Mortgage Revenue Bonds (Tables)

12 Months Ended

Dec. 31, 2020

Investments In Mortgage Revenue Bonds [Abstract]

The following tables present information regarding the MRBs owned by the Partnership as of December 31, 2020 and 2019:

	December 31, 2020
Description of Mortgage Revenue Bonds Held in Trust	State	Cost Adjusted for Paydowns and Allowances		Cumulative Unrealized Gain		Cumulative Unrealized Loss		Estimated Fair Value
Courtyard - Series A ⁽⁴⁾	CA	$	10,061,161	$	2,487,317	$	-	$	12,548,478
Glenview Apartments - Series A ⁽³⁾	CA		4,483,154		1,010,425		-		5,493,579
Harmony Court Bakersfield - Series A ⁽⁴⁾	CA		3,668,439		889,216		-		4,557,655
Harmony Terrace - Series A ⁽⁴⁾	CA		6,791,096		1,724,350		-		8,515,446
Harden Ranch - Series A ⁽²⁾	CA		6,621,823		1,606,690		-		8,228,513
Las Palmas II - Series A ⁽⁴⁾	CA		1,664,566		400,431		-		2,064,997
Montclair Apartments - Series A ⁽³⁾	CA		2,428,775		572,671		-		3,001,446
Montecito at Williams Ranch Apartments - Series A ⁽⁶⁾	CA		7,626,287		2,350,276		-		9,976,563
Montevista - Series A ⁽⁶⁾	CA		6,720,000		2,404,771		-		9,124,771
Ocotillo Springs - Series A ⁽⁶⁾	CA		2,023,500		215,633		-		2,239,133
San Vicente - Series A ⁽⁴⁾	CA		3,432,246		809,327		-		4,241,573
Santa Fe Apartments - Series A ⁽³⁾	CA		2,942,370		724,678		-		3,667,048
Seasons at Simi Valley - Series A ⁽⁴⁾	CA		4,236,876		1,180,122		-		5,416,998
Seasons Lakewood - Series A ⁽⁴⁾	CA		7,233,993		1,836,808		-		9,070,801
Seasons San Juan Capistrano - Series A ⁽⁴⁾	CA		12,179,682		2,973,846		-		15,153,528
Summerhill - Series A ⁽⁴⁾	CA		6,316,993		1,470,689		-		7,787,682
Sycamore Walk - Series A ⁽⁴⁾	CA		3,517,919		888,485		-		4,406,404
The Village at Madera - Series A ⁽⁴⁾	CA		3,034,084		735,450		-		3,769,534
Tyler Park Townhomes - Series A ⁽²⁾	CA		5,767,938		939,214		-		6,707,152
Vineyard Gardens - Series A ⁽⁶⁾	CA		3,969,173		1,226,058		-		5,195,231
Westside Village Market - Series A ⁽²⁾	CA		3,769,337		859,860		-		4,629,197
Brookstone ⁽¹⁾	IL		7,374,252		2,201,663		-		9,575,915
Copper Gate Apartments ⁽²⁾	IN		4,955,000		641,581		-		5,596,581
Renaissance - Series A ⁽³⁾	LA		10,870,681		4,293,328		-		15,164,009
Live 929 Apartments ⁽⁶⁾	MD		36,234,756		-		-		36,234,756
Woodlynn Village ⁽¹⁾	MN		4,120,000		56,458		-		4,176,458
Gateway Village⁽⁶⁾	NC		2,600,000		136,612		-		2,736,612
Greens Property - Series A⁽²⁾	NC		7,829,000		663,781		-		8,492,781
Lynnhaven Apartments ⁽⁶⁾	NC		3,450,000		178,960		-		3,628,960
Silver Moon - Series A ⁽³⁾	NM		7,697,891		1,995,694		-		9,693,585
Village at Avalon - Series A ⁽⁵⁾	NM		16,189,074		4,879,623		-		21,068,697
Ohio Properties - Series A ⁽¹⁾	OH		13,724,000		61,243		-		13,785,243
Bridle Ridge ⁽¹⁾	SC		7,235,000		153,657		-		7,388,657
Columbia Gardens ⁽⁴⁾	SC		12,898,904		2,689,886		-		15,588,790
Companion at Thornhill Apartments ⁽⁴⁾	SC		11,055,254		2,208,446		-		13,263,700
Cross Creek ⁽¹⁾	SC		6,136,261		2,277,289		-		8,413,550
Rosewood Townhomes - Series A ⁽⁶⁾	SC		9,259,206		578,247		-		9,837,453
South Pointe Apartments - Series A ⁽⁶⁾	SC		21,551,600		1,345,919		-		22,897,519
The Palms at Premier Park Apartments ⁽²⁾	SC		18,619,081		2,906,879		-		21,525,960
Village at River's Edge ⁽⁴⁾	SC		9,802,479		1,353,745		-		11,156,224
Willow Run ⁽⁴⁾	SC		12,720,560		2,650,995		-		15,371,555
Arbors at Hickory Ridge ⁽²⁾	TN		10,910,733		2,704,295		-		13,615,028
Avistar at Copperfield - Series A ⁽⁶⁾	TX		13,815,817		3,189,896		-		17,005,713
Avistar at the Crest - Series A ⁽²⁾	TX		9,140,656		2,376,580		-		11,517,236
Avistar at the Oaks - Series A ⁽²⁾	TX		7,388,262		1,854,785		-		9,243,047
Avistar at the Parkway - Series A ⁽³⁾	TX		12,721,014		2,790,208		-		15,511,222
Avistar at Wilcrest - Series A ⁽⁶⁾	TX		5,235,915		1,084,347		-		6,320,262
Avistar at Wood Hollow - Series A ⁽⁶⁾	TX		39,756,184		8,703,609		-		48,459,793
Avistar in 09 - Series A ⁽²⁾	TX		6,379,479		1,601,535		-		7,981,014
Avistar on the Boulevard - Series A ⁽²⁾	TX		15,572,093		3,779,139		-		19,351,232
Avistar on the Hills - Series A ⁽²⁾	TX		5,058,171		1,292,513		-		6,350,684
Bruton Apartments ⁽⁴⁾	TX		17,674,167		3,792,253		-		21,466,420
Concord at Gulfgate - Series A ⁽⁴⁾	TX		18,796,773		4,888,537		-		23,685,310
Concord at Little York - Series A ⁽⁴⁾	TX		13,168,029		3,543,909		-		16,711,938
Concord at Williamcrest - Series A ⁽⁴⁾	TX		20,398,687		5,397,326		-		25,796,013
Crossing at 1415 - Series A ⁽⁴⁾	TX		7,331,821		1,810,458		-		9,142,279
Decatur Angle ⁽⁴⁾	TX		22,270,729		5,600,721		-		27,871,450
Esperanza at Palo Alto ⁽⁴⁾	TX		19,218,417		5,955,488		-		25,173,905
Heights at 515 - Series A ⁽⁴⁾	TX		6,712,409		1,600,836		-		8,313,245
Heritage Square - Series A ⁽³⁾	TX		10,579,057		2,095,871		-		12,674,928
Oaks at Georgetown - Series A⁽⁴⁾	TX		12,135,392		2,597,201		-		14,732,593
Runnymede ⁽¹⁾	TX		9,805,000		105,634		-		9,910,634
Southpark ⁽¹⁾	TX		11,462,172		1,917,286		-		13,379,458
15 West Apartments ⁽⁴⁾	WA		9,604,680		3,257,826		-		12,862,506
Mortgage revenue bonds held in trust		$	637,948,068	$	130,520,576	$	-	$	768,468,644

