee FL [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Variable Interest Rate | [4],[8] | 3.07% | |||
Governmental Issuer Loans [Member] | Willow Place Apartments [Member] | TOB Trust [Member] | McDonough, GA [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Month Acquired | [4] | September 2021 | |||
Units | Unit | [4] | 182 | |||
Maturity Date | [4],[6] | Oct. 1, 2024 | |||
Current Interest Rate | [4] | 3.55% | |||
Amortized Cost | [4] | $ 1,971,786 | |||
Maximum Remaining Commitment | [4] | $ 23,028,214 | |||
Governmental Issuer Loans [Member] | Willow Place Apartments [Member] | TOB Trust [Member] | SOFR [Member] | McDonough, GA [Member] | |||||
Governmental Issuer Loans [Line Items] | |||||
Variable Interest Rate | [4],[8] | 3.30% | |||
[1] | The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee. | ||||
[2] | The index is subject to a floor of 0.5% | ||||
[3] | The index is subject to a floor of 0.25% | ||||
[4] | The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). | ||||
[5] | The Freddie Mac servicer that has forward committed to purchase the GIL at maturity is an affiliate of the Partnership (Note 22). | ||||
[6] | 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. | ||||
[7] | 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. | ||||
[8] | The variable index interest rate component is subject to a floor. | ||||
[9] | The variable rate decreases to SIFMA plus 2.25% upon completion of c | ||||
[10] | 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) | Sep. 30, 2021 | Dec. 31, 2020 |
SIFMA [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Variable rate | 2.25% | 2.25% |
Governmental Issuer Loans - Add
Governmental Issuer Loans - Additional Information (Details) - Governmental Issuer Loans [Member] - USD ($) $ in Millions | Sep. 30, 2021 | Sep. 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 commitment | 24.5 | |
Hope on Avalon [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Loans commitment | 23.4 | |
Hope on Broadway [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Loans commitment | 12.1 | |
Osprey Village [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Loans commitment | 60 | |
Willow Place Apartments [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Loans commitment | $ 25 | |
Scharbauer Flats Apartments [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Loans commitment | $ 40 | |
Oasis at Twin Lakes [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Loans commitment | 34 | |
Centennial Crossings [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Loans commitment | $ 33.1 |
Real Estate Assets - Real Estat
Real Estate Assets - Real Estate Assets Owned by Partnership (Details) | Sep. 30, 2021USD ($)Unit | Dec. 31, 2020USD ($)Unit | |
Real Estate [Line Items] | |||
Number of Units | Unit | 4,332 | ||
Land and Land Improvements | $ 7,991,156 | $ 4,875,265 | |
Buildings and improvements | 72,421,529 | 72,316,152 | |
Carrying Value | 80,412,685 | 77,191,417 | |
Accumulated depreciation | (20,181,951) | (18,150,215) | |
Net real estate assets | $ 60,230,734 | $ 59,041,202 | |
Suites on Paseo [Member] | San Diego, CA [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 384 | 384 | |
Land and Land Improvements | $ 3,199,268 | $ 3,199,268 | |
Buildings and improvements | 39,456,777 | 39,375,298 | |
Carrying Value | $ 42,656,045 | $ 42,574,566 | |
The 50/50 Student Housing--UNL [Member] | Lincoln, NE [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 475 | 475 | |
Buildings and improvements | $ 32,964,752 | $ 32,940,854 | |
Carrying Value | $ 32,964,752 | 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 | |
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) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Real Estate [Line Items] | |
Impairment charge on real estate assets | $ 25,200 |
Gardner, KS [Member] | |
Real Estate [Line Items] | |
Impairment charge on real estate assets | $ 25,200 |
Investments in Unconsolidated_3
Investments in Unconsolidated Entities - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Aug. 31, 2021 | May 31, 2021 | Mar. 31, 2021 | Jun. 30, 2020 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2021 | Apr. 30, 2021 | Aug. 31, 2020 | Jan. 31, 2020 | |
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Gain on sale of investments in unconsolidated entities | $ 6,954,649 | $ 15,227,239 | ||||||||
Vantage At Germantown [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Cash received | $ 16,100,000 | |||||||||
Income on sale of properties | 862,000 | |||||||||
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 | $ 16,300,000 | |||||||||
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 | $ 12,600,000 | |||||||||
Vantage At Powdersville [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Cash received | 20,100,000 | |||||||||
Income on sale of properties | 2,400,000 | |||||||||
Gain on sale of investments in unconsolidated entities | $ 5,500,000 | |||||||||
Vantage At Bulverde [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Cash received | $ 18,900,000 | |||||||||
Income on sale of properties | 1,400,000 | |||||||||
Gain on sale of investments in unconsolidated entities | $ 7,000,000 | |||||||||
Vantage At Fair Oaks [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Equity commitment of fund construction | $ 11,000,000 | $ 11,000,000 | ||||||||
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 | $ 10,600,000 | |||||||||
Income on sale of properties | $ 1,300,000 | $ 201,000 | ||||||||
Vantage At Tomball [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Equity commitment of fund construction | $ 10,400,000 | |||||||||
ATAX Vantage Holdings, LLC [Member] | Minimum [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Return on investment period | 2 years | |||||||||
ATAX Vantage Holdings, LLC [Member] | Maximum [Member] | ||||||||||
Schedule Of Equity Method Investments [Line Items] | ||||||||||
Return on investment period | 3 years |
Investments in Unconsolidated_4
Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) | 9 Months Ended | ||
Sep. 30, 2021USD ($)Unit | Dec. 31, 2020USD ($) | ||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 4,332 | ||
Carrying Value | $ 89,644,649 | $ 106,878,570 | |
Maximum Remaining Equity Commitment | $ 37,427,822 | ||
Vantage At Powdersville [Member] | Powdersville S C [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | November 2017 | ||
Construction Completion Date | 2020-02 | ||
Carrying Value | 12,295,801 | ||
Vantage At Stone Creek [Member] | Omaha, NE [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 294 | ||
Month Commitment Executed | March 2018 | ||
Construction Completion Date | 2020-04 | ||
Carrying Value | $ 7,840,500 | 7,840,500 | |
Vantage At Bulverde [Member] | Bulverde T X [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | March 2018 | ||
Construction Completion Date | 2019-08 | ||
Carrying Value | 10,570,000 | ||
Vantage At Germantown [Member] | Germantown, TN [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | June 2018 | ||
Construction Completion Date | 2020-03 | ||
Carrying Value | 12,425,000 | ||
Vantage At Murfreesboro [Member] | Murfreesboro, TN [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | September 2018 | ||
Construction Completion Date | 2020-10 | ||
Carrying Value | $ 12,240,000 | 14,640,000 | |
Vantage At Coventry [Member] | Omaha, NE [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 294 | ||
Month Commitment Executed | September 2018 | ||
Construction Completion Date | 2021-02 | ||
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 | Unit | 288 | ||
Month Commitment Executed | October 2019 | ||
Construction Completion Date | 2021-06 | ||
Carrying Value | $ 8,885,353 | 8,245,890 | |
Vantage At Conroe [Member] | Conroe T X [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | April 2019 | ||
Construction Completion Date | 2021-01 | ||
Carrying Value | $ 11,164,625 | 10,406,895 | |
Vantage At Westover Hills [Member] | San Antonio, TX [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | January 2020 | ||
Construction Completion Date | 2021-07 | ||
Carrying Value | $ 8,643,608 | 8,021,544 | |
Vantage At Tomball [Member] | Tomball TX [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | August 2020 | ||
Carrying Value | $ 11,524,260 | 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 | Unit | 288 | ||
Month Commitment Executed | November 2020 | ||
Carrying Value | $ 1,057,823 | $ 981,695 | |
Maximum Remaining Equity Commitment | $ 8,943,914 | ||
Vantage at Loveland [Member] | Loveland, CO [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | April 2021 | ||
Carrying Value | $ 7,970,362 | ||
Maximum Remaining Equity Commitment | $ 8,633,831 | ||
Vantage at Helotes [Member] | Helotes, TX [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | May 2021 | ||
Carrying Value | $ 6,932,720 | ||
Maximum Remaining Equity Commitment | $ 5,833,703 | ||
Vantage At Fair Oaks [Member] | Boerne, TX [Member] | |||
Schedule Of Equity Method Investments [Line Items] | |||
Units | Unit | 288 | ||
Month Commitment Executed | June 2021 | ||
Carrying Value | $ 4,377,963 | ||
Maximum Remaining Equity Commitment | $ 6,656,422 | ||
[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 Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | ||||
