Debt Financing (Tables)

12 Months Ended

Dec. 31, 2017

Debt Financing [Abstract]

Schedule of Total Debt Financing

The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2017 and 2016:

	Outstanding Debt Financings on December 31, 2017, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates	Facility Fees	Period End Rates
TOB & Term A/B    Trusts Securitization
Fixed - Term TOB	$	46,787,036	$	-	2014	October 2019	N/A	N/A	N/A	4.01% - 4.39%
Fixed - Term A/B		279,533,565		-	2016 - 2017	June 2018 - November 2027	N/A	N/A	N/A	3.64% - 4.52%
Variable - TOB		38,130,000		850,327	2012	May 2018	Weekly	2.24 - 2.29%	1.67%	3.91 - 3.96%
TEBS Financings
Variable - TEBS I		55,468,000		372,222	2010	September 2020	Weekly	1.79%	1.85%	3.64%
Variable - TEBS II (1)		81,003,688		176,685	2014	July 2019	Weekly	1.77%	1.39%	3.16%
Variable - TEBS III (1)		57,406,058		57,364	2015	July 2020	Weekly	1.77%	1.16%	2.93%
Total Debt Financings	$	558,328,347

(1) Facility fees have a variable component.

	Outstanding Debt Financings on December 31, 2016, net		Restricted Cash		Year Acquired	Stated Maturities	Reset Frequency	SIFMA Based Rates	Facility Fees	Period End Rates
TOB & Term A/B    Trusts Securitization
Fixed - Term TOB	$	46,860,699	$	-	2014	July 2017 - July 2019	N/A	N/A	N/A	4.01% - 4.39%
Fixed - Term A/B		171,778,950		1,373,695	2016	March 2017 - December 2026	N/A	N/A	N/A	3.64% - 4.56%
Variable - TOB		42,455,000		-	2012	Dec 2016	Weekly	1.29 - 1.39%	1.62%	2.91 - 3.01%
TEBS Financings
Variable - TEBS I		60,430,991		396,412	2010	September 2017	Weekly	0.77%	1.85%	2.62%
Variable - TEBS II (1)		91,768,081		170,988	2014	July 2019	Weekly	0.75%	1.62%	2.37%
Variable - TEBS III (1)		82,089,312		3,495,592	2015	July 2020	Weekly	0.75%	1.39%	2.14%
Total Debt Financings	$	495,383,033

(1) Facility fees have a variable component.

The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2017:

	Outstanding Financing at December 31, 2017, net		Year Acquired	Stated Maturity	Fixed Interest Rate
Fixed - Term TOB Securitization
Live 929	$	37,777,036	2014	October 2019		4.39	%
Pro Nova 1		9,010,000	2014	October 2019		4.01	%
Total Fixed Term TOB    Financing\ Weighted    Average Period End Rate	$	46,787,036				4.31	%
Term A/B Trusts Securitization
Willow Run	$	10,029,289	2016	September 2026		3.64	%
Columbia Gardens		10,172,857	2016	September 2026		3.64	%
Concord at Little York		11,315,538	2016	September 2026		3.64	%
Concord at Williamscrest		17,526,516	2016	September 2026		3.64	%
Concord at Gulfgate		16,154,584	2016	September 2026		3.64	%
Companion at Thornhill Apartment		9,608,733	2016	September 2026		3.64	%
Seasons at Simi Valley Apartments		3,675,323	2016	September 2026		3.64	%
Sycamore Walk		3,054,841	2016	September 2026		3.64	%
Decatur-Angle Apartments		21,276,657	2016	September 2026		3.64	%
Heights at 515		5,380,814	2016	September 2026		3.64	%
Crossing at 1415		6,344,418	2016	September 2026		3.64	%
Bruton Apartments		15,199,181	2016	September 2026		3.64	%
15 West Apartments		8,326,731	2016	December 2026		3.64	%
San Vicente - Series A		3,112,976	2017	February 2022		3.89	%
San Vicente - Series B		1,545,930	2017	June 2018		3.76	%
Las Palmas - Series A		1,507,389	2017	February 2022		3.89	%
Las Palmas - Series B		1,494,702	2017	June 2018		3.76	%
The Village at Madera - Series A		2,746,364	2017	February 2022		3.89	%
The Village at Madera - Series B		1,455,570	2017	July 2018		3.76	%
Harmony Court Bakersfield - Series A		3,322,157	2017	February 2022		3.89	%
Summerhill - Series A		5,730,185	2017	February 2022		3.89	%
Summerhill - Series B		2,855,809	2017	July 2018		3.76	%
Courtyard - Series A		9,131,896	2017	February 2022		3.89	%
Courtyard - Series B		5,272,090	2017	July 2018		3.76	%
Seasons Lakewood - Series A		6,555,646	2017	February 2022		3.89	%
Seasons Lakewood - Series B		4,453,076	2017	August 2018		3.76	%
Seasons San Juan Capistrano - Series A		11,047,869	2017	February 2022		3.89	%
Seasons San Juan Capistrano - Series B		5,564,539	2017	August 2018		3.76	%
Avistar at Wood Hollow - Series A		26,838,000	2017	February 2027		4.46	%
Avistar at Wilcrest - Series A		3,168,088	2017	February 2027		4.46	%
Avistar at Copperfield - Series A		8,414,834	2017	February 2027		4.46	%
Oaks at Georgetown - Series A		11,087,478	2017	March 2022		3.89	%
Oaks at Georgetown - Series B		4,686,120	2017	August 2018		3.76	%
Harmony Terrace - Series A		6,199,955	2017	March 2022		3.89	%
Harmony Terrace - Series B		6,284,318	2017	August 2018		3.76	%
Village at River's Edge		8,993,092	2017	November 2027		4.52	%
Total Fixed A/B Trust    Financing\ Weighted    Average Period End Rate	$	279,533,565				3.85	%

