XML 49 R37.htm IDEA: XBRL DOCUMENT v3.22.1
Mortgage Revenue Bonds (Tables)
 3 Months Ended
Mar. 31, 2022
Investments In Mortgage Revenue Bonds [Abstract]  
Schedule of Investments in MRBs The Partnership had the following investments in MRBs as of March 31, 2022 and December 31, 2021:

 

 

March 31, 2022

 

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

 

$

9,946,753

 

 

$

1,024,604

 

 

$

-

 

 

$

10,971,357

 

Glenview Apartments - Series A (3)

 

CA

 

 

4,415,410

 

 

 

496,271

 

 

 

-

 

 

 

4,911,681

 

Harmony Court Bakersfield - Series A (4)

 

CA

 

 

3,626,724

 

 

 

346,376

 

 

 

-

 

 

 

3,973,100

 

Harmony Terrace - Series A (4)

 

CA

 

 

6,714,249

 

 

 

720,471

 

 

 

-

 

 

 

7,434,720

 

Harden Ranch - Series A (2)

 

CA

 

 

6,516,422

 

 

 

746,038

 

 

 

-

 

 

 

7,262,460

 

Las Palmas II - Series A (4)

 

CA

 

 

1,645,451

 

 

 

162,484

 

 

 

-

 

 

 

1,807,935

 

Montclair Apartments - Series A (3)

 

CA

 

 

2,392,074

 

 

 

250,115

 

 

 

-

 

 

 

2,642,189

 

Montecito at Williams Ranch Apartments - Series A (6)

 

CA

 

 

7,553,341

 

 

 

1,118,902

 

 

 

-

 

 

 

8,672,243

 

Montevista - Series A (6)

 

CA

 

 

6,690,631

 

 

 

1,200,903

 

 

 

-

 

 

 

7,891,534

 

Ocotillo Springs - Series A (6), (7)

 

CA

 

 

15,000,000

 

 

 

-

 

 

 

(139,407

)

 

 

14,860,593

 

Residency at the Mayer - Series A (6)

 

CA

 

 

25,000,000

 

 

 

-

 

 

 

-

 

 

 

25,000,000

 

San Vicente - Series A (4)

 

CA

 

 

3,392,833

 

 

 

322,437

 

 

 

-

 

 

 

3,715,270

 

Santa Fe Apartments - Series A (3)

 

CA

 

 

2,897,908

 

 

 

325,711

 

 

 

-

 

 

 

3,223,619

 

Seasons at Simi Valley - Series A (4)

 

CA

 

 

4,176,070

 

 

 

575,731

 

 

 

-

 

 

 

4,751,801

 

Seasons Lakewood - Series A (4)

 

CA

 

 

7,152,135

 

 

 

767,459

 

 

 

-

 

 

 

7,919,594

 

Seasons San Juan Capistrano - Series A (4)

 

CA

 

 

12,041,860

 

 

 

1,292,150

 

 

 

-

 

 

 

13,334,010

 

Summerhill - Series A (4)

 

CA

 

 

6,245,161

 

 

 

549,974

 

 

 

-

 

 

 

6,795,135

 

Sycamore Walk - Series A (4)

 

CA

 

 

3,463,432

 

 

 

342,046

 

 

 

-

 

 

 

3,805,478

 

The Village at Madera - Series A (4)

 

CA

 

 

2,999,583

 

 

 

308,984

 

 

 

-

 

 

 

3,308,567

 

Tyler Park Townhomes - Series A (2)

 

CA

 

 

5,675,054

 

 

 

396,069

 

 

 

-

 

 

 

6,071,123

 

Vineyard Gardens - Series A (6)

 

CA

 

 

3,931,794

 

 

 

569,580

 

 

 

-

 

 

 

4,501,374

 

Westside Village Market - Series A (2)

 

CA

 

 

3,708,639

 

 

 

406,003

 

 

 

-

 

 

 

4,114,642

 

Brookstone (1)

 

IL

 

 

7,322,902

 

 

 

1,516,656

 

 

 

-

 

 

 

8,839,558

 

Copper Gate Apartments (2)

 

IN

 

 

4,900,000

 

 

 

253,847

 

 

 

-

 

