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Mortgage Revenue Bonds (Tables)
 9 Months Ended
Sep. 30, 2023
Investments In Mortgage Revenue Bonds [Abstract]  
Schedule of Investments in MRBs The Partnership had the following investments in MRBs as of September 30, 2023 and December 31, 2022:

 

 

 

September 30, 2023

 

Description of Mortgage Revenue Bonds Held in Trust

 

State

 

Cost Adjusted for
Paydowns and
Allowances

 

 

Cumulative
Unrealized Gain

 

 

Cumulative
Unrealized Loss

 

 

Estimated Fair Value

 

40rty on Colony - Series P (6)

 

CA

 

$

5,964,438

 

 

$

302,025

 

 

$

-

 

 

$

6,266,463

 

Courtyard - Series A (4)

 

CA

 

 

9,799,703

 

 

 

164,483

 

 

 

-

 

 

 

9,964,186

 

Glenview Apartments - Series A (3)

 

CA

 

 

4,327,437

 

 

 

97,154

 

 

 

-

 

 

 

4,424,591

 

Harmony Court Bakersfield - Series A (4), (8)

 

CA

 

 

3,573,108

 

 

 

-

 

 

 

(2,524

)

 

 

3,570,584

 

Harmony Terrace - Series A (4)

 

CA

 

 

6,615,477

 

 

 

109,378

 

 

 

-

 

 

 

6,724,855

 

Harden Ranch - Series A (2)

 

CA

 

 

6,379,546

 

 

 

237,973

 

 

 

-

 

 

 

6,617,519

 

Las Palmas II - Series A (4)

 

CA

 

 

1,620,883

 

 

 

18,147

 

 

 

-

 

 

 

1,639,030

 

Lutheran Gardens (7), (8)

 

CA

 

 

10,352,000

 

 

 

-

 

 

 

(136,683

)

 

 

10,215,317

 

Montclair Apartments - Series A (3)

 

CA

 

 

2,344,415

 

 

 

69,941

 

 

 

-

 

 

 

2,414,356

 

Montecito at Williams Ranch Apartments - Series A (6)

 

CA

 

 

7,458,938

 

 

 

247,100

 

 

 

-

 

 

 

7,706,038

 

Montevista - Series A (6)

 

CA

 

 

6,620,295

 

 

 

279,474

 

 

 

-

 

 

 

6,899,769

 

Residency at Empire - Series BB-1 (6)

 

CA

 

 

14,118,198

 

 

 

201,814

 

 

 

-

 

 

 

14,320,012

 

Residency at Empire - Series BB-2 (6)

 

CA

 

 

4,000,000

 

 

 

91,432

 

 

 

-

 

 

 

4,091,432

 

Residency at Empire - Series BB-3 (6)

 

CA

 

 

1,255,000

 

 

 

178,043

 

 

 

-

 

 

 

1,433,043

 

Residency at the Entrepreneur - Series J-1 (6), (8)

 

CA

 

 

9,086,768

 

 

 

-

 

 

 

(827,010

)

 

 

8,259,758

 

Residency at the Entrepreneur - Series J-2 (6), (8)

 

CA

 

 

7,500,000

 

 

 

-

 

 

 

(616,868

)

 

 

6,883,132

 

Residency at the Entrepreneur - Series J-3 (6), (8)

 

CA

 

 

6,400,000

 

 

 

-

 

 

 

(1,551,110

)

 

 

4,848,890

 

Residency at the Mayer - Series A (6)

 

CA

 

 

29,562,650

 

 

 

-

 

 

 

-

 

 

 

29,562,650

 

San Vicente - Series A (4)

 

CA

 

 

3,342,175

 

 

 

27,750

 

 

 

-

 

 

 

3,369,925

 

Santa Fe Apartments - Series A (3)

 

CA

 

 

2,840,170

 

 

 

95,278

 

 

 

-

 

 

 

2,935,448

 

Seasons at Simi Valley - Series A (4)

 

CA

 

 

4,097,107

 

 

 

220,406

 

 

 

-

 

 

 

4,317,513

 

Seasons Lakewood - Series A (4)

 

CA

 

 

7,046,922

 

 

 

95,608

 

 

 

-

 

 

 

7,142,530

 

Seasons San Juan Capistrano - Series A (4)

 

CA

 

 

11,864,715

 

 

 

160,973

 

 

 

