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Mortgage Revenue Bonds (Tables) | 12 Months Ended
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Dec. 31, 2024
Investments In Mortgage Revenue Bonds [Abstract] |
Schedule of MRB Investments | The Partnership had the following MRB investments as of December 31, 2024 and 2023:
|  | December 31, 2024 |
Description of Mortgage Revenue Bonds |  | State |  | Cost Adjusted for Paydowns and Allowances |  |  | Cumulative Unrealized Gain |  |  | Cumulative Unrealized Loss |  |  | Estimated Fair Value |
The Safford (4) |  | AZ |  | $ | 37,435,466 |  |  | $ | 1,523,170 |  |  | $ | - |  |  | $ | 38,958,636 |
40rty on Colony - Series P (4) |  | CA |  |  | 5,962,217 |  |  |  | 459,328 |  |  |  | - |  |  |  | 6,421,545 |
CCBA Senior Garden Apartments (1), (8) |  | CA |  |  | 3,720,209 |  |  |  | - |  |  |  | (58,814 | ) |  |  | 3,661,395 |
Courtyard - Series A (3) |  | CA |  |  | 9,668,469 |  |  |  | 449,017 |  |  |  | - |  |  |  | 10,117,486 |
Glenview Apartments - Series A (2) |  | CA |  |  | 4,248,118 |  |  |  | 170,362 |  |  |  | - |  |  |  | 4,418,480 |
Harmony Court Bakersfield - Series A (3) |  | CA |  |  | 3,525,258 |  |  |  | 127,289 |  |  |  | - |  |  |  | 3,652,547 |
Harmony Terrace - Series A (3) |  | CA |  |  | 6,527,329 |  |  |  | 288,190 |  |  |  | - |  |  |  | 6,815,519 |
Harden Ranch - Series A (1) |  | CA |  |  | 6,256,135 |  |  |  | 260,476 |  |  |  | - |  |  |  | 6,516,611 |
Las Palmas II - Series A (3) |  | CA |  |  | 1,598,957 |  |  |  | 61,427 |  |  |  | - |  |  |  | 1,660,384 |
Lutheran Gardens |  | CA |  |  | 10,352,000 |  |  |  | - |  |  |  | - |  |  |  | 10,352,000 |
Montclair Apartments - Series A (2) |  | CA |  |  | 2,301,443 |  |  |  | 98,596 |  |  |  | - |  |  |  | 2,400,039 |
Montecito at Williams Ranch Apartments - Series A (1) |  | CA |  |  | 7,374,111 |  |  |  | 424,400 |  |  |  | - |  |  |  | 7,798,511 |
Montevista - Series A (1) |  | CA |  |  | 6,556,878 |  |  |  | 602,131 |  |  |  | - |  |  |  | 7,159,009 |
Ocotillo Springs - Series A (1), (6) |  | CA |  |  | 3,455,419 |  |  |  | - |  |  |  | (224,262 | ) |  |  | 3,231,157 |
Ocotillo Springs - Series A-1 (1) |  | CA |  |  | 496,351 |  |  |  | 64,598 |  |  |  | - |  |  |  | 560,949 |
Residency at Empire - Series BB-1 (4) |  | CA |  |  | 14,109,248 |  |  |  | 491,616 |  |  |  | - |  |  |  | 14,600,864 |
Residency at Empire - Series BB-2 (4) |  | CA |  |  | 4,000,000 |  |  |  | 171,675 |  |  |  | - |  |  |  | 4,171,675 |
Residency at Empire - Series BB-3 (4) |  | CA |  |  | 14,000,000 |  |  |  | 510,453 |  |  |  | - |  |  |  | 14,510,453 |
Residency at Empire - Series BB-4 (4) |  | CA |  |  | 21,200,000 |  |  |  | 275,702 |  |  |  | - |  |  |  | 21,475,702 |
Residency at the Entrepreneur - Series J-1 (4), (8) |  | CA |  |  | 9,078,496 |  |  |  | - |  |  |  | (194,816 | ) |  |  | 8,883,680 |
Residency at the Entrepreneur - Series J-2 (4), (8) |  | CA |  |  | 7,500,000 |  |  |  | - |  |  |  | (96,933 | ) |  |  | 7,403,067 |
Residency at the Entrepreneur - Series J-3 (4), (8) |  | CA |  |  | 26,080,000 |  |  |  | - |  |  |  | (99,928 | ) |  |  | 25,980,072 |
Residency at the Entrepreneur - Series J-4 (4) |  | CA |  |  | 16,420,000 |  |  |  | - |  |  |  | - |  |  |  | 16,420,000 |
Residency at the Entrepreneur - Series J-5 (4) |  | CA |  |  | 5,000,000 |  |  |  | - |  |  |  | - |  |  |  | 5,000,000 |
Residency at the Mayer - Series A (4) |  | CA |  |  | 29,556,596 |  |  |  | - |  |  |  | - |  |  |  | 29,556,596 |
Residency at the Mayer - Series M (4) |  | CA |  |  | 11,500,000 |  |  |  | - |  |  |  | - |  |  |  | 11,500,000 |
San Vicente - Series A (3) |  | CA |  |  | 3,296,965 |  |  |  | 135,060 |  |  |  | - |  |  |  | 3,432,025 |
Santa Fe Apartments - Series A (2) |  | CA |  |  | 2,788,112 |  |  |  | 123,270 |  |  |  | - |  |  |  | 2,911,382 |
Seasons at Simi Valley - Series A (3) |  | CA |  |  | 4,025,911 |  |  |  | 272,883 |  |  |  | - |  |  |  | 4,298,794 |
Seasons Lakewood - Series A (3) |  | CA |  |  | 6,953,024 |  |  |  | 306,985 |  |  |  | - |  |  |  | 7,260,009 |
Seasons San Juan Capistrano - Series A (3) |  | CA |  |  | 11,706,622 |  |  |  | 516,863 |  |  |  | - |  |  |  | 12,223,485 |
Solano Vista - Series A (1) |  | CA |  |  | 2,591,588 |  |  |  | 172,312 |  |  |  | - |  |  |  | 2,763,900 |
Summerhill - Series A (3) |  | CA |  |  | 6,070,437 |  |  |  | 20,122 |  |  |  | - |  |  |  | 6,090,559 |
Sycamore Walk - Series A (3) |  | CA |  |  | 3,330,230 |  |  |  | 44,181 |  |  |  | - |  |  |  | 3,374,411 |
The Village at Madera - Series A (3) |  | CA |  |  | 2,915,662 |  |  |  | 112,779 |  |  |  | - |  |  |  | 3,028,441 |
Tyler Park Townhomes - Series A (1) |  | CA |  |  | 5,445,686 |  |  |  | - |  |  |  | - |  |  |  | 5,445,686 |
Village at Hanford Square - Series H (4) |  | CA |  |  | 10,400,000 |  |  |  | 619,721 |  |  |  | - |  |  |  | 11,019,721 |
Vineyard Gardens - Series A (1) |  | CA |  |  | 3,839,951 |  |  |  | 281,057 |  |  |  | - |  |  |  | 4,121,008 |
Wellspring Apartments (1) |  | CA |  |  | 3,880,455 |  |  |  | 119,584 |  |  |  | - |  |  |  | 4,000,039 |
Westside Village Market - Series A (1) |  | CA |  |  | 3,558,747 |  |  |  | 132,773 |  |  |  | - |  |  |  | 3,691,520 |
Handsel Morgan Village Apartments (4) |  | GA |  |  | 2,150,000 |  |  |  | 162,887 |  |  |  | - |  |  |  | 2,312,887 |