(1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 16

(2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 16

(3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 16

(4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 16

(5) MRB held by Morgan Stanley in a debt financing transaction, see Note 16

(6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, see Note 16

	December 31, 2020
Description of Mortgage Revenue Bonds held by the Partnership	State	Cost Adjusted for Paydowns		Cumulative Unrealized Gain		Cumulative Unrealized Loss		Estimated Fair Value
Solano Vista - Series A	CA	$	2,665,000	$	891,612	$	-	$	3,556,612
Greens Property - Series B	NC		925,607		107,347		-		1,032,954
Arby Road Apartments - Series A	NV		7,385,000		15,059		-		7,400,059
Ohio Properties - Series B	OH		3,485,690		13,578		-		3,499,268
Rosewood Townhomes - Series B	SC		469,781		2,549		-		472,330
South Pointe Apartments - Series B	SC		1,099,487		5,967		-		1,105,454
Provision Center 2014-1	TN		6,161,954		-		-		6,161,954
Avistar at the Crest - Series B	TX		735,974		144,746		-		880,720
Avistar at the Oaks - Series B	TX		538,723		100,668		-		639,391
Avistar at the Parkway - Series B	TX		123,973		43,650		-		167,623
Avistar in 09 - Series B	TX		444,398		83,042		-		527,440
Avistar on the Boulevard - Series B	TX		437,318		82,718		-		520,036
Mortgage revenue bonds held by the Partnership		$	24,472,905	$	1,490,936	$	-	$	25,963,841

