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Mortgage Revenue Bonds (Tables) | 3 Months Ended
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Mar. 31, 2024
Investments In Mortgage Revenue Bonds [Abstract] |
Schedule of Investments in MRBs | The Partnership had the following investments in MRBs as of March 31, 2024 and December 31, 2023:
|  | March 31, 2024 |
Description of Mortgage Revenue Bonds Held in Trust |  | State |  | Cost Adjusted for Paydowns and Allowances |  |  | Cumulative Unrealized Gain |  |  | Cumulative Unrealized Loss |  |  | Estimated Fair Value |
The Safford (5) |  | AZ |  | $ | 9,989,318 |  |  | $ | 2,039,618 |  |  | $ | - |  |  | $ | 12,028,936 |
40rty on Colony - Series P (5) |  | CA |  |  | 5,963,574 |  |  |  | 638,636 |  |  |  | - |  |  |  | 6,602,210 |
CCBA Senior Garden Apartments (5) |  | CA |  |  | 3,748,159 |  |  |  | 78,327 |  |  |  | - |  |  |  | 3,826,486 |
Courtyard - Series A (3) |  | CA |  |  | 9,748,189 |  |  |  | 685,729 |  |  |  | - |  |  |  | 10,433,918 |
Glenview Apartments - Series A (2) |  | CA |  |  | 4,296,391 |  |  |  | 203,899 |  |  |  | - |  |  |  | 4,500,290 |
Harmony Court Bakersfield - Series A (3) |  | CA |  |  | 3,554,325 |  |  |  | 218,766 |  |  |  | - |  |  |  | 3,773,091 |
Harmony Terrace - Series A (3) |  | CA |  |  | 6,580,876 |  |  |  | 466,164 |  |  |  | - |  |  |  | 7,047,040 |
Harden Ranch - Series A (1) |  | CA |  |  | 6,331,241 |  |  |  | 339,666 |  |  |  | - |  |  |  | 6,670,907 |
Las Palmas II - Series A (3) |  | CA |  |  | 1,612,276 |  |  |  | 103,208 |  |  |  | - |  |  |  | 1,715,484 |
Lutheran Gardens (6), (7) |  | CA |  |  | 10,352,000 |  |  |  | - |  |  |  | (37,415 | ) |  |  | 10,314,585 |
Montclair Apartments - Series A (2) |  | CA |  |  | 2,327,595 |  |  |  | 134,203 |  |  |  | - |  |  |  | 2,461,798 |
Montecito at Williams Ranch Apartments - Series A (5) |  | CA |  |  | 7,425,704 |  |  |  | 712,176 |  |  |  | - |  |  |  | 8,137,880 |
Montevista - Series A (5) |  | CA |  |  | 6,595,473 |  |  |  | 826,864 |  |  |  | - |  |  |  | 7,422,337 |
Ocotillo Springs - Series A (5), (7) |  | CA |  |  | 3,480,813 |  |  |  | - |  |  |  | (129,021 | ) |  |  | 3,351,792 |
Ocotillo Springs - Series A-1 (5) |  | CA |  |  | 498,442 |  |  |  | 83,372 |  |  |  | - |  |  |  | 581,814 |
Residency at Empire - Series BB-1 (5) |  | CA |  |  | 14,116,406 |  |  |  | 788,100 |  |  |  | - |  |  |  | 14,904,506 |
Residency at Empire - Series BB-2 (5) |  | CA |  |  | 4,000,000 |  |  |  | 258,431 |  |  |  | - |  |  |  | 4,258,431 |
Residency at Empire - Series BB-3 (5) |  | CA |  |  | 9,555,000 |  |  |  | 466,050 |  |  |  | - |  |  |  | 10,021,050 |
Residency at the Entrepreneur - Series J-1 (5) |  | CA |  |  | 9,083,796 |  |  |  | 15,757 |  |  |  | - |  |  |  | 9,099,553 |
Residency at the Entrepreneur - Series J-2 (5) |  | CA |  |  | 7,500,000 |  |  |  | 82,961 |  |  |  | - |  |  |  | 7,582,961 |
