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Mortgage Revenue Bonds
 9 Months Ended
Sep. 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 September 30, 2025 and December 31, 2024:

 

 

September 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

 

$

43,051,472

 

 

$

1,127,279

 

 

$

-

 

 

$

44,178,751

 

40rty on Colony - Series P (4)

 

CA

 

 

5,960,795

 

 

 

552,101

 

 

 

-

 

 

 

6,512,896

 

CCBA Senior Garden Apartments (1), (6)

 

CA

 

 

3,691,302

 

 

 

-

 

 

 

(32,192

)

 

 

3,659,110

 

Courtyard - Series A (3)

 

CA

 

 

9,585,708

 

 

 

640,154

 

 

 

-

 

 

 

10,225,862

 

Glenview Apartments - Series A (2)

 

CA

 

 

4,197,724

 

 

 

196,830

 

 

 

-

 

 

 

4,394,554

 

Harmony Court Bakersfield - Series A (3)

 

CA

 

 

3,495,082

 

 

 

208,693

 

 

 

-

 

 

 

3,703,775

 

Harmony Terrace - Series A (3)

 

CA

 

 

6,471,739

 

 

 

419,911

 

 

 

-

 

 

 

6,891,650

 

Harden Ranch - Series A (1)

 

CA

 

 

6,177,729

 

 

 

218,238

 

 

 

-

 

 

 

6,395,967

 

Las Palmas II - Series A (3)

 

CA

 

 

1,585,130

 

 

 

97,628

 

 

 

-

 

 

 

1,682,758

 

Montclair Apartments - Series A (2)

 

CA

 

 

2,274,141

 

 

 

101,865

 

 

 

-

 

 

 

2,376,006

 

Montecito at Williams Ranch Apartments - Series A (1)

 

CA

 

 

7,320,350

 

 

 

532,250

 

 

 

-

 

 

 

7,852,600

 

Montevista - Series A (1)

 

CA

 

 

6,516,587

 

 

 

700,012

 

 

 

-

 

 

 

7,216,599

 

Ocotillo Springs - Series A (1), (7)

 

CA

 

 

3,429,185

 

 

 

-

 

 

 

(208,503

)

 

 

3,220,682

 

Ocotillo Springs - Series A-1 (1)

 

CA

 

 

494,155

 

 

 

61,560

 

 

 

-

 

 

 

555,715

 

Residency at Empire - Series BB-1 (4)

 

CA

 

 

14,097,730

 

 

 

727,924

 

 

 

-

 

 

 

14,825,654

 

Residency at Empire - Series BB-2 (4)

 

CA

 

 

4,000,000

 

 

 

235,901

 

 

 

-

 

 

 

4,235,901

 

Residency at Empire - Series BB-3 (4)

 

CA

 

 

14,000,000

 

 

 

614,877

 

 

 

-

 

 

 

14,614,877

 

Residency at Empire - Series BB-4 (4)

 

CA

 

 

41,150,000

 

 

 

135,184

 

 

 

-

 

 

 

41,285,184

 

Residency at the Entrepreneur - Series J-1 (4), (6)

 

CA

 

 

9,074,627

 

 

 

-

 

 

 

(299,491

)

 

 

8,775,136

 

Residency at the Entrepreneur - Series J-2 (4), (6)

 

CA

 

 

7,500,000

 

 

 

-

 

 

 

(187,387

)

 

 

7,312,613

 

Residency at the Entrepreneur - Series J-3 (4), (6)

 

CA

 

 

26,080,000

 

 

 

-

 

 

 

(109,273

)

 

 

25,970,727

 

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

 

 

16,754,208

 

 

 

1,936,543

 

 

 

-

 

 

 

18,690,751

 

Residency at the Mayer - Series KK (4)

 

CA

 

 

11,500,000

 

 

 

-

 

 

 

-

 

 

 

11,500,000

 

San Vicente - Series A (3)

 

CA

 

 

3,268,454

 

 

 

201,303

 

 

 

-

 

 

 

3,469,757

 

Santa Fe Apartments - Series A (2)

 

CA

 

 

2,755,037

 

 

 

126,293

 

 

 

-

 

 

 

2,881,330

 

Seasons at Simi Valley - Series A (3)

 

CA

 

 

3,980,678

 

 

 

316,193

 

 

 

-

 

 

 

4,296,871

 

Seasons Lakewood - Series A (3)

 

CA

 

 

6,893,809

 

 

 

447,297

 