 

 

5,153,847

 

Renaissance - Series A (3)

 

LA

 

 

10,696,385

 

 

 

2,253,357

 

 

 

-

 

 

 

12,949,742

 

Live 929 Apartments - Series 2022A (6)

 

MD

 

 

57,936,697

 

 

 

5,773,703

 

 

 

-

 

 

 

63,710,400

 

Jackson Manor Apartments (6)

 

MS

 

 

6,900,000

 

 

 

-

 

 

 

-

 

 

 

6,900,000

 

Gateway Village (6)

 

NC

 

 

2,600,000

 

 

 

-

 

 

 

-

 

 

 

2,600,000

 

Greens Property - Series A (2)

 

NC

 

 

7,689,000

 

 

 

135,211

 

 

 

-

 

 

 

7,824,211

 

Lynnhaven Apartments (6)

 

NC

 

 

3,450,000

 

 

 

-

 

 

 

-

 

 

 

3,450,000

 

Silver Moon - Series A (3)

 

NM

 

 

7,612,010

 

 

 

977,545

 

 

 

-

 

 

 

8,589,555

 

Village at Avalon (5)

 

NM

 

 

16,038,361

 

 

 

2,330,496

 

 

 

-

 

 

 

18,368,857

 

Bridle Ridge (1)

 

SC

 

 

7,100,000

 

 

 

-

 

 

 

-

 

 

 

7,100,000

 

Columbia Gardens (4)

 

SC

 

 

12,679,859

 

 

 

1,027,108

 

 

 

-

 

 

 

13,706,967

 

Companion at Thornhill Apartments (4)

 

SC

 

 

10,890,749

 

 

 

939,801

 

 

 

-

 

 

 

11,830,550

 

Cross Creek (1)

 

SC

 

 

6,114,938

 

 

 

1,688,315

 

 

 

-

 

 

 

7,803,253

 

The Palms at Premier Park Apartments (2)

 

SC

 

 

18,324,884

 

 

 

1,225,159

 

 

 

-

 

 

 

19,550,043

 

Village at River's Edge (4)

 

SC

 

 

9,709,120

 

 

 

1,292,389

 

 

 

-

 

 

 

11,001,509

 

Willow Run (4)

 

SC

 

 

12,504,579

 

 

 

1,011,658

 

 

 

-

 

 

 

13,516,237

 

Arbors at Hickory Ridge (2)

 

TN

 

 

10,715,744

 

 

 

2,601,896

 

 

 

-

 

 

 

13,317,640

 

Avistar at Copperfield - Series A (6)

 

TX

 

 

13,642,653

 

 

 

1,224,564

 

 

 

-

 

 

 

14,867,217

 

Avistar at the Crest - Series A (2)

 

TX

 

 

8,991,425

 

 

 

1,013,603

 

 

 

-

 

 

 

10,005,028

 

Avistar at the Oaks - Series A (2)

 

TX

 

 

7,271,220

 

 

 

843,460

 

 

 

-

 

 

 

8,114,680

 

Avistar at the Parkway - Series A (3)

 

TX

 

 

12,543,135

 

 

 

1,320,391

 

 

 

-

 

 

 

13,863,526

 

Avistar at Wilcrest - Series A (6)

 

TX

 

 

5,170,289

 

 

 

293,452

 

 

 

-

 

 

 

5,463,741

 

Avistar at Wood Hollow - Series A (6)

 

TX

 

 

39,257,891

 

 

 

3,643,887

 

 

 

-

 

 

 

42,901,778

 

Avistar in 09 - Series A (2)

 

TX

 

 

6,278,415

 

 

 

684,382

 

 

 

-

 

 

 

6,962,797

 

Avistar on the Boulevard - Series A (2)

 

TX

 

 

15,317,864

 

 

 

1,624,101

 

 

 

-

 

 

 

16,941,965

 

Avistar on the Hills - Series A (2)

 

TX

 

 

4,978,040

 

 

 

594,960

 

 

 

-

 

 

 

5,573,000

 

Bruton Apartments (4)

 

TX

 

 

17,495,319

 

 

 

1,898,066

 

 

 

-

 

 

 

19,393,385

 

Concord at Gulfgate - Series A (4)

