XML 100 R34.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments in Bonds (Tables)
 12 Months Ended
Dec. 31, 2013
Investments in Mortgage Revenue Bonds [Abstract]  
Investments Classified by Contractual Maturity Date [Table Text Block]
Descriptions of certain terms of the mortgage revenue bonds are as follows:

Property Name
 
Location
 
Maturity Date
 
Base Interest Rate
 
Principal Outstanding at Dec. 31, 2013
 
 
 
 
 
 
 
 
 
Arbors at Hickory Ridge (2)
 
Memphis, TN
 
12/1/2049
 
6.25
%
 
$
11,450,000

Ashley Square (1)
 
Des Moines, IA
 
12/1/2025
 
6.25
%
 
5,212,000

Autumn Pines (2)
 
Humble, TX
 
10/1/2046
 
5.80
%
 
13,110,000

Avistar on the Boulevard - Series A (2)
 
San Antonio, TX
 
3/1/2050
 
6.00
%
 
13,760,000

Avistar at Chase Hill - Series A (2)
 
San Antonio, TX
 
3/1/2050
 
6.00
%
 
8,960,000

Avistar at the Crest - Series A (2)
 
San Antonio, TX
 
3/1/2050
 
6.00
%
 
8,759,000

Avistar (February 2013 Acquisition) - Series B (3 Bonds)
 
San Antonio, TX
 
4/1/2050
 
9.00
%
 
6,921,000

Avistar at the Oak - Series A (2)
 
San Antonio, TX
 
8/1/2050
 
6.00
%
 
5,878,000

Avistar in 09 - Series A (2)
 
San Antonio, TX
 
8/1/2050
 
6.00
%
 
5,482,000

Avistar on the Hill - Series A (2)
 
San Antonio, TX
 
8/1/2050
 
6.00
%
 
3,091,000

Avistar (June 2013 Acquisition) - Series B (3 Bonds) (2)
 
San Antonio, TX
 
9/1/2050
 
9.00
%
 
6,484,000

Bella Vista (1)
 
Gainesville, TX
 
4/1/2046
 
6.15
%
 
6,545,000

Bridle Ridge (1)
 
Greer, SC
 
1/1/2043
 
6.00
%
 
7,715,000

Brookstone (1)
 
Waukegan, IL
 
5/1/2040
 
5.45
%
 
9,338,603

Copper Gate Apartments
 
Lafayette, IN
 
12/1/2029
 
6.25
%
 
5,220,000

Cross Creek (1)
 
Beaufort, SC
 
3/1/2049
 
6.15
%
 
8,497,933

Greens of Pine Glen - Series A (2)
 
Durham, NC
 
10/1/2047
 
6.50
%
 
8,437,501

Greens of Pine Glen - Series B (2)
 
Durham, NC
 
10/1/2047
 
12.00
%
 
948,291

Lake Forest Apartments (1)
 
Daytona Beach, FL
 
12/1/2031
 
6.25
%
 
8,997,000

Ohio Bond - Series A (2)
 
Ohio
 
6/1/2050
 
7.00
%
 
14,498,000

Ohio Bond - Series B
 
Ohio
 
6/1/2050
 
10.00
%
 
3,583,590

Renaissance - Series A
 
Baton Rouge, LA
 
6/1/2050
 
6.00
%
 
3,850,000

Renaissance - Series B
 
Baton Rouge, LA
 
6/1/2050
 
12.00
%
 
1,250,000

Renaissance - Series C
 
Baton Rouge, LA
 
6/1/2015
 
12.00
%
 
2,875,000

Runnymede (1)
 
Austin, TX
 
10/1/2042
 
6.00
%
 
10,525,000

Southpark (1)
 
Austin, TX
 
12/1/2049
 
6.13
%
 
13,795,000

The Palms at Premier Park
 
Columbia, SC
 
1/1/2050
 
6.25
%
 
20,152,000

The Suites on Paseo (2)
 
