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Segments
 3 Months Ended
Mar. 31, 2024
Segment Reporting [Abstract]  
Segments

24. Segments

As of March 31, 2024, the Partnership had four reportable segments: (1) Affordable Multifamily MRB Investments, (2) Seniors and Skilled Nursing MRB Investments, (3) MF Properties, and (4) Market-Rate Joint Venture Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments.

Affordable Multifamily MRB Investments Segment

The Affordable Multifamily MRB Investments segment consists of the Partnership’s portfolio of MRBs, GILs, and related property loans that have been issued to provide construction and/or permanent financing for multifamily residential and commercial properties in their market areas. Such MRBs and GILs are held as investments and the related property loans, net of loan loss allowances, are reported as such on the Partnership's condensed consolidated balance sheets. As of March 31, 2024, the Partnership reported 84 MRBs and nine GILs in this segment. As of March 31, 2024, the multifamily residential properties securing the MRBs and GILs contain a total of 11,525 and 1,539 multifamily rental units, respectively. In addition, one MRB (Provision Center 2014-1) was collateralized by commercial real estate prior to a sale of the underlying real estate in July 2022 (Note 4). All “General and administrative expenses” on the Partnership's condensed consolidated statements of operations are reported within this segment.

Seniors and Skilled Nursing MRB Investments Segment

The Seniors and Skilled Nursing MRB Investments segment consists of two MRBs that have been issued to provide acquisition, construction and/or permanent financing for seniors housing and skilled nursing properties. Seniors housing consists of a combination of independent living, assisted living and memory care units. As of March 31, 2024, the two properties securing the MRBs contain a total of 294 beds.

Market-Rate Joint Venture Investments Segment

The Market-Rate Joint Venture Investments segment consists of the operations of ATAX Vantage Holdings, LLC, ATAX Freestone Holdings, LLC, ATAX Senior Housing Holdings I, LLC, and ATAX Great Hill Holdings LLC, which make noncontrolling investments in unconsolidated entities for the construction, stabilization, and ultimate sale of market-rate multifamily and seniors housing properties (Note 7). The Market-Rate Joint Venture Investments segment also includes the consolidated VIE of Vantage at San Marcos (Note 3).

MF Properties Segment

The MF Properties segment consists primarily of student housing residential properties that were previously owned by the Partnership. As of March 31, 2024 and December 31, 2023, the Partnership did not own any MF Properties. The Partnership previously owned the Suites on Paseo MF Property until the property was sold in December 2023 and there is no continuing involvement with the property. The Partnership previously sold The 50/50 MF Property to an unrelated non-profit organization in December 2022 in exchange for a seller financing property loan which is included in the MF Properties Segment. Income tax expense for the Greens Hold Co is reported within this segment.

The following table details certain financial information for the Partnership’s reportable segments for the three months ended March 31, 2024 and 2023:

 

 

For the Three Months Ended March 31,

 

 

2024

 

 

2023

 

Total revenues

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

19,998,977

 

 

$

21,437,933

 

Seniors and Skilled Nursing MRB Investments

 

 

747,508

 

 

 

96,555

 

Market-Rate Joint Venture Investments

 

 

1,624,169

 

 

 

2,177,862

 

MF Properties

 

 

-

 

 

 

1,225,620

 

Total revenues

 

$

22,370,654

 

 

$

24,937,970

 

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

12,769,139

 

 

$

16,426,555

 

Seniors and Skilled Nursing MRB Investments

 

 

497,170

 

 

 

-

 

Market-Rate Joint Venture Investments

 

 

537,626

 

 

 

261,807

 

MF Properties

 

 

-

 

 

 

-

 

Total interest expense

 

$

13,803,935

 

 

$

16,688,362

 

 

 

 

 

 

 

 

Net result from derivative transactions

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

(5,435,562

)

 

$

1,283,136

 

Seniors and Skilled Nursing MRB Investments

 

 

(832,102

)

 

 

-

 

Market-Rate Joint Venture Investments

 

 

-

 

 

 

 

MF Properties

 

 

-

 

 

 

-

 

Total net result from derivative transactions

 

$

(6,267,664

)

 

$

1,283,136

 

 

 

 

 

 

 

 

Depreciation expense

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

5,967

 

 

$

5,946

 

Seniors and Skilled Nursing MRB Investments

 

 

-

 

 

 

-

 

Market-Rate Joint Venture Investments

 

 

-

 

 

 

-

 

MF Properties

 

 

-

 

 

 

399,035

 

Total depreciation expense

 

$

5,967

 

 

$

404,981

 

 

 

 

 

 

 

 

Net income (loss)

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

8,536,243

 

 

$

(801,573

)

Seniors and Skilled Nursing MRB Investments

 

 

1,082,440

 

 

 

96,555

 

Market-Rate Joint Venture Investments

 

 

1,029,698

 

 

 

17,279,267

 

MF Properties

 

 

-

 

 

 

216,973

 

Net income

 

$

10,648,381

 

 

$

16,791,222

 

The following table details total assets for the Partnership’s reportable segments as of March 31, 2024 and December 31, 2023:

 

 

March 31, 2024

 

 

December 31, 2023

 

Total assets

 

 

 

 

 

 

Affordable Multifamily MRB Investments

 

$

1,346,410,727

 

 

$

1,413,596,701

 

Seniors and Skilled Nursing MRB Investments

 

 

47,696,156

 

 

 

43,532,926

 

Market-Rate Joint Venture Investments

 

 

149,294,984

 

 

 

140,791,041

 

MF Properties

 

 

6,964,933

 

 

 

7,034,690

 

Consolidation/eliminations

 

 

(96,947,303

)

 

 

(91,554,656

)

Total assets

 

$

1,453,419,497

 

 

$

1,513,400,702