Investment in an Unconsolidated Entity

6 Months Ended

Jun. 30, 2017

Equity Method Investments And Joint Ventures [Abstract]

Investment in an Unconsolidated Entity

9. Investment in Unconsolidated Entities

ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, has equity commitments and reported equity contributions as investment in unconsolidated entities on the condensed consolidated balance sheets. The investments represent 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 the second anniversary of construction completion. The return on these investments earned by the Partnership is reported as investment income.

In March 2017, the Partnership closed on an $11.7 million equity commitment to fund construction of the Vantage at Panama City Beach multifamily property. The Partnership also entered into a guarantee agreement related to the property’s construction loan (Note 18).

The following table provides the details of the investments in unconsolidated entities at June 30, 2017 and December 31, 2016:

Property Name	Location	Units	Carrying Value at June 30, 2017		Carrying Value at December 31, 2016		Maximum Remaining Equity Commitment at June 30, 2017
Vantage at Corpus Christi	Corpus Christi, TX	288	$	8,907,869	$	8,447,343	$	1,550,000
Vantage at Waco	Waco, TX	288		8,323,166		5,964,861		1,592,039
Vantage at Boerne	Boerne, TX	288		7,870,971		5,057,802		1,475,936
Vantage at Panama City Beach	Panama City Beach, FL	288		6,848,487		-		5,042,297
			$	31,950,493	$	19,470,006	$	9,660,272