-

 

 

 

12,025,688

 

Summerhill - Series A (4), (8)

 

CA

 

 

6,152,834

 

 

 

-

 

 

 

(178,978

)

 

 

5,973,856

 

Sycamore Walk - Series A (4), (8)

 

CA

 

 

3,393,159

 

 

 

-

 

 

 

(43,943

)

 

 

3,349,216

 

The Village at Madera - Series A (4)

 

CA

 

 

2,955,238

 

 

 

15,027

 

 

 

-

 

 

 

2,970,265

 

Tyler Park Townhomes - Series A (2)

 

CA

 

 

5,554,438

 

 

 

74,702

 

 

 

-

 

 

 

5,629,140

 

Village at Hanford Square - Series H (6)

 

CA

 

 

10,400,000

 

 

 

407,460

 

 

 

-

 

 

 

10,807,460

 

Vineyard Gardens - Series A (6)

 

CA

 

 

3,883,419

 

 

 

153,658

 

 

 

-

 

 

 

4,037,077

 

Westside Village Market - Series A (2)

 

CA

 

 

3,629,816

 

 

 

94,653

 

 

 

-

 

 

 

3,724,469

 

MaryAlice Circle Apartments (6)

 

GA

 

 

5,900,000

 

 

 

219,618

 

 

 

-

 

 

 

6,119,618

 

Brookstone (1)

 

IL

 

 

7,244,439

 

 

 

1,036,434

 

 

 

-

 

 

 

8,280,873

 

Copper Gate Apartments (2)

 

IN

 

 

4,840,000

 

 

 

12,697

 

 

 

-

 

 

 

4,852,697

 

Renaissance - Series A (3), (8)

 

LA

 

 

10,469,267

 

 

 

-

 

 

 

(41,970

)

 

 

10,427,297

 

Live 929 Apartments - Series 2022A (6)

 

MD

 

 

58,277,207

 

 

 

589,212

 

 

 

-

 

 

 

58,866,419

 

Meadow Valley (6), (9)

 

MI

 

 

16,549,356

 

 

 

-

 

 

 

(3,421,190

)

 

 

13,128,166

 

Jackson Manor Apartments (6)

 

MS

 

 

6,900,000

 

 

 

-

 

 

 

-

 

 

 

6,900,000

 

Village Point (7), (8)

 

NJ

 

 

23,000,000

 

 

 

-

 

 

 

(1,191,899

)

 

 

21,808,101

 

Silver Moon - Series A (3)

 

NM

 

 

7,500,102

 

 

 

441,468

 

 

 

-

 

 

 

7,941,570

 

Village at Avalon (5)

 

NM

 

 

15,842,510

 

 

 

610,649

 

 

 

-

 

 

 

16,453,159

 

Columbia Gardens (4)

 

SC

 

 

12,399,692

 

 

 

341,847

 

 

 

-

 

 

 

12,741,539

 

Companion at Thornhill Apartments (4)

 

SC

 

 

10,676,974

 

 

 

261,025

 

 

 

-

 

 

 

10,937,999

 

The Ivy Apartments (6)

 

SC

 

 

30,570,091

 

 

 

69,694

 

 

 

-

 

 

 

30,639,785

 

The Palms at Premier Park Apartments (2)

 

SC

 

 

17,940,209

 

 

 

266,313

 

 

 

-

 

 

 

18,206,522

 

The Park at Sondrio - Series 2022A (6)

 

SC

 

 

38,100,000

 

 

 

378,258

 

 

 

-

 

 

 

38,478,258

 

The Park at Vietti - Series 2022A (6)

 

SC

 

 

26,985,000

 

 

 

337,999

 

 

 

-

 

 

 

27,322,999

 

Village at River's Edge (4), (8)

 

SC

 

 

9,587,468

 

 

 

-

 

 

 

(133,977

)

 

 

9,453,491

 

Willow Run (4)

 

SC

 

 

12,227,486

 

 

 

336,255

 

 

 

-

 

 

 

12,563,741

 

Windsor Shores Apartments - Series A (6)

 

SC

 

 

21,545,000

 

 

 

211,355

 

 

 

-

 

 

 

21,756,355

 

Arbors at Hickory Ridge (2)

 

TN

 

 

10,462,129

 

 

 

1,300,120

 

 

 

-

 

 

 

11,762,249

 

Avistar at Copperfield - Series A (6)