Residency at the Entrepreneur - Series J-3 (5) |  | CA |  |  | 16,100,000 |  |  |  | 548,641 |  |  |  | - |  |  |  | 16,648,641 |
Residency at the Entrepreneur - Series J-5 (5) |  | CA |  |  | 1,000,000 |  |  |  | - |  |  |  | - |  |  |  | 1,000,000 |
Residency at the Mayer - Series A (5) |  | CA |  |  | 29,559,238 |  |  |  | - |  |  |  | - |  |  |  | 29,559,238 |
Residency at the Mayer - Series M (5) |  | CA |  |  | 11,500,000 |  |  |  | - |  |  |  | - |  |  |  | 11,500,000 |
San Vicente - Series A (3) |  | CA |  |  | 3,324,428 |  |  |  | 212,810 |  |  |  | - |  |  |  | 3,537,238 |
Santa Fe Apartments - Series A (2) |  | CA |  |  | 2,819,794 |  |  |  | 167,405 |  |  |  | - |  |  |  | 2,987,199 |
Seasons at Simi Valley - Series A (3) |  | CA |  |  | 4,069,240 |  |  |  | 374,446 |  |  |  | - |  |  |  | 4,443,686 |
Seasons Lakewood - Series A (3) |  | CA |  |  | 7,010,064 |  |  |  | 496,566 |  |  |  | - |  |  |  | 7,506,630 |
Seasons San Juan Capistrano - Series A (3) |  | CA |  |  | 11,802,659 |  |  |  | 800,970 |  |  |  | - |  |  |  | 12,603,629 |
Solano Vista - Series A (5) |  | CA |  |  | 2,606,974 |  |  |  | 286,892 |  |  |  | - |  |  |  | 2,893,866 |
Summerhill - Series A (3) |  | CA |  |  | 6,120,491 |  |  |  | 288,115 |  |  |  | - |  |  |  | 6,408,606 |
Sycamore Walk - Series A (3) |  | CA |  |  | 3,368,481 |  |  |  | 109,717 |  |  |  | - |  |  |  | 3,478,198 |
The Village at Madera - Series A (3) |  | CA |  |  | 2,939,703 |  |  |  | 189,528 |  |  |  | - |  |  |  | 3,129,231 |
Tyler Park Townhomes - Series A (1) |  | CA |  |  | 5,511,871 |  |  |  | 66,935 |  |  |  | - |  |  |  | 5,578,806 |
Village at Hanford Square - Series H (5) |  | CA |  |  | 10,400,000 |  |  |  | 907,760 |  |  |  | - |  |  |  | 11,307,760 |
Vineyard Gardens - Series A (5) |  | CA |  |  | 3,866,389 |  |  |  | 389,493 |  |  |  | - |  |  |  | 4,255,882 |
Westside Village Market - Series A (1) |  | CA |  |  | 3,601,998 |  |  |  | 170,597 |  |  |  | - |  |  |  | 3,772,595 |
Handsel Morgan Village Apartments (5) |  | GA |  |  | 2,150,000 |  |  |  | 253,792 |  |  |  | - |  |  |  | 2,403,792 |
MaryAlice Circle Apartments (5) |  | GA |  |  | 5,900,000 |  |  |  | 751,174 |  |  |  | - |  |  |  | 6,651,174 |
Copper Gate Apartments (1) |  | IN |  |  | 4,780,000 |  |  |  | - |  |  |  | - |  |  |  | 4,780,000 |
Renaissance - Series A (2) |  | LA |  |  | 10,388,916 |  |  |  | 860,164 |  |  |  | - |  |  |  | 11,249,080 |
Live 929 Apartments - Series 2022A (5) |  | MD |  |  | 58,390,083 |  |  |  | 2,957,716 |  |  |  | - |  |  |  | 61,347,799 |
Meadow Valley (5), (9) |  | MI |  |  | 25,036,225 |  |  |  | - |  |  |  | (1,393,024 | ) |  |  | 23,643,201 |
Jackson Manor Apartments (5), (8) |  | MS |  |  | 4,813,818 |  |  |  | 105,024 |  |  |  | - |  |  |  | 4,918,842 |
Village Point (6), (8) |  | NJ |  |  | 23,000,000 |  |  |  | - |  |  |  | (74,146 | ) |  |  | 22,925,854 |
Silver Moon - Series A (2) |  | NM |  |  | 7,460,511 |  |  |  | 799,556 |  |  |  | - |  |  |  | 8,260,067 |