Property Revenues | $ 6,486,029 | $ 3,501,288 | $ 17,444,805 | $ 8,971,999 |
Gain on sale of property | 17,646,543 | 372,974 | 42,273,235 | 6,635,966 |
Net income (loss) | $ 17,591,694 | $ (1,495,383) | $ 38,102,642 | $ 341,905 |
Property Loans, Net of Loan L_3
Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 | |
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | $ 40,313,588 | $ 21,225,765 | |
Loan Loss Allowance | (8,635,162) | (8,305,046) | |
Property Loan Principal, net of allowance | 31,678,426 | 12,920,719 | |
Avistar (February 2013 Portfolio) [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | 201,972 | 201,972 | |
Property Loan Principal, net of allowance | 201,972 | 201,972 | |
Avistar (June 2013 Portfolio) [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | 251,622 | 251,622 | |
Property Loan Principal, net of allowance | 251,622 | 251,622 | |
Centennial Crossings [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | [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 balance | 11,101,887 | 11,101,887 | |
Loan Loss Allowance | (7,393,814) | (7,393,814) | |
Property Loan Principal, net of allowance | 3,708,073 | 3,708,073 | |
Greens Property [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | 850,000 | 850,000 | |
Property Loan Principal, net of allowance | 850,000 | 850,000 | |
Live 929 Apartments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | 1,241,348 | 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 balance | 2,390,446 | 2,390,446 | |
Property Loan Principal, net of allowance | 2,390,446 | 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] | 3,309,613 | 2,309,613 |
Property Loan Principal, net of allowance | [1],[2] | 3,309,613 | 2,309,613 |
Oasis at Twin Lakes [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | [1],[2] | 13,948,971 | |
Property Loan Principal, net of allowance | [1],[2] | 13,948,971 | |
Osprey Village [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 | |
Willow Place Apartments [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | [1] | 1,000,000 | |
Property Loan Principal, net of allowance | [1] | $ 1,000,000 | |
Arbors at Hickory Ridge [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Property loan receivable, outstanding balance | 191,264 | ||
Property Loan Principal, net of allowance | $ 191,264 | ||
[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 ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Aug. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Aug. 31, 2019 | |
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||
Provision for loans loss allowance | $ 811,706 | $ 330,116 | $ 811,706 | |||
Live 929 Apartments [Member] | ||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||
Provision for loans loss allowance | $ 0 | 812,000 | 330,000 | 812,000 | ||
Total property loan amount | 1,500,000 | 1,500,000 | $ 1,000,000 | |||
Secured property loan advances | 406,000 | 406,000 | ||||
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 | ||
Legacy Commons At Signal Hills Hill top At Signal Hills Osprey Village and Willow Place Apartments [Member] | ||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||
Property loan commitments | $ 100,300,000 | $ 100,300,000 | ||||
Arbors at Hickory Ridge [Member] | ||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||
Amount received as payment in full for outstanding principal and interest on a note receivable | $ 328,000 | |||||
Scharbauer Flats Apartments Oasis At Twin Lakes Apartments And Centennial Crossings [Member] | ||||||
Property Loans Net Of Loan Loss Allowance [Line Items] | ||||||
Property loan commitments | $ 76,100,000 | $ 76,100,000 |
Property Loans, Net of Loan L_5
Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Remaining Property Loan Commitments (Details) | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maximum Remaining Commitment | $ 152,121,106 | |
Centennial Crossings [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Date | Sep. 1, 2023 | [1] |
Maximum Remaining Commitment | $ 21,232,271 | |
Centennial Crossings [Member] | LIBOR [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Variable interest rate | 2.50% | [2] |
Hilltop at Signal Hills [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Date | Aug. 1, 2023 | [1] |
Maximum Remaining Commitment | $ 20,197,939 | |
Hilltop at Signal Hills [Member] | SOFR [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Variable interest rate | 3.07% | [2] |
Legacy Commons at Signal Hills [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Date | Feb. 1, 2024 | [1] |
Maximum Remaining Commitment | $ 31,233,972 | |
Legacy Commons at Signal Hills [Member] | SOFR [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Variable interest rate | 3.07% | [2] |
Oasis at Twin Lakes [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Date | Aug. 1, 2023 | [1] |
Maximum Remaining Commitment | $ 13,755,209 | |
Oasis at Twin Lakes [Member] | LIBOR [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Variable interest rate | 2.50% | [2] |
Scharbauer Flats Apartments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Date | Jan. 1, 2023 | [1] |
Maximum Remaining Commitment | $ 20,850,387 | |
Scharbauer Flats Apartments [Member] | LIBOR [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Variable interest rate | 2.85% | |
Osprey Village [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Date | Aug. 1, 2024 | [1] |
Maximum Remaining Commitment | $ 24,500,000 | |
Osprey Village [Member] | SOFR [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Variable interest rate | 3.07% | [2] |
Willow Place Apartments [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Maturity Date | Oct. 1, 2024 | [1] |
Maximum Remaining Commitment | $ 20,351,328 | |
Willow Place Apartments [Member] | SOFR [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Variable interest rate | 3.30% | [3] |
[1] | The borrower may elect to extend the maturity date for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee. | |
[2] | The index is subject to a floor of 0.5% | |
[3] | The index is subject to a floor of 0.25% |
Property Loans, Net of Loan L_6
Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Remaining Property Loan Commitments (Parenthetical) (Details) | Sep. 30, 2021 |
LIBOR [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Floor interest rate | 0.50% |
SOFR [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Floor interest rate | 0.50% |
SOFR [Member] | Willow Place Apartments [Member] | |
Accounts Notes And Loans Receivable [Line Items] | |
Floor interest rate | 0.25% |
Income Tax Provision - Summary
Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Income Tax Provision [Line Items] | ||||
Total income tax expense (benefit) | $ (81,142) | $ (68,219) | $ 26,802 | $ 41,199 |
Greens Hold Co [Member] | ||||
Income Tax Provision [Line Items] | ||||
Current income tax expense (benefit) | (39,131) | (33,618) | 104,483 | 107,681 |
Deferred income tax benefit | (42,011) | (34,601) | (77,681) | (66,482) |
Total income tax expense (benefit) | $ (81,142) | $ (68,219) | $ 26,802 | $ 41,199 |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 0 | $ 0 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | ||
Deferred financing costs, net | $ 1,419,806 | $ 390,649 |
Fair value of derivative instruments (Note 18) | 311,801 | 321,503 |
Taxable mortgage revenue bonds, at fair value | 2,435,954 | 1,510,437 |
Taxable governmental issuer loan held in trust | 1,000,000 | |
Bond purchase commitments, at fair value (Note 19) | 401,223 | 431,879 |
Operating lease right-of-use assets, net | 1,626,953 | 1,648,742 |
Other assets | 1,608,565 | 1,605,374 |
Total other assets | $ 8,804,302 | $ 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] | 9 Months Ended | |
Sep. 30, 2021USD ($) | ||
Governmental Issuer Loans [Line Items] | ||
Loans commitment | $ 23,400,000 | |
TOB Trust [Member] | ||
Governmental Issuer Loans [Line Items] | ||
Date Committed | 2021-01 | |
Maturity Date | Feb. 1, 2023 | [1] |
Initial Outstanding Balance | $ 1,000,000 | |
Loans commitment | $ 10,573,000 | |
[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) | 9 Months Ended |
Sep. 30, 2021 | |
Governmental Issuer Loans [Abstract] | |
Tax exempt loan maturity periods | 6 months |
Other Assets - Summary of Mortg
Other Assets - Summary of Mortgage Revenue Bonds and Total Funding Commitment (Details) - Mortgage Revenue Bonds [Member] - Ocotillo Springs [Member] - Series A-T [Member] | 9 Months Ended | |
Sep. 30, 2020USD ($) | ||
Mortgage Revenue Bonds [Line Items] | ||
Date Committed | 2020-07 | |
Maturity Date | Aug. 1, 2022 | [1] |
Total Commitment | $ 7,000,000 | |
[1] | The borrower has the option to extend the maturity up to one year. |
Other Assets - Summary of Mor_2
Other Assets - Summary of Mortgage Revenue Bonds and Total Funding Commitment (Parenthetical) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Mortgage Revenue Bonds [Line Items] | |||
Tax exempt loan maturity periods | 6 months | ||
Mortgage Revenue Bonds [Member] | Ocotillo Springs [Member] | Series A-T [Member] | |||
Mortgage Revenue Bonds [Line Items] | |||
Tax exempt loan maturity periods | 1 year | ||
