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Mortgage Revenue Bonds | 9 Months Ended
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Sep. 30, 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 September 30, 2024 and December 31, 2023:
|  | September 30, 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 |  | $ | 26,322,560 |  |  | $ | 2,161,492 |  |  | $ | - |  |  | $ | 28,484,052 |
40rty on Colony - Series P (5) |  | CA |  |  | 5,962,679 |  |  |  | 634,867 |  |  |  | - |  |  |  | 6,597,546 |
CCBA Senior Garden Apartments (5) |  | CA |  |  | 3,729,631 |  |  |  | 90,625 |  |  |  | - |  |  |  | 3,820,256 |
Courtyard - Series A (3) |  | CA |  |  | 9,695,374 |  |  |  | 696,324 |  |  |  | - |  |  |  | 10,391,698 |
Glenview Apartments - Series A (2) |  | CA |  |  | 4,264,440 |  |  |  | 234,094 |  |  |  | - |  |  |  | 4,498,534 |
Harmony Court Bakersfield - Series A (3) |  | CA |  |  | 3,535,068 |  |  |  | 224,714 |  |  |  | - |  |  |  | 3,759,782 |
Harmony Terrace - Series A (3) |  | CA |  |  | 6,545,401 |  |  |  | 472,114 |  |  |  | - |  |  |  | 7,017,515 |
Harden Ranch - Series A (1) |  | CA |  |  | 6,281,531 |  |  |  | 363,312 |  |  |  | - |  |  |  | 6,644,843 |
Las Palmas II - Series A (3) |  | CA |  |  | 1,603,453 |  |  |  | 105,861 |  |  |  | - |  |  |  | 1,709,314 |
Lutheran Gardens (6) |  | CA |  |  | 10,352,000 |  |  |  | 10,681 |  |  |  | - |  |  |  | 10,362,681 |
Montclair Apartments - Series A (2) |  | CA |  |  | 2,310,286 |  |  |  | 144,151 |  |  |  | - |  |  |  | 2,454,437 |
Montecito at Williams Ranch Apartments - Series A (5) |  | CA |  |  | 7,391,545 |  |  |  | 632,062 |  |  |  | - |  |  |  | 8,023,607 |
Montevista - Series A (5) |  | CA |  |  | 6,569,928 |  |  |  | 824,757 |  |  |  | - |  |  |  | 7,394,685 |
Ocotillo Springs - Series A (5), (7) |  | CA |  |  | 3,463,976 |  |  |  | - |  |  |  | (89,986 | ) |  |  | 3,373,990 |
Ocotillo Springs - Series A-1 (5) |  | CA |  |  | 497,059 |  |  |  | 88,592 |  |  |  | - |  |  |  | 585,651 |
Residency at Empire - Series BB-1 (5) |  | CA |  |  | 14,112,329 |  |  |  | 853,947 |  |  |  | - |  |  |  | 14,966,276 |
Residency at Empire - Series BB-2 (5) |  | CA |  |  | 4,000,000 |  |  |  | 276,079 |  |  |  | - |  |  |  | 4,276,079 |
Residency at Empire - Series BB-3 (5) |  | CA |  |  | 14,000,000 |  |  |  | 774,775 |  |  |  | - |  |  |  | 14,774,775 |
Residency at Empire - Series BB-4 (5) |  | CA |  |  | 13,800,000 |  |  |  | 283,747 |  |  |  | - |  |  |  | 14,083,747 |
Residency at the Entrepreneur - Series J-1 (5) |  | CA |  |  | 9,080,296 |  |  |  | 163,976 |  |  |  | - |  |  |  | 9,244,272 |
Residency at the Entrepreneur - Series J-2 (5) |  | CA |  |  | 7,500,000 |  |  |  | 203,560 |  |  |  | - |  |  |  | 7,703,560 |
Residency at the Entrepreneur - Series J-3 (5) |  | CA |  |  | 26,080,000 |  |  |  | 774,752 |  |  |  | - |  |  |  | 26,854,752 |
Residency at the Entrepreneur - Series J-4 (5) |  | CA |  |  | 14,020,000 |  |  |  | - |  |  |  | - |  |  |  | 14,020,000 |
Residency at the Entrepreneur - Series J-5 (5) |  | CA |  |  | 1,000,000 |  |  |  | - |  |  |  | - |  |  |  | 1,000,000 |