 

TX

 

 

13,417,781

 

 

 

289,278

 

 

 

-

 

 

 

13,707,059

 

Avistar at the Crest - Series A (2)

 

TX

 

 

8,796,967

 

 

 

378,848

 

 

 

-

 

 

 

9,175,815

 

Avistar at the Oaks - Series A (2)

 

TX

 

 

7,118,705

 

 

 

215,791

 

 

 

-

 

 

 

7,334,496

 

Avistar at the Parkway - Series A (3)

 

TX

 

 

12,311,348

 

 

 

310,317

 

 

 

-

 

 

 

12,621,665

 

Avistar at Wilcrest - Series A (6), (8)

 

TX

 

 

5,085,068

 

 

 

-

 

 

 

(41,834

)

 

 

5,043,234

 

Avistar at Wood Hollow - Series A (6)

 

TX

 

 

38,610,801

 

 

 

652,946

 

 

 

-

 

 

 

39,263,747

 

Avistar in 09 - Series A (2)

 

TX

 

 

6,146,722

 

 

 

203,194

 

 

 

-

 

 

 

6,349,916

 

Avistar on the Boulevard - Series A (2)

 

TX

 

 

14,986,587

 

 

 

448,641

 

 

 

-

 

 

 

15,435,228

 

Avistar on the Hills - Series A (2)

 

TX

 

 

4,873,624

 

 

 

161,109

 

 

 

-

 

 

 

5,034,733

 

Bruton Apartments (4), (8)

 

TX

 

 

17,261,949

 

 

 

-

 

 

 

(683,906

)

 

 

16,578,043

 

Concord at Gulfgate - Series A (4)

 

TX

 

 

18,245,484

 

 

 

656,978

 

 

 

-

 

 

 

18,902,462

 

Concord at Little York - Series A (4)

 

TX

 

 

12,781,825

 

 

 

495,283

 

 

 

-

 

 

 

13,277,108

 

Concord at Williamcrest - Series A (4)

 

TX

 

 

19,800,416

 

 

 

767,247

 

 

 

-

 

 

 

20,567,663

 

Crossing at 1415 - Series A (4)

 

TX

 

 

7,105,209

 

 

 

194,079

 

 

 

-

 

 

 

7,299,288

 

Decatur Angle (4), (8)

 

TX

 

 

21,702,571

 

 

 

-

 

 

 

(881,145

)

 

 

20,821,426

 

Esperanza at Palo Alto (4)

 

TX

 

 

18,793,377

 

 

 

715,004

 

 

 

-

 

 

 

19,508,381

 

Heights at 515 - Series A (4)

 

TX

 

 

6,504,941

 

 

 

227,030

 

 

 

-

 

 

 

6,731,971

 

Heritage Square - Series A (3)

 

TX

 

 

10,221,885

 

 

 

236,293

 

 

 

-

 

 

 

10,458,178

 

Oaks at Georgetown - Series A (4)

 

TX

 

 

11,821,571

 

 

 

26,048

 

 

 

-

 

 

 

11,847,619

 

Runnymede (1)

 

TX

 

 

9,465,000

 

 

 

291

 

 

 

-

 

 

 

9,465,291

 

Southpark (1)

 

TX

 

 

11,310,268

 

 

 

1,203,542

 

 

 

-

 

 

 

12,513,810

 

15 West Apartments (4)

 

WA

 

 

9,392,920

 

 

 

733,019

 

 

 

-

 

 

 

10,125,939

 

Mortgage revenue bonds held in trust

 

 

 

$

834,910,798

 

 

$

17,670,361

 

 

$

(9,753,037

)

 

$

842,828,122

 
(1)
MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(2)
MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(3)
MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(4)
MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(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.
(7)
MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16.
(8)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for less than 12 months.
(9)
The Partnership has a remaining MRB funding commitment of approximately $27.6 million as of September 30, 2023. 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 (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of September 30, 2023 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for more than 12 months.