	December 31, 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	$	10,147,686	$	1,602,534	$	-		$	11,750,220
Glenview Apartments - Series A⁽⁴⁾	CA		4,533,958		757,900		-			5,291,858
Harmony Court Bakersfield - Series A ⁽⁵⁾	CA		3,699,987		549,211		-			4,249,198
Harmony Terrace - Series A⁽⁵⁾	CA		6,849,214		1,121,262		-			7,970,476
Harden Ranch - Series A⁽³⁾	CA		6,700,868		1,281,980		-			7,982,848
Las Palmas II - Series A⁽⁵⁾	CA		1,679,022		263,441		-			1,942,463
Montclair Apartments - Series A⁽⁴⁾	CA		2,456,298		446,558		-			2,902,856
Montecito at Williams Ranch Apartments - Series A⁽⁷⁾	CA		7,681,146		1,580,303		-			9,261,449
San Vicente - Series A⁽⁵⁾	CA		3,462,053		510,593		-			3,972,646
Santa Fe Apartments - Series A⁽⁴⁾	CA		2,975,713		540,988		-			3,516,701
Seasons at Simi Valley - Series A⁽⁵⁾	CA		4,282,477		860,856		-			5,143,333
Seasons Lakewood - Series A⁽⁵⁾	CA		7,295,901		1,124,372		-			8,420,273
Seasons San Juan Capistrano - Series A⁽⁵⁾	CA		12,283,916		1,893,075		-			14,176,991
Summerhill - Series A⁽⁵⁾	CA		6,371,318		797,228		-			7,168,546
Sycamore Walk - Series A⁽⁵⁾	CA		3,559,011		567,713		-			4,126,724
The Village at Madera - Series A⁽⁵⁾	CA		3,060,177		454,240		-			3,514,417
Tyler Park Townhomes - Series A⁽³⁾	CA		5,837,595		864,894		-			6,702,489
Vineyard Gardens - Series A⁽⁷⁾	CA		3,995,000		815,213		-			4,810,213
Westside Village Market - Series A⁽³⁾	CA		3,814,857		594,361		-			4,409,218
Brookstone⁽¹⁾	IL		7,406,755		2,194,994		-			9,601,749
Copper Gate Apartments⁽³⁾	IN		5,005,000		682,497		-			5,687,497
Renaissance - Series A⁽⁴⁾	LA		11,001,027		1,775,086		-			12,776,113
Live 929 Apartments ^{(7), (8)}	MD		39,984,026		-		(280,711	)		39,703,315
Woodlynn Village ⁽¹⁾	MN		4,172,000		44,510		-			4,216,510
Gateway Village ⁽²⁾	NC		2,600,000		509,901		-			3,109,901
Greens Property - Series A ⁽³⁾	NC		7,936,000		845,678		-			8,781,678
Lynnhaven Apartments ⁽²⁾	NC		3,450,000		393,686		-			3,843,686
Silver Moon - Series A ⁽⁴⁾	NM		7,762,116		1,166,748		-			8,928,864
Village at Avalon - Series A ⁽⁶⁾	NM		16,302,038		3,131,843		-			19,433,881
Ohio Properties - Series A ⁽¹⁾	OH		13,857,000		48,813		-			13,905,813
Bridle Ridge ⁽¹⁾	SC		7,315,000		113,469		-			7,428,469
Columbia Gardens ⁽⁵⁾	SC		13,064,589		2,179,744		-			15,244,333
Companion at Thornhill Apartments ⁽⁵⁾	SC		11,178,557		1,709,040		-			12,887,597
Cross Creek ⁽¹⁾	SC		6,143,976		2,507,072		-			8,651,048
Rosewood Townhomes - Series A ⁽⁷⁾	SC		9,280,000		316,916		-			9,596,916
South Pointe Apartments - Series A ⁽⁷⁾	SC		21,600,000		835,005		-			22,435,005
The Palms at Premier Park Apartments ⁽³⁾	SC		18,838,478		2,799,411		-			21,637,889
Village at River's Edge⁽⁵⁾	SC		9,872,297		2,236,259		-			12,108,556
Willow Run ⁽⁵⁾	SC		12,884,191		2,100,598		-			14,984,789
Arbors at Hickory Ridge ⁽³⁾	TN		11,056,825		1,934,146		-			12,990,971
Provision Center 2014-1 ^{(2), (8)}	TN		10,022,352		-		(372,169	)		9,650,183
Avistar at Copperfield - Series A ⁽²⁾	TX		13,945,681		2,356,231		-			16,301,912
Avistar at the Crest - Series A ⁽³⁾	TX		9,252,257		1,715,456		-			10,967,713
Avistar at the Oaks - Series A ⁽³⁾	TX		7,475,794		1,336,580		-			8,812,374
Avistar at the Parkway - Series A⁽⁴⁾	TX		12,854,039		2,065,468		-			14,919,507
Avistar at Wilcrest - Series A ⁽²⁾	TX		5,285,131		806,523		-			6,091,654
Avistar at Wood Hollow - Series A ⁽²⁾	TX		40,129,878		6,450,704		-			46,580,582
Avistar in 09 - Series A ⁽³⁾	TX		6,455,058		1,125,239		-			7,580,297
Avistar on the Boulevard - Series A⁽³⁾	TX		15,762,217		2,648,781		-			18,410,998
Avistar on the Hills - Series A ⁽³⁾	TX		5,118,097		938,032		-			6,056,129
Bruton Apartments ⁽⁵⁾	TX		17,807,768		3,534,702		-			21,342,470
Concord at Gulfgate - Series A ⁽⁵⁾	TX		18,975,786		3,572,995		-			22,548,781
Concord at Little York - Series A⁽⁵⁾	TX		13,293,436		2,624,054		-			15,917,490
Concord at Williamcrest - Series A⁽⁵⁾	TX		20,592,957		3,971,001		-			24,563,958
Crossing at 1415 - Series A⁽⁵⁾	TX		7,405,406		1,229,438		-			8,634,844
Decatur Angle ⁽⁵⁾	TX		22,455,747		4,198,200		-			26,653,947
Esperanza at Palo Alto ⁽⁵⁾	TX		19,356,959		4,111,518		-			23,468,477
Heights at 515 - Series A ⁽⁵⁾	TX		6,779,777		1,154,387		-			7,934,164
Heritage Square - Series A ⁽⁴⁾	TX		10,695,037		1,455,672		-			12,150,709
Oaks at Georgetown - Series A ⁽⁵⁾	TX		12,239,247		1,645,817		-			13,885,064
Runnymede ⁽¹⁾	TX		9,925,000		80,343		-			10,005,343
Southpark ⁽¹⁾	TX		11,548,337		2,334,262		-			13,882,599
15 West Apartments ⁽⁵⁾	WA		9,673,117		2,287,904		-			11,961,021
Mortgage revenue bonds held in trust		$	648,445,150	$	95,795,445	$	(652,880	)	$	743,587,715