Village at Avalon (4) |  | NM |  |  | 15,773,357 |  |  |  | 1,775,826 |  |  |  | - |  |  |  | 17,549,183 |
Columbia Gardens (3) |  | SC |  |  | 12,301,761 |  |  |  | 601,976 |  |  |  | - |  |  |  | 12,903,737 |
Companion at Thornhill Apartments (3) |  | SC |  |  | 10,601,493 |  |  |  | 438,686 |  |  |  | - |  |  |  | 11,040,179 |
The Ivy Apartments (5) |  | SC |  |  | 30,565,536 |  |  |  | 1,499,111 |  |  |  | - |  |  |  | 32,064,647 |
The Palms at Premier Park Apartments (1) |  | SC |  |  | 17,803,781 |  |  |  | 246,195 |  |  |  | - |  |  |  | 18,049,976 |
The Park at Sondrio - Series 2022A (5) |  | SC |  |  | 38,100,000 |  |  |  | 2,119,463 |  |  |  | - |  |  |  | 40,219,463 |
The Park at Vietti - Series 2022A (5) |  | SC |  |  | 26,985,000 |  |  |  | 1,570,008 |  |  |  | - |  |  |  | 28,555,008 |
Village at River's Edge (3) |  | SC |  |  | 9,544,429 |  |  |  | 1,167,655 |  |  |  | - |  |  |  | 10,712,084 |
Willow Run (3) |  | SC |  |  | 12,130,581 |  |  |  | 634,209 |  |  |  | - |  |  |  | 12,764,790 |
Windsor Shores Apartments - Series A (5) |  | SC |  |  | 21,545,000 |  |  |  | 1,216,171 |  |  |  | - |  |  |  | 22,761,171 |
Arbors at Hickory Ridge (1) |  | TN |  |  | 10,372,503 |  |  |  | 1,585,054 |  |  |  | - |  |  |  | 11,957,557 |
Avistar at Copperfield - Series A (5) |  | TX |  |  | 13,338,421 |  |  |  | 753,400 |  |  |  | - |  |  |  | 14,091,821 |
Avistar at the Crest - Series A (1) |  | TX |  |  | 8,728,170 |  |  |  | 770,799 |  |  |  | - |  |  |  | 9,498,969 |
Avistar at the Oaks - Series A (1) |  | TX |  |  | 7,064,747 |  |  |  | 555,435 |  |  |  | - |  |  |  | 7,620,182 |
Avistar at the Parkway - Series A (2) |  | TX |  |  | 12,229,345 |  |  |  | 603,221 |  |  |  | - |  |  |  | 12,832,566 |
Avistar at Wilcrest - Series A (5) |  | TX |  |  | 5,054,991 |  |  |  | 262,967 |  |  |  | - |  |  |  | 5,317,958 |
Avistar at Wood Hollow - Series A (5) |  | TX |  |  | 38,382,434 |  |  |  | 2,082,233 |  |  |  | - |  |  |  | 40,464,667 |
Avistar in 09 - Series A (1) |  | TX |  |  | 6,100,131 |  |  |  | 496,237 |  |  |  | - |  |  |  | 6,596,368 |
Avistar on the Boulevard - Series A (1) |  | TX |  |  | 14,869,385 |  |  |  | 1,120,753 |  |  |  | - |  |  |  | 15,990,138 |
Avistar on the Hills - Series A (1) |  | TX |  |  | 4,836,683 |  |  |  | 393,457 |  |  |  | - |  |  |  | 5,230,140 |
Bruton Apartments (3) |  | TX |  |  | 17,179,304 |  |  |  | - |  |  |  | - |  |  |  | 17,179,304 |
Concord at Gulfgate - Series A (3) |  | TX |  |  | 18,135,132 |  |  |  | 1,517,470 |  |  |  | - |  |  |  | 19,652,602 |
Concord at Little York - Series A (3) |  | TX |  |  | 12,704,518 |  |  |  | 1,028,673 |  |  |  | - |  |  |  | 13,733,191 |
Concord at Williamcrest - Series A (3) |  | TX |  |  | 19,680,659 |  |  |  | 1,700,215 |  |  |  | - |  |  |  | 21,380,874 |
Crossing at 1415 - Series A (3) |  | TX |  |  | 7,059,848 |  |  |  | 422,501 |  |  |  | - |  |  |  | 7,482,349 |
Decatur Angle (3) |  | TX |  |  | 21,589,111 |  |  |  | - |  |  |  | - |  |  |  | 21,589,111 |
