XML 65 R35.htm IDEA: XBRL DOCUMENT v3.3.1.900
Public Housing Capital Fund Trusts Public Housing Capital Fund Trusts (Tables)
 12 Months Ended
Dec. 31, 2014
Public Housing Capital Fund Trusts [Abstract]  
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, 2014 and 2013 is as follows:
 
 
December 31, 2014
Description of Tax-Exempt
 
Cost adjusted
 
Unrealized
 
Unrealized
 
Estimated
Mortgage Revenue Bonds
 
for pay-downs
 
Gain
 
Loss
 
Fair Value
 
 
 
 
 
 
 
 
 
Arbors at Hickory Ridge (3)
 
$
11,570,933

 
$
1,792,303

 
$
—

 
$
13,363,236

Ashley Square (1)
 
5,159,000

 
486,559

 
—

 
5,645,559

Avistar at Chase Hill A Bond (3)
 
10,000,000

 
1,196,800

 
—

 
11,196,800

Avistar at the Crest A Bond (3)
 
9,700,000

 
1,419,692

 
—

 
11,119,692

Avistar at the Oaks A Bond (3)
 
7,800,000

 
869,622

 
—

 
8,669,622

Avistar in 09 A Bond (3)
 
6,735,000

 
750,885

 
—

 
7,485,885

Avistar on the Boulevard A Bond (3)
 
16,525,000

 
2,418,599

 
—

 
18,943,599

Avistar on the Hills A Bond (3)
 
5,389,000

 
743,520

 
—

 
6,132,520

Bella Vista (1)
 
6,490,000

 
625,571

 
—

 
7,115,571

Bridle Ridge (1)
 
7,655,000

 
659,249

 
—

 
8,314,249

Brookstone (1)
 
7,468,888

 
1,360,589

 
—

 
8,829,477

Bruton Apartments (2)
 
18,145,000

 
1,455,955

 
—

 
19,600,955

Copper Gate Apartments (3)
 
5,220,000

 
563,656

 
—

 
5,783,656

Cross Creek (1)
 
6,074,817

 
2,542,262

 
—

 
8,617,079

Decatur Angle (2)
 
23,000,000

 
919,540

 
—

 
23,919,540

Greens Property A Bond (3)
 
8,366,000

 
1,005,119

 
—

 
9,371,119

Harden Ranch A Bond (3)
 
6,960,000

 
511,421

 
—

 
7,471,421

Lake Forest (1)
 
8,886,000

 
1,003,614

 
—

 
9,889,614

Live 929 Apartments (2)
 
40,895,739

 
3,797,745

 
—

 
44,693,484

Pro Nova 2014-1 and 2014-2 (2)
 
20,095,169

 
1,043,431

 
—

 
21,138,600

Ohio Properties A Bonds (1)
 
14,407,000

 
2,444,034

 
—

 
16,851,034

Runnymede (1)
 
10,440,000

 
1,385,910

 
—

 
11,825,910

Southpark (1)
 
11,842,206

 
3,743,692

 
—

 
15,585,898

The Palms at Premier Park Apartments (3)
 
20,152,000

 
2,680,619

 
—

 
22,832,619

The Suites on Paseo (2)
 
35,450,000

 
3,193,691

 
—

 
38,643,691

Tyler Park Apartments A Bond (3)
 
6,075,000

 
345,060

 
—

 
6,420,060

Westside Village Market A Bond (3)
 
3,970,000

 
225,496

 
—

 
4,195,496

Woodlynn Village (1)
 
4,390,000

 
376,706

 
—

 
4,766,706

Mortgage revenue bonds held in trust
 
$
338,861,752

 
$
39,561,340

 
$
—

 
$
378,423,092

(1) Bonds owned by ATAX TEBS I, LLC, Note 11
(2) Bond held by Deutsche Bank in a secured financing transaction, Note 11
(3) Bonds owned by ATAX TEBS II, LLC, Note 11
 
 
December 31, 2014
Description of Tax-Exempt
 
Cost adjusted
 
Unrealized
 
Unrealized
 
Estimated
Mortgage Revenue Bonds
 
for pay-downs
 
Gain
 
Loss
 
Fair Value
 
 
 
 
 
 
 
 
 
Avistar at Chase Hill B Bond
 
$
965,000

 
$
144,769

 
$
—

 
$
1,109,769

Avistar at the Crest B Bond
 
759,000

 
124,286

 
—

 
883,286

Avistar at the Oaks B Bond
 
554,000

 
54,325

 
—

 
608,325

Avistar in 09 B Bond
 
457,000

 
50,608

 
—

 
507,608

Avistar on the Boulevard B Bond
 
451,000

 
73,851

 
—

 
524,851

Greens Property B Bond
 
945,638

 
376,203

 
—

 
1,321,841

Glenview Apartments
 
6,723,000

 
—

 
—

 
6,723,000

Harden Ranch B Bond
 
2,340,000

 
—

 
(1,501
)
 
