Investments in Mortgage Revenue Bonds (Tables)

6 Months Ended

Jun. 30, 2019

Investments In Mortgage Revenue Bonds [Abstract]

The Partnership had the following investments in MRBs as of June 30, 2019 and December 31, 2018:

	June 30, 2019
Description of Mortgage Revenue Bonds Held in Trust	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Courtyard - Series A⁽⁵⁾	CA	$	10,189,356	$	1,293,690	$	-		$	11,483,046
Glenview Apartments - Series A ⁽⁴⁾	CA		4,558,288		699,660		-			5,257,948
Harmony Court Bakersfield - Series A⁽⁵⁾	CA		3,715,181		436,425		-			4,151,606
Harmony Terrace - Series A ⁽⁵⁾	CA		6,877,203		911,256		-			7,788,459
Harden Ranch - Series A ⁽³⁾	CA		6,738,723		1,140,860		-			7,879,583
Las Palmas II - Series A ⁽⁵⁾	CA		1,685,983		204,804		-			1,890,787
Montclair Apartments - Series A ⁽⁴⁾	CA		2,469,479		360,544		-			2,830,023
Montecito at Williams Ranch Apartments - Series A ⁽²⁾	CA		7,690,000		1,403,597		-			9,093,597
San Vicente - Series A ⁽⁵⁾	CA		3,476,408		422,295		-			3,898,703
Santa Fe Apartments - Series A ⁽⁴⁾	CA		2,991,681		515,992		-			3,507,673
Seasons at Simi Valley - Series A⁽⁵⁾	CA		4,304,315		857,328		-			5,161,643
Seasons Lakewood - Series A ⁽⁵⁾	CA		7,325,716		900,347		-			8,226,063
Seasons San Juan Capistrano - Series A⁽⁵⁾	CA		12,334,114		1,515,890		-			13,850,004
Summerhill - Series A ⁽⁵⁾	CA		6,397,482		721,381		-			7,118,863
Sycamore Walk - Series A⁽⁵⁾	CA		3,578,764		491,898		-			4,070,662
The Village at Madera - Series A ⁽⁵⁾	CA		3,072,743		360,958		-			3,433,701
Tyler Park Townhomes - Series A ⁽³⁾	CA		5,870,954		788,012		-			6,658,966
Vineyard Gardens - Series A ⁽²⁾	CA		3,995,000		686,808		-			4,681,808
Westside Village Market - Series A ⁽³⁾	CA		3,836,656		558,251		-			4,394,907
Brookstone ⁽¹⁾	IL		7,420,289		2,121,068		-			9,541,357
Copper Gate Apartments ⁽³⁾	IN		5,055,000		686,883		-			5,741,883
Renaissance - Series A ⁽⁴⁾	LA		11,063,332		1,778,203		-			12,841,535
Live 929 Apartments ⁽²⁾^{, (7)}	MD		40,117,177		-		(496,663	)		39,620,514
Woodlynn Village ⁽¹⁾	MN		4,197,000		38,997		-			4,235,997
Gateway Village ⁽²⁾	NC		2,600,000		494,967		-			3,094,967
Greens Property - Series A ⁽³⁾	NC		7,984,000		850,296		-			8,834,296
Lynnhaven Apartments⁽²⁾	NC		3,450,000		596,149		-			4,046,149
Silver Moon - Series A ⁽⁴⁾	NM		7,792,815		1,159,170		-			8,951,985
Village at Avalon - Series A ⁽⁶⁾	NM		16,356,115		2,455,911		-			18,812,026