 

 

-

 

 

 

7,341,106

 

Seasons San Juan Capistrano - Series A (3)

 

CA

 

 

11,606,924

 

 

 

753,102

 

 

 

-

 

 

 

12,360,026

 

Solano Vista - Series A (1)

 

CA

 

 

2,575,514

 

 

 

264,811

 

 

 

-

 

 

 

2,840,325

 

Summerhill - Series A (3)

 

CA

 

 

6,018,475

 

 

 

275,189

 

 

 

-

 

 

 

6,293,664

 

Sycamore Walk - Series A (3)

 

CA

 

 

3,290,446

 

 

 

201,299

 

 

 

-

 

 

 

3,491,745

 

The Village at Madera - Series A (3)

 

CA

 

 

2,890,705

 

 

 

172,605

 

 

 

-

 

 

 

3,063,310

 

Tyler Park Townhomes - Series A (1)

 

CA

 

 

5,376,591

 

 

 

-

 

 

 

-

 

 

 

5,376,591

 

Village at Hanford Square - Series H (4)

 

CA

 

 

10,400,000

 

 

 

798,485

 

 

 

-

 

 

 

11,198,485

 

Vineyard Gardens - Series A (1)

 

CA

 

 

3,812,403

 

 

 

351,969

 

 

 

-

 

 

 

4,164,372

 

Wellspring Apartments (1)

 

CA

 

 

3,790,591

 

 

 

256,778

 

 

 

-

 

 

 

4,047,369

 

Westside Village Market - Series A (1)

 

CA

 

 

3,513,592

 

 

 

171,901

 

 

 

-

 

 

 

3,685,493

 

Handsel Morgan Village Apartments (4)

 

GA

 

 

2,150,000

 

 

 

369,898

 

 

 

-

 

 

 

2,519,898

 

MaryAlice Circle Apartments (4)

 

GA

 

 

5,900,000

 

 

 

563,248

 

 

 

-

 

 

 

6,463,248

 

Renaissance - Series A (2)

 

LA

 

 

10,132,918

 

 

 

123,907

 

 

 

-

 

 

 

10,256,825

 

Live 929 Apartments - Series 2022A (4)

 

MD

 

 

58,414,834

 

 

 

4,911,310

 

 

 

-

 

 

 

63,326,144

 

Woodington Gardens Apartments - Series A-1 (4)

 

MD

 

 

31,150,000

 

 

 

3,367,044

 

 

 

-

 

 

 

34,517,044

 

Meadow Valley (4), (8)

 

MI

 

 

42,584,115

 

 

 

-

 

 

 

(669,481

)

 

 

41,914,634

 

Jackson Manor Apartments (1)

 

MS

 

 

4,747,353

 

 

 

54,976

 

 

 

-

 

 

 

4,802,329

 

Village Point (5)

 

NJ

 

 

22,964,000

 

 

 

127,534

 

 

 

-

 

 

 

23,091,534

 

Silver Moon - Series A (2)

 

NM

 

 

7,334,373

 

 

 

1,161,276

 

 

 

-

 

 

 

8,495,649

 

Village at Avalon (1)

 

NM

 

 

15,553,479

 

 

 

1,538,311

 

 

 

-

 

 

 

17,091,790

 

Columbia Gardens (3)

 

SC

 

 

11,993,370

 

 

 

538,817

 

 

 

-

 

 

 

12,532,187

 

The Ivy Apartments (4), (6)

 

SC

 

 

30,550,958

 

 

 

-

 

 

 

(842,128

)

 

 

29,708,830

 

The Park at Sondrio - Series 2022A (4)

 

SC

 

 

33,621,006

 

 

 

-

 

 

 

-

 

 

 

33,621,006

 

The Park at Vietti - Series 2022A (4)

 

SC

 

 

23,927,167

 

 

 

-

 

 

 

-

 

 

 

23,927,167

 

Village at River's Edge (3)

 

SC

 

 

9,407,308

 

 

 

674,082

 

 

 

-

 

 

 

10,081,390

 

Willow Run (3)

 

SC

 

 

11,826,263

 

 

 

506,053

 

 

 

-

 

 

 

12,332,316

 

Windsor Shores Apartments - Series A (4)

 

SC

 

 

20,641,927

 

 

 

-

 

 

 

-

 

 

 

20,641,927

 

Agape Helotes - Series A-1 (4)

 

TX

 

 

5,549,191

 

 

 

1,044,247

 

 