Esperanza at Palo Alto (3) |  | TX |  |  | 18,708,566 |  |  |  | 2,101,382 |  |  |  | - |  |  |  | 20,809,948 |
Heights at 515 - Series A (3) |  | TX |  |  | 6,463,412 |  |  |  | 466,027 |  |  |  | - |  |  |  | 6,929,439 |
Heritage Square - Series A (2) |  | TX |  |  | 10,150,390 |  |  |  | 456,422 |  |  |  | - |  |  |  | 10,606,812 |
Oaks at Georgetown - Series A (3) |  | TX |  |  | 11,759,740 |  |  |  | 655,561 |  |  |  | - |  |  |  | 12,415,301 |
Southpark (5) |  | TX |  |  | 11,150,461 |  |  |  | 1,149,539 |  |  |  | - |  |  |  | 12,300,000 |
15 West Apartments (3) |  | WA |  |  | 9,350,364 |  |  |  | 1,292,182 |  |  |  | - |  |  |  | 10,642,546 |
Mortgage revenue bonds held in trust |  |  |  | $ | 874,539,714 |  |  | $ | 49,562,056 |  |  | $ | (1,633,606 | ) |  | $ | 922,468,164 |
(1) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Morgan Stanley in a debt financing transaction, Note 13. (5) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 13. (6) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 13. (7) 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 March 31, 2024, the MRB has been in an unrealized loss position for more than 12 months. (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 March 31, 2024, the MRB has been in an unrealized loss position for less than 12 months. (9) The Partnership has a remaining MRB funding commitment of approximately $19.1 million as of March 31, 2024. 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 funding commitment outstanding as of March 31, 2024 (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 March 31, 2024, the MRB has been in an unrealized loss position for more than 12 months.
|  | March 31, 2024 |
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 |
Brookstone |  | IL |  | $ | 7,213,953 |  |  | $ | 1,123,250 |  |  | $ | - |  |  | $ | 8,337,203 |
Provision Center 2014-1 |  | TN |  |  | 196,577 |  |  |  | - |  |  |  | - |  |  |  | 196,577 |
Avistar at the Crest - Series B |  | TX |  |  | 716,636 |  |  |  | 40,405 |  |  |  | - |  |  |  | 757,041 |
Avistar at the Oaks - Series B |  | TX |  |  | 525,126 |  |  |  | 28,014 |  |  |  | - |  |  |  | 553,140 |
Avistar at the Parkway - Series B |  | TX |  |  | 122,573 |  |  |  | 16,786 |  |  |  | - |  |  |  | 139,359 |
Avistar in 09 - Series B |  | TX |  |  | 433,181 |  |  |  | 23,109 |  |  |  | - |  |  |  | 456,290 |
Avistar on the Boulevard - Series B |  | TX |  |  | 425,827 |  |  |  | 21,996 |  |  |  | - |  |  |  | 447,823 |
Runnymede |  | TX |  |  | 9,390,000 |  |  |  | - |  |  |  | - |  |  |  | 9,390,000 |
Mortgage revenue bonds |  |  |  | $ | 19,023,873 |  |  | $ | 1,253,560 |  |  | $ | - |  |  | $ | 20,277,433 |
|  | December 31, 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 |
The Safford (5) |  | AZ |  | $ | 7,667,299 |  |  | $ | 2,717,033 |  |  | $ | - |  |  | $ | 10,384,332 |