Ohio Properties - Series A ⁽¹⁾	OH		13,923,000		48,063		-			13,971,063
Bridle Ridge ⁽¹⁾	SC		7,355,000		101,702		-			7,456,702
Columbia Gardens ⁽⁵⁾	SC		13,145,009		1,910,353		-			15,055,362
Companion at Thornhill Apartments⁽⁵⁾	SC		11,237,585		1,384,997		-			12,622,582
Cross Creek ⁽¹⁾	SC		6,144,890		2,516,668		-			8,661,558
The Palms at Premier Park Apartments ⁽³⁾	SC		18,943,154		2,394,543		-			21,337,697
Village at River's Edge ⁽⁵⁾	SC		9,905,670		1,894,347		-			11,800,017
Willow Run ⁽⁵⁾	SC		12,962,586		1,882,010		-			14,844,596
Arbors at Hickory Ridge ⁽³⁾	TN		11,126,754		1,744,760		-			12,871,514
Pro Nova 2014-1 ⁽²⁾^{, (7)}	TN		10,024,883		-		(144,709	)		9,880,174
Avistar at Copperfield - Series A⁽²⁾	TX		13,977,000		1,974,683		-			15,951,683
Avistar at the Crest - Series A ⁽³⁾	TX		9,305,601		1,362,843		-			10,668,444
Avistar at the Oaks - Series A ⁽³⁾	TX		7,517,634		1,133,628		-			8,651,262
Avistar at the Parkway - Series A ⁽⁴⁾	TX		13,052,064		1,754,232		-			14,806,296
Avistar at Wilcrest - Series A⁽²⁾	TX		5,297,000		682,407		-			5,979,407
Avistar at Wood Hollow - Series A⁽²⁾	TX		40,220,000		5,181,502		-			45,401,502
Avistar in 09 - Series A ⁽³⁾	TX		6,491,185		834,696		-			7,325,881
Avistar on the Boulevard - Series A ⁽³⁾	TX		15,853,096		2,184,354		-			18,037,450
Avistar on the Hills - Series A ⁽³⁾	TX		5,193,916		806,627		-			6,000,543
Bruton Apartments ⁽⁵⁾	TX		17,871,581		3,067,198		-			20,938,779
Concord at Gulfgate - Series A ⁽⁵⁾	TX		19,061,355		3,057,873		-			22,119,228
Concord at Little York - Series A ⁽⁵⁾	TX		13,353,381		2,264,386		-			15,617,767
Concord at Williamcrest - Series A ⁽⁵⁾	TX		20,685,817		3,412,896		-			24,098,713
Crossing at 1415 - Series A⁽⁵⁾	TX		7,440,580		951,907		-			8,392,487
Decatur Angle ⁽⁵⁾	TX		22,544,284		2,994,139		-			25,538,423
Esperanza at Palo Alto ⁽⁵⁾	TX		19,423,282		3,423,888		-			22,847,170
Heights at 515 - Series A⁽⁵⁾	TX		6,811,979		1,046,547		-			7,858,526
Heritage Square - Series A ⁽⁴⁾	TX		10,750,475		1,197,136		-			11,947,611
Oaks at Georgetown - Series A ⁽⁵⁾	TX		12,289,263		1,158,878		-			13,448,141
Runnymede ⁽¹⁾	TX		9,985,000		73,844		-			10,058,844
Southpark ⁽¹⁾	TX		11,660,993		2,462,989		-			14,123,982
15 West Apartments ⁽⁵⁾	WA		9,705,769		1,837,402		-			11,543,171
Mortgage revenue bonds held in trust		$	620,403,560	$	81,193,138	$	(641,372	)	$	700,955,326