 

TX

 

 

18,557,401

 

 

 

2,288,674

 

 

 

-

 

 

 

20,846,075

 

Concord at Little York - Series A (4)

 

TX

 

 

13,000,337

 

 

 

1,695,377

 

 

 

-

 

 

 

14,695,714

 

Concord at Williamcrest - Series A (4)

 

TX

 

 

20,138,915

 

 

 

2,554,888

 

 

 

-

 

 

 

22,693,803

 

Crossing at 1415 - Series A (4)

 

TX

 

 

7,233,425

 

 

 

815,344

 

 

 

-

 

 

 

8,048,769

 

Decatur Angle (4)

 

TX

 

 

22,023,746

 

 

 

1,497,620

 

 

 

-

 

 

 

23,521,366

 

Esperanza at Palo Alto (4)

 

TX

 

 

19,033,576

 

 

 

3,014,169

 

 

 

-

 

 

 

22,047,745

 

Heights at 515 - Series A (4)

 

TX

 

 

6,622,326

 

 

 

746,462

 

 

 

-

 

 

 

7,368,788

 

Heritage Square - Series A (3)

 

TX

 

 

10,423,972

 

 

 

984,608

 

 

 

-

 

 

 

11,408,580

 

Oaks at Georgetown - Series A (4)

 

TX

 

 

11,998,071

 

 

 

1,015,133

 

 

 

-

 

 

 

13,013,204

 

Runnymede (1)

 

TX

 

 

9,675,000

 

 

 

-

 

 

 

-

 

 

 

9,675,000

 

Southpark (1)

 

TX

 

 

11,383,091

 

 

 

1,354,574

 

 

 

-

 

 

 

12,737,665

 

15 West Apartments (4)

 

WA

 

 

9,512,911

 

 

 

1,686,767

 

 

 

-

 

 

 

11,199,678

 

Mortgage revenue bonds held in trust

 

 

 

$

648,919,774

 

 

$

65,743,931

 

 

$

(139,407

)

 

$

714,524,298

 
(1)
MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
(2)
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
(3)
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
(4)
MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15
(5)
MRB held by Morgan Stanley in a debt financing transaction, Note 15
(6)
MRBs held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 15
(7)
As of the date presented, the MRB had been in a cumulative unrealized loss position for less than 12 consecutive months and is not considered a credit loss as of March 31, 2022. The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not other-than-temporary.

 

 

March 31, 2022

 

Description of Mortgage Revenue Bonds held by the Partnership

 

State

 

Cost Adjusted for
Paydowns and
Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

Lutheran Gardens

 

CA

 

$

10,352,000

 

 

$

204,631

 

 

$

-

 

 

$

10,556,631

 

Solano Vista - Series A

 

CA

 

 

2,644,859

 

 

 

438,223

 

 

 

-

 

 

 

3,083,082

 

Meadow Valley (1)

 

MI

 

 

100,000

 

 

 

-

 

 

 

(1,000,766

)

 

 

(900,766

)

Greens Property - Series B

 

NC

 

 

919,300

 

 

 

24,961

 

 

 

-

 

 

 

944,261

 

Provision Center 2014-1

 

TN

 

 

4,298,735

 

 

 

-

 

 

 

-

 

 

 

4,298,735

 

Avistar at the Crest - Series B

 

TX

 

 

729,195

 

 

 

57,729

 

 

 

-

 

 

 

786,924

 

Avistar at the Oaks - Series B

 

TX

 

 

533,956

 

 

 

39,826

 

 

 

-

 

 

 

573,782

 

Avistar at the Parkway - Series B

 

TX

 

 

123,497

 

 

 

27,133

 

 

 

-

 

 

 

150,630

 

Avistar in 09 - Series B

 

TX

 

 

440,466

 

 

 

32,853

 

 

 

-

 

 

 

473,319

 

Avistar on the Boulevard - Series B

 

TX

 

 

433,290

 

 

 

31,712

 

 

 

-

 

 

 

465,002

 

Mortgage revenue bonds held by the Partnership

 

 

 

$

20,575,298

 

 

$

857,068

 

 

$

(1,000,766

)

 

$

20,431,600

 
(1)
The Partnership has funded $100,000 of its $44.0 million total MRB commitment as of March 31, 2022. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value and the unrealized loss on the Partnership’s remaining $43.9 million funding commitment as of March 31, 2022. The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not other-than-temporary.

