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Mortgage Revenue Bonds | 6 Months Ended
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Jun. 30, 2025
Investments In Mortgage Revenue Bonds [Abstract] |
Mortgage Revenue Bonds | 4. Mortgage Revenue Bonds The Partnership’s MRBs provide construction and/or permanent financing for income-producing multifamily rental, seniors housing and skilled nursing properties. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 13). The MRBs predominantly bear interest at fixed interest rates and require regular principal and interest payments on either a monthly or semi-annual basis. The Partnership had the following investments in MRBs as of June 30, 2025 and December 31, 2024:
|  | June 30, 2025 |
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 |  | $ | 43,063,501 |  |  | $ | 1,282,268 |  |  | $ | - |  |  | $ | 44,345,769 |
40rty on Colony - Series P (4) |  | CA |  |  | 5,961,283 |  |  |  | 484,654 |  |  |  | - |  |  |  | 6,445,937 |
CCBA Senior Garden Apartments (1), (8) |  | CA |  |  | 3,701,046 |  |  |  | - |  |  |  | (141,648 | ) |  |  | 3,559,398 |
Courtyard - Series A (3) |  | CA |  |  | 9,613,640 |  |  |  | 503,183 |  |  |  | - |  |  |  | 10,116,823 |
Glenview Apartments - Series A (2) |  | CA |  |  | 4,214,763 |  |  |  | 185,843 |  |  |  | - |  |  |  | 4,400,606 |
Harmony Court Bakersfield - Series A (3) |  | CA |  |  | 3,505,266 |  |  |  | 158,054 |  |  |  | - |  |  |  | 3,663,320 |
Harmony Terrace - Series A (3) |  | CA |  |  | 6,490,501 |  |  |  | 325,040 |  |  |  | - |  |  |  | 6,815,541 |
Harden Ranch - Series A (1) |  | CA |  |  | 6,204,240 |  |  |  | 231,786 |  |  |  | - |  |  |  | 6,436,026 |
Las Palmas II - Series A (3) |  | CA |  |  | 1,589,797 |  |  |  | 75,247 |  |  |  | - |  |  |  | 1,665,044 |
Montclair Apartments - Series A (2) |  | CA |  |  | 2,283,373 |  |  |  | 87,511 |  |  |  | - |  |  |  | 2,370,884 |
Montecito at Williams Ranch Apartments - Series A (1) |  | CA |  |  | 7,338,517 |  |  |  | 504,232 |  |  |  | - |  |  |  | 7,842,749 |
Montevista - Series A (1) |  | CA |  |  | 6,530,210 |  |  |  | 606,936 |  |  |  | - |  |  |  | 7,137,146 |
Ocotillo Springs - Series A (1), (6) |  | CA |  |  | 3,438,025 |  |  |  | - |  |  |  | (298,029 | ) |  |  | 3,139,996 |
Ocotillo Springs - Series A-1 (1) |  | CA |  |  | 494,899 |  |  |  | 48,045 |  |  |  | - |  |  |  | 542,944 |
Residency at Empire - Series BB-1 (4) |  | CA |  |  | 14,101,672 |  |  |  | 598,763 |  |  |  | - |  |  |  | 14,700,435 |
Residency at Empire - Series BB-2 (4) |  | CA |  |  | 4,000,000 |  |  |  | 200,124 |  |  |  | - |  |  |  | 4,200,124 |
Residency at Empire - Series BB-3 (4) |  | CA |  |  | 14,000,000 |  |  |  | 557,843 |  |  |  | - |  |  |  | 14,557,843 |
Residency at Empire - Series BB-4 (4) |  | CA |  |  | 38,050,000 |  |  |  | 277,599 |  |  |  | - |  |  |  | 38,327,599 |
