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Mortgage Revenue Bonds (Tables) | 6 Months Ended
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Jun. 30, 2023
Investments In Mortgage Revenue Bonds [Abstract] |
Schedule of Investments in MRBs | The Partnership had the following investments in MRBs as of June 30, 2023 and December 31, 2022:
|  | June 30, 2023 |
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 |  | $ | 9,824,982 |  |  | $ | 875,798 |  |  | $ | - |  |  | $ | 10,700,780 |
Glenview Apartments - Series A (3) |  | CA |  |  | 4,342,630 |  |  |  | 263,018 |  |  |  | - |  |  |  | 4,605,648 |
Harmony Court Bakersfield - Series A (4) |  | CA |  |  | 3,582,325 |  |  |  | 249,635 |  |  |  | - |  |  |  | 3,831,960 |
Harmony Terrace - Series A (4) |  | CA |  |  | 6,632,457 |  |  |  | 617,297 |  |  |  | - |  |  |  | 7,249,754 |
Harden Ranch - Series A (2) |  | CA |  |  | 6,403,184 |  |  |  | 485,216 |  |  |  | - |  |  |  | 6,888,400 |
Las Palmas II - Series A (4) |  | CA |  |  | 1,625,106 |  |  |  | 138,540 |  |  |  | - |  |  |  | 1,763,646 |
Lutheran Gardens (7), (8) |  | CA |  |  | 10,352,000 |  |  |  | - |  |  |  | (78,748 | ) |  |  | 10,273,252 |
Montclair Apartments - Series A (3) |  | CA |  |  | 2,352,645 |  |  |  | 161,511 |  |  |  | - |  |  |  | 2,514,156 |
Montecito at Williams Ranch Apartments - Series A (6) |  | CA |  |  | 7,475,217 |  |  |  | 835,516 |  |  |  | - |  |  |  | 8,310,733 |
Montevista - Series A (6) |  | CA |  |  | 6,632,442 |  |  |  | 930,803 |  |  |  | - |  |  |  | 7,563,245 |
Ocotillo Springs - Series A (6), (9) |  | CA |  |  | 11,090,000 |  |  |  | - |  |  |  | (218,036 | ) |  |  | 10,871,964 |
Residency at Empire - Series BB-1 (6) |  | CA |  |  | 14,118,500 |  |  |  | 1,068,055 |  |  |  | - |  |  |  | 15,186,555 |
Residency at Empire - Series BB-2 (6) |  | CA |  |  | 4,000,000 |  |  |  | 339,016 |  |  |  | - |  |  |  | 4,339,016 |
Residency at the Entrepreneur - Series J-1 (6) |  | CA |  |  | 9,087,730 |  |  |  | 177,923 |  |  |  | - |  |  |  | 9,265,653 |
Residency at the Entrepreneur - Series J-2 (6) |  | CA |  |  | 7,500,000 |  |  |  | 221,377 |  |  |  | - |  |  |  | 7,721,377 |
Residency at the Entrepreneur - Series J-3 (6) |  | CA |  |  | 4,900,000 |  |  |  | 702,898 |  |  |  | - |  |  |  | 5,602,898 |
Residency at the Mayer - Series A (6) |  | CA |  |  | 29,564,333 |  |  |  | - |  |  |  | - |  |  |  | 29,564,333 |
San Vicente - Series A (4) |  | CA |  |  | 3,350,883 |  |  |  | 253,336 |  |  |  | - |  |  |  | 3,604,219 |
Santa Fe Apartments - Series A (3) |  | CA |  |  | 2,850,142 |  |  |  | 184,119 |  |  |  | - |  |  |  | 3,034,261 |
Seasons at Simi Valley - Series A (4) |  | CA |  |  | 4,110,744 |  |  |  | 476,314 |  |  |  | - |  |  |  | 4,587,058 |
Seasons Lakewood - Series A (4) |  | CA |  |  | 7,065,009 |  |  |  | 657,555 |  |  |  | - |  |  |  | 7,722,564 |
Seasons San Juan Capistrano - Series A (4) |  | CA |  |  | 11,895,167 |  |  |  | 1,028,404 |  |  |  | - |  |  |  | 12,923,571 |
Summerhill - Series A (4) |  | CA |  |  | 6,168,706 |  |  |  | 159,350 |  |  |  | - |  |  |  | 6,328,056 |
Sycamore Walk - Series A (4) |  | CA |  |  | 3,405,258 |  |  |  | 211,317 |  |  |  | - |  |  |  | 3,616,575 |