40rty on Colony - Series P (5) |  | CA |  |  | 5,964,008 |  |  |  | 739,204 |  |  |  | - |  |  |  | 6,703,212 |
Courtyard - Series A (3) |  | CA |  |  | 9,774,107 |  |  |  | 845,146 |  |  |  | - |  |  |  | 10,619,253 |
Glenview Apartments - Series A (2) |  | CA |  |  | 4,312,025 |  |  |  | 298,507 |  |  |  | - |  |  |  | 4,610,532 |
Harmony Court Bakersfield - Series A (3) |  | CA |  |  | 3,563,775 |  |  |  | 275,305 |  |  |  | - |  |  |  | 3,839,080 |
Harmony Terrace - Series A (3) |  | CA |  |  | 6,598,285 |  |  |  | 573,928 |  |  |  | - |  |  |  | 7,172,213 |
Harden Ranch - Series A (1) |  | CA |  |  | 6,355,567 |  |  |  | 441,345 |  |  |  | - |  |  |  | 6,796,912 |
Las Palmas II - Series A (3) |  | CA |  |  | 1,616,607 |  |  |  | 128,930 |  |  |  | - |  |  |  | 1,745,537 |
Lutheran Gardens (6), (7) |  | CA |  |  | 10,352,000 |  |  |  | - |  |  |  | (30,994 | ) |  |  | 10,321,006 |
Montclair Apartments - Series A (2) |  | CA |  |  | 2,336,065 |  |  |  | 170,291 |  |  |  | - |  |  |  | 2,506,356 |
Montecito at Williams Ranch Apartments - Series A (5) |  | CA |  |  | 7,442,435 |  |  |  | 846,333 |  |  |  | - |  |  |  | 8,288,768 |
Montevista - Series A (5) |  | CA |  |  | 6,607,973 |  |  |  | 992,675 |  |  |  | - |  |  |  | 7,600,648 |
Residency at Empire - Series BB-1 (5) |  | CA |  |  | 14,117,540 |  |  |  | 1,004,021 |  |  |  | - |  |  |  | 15,121,561 |
Residency at Empire - Series BB-2 (5) |  | CA |  |  | 4,000,000 |  |  |  | 320,446 |  |  |  | - |  |  |  | 4,320,446 |
Residency at Empire - Series BB-3 (5) |  | CA |  |  | 5,055,000 |  |  |  | 575,709 |  |  |  | - |  |  |  | 5,630,709 |
Residency at the Entrepreneur - Series J-1 (5) |  | CA |  |  | 9,085,429 |  |  |  | 181,504 |  |  |  | - |  |  |  | 9,266,933 |
Residency at the Entrepreneur - Series J-2 (5) |  | CA |  |  | 7,500,000 |  |  |  | 222,445 |  |  |  | - |  |  |  | 7,722,445 |
Residency at the Entrepreneur - Series J-3 (5) |  | CA |  |  | 12,300,000 |  |  |  | 697,895 |  |  |  | - |  |  |  | 12,997,895 |
Residency at the Mayer - Series A (5) |  | CA |  |  | 29,560,945 |  |  |  | - |  |  |  | - |  |  |  | 29,560,945 |
San Vicente - Series A (3) |  | CA |  |  | 3,333,357 |  |  |  | 265,848 |  |  |  | - |  |  |  | 3,599,205 |
Santa Fe Apartments - Series A (2) |  | CA |  |  | 2,830,055 |  |  |  | 206,301 |  |  |  | - |  |  |  | 3,036,356 |
Seasons at Simi Valley - Series A (3) |  | CA |  |  | 4,083,273 |  |  |  | 443,901 |  |  |  | - |  |  |  | 4,527,174 |
Seasons Lakewood - Series A (3) |  | CA |  |  | 7,028,608 |  |  |  | 611,358 |  |  |  | - |  |  |  | 7,639,966 |
Seasons San Juan Capistrano - Series A (3) |  | CA |  |  | 11,833,880 |  |  |  | 992,473 |  |  |  | - |  |  |  | 12,826,353 |
Summerhill - Series A (3) |  | CA |  |  | 6,136,763 |  |  |  | 381,019 |  |  |  | - |  |  |  | 6,517,782 |
Sycamore Walk - Series A (3) |  | CA |  |  | 3,380,901 |  |  |  | 226,216 |  |  |  | - |  |  |  | 3,607,117 |
The Village at Madera - Series A (3) |  | CA |  |  | 2,947,519 |  |  |  | 227,699 |  |  |  | - |  |  |  | 3,175,218 |