Residency at the Entrepreneur - Series J-1 (4), (8) |  | CA |  |  | 9,075,521 |  |  |  | - |  |  |  | (563,510 | ) |  |  | 8,512,011 |
Residency at the Entrepreneur - Series J-2 (4), (8) |  | CA |  |  | 7,500,000 |  |  |  | - |  |  |  | (406,658 | ) |  |  | 7,093,342 |
Residency at the Entrepreneur - Series J-3 (4), (8) |  | CA |  |  | 26,080,000 |  |  |  | - |  |  |  | (864,653 | ) |  |  | 25,215,347 |
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 |  |  | 29,555,010 |  |  |  | - |  |  |  | - |  |  |  | 29,555,010 |
Residency at the Mayer - Series M (4) |  | CA |  |  | 11,500,000 |  |  |  | - |  |  |  | - |  |  |  | 11,500,000 |
San Vicente - Series A (3) |  | CA |  |  | 3,278,077 |  |  |  | 155,155 |  |  |  | - |  |  |  | 3,433,232 |
Santa Fe Apartments - Series A (2) |  | CA |  |  | 2,766,220 |  |  |  | 118,773 |  |  |  | - |  |  |  | 2,884,993 |
Seasons at Simi Valley - Series A (3) |  | CA |  |  | 3,995,972 |  |  |  | 288,534 |  |  |  | - |  |  |  | 4,284,506 |
Seasons Lakewood - Series A (3) |  | CA |  |  | 6,913,794 |  |  |  | 346,238 |  |  |  | - |  |  |  | 7,260,032 |
Seasons San Juan Capistrano - Series A (3) |  | CA |  |  | 11,640,572 |  |  |  | 582,951 |  |  |  | - |  |  |  | 12,223,523 |
Solano Vista - Series A (1) |  | CA |  |  | 2,580,950 |  |  |  | 239,876 |  |  |  | - |  |  |  | 2,820,826 |
Summerhill - Series A (3) |  | CA |  |  | 6,036,012 |  |  |  | 72,380 |  |  |  | - |  |  |  | 6,108,392 |
Sycamore Walk - Series A (3) |  | CA |  |  | 3,303,881 |  |  |  | 147,797 |  |  |  | - |  |  |  | 3,451,678 |
The Village at Madera - Series A (3) |  | CA |  |  | 2,899,128 |  |  |  | 130,723 |  |  |  | - |  |  |  | 3,029,851 |
Tyler Park Townhomes - Series A (1) |  | CA |  |  | 5,399,954 |  |  |  | - |  |  |  | - |  |  |  | 5,399,954 |
Village at Hanford Square - Series H (4) |  | CA |  |  | 10,400,000 |  |  |  | 679,006 |  |  |  | - |  |  |  | 11,079,006 |
Vineyard Gardens - Series A (1) |  | CA |  |  | 3,821,712 |  |  |  | 284,395 |  |  |  | - |  |  |  | 4,106,107 |
Wellspring Apartments (1) |  | CA |  |  | 3,820,907 |  |  |  | 59,531 |  |  |  | - |  |  |  | 3,880,438 |
Westside Village Market - Series A (1) |  | CA |  |  | 3,528,860 |  |  |  | 159,448 |  |  |  | - |  |  |  | 3,688,308 |
Handsel Morgan Village Apartments (4) |  | GA |  |  | 2,150,000 |  |  |  | 296,084 |  |  |  | - |  |  |  | 2,446,084 |
MaryAlice Circle Apartments (4) |  | GA |  |  | 5,900,000 |  |  |  | 369,455 |  |  |  | - |  |  |  | 6,269,455 |
Copper Gate Apartments (1) |  | IN |  |  | 4,715,000 |  |  |  | - |  |  |  | - |  |  |  | 4,715,000 |
Renaissance - Series A (2), (8) |  | LA |  |  | 10,177,196 |  |  |  | - |  |  |  | (1,041,985 | ) |  |  | 9,135,211 |
Live 929 Apartments - Series 2022A (4) |  | MD |  |  | 58,377,018 |  |  |  | 4,169,341 |  |  |  | - |  |  |  | 62,546,359 |