The Village at Madera - Series A (4) |  | CA |  |  | 2,962,861 |  |  |  | 215,991 |  |  |  | - |  |  |  | 3,178,852 |
Tyler Park Townhomes - Series A (2) |  | CA |  |  | 5,575,268 |  |  |  | 171,026 |  |  |  | - |  |  |  | 5,746,294 |
Village at Hanford Square - Series H (6) |  | CA |  |  | 10,400,000 |  |  |  | 1,178,369 |  |  |  | - |  |  |  | 11,578,369 |
Vineyard Gardens - Series A (6) |  | CA |  |  | 3,891,760 |  |  |  | 487,062 |  |  |  | - |  |  |  | 4,378,822 |
Westside Village Market - Series A (2) |  | CA |  |  | 3,643,429 |  |  |  | 220,158 |  |  |  | - |  |  |  | 3,863,587 |
MaryAlice Circle Apartments (6) |  | GA |  |  | 5,900,000 |  |  |  | 835,136 |  |  |  | - |  |  |  | 6,735,136 |
Brookstone (1) |  | IL |  |  | 7,258,852 |  |  |  | 1,156,144 |  |  |  | - |  |  |  | 8,414,996 |
Copper Gate Apartments (2) |  | IN |  |  | 4,840,000 |  |  |  | 49,792 |  |  |  | - |  |  |  | 4,889,792 |
Renaissance - Series A (3) |  | LA |  |  | 10,508,550 |  |  |  | 866,569 |  |  |  | - |  |  |  | 11,375,119 |
Live 929 Apartments - Series 2022A (6) |  | MD |  |  | 58,220,143 |  |  |  | 2,346,545 |  |  |  | - |  |  |  | 60,566,688 |
Meadow Valley (10) |  | MI |  |  | 11,584,949 |  |  |  | - |  |  |  | (1,145,911 | ) |  |  | 10,439,038 |
Jackson Manor Apartments (6) |  | MS |  |  | 6,900,000 |  |  |  | - |  |  |  | - |  |  |  | 6,900,000 |
Village Point (7), (8) |  | NJ |  |  | 23,000,000 |  |  |  | - |  |  |  | (231,003 | ) |  |  | 22,768,997 |
Silver Moon - Series A (3) |  | NM |  |  | 7,519,458 |  |  |  | 878,706 |  |  |  | - |  |  |  | 8,398,164 |
Village at Avalon (5) |  | NM |  |  | 15,876,344 |  |  |  | 1,795,636 |  |  |  | - |  |  |  | 17,671,980 |
Columbia Gardens (4) |  | SC |  |  | 12,448,181 |  |  |  | 775,453 |  |  |  | - |  |  |  | 13,223,634 |
Companion at Thornhill Apartments (4) |  | SC |  |  | 10,713,904 |  |  |  | 615,842 |  |  |  | - |  |  |  | 11,329,746 |
The Ivy Apartments (6) |  | SC |  |  | 30,572,314 |  |  |  | 1,865,581 |  |  |  | - |  |  |  | 32,437,895 |
The Palms at Premier Park Apartments (2) |  | SC |  |  | 18,006,845 |  |  |  | 524,770 |  |  |  | - |  |  |  | 18,531,615 |
The Park at Sondrio - Series 2022A (6) |  | SC |  |  | 38,100,000 |  |  |  | 2,610,201 |  |  |  | - |  |  |  | 40,710,201 |
The Park at Vietti - Series 2022A (6) |  | SC |  |  | 26,985,000 |  |  |  | 2,003,286 |  |  |  | - |  |  |  | 28,988,286 |
Village at River's Edge (4) |  | SC |  |  | 9,608,510 |  |  |  | 615,950 |  |  |  | - |  |  |  | 10,224,460 |
Willow Run (4) |  | SC |  |  | 12,274,963 |  |  |  | 763,763 |  |  |  | - |  |  |  | 13,038,726 |
Windsor Shores Apartments - Series A (6) |  | SC |  |  | 21,545,000 |  |  |  | 1,492,942 |  |  |  | - |  |  |  | 23,037,942 |
Arbors at Hickory Ridge (2) |  | TN |  |  | 10,505,964 |  |  |  | 1,794,215 |  |  |  | - |  |  |  | 12,300,179 |
Avistar at Copperfield - Series A (6) |  | TX |  |  | 13,456,617 |  |  |  | 883,081 |  |  |  | - |  |  |  | 14,339,698 |
Avistar at the Crest - Series A (2) |  | TX |  |  | 8,830,600 |  |  |  | 921,875 |  |  |  | - |  |  |  | 9,752,475 |
Avistar at the Oaks - Series A (2) |  | TX |  |  | 7,145,084 |  |  |  | 608,686 |  |  |  | - |  |  |  | 7,753,770 |