⁽¹⁾	MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15

⁽²⁾	MRBs held by Deutsche Bank in a secured financing transaction, Note 15

⁽³⁾	MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15

⁽⁴⁾	MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15

⁽⁵⁾	MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15

⁽⁶⁾	MRB held by Morgan Stanley in a secured financing transaction, Note 15

⁽⁷⁾	As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months.

	June 30, 2019
Description of Mortgage Revenue Bonds held by the Partnership	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Montevista - Series A & B	CA	$	13,200,000	$	-	$	-		$	13,200,000
Solano Vista - Series A & B	CA		5,768,000		581,949		-			6,349,949
Greens Property - Series B	NC		932,030		149,298		-			1,081,328
Ohio Properties - Series B	OH		3,512,740		10,488		-			3,523,228
Rosewood Townhomes - Series A & B ⁽¹⁾	SC		9,750,000		-		(201,078	)		9,548,922
South Pointe Apartments - Series A & B ⁽¹⁾	SC		22,700,000		-		(375,300	)		22,324,700
Avistar at the Crest - Series B	TX		743,167		74,642		-			817,809
Avistar at the Oaks - Series B	TX		543,781		51,813		-			595,594
Avistar at the Parkway - Series B	TX		124,457		36,513		-			160,970
Avistar in 09 - Series B	TX		448,570		37,655		-			486,225
Avistar on the Boulevard - Series B	TX		441,592		41,064		-			482,656
Mortgage revenue bonds held by the Partnership		$	58,164,337	$	983,422	$	(576,378	)	$	58,571,381