Woodington Gardens Apartments - Series A-1 (4) |  | MD |  |  | 31,150,000 |  |  |  | 3,147,615 |  |  |  | - |  |  |  | 34,297,615 |
Meadow Valley (4), (7) |  | MI |  |  | 42,588,565 |  |  |  | - |  |  |  | (1,238,735 | ) |  |  | 41,349,830 |
Jackson Manor Apartments (1), (8) |  | MS |  |  | 4,758,739 |  |  |  | - |  |  |  | (254,327 | ) |  |  | 4,504,412 |
Village Point (5), (6) |  | NJ |  |  | 22,991,000 |  |  |  | - |  |  |  | (191,837 | ) |  |  | 22,799,163 |
Silver Moon - Series A (2) |  | NM |  |  | 7,356,190 |  |  |  | 614,713 |  |  |  | - |  |  |  | 7,970,903 |
Village at Avalon (1) |  | NM |  |  | 15,591,463 |  |  |  | 1,241,455 |  |  |  | - |  |  |  | 16,832,918 |
Columbia Gardens (3) |  | SC |  |  | 12,045,725 |  |  |  | 502,074 |  |  |  | - |  |  |  | 12,547,799 |
The Ivy Apartments (4), (8) |  | SC |  |  | 30,553,487 |  |  |  | - |  |  |  | (727,048 | ) |  |  | 29,826,439 |
The Park at Sondrio - Series 2022A (4), (9) |  | SC |  |  | 32,847,700 |  |  |  | - |  |  |  | (783,058 | ) |  |  | 32,064,642 |
The Park at Vietti - Series 2022A (4), (9) |  | SC |  |  | 26,244,500 |  |  |  | - |  |  |  | (3,032,175 | ) |  |  | 23,212,325 |
Village at River's Edge (3) |  | SC |  |  | 9,431,025 |  |  |  | 148,546 |  |  |  | - |  |  |  | 9,579,571 |
Willow Run (3) |  | SC |  |  | 11,878,606 |  |  |  | 480,849 |  |  |  | - |  |  |  | 12,359,455 |
Windsor Shores Apartments - Series A (4), (9) |  | SC |  |  | 19,097,900 |  |  |  | - |  |  |  | (1,093,134 | ) |  |  | 18,004,766 |
Agape Helotes - Series A-1 (4) |  | TX |  |  | 5,547,270 |  |  |  | 887,957 |  |  |  | - |  |  |  | 6,435,227 |
Agape Helotes - Series B (4)(8) |  | TX |  |  | 7,330,652 |  |  |  | - |  |  |  | (176,433 | ) |  |  | 7,154,219 |
Avistar at Copperfield - Series A (4) |  | TX |  |  | 13,129,768 |  |  |  | 596,271 |  |  |  | - |  |  |  | 13,726,039 |
Avistar at the Crest - Series A (4) |  | TX |  |  | 8,546,896 |  |  |  | 518,508 |  |  |  | - |  |  |  | 9,065,404 |
Avistar at the Crest - Series B |  | TX |  |  | 707,563 |  |  |  | 28,358 |  |  |  | - |  |  |  | 735,921 |
Avistar at the Oaks - Series A (4) |  | TX |  |  | 6,922,572 |  |  |  | 296,008 |  |  |  | - |  |  |  | 7,218,580 |
Avistar at the Oaks - Series B |  | TX |  |  | 518,746 |  |  |  | - |  |  |  | - |  |  |  | 518,746 |
Avistar at the Parkway - Series A (2) |  | TX |  |  | 12,013,272 |  |  |  | 457,614 |  |  |  | - |  |  |  | 12,470,886 |
Avistar at the Parkway - Series B |  | TX |  |  | 121,873 |  |  |  | 12,411 |  |  |  | - |  |  |  | 134,284 |
Avistar at Wilcrest - Series A (4) |  | TX |  |  | 4,975,916 |  |  |  | 16,459 |  |  |  | - |  |  |  | 4,992,375 |
Avistar at Wood Hollow - Series A (4) |  | TX |  |  | 37,782,019 |  |  |  | 1,650,782 |  |  |  | - |  |  |  | 39,432,801 |
Avistar in 09 - Series A (4) |  | TX |  |  | 5,977,367 |  |  |  | 308,167 |  |  |  | - |  |  |  | 6,285,534 |
Avistar in 09 - Series B |  | TX |  |  | 427,919 |  |  |  | 14,674 |  |  |  | - |  |  |  | 442,593 |