MaryAlice Circle Apartments (4) |  | GA |  |  | 5,900,000 |  |  |  | 496,763 |  |  |  | - |  |  |  | 6,396,763 |
Copper Gate Apartments (1) |  | IN |  |  | 4,715,000 |  |  |  | - |  |  |  | - |  |  |  | 4,715,000 |
Renaissance - Series A (2), (8) |  | LA |  |  | 10,263,789 |  |  |  | - |  |  |  | (836,645 | ) |  |  | 9,427,144 |
Live 929 Apartments - Series 2022A (4) |  | MD |  |  | 58,560,655 |  |  |  | 3,547,694 |  |  |  | - |  |  |  | 62,108,349 |
Woodington Gardens Apartments - Series A-1 (4) |  | MD |  |  | 31,150,000 |  |  |  | 3,112,265 |  |  |  | - |  |  |  | 34,262,265 |
Meadow Valley (4), (7) |  | MI |  |  | 41,162,263 |  |  |  | - |  |  |  | (1,859,135 | ) |  |  | 39,303,128 |
Jackson Manor Apartments (1) |  | MS |  |  | 4,781,136 |  |  |  | 19,919 |  |  |  | - |  |  |  | 4,801,055 |
Village Point (5), (8) |  | NJ |  |  | 23,000,000 |  |  |  | - |  |  |  | (447,248 | ) |  |  | 22,552,752 |
Silver Moon - Series A (2) |  | NM |  |  | 7,398,857 |  |  |  | 571,694 |  |  |  | - |  |  |  | 7,970,551 |
Village at Avalon (1) |  | NM |  |  | 15,665,803 |  |  |  | 1,241,389 |  |  |  | - |  |  |  | 16,907,192 |
Columbia Gardens (3) |  | SC |  |  | 12,150,488 |  |  |  | 502,113 |  |  |  | - |  |  |  | 12,652,601 |
Companion at Thornhill Apartments (3) |  | SC |  |  | 10,484,096 |  |  |  | 338,831 |  |  |  | - |  |  |  | 10,822,927 |
The Ivy Apartments (4), (8) |  | SC |  |  | 30,558,423 |  |  |  | 822,638 |  |  |  | - |  |  |  | 31,381,061 |
The Palms at Premier Park Apartments (1) |  | SC |  |  | 17,590,997 |  |  |  | 27,389 |  |  |  | - |  |  |  | 17,618,386 |
The Park at Sondrio - Series 2022A (4) |  | SC |  |  | 38,100,000 |  |  |  | 1,260,209 |  |  |  | - |  |  |  | 39,360,209 |
The Park at Vietti - Series 2022A (4), (8) |  | SC |  |  | 26,985,000 |  |  |  | 952,281 |  |  |  | - |  |  |  | 27,937,281 |
Village at River's Edge (3) |  | SC |  |  | 9,477,407 |  |  |  | 832,313 |  |  |  | - |  |  |  | 10,309,720 |
Willow Run (3) |  | SC |  |  | 11,981,345 |  |  |  | 494,536 |  |  |  | - |  |  |  | 12,475,881 |
Windsor Shores Apartments - Series A (4), (8) |  | SC |  |  | 21,545,000 |  |  |  | 718,755 |  |  |  | - |  |  |  | 22,263,755 |
Avistar at Copperfield - Series A (4) |  | TX |  |  | 13,215,029 |  |  |  | 485,574 |  |  |  | - |  |  |  | 13,700,603 |
Avistar at the Crest - Series A (4) |  | TX |  |  | 8,621,036 |  |  |  | 471,417 |  |  |  | - |  |  |  | 9,092,453 |
Avistar at the Crest - Series B |  | TX |  |  | 711,315 |  |  |  | 24,748 |  |  |  | - |  |  |  | 736,063 |
Avistar at the Oaks - Series A (4) |  | TX |  |  | 6,980,721 |  |  |  | 333,795 |  |  |  | - |  |  |  | 7,314,516 |
Avistar at the Oaks - Series B |  | TX |  |  | 521,384 |  |  |  | 14,194 |  |  |  | - |  |  |  | 535,578 |
Avistar at the Parkway - Series A (2) |  | TX |  |  | 12,101,645 |  |  |  | 422,358 |  |  |  | - |  |  |  | 12,524,003 |
Avistar at the Parkway - Series B |  | TX |  |  | 122,165 |  |  |  | 13,232 |  |  |  | - |  |  |  | 135,397 |
Avistar at Wilcrest - Series A (4) |  | TX |  |  | 5,008,228 |  |  |  | 155,503 |  |  |  | - |  |  |  | 5,163,731 |
Avistar at Wood Hollow - Series A (4) |  | TX |  |  | 38,027,363 |  |  |  | 1,397,281 |  |  |  | - |  |  |  | 39,424,644 |
Avistar in 09 - Series A (4) |  | TX |  |  | 6,027,577 |  |  |  | 302,568 |  |  |  | - |  |  |  | 6,330,145 |
Avistar in 09 - Series B |  | TX |  |  | 430,095 |  |  |  | 12,653 |  |  |  | - |  |  |  | 442,748 |
Avistar on the Boulevard - Series A (4) |  | TX |  |  | 14,686,873 |  |  |  | 671,717 |  |  |  | - |  |  |  | 15,358,590 |
Avistar on the Boulevard - Series B |  | TX |  |  | 422,666 |  |  |  | 12,072 |  |  |  | - |  |  |  | 434,738 |
Avistar on the Hills - Series A (4) |  | TX |  |  | 4,779,156 |  |  |  | 251,307 |  |  |  | - |  |  |  | 5,030,463 |
|  | December 31, 2024 |
Description of Mortgage Revenue Bonds |  | State |  | Cost Adjusted for Paydowns and Allowances |  |  | Cumulative Unrealized Gain |  |  | Cumulative Unrealized Loss |  |  | Estimated Fair Value |
Bruton Apartments (3) |  | TX |  |  | 17,050,526 |  |  |  | - |  |  |  | - |  |  |  | 17,050,526 |
Concord at Gulfgate - Series A (3) |  | TX |  |  | 17,963,286 |  |  |  | 938,146 |  |  |  | - |  |  |  | 18,901,432 |
Concord at Little York - Series A (3) |  | TX |  |  | 12,584,132 |  |  |  | 716,639 |  |  |  | - |  |  |  | 13,300,771 |
Concord at Williamcrest - Series A (3) |  | TX |  |  | 19,494,168 |  |  |  | 1,064,065 |  |  |  | - |  |  |  | 20,558,233 |
Crossing at 1415 - Series A (3) |  | TX |  |  | 6,989,209 |  |  |  | 179,154 |  |  |  | - |  |  |  | 7,168,363 |
Decatur Angle (3), (8) |  | TX |  |  | 21,412,592 |  |  |  | - |  |  |  | (149,516 | ) |  |  | 21,263,076 |
Esperanza at Palo Alto (3) |  | TX |  |  | 18,576,657 |  |  |  | 1,168,859 |  |  |  | - |  |  |  | 19,745,516 |
Heights at 515 - Series A (3) |  | TX |  |  | 6,398,741 |  |  |  | 312,241 |  |  |  | - |  |  |  | 6,710,982 |
Heritage Square - Series A (2) |  | TX |  |  | 10,039,053 |  |  |  | 307,888 |  |  |  | - |  |  |  | 10,346,941 |
Oaks at Georgetown - Series A (3), (8) |  | TX |  |  | 11,664,053 |  |  |  | 214,123 |  |  |  | - |  |  |  | 11,878,176 |
15 West Apartments (3) |  | WA |  |  | 9,283,990 |  |  |  | 1,025,529 |  |  |  | - |  |  |  | 10,309,519 |