MRB Partnership Advances | $ 1 | $ 0 |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accounts payable | $ 214,525 | $ 94,674 |
Accrued expenses | 4,121,562 | 2,755,010 |
Accrued interest expense | 3,961,834 | 3,433,247 |
Operating lease liabilities | 2,151,595 | 2,149,001 |
Other liabilities | 1,737,030 | 1,517,633 |
Total accounts payable, accrued expenses and other liabilities | $ 12,186,546 | $ 9,949,565 |
Accounts Payable, Accrued Exp_4
Accounts Payable, Accrued Expenses and Other Liabilities - Additional Information (Details) - The 50/50 Student Housing--UNL [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Lessee Lease Description [Line Items] | ||||
Initial lease term expiration period | 2048-03 | |||
Lease agreement extend term | 5 years | |||
Annual lease payments | $ 100 | |||
Minimum annual rentals under lease agreement | $ 138,000 | |||
Annual increment percentage in lease rent | 2.00% | |||
Lease agreement annual renewable increase percentage after July 31, 2034 | 3.00% | |||
Expenses related to the agreement | $ 42,000 | $ 42,000 | $ 126,000 | $ 126,000 |
Accounts Payable, Accrued Exp_5
Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Remainder of 2021 | $ 34,968 | |
2022 | 141,119 | |
2023 | 143,561 | |
2024 | 144,706 | |
2025 | 147,598 | |
Thereafter | 4,369,676 | |
Total | 4,981,628 | |
Less: Amount representing interest | (2,830,033) | |
Total operating lease liabilities | $ 2,151,595 | $ 2,149,001 |
Unsecured Lines of Credit - Sum
Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($) | ||
Line Of Credit Facility [Line Items] | ||
Lines of credit | $ 7,475,000 | |
Unsecured Lines of Credit [Member] | ||
Line Of Credit Facility [Line Items] | ||
Lines of credit | 7,475,000 | |
Line of credit facility maximum borrowing capacity | 60,000,000 | |
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 credit | 7,475,000 | |
Line of credit facility maximum borrowing capacity | $ 50,000,000 | |
Commitment Maturity | 2022-06 | |
Variable / Fixed | Variable | [1] |
Reset Frequency | Monthly | |
Line of credit facility, interest rate during period | 2.65% | |
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 Maturity | 2022-06 | |
Variable / Fixed | Variable | [1] |
Reset Frequency | Monthly | |
Line of credit facility, interest rate during period | 3.40% | |
[1] | The variable rate is indexed to LIBOR plus an applicable margin. |
Unsecured Lines of Credit - Add
Unsecured Lines of Credit - Additional Information (Details) - USD ($) | Aug. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Bankers Trust Operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Outstanding principal | $ 0 | ||
BankUnited, N.A. and Bankers Trust Company [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | 40,000,000 | ||
Unsecured Lines of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 60,000,000 | ||
Unsecured Lines of Credit [Member] | Bankers Trust Operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Termination of operating LOC | $ 10,000,000 | ||
Unsecured Lines of Credit [Member] | Bankers Trust Non-operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Outstanding principal | $ 0 | ||
Termination of non-operating LOC | $ 50,000,000 |
Secured Line of Credit - Summar
Secured Line of Credit - Summary of Secured Line of Credit (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Dec. 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 | 90,000,000 | ||
Secured Line Of Credit Facility [Member] | Bank United General [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 Frequency | Monthly | ||
Line of credit facility, interest rate during period | 3.50% | ||
Secured Line Of Credit Facility [Member] | Bankers Trust Acquisition [Member] | |||
Line Of Credit Facility [Line Items] | |||
Total Commitment | $ 50,000,000 | ||
Commitment Maturity | 2023-06 | ||
Variable / Fixed | [3] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 3.10% | ||
[1] | The General LOC contains two one-year | ||
[2] | The variable rate is equal to LIBOR + 3.25%, subject to a floor of 3.50%. | ||
[3] | The variable rate is equal to the greater of (i) the Prime Rate or (ii) 3.25% per annum; plus or minus a margin varying from 0.35% to (0.65%) depending upon the ratio of the Partnership’s senior debt to market value of assets. |
Secured Line of Credit - Summ_2
Secured Line of Credit - Summary of Secured Line of Credit (Parenthetical) (Details) - Secured Line Of Credit Facility [Member] | 9 Months Ended |
Sep. 30, 2021Extension | |
Bank United General [Member] | |
Line Of Credit Facility [Line Items] | |
Debt instrument number of extensions | 2 |
Debt instrument extended maturity period | 1 year |
Payment of extension fee percentage | 0.25% |
Bank United General [Member] | LIBOR [Member] | |
Line Of Credit Facility [Line Items] | |
Debt instrument variable rate | 3.25% |
Floor rate | 3.50% |
Bankers Trust Acquisition [Member] | |
Line Of Credit Facility [Line Items] | |
Debt instrument variable rate | 3.25% |
Bankers Trust Acquisition [Member] | Minimum [Member] | |
Line Of Credit Facility [Line Items] | |
Debt instrument variable rate | 0.35% |
Bankers Trust Acquisition [Member] | Maximum [Member] | |
Line Of Credit Facility [Line Items] | |
Debt instrument variable rate | (0.65%) |
Secured Line of Credit - Additi
Secured Line of Credit - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |
Aug. 31, 2021 | Jun. 30, 2021 | Sep. 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 | ||
Secured Line Of Credit Facility [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 90,000,000 | ||
Minimum liquidity | 5,000,000 | ||
Minimum consolidated tangible net worth | $ 100,000,000 | ||
Percentage of minimum consolidated net worth decline from immediately preceding quarter | 20.00% | ||
Percentage of minimum consolidated net worth decline from date at the end of two consecutive calendar quarters ending immediately thereafter | 35.00% | ||
Debt Instrument, covenant compliance | The Partnership is subject to various affirmative and negative covenants under the Secured Credit Agreement that, among others, require the Partnership to maintain a minimum liquidity of not less than $5 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 September 30, 2021. | ||
Secured Line Of Credit Facility [Member] | BankUnited, N.A. and Bankers Trust Company [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 40 | ||
Aggregate available commitment cannot exceed borrowing base calculation equal to multiplied by the aggregate value of pool of eligible encumbered assets percentage | 40.00% | ||
Percentage of partnership’s capital contributions to equity investments | 100.00% | ||
Secured Line Of Credit Facility [Member] | BankUnited, N.A [Member] | |||
Line Of Credit Facility [Line Items] | |||
Minimum amount required to maintain security interest in bank account | $ 5,000,000 | ||
Secured Line Of Credit Facility [Member] | Bankers Trust Non-operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||
Debt instrument, payment terms | Advances on the Acquisition LOC are due on the 270th day following the advance date but may be extended for up to three additional 90-day periods | ||
Required percentage of principal payment for first extension | 5.00% | ||
Required percentage of principal payment for second extension | 10.00% | ||
Required percentage of principal payment for third extension | 20.00% |
Debt Financing - Schedule of To
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | ||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 760,632,414 | $ 673,957,640 | ||||
Period End Rates | 4.36% | |||||
Variable - Notes [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 103,500,000 | |||||
Restricted Cash | $ 77,500,000 | |||||
TEBS Financings [Member] | Fixed - M24 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 39,435,294 | 39,825,019 | ||||
Restricted Cash | $ 4,000 | $ 238,760 | ||||
Year Acquired | 2010 | 2010 | ||||
Stated Maturities | 2027-05 | 2027-05 | ||||
Reset Frequency | N/A | N/A | ||||
Variable Rate Index | N/A | N/A | ||||
Period End Rates | 3.05% | 3.05% | ||||
TEBS Financings [Member] | Variable - M31 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [1] | $ 77,340,279 | $ 78,272,018 | |||
Restricted Cash | [1] | $ 4,999 | $ 4,999 | |||
Year Acquired | [1] | 2014 | 2014 | |||
Stated Maturities | [1] | 2024-07 | 2024-07 | |||
Reset Frequency | [1] | Weekly | Weekly | |||
Variable Rate Index | [1] | SIFMA | SIFMA | |||
Index Based Rates | [1] | 0.05% | 0.12% | |||
Spread/ Facility Fees | [1] | 1.27% | 1.34% | |||
Period End Rates | [1] | 1.32% | 1.46% | |||
TEBS Financings [Member] | Fixed - M33 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 30,345,610 | $ 30,796,097 | ||||
Restricted Cash | $ 2,606 | $ 2,606 | ||||
Year Acquired | 2015 | 2015 | ||||
Stated Maturities | 2030-09 | 2030-09 | ||||
Reset Frequency | N/A | N/A | ||||
Variable Rate Index | N/A | N/A | ||||
Period End Rates | 3.24% | 3.24% | ||||
TEBS Financings [Member] | Fixed - M45 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [2] | $ 214,415,750 | $ 215,825,022 | |||
Restricted Cash | [2] | $ 5,000 | $ 5,000 | |||
Year Acquired | [2] | 2018 | 2018 | |||
Stated Maturities | [2] | 2034-07 | 2034-07 | |||
Reset Frequency | [2] | N/A | N/A | |||
Variable Rate Index | [2] | N/A | N/A | |||
Period End Rates | [2] | 3.82% | 3.82% | |||