San Diego, CA
 
12/1/2048
 
6.25
%
 
35,750,000

Tyler Park Townhomes Series A
 
Greenfield, CA
 
1/1/2030
 
5.75
%
 
6,075,000

Tyler Park Townhomes Series B
 
Greenfield, CA
 
1/1/2016
 
5.50
%
 
2,025,000

Vantage at Judson
 
San Antonio, TX
 
2/1/2053
 
9.00
%
 
6,049,000

Vantage at Harlingen
 
San Antonio, TX
 
10/1/2053
 
9.00
%
 
6,692,000

Villages at Lost Creek
 
San Antonio, TX
 
6/1/2041
 
6.25
%
 
18,090,000

Westside Village Market Series A
 
Shafter, CA
 
1/1/2030
 
5.75
%
 
3,970,000

Westside Village Market Series B
 
Shafter, CA
 
1/1/2016
 
5.50
%
 
1,430,000

Woodlynn Village (1)
 
Maplewood, MN
 
11/1/2042
 
6.00
%
 
4,426,000

Total Mortgage Bonds
 
 
 
 
 
 
 
$
299,841,918


(1) Bonds owned by ATAX TEBS I, LLC, Note 11
(2) Bond held by Deutsche Bank AG in a secured financing transaction, Note 11
Property Name
 
Location
 
Maturity Date
 
Base Interest Rate
 
Principal Outstanding at Dec. 31, 2012
 
 
 
 
 
 
 
 
 
Arbors at Hickory Ridge
 
Memphis, TN
 
12/1/2049
 
6.25
%
 
$
11,450,000

Ashley Square (1)
 
Des Moines, IA
 
12/1/2025
 
6.25
%
 
5,260,000

Autumn Pines (2)
 
Humble, TX
 
10/1/2046
 
5.80
%
 
13,220,000

Bella Vista (1)
 
Gainesville, TX
 
4/1/2046
 
6.15
%
 
6,600,000

Bridle Ridge (1)
 
Greer, SC
 
1/1/2043
 
6.00
%
 
7,765,000

Brookstone (1)
 
Waukegan, IL
 
5/1/2040
 
5.45
%
 
9,416,794

Cross Creek (1)
 
Beaufort, SC
 
3/1/2049
 
6.15
%
 
8,568,409

Iona Lakes
 
Ft. Myers, FL
 
4/1/2030
 
6.90
%
 
15,535,000

Runnymede (1)
 
Austin, TX
 
10/1/2042
 
6.00
%
 
10,605,000

Southpark (1)
 
Austin, TX
 
12/1/2049
 
6.13
%
 
13,900,000

Vantage at Judson
 
San Antonio. TX
 
2/1/2053
 
9.00
%
 
6,049,000

Villages at Lost Creek (1)
 
San Antonio, TX
 
6/1/2041
 
6.25
%
 
18,315,000

Woodland Park
 
Topeka, KS
 
11/1/2047
 
6.00
%
 
15,013,000

Woodland Park
 
Topeka, KS
 
11/1/2047
 
8.00
%
 
649,000

Woodlynn Village (1)
 
Maplewood, MN
 
11/1/2042
 
6.00
%
 
4,460,000

Total mortgage revenue bonds
 
 
 
 
 
 
 
$
146,806,203
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]
The carrying value of each of the Partnership's mortgage revenue bonds as of December 31, 2013 and 2012 is as follows:
 
 
December 31, 2013
Description of Mortgage
 
Cost adjusted
 
Unrealized
 
Unrealized
 
Estimated
Revenue Bonds
 
for Pay-downs
 
Gain
 
Loss
 
Fair Value
Arbors at Hickory Ridge (2)
 
$
11,576,209

 
$
225,690

 
$
—

 
$
11,801,899

Ashley Square (1)
 
5,212,000

 
—

 
—

 
5,212,000

Autumn Pines (2)
 
12,147,873

 
—

 
(195,355
)
 
11,952,518

Avistar at Chase Hill A Bond (2)
 
8,960,000

 
—

 
(850,752
)
 
8,109,248

Avistar at the Crest A Bond (2)
 
8,759,000

 
—

 
(1,298,785
)
 