 

 

December 31, 2021

 

Description of Mortgage Revenue Bonds Held in Trust

 

State

 

Cost Adjusted for
Paydowns and
Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

Courtyard - Series A (4)

 

CA

 

$

9,970,209

 

 

$

2,060,480

 

 

$

-

 

 

$

12,030,689

 

Glenview Apartments - Series A (3)

 

CA

 

 

4,429,350

 

 

 

863,955

 

 

 

-

 

 

 

5,293,305

 

Harmony Court Bakersfield - Series A (4)

 

CA

 

 

3,635,277

 

 

 

720,308

 

 

 

-

 

 

 

4,355,585

 

Harmony Terrace - Series A (4)

 

CA

 

 

6,730,004

 

 

 

1,425,757

 

 

 

-

 

 

 

8,155,761

 

Harden Ranch - Series A (2)

 

CA

 

 

6,538,111

 

 

 

1,285,747

 

 

 

-

 

 

 

7,823,858

 

Las Palmas II - Series A (4)

 

CA

 

 

1,649,370

 

 

 

332,704

 

 

 

-

 

 

 

1,982,074

 

Montclair Apartments - Series A (3)

 

CA

 

 

2,399,626

 

 

 

446,912

 

 

 

-

 

 

 

2,846,538

 

Montecito at Williams Ranch Apartments - Series A (6)

 

CA

 

 

7,568,334

 

 

 

1,983,454

 

 

 

-

 

 

 

9,551,788

 

Montevista - Series A (6)

 

CA

 

 

6,701,776

 

 

 

2,114,978

 

 

 

-

 

 

 

8,816,754

 

Ocotillo Springs - Series A (6)

 

CA

 

 

15,000,000

 

 

 

271,172

 

 

 

-

 

 

 

15,271,172

 

Residency at the Mayer - Series A (6)

 

CA

 

 

24,000,000

 

 

 

-

 

 

 

-

 

 

 

24,000,000

 

San Vicente - Series A (4)

 

CA

 

 

3,400,913

 

 

 

671,681

 

 

 

-

 

 

 

4,072,594

 

Santa Fe Apartments - Series A (3)

 

CA

 

 

2,907,057

 

 

 

567,028

 

 

 

-

 

 

 

3,474,085

 

Seasons at Simi Valley - Series A (4)

 

CA

 

 

4,188,582

 

 

 

1,011,623

 

 

 

-

 

 

 

5,200,205

 

Seasons Lakewood - Series A (4)

 

CA

 

 

7,168,917

 

 

 

1,518,742

 

 

 

-

 

 

 

8,687,659

 

Seasons San Juan Capistrano - Series A (4)

 

CA

 

 

12,070,116

 

 

 

2,557,065

 

 

 

-

 

 

 

14,627,181

 

Summerhill - Series A (4)

 

CA

 

 

6,259,888

 

 

 

1,187,464

 

 

 

-

 

 

 

7,447,352

 

Sycamore Walk - Series A (4)

 

CA

 

 

3,474,617

 

 

 

696,090

 

 

 

-

 

 

 

4,170,707

 

The Village at Madera - Series A (4)

 

CA

 

 

3,006,656

 

 

 

621,367

 

 

 

-

 

 

 

3,628,023

 

Tyler Park Townhomes - Series A (2)

 

CA

 

 

5,694,168

 

 

 

691,137

 

 

 

-

 

 

 

6,385,305

 

Vineyard Gardens - Series A (6)

 

CA

 

 

3,939,476

 

 

 

987,782

 

 

 

-

 

 

 

4,927,258

 

Westside Village Market - Series A (2)

 

CA

 

 

3,721,129

 

 

 

701,915

 

 

 

-

 

 

 

4,423,044

 

Brookstone (1)

 

IL

 

 

7,334,161

 

 

 

1,903,086

 

 

 

-

 

 

 

9,237,247

 

Copper Gate Apartments (2)

 

IN

 

 

4,900,000

 

 

 