(1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 16

(2) MRB held by Deutsche Bank in a debt financing transaction, see Note 16

(3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 16

(4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 16

(5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 16

(6) MRB held by Morgan Stanley in a debt financing transaction, see Note 16

(7) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, see Note 16

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

	December 31, 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	$	1,654,870	$	-	$	14,854,870
Solano Vista - Series A & B	CA		5,768,000		625,235		-		6,393,235
Greens Property - Series B	NC		930,016		142,265		-		1,072,281
Ohio Properties - Series B	OH		3,504,171		10,363		-		3,514,534
Rosewood Townhomes - Series B	SC		470,000		1,685		-		471,685
South Pointe Apartments - Series B	SC		1,100,000		2,952		-		1,102,952
Avistar at the Crest - Series B	TX		740,876		94,819		-		835,695
Avistar at the Oaks - Series B	TX		542,170		65,455		-		607,625
Avistar at the Parkway - Series B	TX		124,305		38,045		-		162,350
Avistar in 09 - Series B	TX		447,241		53,995		-		501,236
Avistar on the Boulevard - Series B	TX		440,231		53,056		-		493,287
Mortgage revenue bonds held by the Partnership		$	27,267,010	$	2,742,740	$	-	$	30,009,750

Schedule of MRBs Acquisitions

Acquisitions:

The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 31, 2020:

Property Name	Month Acquired	Property Location	Units	Maturity Date	Interest Rate				Principal Acquired
Arby Road Apartments - Series A⁽¹⁾	June	Las Vegas, NV	180	10/1/2027		5.35	%		$	1,690,000
Arby Road Apartments - Series A⁽¹⁾	June	Las Vegas, NV	180	4/1/2041		5.50	%			5,785,000
Ocotillo Springs - Series A⁽²⁾	July	Brawley, CA	75	8/1/2037		4.55	%	⁽³⁾		2,023,500
									$	9,498,500

⁽¹⁾	Both MRBs are part of the same series but have different interest rates and maturity dates.

⁽²⁾

The Partnership has committed to provide total funding of the MRB up to $15.0 million during construction and lease-up of the property on a drawdown basis. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization is approximately $3.5 million.

⁽³⁾	The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25%, subject to a floor of 4.55%, during construction of the project until stabilization. Upon stabilization, the MRB will convert to a fixed interest rate of 4.35%.

Acquisitions:

The following MRBs were acquired at prices that approximated the principal outstanding during the year ended December 31, 2019:

Property Name	Month Acquired	Property Location	Units		Maturity Date	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

Schedule of MRBs Redeemed

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2020:

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	Interest Rate			Principal Outstanding at Date of Redemption
Solano Vista - Series B	January	Vallejo, CA		96	1/1/2021		5.85	%	$	3,103,000
Montevista - Series B	August	San Pablo, CA		82	7/1/2021		8.00	%		6,480,000
									$	9,583,000

Redemptions:

The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 31, 2019:

Property Name	Month Redeemed	Property Location	Units		Original Maturity Date	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 - Series B	April	Fullerton, CA		108	6/1/2019		8.00	%		6,228,000
									$	11,802,000

Term of Mortgage Revenue Bond After Restructuring

The following MRBs were restructured during the year ended December 31, 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		Maturity Date	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

Schedule of Percentage of MRBs Principal Outstanding

The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding:

	December 31, 2020			December 31, 2019
Texas		43	%		43	%
California		17	%		18	%
South Carolina		17	%		17	%

Description of Certain Terms of Partnership' MRB's

The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2020, and 2019:

Property Name	Year Acquired	Location	Maturity Date	Base Interest Rate			Principal Outstanding as of December 31, 2020
15 West Apartments - Series A ⁽⁴⁾	2016	Vancouver, WA	7/1/2054		6.25	%	$	9,604,680
Arbors at Hickory Ridge ⁽²⁾	2012	Memphis, TN	1/1/2049		6.25	%		10,848,178
Arby Road Apartments - Series A ⁽⁷⁾	2020	Las Vegas, NV	10/1/2027		5.35	%		1,600,000
Arby Road Apartments - Series A ⁽⁷⁾	2020	Las Vegas, NV	4/1/2041		5.50	%		5,785,000
Avistar at Copperfield - Series A ⁽⁶⁾	2017	Houston, TX	5/1/2054		5.75	%		13,815,817
Avistar on the Boulevard - Series A ⁽²⁾	2013	San Antonio, TX	3/1/2050		6.00	%		15,572,093
Avistar at the Crest - Series A ⁽²⁾	2013	San Antonio, TX	3/1/2050		6.00	%		9,140,656
Avistar (February 2013 Acquisition) - Series B (2 Bonds)	2013	San Antonio, TX	4/1/2050		9.00	%		1,173,292
Avistar at the Oaks - Series A ⁽²⁾	2013	San Antonio, TX	8/1/2050		6.00	%		7,388,262
Avistar in 09 - Series A ⁽²⁾	2013	San Antonio, TX	8/1/2050		6.00	%		6,379,479
Avistar on the Hills - Series A ⁽²⁾	2013	San Antonio, TX	8/1/2050		6.00	%		5,058,171
Avistar (June 2013 Acquisition) - Series B (2 Bonds)	2013	San Antonio, TX	9/1/2050		9.00	%		983,121
Avistar at the Parkway - Series A ⁽³⁾	2015	San Antonio, TX	5/1/2052		6.00	%		12,721,014
Avistar at the Parkway - Series B	2015	San Antonio, TX	6/1/2052		12.00	%		123,973
Avistar at Wilcrest - Series A ⁽⁶⁾	2017	Houston, TX	5/1/2054		5.75	%		5,235,915
Avistar at Wood Hollow - Series A⁽⁶⁾	2017	Austin, TX	5/1/2054		5.75	%		39,756,184
Bridle Ridge ⁽¹⁾	2008	Greer, SC	1/1/2043		6.00	%		7,235,000
Brookstone ⁽¹⁾	2009	Waukegan, IL	5/1/2040		5.45	%		8,652,804
Bruton Apartments ⁽⁴⁾	2014	Dallas, TX	8/1/2054		6.00	%		17,674,167
Columbia Gardens ⁽⁴⁾	2015	Columbia, SC	12/1/2050		5.50	%		12,775,000
Companion at Thornhill Apartments⁽⁴⁾	2016	Lexington, SC	1/1/2052		5.80	%		11,055,254
Concord at Gulfgate - Series A⁽⁴⁾	2015	Houston, TX	2/1/2032		6.00	%		18,796,773
Concord at Little York - Series A ⁽⁴⁾	2015	Houston, TX	2/1/2032		6.00	%		13,168,029
Concord at Williamcrest - Series A ⁽⁴⁾	2015	Houston, TX	2/1/2032		6.00	%		20,398,687
Copper Gate Apartments ⁽²⁾	2013	Lafayette, IN	12/1/2029		6.25	%		4,955,000
Courtyard - Series A ⁽⁴⁾	2016	Fullerton, CA	12/1/2033		5.00	%		10,061,161
Cross Creek ⁽¹⁾	2009	Beaufort, SC	3/1/2049		6.15	%		7,862,645
Crossing at 1415 - Series A⁽⁴⁾	2015	San Antonio, TX	12/1/2052		6.00	%		7,331,821
Decatur Angle⁽⁴⁾	2014	Fort Worth, TX	1/1/2054		5.75	%		22,270,729
Esperanza at Palo Alto⁽⁴⁾	2018	San Antonio, TX	7/1/2058		5.80	%		19,218,417
Gateway Village ⁽⁶⁾	2019	Durham, NC	4/1/2032		6.10	%		2,600,000
Glenview Apartments - Series A ⁽³⁾	2014	Cameron Park, CA	12/1/2031		5.75	%		4,483,154
Greens Property - Series A ⁽²⁾	2012	Durham, NC	10/1/2047		6.50	%		7,829,000
Greens Property - Series B	2012	Durham, NC	10/1/2047		12.00	%		925,607
Harden Ranch - Series A ⁽²⁾	2014	Salinas, CA	3/1/2030		5.75	%		6,621,823
Harmony Court Bakersfield - Series A ⁽⁴⁾	2016	Bakersfield, CA	12/1/2033		5.00	%		3,668,439