Secured Line Of Credit Facility [Member] | Variable - Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 102,872,192 | $ 103,086,756 | ||||
Restricted Cash | $ 77,530,879 | $ 77,500,000 | ||||
Year Acquired | 2020 | 2020 | ||||
Stated Maturities | 2025-09 | 2025-09 | ||||
Reset Frequency | Monthly | Monthly | ||||
Variable Rate Index | 3-month LIBOR | 3-month LIBOR | ||||
Index Based Rates | 0.12% | 0.22% | ||||
Spread/ Facility Fees | 9.00% | 9.00% | ||||
Period End Rates | [3] | 9.12% | 9.22% | |||
TOB Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 9,034,467 | $ 1,765,167 | ||||
Year Acquired | 2020 | 2020 | ||||
Stated Maturities | 2022-07 | 2022-07 | ||||
Reset Frequency | Weekly | Weekly | ||||
Variable Rate Index | SIFMA | SIFMA | ||||
Index Based Rates | 0.21% | 0.29% | ||||
Spread/ Facility Fees | 0.89% | 0.89% | ||||
Period End Rates | 1.10% | 1.18% | ||||
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 10,032,675 | $ 122,724,862 | ||||
Year Acquired | 2021 | 2019 | ||||
Stated Maturities | 2023-02 | 2023-07 | ||||
Reset Frequency | Weekly | Weekly | ||||
Variable Rate Index | SIFMA | SIFMA | ||||
Index Based Rates | 0.21% | |||||
Spread/ Facility Fees | 1.42% | |||||
Period End Rates | 1.63% | |||||
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Index Based Rates | 0.29% | |||||
Spread/ Facility Fees | 1.17% | |||||
Period End Rates | 1.46% | |||||
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Index Based Rates | 0.39% | |||||
Spread/ Facility Fees | 1.67% | |||||
Period End Rates | 2.06% | |||||
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 4,127,846 | $ 62,992,845 | ||||
Year Acquired | 2021 | 2020 | ||||
Stated Maturities | 2023-04 | 2023-09 | ||||
Reset Frequency | Weekly | Weekly | ||||
Variable Rate Index | SIFMA | OBFR | ||||
Index Based Rates | 0.21% | 0.33% | ||||
Spread/ Facility Fees | 1.27% | 0.89% | ||||
Period End Rates | 1.48% | 1.22% | ||||
TOB Trusts Securitization [Member] | Variable - TOB IV [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 96,716,042 | $ 5,668,324 | ||||
Year Acquired | 2019 | 2020 | ||||
Stated Maturities | 2023-07 | 2023-12 | ||||
Reset Frequency | Weekly | Weekly | ||||
Variable Rate Index | SIFMA | SIFMA | ||||
Index Based Rates | 0.29% | |||||
Spread/ Facility Fees | 1.27% | |||||
Period End Rates | 1.56% | |||||
TOB Trusts Securitization [Member] | Variable - TOB IV [Member] | Mizuho Capital Markets [Member] | Minimum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Index Based Rates | 0.21% | |||||
Spread/ Facility Fees | 1.17% | |||||
Period End Rates | 1.38% | |||||
TOB Trusts Securitization [Member] | Variable - TOB IV [Member] | Mizuho Capital Markets [Member] | Maximum [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Index Based Rates | 0.25% | |||||
Spread/ Facility Fees | 1.67% | |||||
Period End Rates | 1.92% | |||||
TOB Trusts Securitization [Member] | Variable - TOB V [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 100,813,059 | |||||
Year Acquired | 2020 | |||||
Stated Maturities | 2023-09 | |||||
Reset Frequency | Weekly | |||||
Variable Rate Index | OBFR | |||||
Index Based Rates | 0.26% | |||||
Spread/ Facility Fees | 0.89% | |||||
Period End Rates | 1.15% | |||||
TOB Trusts Securitization [Member] | Variable - TOB VI [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 5,680,103 | |||||
Year Acquired | 2020 | |||||
Stated Maturities | 2023-12 | |||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
Index Based Rates | 0.21% | |||||
Spread/ Facility Fees | 1.27% | |||||
Period End Rates | 1.48% | |||||
TOB Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 12,936,258 | $ 13,001,530 | ||||
Year Acquired | 2019 | 2019 | ||||
Stated Maturities | 2024-05 | 2022-05 | 2024-05 | 2022-05 | ||
Reset Frequency | N/A | N/A | ||||
Variable Rate Index | N/A | N/A | ||||
Period End Rates | 1.98% | 3.53% | 1.98% | 3.53% | ||
TOB Trusts Securitization [Member] | Variable - TOB VII [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 52,531,175 | |||||
Year Acquired | 2021 | |||||
Stated Maturities | 2024-01 | |||||
Reset Frequency | Weekly | |||||
Variable Rate Index | OBFR | |||||
Index Based Rates | 0.26% | |||||
Spread/ Facility Fees | 0.89% | |||||
Period End Rates | 1.15% | |||||
TOB Trusts Securitization [Member] | Variable - TOB VIII [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 4,351,664 | |||||
Year Acquired | 2021 | |||||
Stated Maturities | 2024-07 | |||||
Reset Frequency | Weekly | |||||
Variable Rate Index | OBFR | |||||
Index Based Rates | 0.26% | |||||
Spread/ Facility Fees | 1.16% | |||||
Period End Rates | 1.42% | |||||
[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 $39.7 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2021. See Note 18 for further information on the total return swaps. |
Debt Financing - Schedule of _2
Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details) | Sep. 30, 2021USD ($)Swap | Dec. 31, 2020USD ($)Swap |
Debt Instrument [Line Items] | ||
Effective net interest rate | 4.36% | |
Debt financing | $ 760,632,414 | $ 673,957,640 |
Secured Line Of Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of return swap transactions | Swap | 2 | |
Fixed - M45 [Member] | Interest Rate Through July 31, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.82% | 3.82% |
Fixed - M45 [Member] | Interest Rate from August 1, 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.39% | 4.39% |
Total Return Swaps [Member] | Secured Line Of Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Number of return swap transactions | Swap | 2 | 2 |
Total Return Swap One [Member] | Secured Line Of Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Effective net interest rate | 4.25% | 4.25% |
Debt financing | $ 39,700,000 | $ 40,000,000 |
Total Return Swap Two [Member] | Secured Line Of Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Effective net interest rate | 1.00% | 1.00% |
Debt financing | $ 63,500,000 | $ 63,500,000 |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Jun. 30, 2021 | Sep. 30, 2020USD ($) | Mar. 31, 2021 | Sep. 30, 2021USD ($)Swap | Dec. 31, 2020USD ($) | Apr. 30, 2020USD ($) | ||
Debt Instrument [Line Items] | |||||||
Termination occur percentage decrease by partners net assets in one quarter | 25.00% | ||||||
Termination occur percentage decrease by partners net assets in over one year | 35.00% | ||||||
Effective net interest rate | 4.36% | ||||||
Debt financing, net (Note 16) | $ 760,632,414 | $ 673,957,640 | |||||
Variable - Notes [Member] | Mizuho Capital Markets [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt financing, net (Note 16) | $ 103,500,000 | ||||||
Proceeds from secured notes | 103,500,000 | ||||||
Restricted Cash | $ 77,500,000 | ||||||
Variable - Notes [Member] | Mizuho Capital Markets [Member] | LIBOR [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Variable Rate Index | equal to the 3-month LIBOR plus 9.00% | ||||||
Variable interest rate | 9.00% | ||||||
Variable - Notes [Member] | Mizuho Capital Markets [Member] | Partnership Interest [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Cash received by partnership | $ 26,000,000 | ||||||
Secured Line Of Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of return swap transactions | Swap | 2 | ||||||
Secured Line Of Credit Facility [Member] | Variable - Notes [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity date | 2025-09 | 2025-09 | |||||
Effective net interest rate | [1] | 9.12% | 9.22% | ||||
Debt financing, net (Note 16) | $ 102,872,192 | $ 103,086,756 | |||||
Variable Rate Index | 3-month LIBOR | 3-month LIBOR | |||||
Variable interest rate | 9.00% | 9.00% | |||||
Restricted Cash | $ 77,530,879 | $ 77,500,000 | |||||
TOB Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Maturity date | 2024-05 | 2022-05 | 2024-05 | 2022-05 | |||
Effective net interest rate | 1.98% | 3.53% | 1.98% | 3.53% | |||
Debt financing, net (Note 16) | $ 12,936,258 | $ 13,001,530 | |||||
Variable Rate Index | N/A | N/A | |||||
Term A/B Trust [Member] | Deutsche Bank [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, one-time fee | $ 454,000 | ||||||
[1] | 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 $39.7 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2021. See Note 18 for further information on the total return swaps. |
Debt Financing - Summary of Miz
Debt Financing - Summary of Mizuho TOB Trust Financings (Details) - USD ($) | 1 Months Ended | 9 Months Ended | ||||
Jul. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 760,632,414 | $ 673,957,640 | ||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | 31,820,000 | [1] | $ 171,293,000 | |||
Stated Maturities | 2023-07 | |||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | TOB Trust 2021-XF2926 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [1],[2] | $ 16,190,000 | ||||
Stated Maturities | [2] | 2024-01 | ||||
Reset Frequency | [2] | Weekly | ||||
Variable Rate Index | [2] | OBFR | ||||
Facility Fees | [2] | 0.89% | ||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Hope on Avalon [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [1] | $ 5,064,000 | ||||
Stated Maturities | 2023-02 | |||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