433,436

 

 

 

-

 

 

 

5,333,436

 

Renaissance - Series A (3)

 

LA

 

 

10,732,295

 

 

 

4,172,381

 

 

 

-

 

 

 

14,904,676

 

Live 929 Apartments - 2014 Series A (6)

 

MD

 

 

36,169,147

 

 

 

573,155

 

 

 

-

 

 

 

36,742,302

 

Jackson Manor Apartments (6)

 

MS

 

 

4,900,000

 

 

 

-

 

 

 

-

 

 

 

4,900,000

 

Gateway Village (6)

 

NC

 

 

2,600,000

 

 

 

90,861

 

 

 

-

 

 

 

2,690,861

 

Greens Property - Series A (2)

 

NC

 

 

7,719,000

 

 

 

281,953

 

 

 

-

 

 

 

8,000,953

 

Lynnhaven Apartments (6)

 

NC

 

 

3,450,000

 

 

 

115,328

 

 

 

-

 

 

 

3,565,328

 

Silver Moon - Series A (3)

 

NM

 

 

7,629,704

 

 

 

1,868,323

 

 

 

-

 

 

 

9,498,027

 

Village at Avalon (5)

 

NM

 

 

16,069,382

 

 

 

4,124,498

 

 

 

-

 

 

 

20,193,880

 

Ohio Properties - Series A (1)

 

OH

 

 

13,580,000

 

 

 

-

 

 

 

-

 

 

 

13,580,000

 

Bridle Ridge (1)

 

SC

 

 

7,145,000

 

 

 

-

 

 

 

-

 

 

 

7,145,000

 

Columbia Gardens (4)

 

SC

 

 

12,725,440

 

 

 

2,003,599

 

 

 

-

 

 

 

14,729,039

 

Companion at Thornhill Apartments (4)

 

SC

 

 

10,924,609

 

 

 

1,793,226

 

 

 

-

 

 

 

12,717,835

 

Cross Creek (1)

 

SC

 

 

6,120,285

 

 

 

1,845,064

 

 

 

-

 

 

 

7,965,349

 

The Palms at Premier Park Apartments (2)

 

SC

 

 

18,385,572

 

 

 

2,181,632

 

 

 

-

 

 

 

20,567,204

 

Village at River's Edge (4)

 

SC

 

 

9,728,355

 

 

 

2,370,569

 

 

 

-

 

 

 

12,098,924

 

Willow Run (4)

 

SC

 

 

12,549,146

 

 

 

1,974,479

 

 

 

-

 

 

 

14,523,625

 

Arbors at Hickory Ridge (2)

 

TN

 

 

10,755,889

 

 

 

3,598,292

 

 

 

-

 

 

 

14,354,181

 

Avistar at Copperfield - Series A (6)

 

TX

 

 

13,678,286

 

 

 

2,549,711

 

 

 

-

 

 

 

16,227,997

 

Avistar at the Crest - Series A (2)

 

TX

 

 

9,022,172

 

 

 

1,926,825

 

 

 

-

 

 

 

10,948,997

 

Avistar at the Oaks - Series A (2)

 

TX

 

 

7,295,334

 

 

 

1,578,333

 

 

 

-

 

 

 

8,873,667

 

Avistar at the Parkway - Series A (3)

 

TX

 

 

12,579,783

 

 

 

2,353,247

 

 

 

-

 

 

 

14,933,030

 

Avistar at Wilcrest - Series A (6)

 

TX

 

 

5,183,794

 

 

 

772,242

 

 

 

-

 

 

 

5,956,036

 

Avistar at Wood Hollow - Series A (6)

 

TX

 

 

39,360,426

 

 

 

7,200,790

 

 

 

-

 

 

 

46,561,216

 

Avistar in 09 - Series A (2)

 

TX

 

 

6,299,237

 

 

 

1,288,060

 

 

 

-

 

 

 

7,587,297

 

Avistar on the Boulevard - Series A (2)

 

TX

 

 

15,370,243

 

 

 

3,165,575

 

 

 

-

 

 

 

18,535,818

 

Avistar on the Hills - Series A (2)

 

TX

 

 

4,994,549

 

 

 

1,100,478

 

 

 