7,460,215

Avistar at the Oaks (2)
 
8,354,000

 
—

 
(1,103,115
)
 
7,250,885

Avistar in 09 (2)
 
7,192,000

 
—

 
(588,254
)
 
6,603,746

Avistar on the Boulevard A Bond (2)
 
13,760,000

 
—

 
(1,306,512
)
 
12,453,488

Avistar on the Hills (2)
 
5,389,000

 
—

 
(417,724
)
 
4,971,276

Bella Vista (1)
 
6,545,000

 
—

 
(473,989
)
 
6,071,011

Bridle Ridge (1)
 
7,715,000

 
—

 
(452,870
)
 
7,262,130

Brookstone (1)
 
7,463,641

 
841,751

 
—

 
8,305,392

Cross Creek (1)
 
6,042,297

 
1,480,266

 
—

 
7,522,563

Greens Property A Bond (2)
 
8,437,501

 
—

 
(577,426
)
 
7,860,075

Lake Forest (1)
 
8,997,000

 
—

 
(289,461
)
 
8,707,539

Lost Creek (1)
 
15,883,084

 
1,743,088

 
—

 
17,626,172

Ohio Properties A Bonds (1)
 
14,498,000

 
—

 
—

 
14,498,000

Runnymede (1)
 
10,525,000

 
—

 
(551,510
)
 
9,973,490

Southpark (1)
 
11,878,885

 
1,018,750

 
—

 
12,897,635

The Suites on Paseo (2)
 
35,750,000

 
—

 
(2,502
)
 
35,747,498

Woodlynn Village (1)
 
4,426,000

 
—

 
(340,979
)
 
4,085,021

Mortgage revenue bonds held in trust
 
$
219,511,490

 
$
5,309,545

 
$
(8,449,234
)
 
$
216,371,801

 
 
 
 
 
 
 
 
 
(1) Bonds owned by ATAX TEBS I, LLC, Note 11
(2) Bond held by Deutsche Bank in a secured financing transaction, Note 11
 
 
December 31, 2013
Description of Mortgage
 
Cost adjusted
 
Unrealized
 
Unrealized
 
Estimated
Revenue Bonds
 
for Pay-downs
 
Gain
 
Loss
 
Fair Value
Avistar at Chase Hill B Bond
 
$
2,005,000

 
$
—

 
$
(159,117
)
 
$
1,845,883

Avistar at the Crest B Bond
 
1,700,000

 
—

 
(134,912
)
 
1,565,088

Avistar on the Boulevard B Bond
 
3,216,000

 
—

 
(255,222
)
 
2,960,778

Copper Gate Apartments
 
5,220,000

 
—

 
(252,648
)
 
4,967,352

Greens Property B Bond
 
948,291

 
189,589

 
—

 
1,137,880

Ohio Properties B Bonds
 
3,583,590

 
150,864

 
—

 
3,734,454

Renaissance
 
7,975,000

 
—

 
(16,964
)
 
7,958,036

The Palms at Premier Park
 
20,152,000

 
—

 
(283,942
)
 
19,868,058

Tyler Park Apartments
 
8,100,000

 
—

 
(526,601
)
 
7,573,399

Vantage at Harlingen
 
6,692,000

 
—

 
(211,735
)
 
6,480,265

Vantage at Judson
 
6,049,000

 
—

 
(190,423
)
 
5,858,577

Westside Village Market
 
5,400,000

 
—

 
(403,400
)
 
4,996,600

Mortgage revenue bonds
 
$
71,040,881

 
$
340,453

 
$
(2,434,964
)
 
$
68,946,370

 
 
 
 
 
 
 
 
 

 
 
December 31, 2012
Description of Mortgage
 
Cost adjusted
 
Unrealized
 
Unrealized
 
Estimated
Revenue Bonds
 
for Pay-downs
 
Gain
 
Loss
 
Fair Value
Ashley Square (1)
 
$
5,260,000

 
$
246,981

 
$
—

 
$
5,506,981

Autumn Pines (2)
 
12,217,004

 
953,024

 
—

 
13,170,028

Bella Vista (1)
 
