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Mortgage Revenue Bonds (Tables)
 12 Months Ended
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