Aventine Apartments (4) |  | WA |  |  | 9,500,000 |  |  |  | 1,060,325 |  |  |  | - |  |  |  | 10,560,325 |
Mortgage revenue bonds |  |  |  | $ | 994,958,009 |  |  | $ | 35,493,084 |  |  | $ | (3,967,297 | ) |  | $ | 1,026,483,796 |
(1) 2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), 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 Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Mizuho in a TOB trust financing transaction, Note 13. (5) MRB held by Barclays in a TOB trust financing transaction, Note 13. (6) 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, 2024, the MRB has been in an unrealized loss position for at least 12 months. (7) The Partnership has a remaining MRB funding commitment of approximately $2.9 million as of December 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 December 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 December 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 December 31, 2024, the MRB has been in an unrealized loss position for less than 12 months.
|  | December 31, 2023 |
Description of Mortgage Revenue Bonds |  | 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 |
CCBA Senior Garden Apartments |  | CA |  |  | 3,757,268 |  |  |  | 158,840 |  |  |  | - |  |  |  | 3,916,108 |
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 |
Ocotillo Springs - Series A (8) |  | CA |  |  | 3,489,096 |  |  |  | - |  |  |  | (59,805 | ) |  |  | 3,429,291 |
Ocotillo Springs - Series A-1 |  | CA |  |  | 499,117 |  |  |  | 95,386 |  |  |  | - |  |  |  | 594,503 |
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 Entrepreneur - Series J-5 |  | CA |  |  | 1,000,000 |  |  |  | - |  |  |  | - |  |  |  | 1,000,000 |
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 |
Solano Vista - Series A |  | CA |  |  | 2,611,955 |  |  |  | 338,125 |  |  |  | - |  |  |  | 2,950,080 |
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 |
Handsel Morgan Village Apartments |  | GA |  |  | 2,150,000 |  |  |  | 300,188 |  |  |  | - |  |  |  | 2,450,188 |
MaryAlice Circle Apartments (5) |  | GA |  |  | 5,900,000 |  |  |  | 880,643 |  |  |  | - |  |  |  | 6,780,643 |
Brookstone |  | IL |  |  | 7,229,475 |  |  |  | 1,071,177 |  |  |  | - |  |  |  | 8,300,652 |
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), (9) |  | 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 |
Provision Center 2014-1 |  | TN |  |  | 926,475 |  |  |  | - |  |  |  | - |  |  |  | 926,475 |
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 Crest - Series B |  | TX |  |  | 718,332 |  |  |  | 49,845 |  |  |  | - |  |  |  | 768,177 |
Avistar at the Oaks - Series A (1) |  | TX |  |  | 7,091,928 |  |  |  | 666,990 |  |  |  | - |  |  |  | 7,758,918 |
Avistar at the Oaks - Series B |  | TX |  |  | 526,318 |  |  |  | 35,066 |  |  |  | - |  |  |  | 561,384 |
Avistar at the Parkway - Series A (2) |  | TX |  |  | 12,270,653 |  |  |  | 830,179 |  |  |  | - |  |  |  | 13,100,832 |
Avistar at the Parkway - Series B |  | TX |  |  | 122,701 |  |  |  | 19,352 |  |  |  | - |  |  |  | 142,053 |
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 in 09 - Series B |  | TX |  |  | 434,165 |  |  |  | 28,926 |  |  |  | - |  |  |  | 463,091 |
Avistar on the Boulevard - Series A (1) |  | TX |  |  | 14,928,425 |  |  |  | 1,346,449 |  |  |  | - |  |  |  | 16,274,874 |
Avistar on the Boulevard - Series B |  | TX |  |  | 426,835 |  |  |  | 27,507 |  |  |  | - |  |  |  | 454,342 |
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 |
|  | December 31, 2023 |
Description of Mortgage Revenue Bonds |  | State |  | Cost Adjusted for Paydowns and Allowances |  |  | Cumulative Unrealized Gain |  |  | Cumulative Unrealized Loss |  |  | Estimated Fair Value |
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 |
Runnymede (7) |  | TX |  |  | 9,390,000 |  |  |  | - |  |  |  | (1,121 | ) |  |  | 9,388,879 |
Southpark |  | TX |  |  | 11,133,003 |  |  |  | 1,166,283 |  |  |  | - |  |  |  | 12,299,286 |
15 West Apartments (3) |  | WA |  |  | 9,371,808 |  |  |  | 1,478,567 |  |  |  | - |  |  |  | 10,850,375 |
Mortgage revenue bonds |  |  |  | $ | 869,454,974 |  |  | $ | 62,262,434 |  |  | $ | (1,042,113 | ) |  | $ | 930,675,295 |
(1) MRB owned by ATAX TEBS II, LLC (M31 TEBS Financing), 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 Financing), 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 Financing), 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) 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. (9) 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.
Schedule of MRBs Acquisitions | The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 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 |
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. The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the year ended December 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 |
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 |
The Safford (4) |  | October 2023 |  | Marana, AZ |  |  | 200 |  |  | 10/10/2026 |  |  | 7.59 | % |  |  | 7,560,034 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 108,005,034 |
(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 (4) The Partnership has committed to provide funding for The Safford MRB totaling $43.0 million. See Note 16.
Schedule of MRB Sales | The following MRBs were sold during the year ended December 31, 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 |
Arbors at Hickory Ridge |  | November 2024 |  | Memphis, TN |  |  | 348 |  |  | 1/1/2049 |  |  | 6.25 | % |  |  | 10,217,709 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 18,438,943 |
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.
Schedule of Terms of partnership's MRBs After Conversions | 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 |
In November 2023, the Jackson Manor Apartments property achieved stabilization and the borrower converted to permanent financing. The Jackson Manor Apartments MRB was paid down to its permanent financing size of $4.8 million. The following table summarizes the terms of the Jackson Manor Apartments MRB after conversion:
Property Name |  | Property Location |  | Units |  |  | Maturity Date |  | Fixed Interest Rate |  |  | Post-Conversion Principal |
Jackson Manor Apartments |  | Jackson, MS |  |  | 60 |  |  | 5/1/2038 |  |  | 5.00 | % |  | $ | 4,828,000 |
Schedule of MRBs Redeemed | The following MRBs were redeemed at prices that approximated the outstanding principal balance plus accrued interest during the year ended December 31, 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 |
The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the year ended December 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 |
Schedule of Percentage of MRBs Principal Outstanding | The properties securing the Partnership’s MRBs are geographically dispersed throughout the United States with significant concentrations in Texas, California and South Carolina. The table below summarizes the geographic concentrations in these states as a percentage of the total MRB principal outstanding:
|  | December 31, 2024 |  |  | December 31, 2023 |
California |  |  | 30 | % |  |  | 25 | %
Texas |  |  | 25 | % |  |  | 32 | %
South Carolina |  |  | 18 | % |  |  | 21 | %
Description of Certain Terms of Partnership' MRB's | The following tables represent a description of certain terms of the Partnership’s MRBs as of December 31, 2024, and 2023:
Property Name |  | Year Acquired |  |  | Location |  | Maturity Date |  | Base Interest Rate |  |  | Principal Outstanding as of December 31, 2024 |
15 West Apartments - Series A (3) |  |  | 2016 |  |  | Vancouver, WA |  | 7/1/2054 |  |  | 6.25 | % |  | $ | 9,283,990 |
40rty on Colony - Series P (4) |  |  | 2023 |  |  | La Mesa, CA |  | 6/1/2030 |  |  | 7.05 | % |  |  | 5,950,000 |
Aventine Apartments (4) |  |  | 2024 |  |  | Bellevue, WA |  | 6/1/2031 |  |  | 7.68 | % |  |  | 9,500,000 |
Avistar at Copperfield - Series A (4) |  |  | 2017 |  |  | Houston, TX |  | 5/1/2054 |  |  | 5.75 | % |  |  | 13,215,029 |
Avistar on the Boulevard - Series A (4) |  |  | 2013 |  |  | San Antonio, TX |  | 3/1/2050 |  |  | 6.00 | % |  |  | 14,686,873 |
Avistar at the Crest - Series A (4) |  |  | 2013 |  |  | San Antonio, TX |  | 3/1/2050 |  |  | 6.00 | % |  |  | 8,621,036 |
Avistar (February 2013 Acquisition) - Series B (2 Bonds) |  |  | 2013 |  |  | San Antonio, TX |  | 4/1/2050 |  |  | 9.00 | % |  |  | 1,133,980 |
Avistar at the Oaks - Series A(4) |  |  | 2013 |  |  | San Antonio, TX |  | 8/1/2050 |  |  | 6.00 | % |  |  | 6,980,721 |
Avistar in 09 - Series A(4) |  |  | 2013 |  |  | San Antonio, TX |  | 8/1/2050 |  |  | 6.00 | % |  |  | 6,027,577 |
Avistar on the Hills - Series A(4) |  |  | 2013 |  |  | San Antonio, TX |  | 8/1/2050 |  |  | 6.00 | % |  |  | 4,779,156 |
Avistar (June 2013 Acquisition) - Series B (2 Bonds) |  |  | 2013 |  |  | San Antonio, TX |  | 9/1/2050 |  |  | 9.00 | % |  |  | 951,479 |
Avistar at the Parkway - Series A (2) |  |  | 2015 |  |  | San Antonio, TX |  | 5/1/2052 |  |  | 6.00 | % |  |  | 12,101,645 |
Avistar at the Parkway - Series B |  |  | 2015 |  |  | San Antonio, TX |  | 6/1/2052 |  |  | 12.00 | % |  |  | 122,165 |
Avistar at Wilcrest - Series A (4) |  |  | 2017 |  |  | Houston, TX |  | 5/1/2054 |  |  | 5.75 | % |  |  | 5,008,228 |
Avistar at Wood Hollow - Series A (4) |  |  | 2017 |  |  | Austin, TX |  | 5/1/2054 |  |  | 5.75 | % |  |  | 38,027,363 |
Bruton Apartments (3) |  |  | 2014 |  |  | Dallas, TX |  | 8/1/2054 |  |  | 6.00 | % |  |  | 17,050,526 |
CCBA Senior Garden Apartments(1) |  |  | 2022 |  |  | San Diego, CA |  | 7/1/2037 |  |  | 4.50 | % |  |  | 3,720,209 |
Columbia Gardens (3) |  |  | 2015 |  |  | Columbia, SC |  | 12/1/2050 |  |  | 5.50 | % |  |  | 12,099,000 |
Companion at Thornhill Apartments (3) |  |  | 2016 |  |  | Lexington, SC |  | 1/1/2052 |  |  | 5.80 | % |  |  | 10,484,096 |
Concord at Gulfgate - Series A (3) |  |  | 2015 |  |  | Houston, TX |  | 2/1/2032 |  |  | 6.00 | % |  |  | 17,963,286 |
Concord at Little York - Series A (3) |  |  | 2015 |  |  | Houston, TX |  | 2/1/2032 |  |  | 6.00 | % |  |  | 12,584,132 |
Concord at Williamcrest - Series A (3) |  |  | 2015 |  |  | Houston, TX |  | 2/1/2032 |  |  | 6.00 | % |  |  | 19,494,168 |
Copper Gate Apartments (1) |  |  | 2013 |  |  | Lafayette, IN |  | 12/1/2029 |  |  | 6.25 | % |  |  | 4,715,000 |
Courtyard - Series A (3) |  |  | 2016 |  |  | Fullerton, CA |  | 12/1/2033 |  |  | 5.00 | % |  |  | 9,668,469 |
Crossing at 1415 - Series A (3) |  |  | 2015 |  |  | San Antonio, TX |  | 12/1/2052 |  |  | 6.00 | % |  |  | 6,989,209 |
Decatur Angle (3) |  |  | 2014 |  |  | Fort Worth, TX |  | 1/1/2054 |  |  | 5.75 | % |  |  | 21,412,592 |
Esperanza at Palo Alto (3) |  |  | 2018 |  |  | San Antonio, TX |  | 7/1/2058 |  |  | 5.80 | % |  |  | 18,576,657 |
Glenview Apartments - Series A (2) |  |  | 2014 |  |  | Cameron Park, CA |  | 12/1/2031 |  |  | 5.75 | % |  |  | 4,248,118 |
Handsel Morgan Village Apartments(4) |  |  | 2023 |  |  | Buford, GA |  | 3/1/2041 |  |  | 6.75 | % |  |  | 2,150,000 |
Harden Ranch - Series A (1) |  |  | 2014 |  |  | Salinas, CA |  | 3/1/2030 |  |  | 5.75 | % |  |  | 6,256,135 |
Harmony Court Bakersfield - Series A (3) |  |  | 2016 |  |  | Bakersfield, CA |  | 12/1/2033 |  |  | 5.00 | % |  |  | 3,525,258 |
Harmony Terrace - Series A (3) |  |  | 2016 |  |  | Simi Valley, CA |  | 1/1/2034 |  |  | 5.00 | % |  |  | 6,527,329 |
Heights at 515 - Series A (3) |  |  | 2015 |  |  | San Antonio, TX |  | 12/1/2052 |  |  | 6.00 | % |  |  | 6,398,741 |
Heritage Square - Series A (2) |  |  | 2014 |  |  | Edinburg, TX |  | 9/1/2051 |  |  | 6.00 | % |  |  | 10,039,053 |
The Ivy Apartments (4) |  |  | 2023 |  |  | Greensville, SC |  | 2/1/2030 |  |  | 6.50 | % |  |  | 30,500,000 |
Jackson Manor Apartments (1) |  |  | 2021 |  |  | Jackson, MS |  | 5/1/2038 |  |  | 5.00 | % |  |  | 4,781,136 |
Las Palmas II - Series A (3) |  |  | 2016 |  |  | Coachella, CA |  | 11/1/2033 |  |  | 5.00 | % |  |  | 1,598,957 |
Live 929 Apartments - Series 2022A (4) |  |  | 2022 |  |  | Baltimore, MD |  | 1/1/2060 |  |  | 4.30 | % |  |  | 66,365,000 |
Lutheran Gardens |  |  | 2021 |  |  | Compton, CA |  | 2/1/2025 |  |  | 4.90 | % |  |  | 10,352,000 |
MaryAlice Circle Apartments (4) |  |  | 2023 |  |  | Buford, GA |  | 3/1/2041 |  |  | 6.75 | % |  |  | 5,900,000 |
Meadow Valley (4) |  |  | 2021 |  |  | Garfield Charter Township, MI |  | 12/1/2029 |  |  | 6.25 | % |  |  | 41,065,000 |
Montclair Apartments - Series A (2) |  |  | 2014 |  |  | Lemoore, CA |  | 12/1/2031 |  |  | 5.75 | % |  |  | 2,301,443 |
Montecito at Williams Ranch Apartments - Series A (1) |  |  | 2017 |  |  | Salinas, CA |  | 10/1/2034 |  |  | 5.50 | % |  |  | 7,374,111 |
Montevista - Series A (1) |  |  | 2019 |  |  | San Pablo, CA |  | 7/1/2036 |  |  | 5.75 | % |  |  | 6,556,878 |
Oaks at Georgetown - Series A (3) |  |  | 2016 |  |  | Georgetown, TX |  | 1/1/2034 |  |  | 5.00 | % |  |  | 11,664,053 |
Ocotillo Springs - Series A (1) |  |  | 2020 |  |  | Brawley, CA |  | 8/1/2038 |  |  | 4.35 | % |  |  | 3,455,419 |
Ocotillo Springs - Series A-1 (1) |  |  | 2023 |  |  | Brawley, CA |  | 8/1/2038 |  |  | 6.50 | % |  |  | 496,351 |
The Park at Sondrio - Series 2022A (4) |  |  | 2022 |  |  | Greenville, SC |  | 1/1/2030 |  |  | 6.50 | % |  |  | 38,100,000 |
The Park at Vietti - Series 2022A (4) |  |  | 2022 |  |  | Spartanburg, SC |  | 1/1/2030 |  |  | 6.50 | % |  |  | 26,985,000 |
Renaissance - Series A (2) |  |  | 2015 |  |  | Baton Rouge, LA |  | 6/1/2050 |  |  | 6.00 | % |  |  | 10,263,789 |
Residency at Empire - Series BB-1 (4) |  |  | 2022 |  |  | Burbank, CA |  | 12/1/2040 |  |  | 6.45 | % |  |  | 14,000,000 |
Residency at Empire - Series BB-2 (4) |  |  | 2022 |  |  | Burbank, CA |  | 12/1/2040 |  |  | 6.45 | % |  |  | 4,000,000 |
Residency at Empire - Series BB-3 (4) |  |  | 2022 |  |  | Burbank, CA |  | 12/1/2040 |  |  | 6.45 | % |  |  | 14,000,000 |
Residency at Empire - Series BB-4 (4) |  |  | 2022 |  |  | Burbank, CA |  | 12/1/2040 |  |  | 6.45 | % |  |  | 21,200,000 |
Residency at the Entrepreneur - Series J-1 (4) |  |  | 2022 |  |  | Los Angeles, CA |  | 3/31/2040 |  |  | 6.00 | % |  |  | 9,000,000 |
Residency at the Entrepreneur - Series J-2 (4) |  |  | 2022 |  |  | Los Angeles, CA |  | 3/31/2040 |  |  | 6.00 | % |  |  | 7,500,000 |
Residency at the Entrepreneur - Series J-3 (4) |  |  | 2022 |  |  | Los Angeles, CA |  | 3/31/2040 |  |  | 6.00 | % |  |  | 26,080,000 |
Residency at the Entrepreneur - Series J-4 (4) |  |  | 2022 |  |  | Los Angeles, CA |  | 3/31/2040 |  | SOFR + 3.60% |  |  |  | 16,420,000 |
Residency at the Entrepreneur - Series J-5 (4) |  |  | 2023 |  |  | Los Angeles, CA |  | 4/1/2025 |  | SOFR + 3.60% |  |  |  | 5,000,000 |
Residency at the Mayer - Series A (4) |  |  | 2021 |  |  | Hollywood, CA |  | 4/1/2039 |  | SOFR + 3.60% |  |  |  | 29,500,000 |
Residency at the Mayer - Series M (4) |  |  | 2024 |  |  | Hollywood, CA |  | 4/1/2039 |  | SOFR + 3.60% |  |  |  | 11,500,000 |
The Safford (4) |  |  | 2023 |  |  | Marana, AZ |  | 10/10/2026 |  |  | 7.59 | % |  |  | 37,348,957 |
San Vicente - Series A (3) |  |  | 2016 |  |  | Soledad, CA |  | 11/1/2033 |  |  | 5.00 | % |  |  | 3,296,965 |
Santa Fe Apartments - Series A (2) |  |  | 2014 |  |  | Hesperia, CA |  | 12/1/2031 |  |  | 5.75 | % |  |  | 2,788,112 |
Seasons at Simi Valley - Series A (3) |  |  | 2015 |  |  | Simi Valley, CA |  | 9/1/2032 |  |  | 5.75 | % |  |  | 4,025,911 |
Seasons Lakewood - Series A (3) |  |  | 2016 |  |  | Lakewood, CA |  | 1/1/2034 |  |  | 5.00 | % |  |  | 6,953,024 |
Seasons San Juan Capistrano - Series A (3) |  |  | 2016 |  |  | San Juan Capistrano, CA |  | 1/1/2034 |  |  | 5.00 | % |  |  | 11,706,622 |
Silver Moon - Series A (2) |  |  | 2015 |  |  | Albuquerque, NM |  | 8/1/2055 |  |  | 6.00 | % |  |  | 7,398,857 |
Solano Vista - Series A(1) |  |  | 2018 |  |  | Vallejo, CA |  | 1/1/2036 |  |  | 5.85 | % |  |  | 2,591,588 |
Summerhill - Series A (3) |  |  | 2016 |  |  | Bakersfield, CA |  | 12/1/2033 |  |  | 5.00 | % |  |  | 6,070,437 |
Sycamore Walk - Series A (3) |  |  | 2015 |  |  | Bakersfield, CA |  | 1/1/2033 |  |  | 5.25 | % |  |  | 3,330,230 |
The Palms at Premier Park Apartments (1) |  |  | 2013 |  |  | Columbia, SC |  | 1/1/2050 |  |  | 6.25 | % |  |  | 17,590,997 |
Tyler Park Townhomes (1) |  |  | 2013 |  |  | Greenfield, CA |  | 1/1/2030 |  |  | 5.75 | % |  |  | 5,445,686 |
The Village at Madera - Series A (3) |  |  | 2016 |  |  | Madera, CA |  | 12/1/2033 |  |  | 5.00 | % |  |  | 2,915,662 |
Village at Avalon (1) |  |  | 2018 |  |  | Albuquerque, NM |  | 1/1/2059 |  |  | 5.80 | % |  |  | 15,665,803 |
Village at Hanford Square - Series H (4) |  |  | 2023 |  |  | Hanford, CA |  | 5/1/2030 |  |  | 6.65 | % |  |  | 10,400,000 |
Village Point Apartments (5) |  |  | 2023 |  |  | Monroe, NJ |  | 6/1/2030 |  |  | 6.875 | % |  |  | 23,000,000 |
Village at River's Edge (3) |  |  | 2017 |  |  | Columbia, SC |  | 6/1/2033 |  |  | 6.00 | % |  |  | 9,477,407 |
Vineyard Gardens - Series A (1) |  |  | 2017 |  |  | Oxnard, CA |  | 1/1/2035 |  |  | 5.50 | % |  |  | 3,839,951 |
Wellspring Apartments (1) |  |  | 2024 |  |  | Long Beach, CA |  | 9/1/2039 |  |  | 4.85 | % |  |  | 3,870,922 |
Westside Village Market (1) |  |  | 2013 |  |  | Shafter, CA |  | 1/1/2030 |  |  | 5.75 | % |  |  | 3,558,747 |
Willow Run (3) |  |  | 2015 |  |  | Columbia, SC |  | 12/1/2050 |  |  | 5.50 | % |  |  | 11,930,000 |
Windsor Shores Apartments (4) |  |  | 2023 |  |  | Columbia, SC |  | 2/1/2030 |  |  | 6.50 | % |  |  | 21,545,000 |
Woodington Gardens Apartments - Series A-1 (4) |  |  | 2024 |  |  | Baltimore, MD |  | 5/1/2029 |  |  | 7.80 | % |  |  | 31,150,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 1,002,151,235 |
(1) 2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction and TEBS Residual Financing, Note 13 (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), Note 13 (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing), Note 13 (4) MRB held by Mizuho in a TOB trust financing transaction, Note 13 (5) MRB held by Barclays in a TOB trust financing transaction, Note 13
Property Name |  | Year Acquired |  |  | Location |  | Maturity Date |  | Base Interest Rate |  |  | Principal Outstanding as of December 31, 2023 |
15 West Apartments - Series A (3) |  |  | 2016 |  |  | Vancouver, WA |  | 7/1/2054 |  |  | 6.25 | % |  | $ | 9,371,808 |
40rty on Colony - Series P (5) |  |  | 2023 |  |  | La Mesa, CA |  | 6/1/2030 |  |  | 7.05 | % |  |  | 5,950,000 |
Arbors at Hickory Ridge (1) |  |  | 2012 |  |  | Memphis, TN |  | 1/1/2049 |  |  | 6.25 | % |  |  | 10,379,348 |
Avistar at Copperfield - Series A (5) |  |  | 2017 |  |  | Houston, TX |  | 5/1/2054 |  |  | 5.75 | % |  |  | 13,378,386 |
Avistar on the Boulevard - Series A (1) |  |  | 2013 |  |  | San Antonio, TX |  | 3/1/2050 |  |  | 6.00 | % |  |  | 14,928,425 |
Avistar at the Crest - Series A (1) |  |  | 2013 |  |  | San Antonio, TX |  | 3/1/2050 |  |  | 6.00 | % |  |  | 8,762,826 |
Avistar (February 2013 Acquisition) - Series B (2 Bonds) |  |  | 2013 |  |  | San Antonio, TX |  | 4/1/2050 |  |  | 9.00 | % |  |  | 1,145,167 |
Avistar at the Oaks - Series A (1) |  |  | 2013 |  |  | San Antonio, TX |  | 8/1/2050 |  |  | 6.00 | % |  |  | 7,091,928 |
Avistar in 09 - Series A (1) |  |  | 2013 |  |  | San Antonio, TX |  | 8/1/2050 |  |  | 6.00 | % |  |  | 6,123,600 |