 

 

 

September 30, 2023

 

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

 

CCBA Senior Garden Apartments (1)

 

CA

 

$

3,766,276

 

 

$

-

 

 

$

(271,895

)

 

$

3,494,381

 

Ocotillo Springs - Series A (2)

 

CA

 

 

3,497,289

 

 

 

-

 

 

 

(451,646

)

 

 

3,045,643

 

Ocotillo Springs - Series A-1

 

CA

 

 

499,781

 

 

 

32,450

 

 

 

-

 

 

 

532,231

 

Residency at the Entrepreneur - Series J-5

 

CA

 

 

1,000,000

 

 

 

-

 

 

 

-

 

 

 

1,000,000

 

Solano Vista - Series A

 

CA

 

 

2,616,864

 

 

 

120,269

 

 

 

-

 

 

 

2,737,133

 

Handsel Morgan Village Apartments

 

GA

 

 

2,150,000

 

 

 

61,573

 

 

 

-

 

 

 

2,211,573

 

Provision Center 2014-1

 

TN

 

 

927,740

 

 

 

-

 

 

 

-

 

 

 

927,740

 

Avistar at the Crest - Series B

 

TX

 

 

719,990

 

 

 

9,712

 

 

 

-

 

 

 

729,702

 

Avistar at the Oaks - Series B

 

TX

 

 

527,484

 

 

 

4,255

 

 

 

-

 

 

 

531,739

 

Avistar at the Parkway - Series B

 

TX

 

 

122,825

 

 

 

14,674

 

 

 

-

 

 

 

137,499

 

Avistar in 09 - Series B

 

TX

 

 

435,127

 

 

 

3,510

 

 

 

-

 

 

 

438,637

 

Avistar on the Boulevard - Series B

 

TX

 

 

427,820

 

 

 

3,730

 

 

 

-

 

 

 

431,550

 

Mortgage revenue bonds held by the Partnership

 

 

 

$

16,691,196

 

 

$

250,173

 

 

$

(723,541

)

 

$

16,217,828

 
(1)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for less than 12 months.
(2)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of September 30, 2023, the MRB has been in an unrealized loss position for more than 12 months.

 

 

December 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

 

$

9,874,603

 

 

$

888,242

 

 

$

-

 

 

$

10,762,845

 

Glenview Apartments - Series A (3)

 

CA

 

 

4,372,370

 

 

 

309,570

 

 

 

-

 

 

 

4,681,940

 

Harmony Court Bakersfield - Series A (4)

 

CA

 

 

3,600,418

 

 

 

274,456

 

 

 

-

 

 

 

3,874,874

 

Harmony Terrace - Series A (4)

 

CA

 

 

6,665,787

 

 

 

625,752

 

 

 

-

 

 

 

7,291,539

 

Harden Ranch - Series A (2)

 

CA

 

 

6,449,455

 

 

 

581,466

 

 

 

-

 

 

 

7,030,921

 

Las Palmas II - Series A (4)

 

CA

 

 

1,633,397

 

 

 

140,681

 

 

 

-

 

 

 

1,774,078

 

Lutheran Gardens (7)

 

CA

 

 

10,352,000

 

 

 

127,107

 

 

 

-

 

 

 

10,479,107

 

Montclair Apartments - Series A (3)

 

CA

 

 

2,368,757

 

 

 

199,617

 

 

 

-

 

 

 

2,568,374

 

Montecito at Williams Ranch Apartments - Series A (6)

 

CA

 

 

7,507,111

 

 

 

834,292

 

 

 

-

 

 

 

8,341,403

 

Montevista - Series A (6)

 

CA

 

 

6,656,219

 

 

 

902,690

 

 

 

-

 

 

 

7,558,909

 

Ocotillo Springs - Series A (6), (8)

 

CA

 

 

11,090,000

 

 

 

-

 

 

 

(331,311

)

 

 

10,758,689

 

Residency at the Entrepreneur - Series J-1 (6)

 

CA

 

 

9,088,496

 

 

 

122,815

 

 

 

-

 

 

 

9,211,311

 

Residency at the Entrepreneur - Series J-2 (6)

 

CA

 

 

7,500,000

 

 

 

176,092

 

 

 

-

 

 

 

7,676,092

 

Residency at the Entrepreneur - Series J-3 (6)

 

CA

 

 

3,900,000

 

 

 

726,834

 

 

 

-

 

 

 

4,626,834

 

Residency at the Mayer - Series A (6)

 

CA

 

 

26,067,585

 

 

 

-

 

 

 

-

 

 

 

26,067,585

 

San Vicente - Series A (4)

 

CA

 

 

3,367,978

 

 

 

255,787

 

 

 

-

 

 

 

3,623,765

 

Santa Fe Apartments - Series A (3)

 

CA

 

 

2,869,660

 

 

 

216,000

 

 

 

-

 

 

 

3,085,660

 

Seasons at Simi Valley - Series A (4)

 

CA

 

 

4,137,438

 

 

 

522,910

 

 

 

-

 

 

 

4,660,348

 

Seasons Lakewood - Series A (4)

 

CA

 

 

7,100,512

 

 

 

666,562

 

 

 

-

 

 

 

7,767,074

 

Seasons San Juan Capistrano - Series A (4)

 

CA

 

 

11,954,944

 

 

 

1,038,904

 

 

 

-

 

 

 

12,993,848

 

Summerhill - Series A (4)

 

CA

 

 

6,199,861

 

 

 

265,296

 

 

 

-

 

 

 

6,465,157

 

Sycamore Walk - Series A (4)

 

CA

 

 

3,428,986

 

 

 

124,598

 

 

 

-

 

 

 

3,553,584

 

The Village at Madera - Series A (4)

 

CA

 

 

2,977,825

 

 

 

247,354

 

 

 

-

 

 

 

3,225,179

 

Tyler Park Townhomes - Series A (2)

 

CA

 

 

5,616,043

 

 

 

264,300

 

 

 

-

 

 

 

5,880,343

 

Vineyard Gardens - Series A (6)

 

CA

 

 

3,908,104

 

 

 

514,719

 

 

 

-

 

 

 

4,422,823

 

Westside Village Market - Series A (2)

 

CA

 

 

3,670,075

 

 

 

267,369

 

 

 

-

 

 

 

3,937,444

 

Brookstone (1)

 

IL

 

 

7,286,052

 

 

 

1,286,871

 

 

 

-

 

 

 

8,572,923

 

Copper Gate Apartments (2)

 

IN

 

 

4,840,000

 

 

 

117,014

 

 

 

-

 

 

 

4,957,014

 

Renaissance - Series A (3)

 

LA

 

 

10,585,375

 

 

 

645,412

 

 

 

-

 

 

 

11,230,787

 

Live 929 Apartments - Series 2022A (6)

 

MD

 

 

58,107,262

 

 

 

2,217,857

 

 

 

-

 

 

 

60,325,119

 

Jackson Manor Apartments (6)

 

MS

 

 

6,900,000

 

 

 

-

 

 

 

-

 

 

 

6,900,000

 

Greens Property - Series A (2)

 

NC

 

 

7,599,000

 

 

 

597

 

 

 

-

 

 

 

7,599,597

 

Silver Moon - Series A (3)

 

NM

 

 

7,557,312

 

 

 

863,401

 

 

 

-

 

 

 

8,420,713

 

Village at Avalon (5)

 

NM

 

 

15,942,560

 

 

 

1,727,010

 

 

 

-

 

 

 

17,669,570

 

Columbia Gardens (4)

 

SC

 

 

12,542,207

 

 

 

968,469

 

 

 

-

 

 

 

13,510,676

 

Companion at Thornhill Apartments (4)

 

SC

 

 

10,786,181

 

 

 

709,979

 

 

 

-

 

 

 

11,496,160

 

The Palms at Premier Park Apartments (2)

 

SC

 

 

18,137,042

 

 

 

808,555

 

 

 

-

 

 

 

18,945,597

 

The Park at Sondrio - Series 2022A (6)

 

SC

 

 

38,100,000

 

 

 

-

 

 

 

-

 

 

 

38,100,000

 

The Park at Vietti - Series 2022A (6)

 

SC

 

 

26,985,000

 

 

 

-

 

 

 

-

 

 

 

26,985,000

 

Village at River's Edge (4)

 

SC

 

 

9,649,659

 

 

 

590,962

 

 

 

-

 

 

 

10,240,621

 

Willow Run (4)

 

SC

 

 

12,368,964

 

 

 

953,988

 

 

 

-

 

 

 

13,322,952

 

Arbors at Hickory Ridge (2)

 

TN

 

 

10,591,726

 

 

 

2,005,029

 

 

 

-

 

 

 

12,596,755

 

Avistar at Copperfield - Series A (6)

 

TX

 

 

13,532,636

 

 

 

919,463

 

 

 

-

 

 

 

14,452,099

 

Avistar at the Crest - Series A (2)

 

TX

 

 

8,896,378

 

 

 

975,504

 

 

 