⁽¹⁾	As of the date presented, the MRB had been in a cumulative unrealized loss position for 12 consecutive months or longer.

	December 31, 2018
Description of Mortgage Revenue Bonds Held in Trust	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss		Estimated Fair Value
Courtyard - Series A⁽⁵⁾	CA	$	10,230,000	$	954,573	$	-	$	11,184,573
Glenview Apartments - Series A ⁽⁴⁾	CA		4,581,930		524,024		-		5,105,954
Harmony Court Bakersfield - Series A⁽⁵⁾	CA		3,730,000		312,844		-		4,042,844
Harmony Terrace - Series A⁽⁵⁾	CA		6,900,000		647,686		-		7,547,686
Harden Ranch - Series A ⁽³⁾	CA		6,775,508		1,007,557		-		7,783,065
Las Palmas II - Series A⁽⁵⁾	CA		1,692,774		141,187		-		1,833,961
Montclair Apartments - Series A ⁽⁴⁾	CA		2,482,288		246,752		-		2,729,040
Montecito at Williams Ranch Apartments - Series A⁽²⁾	CA		7,690,000		973,133		-		8,663,133
San Vicente - Series A⁽⁵⁾	CA		3,490,410		291,121		-		3,781,531
Santa Fe Apartments - Series A ⁽⁴⁾	CA		3,007,198		401,203		-		3,408,401
Seasons at Simi Valley - Series A ⁽⁵⁾	CA		4,325,536		655,326		-		4,980,862
Seasons Lakewood - Series A ⁽⁵⁾	CA		7,350,000		654,929		-		8,004,929
Seasons San Juan Capistrano - Series A⁽⁵⁾	CA		12,375,000		1,102,687		-		13,477,687
Summerhill - Series A⁽⁵⁾	CA		6,423,000		508,639		-		6,931,639
Sycamore Walk - Series A⁽⁵⁾	CA		3,598,006		363,405		-		3,961,411
The Village at Madera - Series A ⁽⁵⁾	CA		3,085,000		229,934		-		3,314,934
Tyler Park Townhomes - Series A ⁽³⁾	CA		5,903,368		731,073		-		6,634,441
Vineyard Gardens - Series A ⁽²⁾	CA		3,995,000		534,351		-		4,529,351
Westside Village Market - Series A⁽³⁾	CA		3,857,839		483,436		-		4,341,275
Brookstone⁽¹⁾	IL		7,432,076		1,956,010		-		9,388,086
Copper Gate Apartments⁽³⁾	IN		5,055,000		643,012		-		5,698,012
Renaissance - Series A ⁽⁴⁾	LA		11,123,800		1,383,680		-		12,507,480
Live 929 Apartments ⁽²⁾	MD		40,240,405		2,873,978		-		43,114,383
Woodlynn Village ⁽¹⁾	MN		4,221,000		34,155		-		4,255,155
Greens Property - Series A ⁽³⁾	NC		8,032,000		818,686		-		8,850,686
Silver Moon - Series A⁽⁴⁾	NM		7,822,610		778,940		-		8,601,550
Ohio Properties - Series A⁽¹⁾	OH		13,989,000		241,675		-		14,230,675
Bridle Ridge⁽¹⁾	SC		7,395,000		90,349		-		7,485,349
Columbia Gardens⁽⁵⁾	SC		13,222,480		1,396,828		-		14,619,308
Companion at Thornhill Apartments ⁽⁵⁾	SC		11,294,928		1,148,219		-		12,443,147
Cross Creek ⁽¹⁾	SC		6,143,919		2,540,949		-		8,684,868
The Palms at Premier Park Apartments⁽³⁾	SC		19,044,617		2,194,791		-		21,239,408
Village at River's Edge ⁽⁵⁾	SC		9,938,059		1,421,114		-		11,359,173
Willow Run⁽⁵⁾	SC		13,040,029		1,375,542		-		14,415,571
Arbors at Hickory Ridge⁽³⁾	TN		11,194,690		1,399,461		-		12,594,151
Pro Nova 2014-1 ⁽²⁾	TN		10,027,413		19,710		-		10,047,123
Avistar at Copperfield - Series A ⁽²⁾	TX		10,000,000		589,196		-		10,589,196
Avistar at the Crest - Series A⁽³⁾	TX		9,357,374		1,036,288		-		10,393,662
Avistar at the Oaks - Series A ⁽³⁾	TX		7,558,240		706,970		-		8,265,210
Avistar at the Parkway - Series A ⁽⁴⁾	TX		13,114,418		1,232,292		-		14,346,710
Avistar at Wilcrest - Series A ⁽²⁾	TX		3,775,000		206,263		-		3,981,263
Avistar at Wood Hollow - Series A⁽²⁾	TX		31,850,000		1,624,687		-		33,474,687
Avistar in 09 - Series A ⁽³⁾	TX		6,526,247		525,939		-		7,052,186
Avistar on the Boulevard - Series A ⁽³⁾	TX		15,941,296		1,628,269		-		17,569,565
Avistar on the Hills - Series A⁽³⁾	TX		5,221,971		557,084		-		5,779,055
Bruton Apartments⁽⁵⁾	TX		17,933,482		2,046,056		-		19,979,538
Concord at Gulfgate - Series A⁽⁵⁾	TX		19,144,400		2,222,555		-		21,366,955
Concord at Little York - Series A ⁽⁵⁾	TX		13,411,558		1,617,217		-		15,028,775
Concord at Williamcrest - Series A⁽⁵⁾	TX		20,775,940		2,505,243		-		23,281,183
Crossing at 1415 - Series A ⁽⁵⁾	TX		7,474,716		600,738		-		8,075,454
Decatur Angle⁽⁵⁾	TX		22,630,276		1,945,516		-		24,575,792
Esperanza at Palo Alto⁽⁵⁾	TX		19,487,713		2,350,453		-		21,838,166
Heights at 515 - Series A ⁽⁵⁾	TX		6,843,232		722,522		-		7,565,754
Heritage Square - Series A⁽⁴⁾	TX		10,958,661		893,881		-		11,852,542
Oaks at Georgetown - Series A ⁽⁵⁾	TX		12,330,000		693,579		-		13,023,579
Runnymede⁽¹⁾	TX		10,040,000		64,280		-		10,104,280
Southpark ⁽¹⁾	TX		11,623,649		2,482,923		-		14,106,572
15 West Apartments ⁽⁵⁾	WA		9,737,418		1,480,489		-		11,217,907
Mortgage revenue bonds held in trust		$	586,445,474	$	58,813,399	$	-	$	645,258,873