Residency at the Mayer - Series A (5) |  | CA |  |  | 29,557,380 |  |  |  | - |  |  |  | - |  |  |  | 29,557,380 |
Residency at the Mayer - Series M (5) |  | CA |  |  | 11,500,000 |  |  |  | - |  |  |  | - |  |  |  | 11,500,000 |
San Vicente - Series A (3) |  | CA |  |  | 3,306,234 |  |  |  | 227,267 |  |  |  | - |  |  |  | 3,533,501 |
Santa Fe Apartments - Series A (2) |  | CA |  |  | 2,798,824 |  |  |  | 183,076 |  |  |  | - |  |  |  | 2,981,900 |
Seasons at Simi Valley - Series A (3) |  | CA |  |  | 4,040,562 |  |  |  | 381,459 |  |  |  | - |  |  |  | 4,422,021 |
Seasons Lakewood - Series A (3) |  | CA |  |  | 6,972,275 |  |  |  | 502,904 |  |  |  | - |  |  |  | 7,475,179 |
Seasons San Juan Capistrano - Series A (3) |  | CA |  |  | 11,739,034 |  |  |  | 846,727 |  |  |  | - |  |  |  | 12,585,761 |
Solano Vista - Series A (5) |  | CA |  |  | 2,596,792 |  |  |  | 271,321 |  |  |  | - |  |  |  | 2,868,113 |
Summerhill - Series A (3) |  | CA |  |  | 6,087,330 |  |  |  | 206,461 |  |  |  | - |  |  |  | 6,293,791 |
Sycamore Walk - Series A (3) |  | CA |  |  | 3,343,148 |  |  |  | - |  |  |  | - |  |  |  | 3,343,148 |
The Village at Madera - Series A (3) |  | CA |  |  | 2,923,776 |  |  |  | 193,876 |  |  |  | - |  |  |  | 3,117,652 |
Tyler Park Townhomes - Series A (1) |  | CA |  |  | 5,468,065 |  |  |  | 31,246 |  |  |  | - |  |  |  | 5,499,311 |
Village at Hanford Square - Series H (5) |  | CA |  |  | 10,400,000 |  |  |  | 915,573 |  |  |  | - |  |  |  | 11,315,573 |
Vineyard Gardens - Series A (5) |  | CA |  |  | 3,848,885 |  |  |  | 392,319 |  |  |  | - |  |  |  | 4,241,204 |
Westside Village Market - Series A (1) |  | CA |  |  | 3,573,372 |  |  |  | 195,799 |  |  |  | - |  |  |  | 3,769,171 |
Handsel Morgan Village Apartments (5) |  | GA |  |  | 2,150,000 |  |  |  | 248,980 |  |  |  | - |  |  |  | 2,398,980 |
MaryAlice Circle Apartments (5) |  | GA |  |  | 5,900,000 |  |  |  | 736,170 |  |  |  | - |  |  |  | 6,636,170 |
Copper Gate Apartments (1) |  | IN |  |  | 4,780,000 |  |  |  | - |  |  |  | - |  |  |  | 4,780,000 |
Renaissance - Series A (2) |  | LA |  |  | 10,306,124 |  |  |  | 446,760 |  |  |  | - |  |  |  | 10,752,884 |
Live 929 Apartments - Series 2022A (5) |  | MD |  |  | 58,504,219 |  |  |  | 4,312,250 |  |  |  | - |  |  |  | 62,816,469 |
Woodington Gardens Apartments - Series A-1 (5) |  | MD |  |  | 31,150,000 |  |  |  | 3,985,399 |  |  |  | - |  |  |  | 35,135,399 |
Meadow Valley (5), (8) |  | MI |  |  | 36,770,768 |  |  |  | - |  |  |  | (936,992 | ) |  |  | 35,833,776 |
Jackson Manor Apartments (5), (9) |  | MS |  |  | 4,792,150 |  |  |  | - |  |  |  | (220,535 | ) |  |  | 4,571,615 |
Village Point (6) |  | NJ |  |  | 23,000,000 |  |  |  | 81,983 |  |  |  | - |  |  |  | 23,081,983 |
Silver Moon - Series A (2) |  | NM |  |  | 7,419,717 |  |  |  | 791,735 |  |  |  | - |  |  |  | 8,211,452 |
Village at Avalon (4) |  | NM |  |  | 15,702,174 |  |  |  | 1,680,596 |  |  |  | - |  |  |  | 17,382,770 |
Columbia Gardens (3) |  | SC |  |  | 12,201,896 |  |  |  | 723,229 |  |  |  | - |  |  |  | 12,925,125 |
Companion at Thornhill Apartments (3) |  | SC |  |  | 10,523,796 |  |  |  | 496,255 |  |  |  | - |  |  |  | 11,020,051 |
