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Mortgage Revenue Bonds
 3 Months Ended
Mar. 31, 2024
Investments In Mortgage Revenue Bonds [Abstract]  
Mortgage Revenue Bonds

4. Mortgage Revenue Bonds

The Partnership’s MRBs provide construction and/or permanent financing for income-producing multifamily rental, seniors housing and skilled nursing properties. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 13). The MRBs predominantly bear interest at fixed interest rates and require regular principal and interest payments on either a monthly or semi-annual basis. 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.

The Partnership has accrued interest receivable related to its MRBs of $5.0 million and $4.7 million as of March 31, 2024 and December 31, 2023, respectively, that is reported as interest receivable, net in the Partnership's condensed consolidated balance sheets.

The Partnership has committed to provide funding for certain MRBs on a draw-down basis during construction and/or rehabilitation of the secured properties as of March 31, 2024. See Note 16 for additional information regarding the Partnership’s MRB funding commitments.

See Note 20 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership's condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs.

See Note 10 for information regarding the Partnership’s allowance for credit losses.

Activity in the First Three Months of 2024

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.

Activity in the First Three Months of 2023

Acquisitions:

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%.

Redemptions:

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