 

-

 

 

 

6,593,438

 

Agape Helotes - Series B (4)

 

TX

 

 

7,477,198

 

 

 

635,277

 

 

 

-

 

 

 

8,112,475

 

Avistar at Copperfield - Series A (4)

 

TX

 

 

13,086,212

 

 

 

673,602

 

 

 

-

 

 

 

13,759,814

 

Avistar at the Crest - Series A (4)

 

TX

 

 

8,508,985

 

 

 

572,403

 

 

 

-

 

 

 

9,081,388

 

Avistar at the Crest - Series B

 

TX

 

 

705,624

 

 

 

31,953

 

 

 

-

 

 

 

737,577

 

Avistar at the Oaks - Series A (4)

 

TX

 

 

6,892,838

 

 

 

41,614

 

 

 

-

 

 

 

6,934,452

 

Avistar at the Oaks - Series B

 

TX

 

 

517,383

 

 

 

-

 

 

 

-

 

 

 

517,383

 

Avistar at the Parkway - Series A (2)

 

TX

 

 

11,968,083

 

 

 

473,895

 

 

 

-

 

 

 

12,441,978

 

Avistar at the Parkway - Series B

 

TX

 

 

121,720

 

 

 

12,248

 

 

 

-

 

 

 

133,968

 

Avistar at Wilcrest - Series A (4)

 

TX

 

 

4,959,409

 

 

 

18,647

 

 

 

-

 

 

 

4,978,056

 

Avistar at Wood Hollow - Series A (4)

 

TX

 

 

37,656,683

 

 

 

1,693,408

 

 

 

-

 

 

 

39,350,091

 

Avistar in 09 - Series A (4)

 

TX

 

 

5,951,693

 

 

 

382,619

 

 

 

-

 

 

 

6,334,312

 

Avistar in 09 - Series B

 

TX

 

 

426,794

 

 

 

17,440

 

 

 

-

 

 

 

444,234

 

Avistar on the Boulevard - Series A (4)

 

TX

 

 

14,495,983

 

 

 

802,545

 

 

 

-

 

 

 

15,298,528

 

Avistar on the Boulevard - Series B

 

TX

 

 

419,284

 

 

 

18,206

 

 

 

-

 

 

 

437,490

 

Avistar on the Hills - Series A (4)

 

TX

 

 

4,718,989

 

 

 

323,690

 

 

 

-

 

 

 

5,042,679

 

Bruton Apartments (3)

 

TX

 

 

16,915,734

 

 

 

-

 

 

 

-

 

 

 

16,915,734

 

Concord at Gulfgate - Series A (3)

 

TX

 

 

17,783,551

 

 

 

1,246,835

 

 

 

-

 

 

 

19,030,386

 

Concord at Little York - Series A (3)

 

TX

 

 

12,458,219

 

 

 

794,552

 

 

 

-

 

 

 

13,252,771

 

Concord at Williamcrest - Series A (3)

 

TX

 

 

19,299,116

 

 

 

1,312,254

 

 

 

-

 

 

 

20,611,370

 

Crossing at 1415 - Series A (3)

 

TX

 

 

6,915,327

 

 

 

81,358

 

 

 

-

 

 

 

6,996,685

 

Decatur Angle (3)

 

TX

 

 

21,228,175

 

 

 

-

 

 

 

-

 

 

 

21,228,175

 

Esperanza at Palo Alto (3)

 

TX

 

 

18,438,899

 

 

 

1,533,002

 

 

 

-

 

 

 

19,971,901

 

Heights at 515 - Series A (3)

 

TX

 

 

6,331,102

 

 

 

291,915

 

 

 

-

 

 

 

6,623,017

 

Heritage Square - Series A (2)

 

TX

 

 

9,922,606

 

 

 

104,885

 

 

 

-

 

 

 

10,027,491

 

Oaks at Georgetown - Series A (3)

 

TX

 

 

11,564,717

 

 

 

555,886

 

 

 

-

 

 

 

12,120,603

 

15 West Apartments (3)

 

WA

 

 

9,214,440

 

 

 

1,166,423

 

 

 

-

 

 

 

10,380,863

 

Aventine Apartments (4)

 

WA

 

 

9,500,000

 

 

 

1,209,321

 

 

 

-

 

 

 

10,709,321

 

Mortgage revenue bonds

 

 

 

$

965,927,909

 

 

$

41,818,856

 

 

$

(2,348,455

)

 

$

1,005,398,310

 