The Ivy Apartments (5) |  | SC |  |  | 30,560,832 |  |  |  | 1,620,042 |  |  |  | - |  |  |  | 32,180,874 |
The Palms at Premier Park Apartments (1) |  | SC |  |  | 17,663,033 |  |  |  | 136,730 |  |  |  | - |  |  |  | 17,799,763 |
The Park at Sondrio - Series 2022A (5) |  | SC |  |  | 38,100,000 |  |  |  | 2,266,828 |  |  |  | - |  |  |  | 40,366,828 |
The Park at Vietti - Series 2022A (5) |  | SC |  |  | 26,985,000 |  |  |  | 1,669,536 |  |  |  | - |  |  |  | 28,654,536 |
Village at River's Edge (3) |  | SC |  |  | 9,500,083 |  |  |  | 1,117,743 |  |  |  | - |  |  |  | 10,617,826 |
Willow Run (3) |  | SC |  |  | 12,031,740 |  |  |  | 712,518 |  |  |  | - |  |  |  | 12,744,258 |
Windsor Shores Apartments - Series A (5) |  | SC |  |  | 21,545,000 |  |  |  | 1,290,595 |  |  |  | - |  |  |  | 22,835,595 |
Arbors at Hickory Ridge (1) |  | TN |  |  | 10,280,197 |  |  |  | 1,524,823 |  |  |  | - |  |  |  | 11,805,020 |
Avistar at Copperfield - Series A (5) |  | TX |  |  | 13,256,750 |  |  |  | 821,812 |  |  |  | - |  |  |  | 14,078,562 |
Avistar at the Crest - Series A (1) |  | TX |  |  | 8,657,283 |  |  |  | 750,764 |  |  |  | - |  |  |  | 9,408,047 |
Avistar at the Oaks - Series A (1) |  | TX |  |  | 7,009,150 |  |  |  | 560,305 |  |  |  | - |  |  |  | 7,569,455 |
Avistar at the Parkway - Series A (2) |  | TX |  |  | 12,144,850 |  |  |  | 605,382 |  |  |  | - |  |  |  | 12,750,232 |
Avistar at Wilcrest - Series A (5) |  | TX |  |  | 5,024,040 |  |  |  | 290,852 |  |  |  | - |  |  |  | 5,314,892 |
Avistar at Wood Hollow - Series A (5) |  | TX |  |  | 38,147,421 |  |  |  | 2,286,549 |  |  |  | - |  |  |  | 40,433,970 |
Avistar in 09 - Series A (1) |  | TX |  |  | 6,052,124 |  |  |  | 499,260 |  |  |  | - |  |  |  | 6,551,384 |
Avistar on the Boulevard - Series A (1) |  | TX |  |  | 14,748,623 |  |  |  | 1,066,658 |  |  |  | - |  |  |  | 15,815,281 |
Avistar on the Hills - Series A (1) |  | TX |  |  | 4,798,619 |  |  |  | 383,597 |  |  |  | - |  |  |  | 5,182,216 |
Bruton Apartments (3) |  | TX |  |  | 17,094,106 |  |  |  | - |  |  |  | - |  |  |  | 17,094,106 |
Concord at Gulfgate - Series A (3) |  | TX |  |  | 18,021,427 |  |  |  | 1,482,518 |  |  |  | - |  |  |  | 19,503,945 |
Concord at Little York - Series A (3) |  | TX |  |  | 12,624,862 |  |  |  | 1,038,574 |  |  |  | - |  |  |  | 13,663,436 |
Concord at Williamcrest - Series A (3) |  | TX |  |  | 19,557,264 |  |  |  | 1,658,290 |  |  |  | - |  |  |  | 21,215,554 |
Crossing at 1415 - Series A (3) |  | TX |  |  | 7,013,109 |  |  |  | 448,177 |  |  |  | - |  |  |  | 7,461,286 |
Decatur Angle (3) |  | TX |  |  | 21,472,292 |  |  |  | - |  |  |  | - |  |  |  | 21,472,292 |
Esperanza at Palo Alto (3) |  | TX |  |  | 18,621,264 |  |  |  | 1,897,879 |  |  |  | - |  |  |  | 20,519,143 |
Heights at 515 - Series A (3) |  | TX |  |  | 6,420,622 |  |  |  | 483,333 |  |  |  | - |  |  |  | 6,903,955 |
Heritage Square - Series A (2) |  | TX |  |  | 10,076,722 |  |  |  | 471,599 |  |  |  | - |  |  |  | 10,548,321 |
Oaks at Georgetown - Series A (3) |  | TX |  |  | 11,696,347 |  |  |  | 616,020 |  |  |  | - |  |  |  | 12,312,367 |