Tyler Park Townhomes - Series A (1) |  | CA |  |  | 5,533,307 |  |  |  | 119,693 |  |  |  | - |  |  |  | 5,653,000 |
Village at Hanford Square - Series H (5) |  | CA |  |  | 10,400,000 |  |  |  | 1,073,808 |  |  |  | - |  |  |  | 11,473,808 |
Vineyard Gardens - Series A (5) |  | CA |  |  | 3,874,962 |  |  |  | 461,663 |  |  |  | - |  |  |  | 4,336,625 |
Westside Village Market - Series A (1) |  | CA |  |  | 3,616,007 |  |  |  | 223,459 |  |  |  | - |  |  |  | 3,839,466 |
MaryAlice Circle Apartments (5) |  | GA |  |  | 5,900,000 |  |  |  | 880,643 |  |  |  | - |  |  |  | 6,780,643 |
Copper Gate Apartments (1), (7) |  | IN |  |  | 4,780,000 |  |  |  | - |  |  |  | (5 | ) |  |  | 4,779,995 |
Renaissance - Series A (2) |  | LA |  |  | 10,429,392 |  |  |  | 1,221,077 |  |  |  | - |  |  |  | 11,650,469 |
Live 929 Apartments - Series 2022A (5) |  | MD |  |  | 58,333,646 |  |  |  | 3,275,636 |  |  |  | - |  |  |  | 61,609,282 |
Meadow Valley (5), (8) |  | MI |  |  | 20,863,114 |  |  |  | - |  |  |  | (920,148 | ) |  |  | 19,942,966 |
Jackson Manor Apartments (5) |  | MS |  |  | 4,824,474 |  |  |  | 209,082 |  |  |  | - |  |  |  | 5,033,556 |
Village Point (6) |  | NJ |  |  | 23,000,000 |  |  |  | 192,788 |  |  |  | - |  |  |  | 23,192,788 |
Silver Moon - Series A (2) |  | NM |  |  | 7,480,455 |  |  |  | 928,841 |  |  |  | - |  |  |  | 8,409,296 |
Village at Avalon (4) |  | NM |  |  | 15,808,184 |  |  |  | 1,962,627 |  |  |  | - |  |  |  | 17,770,811 |
Columbia Gardens (3) |  | SC |  |  | 12,351,218 |  |  |  | 807,633 |  |  |  | - |  |  |  | 13,158,851 |
Companion at Thornhill Apartments (3) |  | SC |  |  | 10,639,506 |  |  |  | 598,197 |  |  |  | - |  |  |  | 11,237,703 |
The Ivy Apartments (5) |  | SC |  |  | 30,567,832 |  |  |  | 1,933,208 |  |  |  | - |  |  |  | 32,501,040 |
The Palms at Premier Park Apartments (1) |  | SC |  |  | 17,872,527 |  |  |  | 427,099 |  |  |  | - |  |  |  | 18,299,626 |
The Park at Sondrio - Series 2022A (5) |  | SC |  |  | 38,100,000 |  |  |  | 2,682,964 |  |  |  | - |  |  |  | 40,782,964 |
The Park at Vietti - Series 2022A (5) |  | SC |  |  | 26,985,000 |  |  |  | 1,972,695 |  |  |  | - |  |  |  | 28,957,695 |
Village at River's Edge (3) |  | SC |  |  | 9,566,110 |  |  |  | 1,000,545 |  |  |  | - |  |  |  | 10,566,655 |
Willow Run (3) |  | SC |  |  | 12,180,025 |  |  |  | 817,941 |  |  |  | - |  |  |  | 12,997,966 |
Windsor Shores Apartments - Series A (5) |  | SC |  |  | 21,545,000 |  |  |  | 1,530,085 |  |  |  | - |  |  |  | 23,075,085 |
Arbors at Hickory Ridge (1) |  | TN |  |  | 10,417,646 |  |  |  | 1,805,985 |  |  |  | - |  |  |  | 12,223,631 |
Avistar at Copperfield - Series A (5) |  | TX |  |  | 13,378,386 |  |  |  | 983,586 |  |  |  | - |  |  |  | 14,361,972 |
Avistar at the Crest - Series A (1) |  | TX |  |  | 8,762,826 |  |  |  | 909,437 |  |  |  | - |  |  |  | 9,672,263 |
Avistar at the Oaks - Series A (1) |  | TX |  |  | 7,091,928 |  |  |  | 666,990 |  |  |  | - |  |  |  | 7,758,918 |