⁽¹⁾	MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15

⁽²⁾	MRBs held by Deutsche Bank in a secured financing transaction, Note 15

⁽³⁾	MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15

⁽⁴⁾	MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15

⁽⁵⁾	MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15

	December 31, 2018
Description of Mortgage Revenue Bonds held by the Partnership	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss			Estimated Fair Value
Courtyard - Series B	CA	$	6,228,000	$	2,450	$	-		$	6,230,450
Seasons San Juan Capistrano - Series B ⁽¹⁾	CA		5,574,000		-		(1,078	)		5,572,922
Solano Vista - Series A & B	CA		5,768,000		-		-			5,768,000
Greens Property - Series B	NC		933,928		149,789		-			1,083,717
Village at Avalon - Series A	NM		16,400,000		1,408,802		-			17,808,802
Ohio Properties - Series B	OH		3,520,900		51,334		-			3,572,234
Rosewood Townhomes - Series A & B ⁽¹⁾	SC		9,750,000		-		(644,962	)		9,105,038
South Pointe Apartments - Series A & B ⁽¹⁾	SC		22,700,000		-		(1,411,986	)		21,288,014
Avistar at Copperfield - Series B	TX		4,000,000		11,730		-			4,011,730
Avistar at the Crest - Series B	TX		745,358		50,965		-			796,323
Avistar at the Oaks - Series B	TX		545,321		28,738		-			574,059
Avistar at the Parkway - Series B	TX		124,600		32,220		-			156,820
Avistar at Wilcrest - Series B	TX		1,550,000		4,013		-			1,554,013
Avistar at Wood Hollow - Series B	TX		8,410,000		23,940		-			8,433,940
Avistar in 09 - Series B	TX		449,841		18,742		-			468,583
Avistar on the Boulevard - Series B	TX		442,894		27,023		-			469,917
Mortgage revenue bonds held by the Partnership		$	87,142,842	$	1,809,746	$	(2,058,026	)	$	86,894,562

⁽¹⁾	As of the date presented, the MRB had been in a cumulative unrealized loss position for less than 12 consecutive months.

Schedule of MRBs Acquisitions

Acquisitions:

The following MRBs were acquired during the six months ended June 30, 2019:

Property Name	Month Acquired	Property Location	Units	Maturity Date	Base Interest Rate			Principal Outstanding at Date of Acquisition
Gateway Village	February	Durham, NC	64	4/1/2032		6.10	%	$	2,600,000
Lynnhaven Apartments	February	Durham, NC	75	4/1/2032		6.10	%		3,450,000
Montevista - Series A	June	San Pablo, CA	82	7/1/2036		5.75	%		6,720,000
Montevista - Series B	June	San Pablo, CA	82	7/1/2021		5.75	%		6,480,000
								$	19,250,000

Acquisitions:

The following MRB was acquired during the six months ended June 30, 2018:

Property Name

Month

Acquired

Property Location

Units

Maturity Date

Base Interest Rate

Principal

Outstanding at Date

of Acquisition

Esperanza at Palo Alto⁽¹⁾

May

San Antonio, TX

322

7/1/2058

5.80

19,540,000

Schedule of MRBs Redeemed

Redemptions:

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2019:

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	Base Interest Rate			Principal Outstanding at Date of Redemption
Seasons San Juan Capistrano - Series B	January	San Juan Capistrano, CA		112	1/1/2019		8.00	%	$	5,574,000
Courtyard Apartments - Series B	April	Fullerton, CA		108	6/1/2019		8.00	%		6,228,000
									$	11,802,000

Redemptions:

The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2018:

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	Base Interest Rate			Principal Outstanding at Date of Redemption
Sycamore Walk - Series B	January	Bakersfield, CA		112	1/1/2018		8.00	%	$	1,815,000
Seasons Lakewood - Series B	March	Lakewood, CA		85	1/1/2019		8.00	%		5,260,000
Summerhill - Series B	March	Bakersfield, CA		128	12/1/2018		8.00	%		3,372,000
Oaks at Georgetown - Series B	April	Georgetown, TX		192	1/1/2019		8.00	%		5,512,000
Seasons at Simi Valley - Series B	April	Simi Valley, CA		69	9/1/2018		8.00	%		1,944,000
San Vicente - Series B	May	Soledad, CA		50	11/1/2018		8.00	%		1,825,000
The Village at Madera - Series B	May	Madera, CA		75	12/1/2018		8.00	%		1,719,000
									$	21,447,000

Term of Mortgage Revenue Bond After Restructuring

The following MRBs were restructured during the six months ended June 30, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows:

Property Name	Month Restructured	Property Location	Units		Original Maturity Date	Base Interest Rate			Principal Outstanding at Date of Restructuring
Avistar at Copperfield - Series B	May	Houston, TX		192	6/1/2054		12.00	%	$	4,000,000
Avistar at Wilcrest - Series B	May	Houston, TX		88	6/1/2054		12.00	%		1,550,000
Avistar at Wood Hollow - Series B	May	Austin, TX		409	6/1/2054		12.00	%		8,410,000
									$	13,960,000