Harmony Terrace - Series A ⁽⁴⁾	2016	Simi Valley, CA	1/1/2034		5.00	%		6,791,096
Heights at 515 - Series A⁽⁴⁾	2015	San Antonio, TX	12/1/2052		6.00	%		6,712,409
Heritage Square - Series A ⁽³⁾	2014	Edinburg, TX	9/1/2051		6.00	%		10,579,057
Las Palmas II - Series A ⁽⁴⁾	2016	Coachella, CA	11/1/2033		5.00	%		1,664,566
Live 929 Apartments ⁽⁶⁾	2014	Baltimore, MD	7/1/2049		5.78	%		39,465,000
Lynnhaven Apartments ⁽⁶⁾	2019	Durham, NC	4/1/2032		6.10	%		3,450,000
Montclair Apartments - Series A ⁽³⁾	2014	Lemoore, CA	12/1/2031		5.75	%		2,428,775
Montecito at Williams Ranch Apartments - Series A ⁽⁶⁾	2017	Salinas, CA	10/1/2034		5.50	%		7,626,287
Montevista - Series A ⁽⁶⁾	2019	San Pablo, CA	7/1/2036		5.75	%		6,720,000
Oaks at Georgetown - Series A ⁽⁴⁾	2016	Georgetown, TX	1/1/2034		5.00	%		12,135,392
Ocotillo Springs - Series A ⁽⁶⁾	2020	Brawley, CA	8/1/2037		4.55	%		2,023,500
Ohio Properties - Series A ⁽¹⁾	2010	Ohio	6/1/2050		7.00	%		13,724,000
Ohio Properties - Series B	2010	Ohio	6/1/2050		10.00	%		3,485,690
Provision Center 2014-1	2014	Knoxville, TN	5/1/2034		6.00	%		10,000,000
Renaissance - Series A ⁽³⁾	2015	Baton Rouge, LA	6/1/2050		6.00	%		10,870,681
Rosewood Townhomes - Series A ⁽⁶⁾	2017	Goose Creek, SC	7/1/2055		5.75	%		9,259,206
Rosewood Townhomes - Series B	2017	Goose Creek, SC	8/1/2055		12.00	%		469,781
Runnymede ⁽¹⁾	2007	Austin, TX	10/1/2042		6.00	%		9,805,000
San Vicente - Series A⁽⁴⁾	2016	Soledad, CA	11/1/2033		5.00	%		3,432,246
Santa Fe Apartments - Series A ⁽³⁾	2014	Hesperia, CA	12/1/2031		5.75	%		2,942,370
Seasons at Simi Valley - Series A ⁽⁴⁾	2015	Simi Valley, CA	9/1/2032		5.75	%		4,236,876
Seasons Lakewood - Series A ⁽⁴⁾	2016	Lakewood, CA	1/1/2034		5.00	%		7,233,993
Seasons San Juan Capistrano - Series A ⁽⁴⁾	2016	San Juan Capistrano, CA	1/1/2034		5.00	%		12,179,682
Silver Moon - Series A ⁽³⁾	2015	Albuquerque, NM	8/1/2055		6.00	%		7,697,891
Solano Vista - Series A	2018	Vallejo, CA	1/1/2036		5.85	%		2,665,000
South Pointe Apartments - Series A ⁽⁶⁾	2017	Hanahan, SC	7/1/2055		5.75	%		21,551,600
South Pointe Apartments - Series B	2017	Hanahan, SC	8/1/2055		12.00	%		1,099,487
Southpark ⁽¹⁾	2009	Austin, TX	12/1/2049		6.13	%		12,845,000
Summerhill - Series A ⁽⁴⁾	2016	Bakersfield, CA	12/1/2033		5.00	%		6,316,993
Sycamore Walk - Series A ⁽⁴⁾	2015	Bakersfield, CA	1/1/2033		5.25	%		3,517,919
The Palms at Premier Park Apartments ⁽²⁾	2013	Columbia, SC	1/1/2050		6.25	%		18,619,081
Tyler Park Townhomes ⁽²⁾	2013	Greenfield, CA	1/1/2030		5.75	%		5,767,938
The Village at Madera - Series A⁽⁴⁾	2016	Madera, CA	12/1/2033		5.00	%		3,034,084
Village at Avalon ⁽⁵⁾	2018	Albuquerque, NM	1/1/2059		5.80	%		16,189,074
Village at River's Edge⁽⁴⁾	2017	Columbia, SC	6/1/2033		6.00	%		9,802,479
Vineyard Gardens - Series A ⁽⁶⁾	2017	Oxnard, CA	1/1/2035		5.50	%		3,969,173
Westside Village Market ⁽²⁾	2013	Shafter, CA	1/1/2030		5.75	%		3,769,337
Willow Run⁽⁴⁾	2015	Columbia, SC	12/1/2050		5.50	%		12,597,000
Woodlynn Village ⁽¹⁾	2008	Maplewood, MN	11/1/2042		6.00	%		4,120,000
							$	673,567,008