Avistar on the Hills - Series A (1) |  |  | 2013 |  |  | San Antonio, TX |  | 8/1/2050 |  |  | 6.00 | % |  |  | 4,855,291 |
Avistar (June 2013 Acquisition) - Series B (2 Bonds) |  |  | 2013 |  |  | San Antonio, TX |  | 9/1/2050 |  |  | 9.00 | % |  |  | 960,483 |
Avistar at the Parkway - Series A (2) |  |  | 2015 |  |  | San Antonio, TX |  | 5/1/2052 |  |  | 6.00 | % |  |  | 12,270,653 |
Avistar at the Parkway - Series B |  |  | 2015 |  |  | San Antonio, TX |  | 6/1/2052 |  |  | 12.00 | % |  |  | 122,701 |
Avistar at Wilcrest - Series A (5) |  |  | 2017 |  |  | Houston, TX |  | 5/1/2054 |  |  | 5.75 | % |  |  | 5,070,137 |
Avistar at Wood Hollow - Series A (5) |  |  | 2017 |  |  | Austin, TX |  | 5/1/2054 |  |  | 5.75 | % |  |  | 38,497,436 |
Brookstone |  |  | 2009 |  |  | Waukegan, IL |  | 5/1/2040 |  |  | 5.45 | % |  |  | 8,268,029 |
Bruton Apartments (3) |  |  | 2014 |  |  | Dallas, TX |  | 8/1/2054 |  |  | 6.00 | % |  |  | 17,220,941 |
CCBA Senior Garden Apartments |  |  | 2022 |  |  | San Diego, CA |  | 7/1/2037 |  |  | 4.50 | % |  |  | 3,757,268 |
Columbia Gardens (3) |  |  | 2015 |  |  | Columbia, SC |  | 12/1/2050 |  |  | 5.50 | % |  |  | 12,282,000 |
Companion at Thornhill Apartments (3) |  |  | 2016 |  |  | Lexington, SC |  | 1/1/2052 |  |  | 5.80 | % |  |  | 10,639,506 |
Concord at Gulfgate - Series A (3) |  |  | 2015 |  |  | Houston, TX |  | 2/1/2032 |  |  | 6.00 | % |  |  | 18,190,721 |
Concord at Little York - Series A (3) |  |  | 2015 |  |  | Houston, TX |  | 2/1/2032 |  |  | 6.00 | % |  |  | 12,743,460 |
Concord at Williamcrest - Series A (3) |  |  | 2015 |  |  | Houston, TX |  | 2/1/2032 |  |  | 6.00 | % |  |  | 19,740,985 |
Copper Gate Apartments (1) |  |  | 2013 |  |  | Lafayette, IN |  | 12/1/2029 |  |  | 6.25 | % |  |  | 4,780,000 |
Courtyard - Series A (3) |  |  | 2016 |  |  | Fullerton, CA |  | 12/1/2033 |  |  | 5.00 | % |  |  | 9,774,107 |
Crossing at 1415 - Series A (3) |  |  | 2015 |  |  | San Antonio, TX |  | 12/1/2052 |  |  | 6.00 | % |  |  | 7,082,698 |
Decatur Angle (3) |  |  | 2014 |  |  | Fort Worth, TX |  | 1/1/2054 |  |  | 5.75 | % |  |  | 21,646,255 |
Esperanza at Palo Alto (3) |  |  | 2018 |  |  | San Antonio, TX |  | 7/1/2058 |  |  | 5.80 | % |  |  | 18,751,278 |
Glenview Apartments - Series A (2) |  |  | 2014 |  |  | Cameron Park, CA |  | 12/1/2031 |  |  | 5.75 | % |  |  | 4,312,025 |
Handsel Morgan Village Apartments |  |  | 2023 |  |  | Buford, GA |  | 3/1/2041 |  |  | 6.75 | % |  |  | 2,150,000 |
Harden Ranch - Series A (1) |  |  | 2014 |  |  | Salinas, CA |  | 3/1/2030 |  |  | 5.75 | % |  |  | 6,355,567 |
Harmony Court Bakersfield - Series A (3) |  |  | 2016 |  |  | Bakersfield, CA |  | 12/1/2033 |  |  | 5.00 | % |  |  | 3,563,775 |
Harmony Terrace - Series A (3) |  |  | 2016 |  |  | Simi Valley, CA |  | 1/1/2034 |  |  | 5.00 | % |  |  | 6,598,285 |
Heights at 515 - Series A (3) |  |  | 2015 |  |  | San Antonio, TX |  | 12/1/2052 |  |  | 6.00 | % |  |  | 6,484,332 |
Heritage Square - Series A (2) |  |  | 2014 |  |  | Edinburg, TX |  | 9/1/2051 |  |  | 6.00 | % |  |  | 10,186,405 |
The Ivy Apartments (5) |  |  | 2023 |  |  | Greensville, SC |  | 2/1/2030 |  |  | 6.50 | % |  |  | 30,500,000 |
Jackson Manor Apartments (5) |  |  | 2021 |  |  | Jackson, MS |  | 5/1/2038 |  |  | 5.00 | % |  |  | 4,824,474 |
Las Palmas II - Series A (3) |  |  | 2016 |  |  | Coachella, CA |  | 11/1/2033 |  |  | 5.00 | % |  |  | 1,616,607 |
Live 929 Apartments - Series 2022A (5) |  |  | 2022 |  |  | Baltimore, MD |  | 1/1/2060 |  |  | 4.30 | % |  |  | 66,365,000 |
Lutheran Gardens (6) |  |  | 2021 |  |  | Compton, CA |  | 2/1/2025 |  |  | 4.90 | % |  |  | 10,352,000 |
MaryAlice Circle Apartments (5) |  |  | 2023 |  |  | Buford, GA |  | 3/1/2041 |  |  | 6.75 | % |  |  | 5,900,000 |
Meadow Valley (5) |  |  | 2021 |  |  | Garfield Charter Township, MI |  | 12/1/2029 |  |  | 6.25 | % |  |  | 20,755,000 |
Montclair Apartments - Series A (2) |  |  | 2014 |  |  | Lemoore, CA |  | 12/1/2031 |  |  | 5.75 | % |  |  | 2,336,065 |
Montecito at Williams Ranch Apartments - Series A (5) |  |  | 2017 |  |  | Salinas, CA |  | 10/1/2034 |  |  | 5.50 | % |  |  | 7,442,435 |
Montevista - Series A (5) |  |  | 2019 |  |  | San Pablo, CA |  | 7/1/2036 |  |  | 5.75 | % |  |  | 6,607,973 |
Oaks at Georgetown - Series A (3) |  |  | 2016 |  |  | Georgetown, TX |  | 1/1/2034 |  |  | 5.00 | % |  |  | 11,790,848 |
Ocotillo Springs - Series A |  |  | 2020 |  |  | Brawley, CA |  | 8/1/2038 |  |  | 4.35 | % |  |  | 3,489,096 |
Ocotillo Springs - Series A-1 |  |  | 2023 |  |  | Brawley, CA |  | 8/1/2038 |  |  | 6.50 | % |  |  | 499,117 |