Avistar on the Boulevard - Series A (4) |  | TX |  |  | 14,560,568 |  |  |  | 643,471 |  |  |  | - |  |  |  | 15,204,039 |
Avistar on the Boulevard - Series B |  | TX |  |  | 420,436 |  |  |  | 13,610 |  |  |  | - |  |  |  | 434,046 |
Avistar on the Hills - Series A (4) |  | TX |  |  | 4,739,346 |  |  |  | 244,340 |  |  |  | - |  |  |  | 4,983,686 |
Bruton Apartments (3) |  | TX |  |  | 16,961,350 |  |  |  | - |  |  |  | - |  |  |  | 16,961,350 |
Concord at Gulfgate - Series A (3) |  | TX |  |  | 17,844,362 |  |  |  | 1,036,045 |  |  |  | - |  |  |  | 18,880,407 |
Concord at Little York - Series A (3) |  | TX |  |  | 12,500,819 |  |  |  | 780,574 |  |  |  | - |  |  |  | 13,281,393 |
Concord at Williamcrest - Series A (3) |  | TX |  |  | 19,365,109 |  |  |  | 1,166,716 |  |  |  | - |  |  |  | 20,531,825 |
Crossing at 1415 - Series A (3) |  | TX |  |  | 6,940,324 |  |  |  | 237,019 |  |  |  | - |  |  |  | 7,177,343 |
Decatur Angle (3) |  | TX |  |  | 21,290,546 |  |  |  | - |  |  |  | - |  |  |  | 21,290,546 |
Esperanza at Palo Alto (3) |  | TX |  |  | 18,485,484 |  |  |  | 1,267,732 |  |  |  | - |  |  |  | 19,753,216 |
Heights at 515 - Series A (3) |  | TX |  |  | 6,353,986 |  |  |  | 302,708 |  |  |  | - |  |  |  | 6,656,694 |
Heritage Square - Series A (2) |  | TX |  |  | 9,962,004 |  |  |  | 251,362 |  |  |  | - |  |  |  | 10,213,366 |
Oaks at Georgetown - Series A (3) |  | TX |  |  | 11,598,243 |  |  |  | 385,731 |  |  |  | - |  |  |  | 11,983,974 |
15 West Apartments (3) |  | WA |  |  | 9,237,985 |  |  |  | 1,012,049 |  |  |  | - |  |  |  | 10,250,034 |
Aventine Apartments (4) |  | WA |  |  | 9,500,000 |  |  |  | 1,072,245 |  |  |  | - |  |  |  | 10,572,245 |
Mortgage revenue bonds |  |  |  | $ | 981,713,812 |  |  | $ | 33,562,878 |  |  | $ | (10,813,230 | ) |  | $ | 1,004,463,460 |
(1) 2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13. (2) MRB owned by ATAX TEBS III, LLC (M33 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Mizuho in a debt financing transaction, Note 13. (5) MRB held by Barclays in a debt 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 June 30, 2025, 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 $1.5 million as of June 30, 2025. 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 June 30, 2025 (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 June 30, 2025, 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 June 30, 2025, the MRB has been in an unrealized loss position for less than 12 months. (9) As of the date presented, the Partnership determined that the unrealized loss on the MRB is not a result of expected shortfalls in discounted cash flows. See Notes 2 and 10 for discussion of the provision for credit loss associated with the MRB. As of June 30, 2025, the MRB has been in an unrealized loss position for less than 12 months.