(1)	MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 16

(2)	MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 16

(3)	MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 16

(4)	MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 16

(5) MRB held by Morgan Stanley in a secured financing transaction, see Note 16

(6) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 16

(7) Both MRBs are part of the same series but have different interest rates and maturity dates

Property Name	Year Acquired	Location	Maturity Date	Base Interest Rate			Principal Outstanding as of December 31, 2019
15 West Apartments - Series A ⁽⁵⁾	2016	Vancouver, WA	7/1/2054		6.25	%	$	9,673,117
Arbors at Hickory Ridge⁽³⁾	2012	Memphis, TN	1/1/2049		6.25	%		10,985,959
Avistar at Copperfield - Series A ⁽²⁾	2017	Houston, TX	5/1/2054		5.75	%		13,945,681
Avistar on the Boulevard - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		15,762,217
Avistar at the Crest - Series A ⁽³⁾	2013	San Antonio, TX	3/1/2050		6.00	%		9,252,257
Avistar (February 2013 Acquisition) - Series B (2 Bonds)	2013	San Antonio, TX	4/1/2050		9.00	%		1,181,107
Avistar at the Oaks - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		7,475,794
Avistar in 09 - Series A ⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		6,455,058
Avistar on the Hills - Series A⁽³⁾	2013	San Antonio, TX	8/1/2050		6.00	%		5,118,097
Avistar (June 2013 Acquisition) - Series B (2 Bonds)	2013	San Antonio, TX	9/1/2050		9.00	%		989,411
Avistar at the Parkway - Series A ⁽⁴⁾	2015	San Antonio, TX	5/1/2052		6.00	%		12,854,039
Avistar at the Parkway - Series B	2015	San Antonio, TX	6/1/2052		12.00	%		124,305
Avistar at Wilcrest - Series A ⁽²⁾	2017	Houston, TX	5/1/2054		5.75	%		5,285,131
Avistar at Wood Hollow - Series A⁽²⁾	2017	Austin, TX	5/1/2054		5.75	%		40,129,878
Bridle Ridge ⁽¹⁾	2008	Greer, SC	1/1/2043		6.00	%		7,315,000
Brookstone⁽¹⁾	2009	Waukegan, IL	5/1/2040		5.45	%		8,767,616
Bruton Apartments ⁽⁵⁾	2014	Dallas, TX	8/1/2054		6.00	%		17,807,768
Columbia Gardens⁽⁵⁾	2015	Columbia, SC	12/1/2050		5.50	%		12,922,000
Companion at Thornhill Apartments⁽⁵⁾	2016	Lexington, SC	1/1/2052		5.80	%		11,178,557
Concord at Gulfgate - Series A⁽⁵⁾	2015	Houston, TX	2/1/2032		6.00	%		18,975,786
Concord at Little York - Series A⁽⁵⁾	2015	Houston, TX	2/1/2032		6.00	%		13,293,436
Concord at Williamcrest - Series A ⁽⁵⁾	2015	Houston, TX	2/1/2032		6.00	%		20,592,957
Copper Gate Apartments ⁽³⁾	2013	Lafayette, IN	12/1/2029		6.25	%		5,005,000
Courtyard - Series A⁽⁵⁾	2016	Fullerton, CA	12/1/2033		5.00	%		10,147,686
Cross Creek ⁽¹⁾	2009	Beaufort, SC	3/1/2049		6.15	%		7,970,921
Crossing at 1415 - Series A ⁽⁵⁾	2015	San Antonio, TX	12/1/2052		6.00	%		7,405,406
Decatur Angle⁽⁵⁾	2014	Fort Worth, TX	1/1/2054		5.75	%		22,455,747
Esperanza at Palo Alto⁽⁵⁾	2018	San Antonio, TX	7/1/2058		5.80	%		19,356,959
Gateway Village ⁽²⁾	2019	Durham, NC	4/1/2032		6.10	%		2,600,000
Glenview Apartments - Series A ⁽⁴⁾	2014	Cameron Park, CA	12/1/2031		5.75	%		4,533,958
Greens Property - Series A⁽³⁾	2012	Durham, NC	10/1/2047		6.50	%		7,936,000
Greens Property - Series B	2012	Durham, NC	10/1/2047		12.00	%		930,016
Harden Ranch - Series A ⁽³⁾	2014	Salinas, CA	3/1/2030		5.75	%		6,700,868
Harmony Court Bakersfield - Series A⁽⁵⁾	2016	Bakersfield, CA	12/1/2033		5.00	%		3,699,987
Harmony Terrace - Series A ⁽⁵⁾	2016	Simi Valley, CA	1/1/2034		5.00	%		6,849,214
Heights at 515 - Series A⁽⁵⁾	2015	San Antonio, TX	12/1/2052		6.00	%		6,779,777