Facility Fees | 1.42% | |||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Hope on Broadway [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [1] | $ 2,953,000 | ||||
Stated Maturities | 2023-02 | |||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
Facility Fees | 1.42% | |||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Jackson Manor Apartments [member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [1] | $ 3,528,000 | ||||
Stated Maturities | 2023-04 | |||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
Facility Fees | 1.27% | |||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | TOB Trust 2021-XF2939 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [1],[3] | $ 4,085,000 | ||||
Stated Maturities | [3] | 2024-07 | ||||
Reset Frequency | [3] | Weekly | ||||
Variable Rate Index | [3] | OBFR | ||||
Facility Fees | [3] | 1.16% | ||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Copperfield - Series A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 11,818,000 | |||||
Stated Maturities | [4] | 2021-05 | ||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
Facility Fees | 1.67% | |||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Wilcrest - Series A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 4,479,000 | |||||
Stated Maturities | [4] | 2021-05 | ||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
Facility Fees | 1.67% | |||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Wood Hollow - Series A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 34,007,000 | |||||
Stated Maturities | [4] | 2021-05 | ||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
Facility Fees | 1.67% | |||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Gateway Village [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 2,184,000 | |||||
Stated Maturities | [4] | 2021-05 | ||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
Facility Fees | 1.67% | |||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Lynnhaven [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 2,898,000 | |||||
Stated Maturities | [4] | 2021-05 | ||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
Facility Fees | 1.67% | |||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Ocotillo Springs - Series A [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 100,000 | |||||
Stated Maturities | 2022-07 | |||||
Reset Frequency | Weekly | |||||
Variable Rate Index | SIFMA | |||||
Facility Fees | 0.89% | |||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Oasis at Twin Lakes GIL [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [5] | $ 10,440,000 | ||||
Stated Maturities | [5] | 2023-07 | ||||
Reset Frequency | [5] | Weekly | ||||
Variable Rate Index | [5] | SIFMA | ||||
Facility Fees | [5] | 0.89% | ||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Scharbauer Flats Apartments GIL [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [5] | $ 36,000,000 | ||||
Stated Maturities | [5] | 2023-07 | ||||
Reset Frequency | [5] | Weekly | ||||
Variable Rate Index | [5] | SIFMA | ||||
Facility Fees | [5] | 0.89% | ||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | Centennial Crossings GIL [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [5] | $ 8,707,000 | ||||
Stated Maturities | [5] | 2023-08 | ||||
Reset Frequency | [5] | Weekly | ||||
Variable Rate Index | [5] | SIFMA | ||||
Facility Fees | [5] | 0.89% | ||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | TOB Trust 2020-XF2907 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | [5] | $ 55,870,000 | ||||
Stated Maturities | [5] | 2023-09 | ||||
Reset Frequency | [5] | Weekly | ||||
Variable Rate Index | [5] | OBFR | ||||
Facility Fees | [5] | 0.89% | ||||
TOB Trust [Member] | Mizuho Capital Markets [Member] | TOB Trust 2020-XF2908 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt financing | $ 4,790,000 | |||||
Stated Maturities | 2023-09 | |||||
Reset Frequency | Weekly | |||||
Variable Rate Index | OBFR | |||||
Facility Fees | 0.89% | |||||
[1] | Amounts shown are the initial funding into the respective TOB Trusts. The balances will increase based upon subsequent fundings of the related securitized assets and the current outstanding balances are contained in the summarized debt financing table above | |||||
[2] | The TOB Trust is a securitization of 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 | |||||
[3] | The TOB Trust is a securitization of the Osprey Village GIL and property loan and the Ocotillo Spring Series A-T taxable MRB | |||||
[4] | In July 2020, the Partnership extended the maturity date to July 2023 | |||||
[5] | Three |
Debt Financing - Summary of M_2
Debt Financing - Summary of Mizuho TOB Trust Financings (Parenthetical) (Details) | 1 Months Ended | |||
Jul. 31, 2020Financing | Sep. 30, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | |
Debt Instrument [Line Items] | ||||
Number of financings originated and subsequently collapsed | Financing | 3 | |||
Deferred financings costs | $ 1,419,806 | $ 390,649 | ||
TOB Trust [Member] | Mizuho Capital Markets [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity date | 2023-07 | |||
Deferred financings costs | $ 364,000 |
Debt Financing - Summary of TOB
Debt Financing - Summary of TOB Trust Financings Collapsed and Principal and Interest Paid in Full (Details) | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Debt Instrument Redemption [Line Items] | |
Paydown Applied | $ 25,690,000 |
TOB Trust [Member] | Rosewood Townhomes - Series A [Member] | |
Debt Instrument Redemption [Line Items] | |
Paydown Applied | 7,700,000 |
TOB Trust [Member] | South Pointe Apartments - Series A [Member] | |
Debt Instrument Redemption [Line Items] | |
Paydown Applied | $ 17,990,000 |
Debt Financing - Summary of Deu
Debt Financing - Summary of Deutsche Bank Term A/B and Term TOB Trust Financings Collapsed and Paid Off (Details) - USD ($) | 1 Months Ended | 9 Months Ended |
Apr. 30, 2020 | Sep. 30, 2021 | |
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 25,690,000 | |
Deutsche Bank [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 51,714,210 | |
Deutsche Bank [Member] | Term A/B Trust [Member] | Avistar at Copperfield - Series A [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 8,417,739 | |
Deutsche Bank [Member] | Term A/B Trust [Member] | Avistar at Wilcrest - Series A [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 3,162,435 | |
Deutsche Bank [Member] | Term A/B Trust [Member] | Avistar at Wood Hollow - Series A [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 26,860,536 | |
Deutsche Bank [Member] | Term A/B Trust [Member] | Gateway Village [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 2,262,000 | |
Deutsche Bank [Member] | Term A/B Trust [Member] | Lynnhaven [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | 3,001,500 | |
Deutsche Bank [Member] | Term TOB Trust [Member] | Pro Nova 2014-1 [Member] | ||
Debt Instrument Redemption [Line Items] | ||
Paydown Applied | $ 8,010,000 |
Debt Financing - Schedule of Co
Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Debt Financing [Abstract] | ||
Remainder of 2021 | $ 1,653,516 | |
2022 | 15,604,689 | |
2023 | 222,409,816 | |
2024 | 158,068,152 | |
2025 | 11,363,784 | |
Thereafter | 354,283,518 | |
Total | 763,383,475 | |
Unamortized deferred financing costs and debt premium | (2,751,061) | |
Total debt financing, net | $ 760,632,414 | $ 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 ($) | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Mortgage Payable, net | $ 25,429,450 | $ 25,984,872 |
Period End Rate | 4.36% | |
Tax Increment Financing [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Mortgage Payable, net | $ 2,335,094 | 2,521,308 |
Year Acquired | 2020 | |
Commitment Maturity | 2025-03 | |
Variable / Fixed | Fixed | |
Period End Rate | 4.40% | |
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Mortgage Payable, net | $ 23,094,356 | $ 23,463,564 |
Year Acquired | 2020 | |
Commitment Maturity | 2027-04 | |
Variable / Fixed | Fixed | |
Period End Rate | 4.35% |
Mortgage Payable and Other Se_2
Mortgage Payable and Other Secured Financing - Additional Information (Details) - Real Estate [Member] - The 50/50 Student Housing--UNL [Member] | 1 Months Ended |
Feb. 29, 2020 | |
Tax Increment Financing [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Debt instrument extended maturity period | 5 years |
Maturity date | 2025-03 |
Debt instrument, interest rate, decrease to fixed rate. | 4.40% |
Mortgages payable [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Debt instrument extended maturity period | 7 years |
Maturity date | 2027-04 |
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 ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Mortgage Loans on Real Estate [Line Items] | ||
Total mortgages payable and other secured financings, net | $ 25,429,450 | $ 25,984,872 |
Mortgages Payable and Other Secured Financing [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Remainder of 2021 | 292,299 | |
2022 | 870,162 | |
2023 | 909,151 | |
2024 | 947,168 | |
2025 | 1,746,754 | |
Thereafter | 20,665,299 | |
Total | 25,430,833 | |
Unamortized deferred financing costs | (1,383) | |
Total mortgages payable and other secured financings, net | $ 25,429,450 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | ||