Avistar at the Parkway - Series A (2) |  | TX |  |  | 12,270,653 |  |  |  | 830,179 |  |  |  | - |  |  |  | 13,100,832 |
Avistar at Wilcrest - Series A (5) |  | TX |  |  | 5,070,137 |  |  |  | 313,010 |  |  |  | - |  |  |  | 5,383,147 |
Avistar at Wood Hollow - Series A (5) |  | TX |  |  | 38,497,436 |  |  |  | 2,648,201 |  |  |  | - |  |  |  | 41,145,637 |
Avistar in 09 - Series A (1) |  | TX |  |  | 6,123,600 |  |  |  | 593,430 |  |  |  | - |  |  |  | 6,717,030 |
Avistar on the Boulevard - Series A (1) |  | TX |  |  | 14,928,425 |  |  |  | 1,346,449 |  |  |  | - |  |  |  | 16,274,874 |
Avistar on the Hills - Series A (1) |  | TX |  |  | 4,855,291 |  |  |  | 470,520 |  |  |  | - |  |  |  | 5,325,811 |
Bruton Apartments (3), (7) |  | TX |  |  | 17,220,941 |  |  |  | - |  |  |  | (13,366 | ) |  |  | 17,207,575 |
Concord at Gulfgate - Series A (3) |  | TX |  |  | 18,190,721 |  |  |  | 1,807,038 |  |  |  | - |  |  |  | 19,997,759 |
Concord at Little York - Series A (3) |  | TX |  |  | 12,743,460 |  |  |  | 1,302,221 |  |  |  | - |  |  |  | 14,045,681 |
Concord at Williamcrest - Series A (3) |  | TX |  |  | 19,740,985 |  |  |  | 2,017,280 |  |  |  | - |  |  |  | 21,758,265 |
Crossing at 1415 - Series A (3) |  | TX |  |  | 7,082,698 |  |  |  | 565,843 |  |  |  | - |  |  |  | 7,648,541 |
Decatur Angle (3), (7) |  | TX |  |  | 21,646,255 |  |  |  | - |  |  |  | (16,674 | ) |  |  | 21,629,581 |
Esperanza at Palo Alto (3) |  | TX |  |  | 18,751,278 |  |  |  | 2,480,537 |  |  |  | - |  |  |  | 21,231,815 |
Heights at 515 - Series A (3) |  | TX |  |  | 6,484,332 |  |  |  | 602,199 |  |  |  | - |  |  |  | 7,086,531 |
Heritage Square - Series A (2) |  | TX |  |  | 10,186,405 |  |  |  | 606,579 |  |  |  | - |  |  |  | 10,792,984 |
Oaks at Georgetown - Series A (3) |  | TX |  |  | 11,790,848 |  |  |  | 838,472 |  |  |  | - |  |  |  | 12,629,320 |
15 West Apartments (3) |  | WA |  |  | 9,371,808 |  |  |  | 1,478,567 |  |  |  | - |  |  |  | 10,850,375 |
Mortgage revenue bonds held in trust |  |  |  | $ | 825,040,234 |  |  | $ | 58,971,739 |  |  | $ | (981,187 | ) |  | $ | 883,030,786 |
(1) MRB owned by ATAX TEBS II, LLC (M31 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Morgan Stanley in a debt financing transaction, Note 13. (5) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 13. (6) MRB held by Barclays Capital Inc. in a debt financing transaction, Note 13. (7) 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 December 31, 2023, the MRB has been in an unrealized loss position for less than 12 months. (8) The Partnership has a remaining MRB funding commitment of approximately $23.2 million as of December 31, 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 funding commitment outstanding as of December 31, 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 December 31, 2023, the MRB has been in an unrealized loss position for more than 12 months.