Avistar at the Parkway - Series A (3) |  | TX |  |  | 12,351,439 |  |  |  | 766,179 |  |  |  | - |  |  |  | 13,117,618 |
Avistar at Wilcrest - Series A (6) |  | TX |  |  | 5,099,785 |  |  |  | 144,580 |  |  |  | - |  |  |  | 5,244,365 |
Avistar at Wood Hollow - Series A (6) |  | TX |  |  | 38,722,553 |  |  |  | 2,345,278 |  |  |  | - |  |  |  | 41,067,831 |
Avistar in 09 - Series A (2) |  | TX |  |  | 6,169,501 |  |  |  | 599,971 |  |  |  | - |  |  |  | 6,769,472 |
Avistar on the Boulevard - Series A (2) |  | TX |  |  | 15,043,885 |  |  |  | 1,396,203 |  |  |  | - |  |  |  | 16,440,088 |
Avistar on the Hills - Series A (2) |  | TX |  |  | 4,891,684 |  |  |  | 505,488 |  |  |  | - |  |  |  | 5,397,172 |
Bruton Apartments (4) |  | TX |  |  | 17,302,338 |  |  |  | - |  |  |  | - |  |  |  | 17,302,338 |
Concord at Gulfgate - Series A (4) |  | TX |  |  | 18,299,434 |  |  |  | 1,664,850 |  |  |  | - |  |  |  | 19,964,284 |
Concord at Little York - Series A (4) |  | TX |  |  | 12,819,619 |  |  |  | 1,204,733 |  |  |  | - |  |  |  | 14,024,352 |
Concord at Williamcrest - Series A (4) |  | TX |  |  | 19,858,964 |  |  |  | 1,866,260 |  |  |  | - |  |  |  | 21,725,224 |
Crossing at 1415 - Series A (4) |  | TX |  |  | 7,127,386 |  |  |  | 560,951 |  |  |  | - |  |  |  | 7,688,337 |
Decatur Angle (4) |  | TX |  |  | 21,758,071 |  |  |  | - |  |  |  | - |  |  |  | 21,758,071 |
Esperanza at Palo Alto (4) |  | TX |  |  | 18,834,872 |  |  |  | 2,142,732 |  |  |  | - |  |  |  | 20,977,604 |
Heights at 515 - Series A (4) |  | TX |  |  | 6,525,244 |  |  |  | 567,659 |  |  |  | - |  |  |  | 7,092,903 |
Heritage Square - Series A (3) |  | TX |  |  | 10,256,839 |  |  |  | 559,509 |  |  |  | - |  |  |  | 10,816,348 |
Oaks at Georgetown - Series A (4) |  | TX |  |  | 11,851,912 |  |  |  | 751,697 |  |  |  | - |  |  |  | 12,603,609 |
Runnymede (1) |  | TX |  |  | 9,465,000 |  |  |  | 40,656 |  |  |  | - |  |  |  | 9,505,656 |
Southpark (1) |  | TX |  |  | 11,292,532 |  |  |  | 1,307,327 |  |  |  | - |  |  |  | 12,599,859 |
15 West Apartments (4) |  | WA |  |  | 9,413,706 |  |  |  | 1,524,320 |  |  |  | - |  |  |  | 10,938,026 |
Mortgage revenue bonds held in trust |  |  |  | $ | 833,688,820 |  |  | $ | 53,662,170 |  |  | $ | (1,673,698 | ) |  | $ | 885,677,292 |
(1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (5) MRB held by Morgan Stanley in a debt financing transaction, Note 16. (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16. (7) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of June 30, 2023, the MRB has been in an unrealized loss position for less than 12 months. (9) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss. As of June 30, 2023, the MRB has been in an unrealized loss position for more than 12 months. (10) The Partnership has a remaining MRB funding commitment of $32.5 million as of June 30, 2023. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining $32.5 million funding commitment outstanding as of June 30, 2023 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of June 30, 2023, the MRB has been in an unrealized loss position for more than 12 months.