Derivative [Line Items] | |||
Derivative, Notional Amount | $ 103,200,000 | ||
Derivative, Fair Value Liability | $ 295,228 | $ 293,626 | |
Mizuho Capital Markets 1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2020-09 | 2020-09 | |
Derivative, Notional Amount | $ 39,700,231 | $ 39,970,485 | |
Derivative, Effective Date | 2020-09 | 2020-09 | |
Derivative, Termination Date | 2025-09 | 2025-09 | |
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 Index | 3-month LIBOR | 3-month LIBOR | |
Derivative, Fair Value Liability | $ 80,492 | $ 77,995 | |
Mizuho Capital Markets 2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2020-09 | 2020-09 | |
Derivative, Notional Amount | $ 63,500,000 | $ 63,500,000 | |
Derivative, Effective Date | 2020-09 | 2020-09 | |
Derivative, Termination Date | 2022-03 | 2022-03 | |
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 Index | 3-month LIBOR | 3-month LIBOR | |
Derivative, Fair Value Liability | $ 214,736 | $ 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) | Sep. 30, 2021 | Dec. 31, 2020 |
Mizuho Capital Markets 1 [Member] | ||
Derivative [Line Items] | ||
Derivative, basis spread on variable rate | 3.75% | 3.75% |
Derivative, floor interest rate | 4.25% | 4.25% |
Mizuho Capital Markets 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, basis spread on variable rate | 0.50% | 0.50% |
Derivative, floor interest rate | 1.00% | 1.00% |
Mizuho Capital Markets [Member] | ||
Derivative [Line Items] | ||
Derivative, basis spread on variable rate | 9.00% | 9.00% |
Derivative Financial Instrume_5
Derivative Financial Instruments - Additional Information (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Mar. 31, 2022 | |
Derivative [Line Items] | ||
Derivative notional amount | $ 103,200,000 | |
Scenario Forecast [Member] | Mizuho Capital Markets [Member] | ||
Derivative [Line Items] | ||
Minimum increments of notional amount between swaps | $ 10,000,000 | |
Percentage of net cash proceeds of reallocated notional amount | 65.00% | |
Total Return Swap One [Member] | Mizuho Capital Markets [Member] | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 39,700,000 | |
Required cash collateral percentage | 35.00% | |
Amount of obligation to return cash collateral under swap arrangement | $ 14,000,000 | |
Total Return Swap Two [Member] | Mizuho Capital Markets [Member] | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 63,500,000 | |
Required cash collateral percentage | 100.00% | |
Amount of obligation to return cash collateral under swap arrangement | $ 63,500,000 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Summary of Partnership's Interest Rate Cap Agreements (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | ||
Derivative [Line Items] | |||
Derivative, Fair Value - Asset (Liability) | $ 16,573 | $ 27,877 | |
Barclays Bank PLC [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2019-08 | 2019-08 | |
Derivative, Notional Amount | $ 76,953,191 | $ 77,979,924 | |
Derivative, Maturity Date | 2024-08 | 2024-08 | |
Derivative, Effective Capped Rate | [1] | 4.50% | 4.50% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Hedged | [1] | M31 TEBS | M31 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 16,573 | $ 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) - Bond Purchase Commitment [Member] | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Bond Purchase Commitment [Line Items] | |
Maximum Committed Amounts Remaining | $ 7,707,000 |
Fair Value as of September 30, 2021 | $ 401,223 |
CCBA Senior Garden Apartments [Member] | |
Bond Purchase Commitment [Line Items] | |
Commitment Date | 2020-07 |
Maximum Committed Amounts Remaining | $ 3,807,000 |
Rate | 4.50% |
Estimated Closing Date | Q4 2021 |
Fair Value as of September 30, 2021 | $ 401,223 |
Anaheim & Walnut [Member] | |
Bond Purchase Commitment [Line Items] | |
Commitment Date | 2021-09 |
Maximum Committed Amounts Remaining | $ 3,900,000 |
Rate | 4.85% |
Estimated Closing Date | Q3 2024 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) $ in Millions | Sep. 30, 2021USD ($) |
Greens of Pine Glen [Member] | |
Commitments And Other Guarantees [Line Items] | |
Percentage of loss contingency, range of possible loss, maximum | 75.00% |
Series A MRB [Member] | |
Commitments And Other Guarantees [Line Items] | |
Remaining maximum commitments amount | $ 4.9 |
Series A-T taxable MRB [Member] | |
Commitments And Other Guarantees [Line Items] | |
Remaining maximum commitments amount | 6 |
MRB [Member] | |
Commitments And Other Guarantees [Line Items] | |
Remaining maximum commitments amount | $ 2 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2021 | Jun. 30, 2021 | ||
Vantage At Stone Creek [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Guarantee Maturity | [1] | 2023 | |
Maximum Balance Available on Loan | [1] | $ 30,824,000 | |
Loan Balance as of September 30, 2021 | [1] | $ 30,501,955 | |
Partnership's Maximum Exposure as of September 30, 2021 | [1] | 15,250,978 | |
Vantage At Coventry [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Guarantee Maturity | [1] | 2023 | |
Maximum Balance Available on Loan | [1] | $ 31,500,000 | |
Loan Balance as of September 30, 2021 | [1] | 31,173,875 | |
Partnership's Maximum Exposure as of September 30, 2021 | [1] | 15,586,937 | |
Vantage At Murfreesboro [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Guarantee Maturity | [2],[3] | 2022 | |
Maximum Balance Available on Loan | [3] | $ 30,500,000 | |
Loan Balance as of September 30, 2021 | [3] | 30,500,000 | |
Partnership's Maximum Exposure as of September 30, 2021 | [3] | $ 15,250,000 | |
Ohio Properties [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Partnership's Maximum Exposure as of September 30, 2021 | $ 3,011,522 | ||
End of Guaranty Period | 2026 | ||
Greens of Pine Glen [Member] | |||
Long-term Purchase Commitment [Line Items] | |||
Partnership's Maximum Exposure as of September 30, 2021 | $ 2,046,028 | ||
End of Guaranty Period | 2027 | ||
[1] | The Partnership’s guaranty was initially for the entire amount of the loan and will decrease based on the achievement of certain events or financial ratios. The Partnership’s maximum exposure will decrease to 25% | ||
[2] | The initial maturity is September 2022, though the borrower may extend the maturity date for one 6-month period. | ||
[3] | 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 September 30, 2021. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation |
Commitments and Contingencies_4
Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details) $ in Millions | 9 Months Ended |
Sep. 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 ratio | 25.00% |
Vantage At Coventry [Member] | |
Commitments And Other Guarantees [Line Items] | |
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 25.00% |
Vantage At Murfreesboro [Member] | |
Commitments And Other Guarantees [Line Items] | |
Guarantees initial maturity | 2022-09 |
Guarantees extended maturity period | 6 months |
Guarantee obligations loan balance percentage | 50.00% |
Construction loan guarantee percentage upon occurrence of fraud, borrower willful misconduct and bankruptcy | 100.00% |
Vantage At Murfreesboro [Member] | Maximum [Member] | |
Commitments And Other Guarantees [Line Items] | |
Liquid assets to be maintained as per guaranty agreement | $ 5 |
Redeemable Preferred Units - Ad
Redeemable Preferred Units - Additional Information (Details) - $ / shares | 9 Months Ended | |||||||
Sep. 30, 2021 | Oct. 31, 2017 | Aug. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | |
Redemption Price per Unit | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | |
Series A Preferred Units or Series A-1 Preferred Units [Member] | ||||||||
Redemption Price per Unit | $ 10 | |||||||
Minimum threshold written notice period for redemption of temporary equity | 180 days | |||||||
Series B Preferred Units | ||||||||
Redemption Price per Unit | $ 10 |
Redeemable Preferred Units - Su
Redeemable Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2017 | Aug. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | Sep. 30, 2021 | Dec. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |||||||||
Series A Preferred Units outstanding | 1,750,000 | 2,000,000 | 1,613,100 | 700,000 | 1,000,000 | 1,386,900 | 1,000,000 | 9,450,000 | 9,450,000 |
Purchase Price | $ 17,500,000 | $ 20,000,000 | $ 16,131,000 | $ 7,000,000 | $ 10,000,000 | $ 13,869,000 | $ 10,000,000 | $ 94,500,000 | $ 94,500,000 |
Distribution Rate | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | ||
Redemption Price per Unit | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | ||
Earliest Redemption Date | 2023-10 | 2023-08 | 2023-03 | 2022-12 | 2022-09 | 2022-05 | 2022-03 |
Restricted Unit Awards - Additi
Restricted Unit Awards - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vested unvested restricted units awards | 154,386 | |||||
Unrecognized compensation expense related to non-vested RUAs granted | $ 1,300,000 | $ 1,300,000 | ||||
Remaining compensation expense expected to be recognized over a weighted-average period | 1 year | |||||
Intrinsic value of unvested RUAs | $ 2,400,000 | |||||
General and Administrative Expenses [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Compensation expense | $ 571,000 | $ 300,000 | $ 840,000 | $ 635,000 | ||