15 West Apartments (3) |  | WA |  |  | 9,306,460 |  |  |  | 1,309,587 |  |  |  | - |  |  |  | 10,616,047 |
Aventine Apartments (5) |  | WA |  |  | 9,500,000 |  |  |  | 1,352,375 |  |  |  | - |  |  |  | 10,852,375 |
Mortgage revenue bonds held in trust |  |  |  | $ | 971,383,297 |  |  | $ | 56,228,213 |  |  | $ | (1,247,513 | ) |  | $ | 1,026,363,997 |
(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 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 September 30, 2024, the MRB has been in an unrealized loss position for at least 12 months. (8) The Partnership has a remaining MRB funding commitment of approximately $7.3 million as of September 30, 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 September 30, 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 September 30, 2024, the MRB has been in an unrealized loss position for more 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 September 30, 2024, the MRB has been in an unrealized loss position for less than 12 months.
|  | September 30, 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 |
Wellspring Apartments |  | CA |  | $ | 3,909,696 |  |  | $ | 270,269 |  |  | $ | - |  |  | $ | 4,179,965 |
Avistar at the Crest - Series B |  | TX |  |  | 713,129 |  |  |  | 42,274 |  |  |  | - |  |  |  | 755,403 |
Avistar at the Oaks - Series B |  | TX |  |  | 522,660 |  |  |  | 29,336 |  |  |  | - |  |  |  | 551,996 |
Avistar at the Parkway - Series B |  | TX |  |  | 122,305 |  |  |  | 16,079 |  |  |  | - |  |  |  | 138,384 |
Avistar in 09 - Series B |  | TX |  |  | 431,147 |  |  |  | 24,199 |  |  |  | - |  |  |  | 455,346 |
Avistar on the Boulevard - Series B |  | TX |  |  | 423,743 |  |  |  | 22,306 |  |  |  | - |  |  |  | 446,049 |
Mortgage revenue bonds |  |  |  | $ | 6,122,680 |  |  | $ | 404,463 |  |  | $ | - |  |  | $ | 6,527,143 |
|  | 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 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 approximately $5.1 million and approximately $4.7 million as of September 30, 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 September 30, 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 Nine Months of 2024 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 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 |
Woodington Gardens Apartments - Series A-1 |  | April 2024 |  | Baltimore, MD |  |  | 197 |  |  | 5/1/2029 |  |  | 7.80 | % |  |  | 31,150,000 |
Aventine Apartments |  | May 2024 |  | Bellevue, WA |  |  | 68 |  |  | 6/1/2031 |  |  | 7.68 | % |  |  | 9,500,000 |
Wellspring Apartments (3) |  | August 2024 |  | Long Beach, CA |  |  | 88 |  |  | 9/1/2039 |  |  | 4.85 | % |  |  | 3,900,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 56,050,000 |
(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. (3) The investment was previously reported as the Anaheim & Walnut bond purchase commitment and has converted to an MRB. Sales: The following MRB was sold at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2024:
Property Name |  | Month Sold |  | Property Location |  | Units |  |  | Original Maturity Date |  | Interest Rate |  |  | Principal Outstanding at Date of Sale |