Heritage Square - Series A ⁽⁴⁾	2014	Edinburg, TX	9/1/2051		6.00	%		10,695,037
Las Palmas II - Series A⁽⁵⁾	2016	Coachella, CA	11/1/2033		5.00	%		1,679,022
Live 929 Apartments ⁽⁷⁾	2014	Baltimore, MD	7/1/2049		5.78	%		39,685,000
Lynnhaven Apartments ⁽²⁾	2019	Durham, NC	4/1/2032		6.10	%		3,450,000
Montclair Apartments - Series A ⁽⁴⁾	2014	Lemoore, CA	12/1/2031		5.75	%		2,456,298
Montecito at Williams Ranch Apartments - Series A ⁽⁷⁾	2017	Salinas, CA	10/1/2034		5.50	%		7,681,146
Montevista - Series A	2019	San Pablo, CA	7/1/2036		5.75	%		6,720,000
Montevista - Series B	2019	San Pablo, CA	7/1/2021		5.75	%		6,480,000
Oaks at Georgetown - Series A ⁽⁵⁾	2016	Georgetown, TX	1/1/2034		5.00	%		12,239,247
Ohio Properties - Series A ⁽¹⁾	2010	Ohio	6/1/2050		7.00	%		13,857,000
Ohio Properties - Series B	2010	Ohio	6/1/2050		10.00	%		3,504,170
Provision Center 2014-1 ⁽²⁾	2014	Knoxville, TN	5/1/2034		6.00	%		10,000,000
Renaissance - Series A ⁽⁴⁾	2015	Baton Rouge, LA	6/1/2050		6.00	%		11,001,027
Rosewood Townhomes - Series A ⁽⁷⁾	2017	Goose Creek, SC	7/1/2055		5.75	%		9,280,000
Rosewood Townhomes - Series B	2017	Goose Creek, SC	8/1/2055		12.00	%		470,000
Runnymede⁽¹⁾	2007	Austin, TX	10/1/2042		6.00	%		9,925,000
San Vicente - Series A ⁽⁵⁾	2016	Soledad, CA	11/1/2033		5.00	%		3,462,053
Santa Fe Apartments - Series A⁽⁴⁾	2014	Hesperia, CA	12/1/2031		5.75	%		2,975,713
Seasons at Simi Valley - Series A⁽⁵⁾	2015	Simi Valley, CA	9/1/2032		5.75	%		4,282,477
Seasons Lakewood - Series A ⁽⁵⁾	2016	Lakewood, CA	1/1/2034		5.00	%		7,295,901
Seasons San Juan Capistrano - Series A ⁽⁵⁾	2016	San Juan Capistrano, CA	1/1/2034		5.00	%		12,283,916
Silver Moon - Series A ⁽⁴⁾	2015	Albuquerque, NM	8/1/2055		6.00	%		7,762,116
Solano Vista - Series A	2018	Vallejo, CA	1/1/2036		5.85	%		2,665,000
Solano Vista - Series B	2018	Vallejo, CA	1/1/2021		5.85	%		3,103,000
South Pointe Apartments - Series A ⁽⁷⁾	2017	Hanahan, SC	7/1/2055		5.75	%		21,600,000
South Pointe Apartments - Series B	2017	Hanahan, SC	8/1/2055		12.00	%		1,100,000
Southpark ⁽¹⁾	2009	Austin, TX	12/1/2049		6.13	%		13,005,000
Summerhill - Series A⁽⁵⁾	2016	Bakersfield, CA	12/1/2033		5.00	%		6,371,318
Sycamore Walk - Series A⁽⁵⁾	2015	Bakersfield, CA	1/1/2033		5.25	%		3,559,011
The Palms at Premier Park Apartments ⁽³⁾	2013	Columbia, SC	1/1/2050		6.25	%		18,838,478
Tyler Park Townhomes ⁽³⁾	2013	Greenfield, CA	1/1/2030		5.75	%		5,837,595
The Village at Madera - Series A ⁽⁵⁾	2016	Madera, CA	12/1/2033		5.00	%		3,060,177
Village at Avalon ⁽⁶⁾	2018	Albuquerque, NM	1/1/2059		5.80	%		16,302,038
Village at River's Edge ⁽⁵⁾	2017	Columbia, SC	6/1/2033		6.00	%		9,872,297
Vineyard Gardens - Series A ⁽⁷⁾	2017	Oxnard, CA	1/1/2035		5.50	%		3,995,000
Westside Village Market ⁽³⁾	2013	Shafter, CA	1/1/2030		5.75	%		3,814,857
Willow Run ⁽⁵⁾	2015	Columbia, SC	12/1/2050		5.50	%		12,742,000
Woodlynn Village ⁽¹⁾	2008	Maplewood, MN	11/1/2042		6.00	%		4,172,000
							$	679,679,604

(1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), see Note 16

(2) MRB owned by Deutsche Bank in a debt financing transaction, see Note 16

(3) MRB owned by ATAX TEBS II, LLC (M31 TEBS), see Note 16

(4) MRB owned by ATAX TEBS III, LLC (M33 TEBS), see Note 16

(5) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), see Note 16

(6) MRB held by Morgan Stanley in a debt financing transaction, see Note 16

(7) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, see Note 16