|  | June 30, 2023 |
Description of Mortgage Revenue Bonds held by the Partnership |  | State |  | Cost Adjusted for Paydowns and Allowances |  |  | Cumulative Unrealized Gain |  |  | Cumulative Unrealized Loss |  |  | Estimated Fair Value |
40rty on Colony - Series P |  | CA |  | $ | 5,964,861 |  |  | $ | - |  |  | $ | - |  |  | $ | 5,964,861 |
CCBA Senior Garden Apartments |  | CA |  |  | 3,775,183 |  |  |  | 138,369 |  |  |  | - |  |  |  | 3,913,552 |
Residency at Empire - Series BB-3 |  | CA |  |  | 55,000 |  |  |  | 620,102 |  |  |  | - |  |  |  | 675,102 |
Residency at the Entrepreneur - Series J-5 |  | CA |  |  | 1,000,000 |  |  |  | - |  |  |  | - |  |  |  | 1,000,000 |
Solano Vista - Series A |  | CA |  |  | 2,621,702 |  |  |  | 351,700 |  |  |  | - |  |  |  | 2,973,402 |
Handsel Morgan Village Apartments |  | GA |  |  | 2,150,000 |  |  |  | 283,203 |  |  |  | - |  |  |  | 2,433,203 |
Provision Center 2014-1 |  | TN |  |  | 929,005 |  |  |  | - |  |  |  | - |  |  |  | 929,005 |
Avistar at the Crest - Series B |  | TX |  |  | 721,611 |  |  |  | 50,865 |  |  |  | - |  |  |  | 772,476 |
Avistar at the Oaks - Series B |  | TX |  |  | 528,624 |  |  |  | 33,042 |  |  |  | - |  |  |  | 561,666 |
Avistar at the Parkway - Series B |  | TX |  |  | 122,946 |  |  |  | 20,243 |  |  |  | - |  |  |  | 143,189 |
Avistar in 09 - Series B |  | TX |  |  | 436,067 |  |  |  | 29,637 |  |  |  | - |  |  |  | 465,704 |
Avistar on the Boulevard - Series B |  | TX |  |  | 428,784 |  |  |  | 25,743 |  |  |  | - |  |  |  | 454,527 |
Mortgage revenue bonds held by the Partnership |  |  |  | $ | 18,733,783 |  |  | $ | 1,552,904 |  |  | $ | - |  |  | $ | 20,286,687 |
|  | December 31, 2022 |
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 |  | $ | 9,874,603 |  |  | $ | 888,242 |  |  | $ | - |  |  | $ | 10,762,845 |
Glenview Apartments - Series A (3) |  | CA |  |  | 4,372,370 |  |  |  | 309,570 |  |  |  | - |  |  |  | 4,681,940 |
Harmony Court Bakersfield - Series A (4) |  | CA |  |  | 3,600,418 |  |  |  | 274,456 |  |  |  | - |  |  |  | 3,874,874 |
Harmony Terrace - Series A (4) |  | CA |  |  | 6,665,787 |  |  |  | 625,752 |  |  |  | - |  |  |  | 7,291,539 |
Harden Ranch - Series A (2) |  | CA |  |  | 6,449,455 |  |  |  | 581,466 |  |  |  | - |  |  |  | 7,030,921 |
Las Palmas II - Series A (4) |  | CA |  |  | 1,633,397 |  |  |  | 140,681 |  |  |  | - |  |  |  | 1,774,078 |
Lutheran Gardens (7) |  | CA |  |  | 10,352,000 |  |  |  | 127,107 |  |  |  | - |  |  |  | 10,479,107 |
Montclair Apartments - Series A (3) |  | CA |  |  | 2,368,757 |  |  |  | 199,617 |  |  |  | - |  |  |  | 2,568,374 |
Montecito at Williams Ranch Apartments - Series A (6) |  | CA |  |  | 7,507,111 |  |  |  | 834,292 |  |  |  | - |  |  |  | 8,341,403 |
Montevista - Series A (6) |  | CA |  |  | 6,656,219 |  |  |  | 902,690 |  |  |  | - |  |  |  | 7,558,909 |
Ocotillo Springs - Series A (6), (8) |  | CA |  |  | 11,090,000 |  |  |  | - |  |  |  | (331,311 | ) |  |  | 10,758,689 |
Residency at the Entrepreneur - Series J-1 (6) |  | CA |  |  | 9,088,496 |  |  |  | 122,815 |  |  |  | - |  |  |  | 9,211,311 |
Residency at the Entrepreneur - Series J-2 (6) |  | CA |  |  | 7,500,000 |  |  |  | 176,092 |  |  |  | - |  |  |  | 7,676,092 |