-

 

 

 

6,095,027

 

Bruton Apartments (4)

 

TX

 

 

17,532,185

 

 

 

4,452,765

 

 

 

-

 

 

 

21,984,950

 

Concord at Gulfgate - Series A (4)

 

TX

 

 

18,606,719

 

 

 

4,211,979

 

 

 

-

 

 

 

22,818,698

 

Concord at Little York - Series A (4)

 

TX

 

 

13,034,887

 

 

 

3,055,517

 

 

 

-

 

 

 

16,090,404

 

Concord at Williamcrest - Series A (4)

 

TX

 

 

20,192,436

 

 

 

4,651,973

 

 

 

-

 

 

 

24,844,409

 

Crossing at 1415 - Series A (4)

 

TX

 

 

7,253,698

 

 

 

1,549,224

 

 

 

-

 

 

 

8,802,922

 

Decatur Angle (4)

 

TX

 

 

22,074,594

 

 

 

4,731,759

 

 

 

-

 

 

 

26,806,353

 

Esperanza at Palo Alto (4)

 

TX

 

 

19,071,622

 

 

 

5,317,911

 

 

 

-

 

 

 

24,389,533

 

Heights at 515 - Series A (4)

 

TX

 

 

6,640,885

 

 

 

1,418,341

 

 

 

-

 

 

 

8,059,226

 

Heritage Square - Series A (3)

 

TX

 

 

10,455,924

 

 

 

1,823,426

 

 

 

-

 

 

 

12,279,350

 

Oaks at Georgetown - Series A (4)

 

TX

 

 

12,026,225

 

 

 

2,181,690

 

 

 

-

 

 

 

14,207,915

 

Runnymede (1)

 

TX

 

 

9,675,000

 

 

 

99,489

 

 

 

-

 

 

 

9,774,489

 

Southpark (1)

 

TX

 

 

11,365,100

 

 

 

1,542,509

 

 

 

-

 

 

 

12,907,609

 

15 West Apartments (4)

 

WA

 

 

9,531,842

 

 

 

2,799,259

 

 

 

-

 

 

 

12,331,101

 

Mortgage revenue bonds held in trust

 

 

 

$

639,116,502

 

 

$

111,818,346

 

 

$

-

 

 

$

750,934,848

 

 

(1)
MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
(2)
MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
(3)
MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
(4)
MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15
(5)
MRB held by Morgan Stanley in a debt financing transaction Note 15
(6)
MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 15

 

 

December 31, 2021

 

Description of Mortgage Revenue Bonds held by the Partnership

 

State

 

Cost Adjusted for
Paydowns and
Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

Lutheran Gardens

 

CA

 

$

10,352,000

 

 

$

-

 

 

$

-

 

 

$

10,352,000

 

Solano Vista - Series A

 

CA

 

 

2,649,291

 

 

 

744,617

 

 

 

-

 

 

 

3,393,908

 

Live 929 Apartments - 2014 Series B

 

MD

 

 

17,344,000

 

 

 

-

 

 

 

-

 

 

 

17,344,000

 

Meadow Valley

 

MI

 

 

100,000

 

 

 

-

 

 

 

-

 

 

 

100,000

 

Greens Property - Series B

 

NC

 

 

920,637

 

 

 

46,672

 

 

 

-

 

 

 

967,309

 

Ohio Properties - Series B

 

OH

 

 

3,465,270

 

 

 

-

 

 

 

-

 

 

 

3,465,270

 

Provision Center 2014-1

 

TN

 

 

4,300,000

 

 

 

-

 

 

 

-

 

 

 

4,300,000

 

Avistar at the Crest - Series B

 

TX

 

 

730,612

 

 

 

122,646

 

 

 

-

 

 

 

853,258

 

Avistar at the Oaks - Series B

 

TX

 

 

534,953

 

 

 

86,437

 

 

 

-

 

 

 

621,390

 

Avistar at the Parkway - Series B

 

TX

 

 

123,598

 

 

 

37,590

 

 

 

-

 

 

 

161,188

 

Avistar in 09 - Series B

 

TX

 

 

441,288

 

 

 

71,303

 

 

 

-

 

 

 

512,591

 

Avistar on the Boulevard - Series B

 