-

 

 

 

9,871,882

 

Avistar at the Oaks - Series A (2)

 

TX

 

 

7,196,674

 

 

 

717,701

 

 

 

-

 

 

 

7,914,375

 

Avistar at the Parkway - Series A (3)

 

TX

 

 

12,429,842

 

 

 

950,930

 

 

 

-

 

 

 

13,380,772

 

Avistar at Wilcrest - Series A (6)

 

TX

 

 

5,128,595

 

 

 

170,370

 

 

 

-

 

 

 

5,298,965

 

Avistar at Wood Hollow - Series A (6)

 

TX

 

 

38,941,304

 

 

 

2,645,832

 

 

 

-

 

 

 

41,587,136

 

Avistar in 09 - Series A (2)

 

TX

 

 

6,214,048

 

 

 

619,707

 

 

 

-

 

 

 

6,833,755

 

Avistar on the Boulevard - Series A (2)

 

TX

 

 

15,155,942

 

 

 

1,290,551

 

 

 

-

 

 

 

16,446,493

 

Avistar on the Hills - Series A (2)

 

TX

 

 

4,927,003

 

 

 

523,079

 

 

 

-

 

 

 

5,450,082

 

Bruton Apartments (4)

 

TX

 

 

17,381,296

 

 

 

281,271

 

 

 

-

 

 

 

17,662,567

 

Concord at Gulfgate - Series A (4)

 

TX

 

 

18,404,942

 

 

 

1,842,303

 

 

 

-

 

 

 

20,247,245

 

Concord at Little York - Series A (4)

 

TX

 

 

12,893,533

 

 

 

1,249,523

 

 

 

-

 

 

 

14,143,056

 

Concord at Williamcrest - Series A (4)

 

TX

 

 

19,973,464

 

 

 

1,935,645

 

 

 

-

 

 

 

21,909,109

 

Crossing at 1415 - Series A (4)

 

TX

 

 

7,170,756

 

 

 

605,369

 

 

 

-

 

 

 

7,776,125

 

Decatur Angle (4)

 

TX

 

 

21,866,672

 

 

 

77,837

 

 

 

-

 

 

 

21,944,509

 

Esperanza at Palo Alto (4)

 

TX

 

 

18,916,082

 

 

 

2,209,462

 

 

 

-

 

 

 

21,125,544

 

Heights at 515 - Series A (4)

 

TX

 

 

6,564,951

 

 

 

573,569

 

 

 

-

 

 

 

7,138,520

 

Heritage Square - Series A (3)

 

TX

 

 

10,325,196

 

 

 

671,790

 

 

 

-

 

 

 

10,996,986

 

Oaks at Georgetown - Series A (4)

 

TX

 

 

11,911,472

 

 

 

746,300

 

 

 

-

 

 

 

12,657,772

 

Runnymede (1)

 

TX

 

 

9,535,000

 

 

 

45,577

 

 

 

-

 

 

 

9,580,577

 

Southpark (1)

 

TX

 

 

11,257,062

 

 

 

1,352,726

 

 

 

-

 

 

 

12,609,788

 

15 West Apartments (4)

 

WA

 

 

9,454,318

 

 

 

1,534,060

 

 

 

-

 

 

 

10,988,378

 

Mortgage revenue bonds held in trust

 

 

 

$

718,413,130

 

 

$

45,127,126

 

 

$

(331,311

)

 

$

763,208,945

 

 

(1)
MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(2)
MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(3)
MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(4)
MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB.
(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.
(7)
MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16.
(8)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss.

 

 

December 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

 

CCBA Senior Garden Apartments

 

CA

 

$

3,792,700

 

 

$

42,672

 

 

$

-

 

 

$

3,835,372

 

Residency at Empire - Series BB-1

 

CA

 

 

14,118,500

 

 

 

-

 

 

 

-

 

 

 

14,118,500

 

Residency at Empire - Series BB-2

 

CA

 

 

4,000,000

 

 

 

-

 

 

 

-

 

 

 

4,000,000

 

Residency at Empire - Series BB-3

 

CA

 

 

55,000

 

 

 

-

 

 

 

-

 

 

 

55,000

 

Solano Vista - Series A

 

CA

 

 

2,631,168

 

 

 

297,861

 

 

 

-

 

 

 

2,929,029

 

Meadow Valley (1)

 

MI

 

 