Greystone Manager [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Vested unvested restricted units awards | 50,000 | |||||
Greystone Manager [Member] | Maximum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Approved grant of restricted units and other awards to employees | 3,000,000 | 3,000,000 | ||||
RUAs granted with vesting range | 3 years | |||||
Greystone Manager [Member] | Minimum [Member] | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
RUAs granted with vesting range | 3 months |
Restricted Unit Awards - Schedu
Restricted Unit Awards - Schedule of RUA Activity (Details) - Restricted Unit Awards [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2020 | |
Restricted Units Awarded | ||
Beginning Balance | 132,812 | |
Granted | 266,324 | 290,000 |
Vested | (154,386) | |
Forfeited | (2,802) | |
Ending Balance | 399,136 | 132,812 |
Weighted-average Grant-Date Fair Value | ||
Beginning Balance | $ 4.98 | |
Granted | 6.49 | $ 4.98 |
Vested | 4.98 | |
Forfeited | 4.98 | |
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 Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Related Party Transaction [Line Items] | |||||
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities | [1] | $ 117,000 | $ 6,000 | $ 144,000 | $ 47,000 |
Referral fees paid to an affiliate | [2] | 9,750 | 9,750 | ||
General Partner [Member] | |||||
Related Party Transaction [Line Items] | |||||
Administrative fees | [3] | $ 1,003,000 | $ 922,000 | $ 2,956,000 | $ 2,653,000 |
[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] | 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, unless the parties mutually agree to extend the term. | ||||
[3] | AFCA 2 is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, GILs, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. The disclosed amounts represent administrative fees paid or accrued during the periods specified and are reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations. |
Transactions with Related Par_4
Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transactions [Abstract] | ||||
Rate for administration fees receivable | 0.45% | 0.45% | 0.45% | 0.45% |
Percentage of referral fee to be received in original principal amount | 0.25% | 0.25% |
Transactions with Related Par_5
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - General Partner [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Non-partnership property administrative fee received | [1] | $ 8,000 | $ 9,000 | $ 26,000 | $ 27,000 |
Investment/mortgage fees received | [2] | $ 1,349,000 | $ 1,414,000 | $ 4,131,000 | $ 2,277,000 |
[1] | AFCA 2 received administrative fees directly from the owners of certain properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees received by AFCA 2 during the periods specified. | ||||
[2] | AFCA 2 received placement fees in connection with the acquisition of certain MRBs, GILs, property loans and investments in unconsolidated entities. |
Transactions with Related Par_6
Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Related Party Transactions [Abstract] | ||||
Rate for administration fees receivable | 0.45% | 0.45% | 0.45% | 0.45% |
Transactions with Related Par_7
Transactions with Related Parties - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | ||
Related Party Transaction [Line Items] | ||||
Fee paid | [1] | $ 9,750 | $ 9,750 | |
Receivables due from unconsolidated entities | 136,000 | 136,000 | $ 53,000 | |
Outstanding liabilities due to related parties | 412,000 | 412,000 | $ 344,000 | |
Greystone Select [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fee paid | $ 0 | $ 0 | ||
[1] | 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, unless the parties mutually agree to extend the term. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments (Details) | Sep. 30, 2021 | Dec. 31, 2020 | |
Taxable Mortgage Revenue Bonds [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Weighted Average Effective Yields | [1] | 6.70% | 7.30% |
Taxable Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 4.90% | 7.10% | |
Taxable Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 8.00% | 7.40% | |
Bond Purchase Commitment [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 3.50% | ||
Weighted Average Effective Yields | [1] | 4.20% | 3.50% |
Bond Purchase Commitment [Member] | Effective rate - minimum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 3.50% | ||
Bond Purchase Commitment [Member] | Effective rate - maximum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 4.90% | ||
Mortgage Revenue Bonds [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Weighted Average Effective Yields | [1] | 3.10% | 3.00% |
Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 0.90% | 1.40% | |
Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member] | |||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |||
Range of Effective Yields | 16.60% | 13.30% | |
[1] | Weighted by the total principal outstanding of all the respective securities as of the reporting date . |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | $ 746,787,295 | $ 796,696,304 | ||||
Fair Value, Inputs, Level 3 [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 746,787,295 | $ 780,166,845 | 796,696,304 | $ 798,435,163 | $ 789,111,076 | $ 818,340,970 |
Bond Purchase Commitment [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 401,223 | 431,879 | ||||
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 401,223 | 392,515 | 431,879 | 256,222 | ||
Taxable Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 2,435,954 | 1,510,437 | ||||
Taxable Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,435,954 | $ 1,462,862 | 1,510,437 | $ 1,486,883 | $ 1,456,279 | $ 1,383,237 |
Derivative Financial Instruments (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 311,801 | 321,503 | ||||
Derivative Financial Instruments (Reported within Other Assets) [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 311,801 | 321,503 | ||||
Mortgage Revenue Bonds Held In Trust [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 727,826,133 | 768,468,644 | ||||
Mortgage Revenue Bonds Held In Trust [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 727,826,133 | 768,468,644 | ||||
Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 15,812,184 | 25,963,841 | ||||
Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 15,812,184 | $ 25,963,841 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Activity Related to Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | $ 780,166,845 | $ 789,111,076 | $ 796,696,304 | $ 818,340,970 | |
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | 1,785,467 | 160,585 | 5,429,621 | 327,454 | |
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss) | (3,463,253) | (5,285,609) | |||
Total gain (losses) Included in earnings (gain on sale of securities) | 1,416,023 | ||||
Total gain (losses) Included in earnings (provision for credit loss) | (900,080) | ||||
Total gain (losses) included in other comprehensive income | (4,577,438) | 18,537,453 | (18,982,426) | 31,414,731 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 4,995,000 | 2,023,500 | 13,946,500 | 9,513,450 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | (43,349,357) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (35,582,579) | (7,934,198) | (49,402,624) | (13,942,499) | |
Assets at Fair Value, ending balance | 746,787,295 | 798,435,163 | 746,787,295 | 798,435,163 | |
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held | (9,261) | (3,477,822) | (911,384) | (5,181,330) | |
Interest Rate Derivative Financial Instruments [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Derivative Assets (Liabilities) at Fair Value, beginning balance | 321,372 | 29,826 | 321,503 | 10,911 | |
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | 1,751,136 | 125,631 | 5,326,329 | 244,479 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements | (1,760,707) | (5,336,031) | (99,933) | ||
Derivative Assets (Liabilities) at Fair Value, beginning balance | 311,801 | 155,457 | 311,801 | 155,457 | |
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held | (9,261) | (14,569) | (11,304) | 104,279 | |
Bond Purchase Commitment [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | 392,515 | 431,879 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in other comprehensive income | 8,708 | 256,222 | (30,656) | 256,222 | |
Assets at Fair Value, ending balance | 401,223 | 256,222 | 401,223 | 256,222 | |
Public housing capital fund trusts [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | 43,349,357 | ||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | (7,219) | ||||
Total gain (losses) Included in earnings (gain on sale of securities) | 1,416,023 | ||||
Total gain (losses) included in other comprehensive income | (1,408,804) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | (43,349,357) | ||||
Taxable Mortgage Revenue Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | 1,462,862 | 1,456,279 | 1,510,437 | 1,383,237 | |
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in other comprehensive income | (24,463) | 32,840 | (67,309) | 110,206 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 1,000,000 | 1,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (2,445) | (2,236) | (7,174) | (6,560) | |