Brookstone |  | May 2024 |  | Waukegan, IL |  |  | 168 |  |  | 5/1/2040 |  |  | 5.45 | % |  | $ | 8,221,234 |
The Partnership realized a gain on sale of the Brookstone MRB of approximately $1.0 million related to collection of an unamortized discount upon sale. Redemptions: The following MRBs were redeemed at a price that approximated the outstanding principal balance plus accrued interest during the nine months ended September 30, 2024:
Property Name |  | Month Redeemed |  | Property Location |  | Units |  |  | Original Maturity Date |  | Interest Rate |  |  | Principal Outstanding at Date of Redemption |
Southpark |  | July 2024 |  | Austin, TX |  |  | 192 |  |  | 12/1/2049 |  |  | 6.13 | % |  | $ | 12,300,000 |
Runnymede |  | August 2024 |  | Austin, TX |  |  | 252 |  |  | 10/1/2024 |  |  | 6.00 | % |  |  | 9,315,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 21,615,000 |
Upon redemption of the Southpark MRB, the Partnership recognized investment income of $1.1 million related to its previously unamortized discount on the MRB. In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership received approximately $365,000 and recovered approximately $169,000 of its previously recognized allowance for credit loss (see Note 10). Activity in the First Nine Months of 2023 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 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 |
Handsel Morgan Village Apartments |  | April 2023 |  | Buford, GA |  |  | 45 |  |  | 3/1/2041 |  |  | 6.75 | % |  |  | 2,150,000 |
MaryAlice Circle Apartments |  | April 2023 |  | Buford, GA |  |  | 98 |  |  | 3/1/2041 |  |  | 6.75 | % |  |  | 5,900,000 |
Village at Hanford Square - Series H |  | May 2023 |  | Hanford, CA |  |  | 100 |  |  | 5/1/2030 |  |  | 6.65 | % |  |  | 10,400,000 |
Village Point |  | May 2023 |  | Monroe Township, NJ |  |  | 120 |  | (3) | 6/1/2030 |  |  | 6.88 | % |  |  | 23,000,000 |
40rty on Colony - Series P |  | June 2023 |  | 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 16. (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 Conversions: In July 2023, the Ocotillo Springs property achieved stabilization and the borrower converted to permanent financing. The Ocotillo Springs – Series A MRB was paid down to its permanent financing size of $4.0 million, of which $500,000 was allocated as principal of the supplemental Ocotillo Springs – Series A-1 MRB. The following table summarizes the terms of the Ocotillo Springs MRBs after conversion:
Property Name |  | Property Location |  | Units |  |  | Maturity Date |  | Fixed Interest Rate |  |  | Post-Conversion Principal |
Ocotillo Springs - Series A |  | Brawley, CA |  |  | 75 |  |  | 8/1/2038 |  |  | 4.35 | % |  | $ | 3,500,000 |
Ocotillo Springs - Series A-1 |  | Brawley, CA |  |  | 75 |  |  | 8/1/2038 |  |  | 6.50 | % |  |  | 500,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 4,000,000 |
Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 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 |

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