Residency at the Entrepreneur - Series J-3 (6) |  | CA |  |  | 3,900,000 |  |  |  | 726,834 |  |  |  | - |  |  |  | 4,626,834 |
Residency at the Mayer - Series A (6) |  | CA |  |  | 26,067,585 |  |  |  | - |  |  |  | - |  |  |  | 26,067,585 |
San Vicente - Series A (4) |  | CA |  |  | 3,367,978 |  |  |  | 255,787 |  |  |  | - |  |  |  | 3,623,765 |
Santa Fe Apartments - Series A (3) |  | CA |  |  | 2,869,660 |  |  |  | 216,000 |  |  |  | - |  |  |  | 3,085,660 |
Seasons at Simi Valley - Series A (4) |  | CA |  |  | 4,137,438 |  |  |  | 522,910 |  |  |  | - |  |  |  | 4,660,348 |
Seasons Lakewood - Series A (4) |  | CA |  |  | 7,100,512 |  |  |  | 666,562 |  |  |  | - |  |  |  | 7,767,074 |
Seasons San Juan Capistrano - Series A (4) |  | CA |  |  | 11,954,944 |  |  |  | 1,038,904 |  |  |  | - |  |  |  | 12,993,848 |
Summerhill - Series A (4) |  | CA |  |  | 6,199,861 |  |  |  | 265,296 |  |  |  | - |  |  |  | 6,465,157 |
Sycamore Walk - Series A (4) |  | CA |  |  | 3,428,986 |  |  |  | 124,598 |  |  |  | - |  |  |  | 3,553,584 |
The Village at Madera - Series A (4) |  | CA |  |  | 2,977,825 |  |  |  | 247,354 |  |  |  | - |  |  |  | 3,225,179 |
Tyler Park Townhomes - Series A (2) |  | CA |  |  | 5,616,043 |  |  |  | 264,300 |  |  |  | - |  |  |  | 5,880,343 |
Vineyard Gardens - Series A (6) |  | CA |  |  | 3,908,104 |  |  |  | 514,719 |  |  |  | - |  |  |  | 4,422,823 |
Westside Village Market - Series A (2) |  | CA |  |  | 3,670,075 |  |  |  | 267,369 |  |  |  | - |  |  |  | 3,937,444 |
Brookstone (1) |  | IL |  |  | 7,286,052 |  |  |  | 1,286,871 |  |  |  | - |  |  |  | 8,572,923 |
Copper Gate Apartments (2) |  | IN |  |  | 4,840,000 |  |  |  | 117,014 |  |  |  | - |  |  |  | 4,957,014 |
Renaissance - Series A (3) |  | LA |  |  | 10,585,375 |  |  |  | 645,412 |  |  |  | - |  |  |  | 11,230,787 |
Live 929 Apartments - Series 2022A (6) |  | MD |  |  | 58,107,262 |  |  |  | 2,217,857 |  |  |  | - |  |  |  | 60,325,119 |
Jackson Manor Apartments (6) |  | MS |  |  | 6,900,000 |  |  |  | - |  |  |  | - |  |  |  | 6,900,000 |
Greens Property - Series A (2) |  | NC |  |  | 7,599,000 |  |  |  | 597 |  |  |  | - |  |  |  | 7,599,597 |
Silver Moon - Series A (3) |  | NM |  |  | 7,557,312 |  |  |  | 863,401 |  |  |  | - |  |  |  | 8,420,713 |
Village at Avalon (5) |  | NM |  |  | 15,942,560 |  |  |  | 1,727,010 |  |  |  | - |  |  |  | 17,669,570 |
Columbia Gardens (4) |  | SC |  |  | 12,542,207 |  |  |  | 968,469 |  |  |  | - |  |  |  | 13,510,676 |
Companion at Thornhill Apartments (4) |  | SC |  |  | 10,786,181 |  |  |  | 709,979 |  |  |  | - |  |  |  | 11,496,160 |
The Palms at Premier Park Apartments (2) |  | SC |  |  | 18,137,042 |  |  |  | 808,555 |  |  |  | - |  |  |  | 18,945,597 |
The Park at Sondrio - Series 2022A (6) |  | SC |  |  | 38,100,000 |  |  |  | - |  |  |  | - |  |  |  | 38,100,000 |
The Park at Vietti - Series 2022A (6) |  | SC |  |  | 26,985,000 |  |  |  | - |  |  |  | - |  |  |  | 26,985,000 |
Village at River's Edge (4) |  | SC |  |  | 9,649,659 |  |  |  | 590,962 |  |  |  | - |  |  |  | 10,240,621 |
Willow Run (4) |  | SC |  |  | 12,368,964 |  |  |  | 953,988 |  |  |  | - |  |  |  | 13,322,952 |