4,833,437

 

 

 

-

 

 

 

(1,193,085

)

 

 

3,640,352

 

Greens Property - Series B

 

NC

 

 

915,039

 

 

 

122

 

 

 

-

 

 

 

915,161

 

Provision Center 2014-1

 

TN

 

 

4,294,939

 

 

 

-

 

 

 

-

 

 

 

4,294,939

 

Avistar at the Crest - Series B

 

TX

 

 

724,747

 

 

 

53,132

 

 

 

-

 

 

 

777,879

 

Avistar at the Oaks - Series B

 

TX

 

 

530,829

 

 

 

33,406

 

 

 

-

 

 

 

564,235

 

Avistar at the Parkway - Series B

 

TX

 

 

123,176

 

 

 

22,510

 

 

 

-

 

 

 

145,686

 

Avistar in 09 - Series B

 

TX

 

 

437,886

 

 

 

27,557

 

 

 

-

 

 

 

465,443

 

Avistar on the Boulevard - Series B

 

TX

 

 

430,647

 

 

 

26,816

 

 

 

-

 

 

 

457,463

 

Mortgage revenue bonds held by the Partnership

 

 

 

$

36,888,068

 

 

$

504,076

 

 

$

(1,193,085

)

 

$

36,199,059

 
(1)
The Partnership has a remaining MRB funding commitment of $39.3 million as of December 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 (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of December 31, 2022 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss.
Schedule of MRBs Acquisitions

The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2022:

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Initial Principal Funded

 

Residency at the Entrepreneur - Series J-1

 

April

 

Los Angeles, CA

 

 

200

 

 

3/31/2040

 

 

6.00

%

 

$

9,000,000

 

Residency at the Entrepreneur - Series J-2

 

April

 

Los Angeles, CA

 

 

200

 

 

3/31/2040

 

 

6.00

%

 

 

7,500,000

 

Residency at the Entrepreneur - Series J-3 (1)

 

April

 

Los Angeles, CA

 

 

200

 

 

3/31/2040

 

 

6.00

%

 

-

 

Residency at the Entrepreneur - Series J-4 (1)

 

April

 

Los Angeles, CA

 

 

200

 

 

3/31/2040

 

SOFR + 3.60%

 

(2)

-

 

CCBA Senior Garden Apartments (3)

 

June

 

San Diego, CA

 

 

45

 

 

7/1/2037

 

 

4.50

%

 

 

3,807,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

20,307,000

 
(1)
The Partnership has committed to provide funding for the Series J-3 and Series J-4 MRBs of $26.1 million and $16.4 million, respectively. See Note 19.
(2)
The interest rate is subject to an all-in floor of 3.87%. Upon stabilization, the Series J-4 MRB will become subordinate to the Series J-1, J-2, and J-3 MRBs and will convert to a fixed rate of 8.0%. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $1.5 million.
(3)
The investment was previously reported as a bond purchase commitment that has converted to an MRB.

Restructurings:

In 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
Restructured

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Restructuring

 

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

 
Schedule of Terms of partnership's MRBs After Conversions The following table summarizes the terms of the Ocotillo Springs MRBs after conversion:

Property Name

 

Property Location

 

Units

 

 

Maturity Date

 

Fixed Interest Rate

 

 

Post-Conversion Principal

 

Ocotillo Springs - Series A

 

Brawley, CA

 

 

75

 

 

8/1/2038

 

 

4.35

%

 

$

3,500,000

 

Ocotillo Springs - Series A-1

 

Brawley, CA

 

 

75

 

 

8/1/2038

 

 

6.50

%

 

 

500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

$

4,000,000

 
Schedule of MRB Redeemed

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2023:

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Greens Property - Series A

 

February 2023

 

Durham, NC

 

 

168

 

 

10/1/2047

 

 

6.50

%

 

$

7,579,000

 

Greens Property - Series B

 

February 2023

 

Durham, NC

 

 

168

 

 

10/1/2047

 

 

12.00

%

 

 

914,040

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

8,493,040

 

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, 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

 

Bridle Ridge

 

May

 

Greer, SC

 

 

152

 

 

1/1/2043

 

 

6.00

%

 

 

7,100,000

 

Cross Creek

 

September

 

Beaufort, SC

 

 

144

 

 

3/1/2049

 

 

6.15

%

 

 

7,666,752

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

31,770,592

 
(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.