Assets at Fair Value, ending balance | 2,435,954 | 1,486,883 | 2,435,954 | 1,486,883 | |
Mortgage Revenue Bonds [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Assets at Fair Value, beginning balance | [1] | 777,990,096 | 787,624,971 | 794,432,485 | 773,597,465 |
Total gains (losses) (realized/unrealized) [Abstract] | |||||
Total gain (losses) included in earnings (interest income and interest expense) | [1] | 34,331 | 34,954 | 103,292 | 90,194 |
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss) | [1] | (3,463,253) | (5,285,609) | ||
Total gain (losses) Included in earnings (provision for credit loss) | [1] | (900,080) | |||
Total gain (losses) included in other comprehensive income | [1] | (4,561,683) | 18,248,391 | (18,884,461) | 32,457,107 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | [1] | 3,995,000 | 2,023,500 | 12,946,500 | 9,513,450 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | (33,819,427) | (7,931,962) | (44,059,419) | (13,836,006) |
Assets at Fair Value, ending balance | [1] | $ 743,638,317 | 796,536,601 | 743,638,317 | 796,536,601 |
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held | [1] | $ (3,463,253) | $ (900,080) | $ (5,285,609) | |
[1] | Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($) | Sep. 30, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgages payable and other secured financing | $ 25,429,450 | $ 25,984,872 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt financing | 760,632,414 | 673,957,640 |
Mortgages payable and other secured financing | 25,429,450 | 25,984,872 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Unsecured Lines of Credit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Secured and Unsecured lines of credit | 7,475,000 | |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | Secured Line Of Credit Facility [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Secured and Unsecured lines of credit | 6,500,000 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt financing | 794,828,424 | 709,760,933 |
Mortgages payable and other secured financing | 25,430,834 | 25,986,514 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Unsecured Lines of Credit [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Secured and Unsecured lines of credit | $ 7,475,000 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | Secured Line Of Credit Facility [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Secured and Unsecured lines of credit | $ 6,500,000 |
Segments - Additional Informati
Segments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2021PropertyUnitSegmentRatingSecurity | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | Segment | 4 |
Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of Available for Sale Securities | Security | 72 |
Number of available for sale securities in tax-exempt loan | Security | 9 |
MF Properties Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of Real Estate Properties | Property | 2 |
Number of rental units under MF properties segment | Unit | 859 |
Residential Properties [Member] | Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of rental units financed by mortgage revenue bonds | Unit | 10,654 |
Number of rental units financed by tax-exempt loan | Unit | 1,832 |
Commercial Real Estate [Member] | Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of collateralized securities | Security | 1 |
Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Required rating for tax exempted investments other than mortgage revenue bonds | Rating | 1 |
Maximum [Member] | |
Segment Reporting Information [Line Items] | |
Required rating for tax exempted investments other than mortgage revenue bonds | Rating | 4 |
Tax-exempt and Other Investments [Member] | |
Segment Reporting Information [Line Items] | |
Assets percentage | 25.00% |
Segments - Summary of Partnersh
Segments - Summary of Partnership Reportable Segment Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Total revenues | |||||
Total revenues | $ 17,681,901 | $ 13,839,947 | $ 48,475,885 | $ 42,054,501 | |
Interest expense | |||||
Interest expense | 5,663,452 | 5,105,432 | 16,248,023 | 16,012,716 | |
Depreciation expense | |||||
Depreciation expense | 680,925 | 719,783 | 2,049,269 | 2,141,302 | |
Net income (loss) | |||||
Net income (loss) | 12,988,384 | (1,160,017) | 30,245,918 | 6,410,088 | |
Total assets | |||||
Total assets | 1,284,501,519 | 1,284,501,519 | $ 1,175,247,879 | ||
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member] | |||||
Total revenues | |||||
Total revenues | 12,795,214 | 10,763,544 | 34,624,484 | 31,216,575 | |
Interest expense | |||||
Interest expense | 5,186,465 | 4,813,114 | 15,166,356 | 14,908,641 | |
Depreciation expense | |||||
Depreciation expense | 5,912 | 4,688 | 17,534 | 10,471 | |
Net income (loss) | |||||
Net income (loss) | 3,453,537 | (1,852,974) | 7,293,774 | 888,856 | |
Total assets | |||||
Total assets | 1,223,689,462 | 1,223,689,462 | 1,114,146,614 | ||
Operating Segments [Member] | MF Properties [Member] | |||||
Total revenues | |||||
Total revenues | 1,811,778 | 1,548,931 | 5,294,475 | 5,358,132 | |
Interest expense | |||||
Interest expense | 283,111 | 292,318 | 847,292 | 906,082 | |
Depreciation expense | |||||
Depreciation expense | 675,013 | 715,095 | 2,031,735 | 2,130,831 | |
Net income (loss) | |||||
Net income (loss) | (301,286) | (834,648) | (594,599) | (1,172,961) | |
Total assets | |||||
Total assets | 67,379,270 | 67,379,270 | 67,988,190 | ||
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member] | |||||
Total revenues | |||||
Total revenues | 174,470 | ||||
Interest expense | |||||
Interest expense | 197,993 | ||||
Net income (loss) | |||||
Net income (loss) | 1,390,999 | ||||
Operating Segments [Member] | Other Investments [Member] | |||||
Total revenues | |||||
Total revenues | 3,074,909 | 1,527,472 | 8,556,926 | 5,305,324 | |
Interest expense | |||||
Interest expense | 193,876 | 234,375 | |||
Net income (loss) | |||||
Net income (loss) | 9,836,133 | $ 1,527,605 | 23,546,743 | $ 5,303,194 | |
Total assets | |||||
Total assets | 92,248,043 | 92,248,043 | 106,931,182 | ||
Consolidation, Eliminations [Member] | |||||
Total assets | |||||
Total assets | $ (98,815,256) | $ (98,815,256) | $ (113,818,107) |
Subsequent Events - Summary of
Subsequent Events - Summary of Initial Terms of TOB Trusts Financings (Details) - USD ($) | 1 Months Ended | ||
Oct. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Initial TOB Trust Financing | $ 760,632,414 | $ 673,957,640 | |
Subsequent Event [Member] | TOB Trust [Member] | |||
Debt Instrument [Line Items] | |||
Initial TOB Trust Financing | $ 2,375,000 | ||
Stated Maturity | 2022-10 | ||
Reset Frequency | Weekly | ||
OBFR Based Rates | 0.13% | ||
Spread/ Facility Fees | 1.27% | ||
Initial Interest Rate | 1.40% |
Subsequent Events - Summary o_2
Subsequent Events - Summary of Terms of MRB and Taxable MRB Commitments (Details) | 1 Months Ended | ||
Oct. 31, 2021USD ($)Unit | Sep. 30, 2021Unit | ||
Mortgage Loans on Real Estate [Line Items] | |||
Units | Unit | 4,332 | ||
MRB and Taxable MRB Commitments [Member] | Subsequent Event [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Initial Funding | $ 25,000,000 | ||
Maximum Remaining Commitment | $ 17,000,000 | ||
MRB and Taxable MRB Commitments [Member] | The Residency at the Mayer [Member] | Series A [Member] | Subsequent Event [Member] | CA [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Month Acquired | [1] | October 2021 | |
Units | Unit | [1] | 79 | |
Maturity Date | [1] | Apr. 1, 2039 | |
Initial Funding | [1] | $ 24,000,000 | |
Maximum Remaining Commitment | [1] | $ 5,500,000 | |
MRB and Taxable MRB Commitments [Member] | The Residency at the Mayer [Member] | Series A-T [Member] | Subsequent Event [Member] | CA [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Month Acquired | October 2021 | ||
Units | Unit | 79 | ||
Maturity Date | Apr. 1, 2024 | ||
Initial Funding | $ 1,000,000 | ||
Maximum Remaining Commitment | $ 11,500,000 | ||
MRB and Taxable MRB Commitments [Member] | The Residency at the Mayer [Member] | SOFR [Member] | Series A [Member] | Subsequent Event [Member] | CA [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Variable Interest Rate | [1],[2] | 3.60% | |
MRB and Taxable MRB Commitments [Member] | The Residency at the Mayer [Member] | SOFR [Member] | Series A-T [Member] | Subsequent Event [Member] | CA [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Variable Interest Rate | [2] | 3.70% | |
[1] | Upon stabilization of the property, the MRB | ||
[2] | The index is subject to a floor of 0.25%. |
Subsequent Events - Summary o_3
Subsequent Events - Summary of Terms of MRB and Taxable MRB Commitments (Parenthetical) (Details) - Subsequent Event [Member] - Mortgage Revenue Bonds [Member] - The Residency at the Mayer [Member] - CA [Member] $ in Millions | Oct. 31, 2021USD ($) |
Mortgage Loans on Real Estate [Line Items] | |
Floor rate | 0.25% |
Series A-T [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Maximum balance of mortgage revenue bonds after stabilization | $ 18.1 |
Series A [Member] | |
Mortgage Loans on Real Estate [Line Items] | |
Fixed interest rate | 4.90% |