Arbors at Hickory Ridge (2) |  | TN |  |  | 10,591,726 |  |  |  | 2,005,029 |  |  |  | - |  |  |  | 12,596,755 |
Avistar at Copperfield - Series A (6) |  | TX |  |  | 13,532,636 |  |  |  | 919,463 |  |  |  | - |  |  |  | 14,452,099 |
Avistar at the Crest - Series A (2) |  | TX |  |  | 8,896,378 |  |  |  | 975,504 |  |  |  | - |  |  |  | 9,871,882 |
Avistar at the Oaks - Series A (2) |  | TX |  |  | 7,196,674 |  |  |  | 717,701 |  |  |  | - |  |  |  | 7,914,375 |
Avistar at the Parkway - Series A (3) |  | TX |  |  | 12,429,842 |  |  |  | 950,930 |  |  |  | - |  |  |  | 13,380,772 |
Avistar at Wilcrest - Series A (6) |  | TX |  |  | 5,128,595 |  |  |  | 170,370 |  |  |  | - |  |  |  | 5,298,965 |
Avistar at Wood Hollow - Series A (6) |  | TX |  |  | 38,941,304 |  |  |  | 2,645,832 |  |  |  | - |  |  |  | 41,587,136 |
Avistar in 09 - Series A (2) |  | TX |  |  | 6,214,048 |  |  |  | 619,707 |  |  |  | - |  |  |  | 6,833,755 |
Avistar on the Boulevard - Series A (2) |  | TX |  |  | 15,155,942 |  |  |  | 1,290,551 |  |  |  | - |  |  |  | 16,446,493 |
Avistar on the Hills - Series A (2) |  | TX |  |  | 4,927,003 |  |  |  | 523,079 |  |  |  | - |  |  |  | 5,450,082 |
Bruton Apartments (4) |  | TX |  |  | 17,381,296 |  |  |  | 281,271 |  |  |  | - |  |  |  | 17,662,567 |
Concord at Gulfgate - Series A (4) |  | TX |  |  | 18,404,942 |  |  |  | 1,842,303 |  |  |  | - |  |  |  | 20,247,245 |
Concord at Little York - Series A (4) |  | TX |  |  | 12,893,533 |  |  |  | 1,249,523 |  |  |  | - |  |  |  | 14,143,056 |
Concord at Williamcrest - Series A (4) |  | TX |  |  | 19,973,464 |  |  |  | 1,935,645 |  |  |  | - |  |  |  | 21,909,109 |
Crossing at 1415 - Series A (4) |  | TX |  |  | 7,170,756 |  |  |  | 605,369 |  |  |  | - |  |  |  | 7,776,125 |
Decatur Angle (4) |  | TX |  |  | 21,866,672 |  |  |  | 77,837 |  |  |  | - |  |  |  | 21,944,509 |
Esperanza at Palo Alto (4) |  | TX |  |  | 18,916,082 |  |  |  | 2,209,462 |  |  |  | - |  |  |  | 21,125,544 |
Heights at 515 - Series A (4) |  | TX |  |  | 6,564,951 |  |  |  | 573,569 |  |  |  | - |  |  |  | 7,138,520 |
Heritage Square - Series A (3) |  | TX |  |  | 10,325,196 |  |  |  | 671,790 |  |  |  | - |  |  |  | 10,996,986 |
Oaks at Georgetown - Series A (4) |  | TX |  |  | 11,911,472 |  |  |  | 746,300 |  |  |  | - |  |  |  | 12,657,772 |
Runnymede (1) |  | TX |  |  | 9,535,000 |  |  |  | 45,577 |  |  |  | - |  |  |  | 9,580,577 |
Southpark (1) |  | TX |  |  | 11,257,062 |  |  |  | 1,352,726 |  |  |  | - |  |  |  | 12,609,788 |
15 West Apartments (4) |  | WA |  |  | 9,454,318 |  |  |  | 1,534,060 |  |  |  | - |  |  |  | 10,988,378 |
Mortgage revenue bonds held in trust |  |  |  | $ | 718,413,130 |  |  | $ | 45,127,126 |  |  | $ | (331,311 | ) |  | $ | 763,208,945 |
(1) MRB owned by ATAX TEBS I, LLC (M24 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (5) MRB held by Morgan Stanley in a debt financing transaction, Note 16. (6) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 16. (7) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 16. (8) As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates and is not considered a credit loss.