The Park at Sondrio - Series 2022A (5) |  |  | 2022 |  |  | Greenville, SC |  | 1/1/2030 |  |  | 6.50 | % |  |  | 38,100,000 |
The Park at Vietti - Series 2022A (5) |  |  | 2022 |  |  | Spartanburg, SC |  | 1/1/2030 |  |  | 6.50 | % |  |  | 26,985,000 |
Provision Center 2014-1 |  |  | 2014 |  |  | Knoxville, TN |  | 5/1/2034 |  |  | 6.00 | % |  |  | 6,636,596 |
Renaissance - Series A (2) |  |  | 2015 |  |  | Baton Rouge, LA |  | 6/1/2050 |  |  | 6.00 | % |  |  | 10,429,392 |
Residency at Empire - Series BB-1 (5) |  |  | 2022 |  |  | Burbank, CA |  | 12/1/2040 |  |  | 6.45 | % |  |  | 14,000,000 |
Residency at Empire - Series BB-2 (5) |  |  | 2022 |  |  | Burbank, CA |  | 12/1/2040 |  |  | 6.45 | % |  |  | 4,000,000 |
Residency at Empire - Series BB-3 (5) |  |  | 2022 |  |  | Burbank, CA |  | 12/1/2040 |  |  | 6.45 | % |  |  | 5,055,000 |
Residency at the Entrepreneur - Series J-1 (5) |  |  | 2022 |  |  | Los Angeles, CA |  | 3/31/2040 |  |  | 6.00 | % |  |  | 9,000,000 |
Residency at the Entrepreneur - Series J-2 (5) |  |  | 2022 |  |  | Los Angeles, CA |  | 3/31/2040 |  |  | 6.00 | % |  |  | 7,500,000 |
Residency at the Entrepreneur - Series J-3 (5) |  |  | 2022 |  |  | Los Angeles, CA |  | 3/31/2040 |  |  | 6.00 | % |  |  | 12,300,000 |
Residency at the Entrepreneur - Series J-5 |  |  | 2023 |  |  | Los Angeles, CA |  | 4/1/2025 |  | SOFR + 3.60% |  |  |  | 1,000,000 |
Residency at the Mayer - Series A (5) |  |  | 2021 |  |  | Hollywood, CA |  | 4/1/2039 |  | SOFR + 3.60% |  |  |  | 29,500,000 |
Runnymede |  |  | 2007 |  |  | Austin, TX |  | 10/1/2024 |  |  | 6.00 | % |  |  | 9,390,000 |
The Safford (5) |  |  | 2023 |  |  | Marana, AZ |  | 10/10/2026 |  |  | 7.59 | % |  |  | 7,560,034 |
San Vicente - Series A (3) |  |  | 2016 |  |  | Soledad, CA |  | 11/1/2033 |  |  | 5.00 | % |  |  | 3,333,357 |
Santa Fe Apartments - Series A (2) |  |  | 2014 |  |  | Hesperia, CA |  | 12/1/2031 |  |  | 5.75 | % |  |  | 2,830,055 |
Seasons at Simi Valley - Series A (3) |  |  | 2015 |  |  | Simi Valley, CA |  | 9/1/2032 |  |  | 5.75 | % |  |  | 4,083,273 |
Seasons Lakewood - Series A (3) |  |  | 2016 |  |  | Lakewood, CA |  | 1/1/2034 |  |  | 5.00 | % |  |  | 7,028,608 |
Seasons San Juan Capistrano - Series A (3) |  |  | 2016 |  |  | San Juan Capistrano, CA |  | 1/1/2034 |  |  | 5.00 | % |  |  | 11,833,880 |
Silver Moon - Series A (2) |  |  | 2015 |  |  | Albuquerque, NM |  | 8/1/2055 |  |  | 6.00 | % |  |  | 7,480,455 |
Solano Vista - Series A |  |  | 2018 |  |  | Vallejo, CA |  | 1/1/2036 |  |  | 5.85 | % |  |  | 2,611,955 |
Southpark |  |  | 2009 |  |  | Austin, TX |  | 12/1/2049 |  |  | 6.13 | % |  |  | 12,300,000 |
Summerhill - Series A (3) |  |  | 2016 |  |  | Bakersfield, CA |  | 12/1/2033 |  |  | 5.00 | % |  |  | 6,136,763 |
Sycamore Walk - Series A (3) |  |  | 2015 |  |  | Bakersfield, CA |  | 1/1/2033 |  |  | 5.25 | % |  |  | 3,380,901 |
The Palms at Premier Park Apartments (1) |  |  | 2013 |  |  | Columbia, SC |  | 1/1/2050 |  |  | 6.25 | % |  |  | 17,872,527 |
Tyler Park Townhomes (1) |  |  | 2013 |  |  | Greenfield, CA |  | 1/1/2030 |  |  | 5.75 | % |  |  | 5,533,307 |
The Village at Madera - Series A (3) |  |  | 2016 |  |  | Madera, CA |  | 12/1/2033 |  |  | 5.00 | % |  |  | 2,947,519 |
Village at Avalon (4) |  |  | 2018 |  |  | Albuquerque, NM |  | 1/1/2059 |  |  | 5.80 | % |  |  | 15,808,184 |
Village at Hanford Square - Series H (5) |  |  | 2023 |  |  | Hanford, CA |  | 5/1/2030 |  |  | 6.65 | % |  |  | 10,400,000 |
Village Point Apartments (6) |  |  | 2023 |  |  | Monroe, NJ |  | 6/1/2030 |  |  | 6.875 | % |  |  | 23,000,000 |
Village at River's Edge (3) |  |  | 2017 |  |  | Columbia, SC |  | 6/1/2033 |  |  | 6.00 | % |  |  | 9,566,110 |
Vineyard Gardens - Series A (5) |  |  | 2017 |  |  | Oxnard, CA |  | 1/1/2035 |  |  | 5.50 | % |  |  | 3,874,962 |
Westside Village Market (1) |  |  | 2013 |  |  | Shafter, CA |  | 1/1/2030 |  |  | 5.75 | % |  |  | 3,616,007 |
Willow Run (3) |  |  | 2015 |  |  | Columbia, SC |  | 12/1/2050 |  |  | 5.50 | % |  |  | 12,111,000 |
Windsor Shores Apartments (5) |  |  | 2023 |  |  | Columbia, SC |  | 2/1/2030 |  |  | 6.50 | % |  |  | 21,545,000 |
|  |  |  |  |  |  |  |  |  |  |  | $ | 884,664,326 |
(1) MRB owned by ATAX TEBS I, LLC (M24 TEBS Financing), Note 13 (2) MRB owned by ATAX TEBS II, LLC (M31 TEBS Financing), Note 13 (3) MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), Note 13 (4) MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing), Note 13 (5) MRB held by Morgan Stanley in a debt financing transaction, Note 13 (6) MRB held by Mizuho in a TOB trust financing transaction, Note 13 (7) MRB held by Barclays in a TOB trust financing transaction, Note 13

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