The following table summarizes the individual Term TOB and Term A/B Trust securitizations at December 31, 2016:

	Outstanding Financing at December 31, 2016, net		Year Acquired	Stated Maturity	Fixed Interest Rate
Fixed - Term TOB Securitization
Live 929	$	37,851,960	2014	July 2019		4.39	%
Pro Nova 1		9,008,739	2014	July 2017		4.01	%
Total Fixed Term TOB    Financing\ Weighted    Average Period End Rate	$	46,860,699				4.31	%
Term A/B Trusts Securitization
Willow Run	$	11,564,852	2016	September 2026		3.64	%
Columbia Gardens		11,565,068	2016	September 2026		3.64	%
Concord at Little York		11,301,031	2016	September 2026		3.64	%
Concord at Williamscrest		17,504,186	2016	September 2026		3.64	%
Concord at Gulfgate		16,133,987	2016	September 2026		3.64	%
Companion at Thornhill Apartment		9,666,656	2016	September 2026		3.64	%
Seasons at Simi Valley Apartments		3,678,770	2016	September 2026		3.64	%
Sycamore Walk		3,050,786	2016	September 2026		3.64	%
Decatur-Angle Apartments		21,387,126	2016	September 2026		3.64	%
Heights at 515		5,409,361	2016	September 2026		3.64	%
Crossing at 1415		6,378,482	2016	September 2026		3.64	%
Bruton Apartments		15,258,925	2016	September 2026		3.64	%
15 West Apartments		8,366,804	2016	December 2026		3.64	%
Oaks at Georgetown A		11,709,479	2016	March 2017		4.56	%
Harmony Terrace A		6,549,479	2016	March 2017		4.56	%
Oaks at Georgetown B		5,229,479	2016	March 2017		4.56	%
Harmony Terrace B		7,024,479	2016	March 2017		4.56	%
Total Fixed A/B Trust    Financing\ Weighted    Average Period End Rate	$	171,778,950				3.80	%

Summary of MRBs Redeemed and Class A Certificates Redeemed Upon Redemption

The following table summarizes the MRBs redeemed and the amount of Class A Certificates redeemed upon redemption:

Mortgage Revenue Bond	TEBS Facility	Month	Paydown Applied
Vantage at Harlingen	TEBS III	October 2017	$	24,363,221
Ashley Square	TEBS I	November 2017		4,472,000
Avistar at Chase Hill	TEBS II	November 2017		9,757,084

Schedule of Contractual Maturities of Borrowings

The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31^st for the next five years and thereafter are as follows:

2018	$	75,557,815
2019		130,870,901
2020		113,134,225
2021		2,357,601
2022		61,282,111
Thereafter		179,392,519
Total		562,595,172
Deferred financing costs		(4,266,825	)
Total debt financing, net	$	558,328,347