|  | December 31, 2022 |
Description of Mortgage Revenue Bonds held by the Partnership |  | State |  | Cost Adjusted for Paydowns and Allowances |  |  | Cumulative Unrealized Gain |  |  | Cumulative Unrealized Loss |  |  | Estimated Fair Value |
CCBA Senior Garden Apartments |  | CA |  | $ | 3,792,700 |  |  | $ | 42,672 |  |  | $ | - |  |  | $ | 3,835,372 |
Residency at Empire - Series BB-1 |  | CA |  |  | 14,118,500 |  |  |  | - |  |  |  | - |  |  |  | 14,118,500 |
Residency at Empire - Series BB-2 |  | CA |  |  | 4,000,000 |  |  |  | - |  |  |  | - |  |  |  | 4,000,000 |
Residency at Empire - Series BB-3 |  | CA |  |  | 55,000 |  |  |  | - |  |  |  | - |  |  |  | 55,000 |
Solano Vista - Series A |  | CA |  |  | 2,631,168 |  |  |  | 297,861 |  |  |  | - |  |  |  | 2,929,029 |
Meadow Valley (1) |  | MI |  |  | 4,833,437 |  |  |  | - |  |  |  | (1,193,085 | ) |  |  | 3,640,352 |
Greens Property - Series B |  | NC |  |  | 915,039 |  |  |  | 122 |  |  |  | - |  |  |  | 915,161 |
Provision Center 2014-1 |  | TN |  |  | 4,294,939 |  |  |  | - |  |  |  | - |  |  |  | 4,294,939 |
Avistar at the Crest - Series B |  | TX |  |  | 724,747 |  |  |  | 53,132 |  |  |  | - |  |  |  | 777,879 |
Avistar at the Oaks - Series B |  | TX |  |  | 530,829 |  |  |  | 33,406 |  |  |  | - |  |  |  | 564,235 |
Avistar at the Parkway - Series B |  | TX |  |  | 123,176 |  |  |  | 22,510 |  |  |  | - |  |  |  | 145,686 |
Avistar in 09 - Series B |  | TX |  |  | 437,886 |  |  |  | 27,557 |  |  |  | - |  |  |  | 465,443 |
Avistar on the Boulevard - Series B |  | TX |  |  | 430,647 |  |  |  | 26,816 |  |  |  | - |  |  |  | 457,463 |
Mortgage revenue bonds held by the Partnership |  |  |  | $ | 36,888,068 |  |  | $ | 504,076 |  |  | $ | (1,193,085 | ) |  | $ | 36,199,059 |
(1) The Partnership has a remaining MRB funding commitment of $39.3 million as of December 31, 2022. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining $39.3 million funding commitment outstanding as of December 31, 2022 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss.
Schedule of MRBs Acquisitions | The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2023:
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date |  | Interest Rate |  |  | Initial Principal Funding |
Windsor Shores Apartments - Series A |  | January |  | Columbia, SC |  |  | 176 |  |  | 2/1/2030 |  |  | 6.50 | % |  | $ | 21,545,000 |
The Ivy Apartments |  | January |  | Greenville, SC |  |  | 212 |  |  | 2/1/2030 |  |  | 6.50 | % |  |  | 30,500,000 |
Residency at the Entrepreneur - Series J-5 (1) |  | February |  | Los Angeles, CA |  |  | 200 |  |  | 4/1/2025 |  | SOFR + 3.60% |  | (2) |  | 1,000,000 |
Handsel Morgan Village Apartments |  | April |  | Buford, GA |  |  | 45 |  |  | 3/1/2041 |  |  | 6.75 | % |  |  | 2,150,000 |
MaryAlice Circle Apartments |  | April |  | Buford, GA |  |  | 98 |  |  | 3/1/2041 |  |  | 6.75 | % |  |  | 5,900,000 |
Village at Hanford Square - Series H |  | May |  | Hanford, CA |  |  | 100 |  |  | 5/1/2030 |  |  | 6.65 | % |  |  | 10,400,000 |
Village Point |  | May |  | Monroe Township, NJ |  |  | 120 |  | (3) | 6/1/2030 |  |  | 6.875 | % |  |  | 23,000,000 |
40rty on Colony - Series P |  | June |  | La Mesa, CA |  |  | 40 |  |  | 6/1/2030 |  |  | 7.05 | % |  |  | 5,950,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 100,445,000 |
(1) The Partnership has committed to provide funding for the Series J-5 MRB totaling $5.0 million. See Note 19. (2) The interest rate is subject to an all-in floor of 3.87%. (3) Village Point is a seniors housing property with 120 beds in 92 units. The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2022:
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date |  | Interest Rate |  |  | Initial Principal Funded |
Residency at the Entrepreneur - Series J-1 |  | April |  | Los Angeles, CA |  |  | 200 |  |  | 3/31/2040 |  |  | 6.00 | % |  | $ | 9,000,000 |