 

(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 from the date of acquisition and is not considered a credit loss. As of September 30, 2025, the MRB has been in an unrealized loss position for less than 12 months.
(7)
As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of September 30, 2025, the MRB has been in an unrealized loss position for at least 12 months.
(8)
The Partnership has a remaining MRB funding commitment of approximately $1.5 million as of September 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 September 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 September 30, 2025, the MRB has been in an unrealized loss position for more 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 $5.3 million as of September 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 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 $165.4 million and $9.0 million, respectively, as of September 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 September 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 Nine Months of 2025

Acquisitions:

The following MRBs were acquired during the nine months ended September 30, 2025:

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

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 to remove the Partnership's post-stabilization funding commitment to the property. In August 2025, the Residency at the Mayer - Series M MRB was fully redeemed and the Residency at the Mayer - Series A MRB was partially redeemed. The following table summarizes the paydowns:

Property Name

 

Month
Restructured

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

Principal
Payment Received

 

Residency at the Mayer - Series M

 

August 2025

 

Hollywood, CA

 

 

79

 

 

4/1/2039

 

SOFR + 3.60%

 

$

11,500,000

 

Residency at the Mayer - Series A

 

August 2025

 

Hollywood, CA

 

 

79

 

 

4/1/2039

 

SOFR + 3.60%

 

 

12,800,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

24,300,000

 

In August 2025, the Partnership re-committed to providing post-stabilization funding for the Residency at the Mayer - Series A MRB at a fixed interest rate and acquired the Residency at the Mayer - Series KK MRB. The following table summarizes the current terms of the Residency at the Mayer MRBs:

Property Name

 

Month
Amended/Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Principal
Outstanding

 

Residency at the Mayer - Series A

 

August 2025

 

Hollywood, CA

 

 

79

 

 

4/1/2039

 

 

7.25

%

 

$

16,700,000

 

Residency at the Mayer - Series KK

 

August 2025

 

Hollywood, CA

 

 

79

 

 

10/6/2026

 

 

7.25

%

 

 

11,500,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

28,200,000

 

During the nine months ended September 30, 2025, the Partnership recognized fees totaling approximately $709,000 in other income in connection with extensions of the maturity dates of the Residency at the Entrepreneur MRBs, Residency at the Mayer MRBs, and Residency at the Entrepreneur taxable MRB.

Redemptions:

The following MRBs were redeemed during the nine months ended September 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

 

Copper Gate Apartments

 

August 2025

 

Lafayette, IN

 

 

129

 

 

12/1/2029

 

 

6.25

%

 

 

4,715,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

42,913,466

 

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 Nine Months of 2024

Acquisitions:

The following MRBs were acquired at a price that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2024:

Property Name

 

Month
Acquired

 

Property Location

 

Units

 

 

Maturity Date

 

Interest Rate

 

 

Initial Principal 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

 

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.
(2)
The interest rate is subject to an all-in floor of 3.85%.
(3)
The investment was previously reported as the Anaheim & Walnut bond purchase commitment and has converted to an MRB.

Sales:

The following MRB was sold at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2024:

Property Name

 

Month Sold

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Sale

 

Brookstone

 

May 2024

 

Waukegan, IL

 

 

168

 

 

5/1/2040

 

 

5.45

%

 

$

8,221,234

 

The Partnership realized a gain on sale of the Brookstone MRB of approximately $1.0 million related to collection of an unamortized discount upon sale.

Redemptions:

The following MRBs were redeemed at a price that approximated the outstanding principal balance plus accrued interest during the nine months ended September 30, 2024:

Property Name

 

Month
Redeemed

 

Property Location

 

Units

 

 

Original
Maturity Date

 

Interest Rate

 

 

Principal
Outstanding at Date
of Redemption

 

Southpark

 

July 2024

 

Austin, TX

 

 

192

 

 

12/1/2049

 

 

6.13

%

 

$

12,300,000

 

Runnymede

 

August 2024

 

Austin, TX

 

 

252

 

 

10/1/2024

 

 

6.00

%

 

 

9,315,000

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

21,615,000

 

Upon redemption of the Southpark MRB, the Partnership recognized investment income of $1.1 million related to its previously unamortized discount on the MRB.

In connection with the final settlement of the bankruptcy estate of the Provision Center 2014-1 MRB in July 2024, the Partnership received approximately $365,000 and recovered approximately $169,000 of its previously recognized allowance for credit loss (see Note 10).