|  | December 31, 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 |
CCBA Senior Garden Apartments |  | CA |  | $ | 3,757,268 |  |  | $ | 158,840 |  |  | $ | - |  |  | $ | 3,916,108 |
Ocotillo Springs - Series A (1) |  | CA |  |  | 3,489,096 |  |  |  | - |  |  |  | (59,805 | ) |  |  | 3,429,291 |
Ocotillo Springs - Series A-1 |  | CA |  |  | 499,117 |  |  |  | 95,386 |  |  |  | - |  |  |  | 594,503 |
Residency at the Entrepreneur - Series J-5 |  | CA |  |  | 1,000,000 |  |  |  | - |  |  |  | - |  |  |  | 1,000,000 |
Solano Vista - Series A |  | CA |  |  | 2,611,955 |  |  |  | 338,125 |  |  |  | - |  |  |  | 2,950,080 |
Handsel Morgan Village Apartments |  | GA |  |  | 2,150,000 |  |  |  | 300,188 |  |  |  | - |  |  |  | 2,450,188 |
Brookstone |  | IL |  |  | 7,229,475 |  |  |  | 1,071,177 |  |  |  | - |  |  |  | 8,300,652 |
Provision Center 2014-1 |  | TN |  |  | 926,475 |  |  |  | - |  |  |  | - |  |  |  | 926,475 |
Avistar at the Crest - Series B |  | TX |  |  | 718,332 |  |  |  | 49,845 |  |  |  | - |  |  |  | 768,177 |
Avistar at the Oaks - Series B |  | TX |  |  | 526,318 |  |  |  | 35,066 |  |  |  | - |  |  |  | 561,384 |
Avistar at the Parkway - Series B |  | TX |  |  | 122,701 |  |  |  | 19,352 |  |  |  | - |  |  |  | 142,053 |
Avistar in 09 - Series B |  | TX |  |  | 434,165 |  |  |  | 28,926 |  |  |  | - |  |  |  | 463,091 |
Avistar on the Boulevard - Series B |  | TX |  |  | 426,835 |  |  |  | 27,507 |  |  |  | - |  |  |  | 454,342 |
Runnymede (2) |  | TX |  |  | 9,390,000 |  |  |  | - |  |  |  | (1,121 | ) |  |  | 9,388,879 |
Southpark |  | TX |  |  | 11,133,003 |  |  |  | 1,166,283 |  |  |  | - |  |  |  | 12,299,286 |
Mortgage revenue bonds |  |  |  | $ | 44,414,740 |  |  | $ | 3,290,695 |  |  | $ | (60,926 | ) |  | $ | 47,644,509 |
(1) 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 December 31, 2023, the MRB has been in an unrealized loss position for more than 12 months. (2) 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 December 31, 2023, the MRB has been in an unrealized loss position for less than 12 months.
Schedule of MRB Acquisitions | The following MRB was acquired at a price that approximated the principal outstanding plus accrued interest during the three months ended March 31, 2024:
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date |  | Interest Rate |  | Initial Principal Funding |
Residency at the Mayer - Series M (1) |  | March 2024 |  | Hollywood, CA |  |  | 79 |  |  | 4/1/2039 |  | SOFR + 3.60% | (2) | $ | 11,500,000 |
(1) The borrower re-allocated $11.5 million of previously provided funding from a taxable MRB to this new MRB during the acquisition and rehabilitation phase of the property. Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed $5.0 million. (2) The interest rate is subject to an all-in floor of 3.85%. Upon stabilization of the property, the interest rate will reset to a fixed rate based on the SOFR index plus 3.50% on or around the stabilization date. The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the three months ended March 31, 2023:
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date |  | Interest Rate |  |  | Initial Principal Funded |
Windsor Shores Apartments - Series A |  | January 2023 |  | Columbia, SC |  |  | 176 |  |  | 2/1/2030 |  |  | 6.50 | % |  | $ | 21,545,000 |
The Ivy Apartments |  | January 2023 |  | Greenville, SC |  |  | 212 |  |  | 2/1/2030 |  |  | 6.50 | % |  |  | 30,500,000 |
Residency at the Entrepreneur - Series J-5 (1) |  | February 2023 |  | Los Angeles, CA |  |  | 200 |  |  | 4/1/2025 |  | SOFR + 3.60% |  | (2) |  | 1,000,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 53,045,000 |
(1) The Partnership has committed to provide funding for the Series J-5 MRB totaling $5.0 million. See Note 16. (2) The interest rate is subject to an all-in floor of 3.87%.
Schedule of Terms of Partnership's MRBs After Conversions | The following table summarizes the terms of the Partnership’s investments:
Mortgage Revenue Bond Name |  | Month Acquired |  | Property Location |  | Units |  | Maturity Date |  | Fixed Interest Rate |  | Principal Acquired |
Woodington Gardens Apartments MRB |  | April 2024 |  | Baltimore, MD |  | 197 |  | 5/1/2029 |  | 7.80% |  | $ | 31,150,000 |
Woodington Gardens Apartments taxable MRB |  | April 2024 |  | Baltimore, MD |  | 197 |  | 5/1/2029 |  | 7.80% |  |  | 2,577,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 33,727,000 |
Schedule of MRB Redeemed | The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 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 |

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