Residency at the Entrepreneur - Series J-2 |  | April |  | Los Angeles, CA |  |  | 200 |  |  | 3/31/2040 |  |  | 6.00 | % |  |  | 7,500,000 |
Residency at the Entrepreneur - Series J-3 (1) |  | April |  | Los Angeles, CA |  |  | 200 |  |  | 3/31/2040 |  |  | 6.00 | % |  | - |
Residency at the Entrepreneur - Series J-4 (1) |  | April |  | Los Angeles, CA |  |  | 200 |  |  | 3/31/2040 |  | SOFR + 3.60% |  | (2) | - |
CCBA Senior Garden Apartments (3) |  | June |  | San Diego, CA |  |  | 45 |  |  | 7/1/2037 |  |  | 4.50 | % |  |  | 3,807,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 20,307,000 |
(1) The Partnership has committed to provide funding for the Series J-3 and Series J-4 MRBs of $26.1 million and $16.4 million, respectively. See Note 19. (2) The interest rate is subject to an all-in floor of 3.87%. Upon stabilization, the Series J-4 MRB will become subordinate to the Series J-1, J-2, and J-3 MRBs and will convert to a fixed rate of 8.0%. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $1.5 million. (3) The investment was previously reported as a bond purchase commitment that has converted to an MRB. Restructurings: In January 2022, the Live 929 Apartments property completed a restructuring of the Partnership’s MRBs and property loan. The Partnership’s Live 929 Apartments – 2014 Series A and Live 929 Apartments – 2014 Series B MRBs were redeemed at par plus accrued interest. The following tables summarizes the terms of the MRBs upon redemption:
Property Name |  | Month Restructured |  | Property Location |  | Units |  |  | Original Maturity Date |  | Interest Rate |  |  | Principal Outstanding at Date of Restructuring |
Live 929 Apartments - 2014 Series A |  | January |  | Baltimore, MD |  |  | 575 |  |  | 7/1/2049 |  |  | 5.78 | % |  | $ | 39,445,000 |
Live 929 Apartments - 2014 Series B |  | January |  | Baltimore, MD |  |  | 575 |  |  | 7/1/2039 |  |  | 1.60 | % |  |  | 21,610,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 61,055,000 |
Upon restructuring, the Partnership used the proceeds of the redeemed MRBs plus additional cash to acquire a new series of MRB secured by the Live 929 Apartments property, the Series 2022A MRB. The following tables summarizes the MRB that was acquired as part of the restructuring of the Live 929 Apartments MRBs:
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date |  | Interest Rate |  |  | Principal Acquired |
Live 929 Apartments - Series 2022A |  | January |  | Baltimore, MD |  |  | 575 |  |  | 1/1/2060 |  |  | 4.30 | % |  | $ | 66,365,000 |
Schedule of MRB Redeemed | The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2023:
Property Name |  | Month Redeemed |  | Property Location |  | Units |  |  | Original Maturity Date |  | Interest Rate |  |  | Principal Outstanding at Date of Redemption |
Greens Property - Series A |  | February 2023 |  | Durham, NC |  |  | 168 |  |  | 10/1/2047 |  |  | 6.50 | % |  | $ | 7,579,000 |
Greens Property - Series B |  | February 2023 |  | Durham, NC |  |  | 168 |  |  | 10/1/2047 |  |  | 12.00 | % |  |  | 914,040 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 8,493,040 |
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, 2022:
Property Name |  | Month Redeemed |  | Property Location |  | Units |  |  | Original Maturity Date |  | Interest Rate |  |  | Principal Outstanding at Date of Redemption |
Ohio Properties - Series A |  | March |  | (1) |  |  | 362 |  |  | 6/1/2050 |  |  | 7.00 | % |  | $ | 13,544,000 |
Ohio Properties - Series B |  | March |  | (1) |  |  | 362 |  |  | 6/1/2050 |  |  | 10.00 | % |  |  | 3,459,840 |
Bridle Ridge |  | May |  | Greer, SC |  |  | 152 |  |  | 1/1/2043 |  |  | 6.00 | % |  |  | 7,100,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 24,103,840 |
(1) The Ohio Properties consist of Crescent Village, located in Cincinnati, Ohio, Willow Bend, located in Columbus (Hilliard), Ohio and Postwoods, located in Reynoldsburg, Ohio.

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