|  | 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) |  | 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) |  | 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) |  | 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 |
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 |
|  | December 31, 2024 |
Description of Mortgage Revenue Bonds |  | State |  | Cost Adjusted for Paydowns and Allowances |  |  | Cumulative Unrealized Gain |  |  | Cumulative Unrealized Loss |  |  | Estimated Fair Value |
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) |  | 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), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3) MRB owned by ATAX TEBS IV, LLC (M45 TEBS), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4) MRB held by Mizuho in a TOB trust financing transaction, Note 13. (5) MRB held by Barclays in a debt 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. The Partnership has accrued interest receivable related to its MRBs of approximately $5.4 million and approximately $5.3 million as of June 30, 2025 and December 31, 2024, respectively, that is reported as interest receivable, net in the Partnership's condensed consolidated balance sheets. An entity that is an affiliate of the borrowers for the Residency at Empire, Residency at the Entrepreneur, and the Residency at the Mayer MRBs and taxable MRBs (Note 9) has provided full payment guaranties during the construction phase prior to stabilization. The MRBs and taxable MRBs had total outstanding principal of $175.3 million and $9.0 million, respectively, as of June 30, 2025. The Partnership has committed to provide funding for certain MRBs on a draw-down basis during construction and/or rehabilitation of the secured properties as of June 30, 2025. See Note 16 for additional information regarding the Partnership’s MRB funding commitments. See Note 20 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership's condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. See Note 10 for information regarding the Partnership’s allowance for credit losses. Activity in the First Six Months of 2025 Acquisitions: The following MRBs were acquired during the six months ended June 30, 2025:
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date |  | Interest Rate |  |  | Initial Principal Funding |
Agape Helotes - Series A-1 (1) |  | May 2025 |  | Helotes, TX |  |  | 288 |  |  | 1/1/2065 |  |  | 6.25 | % |  | $ | 6,060,000 |
Agape Helotes - Series B (2) |  | May 2025 |  | Helotes, TX |  |  | 288 |  |  | 1/1/2065 |  |  | 8.00 | % |  |  | 7,289,945 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 13,349,945 |
(1) The Agape Helotes - Series A-1 MRB was acquired at a discount of approximately $514,000 or 8.5% of par. (2) The Agape Helotes - Series B MRB is a capital appreciation bond, is subordinate to the Series A-1 and Series A-2 (held by third-party investors), and is payable from excess revenues of the underlying property. Amendments: In March 2025, the Residency at the Mayer – Series A and Residency at the Mayer – Series M MRBs were amended. Previously, upon stabilization of the property, the Series A MRB would have been paid down to no more than $18.0 million and would have converted to a fixed interest rate of 4.90% and the Series M MRB would have paid down to no more than $5.0 million and converted to a fixed interest rate of SOFR plus 3.50% as of the stabilization date. The amendment to these MRBs has removed the Partnership’s post-stabilization funding commitment such that the Partnership’s MRBs will be either repurchased or redeemed by March 2026, and until such date the MRBs will bear interest at a variable interest rate of SOFR plus 3.60%. During the six months ended June 30, 2025, the Partnership recognized fees totaling approximately $565,000 in other income in connection with extensions of the maturity dates of the Residency at the Entrepreneur MRBs, the Residency at the Mayer MRBs, and the Residency at the Entrepreneur taxable MRB. Redemptions: The following MRBs were redeemed during the six months ended June 30, 2025:
Property Name |  | Month Redeemed |  | Property Location |  | Units |  |  | Original Maturity Date |  | Interest Rate |  |  | Principal Outstanding at Date of Redemption |
Lutheran Gardens |  | March 2025 |  | Compton, CA |  |  | 76 |  |  | 2/1/2025 |  |  | 4.90 | % |  | $ | 10,352,000 |
Companion at Thornhill Apartments |  | June 2025 |  | Lexington, SC |  |  | 180 |  |  | 1/1/2052 |  |  | 5.80 | % |  |  | 10,402,953 |
The Palms at Premier Park Apartments |  | June 2025 |  | Columbia, SC |  |  | 240 |  |  | 1/1/2050 |  |  | 6.25 | % |  |  | 17,443,513 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 38,198,466 |
The Companion at Thornhill Apartments MRB was redeemed at 102% of par value plus accrued interest. The redemption premium of approximately $208,000 is reported as “Contingent interest income” on the Partnership’s condensed consolidated statements of operations. All other MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest. Activity in the First Six Months of 2024 Acquisitions: The following MRBs were acquired at a price that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2024:
Property Name |  | Month Acquired |  | Property Location |  | Units |  |  | Maturity Date |  | Interest Rate |  |  | Initial Principal Funded |
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 |
|  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 52,150,000 |
(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. (2) The interest rate is subject to an all-in floor of 3.85%. Sales: The following MRB was sold at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2024:
Property Name |  | Month Sold |  | Property Location |  | Units |  |  | Original Maturity Date |  | Interest Rate |  |  | Principal Outstanding at Date of Sale |
Brookstone |  | May 2024 |  | Waukegan, IL |  |  | 168 |  |  | 5/1/2040 |  |  | 5.45 | % |  | $ | 8,221,234 |
The Partnership realized a gain on sale of the Brookstone MRB of approximately $1.0 million related to collection of an unamortized discount upon sale.

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