TX

 

 

434,132

 

 

 

69,950

 

 

 

-

 

 

 

504,082

 

Mortgage revenue bonds held by the Partnership

 

 

 

$

41,395,781

 

 

$

1,179,215

 

 

$

-

 

 

$

42,574,996

 
Schedule of MRBs Acquisitions January 2022, the Live 929 Apartments property completed a restructuring of the Partnership’s MRBs and property loan. The Partnership’s Live 929 Apartments – 2014 Series A and Live 929 Apartments – 2014 Series B MRBs were redeemed at par plus accrued interest. The following tables summarizes the terms of the MRBs upon redemption:

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Live 929 Apartments - 2014 Series A

 

January

 

Baltimore, MD

 

 

575

 

 

7/1/2049

 

 

5.78

%

 

$

39,445,000

 

Live 929 Apartments - 2014 Series B

 

January

 

Baltimore, MD

 

 

575

 

 

7/1/2039

 

 

1.60

%

 

 

21,610,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

61,055,000

 

Upon restructuring, the Partnership used the proceeds of the redeemed MRBs plus additional cash to acquire a new series of MRB secured by the Live 929 Apartments property, the Series 2022A MRB. The following tables summarizes the MRB that was acquired as part of the restructuring of the Live 929 Apartments MRBs:

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Principal Acquired

 

Live 929 Apartments - Series 2022A

 

January

 

Baltimore, MD

 

 

575

 

 

1/1/2060

 

 

4.30

%

 

$

66,365,000

 

 

In addition, a portion of the Live 929 Apartments property loan was redeemed as part of the restructuring, with proceeds used to acquire the new Live 929 Apartments Series 2022A MRB. The Partnership also acquired a taxable MRB which is reported in Other Assets (Note 12). The redemption of the prior Live 929 Apartments – 2014 Series A and 2014 Series B MRBs and property loan and acquisition of the new Live 929 Apartments Series 2022A MRB were accounted for as a troubled debt restructuring.
Schedule of MRB Redeemed

The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2022:

 

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Ohio Properties - Series A

 

March

 

(1)

 

 

362

 

 

6/1/2050

 

 

7.00

%

 

$

13,544,000

 

Ohio Properties - Series B

 

March

 

(1)

 

 

362

 

 

6/1/2050

 

 

10.00

%

 

 

3,459,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

17,003,840

 
(1)
The Ohio Properties consist of Crescent Village, located in Cincinnati, Ohio, Willow Bend, located in Columbus (Hilliard), Ohio and Postwoods, located in Reynoldsburg, Ohio.

The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2021:

 

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Arby Road Apartments - Series A (1)

 

March

 

Las Vegas, NV

 

 

180

 

 

10/1/2027

 

 

5.35

%

 

$

1,600,000

 

Arby Road Apartments - Series A (1)

 

March

 

Las Vegas, NV

 

 

180

 

 

4/1/2041

 

 

5.50

%

 

 

5,785,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

7,385,000

 
(1)
Both MRBs are part of the same series but had different interest rates and maturity dates.
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 months ended March 31, 2022 and 2021:

 

 

 

For the Three Months Ended March 31,

 

 

 

2022

 

 

2021

 

Balance, beginning of period

 

 

9,175,482

 

 

 

7,318,589

 

Other additions (1)

 

 

860,533

 

 

 

-

 

Recovery of prior credit loss (2)

 

 

(5,279

)

 

 

-

 

Balance, end of period (3)

 

$

10,030,736

 

 

$

7,318,589

 
(1)
The other addition is related to a re-allocation of the loan loss allowance upon restructuring of the Live 929 Apartments MRBs and property loan.
(2)
The Partnership compared the present value of cash flows expected to be collected to the amortized cost basis of the Live 929 Apartments Series 2022A MRB as of March 31, 2022, which indicated a recovery of value. The Partnership will accrete the recovery of prior credit loss into investment income over the term of the MRB.
(3)
The allowance for credit losses as of March 31, 2022 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments - Series 2022A MRB. The allowance for credit losses as of March 31, 2021 is related to the Provision Center 2014-1 MRB and the Live 929 Apartments – 2014 Series A MRB.