2,338,499

Heritage Square
 
11,705,000

 
1,109,125

 
—

 
12,814,125

Montclair Apartments
 
3,458,000

 
—

 
—

 
3,458,000

Ohio Properties B Bonds
 
3,573,430

 
668,542

 
—

 
4,241,972

Renaissance
 
12,675,000

 
1,055,807

 
—

 
13,730,807

Santa Fe Apartments
 
4,736,000

 
—

 
—

 
4,736,000

Tyler Park B Bond
 
2,025,000

 
—

 
(17,395
)
 
2,007,605

Vantage at Harlingen
 
6,692,000

 
707,813

 
—

 
7,399,813

Vantage at Judson
 
6,049,000

 
717,230

 
—

 
6,766,230

Westside Village B Bond
 
1,430,000

 
—

 
(686
)
 
1,429,314

Mortgage revenue bonds
 
$
65,538,068

 
$
5,082,559

 
$
(19,582
)
 
$
70,601,045



 
 
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

 
 
 
 
 
 
 
 
 


The Company had the following investments in the PHC Certificates on December 31, 2014 and 2013:
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, 2014
 
 
 
 
 
 
 
 
 
Public Housing Capital Fund Trust Certificate I
 
$
27,414,100

 
$
933,789

 
$
—

 
$
28,347,889

Public Housing Capital Fund Trust Certificate II
 
11,999,721

 
152,293

 
—

 
12,152,014

Public Housing Capital Fund Trust Certificate III
 
20,474,100

 
289,120

 
—

 
20,763,220

 
 
$
59,887,921

 
$
1,375,202

 
$
—

 
$
61,263,123


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

e carrying value of the Company’s MBS as of December 31, 2014 and 2013 are as follows:
Agency Rating of MBS (1)
 
Cost adjusted for amortization of premium
 
Unrealized Gain
 
Unrealized Loss
 
Estimated Fair Value at December 31, 2014
"AAA"
 
$
5,304,974

 
$
—

 
$
(250,624
)
 
$
5,054,350

"AA"
 
10,062,667

 
—

 
(275,459
)
 
9,787,208


 
$
15,367,641

 
$
—

 
$
(526,083
)
 
$
14,841,558


(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, 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.
Marketable Securities [Table Text Block]
The following table sets forth certain information relating to the PHC Certificates held in the PHC TOB Trusts:

 
 
Weighted Average Lives (Years)
 
Investment Rating
 
Weighted Average Interest Rate over Life
 
Principal Outstanding December 31, 2014
Public Housing Capital Fund Trust Certificate I
 
10.25
 
AA-
 
5.33%
 
$
25,980,780

Public Housing Capital Fund Trust Certificate II
 
9.72
 
A+
 
4.28%
 
12,429,186

Public Housing Capital Fund Trust Certificate III
 
10.81
 
BBB
 
5.42%
 
20,898,432

Total Public Housing Capital Fund Trust Certificates
 
 
 
 
 
 
 
$
59,308,398


 
 
Weighted Average Lives (Years)
 
Investment Rating
 
Weighted Average Interest Rate over Life
 
Principal Outstanding December 31, 2013
Public Housing Capital Fund Trust Certificate I
 
12.75
 
AA-
 
5.33%
 
$
26,406,558

Public Housing Capital Fund Trust Certificate II
 
12.30
 
AA-
 
4.24%
 
17,959,713

Public Housing Capital Fund Trust Certificate III
 
13.30
 
BBB
 
5.41%
 
20,898,432

Total Public Housing Capital Fund Trust Certificates
 
 
 
 
 
 
 
$
65,264,703

Description of certain terms of the Company’s MBS is as follows:
Agency Rating of MBS
 
Principal Outstanding December 31, 2014
 
Weighted Average Maturity Date
 
Weighted Average Coupon Interest Rate
 
 
 
 
"AAA"
 
$
5,000,000

 
7/1/2032
 
4.60
%
"AA"
 
9,765,000

 
7/9/2036
 
4.20
%
 
 
$
14,765,000

 
 
 
 


Agency Rating of MBS
 
Principal Outstanding December 31, 2013
 
Weighted Average Maturity Date
 
Weighted Average Coupon Interest Rate
 
 
 
 
 
 
“AAA”
 
$
22,710,000

 
12/9/2037
 
4.05
%
“AA”
 
20,120,000

 
2/5/2037
 
4.00
%
 
 
$
42,830,000