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Mortgage Revenue Bonds (Tables)
 6 Months Ended
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.