6,600,000

 
93,324

 
—

 
6,693,324

Bridle Ridge (1)
 
7,765,000

 
108,632

 
—

 
7,873,632

Brookstone (1)
 
7,453,246

 
1,459,408

 
—

 
8,912,654

Cross Creek (1)
 
6,004,424

 
1,994,911

 
—

 
7,999,335

Lost Creek (1)
 
15,987,744

 
3,467,182

 
—

 
19,454,926

Runnymede (1)
 
10,605,000

 
491,330

 
—

 
11,096,330

Southpark (1)
 
11,904,968

 
2,462,350

 
—

 
14,367,318

Woodlynn Village (1)
 
4,460,000

 
—

 
(446
)
 
4,459,554

Mortgage Revenue Bonds held in trust
 
$
88,257,386

 
$
11,277,142

 
$
(446
)
 
$
99,534,082

 
 
 
Description of Mortgage
 
Cost adjusted
 
Unrealized
 
Unrealized
 
Estimated
Revenue Bonds
 
for Pay-downs
 
Gain
 
Loss
 
Fair Value
Arbors at Hickory Ridge
 
$
11,581,485

 
$
610,785

 
$
—

 
$
12,192,270

Iona Lakes
 
$
15,535,000

 
$
554,910

 
$
—

 
$
16,089,910

Vantage at Judson
 
6,049,000

 
—

 
(847
)
 
6,048,153

Woodland Park
 
15,662,000

 
—

 
(4,289,039
)
 
11,372,961

Mortgage revenue bonds
 
$
48,827,485

 
$
1,165,695

 
$
(4,289,886
)
 
$
45,703,294

The Company had the following investments in the PHC Certificates on December 31, 2013 and 2012:
Description of Public Housing Capital Fund Trust Certificates
 
Cost Adjusted for Amortization of Premium and Discounts
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value at December 31, 2013
 
 
 
 
 
 
 
 
 
Public Housing Capital Fund Trust Certificate I
 
$
27,979,527

 
$
—

 
$
(1,284,873
)
 
$
26,694,654

Public Housing Capital Fund Trust Certificate II
 
17,486,739

 
—

 
(1,083,235
)
 
16,403,504

Public Housing Capital Fund Trust Certificate III
 
20,434,848

 
—

 
(1,476,627
)
 
18,958,221

 
 
$
65,901,114

 
$
—

 
$
(3,844,735
)
 
$
62,056,379


Description of Public Housing Capital Fund Trust Certificates
 
Cost Adjusted for Amortization of Premium and Discounts
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value at December 31, 2012
 
 
 
 
 
 
 
 
 
Public Housing Capital Fund Trust Certificate I
 
$
28,119,176

 
$
—

 
$
(48,477
)
 
$
28,070,699

Public Housing Capital Fund Trust Certificate II
 
17,442,860

 
—

 
(109,223
)
 
17,333,637

Public Housing Capital Fund Trust Certificate III
 
20,395,597

 
—

 
(410,635
)
 
19,984,962

 
 
$
65,957,633

 
$
—

 
$
(568,335
)
 
$
65,389,298

e carrying value of the Company's MBS as of December 31, 2013 and 2012 are as follows:
Agency Rating of MBS (1)
 
Cost adjusted for amortization of premium
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value at December 31, 2013
"AAA"
 
$
23,177,115

 
$
—

 
$
(3,069,555
)
 
$
20,107,560

"AA"
 
20,624,701

 
—

 
(2,886,600
)
 
17,738,101


 
$
43,801,816

 
$
—

 
$
(5,956,155
)
 
$
37,845,661

(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.

Agency Rating of MBS (1)
 
Cost adjusted for amortization of premium
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value at December 31, 2012
"AAA"
 
$
13,127,402

 
$
—

 
$
(129,613
)
 
$
12,997,789

"AA"
 
19,407,675

 
—

 
(284,052
)
 
19,123,623

 
 
$
32,535,077

 
$
—

 
$
(413,665
)
 
$
32,121,412

(1) MBS are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented.