Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 03, 2016 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | AMERICA FIRST Multifamily INVESTORS, L.P. | |
Entity Central Index Key | 1,059,142 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Trading Symbol | ATAX | |
Entity Common Stock, Units Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Cash and cash equivalents | $ 30,915,002 | $ 17,035,782 |
Restricted cash | 7,545,878 | 8,950,374 |
Interest receivable | 6,883,112 | 5,220,859 |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 605,595,756 | 536,316,481 |
Mortgage revenue bonds, at fair value (Note 6) | 22,770,532 | 47,366,656 |
Public housing capital fund trusts, at fair value (Note 7) | 60,859,254 | 60,707,290 |
Mortgage-backed securities, at fair value (Note 8) | 14,775,309 | |
Real estate assets: (Note 9) | ||
Land and improvements | 16,983,501 | 16,622,345 |
Buildings and improvements | 113,425,121 | 124,906,654 |
Real estate assets before accumulated depreciation | 130,408,622 | 141,528,999 |
Accumulated depreciation | (14,980,815) | (14,532,168) |
Net real estate assets | 115,427,807 | 126,996,831 |
Investment in unconsolidated entities (Note 10) | 13,150,207 | |
Property loans, net of loan loss allowance (Note 11) | 31,181,409 | 22,775,709 |
Assets held for sale, net (Note 12) | 14,020,559 | |
Other assets (Note 14) | 18,996,058 | 12,944,633 |
Total Assets | 913,325,015 | 867,110,483 |
Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 6,121,385 | 5,667,948 |
Distribution payable | 7,890,161 | 8,759,343 |
Unsecured lines of credit (Note 16) | 17,497,000 | |
Debt financing, net (Note 17) | 457,282,760 | 451,496,716 |
Mortgages payable and other secured financing (Note 18) | 51,826,458 | 69,247,574 |
Derivative swap, at fair value (Note 20) | 2,497,657 | 1,317,075 |
Total Liabilities | 525,618,421 | 553,985,656 |
Commitments and Contingencies (Note 22) | ||
Redeemable Series A preferred units, approximately $33.9 million redemption value, 10.0 million authorized, 3.4 million and 0.0 million issued and outstanding, respectively (Note 23) | 33,799,087 | |
Partnersʼ Capital | ||
General Partner (Note 1) | 821,010 | 399,077 |
Beneficial Unit Certificate holders | 353,081,792 | 312,720,264 |
Total Partnersʼ Capital | 353,902,802 | 313,119,341 |
Noncontrolling interest (Note 9) | 4,705 | 5,486 |
Total Capital | 353,907,507 | 313,124,827 |
Total Liabilities and Partnersʼ Capital | $ 913,325,015 | $ 867,110,483 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Redeemable preferred units redemption value | $ 33.9 | $ 33.9 |
Redeemable preferred units, authorized | 10,000,000 | 10,000,000 |
Redeemable preferred units, issued | 3,400,000 | 0 |
Redeemable preferred units, outstanding | 3,400,000 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenues: | ||||
Property revenues | $ 3,414,788 | $ 4,124,413 | $ 13,483,760 | $ 12,512,775 |
Investment income | 9,071,460 | 8,485,518 | 27,238,601 | 25,853,963 |
Contingent interest income | 90,000 | 309,396 | ||
Other interest income | 645,691 | 287,134 | 2,043,162 | 739,057 |
Total revenues | 13,221,939 | 12,897,065 | 43,074,919 | 39,105,795 |
Expenses: | ||||
Real estate operating (exclusive of items shown below) | 2,252,939 | 2,933,278 | 7,259,071 | 7,679,583 |
Recovery of loss on receivables | (98,431) | |||
Impairment expense | 61,506 | |||
Depreciation and amortization | 1,361,259 | 1,405,696 | 5,292,889 | 4,296,460 |
Amortization of deferred financing costs | 425,520 | 423,330 | 1,350,200 | 1,068,661 |
Interest expense | 3,485,172 | 4,754,119 | 12,577,361 | 11,683,429 |
General and administrative | 2,377,148 | 2,380,497 | 7,474,500 | 6,214,093 |
Total expenses | 9,902,038 | 11,798,489 | 34,015,527 | 30,942,226 |
Other Income: | ||||
Gain on sale of MF Properties | 1,633,973 | 1,187,807 | 14,076,902 | 4,605,269 |
Gain on sale of securities | 8,097 | |||
Income before income taxes | 4,953,874 | 2,286,383 | 23,144,391 | 12,768,838 |
Income tax expense | 331,000 | 4,984,000 | ||
Income from continuing operations | 4,622,874 | 2,286,383 | 18,160,391 | 12,768,838 |
Income from discontinued operations | 253,894 | 516,609 | ||
Net income | 4,622,874 | 2,540,277 | 18,160,391 | 13,285,447 |
Net loss attributable to noncontrolling interest | (668) | (372) | (781) | (952) |
Partnership net income | 4,623,542 | 2,540,649 | 18,161,172 | 13,286,399 |
Redeemable Series A preferred unit distribution and accretion | (181,969) | (308,635) | ||
Net income available to Partners | 4,441,573 | 2,540,649 | 17,852,537 | 13,286,399 |
Net income (loss) available to Partners and noncontrolling interest allocated to: | ||||
General Partner | 324,059 | 310,217 | 2,513,126 | 1,238,647 |
Unallocated loss of Consolidated VIEs | 26,311 | (51,901) | ||
Net loss attributable to noncontrolling interest | (668) | (372) | (781) | (952) |
Net income available to Partners and noncontrolling interest | $ 4,440,905 | $ 2,540,277 | $ 17,851,756 | $ 13,285,447 |
Unitholdersʼ interest in net income per unit (basic and diluted): | ||||
Income from continuing operations | $ 0.07 | $ 0.04 | $ 0.25 | $ 0.19 |
Income from discontinued operations | 0.01 | |||
Net income, basic and diluted, per unit | 0.07 | 0.04 | 0.25 | 0.20 |
Distributions declared, per unit | $ 0.125 | $ 0.125 | $ 0.375 | $ 0.375 |
Weighted average number of units outstanding, basic and diluted | 60,176,937 | 60,252,928 | 60,227,413 | 60,252,928 |
Unitholders [Member] | ||||
Net income (loss) available to Partners and noncontrolling interest allocated to: | ||||
Limited Partners | $ 4,115,889 | $ 2,204,121 | $ 15,337,786 | $ 12,099,653 |
Restricted Unitholders [Member] | ||||
Net income (loss) available to Partners and noncontrolling interest allocated to: | ||||
Limited Partners | $ 1,625 | $ 1,625 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Net income | $ 4,622,874 | $ 2,540,277 | $ 18,160,391 | $ 13,285,447 |
Reversal of net unrealized gain on sale of securities | (236,439) | |||
Unrealized gain (loss) on bond purchase commitments | 6,988,349 | (2,444,487) | ||
Comprehensive income (loss) | (29,406,041) | 25,856,606 | 67,651,252 | 13,441,255 |
Comprehensive income (loss) allocated to noncontrolling interest | (668) | (372) | (781) | (952) |
Partnership comprehensive income (loss) | (29,405,373) | 25,856,978 | 67,652,033 | 13,442,207 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Net income | 4,622,874 | 2,540,277 | 18,160,391 | 13,285,447 |
Reversal of net unrealized gain on sale of securities | (236,439) | |||
Unrealized gain (loss) on securities | (29,432,805) | 20,864,402 | 42,738,951 | 2,600,295 |
Unrealized gain (loss) on bond purchase commitments | 6,988,349 | (2,444,487) | ||
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Unrealized gain (loss) on bond purchase commitments | $ (4,596,110) | $ 2,451,927 | $ 6,988,349 | $ (2,444,487) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Partners' Capital - USD ($) | Total | General Partner [Member] | Beneficial Unit Certificate Holders [Member] | Beneficial Unit Certificate Holders - Restricted and Unrestricted [Member] | Unallocated Deficit of Consolidated VIEs [Member] | Number of Units [Member] | Number of Units - Restricted and Unrestricted [Member] | Noncontrolling Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Balance at Dec. 31, 2014 | $ 309,927,904 | $ 578,238 | $ 330,457,117 | $ (21,091,456) | $ (15,995) | $ 51,698,418 | |||
Partners' Capital Account, Units at Dec. 31, 2014 | 60,252,928 | ||||||||
Distributions paid or accrued | (23,939,508) | (1,344,660) | (22,594,848) | ||||||
Net income (loss) allocated to Partners | |||||||||
Bond redemption related to MF Property acquisition | (630,919) | (6,309) | (624,610) | (630,919) | |||||
Sale of MF Property | 24,282 | 24,282 | |||||||
Net income (loss) | 13,285,447 | 1,238,647 | 12,099,653 | (51,901) | (952) | ||||
Unrealized gain (loss) on securities | 3,231,214 | 32,312 | 3,198,902 | 3,231,214 | |||||
Unrealized gain (loss) on bond purchase commitment | (2,444,487) | (24,445) | (2,420,042) | (2,444,487) | |||||
Balance at Sep. 30, 2015 | 299,453,933 | 473,783 | $ 320,116,172 | $ (21,143,357) | 7,335 | 51,854,226 | |||
Partners' Capital Account, Units at Sep. 30, 2015 | 60,252,928 | ||||||||
Balance at Dec. 31, 2015 | 313,124,827 | 399,077 | $ 312,720,264 | 5,486 | 60,963,687 | ||||
Partners' Capital Account, Units at Dec. 31, 2015 | 60,252,928 | ||||||||
Reversal of net unrealized gain on sale of securities | (236,439) | (2,364) | (234,075) | (236,439) | |||||
Distributions paid or accrued | (25,181,261) | (2,586,413) | (22,594,848) | ||||||
Net income (loss) allocated to Partners | |||||||||
Net income (loss) | 17,851,756 | 2,513,126 | 15,339,411 | (781) | |||||
Repurchase of Beneficial Unit Certificates | (1,409,726) | (1,409,726) | |||||||
Repurchase of Beneficial Unit Certificates, Units | (238,936) | ||||||||
Restricted units awarded | 238,936 | ||||||||
Restricted units compensation expense | 31,050 | 311 | 30,739 | ||||||
Unrealized gain (loss) on securities | 42,738,951 | 427,390 | 42,311,561 | 42,738,951 | |||||
Unrealized gain (loss) on bond purchase commitment | 6,988,349 | 69,883 | 6,918,466 | 6,988,349 | |||||
Balance at Sep. 30, 2016 | $ 353,907,507 | $ 821,010 | $ 353,081,792 | $ 4,705 | $ 110,454,548 | ||||
Partners' Capital Account, Units at Sep. 30, 2016 | 60,252,928 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jan. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||||||
Net income | $ 4,622,874 | $ 2,540,277 | $ 18,160,391 | $ 13,285,447 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||
Depreciation and amortization expense | 5,292,889 | 4,597,208 | ||||
Gain on sale of MF Property | (1,633,973) | (1,187,807) | (14,076,902) | (4,605,269) | ||
Gain on sale of securities | (8,097) | |||||
Non-cash loss on derivatives | 1,378,112 | 1,955,694 | ||||
Restricted unit compensation expense | 31,050 | |||||
Bond premium/discount amortization | (113,923) | 244,925 | ||||
Amortization of deferred financing costs | 425,520 | 423,330 | 1,350,200 | 1,068,661 | ||
Deferred income tax expense | (136,000) | 417,000 | ||||
Change in preferred return receivable from unconsolidated entity | (307,165) | |||||
Changes in operating assets and liabilities, net of effect of acquisitions | ||||||
Increase in interest receivable | (1,662,253) | (2,782,579) | ||||
(Increase) decrease in other assets | 133,761 | (1,133,317) | ||||
(Decrease) increase in accounts payable and accrued expenses | (827,131) | 1,642,909 | ||||
Net cash provided by operating activities | 9,767,932 | 14,273,679 | ||||
Cash flows from investing activities: | ||||||
Capital expenditures | (540,602) | (3,357,988) | ||||
Restructure and acquisition of interest rate derivative | (562,088) | |||||
Proceeds from sale of MF Properties | 45,850,001 | 16,196,510 | ||||
Proceeds from sale of mortgage revenue bond | $ 15,000,000 | 9,295,000 | $ 5,800,000 | |||
Proceeds from the sale of MBS Securities | 14,997,069 | |||||
Cash realized from the bond exchange for the Suites on Paseo property | 8,516 | 514,094 | ||||
Acquisition of mortgage revenue bonds | (20,285,000) | (137,805,000) | ||||
Contributions to unconsolidated entities | (12,843,042) | |||||
Acquisition of MF Property | (9,882,800) | |||||
Restricted cash - debt collateral paid | (1,589,456) | (4,815,000) | ||||
Restricted cash - debt collateral released | 2,704,840 | 6,547,477 | ||||
Decrease (increase) in restricted cash | 289,112 | (106,709) | ||||
Acquisition of taxable bonds | (500,000) | |||||
Principal payments received on mortgage revenue bonds and PHCs | 8,908,517 | 22,323,371 | ||||
Principal payments received on taxable loans | 71,979 | |||||
Assets purchased - held for investment | 280,572 | |||||
Funding of notes receivable | (8,414,216) | (2,803,595) | ||||
Net cash provided by (used in) investing activities | 28,497,939 | (104,577,521) | ||||
Cash flows from financing activities: | ||||||
Distributions paid | (26,175,652) | (23,661,252) | ||||
Proceeds from the sale of redeemable Series A Preferred Units | 33,869,000 | |||||
Payment of offering costs related to the sale of redeemable Series A preferred units | (63,400) | |||||
Repurchase of beneficial unit certificates | (1,409,726) | |||||
Proceeds from debt financing | 134,392,645 | 269,805,000 | ||||
Principal payments on debt financing | (128,348,340) | (167,557,507) | ||||
Principal repayment on other secured financing | (7,500,000) | |||||
Principal borrowing on mortgages payable | 7,500,000 | |||||
Principal payments on mortgages payable | (17,520,435) | (8,213,146) | ||||
Principal borrowing on unsecured lines of credit | 19,987,639 | 61,764,261 | ||||
Principal payments on unsecured lines of credit | (37,484,639) | (55,339,000) | ||||
Decrease in security deposit liability related to restricted cash | (94,593) | 106,709 | ||||
Debt financing and other deferred costs | (1,539,150) | (2,646,859) | ||||
Net cash (used in) provided by financing activities | (24,386,651) | 74,258,206 | ||||
Net increase (decrease) in cash and cash equivalents | 13,879,220 | (16,045,636) | ||||
Cash and cash equivalents at beginning of period, including cash and cash equivalents of assets held for sale and discontinued operations of $0 and $35,772, respectively | $ 17,035,782 | 17,035,782 | 49,193,343 | 49,193,343 | ||
Cash and cash equivalents at end of period, including cash and cash equivalents of discontinued operations of $0 and $35,958, respectively | $ 30,915,002 | $ 33,147,707 | 30,915,002 | 33,147,707 | $ 17,035,782 | |
Supplemental disclosure of cash flow information: | ||||||
Cash paid during the period for interest | 11,048,099 | 9,707,113 | ||||
Supplemental disclosure of non cash investing and financing activities: | ||||||
Distributions declared but not paid | 8,070,012 | 7,895,646 | ||||
Capital expenditures financed through accounts payable | 12,112 | 34,131 | ||||
Liabilities assumed in the acquisition of MF Property | $ 135,326 | |||||
Exchange of Suites on Paseo assets held for the Suites on Paseo property | $ 42,665,912 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows Parenthetical - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Statement Of Cash Flows [Abstract] | ||||
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents | $ 0 | $ 0 | $ 35,958 | $ 35,772 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2016 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1. Basis of Presentation General America First Multifamily Investors, L.P. (the “Company” or “Partnership”) was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act for the purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds which have been issued to provide construction and/or permanent financing for affordable multifamily and student housing residential properties (collectively “Residential Properties”) and commercial properties. The Partnership expects and believes the interest earned on these mortgage revenue bonds is excludable from gross income for federal income tax purposes. As a result, most of the income earned by the Partnership is exempt from federal income taxes. The Partnership may also invest in other types of securities that may or may not be secured by real estate and may make property loans secured by multifamily residential properties which may or may not be financed by mortgage revenue bonds held by the Partnership. The Partnership may acquire real estate securing its mortgage revenue bonds or property loans through foreclosure in the event of a default or through the receipt of a fee simple deed in lieu of foreclosure. In addition, the Partnership may acquire interests in multifamily, student, and senior citizen residential properties (“MF Properties”) in order to position itself for future investments in mortgage revenue bonds issued to finance these properties or to operate the MF Property until its “highest and best use” can be determined by management. The Partnership expects to sell its interest in these MF Properties in connection with the future syndication of low income housing tax credits under Section 42 of the Internal Revenue Code (“LIHTCs”) or to a tax-exempt organization and to acquire mortgage revenue bonds on these properties to provide debt financing to the new owners. The general partner is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”). The general partner of AFCA 2 is Burlington Capital LLC (“Burlington”). The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partner interests to investors (“Unitholders”). In March, May, and September of 2016, the Partnership issued, in private placements, approximately 1.0 million, 1.4 million, and 1.0 million, respectively, of non-cumulative, non-voting, non-convertible Series A Preferred Units (“Series A Preferred Units”). The Series A Preferred Units are redeemable in the future and represent limited partnership interests in the Partnership pursuant to a subscription agreement with three financial institutions resulting in approximately $33.9 million in aggregate proceeds to the Partnership (Note 23). |
Summary of Significant Accounti
Summary of Significant Accounting Policies Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Summary Of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P. and its wholly-owned subsidiaries. The “wholly-owned subsidiaries” include the MF Properties owned by a limited partnership in which one of the wholly-owned subsidiaries (“The Greens Hold Co”) holds a 99% limited partner interest. All intercompany transactions are eliminated. On September 30, 2016, the consolidated subsidiaries of the Partnership (the “Consolidated Subsidiaries”) consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created in 2010 to hold mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac (Note 17). • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created in 2014 to hold mortgage revenue bonds in order to facilitate the second TEBS Financing, (“M31 TEBS Financing”) with Freddie Mac (Note 17). • ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created in 2015 to hold mortgage revenue bonds in order to facilitate the third TEBS Financing (“M33 TEBS Financing”), with Freddie Mac (Note 17). • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership committed to loan money or provide equity for the development of multifamily properties (Notes 10 and 11). • Seven MF Properties which are either wholly or majority owned by the Partnership or subsidiaries of the Partnership (Notes 9 and 12). For the three and nine months ended September 30, 2015, two properties, Bent Tree and Fairmont Oaks, in which the Partnership did not hold an ownership interest but which owned multifamily properties financed with mortgage revenue bonds owned by the Partnership were variable interest entities (“VIEs”) and were sold in the fourth quarter of 2015. The Partnership had been determined to be the primary beneficiary of these VIEs, the “Consolidated VIEs”. The Partnership determined the sales qualified to be presented as discontinued operations. As such, the results of operations for the three and nine months ended September 30, 2015 are presented as discontinued operations and all other significant transactions and accounts between the Partnership and the VIEs have been eliminated in consolidation (Notes 5 and 9). The General Partner does not believe that the consolidation of VIEs for reporting under accounting principles generally accepted in the United States of America (“GAAP”) impacts the Partnership’s status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership, the treatment of the mortgage revenue bonds on the properties owned by Consolidated VIEs as debt, the nature of the interest payments, which it believes to be tax-exempt, received on the mortgage revenue bonds secured by the properties owned by Consolidated VIEs or the manner in which the Partnership’s income is reported to Unitholders on IRS Form K-1. The unallocated deficit of the Consolidated VIEs was comprised of the accumulated historical net losses of the Consolidated VIEs since the applicable consolidation date. The unallocated deficit of the Consolidated VIEs and the Consolidated VIEs’ net losses subsequent to that date are not allocated to the General Partner and Unitholders as such activity is not contemplated by, or addressed in, the First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as amended (the “Amended and Restated LP Agreement”). Acquisition Accounting Pursuant to the guidance on acquisition accounting, the Partnership allocates the contractual purchase price of a property acquired to the land, building, and leases in existence as of the date of acquisition based on their relative fair values. The building is valued as if vacant. The estimated valuation of in-place leases is calculated by applying a risk-adjusted discount rate to the projected cash flow deficit at each property during an assumed lease-up period for these properties. This allocated cost is amortized over the average remaining term of the leases and is included in the statement of operations under depreciation and amortization expense. The acquisition related costs to acquire a property are expensed as incurred. Investment in unconsolidated entities During the nine months ended September 30, 2016, the Partnership made initial investments in and committed to invest, through its wholly owned subsidiary, ATAX Vantage Holdings, LLC, in Vantage Corpus Christi Holdings, LLC, in Vantage at Waco, LLC, and in Vantage at Boerne, LLC (“Vantage Properties”). ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited partnership interest under Assets held for sale In July 2016, one of the MF Properties, Woodland Park, was sold to an unrelated third party. The Partnership determined the transaction met the accounting guidance as an asset held for sale prior to the date of the sale. As such, Woodland Park’s real estate assets, net of accumulated depreciation, are reported as assets held for sale, net, for all periods presented until the date Woodland Park was sold. Management also reviewed the discontinued operations accounting guidance and determined the sale did not qualify as a discontinued operation (Note 12). Redeemable Series A preferred units Holders of the Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units The Series A Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless repurchased or redeemed by the Partnership or holder. Upon the sixth anniversary of the closing of the sale of Series A Preferred Units to a subscriber, and upon each anniversary thereafter, the Partnership and each holder of Series A Preferred Units will have the right to redeem, in whole or in part, the Series A Preferred Units held by such holder at a per unit redemption price equal to $10.00 per unit plus an amount equal to all declared and unpaid distributions. The Series A Preferred Units are recorded as mezzanine equity due to the holder’s redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. In addition, the costs of issuing the Series A Preferred Units are netted against the carrying value and amortized to the first redemption date (Note 23). Restricted Unit Awards (“RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the Unitholders in September 2015, permits the grant of restricted units and other awards to the employees of Burlington, the Partnership, or any affiliate of either, and members of Burlington’s Board of Managers for up to 3 million BUCs. Restricted unit awards are generally granted with vesting conditions ranging from three months to up to three years. RUAs currently provide for the payment of distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period (Note 24). Estimates and assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. These condensed consolidated financial statements and notes have been prepared consistently with the 2015 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position on September 30, 2016, and the results of operations for the interim periods presented have been made. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. Income Taxes The Greens Hold Co (“The Greens”), a wholly-owned subsidiary of the Partnership, is a corporation subject to federal and state income taxes. The Partnership will recognize income tax expense or benefit for the federal and state income taxes incurred by The Greens on the Partnership’s condensed consolidated financial statements. No provision is necessary, or has been recorded, for the Partnership excluding The Greens as the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes. The Partnership evaluates its tax positions taken in the Partnership’s condensed consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. Deferred income tax expense, or benefit, is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes) and the utilization of tax net operating losses (“NOL”) generated in prior years that had been previously recognized as deferred income tax assets. The Partnership provides for a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred tax expense (Note 13). Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. In the first quarter of 2016, the Partnership began to classify its amortization of deferred financing costs as a separate line within the Partnership’s Condensed Consolidated Statements of Operations. Previously this amount had been classified within depreciation and amortization. Accordingly, for the three and nine months ended September 30, 2015, the Partnership has reclassified the amortization of deferred financing costs and has included them in conformity for the periods presented herein. This reclassification has no effect on the Partnership’s reported net income or partners’ capital in the Partnership’s condensed consolidated financial statements for the periods presented. In 2016, the Partnership began to classify its property loans, net of loan losses, as a separate line item within the Partnership’s Condensed Consolidated Balance Sheets. Previously this amount had been classified within Other assets. Accordingly, on September 30, 2016 and December 31, 2015, the Partnership has reclassified the property loans, net of loan losses, and has included them in conformity for the periods presented herein. This reclassification has no effect on the Partnership’s reported net income or partners’ capital in the Partnership’s condensed consolidated financial statements for the periods presented. Recently Issued Accounting Pronouncements, Adopted and Pending In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)”, In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230)”, In August, 2015 and March through May 2016, the FASB issued ASU 2015-14, ASU 2016-12, ASU 2016-10, and ASU 2016-08, “Revenue from Contracts with Customers (Topic 606)”, In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718)”, In March 2016, the FASB issued ASU 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323)” In March 2016, the FASB issued ASU 2016-05, “Derivatives and Hedging (Topic 815)”, In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall (Subtopic 825-10)”, In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, “ Presentation of Financial Statements-Going Concern |
Partnership Income, Expense and
Partnership Income, Expense and Cash Distributions | 9 Months Ended |
Sep. 30, 2016 | |
Partnership Income Expenses And Cash Distributions [Abstract] | |
Partnership Income Expenses and Cash Distributions Text Block | 3. Partnership Income, Expenses and Cash Distributions The Amended and Restated LP Agreement of the Partnership contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments. Income and losses will be allocated to each Unitholder on a periodic basis, as determined by the General Partner, based on the number of BUCs held by each Unitholder as of the last day of the period for which such allocation is to be made. Distributions of Net Interest Income and Net Residual Proceeds will be made to each Unitholder of record on the last day of each distribution period based on the number of BUCs held by each Unitholder on that date. For purposes of the Amended and Restated LP Agreement, cash distributions, if any, received by the Partnership from its investment in MF Properties (Note 9) will be included in the Partnership’s Net Interest Income and cash distributions received by the Partnership from the sale of such properties will be included in the Partnership’s Net Residual Proceeds. Series A Preferred Units were created pursuant to the First Amendment to the Amended and Restated LP Agreement (the “First Amendment”), which became effective on March 30, 2016. This Amendment was filed as Exhibit 3.1 to Form 8-K filed on March 31, 2016 and is incorporated by reference herein. Cash distributions are currently made on a quarterly basis. AFCA 2 can elect to make distributions on a monthly or semi-annual basis. On each distribution date, Net Interest Income is distributed 99% to the limited partners and Unitholders as a class and 1% to AFCA 2 and Net Residual Proceeds are distributed 100% to the limited partners and Unitholders as a class, except that Net Interest Income and Net Residual Proceeds representing contingent interest in an amount equal to 0.9% per annum of the principal amount of the mortgage revenue bonds on a cumulative basis (defined as Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2), respectively) are distributed 75% to the limited partners and Unitholders as a class and 25% to AFCA 2. |
Net Income per BUC
Net Income per BUC | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Income per BUC | 4. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC on the Condensed Consolidated Statement of Operations. The unvested RUAs issued under the Plan are considered participating securities. The Partnership used the two-class method to allocate net income available to BUCs and the unvested restricted units. Unvested restricted unit awards are included with BUCs for the calculation of diluted net income per BUC using the treasury stock method. There were no dilutive units for the three and nine months ended September 30, 2016 and 2015. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities [Text Block] | 5. Variable Interest Entities In the first nine months of 2016, the Partnership made equity investments in the Vantage Properties. The Partnership determined its limited membership interests in the Vantage Properties through ATAX Vantage Holdings, LLCs ownership are variable interests, but ATAX Vantage Holdings, LLC is not the primary beneficiary of the Vantage Properties. The Vantage Properties are VIEs at September 30, 2016. The Partnership determined the TOB Trusts, Term A/B Trusts and TEBS Financings are VIEs and the Partnership is the primary beneficiary. As such, the Partnership reports the TOB Trusts, Term A/B Trusts and TEBS Financings on a consolidated basis. The Partnership reports the senior floating-rate participation interests Prior to 2016, the Partnership concluded it was the primary beneficiary of two properties, Bent Tree and Fairmont Oaks, and reported these properties as Consolidated VIEs. The Partnership did not hold an ownership interest but owned the mortgage revenue bonds which financed these two properties. In the fourth quarter of 2015, the two properties were sold and as a result, these entities met the criteria for discontinued operations presentation in the Partnership’s condensed consolidated financial statements for the three and nine months ended September 30, 2015. Upon the sale of the two properties, the Partnership eliminated the Consolidated VIE segment in the fourth quarter of 2015 (Note 25). The following table presents information regarding the Partnership’s variable interests in VIEs held by the Partnership on September 30, 2016 and December 31, 2015 that the Partnership did not consolidate: Maximum Exposure to Loss September 30, 2016 December 31, 2015 Mortgage revenue bonds $ 107,633,367 $ 103,483,793 Property loans $ 16,181,710 $ 19,464,977 Investment in unconsolidated entities $ 13,150,207 $ - The mortgage revenue bonds are classified on the Condensed Consolidated Balance Sheet as available-for-sale investments and are carried at fair value while property loans are presented on the balance sheet at the unpaid principal less any loan loss allowances. See Note 7 for additional information regarding the mortgage revenue bonds and Note 11 for additional information regarding the property loans. The maximum exposure to loss for the mortgage revenue bonds is equal to the cost adjusted for paydowns on September 30, 2016 and December 31, 2015. The maximum exposure to loss on the property loans at September 30, 2016 and December 31, 2015 is equal to the unpaid principal balance plus accrued interest. The difference between the mortgage revenue bond’s carrying value and the maximum exposure to loss is a function of the unrealized gains or losses on the mortgage revenue bonds. The difference between the property loans’ carrying value and the maximum exposure is the value of loan loss allowances that have been previously recorded against the outstanding property loan balances. |
Investments in Mortgage Revenue
Investments in Mortgage Revenue Bonds | 9 Months Ended |
Sep. 30, 2016 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block] | 6. Investments in Mortgage Revenue Bonds Mortgage revenue bonds owned by the Partnership have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties. Mortgage revenue bonds are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 17). The Partnership had the following investments in mortgage revenue bonds on September 30, 2016 and December 31, 2015: September 30, 2016 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Glenview Apartments - Series A (4) CA $ 4,670,000 $ 492,351 $ - $ 5,162,351 Harden Ranch - Series A (3) CA 6,928,584 953,179 - 7,881,763 Montclair Apartments - Series A (4) CA 2,530,000 307,815 - 2,837,815 Santa Fe Apartments - Series A (4) CA 3,065,000 423,634 - 3,488,634 Seasons at Simi Valley - Series A (2) CA 4,376,000 679,926 - 5,055,926 Sycamore Walk - Series A (2) CA 3,632,000 436,757 - 4,068,757 Tyler Park Townhomes - Series A (3) CA 6,038,263 671,518 - 6,709,781 Westside Village Market - Series A (3) CA 3,945,993 380,659 - 4,326,652 Lake Forest (1) FL 8,672,000 1,674,112 - 10,346,112 Ashley Square (1) IA 5,054,000 703,436 - 5,757,436 Brookstone (1) IL 7,464,734 2,396,187 - 9,860,921 Copper Gate Apartments (3) IN 5,185,000 1,066,295 - 6,251,295 Renaissance - Series A (4) LA 11,374,592 2,013,776 - 13,388,368 Live 929 Apartments (2) MD 40,708,453 9,125,749 - 49,834,202 Woodlynn Village (1) MN 4,331,000 878,067 - 5,209,067 Greens Property - Series A (3) NC 8,231,000 1,907,554 - 10,138,554 Silver Moon - Series A (4) NM 7,946,182 1,352,333 - 9,298,515 Ohio Properties - Series A (1) OH 14,239,000 4,147,067 - 18,386,067 Bridle Ridge (1) SC 7,535,000 1,532,393 - 9,067,393 Columbia Gardens (2) SC 15,216,816 476,831 - 15,693,647 Companion at Thornhill Apartments (2) SC 11,500,000 2,316,803 - 13,816,803 Cross Creek (1) SC 6,117,726 3,602,456 - 9,720,182 The Palms at Premier Park Apartments (3) SC 19,871,381 4,160,041 - 24,031,422 Willow Run (2) SC 15,216,711 468,263 - 15,684,974 Arbors at Hickory Ridge (3) TN 11,490,513 2,475,547 - 13,966,060 Pro Nova 2014-1 (2) TN 10,042,683 1,698,917 - 11,741,600 Avistar at Chase Hill - Series A (3) TX 9,868,144 1,738,060 - 11,606,204 Avistar at the Crest - Series A (3) TX 9,572,100 1,901,250 - 11,473,350 Avistar at the Oaks - Series A (3) TX 7,726,653 1,489,086 - 9,215,739 Avistar at the Parkway - Series A (4) TX 13,300,000 1,377,287 - 14,677,287 Avistar in 09 - Series A (3) TX 6,671,666 1,285,767 - 7,957,433 Avistar on the Boulevard - Series A (3) TX 16,307,106 3,238,986 - 19,546,092 Avistar on the Hills - Series A (3) TX 5,338,325 1,069,628 - 6,407,953 Bella Vista (1) TX 6,365,000 1,406,347 - 7,771,347 Bruton Apartments (2) TX 18,145,000 2,568,560 - 20,713,560 Concord at Gulfgate - Series A (2) TX 19,185,000 2,475,998 - 21,660,998 Concord at Little York - Series A (2) TX 13,440,000 1,961,962 - 15,401,962 Concord at Williamcrest - Series A (2) TX 20,820,000 2,687,010 - 23,507,010 Crossing at 1415 - Series A (2) TX 7,590,000 797,366 - 8,387,366 Decatur Angle (2) TX 22,987,644 2,400,726 - 25,388,370 Heights at 515 - Series A (2) TX 6,435,000 676,028 - 7,111,028 Heritage Square - Series A (4) TX 11,185,000 2,290,924 - 13,475,924 Runnymede (1) TX 10,300,000 2,173,918 - 12,473,918 Southpark (1) TX 11,857,614 5,478,846 - 17,336,460 Vantage at Harlingen - Series B (4) TX 24,575,000 3,861,168 - 28,436,168 Vantage at Judson -Series B (4) TX 26,407,546 4,915,744 - 31,323,290 Mortgage revenue bonds held in trust $ 513,459,429 $ 92,136,327 $ - $ 605,595,756 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 17 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 17 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 17 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 17 September 30, 2016 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Las Palmas II - Series A & B CA $ 3,465,000 $ - $ - $ 3,465,000 San Vicente - Series A & B CA 5,320,000 - - 5,320,000 Seasons at Simi Valley - Series B CA 1,944,000 51,012 - 1,995,012 Sycamore Walk - Series B CA 1,815,000 - (61,510 ) 1,753,490 Greens Property - Series B NC 941,194 208,062 - 1,149,256 Ohio Properties - Series B OH 3,552,990 801,459 - 4,354,449 Avistar at Chase Hill - Series B TX 958,752 130,373 - 1,089,125 Avistar at the Crest - Series B TX 754,086 138,874 - 892,960 Avistar at the Oaks - Series B TX 551,459 102,170 - 653,629 Avistar at the Parkway - Series B TX 125,000 5,085 - 130,085 Avistar in 09 - Series B TX 454,903 84,281 - 539,184 Avistar on the Boulevard - Series B TX 448,080 82,519 - 530,599 Crossing at 1415 - Series B TX 335,000 20,910 - 355,910 Heights at 515 - Series B TX 510,000 31,833 - 541,833 Mortgage revenue bonds held by the Partnership $ 21,175,464 $ 1,656,578 $ (61,510 ) $ 22,770,532 December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Glenview Apartments - Series A (4) CA $ 4,670,000 $ 210,572 $ - $ 4,880,572 Harden Ranch - Series A (3) CA 6,960,000 668,981 - 7,628,981 Montclair Apartments - Series A (4) CA 2,530,000 114,079 - 2,644,079 Santa Fe Apartments - Series A (4) CA 3,065,000 154,067 - 3,219,067 Tyler Park Townhomes - Series A (3) CA 6,075,000 487,209 - 6,562,209 Westside Village Market - Series A (3) CA 3,970,000 202,340 - 4,172,340 Lake Forest (1) FL 8,766,000 1,177,745 - 9,943,745 Ashley Square (1) IA 5,099,000 508,163 - 5,607,163 Brookstone (1) IL 7,468,668 1,436,203 - 8,904,871 Copper Gate Apartments (3) IN 5,185,000 616,341 - 5,801,341 Renaissance - Series A (4) LA 11,450,959 1,233,077 - 12,684,036 Live 929 Apartments (2) MD 40,801,557 5,829,855 - 46,631,412 Woodlynn Village (1) MN 4,351,000 466,471 - 4,817,471 Greens Property - Series A (3) NC 8,294,000 1,138,270 - 9,432,270 Silver Moon - Series A (4) NM 7,983,811 1,246,349 - 9,230,160 Ohio Properties - Series A (1) OH 14,311,000 2,690,867 - 17,001,867 Bridle Ridge (1) SC 7,595,000 817,222 - 8,412,222 Columbia Gardens (2) SC 15,224,597 - - 15,224,597 Cross Creek (1) SC 6,101,605 2,932,689 - 9,034,294 The Palms at Premier Park Apartments (3) SC 20,001,272 2,505,091 - 22,506,363 Willow Run (2) SC 15,224,591 - - 15,224,591 Arbors at Hickory Ridge (3) TN 11,565,657 1,767,508 - 13,333,165 Pro Nova 2014-1 and 2014-2 (2) TN 19,379,489 1,182,900 - 20,562,389 Avistar at Chase Hill - Series A (3) TX 9,935,552 1,133,024 - 11,068,576 Avistar at the Crest - Series A (3) TX 9,637,485 1,301,224 - 10,938,709 Avistar at the Oaks - Series A (3) TX 7,777,936 840,159 - 8,618,095 Avistar at the Parkway - Series A (4) TX 13,300,000 330,251 - 13,630,251 Avistar in 09 - Series A (3) TX 6,715,948 725,445 - 7,441,393 Avistar on the Boulevard - Series A (3) TX 16,418,497 1,872,323 - 18,290,820 Avistar on the Hills - Series A (3) TX 5,373,756 693,096 - 6,066,852 Bella Vista (1) TX 6,430,000 766,135 - 7,196,135 Bruton Apartments (2) TX 18,145,000 1,901,839 - 20,046,839 Concord at Gulfgate - Series A (2) TX 17,060,000 852,612 - 17,912,612 Concord at Little York - Series A (2) TX 12,480,000 688,441 - 13,168,441 Concord at Williamcrest - Series A (2) TX 18,020,000 1,182,543 - 19,202,543 Decatur Angle (2) TX 23,000,000 1,582,083 - 24,582,083 Heritage Square - Series A (4) TX 11,185,000 273,488 - 11,458,488 Runnymede (1) TX 10,350,000 1,600,938 - 11,950,938 Southpark (1) TX 11,799,874 3,990,882 - 15,790,756 Vantage at Harlingen - Series B (4) TX 24,575,000 1,765,139 - 26,340,139 Vantage at Judson -Series B (4) TX 26,540,000 2,613,606 - 29,153,606 Mortgage revenue bonds held in trust $ 484,817,254 $ 51,499,227 $ - $ 536,316,481 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 17 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 17 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 17 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 17 December 31, 2015 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Glenview Apartments - Series B CA $ 2,053,000 $ - $ (7,329 ) $ 2,045,671 Montclair Apartments - Series B CA 928,000 - (2,506 ) 925,494 Santa Fe Apartments - Series B CA 1,671,000 - (5,965 ) 1,665,035 Seasons at Simi Valley CA 6,320,000 404,110 - 6,724,110 Sycamore Walk CA 5,447,000 - - 5,447,000 Greens Property - Series B NC 943,214 142,442 - 1,085,656 Ohio Properties - Series B OH 3,562,190 514,997 - 4,077,187 Avistar at Chase Hill - Series B TX 961,981 109,878 - 1,071,859 Avistar at the Crest - Series B TX 756,626 86,428 - 843,054 Avistar at the Oaks - Series B TX 553,244 63,533 - 616,777 Avistar at the Parkway - Series B TX 125,000 - (979 ) 124,021 Avistar in 09 - Series B TX 456,376 52,409 - 508,785 Avistar on the Boulevard - Series B TX 449,589 51,356 - 500,945 Concord at Gulfgate - Series B TX 2,125,000 76,802 - 2,201,802 Concord at Little York - Series B TX 960,000 - (6,711 ) 953,289 Concord at Williamcrest - Series B TX 2,800,000 - (19,573 ) 2,780,427 Crossing at 1415 TX 7,925,000 214,091 - 8,139,091 Heights at 515 TX 6,945,000 185,268 - 7,130,268 Heritage Square - Series B TX 520,000 6,185 - 526,185 Mortgage revenue bonds held by the Partnership $ 45,502,220 $ 1,907,499 $ (43,063 ) $ 47,366,656 During 2016, the Partnership redeemed the following Series B mortgage revenue bonds for approximately $5.2 million, which approximated their carrying value plus accrued interest. Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Glenview Apartments - Series B May Cameron, CA 88 12/1/2016 8.00 % $ 2,053,000 Montclair Apartments - Series B May Lemoore, CA 80 12/1/2016 8.00 % $ 928,000 Santa Fe Apartments - Series B May Hesperia, CA 89 12/1/2016 8.00 % $ 1,671,000 Heritage Square - Series B May Edinburg, TX 204 10/1/2051 12.00 % $ 520,000 In March 2016, the Partnership sold the Pro Nova 2014-2 bond for approximately $9.5 million, which approximated the mortgage revenue bond’s carrying value plus accrued interest. The Partnership used approximately $8.4 million of the proceeds from the sale to pay in full and collapse the TOB Trust securitizing this mortgage revenue bond (Note 17). Property Name Month Sold Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Sale Pro Nova - 2014B 1 March Knoxville, TN - 5/1/2025 5.25 % $ 9,295,000 1 During 2016, six of the Partnership’s mortgage revenue bonds relating to three properties were restructured. For each property, the Series B mortgage revenue bond was redeemed and the outstanding principal balance was added to the outstanding principal on the Series A bonds. The terms of the three Series B mortgage revenue bonds that were redeemed are as follows: Property Name Month Restructured Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Concord at Gulfgate - Series B August Houston, TX 288 3/1/2032 12.00 % $ 2,125,000 Concord at Little York - Series B August Houston, TX 276 3/1/2032 12.00 % $ 960,000 Concord at Williamcrest - Series B August Houston, TX 288 3/1/2032 12.00 % $ 2,800,000 The following table includes the details of the mortgage revenue bond acquisitions during the nine months ended September 30, 2016: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Companion at Thornhill Apartments January Lexington, SC 178 1/1/2052 5.80 % $ 11,500,000 Las Palmas II - Series A September Coachella, CA 81 11/1/2033 5.00 % $ 1,695,000 Las Palmas II - Series B September Coachella, CA 81 11/1/2018 5.50 % $ 1,770,000 San Vicente - Series A September Soledad, CA 50 11/1/2033 5.00 % $ 3,495,000 San Vicente - Series B September Soledad, CA 50 11/1/2018 5.50 % $ 1,825,000 In September 2015, the owner of the Suites on Paseo property and the Partnership mutually agreed to exchange the deed for the Suites on Paseo property for approximately $41.0 million Series A and B mortgage revenue bonds plus accrued interest. These mortgage revenue bonds were subsequently collapsed. At September 30, 2016 and December 31, 2015, the Partnership reported the Suites on Paseo property as an MF Property (Note 9). During 2015, the Partnership redeemed the following Series B mortgage revenue bonds for approximately $5.8 million which approximated their carrying value plus accrued interest. Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Harden Ranch - Series B July Salinas, CA 100 3/1/2016 8.00 % $ 2,340,000 Tyler Park - Series B July Greenfield, CA 88 1/1/2016 8.00 % $ 2,025,000 Westside Village - Series B July Shafter, CA 81 1/1/2016 8.00 % $ 1,430,000 During 2015, the mortgage revenue bonds associated with the Renaissance Gateway property were restructured. The restructuring combined the Series B mortgage revenue bond with a par value of approximately $1.3 million and the Series C mortgage revenue bond with a par value of approximately $1.7 million with the Series A mortgage revenue bond with a par value of approximately $8.5 million. The partnership received cash of approximately $1.2 million at restructuring. The terms of the mortgage revenue bond after restructuring is as follows: Property Name Month Restructured Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Renaissance June Baton Rouge, LA 208 6/1/2050 6.00 % $ 11,500,000 The following table provides the details of the mortgage revenue bond acquisitions during the nine months ended September 30, 2015: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Concord at Gulfgate - Series A January Houston, TX 288 2/1/2032 6.00 % $ 17,060,000 Concord at Gulfgate - Series B January Houston, TX 288 3/1/2032 12.00 % $ 2,125,000 Concord at Little York - Series A January Houston, TX 276 2/1/2032 6.00 % $ 12,480,000 Concord at Little York - Series B January Houston, TX 276 3/1/2032 12.00 % $ 960,000 Concord at Williamcrest - Series A January Houston, TX 288 2/1/2032 6.00 % $ 18,020,000 Concord at Williamcrest - Series B January Houston, TX 288 3/1/2032 12.00 % $ 2,800,000 Suites on Paseo Series B March San Diego, CA 394 12/1/2033 9.00 % $ 5,500,000 Avistar at the Parkway Apartments - Series A April San Antonio, TX 236 5/1/2052 6.00 % $ 13,300,000 Avistar at the Parkway Apartments - Series B April San Antonio, TX 236 6/1/2052 12.00 % $ 125,000 Vantage at Harlingen June San Antonio, TX 288 9/1/2053 6.00 % $ 24,575,000 Vantage at Judson June San Antonio, TX 288 1/1/2053 6.00 % $ 26,540,000 Silver Moon - Series A June Albuquerque, 151 8/1/2055 6.00 % $ 8,000,000 Seasons at Simi Valley - Series A August Simi Valley, CA 69 9/1/2032 5.75 % $ 4,376,000 Seasons at Simi Valley - Series B August Simi Valley, CA 69 9/1/2017 5.50 % $ 1,944,000 Valuation - The Partnership’s investments in mortgage revenue bonds are classified as available-for-sale securities and are reported on the balance sheet at their estimated fair values. On September 30, 2016 and December 31, 2015, the weighted average base rate of the mortgage revenue bonds reported in the condensed consolidated financial statements was approximately 6.3% per annum. Due to the limited market for the mortgage revenue bonds, these estimates of fair value do not necessarily represent what the Partnership would receive if the mortgage revenue bonds were sold. There is no active trading market for the mortgage revenue bonds and price quotes for them are not typically available. On September 30, 2016, management valued the Partnership’s mortgage revenue bonds using discounted cash flow and yield to maturity analyses, which encompasses judgment in its application. The key assumption in management’s yield to maturity analysis is the range of effective yields of the individual mortgage revenue bonds. The effective yield analysis for each mortgage revenue bond considers the current market yield on similar mortgage revenue bonds as well as the debt service coverage ratio of each underlying property serving as collateral for the mortgage revenue bond. On September 30, 2016, the range of effective yields on the individual mortgage revenue bonds was 4.2% to 11.5% per annum, compared to the range of effective yields on the individual mortgage revenue bonds on December 31, 2015 of 4.6% to 12.1% per annum. Unrealized gains or losses on the mortgage revenue bonds are recorded in the Condensed Consolidated Statements of Comprehensive Income (Loss) 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 underlying properties. |
Public Housing Capital ("PHC")
Public Housing Capital ("PHC") Fund Trust Certificates | 9 Months Ended |
Sep. 30, 2016 | |
Public Housing Capital Fund Trusts [Abstract] | |
Investments in Debt and Equity Investments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses), Public Housing Capital Funds Trust [Text Block] | 7. Public Housing Capital (“PHC”) Fund Trust Certificates The Partnership owns 100% of the Residual Participation Receipts (“LIFERs”) in three tender option bond trusts (“PHC TOB Trusts”). At September 30, 2016, the PHC TOB Trusts own approximately $57.2 million of Public Housing Capital Fund Certificates (“PHC Certificates”) issued by three trusts (“PHC Trusts”) sponsored by Deutsche Bank (“DB”). The assets held by the PHC Trusts consist of custodial receipts evidencing loans made to a number of local public housing authorities. Principal and interest on these loans are payable by the respective public housing authorities out of annual appropriations to be made to the public housing authorities by HUD under HUD’s Capital Fund Program established under the Quality Housing and Work Responsibility Act of 1998 (the “Capital Fund Program”). The PHC Trusts have a first lien on these annual Capital Fund Program payments to secure the public housing authorities’ respective obligations to pay principal and interest on their loans. The loans payable by the public housing authorities are not debts of, or guaranteed by, the United States of America or HUD. Interest payable on the public housing authority debt held by the PHC Trusts is exempt from federal income taxes. The PHC Certificates issued by each of the PHC Trusts have been rated investment grade by Standard & Poor’s. The Partnership had the following investments in the PHC Certificates on September 30, 2016 and December 31, 2015: September 30, 2016 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 8.56 AA- 5.32% $ 26,112,071 $ 2,180,425 $ - $ 28,292,496 PHC Certificate Trust II 7.90 A+ 4.31% 10,589,519 755,926 - 11,345,445 PHC Certificate Trust III 9.06 BBB 5.42% 20,542,789 678,524 - 21,221,313 $ 57,244,379 $ 3,614,875 $ - $ 60,859,254 December 31, 2015 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 9.25 AA- 5.33% $ 27,274,451 $ 1,482,376 $ - $ 28,756,827 PHC Certificate Trust II 8.67 A+ 4.29% 11,081,987 365,443 - 11,447,430 PHC Certificate Trust III 9.81 BBB 5.42% 20,513,351 - (10,318 ) 20,503,033 $ 58,869,789 $ 1,847,819 $ (10,318 ) $ 60,707,290 Valuation - The Partnership’s investments in PHC Certificates are classified as available-for-sale securities and are carried on the Condensed Consolidated Balance Sheet at their estimated fair values. On September 30, 2016 and December 31, 2015, the weighted average base rate of the PHC Trust Certificates was approximately 5.2% per annum. Due to the limited market for the PHC Certificates, these estimates of fair value do not necessarily represent what the Partnership would actually receive in a sale of the PHC Certificates. The estimates of the fair values of these PHC certificates is based on a yield to maturity analysis which begins with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts adjusted largely for unobservable inputs the Partnership believes would be used by market participants. Management’s fair value estimates encompass judgment. Management’s estimates are compared to external pricing services when available. At September 30, 2016 the range of effective yields on the PHC Certificates were 3.5% to 5.2% per annum, compared to the range of effective yields on December 31, 2015 of 3.9% to 5.7% per annum. |
Mortgage-Backed Securities
Mortgage-Backed Securities | 9 Months Ended |
Sep. 30, 2016 | |
Mortgage Backed Securities [Abstract] | |
Investments In Debt And Equity Investments Cash And Cash Equivalents Unrealized And Realized Gains Losses Mortgage Backed Securities [Text Block] | 8. Mortgage-Backed Securities (“MBS Securities”) In January 2016, the Partnership sold its three remaining MBS Securities for approximately $15.0 million, which approximated the amortized cost, plus interest. The Partnership then collapsed the related three remaining MBS - TOB Trusts, with a carrying value of approximately $11.9 million, which were paid in full from the proceeds of these sales. In addition, the $11.0 million derivative related to the MBS Securities was sold for its current value and resulted in no cash proceeds to the Partnership and no gain or loss was recognized. The sale of the Partnership’s remaining three MBS Securities eliminated the MBS Securities segment in the first quarter of 2016 (Notes 17, 20, and 25). The carrying value of the Partnership’s MBS Securities on September 30, 2016 was zero. On December 31, 2015, the carrying value of the Partnership’s MBS Securities was as follows: December 31, 2015 Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value “AAA” $ 5,052,348 $ - $ (34,648 ) $ 5,017,700 “AA” 9,900,682 - (143,073 ) 9,757,609 $ 14,953,030 $ - $ (177,721 ) $ 14,775,309 (1) MBS Securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented |
Real Estate Assets
Real Estate Assets | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate Assets [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 9. Real Estate Assets Recent Transactions In July and June 2016, the Partnership sold the Woodland Park and Arboretum MF Properties for $15.7 million and $30.2 million, respectively. The Partnership realized gains of approximately $1.6 million and $12.4 million before income taxes, respectively. The Greens, which owned Woodland Park and Arboretum, applied its tax net operating loss carryforward to these gains and reported current tax expense of approximately $4.7 million related to these sales on the Partnership’s condensed consolidated financial statements (Note 13). Distributions were recorded in accordance with the Amended and Restated LP Agreement (Note 3), and 25% of Net Residual Proceeds (Tier 2) was distributed to the General Partner and 75% was distributed to the Unitholders. In September 2016, the Partnership purchased the Jade Park Apartment MF Property for approximately $10.0 million. Jade Park is contiguous to the Lake Forest property, for which the Partnership owns a mortgage revenue bond. At September 30, 2016, the Partnership is marketing one of its MF Properties, Northern View, for sale Management determined the Arboretum and Woodland Park sale transactions and the potential Northern View sale transaction did not meet the criteria for discontinued operation presentation, during the nine months ended September 30, 2016, but Woodland Park did meet the held for sale accounting guidance criteria and its real estate assets net of accumulated depreciation are classified as such for the periods presented prior to the third quarter of 2016 (Note 12). Net income, exclusive of the gains on sale, related to the Arboretum and Woodland Park MF Properties for the three and nine months ended September 30, 2016 and 2015 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) $ (76,235 ) $ 63,370 $ 222,198 $ 358,934 In March 2016, the Partnership executed an agreement to sell a parcel of land in St. Petersburg, Florida, carried at a cost of approximately $3.1 million, which is part of the Land Held for Investment and Development. The asset was evaluated for impairment and the Partnership determined the carrying value of this asset is greater than its fair market value less cost to sell and recorded an impairment expense of approximately $62,000 in the second quarter of 2016. In August 2016, the Partnership executed a Purchase and Sale Agreement to acquire a tract of land in Omaha, Nebraska. If this tract of land is successfully acquired, it will be classified as Land Held for Investment and Development. MF Properties To facilitate its investment strategy of acquiring additional mortgage revenue bonds, that may be secured by MF Properties, on September 30, 2016 the Partnership owns, through its subsidiary, a 99% limited partner position in one limited partnership, 100% member positions in four limited liability companies that own MF Properties, and owns two of MF Properties directly. The financial statements of these properties are consolidated with those of the Partnership. The general partners of these partnerships are unaffiliated parties and their 1% ownership interest in these limited partnerships is reflected in the Partnership’s consolidated financial statements as noncontrolling interests. The Partnership had the following investments in MF Properties on September 30, 2016 and December 31, 2015: MF Properties on September 30, 2016 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on September 30, 2016 Eagle Village Evansville, IN 511 $ 567,880 $ 12,648,085 $ 13,215,965 Northern View (f/k/a Meadowview) Highland Heights, KY 294 688,539 8,098,180 8,786,719 Residences of DeCordova Granbury, TX 110 1,160,455 8,106,933 9,267,388 Residences of Weatherford Weatherford, TX 76 1,942,229 5,748,115 7,690,344 Suites on Paseo San Diego, CA 394 3,162,463 38,360,484 41,522,947 The 50/50 MF Property Lincoln, NE 475 - 32,918,089 32,918,089 Jade Park Daytona, FL 144 1,993,369 7,545,235 9,538,604 $ 122,940,056 Less accumulated depreciation (14,980,815 ) Total MF Properties $ 107,959,241 MF Properties on December 31, 2015 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2015 Arboretum Omaha, NE 145 $ 1,755,147 $ 19,317,284 $ 21,072,431 Eagle Village Evansville, IN 511 567,880 12,594,935 13,162,815 Northern View (f/k/a Meadowview) Highland Heights, KY 270 688,539 8,062,973 8,751,512 Residences of DeCordova Granbury, TX 110 1,137,832 8,065,977 9,203,809 Residences of Weatherford Weatherford, TX 76 1,942,229 5,738,697 7,680,926 Suites on Paseo San Diego, CA 394 3,162,463 38,216,364 41,378,827 The 50/50 MF Property Lincoln, NE 475 - 32,910,424 32,910,424 $ 134,160,744 Less accumulated depreciation (14,532,168 ) Total MF Properties $ 119,628,576 The 50/50 MF Property has a ground lease with the University of Nebraska-Lincoln with an initial lease term expiring in March 2038. There is also an option to extend the lease for an additional five-year period. Annual lease payments are $100 per year. Consolidated VIE Properties In the fourth quarter of 2015, the owners of the Consolidated VIEs sold Bent Tree and Fairmont Oaks. The Partnership classified the Consolidated VIEs as discontinued operations for the three and nine months ended September 30, 2015 and has eliminated the Consolidated VIE segment as a reportable segment during the fourth quarter of 2015 (Note 25). No net income or loss from these properties accrued to the Unitholders or the General Partner. Land Held for Investment and Development On September 30, 2016, the Partnership reported approximately $7.5 million as land held for investment. In March 2016, the Partnership executed a Purchase and Sale Agreement to sell a parcel of land in St. Petersburg, Florida. At September 30, 2016, the Partnership continues to assess the “highest and best use” of the assets classified as Land Held for Investment and Development. Acquisition On September 30, 2016, the Partnership closed on the purchase of Jade Park, an MF Property. The buildings and improvements will be depreciated straight-line over a weighted average useful life of 22.7 years. The in-place lease assets will be amortized over a useful life of 6 months. The Partnership incurred approximately $135,000 of acquisition costs related to the purchase. The following tables contain the assets acquired and liabilities assumed: Jade Park 9/30/2016 (Date of Acquisition) Land $ 1,993,369 Buildings and improvements 7,543,200 In-place lease assets (included in other assets) 463,431 Other assets 18,126 Total assets $ 10,018,126 Accounts payable, accrued expenses and other $ 135,326 Net assets 9,882,800 Total liabilities and net assets $ 10,018,126 The following table contains pro forma revenue, net income, and net income per unit for the acquisition of Jade Park: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Pro forma revenues $ 13,573,945 $ 13,216,032 $ 44,104,855 $ 40,026,628 Pro forma net income $ 4,724,056 $ 2,500,757 $ 18,194,751 $ 12,529,933 Pro forma net income allocated to Unitholders $ 4,216,059 $ 2,164,996 $ 15,371,803 $ 11,351,694 Pro forma Unitholder's interest in net income per unit (basic and diluted) $ 0.07 $ 0.04 $ 0.26 $ 0.19 |
Investment in an Unconsolidated
Investment in an Unconsolidated Entity | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investment in an Unconsolidated Entity | 10. Investment in Unconsolidated Entities In 2016, ATAX Vantage Holdings, LLC, a subsidiary of the Partnership, closed on three commitments and reported a total investment of approximately $13.2 million on September 30, 2016. This represents the Partnership’s maximum exposure to loss and is reported in Investment in unconsolidated entities on the Partnership’s Condensed Consolidated Balance Sheets. The Partnership, through its wholly owned subsidiary, ATAX Vantage Holdings, LLC, is the only limited equity investor in these limited liability companies. The Partnership does not control the Vantage Properties and the Partnership utilizes the equity method of accounting for these investments. An affiliate of the Vantage Properties provides a guarantee for ATAX Vantage Holdings, LLC’s return on its investments during the construction period. The return on these investments earned by the Partnership is reported as investment income (Note 1). The following table provides the details of the investments in unconsolidated entities. Property Name Month Commitment Executed Location Units Carrying Value Maximum Remaining Committed equity Vantage at Corpus Christi March Corpus Christi, TX 288 $ 5,609,035 $ 4,211,139 Vantage at Waco August Waco, TX 288 4,160,982 5,250,410 Vantage at Boerne August Boerne, TX 288 3,380,190 5,504,962 $ 13,150,207 $ 14,966,511 |
Property Loans, Net of Loan Los
Property Loans, Net of Loan Loss Allowances | 9 Months Ended |
Sep. 30, 2016 | |
Property Loans Net Of Loan Loss Allowances [Abstract] | |
Property Loans, Net of Loan Loss Allowances Disclosure [Text Block] | 11. Property Loans, Net of Loan Loss Allowances The Partnership had the following Property Loans, Net of Loan Loss Allowances on September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Property loans receivable $ 38,280,223 $ 29,874,523 Less: Loan loss allowance (7,098,814 ) (7,098,814 ) Total property loans receivable $ 31,181,409 $ 22,775,709 The Partnership has made property loans to the owners of certain properties which secure the mortgage revenue bonds and other properties which are reported as property loans, net of loan loss allowances. The Partnership periodically, or as changes in circumstances or operations dictate, evaluates its property loans receivable for impairment. The value of the underlying property assets is ultimately the most relevant measure of value to support the property loan values. The Partnership utilizes a discounted cash flow model in estimating a property’s fair value. Discounted cash flow models containing varying assumptions are considered. The various models may assume multiple revenue and expense scenarios, various capitalization rates and multiple discount rates. Other information, such as independent appraisals, may be considered in estimating a property’s fair value. If the estimated fair value of the property, after deducting the amortized cost basis of any senior mortgage revenue bond, exceeds the principal balance of the property loan then no potential loss is indicated and no loan loss allowance for property loans is recorded by the Partnership. In estimating the property valuation, the most significant assumptions utilized in the discounted cash flow model remain the same as discussed in the Form 10-K and include revenue and expense projections and capitalization rates. During the nine months ended September 30, 2016, the Partnership advanced net funds to Cross Creek, Foundation for Affordable Housing (“FAH”) and the Winston Group, Inc., of approximately $83,500, $2,500, and $2.5 million, respectively. In addition, the Partnership advanced Vantage at Brooks, LLC and Vantage at Braunfels, LLC $3.7 million and $2.1 million, respectively. During the nine months ended September 30, 2015, the Partnership advanced additional funds to Cross Creek of approximately $90,500 and received approximately $100,000 of principal from the Foundation for Affordable Housing. During the nine months ended September 30, 2016, the Partnership placed interest to be earned on the Ashley Square, Cross Creek, and the Lake Forest operating property loans receivable on nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest earned since inception was not probable. On December 31, 2015, the Partnership reported an interest allowance equal to the accrued interest on Ashley Square, Cross Creek, and the Lake Forest operating property loans. In addition, the Partnership deferred less than 100% of the interest earned on the property loans on the Ohio Properties as, in management’s opinion, the remainder was considered to be collectible at December 31, 2015. The following represents the net taxable property loans outstanding at September 30, 2016 and December 31, 2015: September 30, 2016 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 50,960 $ - $ - $ 242,224 Ashley Square 5,078,342 - (3,596,342 ) - 1,482,000 Avistar (February 2013 portfolio) 274,496 80,715 - - 355,211 Avistar (June 2013 portfolio) 251,622 73,989 - - 325,611 Cross Creek 7,155,545 - (3,447,472 ) - 3,708,073 Foundation for Affordable Housing 1,418,075 23,396 - - 1,441,471 Greens Property 850,000 435,376 - - 1,285,376 Lake Forest 4,623,704 - (55,000 ) - 4,568,704 Ohio Properties 2,390,446 962,464 - - 3,352,910 Vantage at Brooks, LLC 7,199,424 585,628 - - 7,785,052 Vantage at Braunfels, LLC 6,347,305 567,353 - - 6,914,658 Winston Group, Inc 2,500,000 - - - 2,500,000 Total $ 38,280,223 $ 2,779,881 $ (7,098,814 ) $ - $ 33,961,290 December 31, 2015 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 39,950 $ - $ - $ 231,214 Ashley Square 5,078,342 2,864,130 (3,596,342 ) (2,864,130 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 51,386 - - 325,882 Avistar (June 2013 portfolio) 251,622 47,104 - - 298,726 Cross Creek 7,072,087 2,352,851 (3,447,472 ) (2,352,852 ) 3,624,614 Foundation for Affordable Housing 1,415,590 - - - 1,415,590 Greens Property 850,000 343,600 - - 1,193,600 Lake Forest 4,623,704 3,080,446 (55,000 ) (3,059,610 ) 4,589,540 Ohio Properties 2,390,448 1,235,017 - (441,795 ) 3,183,670 Vantage at Brooks LLC 3,454,664 78,440 - - 3,533,104 Vantage at Braunfels LLC 4,272,306 92,481 - - 4,364,787 Total $ 29,874,523 $ 10,185,405 $ (7,098,814 ) $ (8,718,387 ) $ 24,242,727 Based on the annual impairment analysis and the discounted cash flow analysis of each property loan during the nine months ended September 30, 2016, a provision for loan loss attributable to the accrued interest was recorded in the amount of approximately $21,000 for interest accrued on the notes receivable on the Lake Forest property. In management’s opinion, this amount was considered to be uncollectible. There was no provision for loan loss recorded during the three and nine months ended September 30, 2015. In addition, there was no provision for loan loss recorded at December 31, 2015. |
Assets Held for Sale
Assets Held for Sale | 9 Months Ended |
Sep. 30, 2016 | |
Assets Held for Sale [Text Block] | 15. Discontinued Operations In April 2015, the owners of the Consolidated VIEs, Bent Tree and Fairmont Oaks, entered into brokerage contracts to sell the Consolidated VIEs. These entities met the criteria for discontinued operations and are classified as such in the Partnership’s condensed consolidated financial statements for all periods presented. The sales of the Consolidated VIEs were closed in the fourth quarter of 2015 with the gains and results of operations of the Consolidated VIEs reported as part of the discontinued operations in net income for the three and nine months ended September 30, 2015. No net income or loss from these property operations or sales was realized for the benefit of the Unitholders or the General Partner during the three or nine months ended September 30, 2016. The following presents the revenues, expenses and income from discontinued operations for the three and nine months ended September 30, 2015: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Rental revenues $ 833,829 $ 2,455,430 Expenses (579,935 ) (1,938,821 ) Net income from discontinued operations $ 253,894 $ 516,609 |
Woodland Park [Member] | |
Assets Held for Sale [Text Block] | 12. Assets Held for Sale Management determined the Woodland Park, an MF Property, transaction met the conditions required to report the real estate assets as “held for sale”. Accordingly, its real estate assets, net of accumulated depreciation are reported as such on the Partnership’s Condensed Consolidated Balance Sheet at December 31, 2015 (Note 25). Woodland Park was sold in July 2016. September 30, 2016 December 31, 2015 Land and improvements $ - $ 1,265,160 Buildings and improvements - 14,247,045 Real estate assets before accumulated depreciation - 15,512,205 Accumulated depreciation - (1,491,646 ) Net real estate assets $ - $ 14,020,559 |
Income Tax Provision
Income Tax Provision | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 13. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by our taxable subsidiary, The Greens, which owns all the MF Properties except the Suites on Paseo. The Partnership’s income tax expense fluctuates from period to period based on the timing of the taxable income. Deferred income tax expense is generally a function of the period’s temporary differences and the utilization of net operating losses generated in prior years that had been previously recognized as a deferred income tax asset. The net operating loss carryover reported on The Greens’ 2015 tax return will be utilized in its entirety in 2016 due to the gain on the June 2016 sale of the Arboretum. Accordingly, the $405,000 valuation allowance was reversed and a tax provision has been recorded during the three months ended June 30, 2016. The following table summarizes our income tax expense for the three and nine months ended September 30, 2016 and 2015: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Current income tax expense: Current income tax expense $ - $ - $ - $ - Current income tax expense on dispositions 467,000 - 4,567,000 - Deferred income tax expense: Deferred income tax expense (benefit) (136,000 ) - 417,000 - Total income tax expense $ 331,000 $ - $ 4,984,000 $ - |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2016 | |
Other Assets [Abstract] | |
Other Assets Disclosure [Text Block] | 14. Other Assets The Partnership had the following Other Assets on September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Deferred financing costs - net $ 369,155 $ 487,023 Fair value of derivative contracts 146,248 344,177 Taxable bonds at fair market value (Note 21) 4,476,385 4,824,060 Bond purchase commitments - fair value (Notes 6 & 22) 12,622,709 5,634,360 Other assets 1,381,561 1,655,013 Total other assets $ 18,996,058 $ 12,944,633 The Partnership reported the following activity in purchases and redemptions of taxable bonds for the nine months ended September 30, 2016 and 2015 and received approximately $500,000 upon the redemption, which approximated the carrying value plus accrued interest. Property Name 2016 Redemption Date Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Silver Moon - Series B August Albuquerque, NM 151 8/1/2055 12.00 % $ 499,461 Property Name 2015 Purchase Date Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Purchase Silver Moon - Series B June Albuquerque, NM 151 8/1/2055 12.00 % $ 500,000 |
Discontinued Operations
Discontinued Operations | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations [Abstract] | |
Assets Held for Sale [Text Block] | 15. Discontinued Operations In April 2015, the owners of the Consolidated VIEs, Bent Tree and Fairmont Oaks, entered into brokerage contracts to sell the Consolidated VIEs. These entities met the criteria for discontinued operations and are classified as such in the Partnership’s condensed consolidated financial statements for all periods presented. The sales of the Consolidated VIEs were closed in the fourth quarter of 2015 with the gains and results of operations of the Consolidated VIEs reported as part of the discontinued operations in net income for the three and nine months ended September 30, 2015. No net income or loss from these property operations or sales was realized for the benefit of the Unitholders or the General Partner during the three or nine months ended September 30, 2016. The following presents the revenues, expenses and income from discontinued operations for the three and nine months ended September 30, 2015: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Rental revenues $ 833,829 $ 2,455,430 Expenses (579,935 ) (1,938,821 ) Net income from discontinued operations $ 253,894 $ 516,609 |
Unsecured Lines of Credit
Unsecured Lines of Credit | 9 Months Ended |
Sep. 30, 2016 | |
Lines Of Credit [Abstract] | |
Unsecured Lines of Credit | 16. Unsecured Lines of Credit The following represents the unsecured lines of credit (“LOC”) on September 30, 2016 and December 31, 2015: Unsecured Lines of Credit Outstanding on September 30, 2016 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ - $ 40,000,000 May-17 Variable Monthly 3.09 % Bankers Trust operating - 7,500,000 May-17 Variable Monthly 3.77 % Total unsecured lines of credit $ - $ 47,500,000 Unsecured Lines of Credit Outstanding on December Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 12,497,000 $ 37,500,000 May-17 Variable Monthly 2.90 % Bankers Trust operating - 5,000,000 March-16 Variable Monthly 3.50 % Five Points Bank operating 5,000,000 5,000,000 March-16 Variable Monthly 3.40 % Total unsecured lines of credit $ 17,497,000 $ 47,500,000 The Partnership is required to make prepayments of the principal to reduce the Bankers Trust Operating LOC to zero for fifteen consecutive calendar days during each calendar quarter. For all periods presented the Partnership fulfilled its prepayment obligation. In addition, the Partnership has fulfilled its fourth quarter of 2016 prepayment obligation as it maintained a zero balance in this LOC for the first fifteen days of October 2016. |
Debt Financing
Debt Financing | 9 Months Ended |
Sep. 30, 2016 | |
Debt Financing [Abstract] | |
Debt Disclosure [Text Block] | 17. Debt Financing The following table provides the details related to the total Debt Financing on September 30, 2016 and December 31, 2015. Outstanding Debt Financings on September 30, 2016 Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB & Term A/B Trusts Securitization Fixed - TOB $ 46,875,190 $ - 2014 Jul 2017 - Jul 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B $ 132,968,704 $ 2,481,117 2016 Sept 2026 N/A N/A N/A 3.64% Variable - TOB $ 42,765,000 $ - 2012 Dec 2016 Weekly 1.39 - 1.51% 1.62% 3.01 - 3.13% TEBS Financings Variable $ 234,673,866 $ 3,705,206 2010 - 2015 Sept 2017 - July 2020 Weekly 0.87 - 0.92% 1.39 - 1.91% 1.83 - 2.37% Total Debt Financings $ 457,282,760 (1) Facility fees are variable Outstanding Financings on December 31, 2015 Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB Trusts Securitization Fixed $ 160,582,124 $ - 2014 - 2015 Oct 2016 - Jul 2019 N/A N/A N/A 2.76 - 4.51% Variable $ 55,930,000 $ 1,930,027 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable $ 234,984,592 $ 5,371,680 2010 - 2015 Sept 2017 - July 2020 Weekly 0.02 - 0.04% 1.26 - 1.91% 1.28 - 1.95% Total Debt Financings $ 451,496,716 (1) Facility fees are variable On September 30, 2016 and December 31, 2015, the Partnership posted cash collateral, (i.e. restricted cash) in connection with the interest rate swaps related to the original TOB Trusts and subsequent Term A/B Trusts. In addition, to mitigate its exposure to interest rate fluctuations on the variable rate TEBS Financings, the 2015, 2014, and 2010 Sponsors also entered into interest rate cap agreements (Note 20). In 2011, the Partnership executed a Master Trust Agreement with DB which allows the Partnership to execute multiple TOB and Term A/B Trust structures upon the approval and agreement of terms by DB. The TOB and Term A/B Trusts are established under the laws of the Cayman Islands. Under each TOB Trust issued through the Master Trust Agreement, the TOB Trustee issues SPEARS and LIFERS which represent beneficial interests in the securitized asset held by the Trust. The Partnership purchases the LIFERS which entitle the Partnership to all principal and interest payments received by the TOB Trusts after payment of the SPEARS and expenses. The LIFERS also grant the Partnership certain rights to the securitized assets. Due to these rights, the Partnership has consolidated the TOB Trusts within the condensed consolidated financial statements (Note 5). Under each Term A/B Trust issued through the Master Trust Agreement, the Term A/B Trustee issues Class A and Class B Certificates which represent beneficial interests in the securitized asset held by the Trust. The Partnership purchases the Class B Certificates from each of these Term A/B Trusts which entitle the Partnership to all principal and interest payments received by the Term A/B Trusts after payment of the Class A Certificates and expenses. The Class B Certificates also grant the Partnership certain rights to the securitized assets. Due to these rights, the Partnership has consolidated the Term A/B Trusts within the condensed consolidated financial statements (Note 5). The Master Trust Agreement with DB has compliance covenants with which the Partnership is required to maintain. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. On September 30, 2016 the Partnership was in compliance with these covenants. During the third quarter of 2016, the Partnership paid off and collapsed seven of its nine TOB Trusts, simultaneously executing twelve new Term A/B Trust agreements secured by mortgage revenue bonds. Based on the terms of the Term A/B Trust, the restructuring of the debt was accounted for as a modification, with approximately $1.4 million capitalized as deferred financing costs. Approximately $1.2 million of capitalized costs were paid to a related party (Note 19). The Partnership has entered into three TEBS Financings with Freddie Mac. The TEBS Financings securitize mortgage revenue bonds contributed by the Partnership to Freddie Mac. Freddie Mac then issued Class A and Class B TEBS Certificates which represent beneficial interests in the securitized mortgage revenue bonds. The payment of interest on the Class A TEBS Certificates will be made from the interest payments received by Freddie Mac from the Bonds and Senior Custody Receipts held by Freddie Mac on designated interest payment dates prior to any payments of interest on the Class B TEBS Certificates held by the Partnership. As the holder of the Class B TEBS Certificates, the Partnership is not entitled to receive interest payments on the Class B TEBS Certificates at any particular rate, but will be entitled to all payments of principal and interest on the Bonds and Senior Custody Receipts held by Freddie Mac after payment of principal and interest due on the Class A TEBS Certificates and payment of all Facility Fees and associated expenses. Accordingly, the amount of interest paid to the Partnership on the Class B TEBS Certificates is expected to vary over time, and could be eliminated altogether, due to fluctuations in the interest rate payable on the Class A TEBS Certificates, Facility Fees, expenses and other factors. During the first quarter of 2016, the Partnership implemented Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest (Subtopic 835-30)”. The following tables provide summaries of the pre-adoption and post-adoption effects of this change on the Partnership’s condensed consolidated financial statements on September 30, 2016 and December 31, 2015: Pre-adoption balance sheet December 31, 2015 Assets: Other assets $ 18,348,745 Liabilities: Debt financings $ 456,431,288 Mortgages payable and other secured financing $ 69,717,114 Post-adoption balance sheet December 31, 2015 Assets: Other assets $ 12,944,633 Liabilities: Debt financings 1 $ 451,496,716 Mortgages payable and other secured financing 2 $ 69,247,574 1 Reflects a reduction of $5.2 million and $4.9 million on September 30, 2016 and December 31, 2015, respectively. 2 Reflects a reduction of $0.4 million and $0.5 million on September 30, 2016 and December 31, 2015, respectively. The Partnership’s contractual maturities of borrowings for the twelve month periods ending September 30 th 2017 $ 117,931,839 2018 2,870,673 2019 93,372,073 2020 120,076,929 2021 1,289,111 Thereafter 126,935,421 Total $ 462,476,046 The three MBS TOB Trusts and the TOB Trust collateralized by the Pro Nova 2014-2 mortgage revenue bond were paid in full and collapsed in January 2016 and March 2016, respectively. The Partnership expects to renew each TOB financing facility maturing in 2016 for another six-month term as it has the discretion to renew for six month periods per the terms of the agreement with DB. In addition, the Partnership plans to renew the M24 TEBS financing facility when it matures in 2017. |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 9 Months Ended |
Sep. 30, 2016 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing [Text Block] | 18. Mortgages Payable and Other Secured Financing The Partnership reports the mortgage loans secured by certain MF Properties on its condensed consolidated financial statements as Mortgages payable and other secured financing. The following is a summary of the Mortgages payable and other secured financing on the MF Properties, net of deferred financing costs: MF Property Mortgage Payables Outstanding Mortgage Payable at September 30, 2016 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Eagle Village (1) $ 7,893,526 2010 September 2018 Variable Monthly 0.56 % 3.00 % 3.56 % Residences of DeCordova 1,760,926 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,648,562 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--Mortgage (2) 25,201,175 2013 March 2020 Variable Monthly 3.50 % N/A 3.50 % The 50/50 MF Property--TIF Loan 3,862,980 2014 December 2019 Fixed N/A N/A N/A 4.65 % Jade Park 7,459,289 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Period End Rate $ 51,826,458 3.82 % (1) (2) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Arboretum $ 16,683,146 2011 March 2017 Fixed N/A N/A N/A 3.75 % Eagle Village (1) 8,037,133 2010 September 2018 Variable Monthly 0.25 % 3.00 % 3.25 % Residences of DeCordova 1,807,246 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,820,623 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--Mortgage (2) 25,363,647 2013 March 2020 Variable Monthly 3.25 % N/A 3.25 % The 50/50 MF Property--TIF Loan 4,035,779 2014 December 2019 Fixed N/A N/A N/A 4.65 % Woodland Park (1) 7,500,000 2014 August 2017 Variable Monthly 0.19 % 2.75 % 2.94 % Total Mortgage Payable\Period End Rate $ 69,247,574 3.58 % (1) (2) The Partnership’s contractual maturities of borrowings for the twelve month periods ending September 30 th 2017 $ 8,218,720 2018 8,465,211 2019 1,057,388 2020 27,519,330 2021 311,980 Thereafter 6,624,051 Total mortgages payable and other secured financings $ 52,196,680 |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 30, 2016 | |
Transactions With Related Parties [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 19. Transactions with Related Parties The general partner of the Partnership, AFCA 2, is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its mortgage revenue bonds, property loans collateralized by real property, and other investments for which the owner of the financed property or other third party is not obligated to pay such administrative fee directly to AFCA 2. For the three and nine months ended September 30, 2016 the Partnership paid or accrued administrative fees to AFCA 2 of approximately $682,000 and $2.0 million, respectively. For the three and nine months ended September 30, 2015, the Partnership paid or accrued administrative fees to AFCA 2 of approximately $669,000 and $1.9 million, respectively. In addition to the administrative fees paid directly by the Partnership, AFCA 2 receives administrative fees directly from the owners of properties financed by certain of the mortgage revenue bonds held by the Partnership. These administrative fees also equal 0.45% per annum of the outstanding principal balance of these mortgage revenue bonds and totaled approximately $16,000 and $46,000 for the three and nine months ended September 30, 2015, respectively. There were no such administrative fees received for the nine months ended September 30, 2016 as the properties financed by these mortgage revenue bonds were sold in 2015. AFCA 2 earns mortgage placement fees in connection with the acquisition of certain mortgage revenue bonds and investments in unconsolidated entities and select notes receivable. These mortgage placement fees were paid by the owners of the respective properties and, accordingly, have not been reflected in the accompanying condensed consolidated financial statements because these properties are not considered consolidated VIEs or related parties. During the three and nine months ended September 30, 2016, AFCA 2 earned mortgage placement fees of approximately $687,000 and $1.2 million, respectively. In addition, AFCA 2 received a one-time $125,000 negotiated mortgage placement fee related to work performed for a transaction that did not materialize during the second quarter of 2016. During the three and nine months ended September 30, 2015, AFCA 2 earned mortgage placement fees of approximately $259,000 and $1.0 million, respectively. An affiliate of AFCA 2, Burlington Capital Properties, LLC (f/k/a America First Properties Management Company, LLC) (“Properties Management”) provided property management services for seven of the MF Properties (including the Arboretum and Woodland Park that were sold in the second and third quarters of 2016, respectively) and seven of the properties collateralized by the mortgage revenue bonds, earning management fees of approximately $246,000 and $856,000 for the three and nine months ended September 30, 2016, respectively. Properties Management provided property management services for nine MF Properties (including The Colonial and Glynn Place that were sold in the second and third quarters of 2015, respectively), the two Consolidated VIEs reported as discontinued operations, and six properties collateralized by mortgage revenue bonds, earning management fees of approximately $309,000 and $952,000 for the three and nine months ended September 30, 2015, respectively. For the properties collateralized by the mortgage revenue bonds, these property management fees are not Partnership expenses, but are paid in each case by the owner of the Residential Properties. For MF Properties, the property management fees are reflected as real estate operating expenses on the Partnership’s condensed consolidated financial statements. The property management fees are paid out of the revenues generated by the respective property prior to the payment of debt service on the Partnership's mortgage revenue bonds and property loans, if applicable. An affiliate of AFCA 2, Farnam Capital Advisors, LLC, acts as an origination advisor and consultant to the borrowers when mortgage revenue bonds, investments in unconsolidated entities, select notes receivable, and financing facilities are acquired by the Partnership. For the three and nine months ended September 30, 2016, approximately $343,000 and $537,000, respectively, in origination fees were paid by the borrower of certain acquired mortgage revenue bonds and equity investments and have not been reflected in the accompanying condensed consolidated financial statements. During the three months ended September 30, 2016, approximately $1.2 million in consulting fees were paid by the Partnership to this affiliate for services related to establishment of Term A/B Trusts. In addition, Farnam Capital Advisors, LLC received a $125,000 origination fee for work performed related to a transaction that did not materialize during the second quarter of 2016. For the three and nine months ended September 30, 2015, approximately $129,000 and $507,000, respectively, in origination fees were paid by the borrower of certain acquired bonds and have not been reflected in the accompanying condensed consolidated financial statements. During the three months ended September 30, 2015, approximately $790,000 in consulting fees were paid by the Partnership to this affiliate related to the M33 TEBS financing facility. |
Interest Rate Derivative Agreem
Interest Rate Derivative Agreements | 9 Months Ended |
Sep. 30, 2016 | |
Interest Rate Derivative Agreements [Abstract] | |
Interest Rate Derivative Agreements [Text Block] | 20. Interest Rate Derivative Agreements On September 30, 2016, the Partnership has eleven derivative agreements in order to mitigate its exposure to increases in interest rates on its variable-rate debt financing and they are as follows: Purchase Date Initial Notional Amount Effective Capped Rate Maturity Date Purchase Price Fair Value (1) Variable Debt Financing Facility Hedged Maximum Potential Cost of Borrowing Counterparty September-10 $ 31,936,667 3.00 % September-17 $ 921,000 $ 42 M24 TEBS 5.0 % Bank of New York Mellon September-10 $ 31,936,667 3.00 % September-17 $ 845,600 $ 42 M24 TEBS 5.0 % Barclays Bank PLC September-10 $ 31,936,667 3.00 % September-17 $ 928,000 $ 42 M24 TEBS 5.0 % Royal Bank of Canada August-13 $ 93,305,000 1.50 % September-17 $ 793,000 $ 6,309 M24 TEBS 3.5 % Deutsche Bank February-14 $ 41,250,000 1.00 % March-17 $ 230,500 $ 2,026 PHC TOB Trusts 3.3 % SMBC Capital Markets, Inc July-14 $ 31,565,000 3.00 % August-19 $ 315,200 $ 12,159 M31 TEBS 4.4 % Barclays Bank PLC July-14 $ 31,565,000 3.00 % August-19 $ 343,000 $ 12,159 M31 TEBS 4.4 % Royal Bank of Canada July-14 $ 31,565,000 3.00 % August-19 $ 333,200 $ 12,159 M31 TEBS 4.4 % SMBC Capital Markets, Inc July-15 $ 28,095,000 3.00 % August-20 $ 210,000 $ 33,769 M33 TEBS 4.3 % Wells Fargo Bank July-15 $ 28,095,000 3.00 % August-20 $ 187,688 $ 33,769 M33 TEBS 4.3 % Royal Bank of Canada July-15 $ 28,095,000 3.00 % August-20 $ 174,900 $ 33,769 M33 TEBS 4.3 % SMBC Capital Markets, Inc (1) For additional details, see Note 21 to the Partnership's consolidated financial statements. The Partnership contracted for two ”at the money” interest rate swaps with DB related to the Decatur Angle and Bruton Term A/B Trusts collateralized by mortgage revenue bonds that are used to provide financing for the construction of these properties. The swap related to the Decatur Angle Term A/B Trust has a $23.0 million notional value, an October 15, 2016 effective date, and an October 15, 2021 termination date. The swap related to the Bruton Term A/B Trust has a notational value of approximately $18.1 million, an April 15, 2017 effective date, and an April 15, 2022 termination date. Both swaps are in place to mitigate the possible interest rate increases and swaps a variable rate based on LIBOR for an approximate 2% fixed rate. On September 30, 2016 and December 31, 2015, the fair value of the Decatur Angle swap was a liability of approximately $1.4 million and $737,000, respectively. On September 30, 2016 and December 31, 2015, the fair value of the Bruton swap was a liability of approximately $1.1 million and $580,000, respectively. The fair value of these swaps is reported as a liability on the Partnership’s Condensed Consolidated Balance Sheets. The Partnership’s interest rate derivatives do not qualify for hedge accounting and, accordingly, they are carried at fair value, with changes in fair value included in current period earnings within interest expense. The change in the fair value of these derivative contracts resulted in a decrease in interest expense of approximately $264,000 and an increase in interest expense of approximately $1.4 million for the three and nine months ended September 30, 2016, respectively. The change in the fair value of these derivative contracts resulted in an increase in interest expense of approximately $1.3 million and $2.0 million for the three and nine months ended September 30, 2015. The valuation methodology used to estimate the fair value of the Partnership’s interest rate derivative agreements is disclosed in Note 21. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Disclosures [Text Block] | 21. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Investments in Mortgage Revenue Bonds and Bond Purchase Commitments. The fair values of the Partnership’s investments in mortgage revenue bonds and mortgage bond purchase commitments have each been based on a discounted cash flow or yield to maturity analysis. There is no active trading market for the mortgage revenue bonds and price quotes for the mortgage revenue bonds are not available. If available, the Partnership may also consider price quotes on similar mortgage revenue bonds or other information from external sources, such as pricing services. The estimates of the fair values of these mortgage revenue bonds, whether estimated by the Partnership or based on external sources, are based largely on unobservable inputs the Partnership believes would be used by market participants. Additionally, the calculation methodology used by the external sources and the Partnership encompasses the use of judgment in its application. To validate changes in the fair value of the Partnership’s investments in mortgage revenue bonds between reporting periods, the Partnership looks at the key inputs such as changes in the ‘A’ rated municipal bond rates on similar mortgage revenue bonds as well as changes in the operating performance of the underlying property serving as collateral for each mortgage revenue bond. The Partnership validates that the changes in the estimated fair value of the mortgage revenue bonds move with the changes in these monitored factors. Given these facts the fair value measurement of the Partnership’s investment in mortgage revenue bonds is categorized as a Level 3 input. On September 30, 2016, the range of effective yields on the individual mortgage revenue bonds was 4.2% to 11.5% per annum. At December 31, 2015, the range of effective yields on the individual mortgage revenue bonds was 4.6% to 12.1% per annum. The fair value of the bond purchase commitments is determined in the same manner as the mortgage revenue bonds. On September 30, 2016, the range of effective yields on the bond purchase commitments was 4.8% to 10.3% per annum. At December 31, 2015, the range of effective yields on the bond purchase commitments was 5.4% to 10.9% per annum. Investments in Public Housing Capital Fund Trust Certificates. The fair value of the Partnership’s investment in Public Housing Capital Fund Trust Certificates has been based on a yield to maturity analysis performed by the Partnership. There is no active trading market for the trusts’ certificates owned by the Partnership, but it will look at estimated values as determined by pricing services when available. The estimates of the fair values of these trusts’ certificates begin with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts, adjusted largely for unobservable inputs the Partnership believes would be used by market participants. Additionally, the calculation methodology used by external pricing services and the Partnership encompasses the use of judgment in its application. The Partnership validates that the changes in the estimated fair value of Public Housing Capital Fund Trust Certificates move with the changes in the market yield rates of investment grade rated mortgage revenue municipal bonds with terms of similar length. Given these facts the fair value measurement of the Partnership’s investment in Public Housing Capital Fund Trust Certificates is categorized as a Level 3 input. At September 30, 2016 the range of effective yields on the PHC Certificates was 3.5% to 5.2% per annum. At December 31, 2015 the range of effective yields on the PHC Certificates was 3.9% to 5.7% per annum. Investments in Mortgage-Backed Securities. On December 31, 2015 and for the three and nine months ended September 30, 2015, the fair value of the Partnership’s investment in mortgage-backed securities was based upon prices obtained from a third party pricing service, which are indicative of market activity. The valuation methodology of the Partnership’s third party pricing service incorporates commonly used market pricing methods, incorporates trading activity observed in the marketplace, and other data inputs. The methodology also considered the underlying characteristics of each security, which were also observable inputs, including: coupon; maturity date; loan age; reset date; collateral type; geography; and prepayment speeds. The Partnership analyzes pricing data received from the third party pricing service by comparing it to valuation information obtained from at least one other third party pricing service, ensuring they were within a tolerable range of difference which the Partnership estimates as 7.5%. The Partnership also looked at observations of trading activity in the marketplace when available. Given these facts, the fair value measurements of the Partnership’s investment in mortgage-backed securities were categorized as Level 2 inputs. Taxable Bonds. The fair values of the Partnership’s investments in taxable bonds have each been based on a discounted cash flow or yield to maturity analysis. There is no active trading market for the taxable bonds and price quotes are not available. The estimates of the fair values of these taxable bonds, whether estimated by the Partnership or based on external sources, are based largely on unobservable inputs the Partnership believes would be used by market participants. Additionally, the calculation methodology used by the external sources and the Partnership encompasses the use of judgment in its application. To validate changes in the fair value of the Partnership’s investments in taxable bonds between reporting periods, management looks at the key inputs such as changes in the current market yields on similar bonds as well as changes in the operating performance of the underlying property serving as collateral for each bond. The Partnership validates the changes in the estimated fair value of the taxable bonds move with the changes in these monitored factors. Given these facts the fair value measurement of the Partnership’s investment in taxable bonds is categorized as a Level 3 input. On September 30, 2016, the range of effective yields on the taxable bonds was 3.6% to 8.3% per annum. At December 31, 2015, the range of effective yields on the taxable bonds was 4.2% to 10.5% per annum. Interest Rate Derivatives. The effect of the Partnership’s interest rate caps is to set a cap, or upper limit, on the base rate of interest paid on the Partnership’s variable rate debt equal to the notional amount of the derivative agreement. The effect of the Partnership’s interest rate swaps is to change a variable rate debt obligation to a fixed rate for that portion of the debt equal to the notional amount of the derivative agreement. The interest rate derivatives are recorded at fair value with changes in fair value included in current period earnings within interest expense. The fair value of the interest rate derivatives is based on a model whose inputs is not observable and therefore is categorized as a Level 3 input. The inputs in the valuation model include three-month LIBOR rates, unobservable adjustments to account for the SIFMA index, as well as any recent interest rate cap trades with similar terms. Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at September 30, 2016 Description Assets and Liabilities at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and Liabilities Mortgage revenue bonds $ 628,366,288 $ - $ - $ 628,366,288 Bond purchase commitments 12,622,709 - - 12,622,709 PHC Certificates 60,859,254 - - 60,859,254 Taxable bonds 4,476,385 - - 4,476,385 Interest rate derivatives, net (2,351,409 ) - - (2,351,409 ) Total Assets and Liabilities at Fair Value, net $ 703,973,227 $ - $ - $ 703,973,227 For the Three Months Ended September 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - 263,684 263,684 Included in other comprehensive (loss) income (28,336,831 ) (4,596,110 ) (780,342 ) (315,633 ) - (34,028,916 ) Purchases 8,785,000 - - - - 8,785,000 Settlements (479,253 ) - (540,463 ) (502,211 ) - (1,521,927 ) Ending Balance September 30, 2016 $ 628,366,288 $ 12,622,709 $ 60,859,254 $ 4,476,385 $ (2,351,409 ) $ 703,973,227 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2016 $ - $ - $ - $ - $ 263,684 $ 263,684 For Nine Months Ended September 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2016 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (1,378,112 ) (1,378,112 ) Included in other comprehensive (loss) income 40,781,894 6,988,349 1,777,372 179,684 - 49,727,299 Purchases 20,285,000 - - - - 20,285,000 Sale of securities (9,747,124 ) - - - (399 ) (9,747,523 ) Settlements (6,636,619 ) - (1,625,408 ) (527,359 ) - (8,789,386 ) Ending Balance September 30, 2016 $ 628,366,288 $ 12,622,709 $ 60,859,254 $ 4,476,385 $ (2,351,409 ) $ 703,973,227 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2016 $ - $ - $ - $ - $ (1,378,112 ) $ (1,378,112 ) Fair Value Measurements at December 31, 2015 Description Assets and Liabilities at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and Liabilities Mortgage revenue bonds $ 583,683,137 $ - $ - $ 583,683,137 Bond purchase commitments 5,634,360 - - 5,634,360 PHC Certificates 60,707,290 - - 60,707,290 MBS Securities 14,775,309 - 14,775,309 - Taxable bonds 4,824,060 - - 4,824,060 Interest rate derivatives (972,898 ) - - (972,898 ) Total Assets and Liabilities at Fair Value $ 668,651,258 $ - $ 14,775,309 $ 653,875,949 For Three Months Ended September 30, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2015 $ 548,935,985 $ 883,999 $ 58,991,437 $ 4,711,687 $ (443,961 ) $ 613,079,147 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (1,254,563 ) (1,254,563 ) Included in other comprehensive income 19,222,410 2,451,927 899,057 345,902 - 22,919,296 Purchases 6,320,000 - - - - 6,320,000 Mortgage revenue bond exchanged for MF Property (40,950,000 ) - - - - (40,950,000 ) Purchase interest rate derivative - - - - 572,588 572,588 Settlements (6,082,853 ) - (13,652 ) (1,161 ) - (6,097,666 ) Ending Balance September 30, 2015 $ 527,445,542 $ 3,335,926 $ 59,876,842 $ 5,056,428 $ (1,125,936 ) $ 594,588,802 Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities held on September 30, 2015 $ - $ - $ - $ - $ (1,254,563 ) $ (1,254,563 ) For Nine Months Ended September 30, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2015 $ 449,024,137 $ 5,780,413 $ 61,263,123 $ 4,616,565 $ 267,669 $ 520,951,907 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (1,955,693 ) (1,955,693 ) Included in other comprehensive income 2,752,871 (2,444,487 ) (381,802 ) 11,842 - (61,576 ) Purchases 137,805,000 - - 500,000 - 138,305,000 Mortgage revenue bond exchanged for MF Property (40,950,000 ) - - - - (40,950,000 ) Purchase interest rate derivative - - - - 572,588 572,588 Refund of interest rate derivative cost - - - - (10,500 ) (10,500 ) Settlements (21,186,466 ) - (1,004,479 ) (71,979 ) - (22,262,924 ) Ending Balance September 30, 2015 $ 527,445,542 $ 3,335,926 $ 59,876,842 $ 5,056,428 $ (1,125,936 ) $ 594,588,802 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2016 $ - $ - $ - $ - $ (1,955,693 ) $ (1,955,693 ) Total gains and losses included in earnings for the periods shown above are included in the Partnership’s Condensed Consolidated Statements of Operations as interest expense. The Partnership calculates a fair value of each financial liability using a discounted cash flow model based on the debt amortization schedules at the effective rate of interest for each period represented. This estimate of fair value is based on Level 3 inputs. The table below represents the fair value of the financial liabilities held on the Condensed Consolidated Balance Sheets for September 30, 2016 and December 31, 2015, respectively. September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and unsecured LOCs $ 457,282,760 $ 462,439,397 $ 468,993,716 $ 475,415,345 Mortgages payable and other secured financing $ 51,826,458 $ 52,210,639 $ 69,247,574 $ 67,735,213 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | 22. Commitments and Contingencies The Partnership, from time to time, may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable, the estimated amount of the loss is accrued in the condensed consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material effect on the Partnership’s condensed consolidated financial statements. As part of the Partnership’s strategy of acquiring mortgage revenue bonds, the Partnership will enter into forward mortgage revenue bond purchase commitments related to mortgage revenue bonds to be issued and secured by properties under construction. Upon execution of the forward mortgage revenue bond purchase commitment, the proceeds from the mortgage revenue bonds issued will be used to pay off the construction related debt and any mortgage revenue bonds that may have been issued. The Partnership accounts for the forward mortgage revenue bond purchase agreements as an available-for-sale security and, as such, records the estimated value of the forward mortgage revenue bond purchase commitment as an asset or liability with changes in such valuation recorded in other comprehensive income. On September 30, 2016 and December 31, 2015, the forward mortgage revenue bond purchase commitments outstanding and their related fair values are as follows: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 2018 Maximum Committed Amounts for 2016 Rate Closing Date (1) Fair Value at September 30, 2016 Fair Value at December 31, 2015 15 West Apartments July-14 $ - $ 9,850,000 6.25 % Q4 2016 $ 1,589,396 $ 945,009 Villas at Plano Gateway Apartments December-14 20,000,000 - 6.00 % Q2 2017 2,807,000 1,469,213 Palo Alto July-15 19,540,000 - 5.80 % Q3 2017 3,709,278 1,439,600 Village at Rivers Edge May-15 11,000,000 - 6.00 % Q2 2017 1,570,140 636,560 Village at Avalon November-15 16,400,000 - 5.80 % Q2 2018 2,946,895 1,143,978 Total $ 66,940,000 $ 9,850,000 $ 12,622,709 $ 5,634,360 (1) In 2016, ATAX Vantage Holdings, LLC, a subsidiary of the Partnership, contributed approximately $12.8 million during the nine months ended September 30, 2016 to the Vantage Properties. The Partnership has entered into commitments to provide equity totaling approximately $27.8 million to the Vantage Properties to build three new multifamily residential property in Texas. At September 30, 2016, the Partnership’s remaining maximum commitments totaled approximately $15.0 million (Note 10). In October 2015, ATAX Vantage Holdings, LLC, a newly formed wholly owned subsidiary of the Partnership, committed to loan approximately $17.0 million to an unrelated third party to build two new multifamily residential properties, Vantage at Brooks, LLC and Vantage at Braunfels, LLC, both located in Texas. At September 30, 2016, the Partnership’s remaining maximum commitments totaled approximately $3.5 million (Note 11). The Partnership provided a guarantee on the $2.8 million mortgage secured by the Abbington at Stones River, a 96 unit multifamily property located in Tennessee, in addition to providing a property loan of approximately $1.4 million to FAH, the not-for-profit owner of the property. Based on the historical financial performance of the property and its estimated fair value, the Partnership estimates there is no value to record for this mortgage guarantee. As the holder of residual interests issued in connection with its TOB Trust, Term A/B trust and TEBS Financing arrangements, the Partnership is required to guarantee certain losses that can be incurred by the trusts created in connection with these financings. These guarantees may result from a downgrade in the investment rating of mortgage revenue bonds held by the trust or of the senior securities issued by the trust, a ratings downgrade of the liquidity provider for the trust, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the trust. In the case of the TEBS, Freddie Mac will step in first on an immediate basis and the Partnership will have 10 to 14 days to remedy. In each of these cases, the trust will be collapsed. If the proceeds from the sale of the trust collateral are not sufficient to pay the principal amount of the senior securities with accrued interest and the other expenses of the trusts, the Partnership will be required to fund any such shortfall pursuant to its guarantee. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. In the event of a shortfall the maximum exposure to loss would be approximately $430.1 million prior to the consideration of the proceeds from the sale of the trust collateral. The Partnership has never been, and does not expect in the future, to be required to reimburse the financing facilities for any shortfall. In connection with the sale of the Greens Property in 2012, the Partnership entered into guarantee agreements with the BC Partners under which the Partnership has guaranteed certain obligations of the general partner of the Greens of Pine Glen limited partnership, including an obligation to repurchase the interests of the BC Partners if certain “repurchase events” occur. A repurchase event is defined as any one of a number of events mainly focused on failure in the completion of the property rehabilitation, property rent stabilization, and the delivery of LIHTCs, or tax credit recapture and foreclosure. No amount has been accrued for this contingent liability because the likelihood of a repurchase event is remote. The maximum exposure to the Partnership at September 30, 2016, under the guarantee provision of the repurchase clause is approximately $3.0 million and represents 75% of the equity contributed by BC Partners to date. In connection with the Ohio Properties transaction in 2011, the Partnership entered into guarantee agreements with the BC Partners under which the Partnership has guaranteed certain obligations of the general partner of these limited partnerships, including an obligation to repurchase the interests of the BC Partners if certain “repurchase events” occur. A repurchase event is defined as any one of a number of events mainly focused on failure in the completion of the property rehabilitation, property rent stabilization, and the delivery of LIHTCs, or tax credit recapture and foreclosure. No amount has been accrued for this contingent liability because the likelihood of a repurchase event is remote. The maximum exposure to the Partnership at September 30, 2016, under the guarantee provision of the repurchase clause is approximately $4.8 million and represents 75% of the equity contributed by BC Partners. In conjunction with the ground lease (Note 9), The 50/50 MF Property has entered into an agreement whereby it is required to make regular payments to the University of Nebraska-Lincoln based on its revenues. At September 30, 2016, the minimum aggregate annual payment due under the agreement is approximately $122,000. The minimum aggregate annual payment increases 2% annually until July 31, 2034 and increases of 3% annually thereafter. The 50/50 MF Property may be required to make additional payments under the agreement if its gross revenues exceed certain thresholds. The agreement will terminate upon termination of the ground lease. During the three and nine months ended September 30, 2016, The 50/50 MF Property reported expenses related to the agreement of $31,000 and $92,000, respectively. During the three and nine months ended September 30, 2015, The 50/50 MF Property reported expenses of $30,000 and $90,000, respectively. |
Redeemable Series A Preferred
Redeemable Series A Preferred Units | 9 Months Ended |
Sep. 30, 2016 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Preferred Units Disclosure [Text Block] | 23. Redeemable Series A Preferred Units In March, May, and September of 2016, the Partnership issued, in private placements, approximately 1.0 million, 1.4 million, and 1.0 million, respectively, Series A Preferred Units which are redeemable in the future and represent limited partnership interests in the Partnership. Holders of the Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units The Series A Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless repurchased or redeemed by the Partnership or holder. Upon the sixth anniversary of the closing of the sale of Series A Preferred Units to a subscriber, and upon each anniversary thereafter, the Partnership and each holder of Series A Preferred Units will have the right to redeem, in whole or in part, the Series A Preferred Units held by such holder at a per unit redemption price equal to $10.00 per unit plus an amount equal to all declared and unpaid distributions. The redeemable preferred units are recorded as mezzanine equity due to the holder’s redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. In addition, the costs of issuing the Series A Preferred Units are netted against the carrying value and amortized over the period until the first redemption date. |
Restricted Unit Awards (_RUAs_)
Restricted Unit Awards (“RUAs”) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Restricted Unit Awards [Text Block] | 24. Restricted Unit Awards (“RUAs”) The Partnership’s 2015 Equity Incentive Plan (“Plan”), as approved by the Unitholders, permits the grant of restricted units and other awards to the employees of Burlington, the Partnership, or any affiliate of either, members of Burlington’s The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The compensation expense for RUAs totaled approximately $31,000 for the three and nine months ended September 30, 2016. No compensation expense for RUAs was recognized for the three and nine months ended September 30, 2015. The following table summarizes the nonvested restricted units at and for the nine months ended September 30, 2016. Nonvested Restricted Units Restricted Units Awarded Weighted-average Grant-Date Fair Value Nonvested at January 1, 2016 - $ - Granted 238,936 $ 6.08 Nonvested at September 30, 2016 238,936 $ 6.08 At September 30, 2016, there was approximately $1.4 million of total unrecognized compensation expense related to nonvested RUAs granted under the Plan. The remaining expense is expected to be recognized over a weighted-average period of 1.0 years. The total intrinsic value of the RUAs granted during the three and nine months ended September 30, 2016 was approximately $1.5 million. |
Segment Reporting
Segment Reporting | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | 25. Segments Due to the increased investments in ATAX Vantage Holdings, LLC, the Partnership added a new segment, Other Investments, during the second quarter of 2016. The Partnership consists of four reportable segments, Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. In addition to the four reportable segments, the Partnership also separately reports its consolidation and elimination information because it does not allocate certain items to the segments. In January 2016, the Partnership sold its three remaining MBS Securities and eliminated this operating segment in the first quarter of 2016. Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of mortgage revenue bonds and related property loans which have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties in their market areas. Such mortgage revenue bonds are held as investments and the related property loans, net of loan loss are reported as such on the Partnership’s Condensed Consolidated Balance Sheets. On September 30, 2016, the Partnership held sixty-two mortgage revenue bonds. The Residential Properties financed by sixty-one mortgage revenue bonds contain a total of 8,915 rental units. In addition, one bond is collateralized by commercial real estate (Note 6). MF Properties Segment The MF Properties segment consists of indirect equity interests in multifamily, student housing, and senior citizen residential properties which are not currently financed by mortgage revenue bonds held by the Partnership but which the Partnership eventually intends to finance by such bonds through a restructuring. In connection with any such restructuring, the Partnership will be required to dispose of any equity interest held in such MF Properties. The Partnership’s interests in its current MF Properties are not currently classified as Assets held for sale because the Partnership does not believe it is probable a sale will occur in the next twelve months. During the time the Partnership holds an interest in an MF Property, any net rental income generated by the MF Properties in excess of debt service will be available for distribution to the Partnership in accordance with its interest in the MF Property. On September 30, 2016, the Partnership consolidated the results of six MF Properties containing a total of 1,847 rental units. Management’s goals with respect to the properties constituting the MF Properties reportable segments is to generate increasing amounts of net rental income from these properties that will allow them to (i) make all interest payments on the properties and (ii) distribute net rental income to the Partnership from the MF Properties segment until such properties can be refinanced with additional mortgage revenue bonds meeting the Partnership’s investment criteria. In order to achieve these goals, management of these multifamily residential properties is focused on: (i) maintaining high economic occupancy and increasing rental rates through effective leasing, reduced turnover rates and providing quality maintenance and services to maximize resident satisfaction; (ii) managing operating expenses and achieving cost reductions through operating efficiencies and economies of scale generally inherent in the management of a portfolio of multiple properties; and (iii) emphasizing regular programs of repairs, maintenance and property improvements to enhance the competitive advantage and value of its properties in their respective market areas. Other Investments under the Amended and Restated LP Agreement The Amended and Restated LP Agreement authorizes the Partnership to make investments other than in mortgage revenue bonds provided that these other investments are rated in one of the four highest rating categories by a national securities rating agency and do not constitute more than 25% of the Partnership’s assets at the time of acquisition as required under the Amended and Restated LP Agreement. In addition, the amount of other investments is limited based on the conditions to the exemption from registration under the Investment Company Act of 1940. The Partnership owned other investments, PHC Certificates, MBS Securities, and Other Investments which are reported as three separate segments. Public Housing Capital Fund Trust Segment The Public Housing Capital Fund Trust segment consists of the assets, liabilities, and related income and expenses of the PHC Trusts. The Partnership consolidates the PHC Trusts due to its ownership of the LIFERS issued by the three PHC Trusts, which hold custodial receipts evidencing loans made to a number of local public housing authorities. Principal and interest on these loans are payable by the respective public housing authorities out of annual appropriations to be made to the public housing authorities under HUD’s Capital Fund Program. MBS Securities Investment Segment The MBS Securities segment consisted of the assets, liabilities, and related income and expenses of the MBS TOB Trusts that the Partnership consolidated due to its ownership of the LIFERs issued by the MBS TOB Trusts. These MBS TOB Trusts are securitizations of state-issued mortgage-backed securities which were backed by residential mortgage loans. In January 2016, the Partnership sold its MBS Securities for approximating $15.0 million, approximately the outstanding amortized cost plus interest. The Partnership then collapsed the related three remaining MBS - TOB Trusts. The Partnership’s approximate $11.9 million TOB financing facilities, which were the securitization of these MBS TOB Trusts, were paid off in full in connection with this sale. The sale of the Partnership’s three remaining MBS Securities eliminated this operating segment in the first quarter of 2016 (Note 8). Other Investments Segment The Other investments segment consists of ATAX Vantage Holdings, LLC, which is invested in the Vantage Properties (Note 10), and has issued property notes receivable due from Vantage at Brooks LLC and Vantage at Braunfels LLC (Note 11). The assets and income the Partnership realizes from these investments pursuant to their executed agreements have been included in this segment. The following table details certain key financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2016 and 2015: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Total revenues Mortgage Revenue Bond Investments $ 8,504,675 $ 8,238,652 $ 26,074,552 $ 24,235,550 MF Properties 3,414,788 4,124,413 13,483,760 12,512,775 Public Housing Capital Fund Trust 724,735 736,699 2,178,627 2,254,448 MBS Securities Investments - (202,699 ) 48,755 103,022 Other Investments 577,741 - 1,289,225 - Total revenues $ 13,221,939 $ 12,897,065 $ 43,074,919 $ 39,105,795 Interest expense Mortgage Revenue Bond Investments $ 2,691,439 $ 3,719,174 $ 9,866,978 $ 8,619,039 MF Properties 441,858 686,334 1,708,551 2,040,142 Public Housing Capital Fund Trust 351,875 308,889 987,140 905,929 MBS Securities Investments - 39,722 14,692 118,319 Total interest expense $ 3,485,172 $ 4,754,119 $ 12,577,361 $ 11,683,429 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 1,353,602 1,360,720 4,649,724 4,204,599 Public Housing Capital Fund Trust - - - - MBS Securities Investments - - - - Total depreciation expense $ 1,353,602 $ 1,360,720 $ 4,649,724 $ 4,204,599 Income from continuing operations Mortgage Revenue Bond Investments $ 2,917,832 $ 1,818,273 $ 7,168,735 $ 8,424,562 MF Properties 754,441 282,721 8,458,960 3,026,243 Public Housing Capital Fund Trust 372,860 427,810 1,191,487 1,333,771 MBS Securities Investments - (242,421 ) 51,984 (15,738 ) Other Investments 577,741 - 1,289,225 Income from continuing operations $ 4,622,874 $ 2,286,383 $ 18,160,391 $ 12,768,838 Net income (loss) Mortgage Revenue Bond Investments $ 2,918,500 $ 1,818,273 $ 7,169,516 $ 8,424,562 MF Properties 754,441 283,093 8,458,960 3,027,195 Public Housing Capital Fund Trust 372,860 427,810 1,191,487 1,333,771 MBS Securities Investments - (242,421 ) 51,984 (15,738 ) Other Investments 577,741 - 1,289,225 - Discontinued Operations - 253,894 - 516,609 Partnership net income $ 4,623,542 $ 2,540,649 $ 18,161,172 $ 13,286,399 The following table details certain key financial information for the Partnership’s reportable segments on September 30, 2016 and December 31, 2015: Total assets September 30, 2016 December 31, 2015 Mortgage Revenue Bond Investments $ 908,729,560 $ 841,499,941 MF Properties 116,024,130 127,683,544 Public Housing Capital Fund Trust Certificates 61,261,294 61,021,462 MBS Securities Investments - 15,035,061 Other Investments 27,849,917 7,726,970 Assets held for sale - 14,020,559 Consolidation/eliminations (200,539,886 ) (199,877,054 ) Total assets $ 913,325,015 $ 867,110,483 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 26. Subsequent Events In November 2016, the Partnership executed a Purchase and Sale Agreement to acquire a tract of land in Omaha, Nebraska. If this tract of land is successfully acquired, it will be classified as Land Held for Investment and Development. This tract of land is contiguous to the tract land in Omaha, Nebraska, which was subject to an executed Purchase and Sale Agreement that is disclosed in Note 9. |
Summary of Significant Accoun35
Summary of Significant Accounting Policies Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P. and its wholly-owned subsidiaries. The “wholly-owned subsidiaries” include the MF Properties owned by a limited partnership in which one of the wholly-owned subsidiaries (“The Greens Hold Co”) holds a 99% limited partner interest. All intercompany transactions are eliminated. On September 30, 2016, the consolidated subsidiaries of the Partnership (the “Consolidated Subsidiaries”) consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created in 2010 to hold mortgage revenue bonds in order to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac (Note 17). • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created in 2014 to hold mortgage revenue bonds in order to facilitate the second TEBS Financing, (“M31 TEBS Financing”) with Freddie Mac (Note 17). • ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created in 2015 to hold mortgage revenue bonds in order to facilitate the third TEBS Financing (“M33 TEBS Financing”), with Freddie Mac (Note 17). • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership committed to loan money or provide equity for the development of multifamily properties (Notes 10 and 11). • Seven MF Properties which are either wholly or majority owned by the Partnership or subsidiaries of the Partnership (Notes 9 and 12). For the three and nine months ended September 30, 2015, two properties, Bent Tree and Fairmont Oaks, in which the Partnership did not hold an ownership interest but which owned multifamily properties financed with mortgage revenue bonds owned by the Partnership were variable interest entities (“VIEs”) and were sold in the fourth quarter of 2015. The Partnership had been determined to be the primary beneficiary of these VIEs, the “Consolidated VIEs”. The Partnership determined the sales qualified to be presented as discontinued operations. As such, the results of operations for the three and nine months ended September 30, 2015 are presented as discontinued operations and all other significant transactions and accounts between the Partnership and the VIEs have been eliminated in consolidation (Notes 5 and 9). The General Partner does not believe that the consolidation of VIEs for reporting under accounting principles generally accepted in the United States of America (“GAAP”) impacts the Partnership’s status as a partnership for federal income tax purposes or the status of Unitholders as partners of the Partnership, the treatment of the mortgage revenue bonds on the properties owned by Consolidated VIEs as debt, the nature of the interest payments, which it believes to be tax-exempt, received on the mortgage revenue bonds secured by the properties owned by Consolidated VIEs or the manner in which the Partnership’s income is reported to Unitholders on IRS Form K-1. The unallocated deficit of the Consolidated VIEs was comprised of the accumulated historical net losses of the Consolidated VIEs since the applicable consolidation date. The unallocated deficit of the Consolidated VIEs and the Consolidated VIEs’ net losses subsequent to that date are not allocated to the General Partner and Unitholders as such activity is not contemplated by, or addressed in, the First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as amended (the “Amended and Restated LP Agreement”). |
Business Combinations Policy [Policy Text Block] | Acquisition Accounting Pursuant to the guidance on acquisition accounting, the Partnership allocates the contractual purchase price of a property acquired to the land, building, and leases in existence as of the date of acquisition based on their relative fair values. The building is valued as if vacant. The estimated valuation of in-place leases is calculated by applying a risk-adjusted discount rate to the projected cash flow deficit at each property during an assumed lease-up period for these properties. This allocated cost is amortized over the average remaining term of the leases and is included in the statement of operations under depreciation and amortization expense. The acquisition related costs to acquire a property are expensed as incurred. |
Investment, Policy [Policy Text Block] | Investment in unconsolidated entities During the nine months ended September 30, 2016, the Partnership made initial investments in and committed to invest, through its wholly owned subsidiary, ATAX Vantage Holdings, LLC, in Vantage Corpus Christi Holdings, LLC, in Vantage at Waco, LLC, and in Vantage at Boerne, LLC (“Vantage Properties”). ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited partnership interest under |
Assets Held For Sale [Policy Text Block] | Assets held for sale In July 2016, one of the MF Properties, Woodland Park, was sold to an unrelated third party. The Partnership determined the transaction met the accounting guidance as an asset held for sale prior to the date of the sale. As such, Woodland Park’s real estate assets, net of accumulated depreciation, are reported as assets held for sale, net, for all periods presented until the date Woodland Park was sold. Management also reviewed the discontinued operations accounting guidance and determined the sale did not qualify as a discontinued operation (Note 12). |
Redeemable Series A Preferred Units [Policy Text Block] | Redeemable Series A preferred units Holders of the Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units The Series A Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless repurchased or redeemed by the Partnership or holder. Upon the sixth anniversary of the closing of the sale of Series A Preferred Units to a subscriber, and upon each anniversary thereafter, the Partnership and each holder of Series A Preferred Units will have the right to redeem, in whole or in part, the Series A Preferred Units held by such holder at a per unit redemption price equal to $10.00 per unit plus an amount equal to all declared and unpaid distributions. The Series A Preferred Units are recorded as mezzanine equity due to the holder’s redemption option which, if and when the units become subject to redemption, is outside the Partnership’s control. In addition, the costs of issuing the Series A Preferred Units are netted against the carrying value and amortized to the first redemption date (Note 23). |
Restricted Unit Awards [Policy Text Block] | Restricted Unit Awards (“RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”), as approved by the Unitholders in September 2015, permits the grant of restricted units and other awards to the employees of Burlington, the Partnership, or any affiliate of either, and members of Burlington’s Board of Managers for up to 3 million BUCs. Restricted unit awards are generally granted with vesting conditions ranging from three months to up to three years. RUAs currently provide for the payment of distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period (Note 24). |
Use of Estimates, Policy [Policy Text Block] | Estimates and assumptions The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. These condensed consolidated financial statements and notes have been prepared consistently with the 2015 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position on September 30, 2016, and the results of operations for the interim periods presented have been made. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Greens Hold Co (“The Greens”), a wholly-owned subsidiary of the Partnership, is a corporation subject to federal and state income taxes. The Partnership will recognize income tax expense or benefit for the federal and state income taxes incurred by The Greens on the Partnership’s condensed consolidated financial statements. No provision is necessary, or has been recorded, for the Partnership excluding The Greens as the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes. The Partnership evaluates its tax positions taken in the Partnership’s condensed consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. Deferred income tax expense, or benefit, is generally a function of the period’s temporary differences (items that are treated differently for tax purposes than for financial reporting purposes) and the utilization of tax net operating losses (“NOL”) generated in prior years that had been previously recognized as deferred income tax assets. The Partnership provides for a valuation allowance for deferred income tax assets if it believes all, or some portion, of the deferred income tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax asset is included in deferred tax expense (Note 13). |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. In the first quarter of 2016, the Partnership began to classify its amortization of deferred financing costs as a separate line within the Partnership’s Condensed Consolidated Statements of Operations. Previously this amount had been classified within depreciation and amortization. Accordingly, for the three and nine months ended September 30, 2015, the Partnership has reclassified the amortization of deferred financing costs and has included them in conformity for the periods presented herein. This reclassification has no effect on the Partnership’s reported net income or partners’ capital in the Partnership’s condensed consolidated financial statements for the periods presented. In 2016, the Partnership began to classify its property loans, net of loan losses, as a separate line item within the Partnership’s Condensed Consolidated Balance Sheets. Previously this amount had been classified within Other assets. Accordingly, on September 30, 2016 and December 31, 2015, the Partnership has reclassified the property loans, net of loan losses, and has included them in conformity for the periods presented herein. This reclassification has no effect on the Partnership’s reported net income or partners’ capital in the Partnership’s condensed consolidated financial statements for the periods presented. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements, Adopted and Pending In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326)”, In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230)”, In August, 2015 and March through May 2016, the FASB issued ASU 2015-14, ASU 2016-12, ASU 2016-10, and ASU 2016-08, “Revenue from Contracts with Customers (Topic 606)”, In March 2016, the FASB issued ASU 2016-09, “Compensation – Stock Compensation (Topic 718)”, In March 2016, the FASB issued ASU 2016-07, “Investments – Equity Method and Joint Ventures (Topic 323)” In March 2016, the FASB issued ASU 2016-05, “Derivatives and Hedging (Topic 815)”, In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842)”, In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall (Subtopic 825-10)”, In August 2014, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2014-15, “ Presentation of Financial Statements-Going Concern |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entity Classification Of Carrying Amount Assets [Table Text Block] | The following table presents information regarding the Partnership’s variable interests in VIEs held by the Partnership on September 30, 2016 and December 31, 2015 that the Partnership did not consolidate: Maximum Exposure to Loss September 30, 2016 December 31, 2015 Mortgage revenue bonds $ 107,633,367 $ 103,483,793 Property loans $ 16,181,710 $ 19,464,977 Investment in unconsolidated entities $ 13,150,207 $ - |
Investments in Bonds (Tables)
Investments in Bonds (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The Partnership had the following investments in mortgage revenue bonds on September 30, 2016 and December 31, 2015: September 30, 2016 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Glenview Apartments - Series A (4) CA $ 4,670,000 $ 492,351 $ - $ 5,162,351 Harden Ranch - Series A (3) CA 6,928,584 953,179 - 7,881,763 Montclair Apartments - Series A (4) CA 2,530,000 307,815 - 2,837,815 Santa Fe Apartments - Series A (4) CA 3,065,000 423,634 - 3,488,634 Seasons at Simi Valley - Series A (2) CA 4,376,000 679,926 - 5,055,926 Sycamore Walk - Series A (2) CA 3,632,000 436,757 - 4,068,757 Tyler Park Townhomes - Series A (3) CA 6,038,263 671,518 - 6,709,781 Westside Village Market - Series A (3) CA 3,945,993 380,659 - 4,326,652 Lake Forest (1) FL 8,672,000 1,674,112 - 10,346,112 Ashley Square (1) IA 5,054,000 703,436 - 5,757,436 Brookstone (1) IL 7,464,734 2,396,187 - 9,860,921 Copper Gate Apartments (3) IN 5,185,000 1,066,295 - 6,251,295 Renaissance - Series A (4) LA 11,374,592 2,013,776 - 13,388,368 Live 929 Apartments (2) MD 40,708,453 9,125,749 - 49,834,202 Woodlynn Village (1) MN 4,331,000 878,067 - 5,209,067 Greens Property - Series A (3) NC 8,231,000 1,907,554 - 10,138,554 Silver Moon - Series A (4) NM 7,946,182 1,352,333 - 9,298,515 Ohio Properties - Series A (1) OH 14,239,000 4,147,067 - 18,386,067 Bridle Ridge (1) SC 7,535,000 1,532,393 - 9,067,393 Columbia Gardens (2) SC 15,216,816 476,831 - 15,693,647 Companion at Thornhill Apartments (2) SC 11,500,000 2,316,803 - 13,816,803 Cross Creek (1) SC 6,117,726 3,602,456 - 9,720,182 The Palms at Premier Park Apartments (3) SC 19,871,381 4,160,041 - 24,031,422 Willow Run (2) SC 15,216,711 468,263 - 15,684,974 Arbors at Hickory Ridge (3) TN 11,490,513 2,475,547 - 13,966,060 Pro Nova 2014-1 (2) TN 10,042,683 1,698,917 - 11,741,600 Avistar at Chase Hill - Series A (3) TX 9,868,144 1,738,060 - 11,606,204 Avistar at the Crest - Series A (3) TX 9,572,100 1,901,250 - 11,473,350 Avistar at the Oaks - Series A (3) TX 7,726,653 1,489,086 - 9,215,739 Avistar at the Parkway - Series A (4) TX 13,300,000 1,377,287 - 14,677,287 Avistar in 09 - Series A (3) TX 6,671,666 1,285,767 - 7,957,433 Avistar on the Boulevard - Series A (3) TX 16,307,106 3,238,986 - 19,546,092 Avistar on the Hills - Series A (3) TX 5,338,325 1,069,628 - 6,407,953 Bella Vista (1) TX 6,365,000 1,406,347 - 7,771,347 Bruton Apartments (2) TX 18,145,000 2,568,560 - 20,713,560 Concord at Gulfgate - Series A (2) TX 19,185,000 2,475,998 - 21,660,998 Concord at Little York - Series A (2) TX 13,440,000 1,961,962 - 15,401,962 Concord at Williamcrest - Series A (2) TX 20,820,000 2,687,010 - 23,507,010 Crossing at 1415 - Series A (2) TX 7,590,000 797,366 - 8,387,366 Decatur Angle (2) TX 22,987,644 2,400,726 - 25,388,370 Heights at 515 - Series A (2) TX 6,435,000 676,028 - 7,111,028 Heritage Square - Series A (4) TX 11,185,000 2,290,924 - 13,475,924 Runnymede (1) TX 10,300,000 2,173,918 - 12,473,918 Southpark (1) TX 11,857,614 5,478,846 - 17,336,460 Vantage at Harlingen - Series B (4) TX 24,575,000 3,861,168 - 28,436,168 Vantage at Judson -Series B (4) TX 26,407,546 4,915,744 - 31,323,290 Mortgage revenue bonds held in trust $ 513,459,429 $ 92,136,327 $ - $ 605,595,756 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 17 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 17 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 17 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 17 September 30, 2016 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Las Palmas II - Series A & B CA $ 3,465,000 $ - $ - $ 3,465,000 San Vicente - Series A & B CA 5,320,000 - - 5,320,000 Seasons at Simi Valley - Series B CA 1,944,000 51,012 - 1,995,012 Sycamore Walk - Series B CA 1,815,000 - (61,510 ) 1,753,490 Greens Property - Series B NC 941,194 208,062 - 1,149,256 Ohio Properties - Series B OH 3,552,990 801,459 - 4,354,449 Avistar at Chase Hill - Series B TX 958,752 130,373 - 1,089,125 Avistar at the Crest - Series B TX 754,086 138,874 - 892,960 Avistar at the Oaks - Series B TX 551,459 102,170 - 653,629 Avistar at the Parkway - Series B TX 125,000 5,085 - 130,085 Avistar in 09 - Series B TX 454,903 84,281 - 539,184 Avistar on the Boulevard - Series B TX 448,080 82,519 - 530,599 Crossing at 1415 - Series B TX 335,000 20,910 - 355,910 Heights at 515 - Series B TX 510,000 31,833 - 541,833 Mortgage revenue bonds held by the Partnership $ 21,175,464 $ 1,656,578 $ (61,510 ) $ 22,770,532 December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Glenview Apartments - Series A (4) CA $ 4,670,000 $ 210,572 $ - $ 4,880,572 Harden Ranch - Series A (3) CA 6,960,000 668,981 - 7,628,981 Montclair Apartments - Series A (4) CA 2,530,000 114,079 - 2,644,079 Santa Fe Apartments - Series A (4) CA 3,065,000 154,067 - 3,219,067 Tyler Park Townhomes - Series A (3) CA 6,075,000 487,209 - 6,562,209 Westside Village Market - Series A (3) CA 3,970,000 202,340 - 4,172,340 Lake Forest (1) FL 8,766,000 1,177,745 - 9,943,745 Ashley Square (1) IA 5,099,000 508,163 - 5,607,163 Brookstone (1) IL 7,468,668 1,436,203 - 8,904,871 Copper Gate Apartments (3) IN 5,185,000 616,341 - 5,801,341 Renaissance - Series A (4) LA 11,450,959 1,233,077 - 12,684,036 Live 929 Apartments (2) MD 40,801,557 5,829,855 - 46,631,412 Woodlynn Village (1) MN 4,351,000 466,471 - 4,817,471 Greens Property - Series A (3) NC 8,294,000 1,138,270 - 9,432,270 Silver Moon - Series A (4) NM 7,983,811 1,246,349 - 9,230,160 Ohio Properties - Series A (1) OH 14,311,000 2,690,867 - 17,001,867 Bridle Ridge (1) SC 7,595,000 817,222 - 8,412,222 Columbia Gardens (2) SC 15,224,597 - - 15,224,597 Cross Creek (1) SC 6,101,605 2,932,689 - 9,034,294 The Palms at Premier Park Apartments (3) SC 20,001,272 2,505,091 - 22,506,363 Willow Run (2) SC 15,224,591 - - 15,224,591 Arbors at Hickory Ridge (3) TN 11,565,657 1,767,508 - 13,333,165 Pro Nova 2014-1 and 2014-2 (2) TN 19,379,489 1,182,900 - 20,562,389 Avistar at Chase Hill - Series A (3) TX 9,935,552 1,133,024 - 11,068,576 Avistar at the Crest - Series A (3) TX 9,637,485 1,301,224 - 10,938,709 Avistar at the Oaks - Series A (3) TX 7,777,936 840,159 - 8,618,095 Avistar at the Parkway - Series A (4) TX 13,300,000 330,251 - 13,630,251 Avistar in 09 - Series A (3) TX 6,715,948 725,445 - 7,441,393 Avistar on the Boulevard - Series A (3) TX 16,418,497 1,872,323 - 18,290,820 Avistar on the Hills - Series A (3) TX 5,373,756 693,096 - 6,066,852 Bella Vista (1) TX 6,430,000 766,135 - 7,196,135 Bruton Apartments (2) TX 18,145,000 1,901,839 - 20,046,839 Concord at Gulfgate - Series A (2) TX 17,060,000 852,612 - 17,912,612 Concord at Little York - Series A (2) TX 12,480,000 688,441 - 13,168,441 Concord at Williamcrest - Series A (2) TX 18,020,000 1,182,543 - 19,202,543 Decatur Angle (2) TX 23,000,000 1,582,083 - 24,582,083 Heritage Square - Series A (4) TX 11,185,000 273,488 - 11,458,488 Runnymede (1) TX 10,350,000 1,600,938 - 11,950,938 Southpark (1) TX 11,799,874 3,990,882 - 15,790,756 Vantage at Harlingen - Series B (4) TX 24,575,000 1,765,139 - 26,340,139 Vantage at Judson -Series B (4) TX 26,540,000 2,613,606 - 29,153,606 Mortgage revenue bonds held in trust $ 484,817,254 $ 51,499,227 $ - $ 536,316,481 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 17 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 17 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 17 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 17 December 31, 2015 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Glenview Apartments - Series B CA $ 2,053,000 $ - $ (7,329 ) $ 2,045,671 Montclair Apartments - Series B CA 928,000 - (2,506 ) 925,494 Santa Fe Apartments - Series B CA 1,671,000 - (5,965 ) 1,665,035 Seasons at Simi Valley CA 6,320,000 404,110 - 6,724,110 Sycamore Walk CA 5,447,000 - - 5,447,000 Greens Property - Series B NC 943,214 142,442 - 1,085,656 Ohio Properties - Series B OH 3,562,190 514,997 - 4,077,187 Avistar at Chase Hill - Series B TX 961,981 109,878 - 1,071,859 Avistar at the Crest - Series B TX 756,626 86,428 - 843,054 Avistar at the Oaks - Series B TX 553,244 63,533 - 616,777 Avistar at the Parkway - Series B TX 125,000 - (979 ) 124,021 Avistar in 09 - Series B TX 456,376 52,409 - 508,785 Avistar on the Boulevard - Series B TX 449,589 51,356 - 500,945 Concord at Gulfgate - Series B TX 2,125,000 76,802 - 2,201,802 Concord at Little York - Series B TX 960,000 - (6,711 ) 953,289 Concord at Williamcrest - Series B TX 2,800,000 - (19,573 ) 2,780,427 Crossing at 1415 TX 7,925,000 214,091 - 8,139,091 Heights at 515 TX 6,945,000 185,268 - 7,130,268 Heritage Square - Series B TX 520,000 6,185 - 526,185 Mortgage revenue bonds held by the Partnership $ 45,502,220 $ 1,907,499 $ (43,063 ) $ 47,366,656 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The terms of the three Series B mortgage revenue bonds that were redeemed are as follows: Property Name Month Restructured Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Concord at Gulfgate - Series B August Houston, TX 288 3/1/2032 12.00 % $ 2,125,000 Concord at Little York - Series B August Houston, TX 276 3/1/2032 12.00 % $ 960,000 Concord at Williamcrest - Series B August Houston, TX 288 3/1/2032 12.00 % $ 2,800,000 The following table includes the details of the mortgage revenue bond acquisitions during the nine months ended September 30, 2016: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Companion at Thornhill Apartments January Lexington, SC 178 1/1/2052 5.80 % $ 11,500,000 Las Palmas II - Series A September Coachella, CA 81 11/1/2033 5.00 % $ 1,695,000 Las Palmas II - Series B September Coachella, CA 81 11/1/2018 5.50 % $ 1,770,000 San Vicente - Series A September Soledad, CA 50 11/1/2033 5.00 % $ 3,495,000 San Vicente - Series B September Soledad, CA 50 11/1/2018 5.50 % $ 1,825,000 During 2015, the Partnership redeemed the following Series B mortgage revenue bonds for approximately $5.8 million which approximated their carrying value plus accrued interest. Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Harden Ranch - Series B July Salinas, CA 100 3/1/2016 8.00 % $ 2,340,000 Tyler Park - Series B July Greenfield, CA 88 1/1/2016 8.00 % $ 2,025,000 Westside Village - Series B July Shafter, CA 81 1/1/2016 8.00 % $ 1,430,000 The terms of the mortgage revenue bond after restructuring is as follows: Property Name Month Restructured Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Renaissance June Baton Rouge, LA 208 6/1/2050 6.00 % $ 11,500,000 The following table provides the details of the mortgage revenue bond acquisitions during the nine months ended September 30, 2015: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Concord at Gulfgate - Series A January Houston, TX 288 2/1/2032 6.00 % $ 17,060,000 Concord at Gulfgate - Series B January Houston, TX 288 3/1/2032 12.00 % $ 2,125,000 Concord at Little York - Series A January Houston, TX 276 2/1/2032 6.00 % $ 12,480,000 Concord at Little York - Series B January Houston, TX 276 3/1/2032 12.00 % $ 960,000 Concord at Williamcrest - Series A January Houston, TX 288 2/1/2032 6.00 % $ 18,020,000 Concord at Williamcrest - Series B January Houston, TX 288 3/1/2032 12.00 % $ 2,800,000 Suites on Paseo Series B March San Diego, CA 394 12/1/2033 9.00 % $ 5,500,000 Avistar at the Parkway Apartments - Series A April San Antonio, TX 236 5/1/2052 6.00 % $ 13,300,000 Avistar at the Parkway Apartments - Series B April San Antonio, TX 236 6/1/2052 12.00 % $ 125,000 Vantage at Harlingen June San Antonio, TX 288 9/1/2053 6.00 % $ 24,575,000 Vantage at Judson June San Antonio, TX 288 1/1/2053 6.00 % $ 26,540,000 Silver Moon - Series A June Albuquerque, 151 8/1/2055 6.00 % $ 8,000,000 Seasons at Simi Valley - Series A August Simi Valley, CA 69 9/1/2032 5.75 % $ 4,376,000 Seasons at Simi Valley - Series B August Simi Valley, CA 69 9/1/2017 5.50 % $ 1,944,000 |
Public Housing Capital ("PHC"38
Public Housing Capital ("PHC") Fund Trust Certificates (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Public Housing Capital Fund Trusts [Abstract] | |
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments Public Housing Authority Table Text Block | The Partnership had the following investments in the PHC Certificates on September 30, 2016 and December 31, 2015: September 30, 2016 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 8.56 AA- 5.32% $ 26,112,071 $ 2,180,425 $ - $ 28,292,496 PHC Certificate Trust II 7.90 A+ 4.31% 10,589,519 755,926 - 11,345,445 PHC Certificate Trust III 9.06 BBB 5.42% 20,542,789 678,524 - 21,221,313 $ 57,244,379 $ 3,614,875 $ - $ 60,859,254 December 31, 2015 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 9.25 AA- 5.33% $ 27,274,451 $ 1,482,376 $ - $ 28,756,827 PHC Certificate Trust II 8.67 A+ 4.29% 11,081,987 365,443 - 11,447,430 PHC Certificate Trust III 9.81 BBB 5.42% 20,513,351 - (10,318 ) 20,503,033 $ 58,869,789 $ 1,847,819 $ (10,318 ) $ 60,707,290 |
Mortgage-Backed Securities (Tab
Mortgage-Backed Securities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The Partnership had the following investments in mortgage revenue bonds on September 30, 2016 and December 31, 2015: September 30, 2016 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Glenview Apartments - Series A (4) CA $ 4,670,000 $ 492,351 $ - $ 5,162,351 Harden Ranch - Series A (3) CA 6,928,584 953,179 - 7,881,763 Montclair Apartments - Series A (4) CA 2,530,000 307,815 - 2,837,815 Santa Fe Apartments - Series A (4) CA 3,065,000 423,634 - 3,488,634 Seasons at Simi Valley - Series A (2) CA 4,376,000 679,926 - 5,055,926 Sycamore Walk - Series A (2) CA 3,632,000 436,757 - 4,068,757 Tyler Park Townhomes - Series A (3) CA 6,038,263 671,518 - 6,709,781 Westside Village Market - Series A (3) CA 3,945,993 380,659 - 4,326,652 Lake Forest (1) FL 8,672,000 1,674,112 - 10,346,112 Ashley Square (1) IA 5,054,000 703,436 - 5,757,436 Brookstone (1) IL 7,464,734 2,396,187 - 9,860,921 Copper Gate Apartments (3) IN 5,185,000 1,066,295 - 6,251,295 Renaissance - Series A (4) LA 11,374,592 2,013,776 - 13,388,368 Live 929 Apartments (2) MD 40,708,453 9,125,749 - 49,834,202 Woodlynn Village (1) MN 4,331,000 878,067 - 5,209,067 Greens Property - Series A (3) NC 8,231,000 1,907,554 - 10,138,554 Silver Moon - Series A (4) NM 7,946,182 1,352,333 - 9,298,515 Ohio Properties - Series A (1) OH 14,239,000 4,147,067 - 18,386,067 Bridle Ridge (1) SC 7,535,000 1,532,393 - 9,067,393 Columbia Gardens (2) SC 15,216,816 476,831 - 15,693,647 Companion at Thornhill Apartments (2) SC 11,500,000 2,316,803 - 13,816,803 Cross Creek (1) SC 6,117,726 3,602,456 - 9,720,182 The Palms at Premier Park Apartments (3) SC 19,871,381 4,160,041 - 24,031,422 Willow Run (2) SC 15,216,711 468,263 - 15,684,974 Arbors at Hickory Ridge (3) TN 11,490,513 2,475,547 - 13,966,060 Pro Nova 2014-1 (2) TN 10,042,683 1,698,917 - 11,741,600 Avistar at Chase Hill - Series A (3) TX 9,868,144 1,738,060 - 11,606,204 Avistar at the Crest - Series A (3) TX 9,572,100 1,901,250 - 11,473,350 Avistar at the Oaks - Series A (3) TX 7,726,653 1,489,086 - 9,215,739 Avistar at the Parkway - Series A (4) TX 13,300,000 1,377,287 - 14,677,287 Avistar in 09 - Series A (3) TX 6,671,666 1,285,767 - 7,957,433 Avistar on the Boulevard - Series A (3) TX 16,307,106 3,238,986 - 19,546,092 Avistar on the Hills - Series A (3) TX 5,338,325 1,069,628 - 6,407,953 Bella Vista (1) TX 6,365,000 1,406,347 - 7,771,347 Bruton Apartments (2) TX 18,145,000 2,568,560 - 20,713,560 Concord at Gulfgate - Series A (2) TX 19,185,000 2,475,998 - 21,660,998 Concord at Little York - Series A (2) TX 13,440,000 1,961,962 - 15,401,962 Concord at Williamcrest - Series A (2) TX 20,820,000 2,687,010 - 23,507,010 Crossing at 1415 - Series A (2) TX 7,590,000 797,366 - 8,387,366 Decatur Angle (2) TX 22,987,644 2,400,726 - 25,388,370 Heights at 515 - Series A (2) TX 6,435,000 676,028 - 7,111,028 Heritage Square - Series A (4) TX 11,185,000 2,290,924 - 13,475,924 Runnymede (1) TX 10,300,000 2,173,918 - 12,473,918 Southpark (1) TX 11,857,614 5,478,846 - 17,336,460 Vantage at Harlingen - Series B (4) TX 24,575,000 3,861,168 - 28,436,168 Vantage at Judson -Series B (4) TX 26,407,546 4,915,744 - 31,323,290 Mortgage revenue bonds held in trust $ 513,459,429 $ 92,136,327 $ - $ 605,595,756 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 17 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 17 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 17 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 17 September 30, 2016 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Las Palmas II - Series A & B CA $ 3,465,000 $ - $ - $ 3,465,000 San Vicente - Series A & B CA 5,320,000 - - 5,320,000 Seasons at Simi Valley - Series B CA 1,944,000 51,012 - 1,995,012 Sycamore Walk - Series B CA 1,815,000 - (61,510 ) 1,753,490 Greens Property - Series B NC 941,194 208,062 - 1,149,256 Ohio Properties - Series B OH 3,552,990 801,459 - 4,354,449 Avistar at Chase Hill - Series B TX 958,752 130,373 - 1,089,125 Avistar at the Crest - Series B TX 754,086 138,874 - 892,960 Avistar at the Oaks - Series B TX 551,459 102,170 - 653,629 Avistar at the Parkway - Series B TX 125,000 5,085 - 130,085 Avistar in 09 - Series B TX 454,903 84,281 - 539,184 Avistar on the Boulevard - Series B TX 448,080 82,519 - 530,599 Crossing at 1415 - Series B TX 335,000 20,910 - 355,910 Heights at 515 - Series B TX 510,000 31,833 - 541,833 Mortgage revenue bonds held by the Partnership $ 21,175,464 $ 1,656,578 $ (61,510 ) $ 22,770,532 December 31, 2015 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Glenview Apartments - Series A (4) CA $ 4,670,000 $ 210,572 $ - $ 4,880,572 Harden Ranch - Series A (3) CA 6,960,000 668,981 - 7,628,981 Montclair Apartments - Series A (4) CA 2,530,000 114,079 - 2,644,079 Santa Fe Apartments - Series A (4) CA 3,065,000 154,067 - 3,219,067 Tyler Park Townhomes - Series A (3) CA 6,075,000 487,209 - 6,562,209 Westside Village Market - Series A (3) CA 3,970,000 202,340 - 4,172,340 Lake Forest (1) FL 8,766,000 1,177,745 - 9,943,745 Ashley Square (1) IA 5,099,000 508,163 - 5,607,163 Brookstone (1) IL 7,468,668 1,436,203 - 8,904,871 Copper Gate Apartments (3) IN 5,185,000 616,341 - 5,801,341 Renaissance - Series A (4) LA 11,450,959 1,233,077 - 12,684,036 Live 929 Apartments (2) MD 40,801,557 5,829,855 - 46,631,412 Woodlynn Village (1) MN 4,351,000 466,471 - 4,817,471 Greens Property - Series A (3) NC 8,294,000 1,138,270 - 9,432,270 Silver Moon - Series A (4) NM 7,983,811 1,246,349 - 9,230,160 Ohio Properties - Series A (1) OH 14,311,000 2,690,867 - 17,001,867 Bridle Ridge (1) SC 7,595,000 817,222 - 8,412,222 Columbia Gardens (2) SC 15,224,597 - - 15,224,597 Cross Creek (1) SC 6,101,605 2,932,689 - 9,034,294 The Palms at Premier Park Apartments (3) SC 20,001,272 2,505,091 - 22,506,363 Willow Run (2) SC 15,224,591 - - 15,224,591 Arbors at Hickory Ridge (3) TN 11,565,657 1,767,508 - 13,333,165 Pro Nova 2014-1 and 2014-2 (2) TN 19,379,489 1,182,900 - 20,562,389 Avistar at Chase Hill - Series A (3) TX 9,935,552 1,133,024 - 11,068,576 Avistar at the Crest - Series A (3) TX 9,637,485 1,301,224 - 10,938,709 Avistar at the Oaks - Series A (3) TX 7,777,936 840,159 - 8,618,095 Avistar at the Parkway - Series A (4) TX 13,300,000 330,251 - 13,630,251 Avistar in 09 - Series A (3) TX 6,715,948 725,445 - 7,441,393 Avistar on the Boulevard - Series A (3) TX 16,418,497 1,872,323 - 18,290,820 Avistar on the Hills - Series A (3) TX 5,373,756 693,096 - 6,066,852 Bella Vista (1) TX 6,430,000 766,135 - 7,196,135 Bruton Apartments (2) TX 18,145,000 1,901,839 - 20,046,839 Concord at Gulfgate - Series A (2) TX 17,060,000 852,612 - 17,912,612 Concord at Little York - Series A (2) TX 12,480,000 688,441 - 13,168,441 Concord at Williamcrest - Series A (2) TX 18,020,000 1,182,543 - 19,202,543 Decatur Angle (2) TX 23,000,000 1,582,083 - 24,582,083 Heritage Square - Series A (4) TX 11,185,000 273,488 - 11,458,488 Runnymede (1) TX 10,350,000 1,600,938 - 11,950,938 Southpark (1) TX 11,799,874 3,990,882 - 15,790,756 Vantage at Harlingen - Series B (4) TX 24,575,000 1,765,139 - 26,340,139 Vantage at Judson -Series B (4) TX 26,540,000 2,613,606 - 29,153,606 Mortgage revenue bonds held in trust $ 484,817,254 $ 51,499,227 $ - $ 536,316,481 (1) Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 17 (2) Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 17 (3) Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 17 (4) Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 17 December 31, 2015 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Glenview Apartments - Series B CA $ 2,053,000 $ - $ (7,329 ) $ 2,045,671 Montclair Apartments - Series B CA 928,000 - (2,506 ) 925,494 Santa Fe Apartments - Series B CA 1,671,000 - (5,965 ) 1,665,035 Seasons at Simi Valley CA 6,320,000 404,110 - 6,724,110 Sycamore Walk CA 5,447,000 - - 5,447,000 Greens Property - Series B NC 943,214 142,442 - 1,085,656 Ohio Properties - Series B OH 3,562,190 514,997 - 4,077,187 Avistar at Chase Hill - Series B TX 961,981 109,878 - 1,071,859 Avistar at the Crest - Series B TX 756,626 86,428 - 843,054 Avistar at the Oaks - Series B TX 553,244 63,533 - 616,777 Avistar at the Parkway - Series B TX 125,000 - (979 ) 124,021 Avistar in 09 - Series B TX 456,376 52,409 - 508,785 Avistar on the Boulevard - Series B TX 449,589 51,356 - 500,945 Concord at Gulfgate - Series B TX 2,125,000 76,802 - 2,201,802 Concord at Little York - Series B TX 960,000 - (6,711 ) 953,289 Concord at Williamcrest - Series B TX 2,800,000 - (19,573 ) 2,780,427 Crossing at 1415 TX 7,925,000 214,091 - 8,139,091 Heights at 515 TX 6,945,000 185,268 - 7,130,268 Heritage Square - Series B TX 520,000 6,185 - 526,185 Mortgage revenue bonds held by the Partnership $ 45,502,220 $ 1,907,499 $ (43,063 ) $ 47,366,656 |
Trust Portfolio M B S Bonds | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block] | The carrying value of the Partnership’s MBS Securities on September 30, 2016 was zero. On December 31, 2015, the carrying value of the Partnership’s MBS Securities was as follows: December 31, 2015 Agency Rating of MBS Securities (1) Cost adjusted for amortization of premium Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value “AAA” $ 5,052,348 $ - $ (34,648 ) $ 5,017,700 “AA” 9,900,682 - (143,073 ) 9,757,609 $ 14,953,030 $ - $ (177,721 ) $ 14,775,309 (1) MBS Securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Real Estate Assets [Abstract] | |
Schedule Of Real Estate Assets Recent Transactions [Table Text Block] | Net income, exclusive of the gains on sale, related to the Arboretum and Woodland Park MF Properties for the three and nine months ended September 30, 2016 and 2015 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Net income (loss) $ (76,235 ) $ 63,370 $ 222,198 $ 358,934 |
Schedule of Real Estate Properties [Table Text Block] | The Partnership had the following investments in MF Properties on September 30, 2016 and December 31, 2015: MF Properties on September 30, 2016 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on September 30, 2016 Eagle Village Evansville, IN 511 $ 567,880 $ 12,648,085 $ 13,215,965 Northern View (f/k/a Meadowview) Highland Heights, KY 294 688,539 8,098,180 8,786,719 Residences of DeCordova Granbury, TX 110 1,160,455 8,106,933 9,267,388 Residences of Weatherford Weatherford, TX 76 1,942,229 5,748,115 7,690,344 Suites on Paseo San Diego, CA 394 3,162,463 38,360,484 41,522,947 The 50/50 MF Property Lincoln, NE 475 - 32,918,089 32,918,089 Jade Park Daytona, FL 144 1,993,369 7,545,235 9,538,604 $ 122,940,056 Less accumulated depreciation (14,980,815 ) Total MF Properties $ 107,959,241 MF Properties on December 31, 2015 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2015 Arboretum Omaha, NE 145 $ 1,755,147 $ 19,317,284 $ 21,072,431 Eagle Village Evansville, IN 511 567,880 12,594,935 13,162,815 Northern View (f/k/a Meadowview) Highland Heights, KY 270 688,539 8,062,973 8,751,512 Residences of DeCordova Granbury, TX 110 1,137,832 8,065,977 9,203,809 Residences of Weatherford Weatherford, TX 76 1,942,229 5,738,697 7,680,926 Suites on Paseo San Diego, CA 394 3,162,463 38,216,364 41,378,827 The 50/50 MF Property Lincoln, NE 475 - 32,910,424 32,910,424 $ 134,160,744 Less accumulated depreciation (14,532,168 ) Total MF Properties $ 119,628,576 |
Schedule of Assets Acquired, Liabilities Assumed and Pro Forma Revenue and Income Related to the Purchase [Table Text Block] | The following tables contain the assets acquired and liabilities assumed: Jade Park 9/30/2016 (Date of Acquisition) Land $ 1,993,369 Buildings and improvements 7,543,200 In-place lease assets (included in other assets) 463,431 Other assets 18,126 Total assets $ 10,018,126 Accounts payable, accrued expenses and other $ 135,326 Net assets 9,882,800 Total liabilities and net assets $ 10,018,126 The following table contains pro forma revenue, net income, and net income per unit for the acquisition of Jade Park: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Pro forma revenues $ 13,573,945 $ 13,216,032 $ 44,104,855 $ 40,026,628 Pro forma net income $ 4,724,056 $ 2,500,757 $ 18,194,751 $ 12,529,933 Pro forma net income allocated to Unitholders $ 4,216,059 $ 2,164,996 $ 15,371,803 $ 11,351,694 Pro forma Unitholder's interest in net income per unit (basic and diluted) $ 0.07 $ 0.04 $ 0.26 $ 0.19 |
Investment in Unconsolidated En
Investment in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summary of Investments in Unconsolidated Entities | The following table provides the details of the investments in unconsolidated entities. Property Name Month Commitment Executed Location Units Carrying Value Maximum Remaining Committed equity Vantage at Corpus Christi March Corpus Christi, TX 288 $ 5,609,035 $ 4,211,139 Vantage at Waco August Waco, TX 288 4,160,982 5,250,410 Vantage at Boerne August Boerne, TX 288 3,380,190 5,504,962 $ 13,150,207 $ 14,966,511 |
Property Loans, Net of Loan L42
Property Loans, Net of Loan Loss Allowances (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Property Loans Net Of Loan Loss Allowances [Abstract] | |
Schedule of Property Loans, Net of Loan Loss Allowances [Table Text Block] | The Partnership had the following Property Loans, Net of Loan Loss Allowances on September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Property loans receivable $ 38,280,223 $ 29,874,523 Less: Loan loss allowance (7,098,814 ) (7,098,814 ) Total property loans receivable $ 31,181,409 $ 22,775,709 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | The following represents the net taxable property loans outstanding at September 30, 2016 and December 31, 2015: September 30, 2016 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 50,960 $ - $ - $ 242,224 Ashley Square 5,078,342 - (3,596,342 ) - 1,482,000 Avistar (February 2013 portfolio) 274,496 80,715 - - 355,211 Avistar (June 2013 portfolio) 251,622 73,989 - - 325,611 Cross Creek 7,155,545 - (3,447,472 ) - 3,708,073 Foundation for Affordable Housing 1,418,075 23,396 - - 1,441,471 Greens Property 850,000 435,376 - - 1,285,376 Lake Forest 4,623,704 - (55,000 ) - 4,568,704 Ohio Properties 2,390,446 962,464 - - 3,352,910 Vantage at Brooks, LLC 7,199,424 585,628 - - 7,785,052 Vantage at Braunfels, LLC 6,347,305 567,353 - - 6,914,658 Winston Group, Inc 2,500,000 - - - 2,500,000 Total $ 38,280,223 $ 2,779,881 $ (7,098,814 ) $ - $ 33,961,290 December 31, 2015 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 39,950 $ - $ - $ 231,214 Ashley Square 5,078,342 2,864,130 (3,596,342 ) (2,864,130 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 51,386 - - 325,882 Avistar (June 2013 portfolio) 251,622 47,104 - - 298,726 Cross Creek 7,072,087 2,352,851 (3,447,472 ) (2,352,852 ) 3,624,614 Foundation for Affordable Housing 1,415,590 - - - 1,415,590 Greens Property 850,000 343,600 - - 1,193,600 Lake Forest 4,623,704 3,080,446 (55,000 ) (3,059,610 ) 4,589,540 Ohio Properties 2,390,448 1,235,017 - (441,795 ) 3,183,670 Vantage at Brooks LLC 3,454,664 78,440 - - 3,533,104 Vantage at Braunfels LLC 4,272,306 92,481 - - 4,364,787 Total $ 29,874,523 $ 10,185,405 $ (7,098,814 ) $ (8,718,387 ) $ 24,242,727 |
Assets Held for Sale (Tables)
Assets Held for Sale (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Fixed Assets Net of Accumulated Depreciation Held for Sale | The following presents the revenues, expenses and income from discontinued operations for the three and nine months ended September 30, 2015: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Rental revenues $ 833,829 $ 2,455,430 Expenses (579,935 ) (1,938,821 ) Net income from discontinued operations $ 253,894 $ 516,609 |
Woodland Park [Member] | |
Schedule of Fixed Assets Net of Accumulated Depreciation Held for Sale | Management determined the Woodland Park, an MF Property, transaction met the conditions required to report the real estate assets as “held for sale”. Accordingly, its real estate assets, net of accumulated depreciation are reported as such on the Partnership’s Condensed Consolidated Balance Sheet at December 31, 2015 (Note 25). Woodland Park was sold in July 2016. September 30, 2016 December 31, 2015 Land and improvements $ - $ 1,265,160 Buildings and improvements - 14,247,045 Real estate assets before accumulated depreciation - 15,512,205 Accumulated depreciation - (1,491,646 ) Net real estate assets $ - $ 14,020,559 |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Tax Expense | The following table summarizes our income tax expense for the three and nine months ended September 30, 2016 and 2015: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Current income tax expense: Current income tax expense $ - $ - $ - $ - Current income tax expense on dispositions 467,000 - 4,567,000 - Deferred income tax expense: Deferred income tax expense (benefit) (136,000 ) - 417,000 - Total income tax expense $ 331,000 $ - $ 4,984,000 $ - |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Other Assets [Table Text Block] | The Partnership had the following Other Assets on September 30, 2016 and December 31, 2015: September 30, 2016 December 31, 2015 Deferred financing costs - net $ 369,155 $ 487,023 Fair value of derivative contracts 146,248 344,177 Taxable bonds at fair market value (Note 21) 4,476,385 4,824,060 Bond purchase commitments - fair value (Notes 6 & 22) 12,622,709 5,634,360 Other assets 1,381,561 1,655,013 Total other assets $ 18,996,058 $ 12,944,633 |
Investments Classified by Contractual Maturity Date [Table Text Block] | The terms of the three Series B mortgage revenue bonds that were redeemed are as follows: Property Name Month Restructured Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Concord at Gulfgate - Series B August Houston, TX 288 3/1/2032 12.00 % $ 2,125,000 Concord at Little York - Series B August Houston, TX 276 3/1/2032 12.00 % $ 960,000 Concord at Williamcrest - Series B August Houston, TX 288 3/1/2032 12.00 % $ 2,800,000 The following table includes the details of the mortgage revenue bond acquisitions during the nine months ended September 30, 2016: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Companion at Thornhill Apartments January Lexington, SC 178 1/1/2052 5.80 % $ 11,500,000 Las Palmas II - Series A September Coachella, CA 81 11/1/2033 5.00 % $ 1,695,000 Las Palmas II - Series B September Coachella, CA 81 11/1/2018 5.50 % $ 1,770,000 San Vicente - Series A September Soledad, CA 50 11/1/2033 5.00 % $ 3,495,000 San Vicente - Series B September Soledad, CA 50 11/1/2018 5.50 % $ 1,825,000 During 2015, the Partnership redeemed the following Series B mortgage revenue bonds for approximately $5.8 million which approximated their carrying value plus accrued interest. Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Harden Ranch - Series B July Salinas, CA 100 3/1/2016 8.00 % $ 2,340,000 Tyler Park - Series B July Greenfield, CA 88 1/1/2016 8.00 % $ 2,025,000 Westside Village - Series B July Shafter, CA 81 1/1/2016 8.00 % $ 1,430,000 The terms of the mortgage revenue bond after restructuring is as follows: Property Name Month Restructured Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Renaissance June Baton Rouge, LA 208 6/1/2050 6.00 % $ 11,500,000 The following table provides the details of the mortgage revenue bond acquisitions during the nine months ended September 30, 2015: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Concord at Gulfgate - Series A January Houston, TX 288 2/1/2032 6.00 % $ 17,060,000 Concord at Gulfgate - Series B January Houston, TX 288 3/1/2032 12.00 % $ 2,125,000 Concord at Little York - Series A January Houston, TX 276 2/1/2032 6.00 % $ 12,480,000 Concord at Little York - Series B January Houston, TX 276 3/1/2032 12.00 % $ 960,000 Concord at Williamcrest - Series A January Houston, TX 288 2/1/2032 6.00 % $ 18,020,000 Concord at Williamcrest - Series B January Houston, TX 288 3/1/2032 12.00 % $ 2,800,000 Suites on Paseo Series B March San Diego, CA 394 12/1/2033 9.00 % $ 5,500,000 Avistar at the Parkway Apartments - Series A April San Antonio, TX 236 5/1/2052 6.00 % $ 13,300,000 Avistar at the Parkway Apartments - Series B April San Antonio, TX 236 6/1/2052 12.00 % $ 125,000 Vantage at Harlingen June San Antonio, TX 288 9/1/2053 6.00 % $ 24,575,000 Vantage at Judson June San Antonio, TX 288 1/1/2053 6.00 % $ 26,540,000 Silver Moon - Series A June Albuquerque, 151 8/1/2055 6.00 % $ 8,000,000 Seasons at Simi Valley - Series A August Simi Valley, CA 69 9/1/2032 5.75 % $ 4,376,000 Seasons at Simi Valley - Series B August Simi Valley, CA 69 9/1/2017 5.50 % $ 1,944,000 |
Silver Moon [Member] | |
Investments Classified by Contractual Maturity Date [Table Text Block] | The Partnership reported the following activity in purchases and redemptions of taxable bonds for the nine months ended September 30, 2016 and 2015 and received approximately $500,000 upon the redemption, which approximated the carrying value plus accrued interest. Property Name 2016 Redemption Date Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Silver Moon - Series B August Albuquerque, NM 151 8/1/2055 12.00 % $ 499,461 Property Name 2015 Purchase Date Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Purchase Silver Moon - Series B June Albuquerque, NM 151 8/1/2055 12.00 % $ 500,000 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Discontinued Operations [Abstract] | |
Schedule of Fixed Assets Net of Accumulated Depreciation Held for Sale | The following presents the revenues, expenses and income from discontinued operations for the three and nine months ended September 30, 2015: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Rental revenues $ 833,829 $ 2,455,430 Expenses (579,935 ) (1,938,821 ) Net income from discontinued operations $ 253,894 $ 516,609 |
Unsecured Lines of Credit (Tabl
Unsecured Lines of Credit (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Lines Of Credit [Abstract] | |
Summary of Unsecured Lines of Credit [Table Text Block] | The following represents the unsecured lines of credit (“LOC”) on September 30, 2016 and December 31, 2015: Unsecured Lines of Credit Outstanding on September 30, 2016 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ - $ 40,000,000 May-17 Variable Monthly 3.09 % Bankers Trust operating - 7,500,000 May-17 Variable Monthly 3.77 % Total unsecured lines of credit $ - $ 47,500,000 Unsecured Lines of Credit Outstanding on December Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 12,497,000 $ 37,500,000 May-17 Variable Monthly 2.90 % Bankers Trust operating - 5,000,000 March-16 Variable Monthly 3.50 % Five Points Bank operating 5,000,000 5,000,000 March-16 Variable Monthly 3.40 % Total unsecured lines of credit $ 17,497,000 $ 47,500,000 |
Debt Financing (Tables)
Debt Financing (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Financing [Abstract] | |
Schedule of Total Debt Financing [Table Text Block] | The following table provides the details related to the total Debt Financing on September 30, 2016 and December 31, 2015. Outstanding Debt Financings on September 30, 2016 Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB & Term A/B Trusts Securitization Fixed - TOB $ 46,875,190 $ - 2014 Jul 2017 - Jul 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B $ 132,968,704 $ 2,481,117 2016 Sept 2026 N/A N/A N/A 3.64% Variable - TOB $ 42,765,000 $ - 2012 Dec 2016 Weekly 1.39 - 1.51% 1.62% 3.01 - 3.13% TEBS Financings Variable $ 234,673,866 $ 3,705,206 2010 - 2015 Sept 2017 - July 2020 Weekly 0.87 - 0.92% 1.39 - 1.91% 1.83 - 2.37% Total Debt Financings $ 457,282,760 (1) Facility fees are variable Outstanding Financings on December 31, 2015 Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB Trusts Securitization Fixed $ 160,582,124 $ - 2014 - 2015 Oct 2016 - Jul 2019 N/A N/A N/A 2.76 - 4.51% Variable $ 55,930,000 $ 1,930,027 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable $ 234,984,592 $ 5,371,680 2010 - 2015 Sept 2017 - July 2020 Weekly 0.02 - 0.04% 1.26 - 1.91% 1.28 - 1.95% Total Debt Financings $ 451,496,716 (1) Facility fees are variable |
Summary of Pre-adoption and Post-adoption Condensed Financial Statements [Table Text Block] | The following tables provide summaries of the pre-adoption and post-adoption effects of this change on the Partnership’s condensed consolidated financial statements on September 30, 2016 and December 31, 2015: Pre-adoption balance sheet December 31, 2015 Assets: Other assets $ 18,348,745 Liabilities: Debt financings $ 456,431,288 Mortgages payable and other secured financing $ 69,717,114 Post-adoption balance sheet December 31, 2015 Assets: Other assets $ 12,944,633 Liabilities: Debt financings 1 $ 451,496,716 Mortgages payable and other secured financing 2 $ 69,247,574 |
Schedule of Maturities of Long-term Debt [Table Text Block] | The Partnership’s contractual maturities of borrowings for the twelve month periods ending September 30 th 2017 $ 117,931,839 2018 2,870,673 2019 93,372,073 2020 120,076,929 2021 1,289,111 Thereafter 126,935,421 Total $ 462,476,046 |
Mortgages Payable and Other S49
Mortgages Payable and Other Secured Financing (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Schedule of Total Debt Financing [Table Text Block] | The following table provides the details related to the total Debt Financing on September 30, 2016 and December 31, 2015. Outstanding Debt Financings on September 30, 2016 Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB & Term A/B Trusts Securitization Fixed - TOB $ 46,875,190 $ - 2014 Jul 2017 - Jul 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B $ 132,968,704 $ 2,481,117 2016 Sept 2026 N/A N/A N/A 3.64% Variable - TOB $ 42,765,000 $ - 2012 Dec 2016 Weekly 1.39 - 1.51% 1.62% 3.01 - 3.13% TEBS Financings Variable $ 234,673,866 $ 3,705,206 2010 - 2015 Sept 2017 - July 2020 Weekly 0.87 - 0.92% 1.39 - 1.91% 1.83 - 2.37% Total Debt Financings $ 457,282,760 (1) Facility fees are variable Outstanding Financings on December 31, 2015 Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees (1) Period End Rates TOB Trusts Securitization Fixed $ 160,582,124 $ - 2014 - 2015 Oct 2016 - Jul 2019 N/A N/A N/A 2.76 - 4.51% Variable $ 55,930,000 $ 1,930,027 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable $ 234,984,592 $ 5,371,680 2010 - 2015 Sept 2017 - July 2020 Weekly 0.02 - 0.04% 1.26 - 1.91% 1.28 - 1.95% Total Debt Financings $ 451,496,716 (1) Facility fees are variable |
Schedule of Maturities of Long-term Debt [Table Text Block] | The Partnership’s contractual maturities of borrowings for the twelve month periods ending September 30 th 2017 $ 117,931,839 2018 2,870,673 2019 93,372,073 2020 120,076,929 2021 1,289,111 Thereafter 126,935,421 Total $ 462,476,046 |
Mortgages payable [Member] | |
Schedule of Total Debt Financing [Table Text Block] | The following is a summary of the Mortgages payable and other secured financing on the MF Properties, net of deferred financing costs: MF Property Mortgage Payables Outstanding Mortgage Payable at September 30, 2016 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Eagle Village (1) $ 7,893,526 2010 September 2018 Variable Monthly 0.56 % 3.00 % 3.56 % Residences of DeCordova 1,760,926 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,648,562 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--Mortgage (2) 25,201,175 2013 March 2020 Variable Monthly 3.50 % N/A 3.50 % The 50/50 MF Property--TIF Loan 3,862,980 2014 December 2019 Fixed N/A N/A N/A 4.65 % Jade Park 7,459,289 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Period End Rate $ 51,826,458 3.82 % (1) (2) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2015 Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Arboretum $ 16,683,146 2011 March 2017 Fixed N/A N/A N/A 3.75 % Eagle Village (1) 8,037,133 2010 September 2018 Variable Monthly 0.25 % 3.00 % 3.25 % Residences of DeCordova 1,807,246 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,820,623 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--Mortgage (2) 25,363,647 2013 March 2020 Variable Monthly 3.25 % N/A 3.25 % The 50/50 MF Property--TIF Loan 4,035,779 2014 December 2019 Fixed N/A N/A N/A 4.65 % Woodland Park (1) 7,500,000 2014 August 2017 Variable Monthly 0.19 % 2.75 % 2.94 % Total Mortgage Payable\Period End Rate $ 69,247,574 3.58 % (1) (2) |
Schedule of Maturities of Long-term Debt [Table Text Block] | The Partnership’s contractual maturities of borrowings for the twelve month periods ending September 30 th 2017 $ 8,218,720 2018 8,465,211 2019 1,057,388 2020 27,519,330 2021 311,980 Thereafter 6,624,051 Total mortgages payable and other secured financings $ 52,196,680 |
Interest Rate Derivative Agre50
Interest Rate Derivative Agreements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Interest Rate Derivative Agreements [Abstract] | |
Schedule of Derivative Instruments [Table Text Block] | Purchase Date Initial Notional Amount Effective Capped Rate Maturity Date Purchase Price Fair Value (1) Variable Debt Financing Facility Hedged Maximum Potential Cost of Borrowing Counterparty September-10 $ 31,936,667 3.00 % September-17 $ 921,000 $ 42 M24 TEBS 5.0 % Bank of New York Mellon September-10 $ 31,936,667 3.00 % September-17 $ 845,600 $ 42 M24 TEBS 5.0 % Barclays Bank PLC September-10 $ 31,936,667 3.00 % September-17 $ 928,000 $ 42 M24 TEBS 5.0 % Royal Bank of Canada August-13 $ 93,305,000 1.50 % September-17 $ 793,000 $ 6,309 M24 TEBS 3.5 % Deutsche Bank February-14 $ 41,250,000 1.00 % March-17 $ 230,500 $ 2,026 PHC TOB Trusts 3.3 % SMBC Capital Markets, Inc July-14 $ 31,565,000 3.00 % August-19 $ 315,200 $ 12,159 M31 TEBS 4.4 % Barclays Bank PLC July-14 $ 31,565,000 3.00 % August-19 $ 343,000 $ 12,159 M31 TEBS 4.4 % Royal Bank of Canada July-14 $ 31,565,000 3.00 % August-19 $ 333,200 $ 12,159 M31 TEBS 4.4 % SMBC Capital Markets, Inc July-15 $ 28,095,000 3.00 % August-20 $ 210,000 $ 33,769 M33 TEBS 4.3 % Wells Fargo Bank July-15 $ 28,095,000 3.00 % August-20 $ 187,688 $ 33,769 M33 TEBS 4.3 % Royal Bank of Canada July-15 $ 28,095,000 3.00 % August-20 $ 174,900 $ 33,769 M33 TEBS 4.3 % SMBC Capital Markets, Inc (1) For additional details, see Note 21 to the Partnership's consolidated financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurement, Recurring | Assets and liabilities measured at fair value on a recurring basis are summarized below: Fair Value Measurements at September 30, 2016 Description Assets and Liabilities at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and Liabilities Mortgage revenue bonds $ 628,366,288 $ - $ - $ 628,366,288 Bond purchase commitments 12,622,709 - - 12,622,709 PHC Certificates 60,859,254 - - 60,859,254 Taxable bonds 4,476,385 - - 4,476,385 Interest rate derivatives, net (2,351,409 ) - - (2,351,409 ) Total Assets and Liabilities at Fair Value, net $ 703,973,227 $ - $ - $ 703,973,227 For the Three Months Ended September 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - 263,684 263,684 Included in other comprehensive (loss) income (28,336,831 ) (4,596,110 ) (780,342 ) (315,633 ) - (34,028,916 ) Purchases 8,785,000 - - - - 8,785,000 Settlements (479,253 ) - (540,463 ) (502,211 ) - (1,521,927 ) Ending Balance September 30, 2016 $ 628,366,288 $ 12,622,709 $ 60,859,254 $ 4,476,385 $ (2,351,409 ) $ 703,973,227 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2016 $ - $ - $ - $ - $ 263,684 $ 263,684 For Nine Months Ended September 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2016 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (1,378,112 ) (1,378,112 ) Included in other comprehensive (loss) income 40,781,894 6,988,349 1,777,372 179,684 - 49,727,299 Purchases 20,285,000 - - - - 20,285,000 Sale of securities (9,747,124 ) - - - (399 ) (9,747,523 ) Settlements (6,636,619 ) - (1,625,408 ) (527,359 ) - (8,789,386 ) Ending Balance September 30, 2016 $ 628,366,288 $ 12,622,709 $ 60,859,254 $ 4,476,385 $ (2,351,409 ) $ 703,973,227 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2016 $ - $ - $ - $ - $ (1,378,112 ) $ (1,378,112 ) Fair Value Measurements at December 31, 2015 Description Assets and Liabilities at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and Liabilities Mortgage revenue bonds $ 583,683,137 $ - $ - $ 583,683,137 Bond purchase commitments 5,634,360 - - 5,634,360 PHC Certificates 60,707,290 - - 60,707,290 MBS Securities 14,775,309 - 14,775,309 - Taxable bonds 4,824,060 - - 4,824,060 Interest rate derivatives (972,898 ) - - (972,898 ) Total Assets and Liabilities at Fair Value $ 668,651,258 $ - $ 14,775,309 $ 653,875,949 For Three Months Ended September 30, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2015 $ 548,935,985 $ 883,999 $ 58,991,437 $ 4,711,687 $ (443,961 ) $ 613,079,147 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (1,254,563 ) (1,254,563 ) Included in other comprehensive income 19,222,410 2,451,927 899,057 345,902 - 22,919,296 Purchases 6,320,000 - - - - 6,320,000 Mortgage revenue bond exchanged for MF Property (40,950,000 ) - - - - (40,950,000 ) Purchase interest rate derivative - - - - 572,588 572,588 Settlements (6,082,853 ) - (13,652 ) (1,161 ) - (6,097,666 ) Ending Balance September 30, 2015 $ 527,445,542 $ 3,335,926 $ 59,876,842 $ 5,056,428 $ (1,125,936 ) $ 594,588,802 Total amount of losses for the period included in earning attributable to the change in unrealized gains or losses relating to assets or liabilities held on September 30, 2015 $ - $ - $ - $ - $ (1,254,563 ) $ (1,254,563 ) For Nine Months Ended September 30, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2015 $ 449,024,137 $ 5,780,413 $ 61,263,123 $ 4,616,565 $ 267,669 $ 520,951,907 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (1,955,693 ) (1,955,693 ) Included in other comprehensive income 2,752,871 (2,444,487 ) (381,802 ) 11,842 - (61,576 ) Purchases 137,805,000 - - 500,000 - 138,305,000 Mortgage revenue bond exchanged for MF Property (40,950,000 ) - - - - (40,950,000 ) Purchase interest rate derivative - - - - 572,588 572,588 Refund of interest rate derivative cost - - - - (10,500 ) (10,500 ) Settlements (21,186,466 ) - (1,004,479 ) (71,979 ) - (22,262,924 ) Ending Balance September 30, 2015 $ 527,445,542 $ 3,335,926 $ 59,876,842 $ 5,056,428 $ (1,125,936 ) $ 594,588,802 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2016 $ - $ - $ - $ - $ (1,955,693 ) $ (1,955,693 ) |
Fair Value, by Balance Sheet Grouping | The table below represents the fair value of the financial liabilities held on the Condensed Consolidated Balance Sheets for September 30, 2016 and December 31, 2015, respectively. September 30, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and unsecured LOCs $ 457,282,760 $ 462,439,397 $ 468,993,716 $ 475,415,345 Mortgages payable and other secured financing $ 51,826,458 $ 52,210,639 $ 69,247,574 $ 67,735,213 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies [Abstract] | |
Long-term Purchase Commitment | On September 30, 2016 and December 31, 2015, the forward mortgage revenue bond purchase commitments outstanding and their related fair values are as follows: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 2018 Maximum Committed Amounts for 2016 Rate Closing Date (1) Fair Value at September 30, 2016 Fair Value at December 31, 2015 15 West Apartments July-14 $ - $ 9,850,000 6.25 % Q4 2016 $ 1,589,396 $ 945,009 Villas at Plano Gateway Apartments December-14 20,000,000 - 6.00 % Q2 2017 2,807,000 1,469,213 Palo Alto July-15 19,540,000 - 5.80 % Q3 2017 3,709,278 1,439,600 Village at Rivers Edge May-15 11,000,000 - 6.00 % Q2 2017 1,570,140 636,560 Village at Avalon November-15 16,400,000 - 5.80 % Q2 2018 2,946,895 1,143,978 Total $ 66,940,000 $ 9,850,000 $ 12,622,709 $ 5,634,360 (1) |
Restricted Unit Awards (_RUAs53
Restricted Unit Awards (“RUAs”) (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes the nonvested restricted units at and for the nine months ended September 30, 2016. Nonvested Restricted Units Restricted Units Awarded Weighted-average Grant-Date Fair Value Nonvested at January 1, 2016 - $ - Granted 238,936 $ 6.08 Nonvested at September 30, 2016 238,936 $ 6.08 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | The following table details certain key financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2016 and 2015: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2016 2015 2016 2015 Total revenues Mortgage Revenue Bond Investments $ 8,504,675 $ 8,238,652 $ 26,074,552 $ 24,235,550 MF Properties 3,414,788 4,124,413 13,483,760 12,512,775 Public Housing Capital Fund Trust 724,735 736,699 2,178,627 2,254,448 MBS Securities Investments - (202,699 ) 48,755 103,022 Other Investments 577,741 - 1,289,225 - Total revenues $ 13,221,939 $ 12,897,065 $ 43,074,919 $ 39,105,795 Interest expense Mortgage Revenue Bond Investments $ 2,691,439 $ 3,719,174 $ 9,866,978 $ 8,619,039 MF Properties 441,858 686,334 1,708,551 2,040,142 Public Housing Capital Fund Trust 351,875 308,889 987,140 905,929 MBS Securities Investments - 39,722 14,692 118,319 Total interest expense $ 3,485,172 $ 4,754,119 $ 12,577,361 $ 11,683,429 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 1,353,602 1,360,720 4,649,724 4,204,599 Public Housing Capital Fund Trust - - - - MBS Securities Investments - - - - Total depreciation expense $ 1,353,602 $ 1,360,720 $ 4,649,724 $ 4,204,599 Income from continuing operations Mortgage Revenue Bond Investments $ 2,917,832 $ 1,818,273 $ 7,168,735 $ 8,424,562 MF Properties 754,441 282,721 8,458,960 3,026,243 Public Housing Capital Fund Trust 372,860 427,810 1,191,487 1,333,771 MBS Securities Investments - (242,421 ) 51,984 (15,738 ) Other Investments 577,741 - 1,289,225 Income from continuing operations $ 4,622,874 $ 2,286,383 $ 18,160,391 $ 12,768,838 Net income (loss) Mortgage Revenue Bond Investments $ 2,918,500 $ 1,818,273 $ 7,169,516 $ 8,424,562 MF Properties 754,441 283,093 8,458,960 3,027,195 Public Housing Capital Fund Trust 372,860 427,810 1,191,487 1,333,771 MBS Securities Investments - (242,421 ) 51,984 (15,738 ) Other Investments 577,741 - 1,289,225 - Discontinued Operations - 253,894 - 516,609 Partnership net income $ 4,623,542 $ 2,540,649 $ 18,161,172 $ 13,286,399 The following table details certain key financial information for the Partnership’s reportable segments on September 30, 2016 and December 31, 2015: Total assets September 30, 2016 December 31, 2015 Mortgage Revenue Bond Investments $ 908,729,560 $ 841,499,941 MF Properties 116,024,130 127,683,544 Public Housing Capital Fund Trust Certificates 61,261,294 61,021,462 MBS Securities Investments - 15,035,061 Other Investments 27,849,917 7,726,970 Assets held for sale - 14,020,559 Consolidation/eliminations (200,539,886 ) (199,877,054 ) Total assets $ 913,325,015 $ 867,110,483 |
Basis of Presentation Percentag
Basis of Presentation Percentage of Ownership (Details) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | Sep. 30, 2016 | |
Issuance of preferred units through private placements | 1.4 | 1 | 1 | |
Proceeds from the sale of redeemable Series A Preferred Units | $ 33,869,000 | |||
Series A Preferred Stock [Member] | ||||
Issuance of preferred units through private placements | 1 | 1.4 | 1 |
Summary of Significant Accoun56
Summary of Significant Accounting Policies Narrative Tagging (Details) | 6 Months Ended | 9 Months Ended |
Jun. 30, 2016Property$ / shares | Sep. 30, 2016Property$ / sharesshares | |
Summary Of Significant Accounting Policies [Line Items] | ||
Non-cumulative cash distribution rate per annum | 3.00% | |
Redeemable preferred units redemption value per unit | $ / shares | $ 10 | $ 10 |
Restricted Unit Awards [Member] | Burlington [Member] | Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Approved grant of restricted units and other awards to employees | shares | 3,000,000 | |
RUAs granted with vesting range | 3 years | |
Restricted Unit Awards [Member] | Burlington [Member] | Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
RUAs granted with vesting range | 3 months | |
Series A Preferred Stock [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Non-cumulative cash distribution rate per annum | 3.00% | |
Units purchase price | $ / shares | $ 10 | |
Variable Interest Entity Primary Beneficiary | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of Real Estate Properties | 2 | |
Consolidated Properties [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of Real Estate Properties | 7 | |
Consolidated Properties [Member] | Beneficial Unit Certificate Holders [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 99.00% | |
Number of Real Estate Properties | 1 |
Partnership Income, Expense a57
Partnership Income, Expense and Cash Distributions (Details) | Sep. 30, 2016 |
Percent of Regular Distributions | 100.00% |
Penalty on Outstanding Contingent Interest | 0.90% |
Limited partners and Unitholders [Member] | |
Percent of Regular Distributions | 99.00% |
Special Distribution | 75.00% |
General Partner [Member] | |
Percent of Regular Distributions | 1.00% |
Special Distribution | 25.00% |
Net Income per BUC Narrative Ta
Net Income per BUC Narrative Tagging (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted average limited partnership units outstanding, diluted | 0 | 0 | 0 | 0 |
Variable Interest Entities Prop
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Available-for-sale Securities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 107,633,367 | $ 103,483,793 |
Property Loan [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 16,181,710 | $ 19,464,977 |
Investment in Unconsolidated Entities [Member] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 13,150,207 |
Investments in Bonds (Details)
Investments in Bonds (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Estimated Fair Value, held in trust | $ 22,770,532 | $ 47,366,656 | |
Mortgage Revenue Bonds Held In Trust [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 513,459,429 | 484,817,254 | |
Cumulative Unrealized Gain, held in trust | 92,136,327 | 51,499,227 | |
Estimated Fair Value, held in trust | 605,595,756 | 536,316,481 | |
Mortgage Revenue Bonds Held In Trust [Member] | Arbors at Hickory Ridge [Member] | TN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 11,490,513 | 11,565,657 |
Cumulative Unrealized Gain, held in trust | [1] | 2,475,547 | 1,767,508 |
Estimated Fair Value, held in trust | [1] | 13,966,060 | 13,333,165 |
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova [Member] | TN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 10,042,683 | 19,379,489 |
Cumulative Unrealized Gain, held in trust | [2] | 1,698,917 | 1,182,900 |
Estimated Fair Value, held in trust | [2] | 11,741,600 | 20,562,389 |
Mortgage Revenue Bonds Held In Trust [Member] | Lake Forest [Member] | FL [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 8,672,000 | 8,766,000 |
Cumulative Unrealized Gain, held in trust | [3] | 1,674,112 | 1,177,745 |
Estimated Fair Value, held in trust | [3] | 10,346,112 | 9,943,745 |
Mortgage Revenue Bonds Held In Trust [Member] | Ashley Square [Member] | IA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 5,054,000 | 5,099,000 |
Cumulative Unrealized Gain, held in trust | [3] | 703,436 | 508,163 |
Estimated Fair Value, held in trust | [3] | 5,757,436 | 5,607,163 |
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 7,464,734 | 7,468,668 |
Cumulative Unrealized Gain, held in trust | [3] | 2,396,187 | 1,436,203 |
Estimated Fair Value, held in trust | [3] | 9,860,921 | 8,904,871 |
Mortgage Revenue Bonds Held In Trust [Member] | Copper Gate [Member] | IN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 5,185,000 | 5,185,000 |
Cumulative Unrealized Gain, held in trust | [1] | 1,066,295 | 616,341 |
Estimated Fair Value, held in trust | [1] | 6,251,295 | 5,801,341 |
Mortgage Revenue Bonds Held In Trust [Member] | Bella Vista [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 6,365,000 | 6,430,000 |
Cumulative Unrealized Gain, held in trust | [3] | 1,406,347 | 766,135 |
Estimated Fair Value, held in trust | [3] | 7,771,347 | 7,196,135 |
Mortgage Revenue Bonds Held In Trust [Member] | Live 929 Apartments [Member] | MD [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 40,708,453 | 40,801,557 |
Cumulative Unrealized Gain, held in trust | [2] | 9,125,749 | 5,829,855 |
Estimated Fair Value, held in trust | [2] | 49,834,202 | 46,631,412 |
Mortgage Revenue Bonds Held In Trust [Member] | Woodlynn Village [Member] | MN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 4,331,000 | 4,351,000 |
Cumulative Unrealized Gain, held in trust | [3] | 878,067 | 466,471 |
Estimated Fair Value, held in trust | [3] | 5,209,067 | 4,817,471 |
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apts [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 18,145,000 | 18,145,000 |
Cumulative Unrealized Gain, held in trust | [2] | 2,568,560 | 1,901,839 |
Estimated Fair Value, held in trust | [2] | 20,713,560 | 20,046,839 |
Mortgage Revenue Bonds Held In Trust [Member] | Bridle Ridge [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 7,535,000 | 7,595,000 |
Cumulative Unrealized Gain, held in trust | [3] | 1,532,393 | 817,222 |
Estimated Fair Value, held in trust | [3] | 9,067,393 | 8,412,222 |
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 15,216,816 | 15,224,597 |
Cumulative Unrealized Gain, held in trust | [2] | 476,831 | |
Estimated Fair Value, held in trust | [2] | 15,693,647 | 15,224,597 |
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 6,117,726 | 6,101,605 |
Cumulative Unrealized Gain, held in trust | [3] | 3,602,456 | 2,932,689 |
Estimated Fair Value, held in trust | [3] | 9,720,182 | 9,034,294 |
Mortgage Revenue Bonds Held In Trust [Member] | The Palms at Premier Park [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 19,871,381 | 20,001,272 |
Cumulative Unrealized Gain, held in trust | [1] | 4,160,041 | 2,505,091 |
Estimated Fair Value, held in trust | [1] | 24,031,422 | 22,506,363 |
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 22,987,644 | 23,000,000 |
Cumulative Unrealized Gain, held in trust | [2] | 2,400,726 | 1,582,083 |
Estimated Fair Value, held in trust | [2] | 25,388,370 | 24,582,083 |
Mortgage Revenue Bonds Held In Trust [Member] | Companion At Thornhill Apts [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 11,500,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 2,316,803 | |
Estimated Fair Value, held in trust | [2] | 13,816,803 | |
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 15,216,711 | 15,224,591 |
Cumulative Unrealized Gain, held in trust | [2] | 468,263 | |
Estimated Fair Value, held in trust | [2] | 15,684,974 | 15,224,591 |
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 10,300,000 | 10,350,000 |
Cumulative Unrealized Gain, held in trust | [3] | 2,173,918 | 1,600,938 |
Estimated Fair Value, held in trust | [3] | 12,473,918 | 11,950,938 |
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 11,857,614 | 11,799,874 |
Cumulative Unrealized Gain, held in trust | [3] | 5,478,846 | 3,990,882 |
Estimated Fair Value, held in trust | [3] | 17,336,460 | 15,790,756 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Glenview Apartments [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 4,670,000 | 4,670,000 |
Cumulative Unrealized Gain, held in trust | [4] | 492,351 | 210,572 |
Estimated Fair Value, held in trust | [4] | 5,162,351 | 4,880,572 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Harden Ranch [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 6,928,584 | 6,960,000 |
Cumulative Unrealized Gain, held in trust | [1] | 953,179 | 668,981 |
Estimated Fair Value, held in trust | [1] | 7,881,763 | 7,628,981 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Montclair Apts [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 2,530,000 | 2,530,000 |
Cumulative Unrealized Gain, held in trust | [4] | 307,815 | 114,079 |
Estimated Fair Value, held in trust | [4] | 2,837,815 | 2,644,079 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at Chase Hill - [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 9,868,144 | 9,935,552 |
Cumulative Unrealized Gain, held in trust | [1] | 1,738,060 | 1,133,024 |
Estimated Fair Value, held in trust | [1] | 11,606,204 | 11,068,576 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Santa Fe Apts [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 3,065,000 | 3,065,000 |
Cumulative Unrealized Gain, held in trust | [4] | 423,634 | 154,067 |
Estimated Fair Value, held in trust | [4] | 3,488,634 | 3,219,067 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at the Crest [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 9,572,100 | 9,637,485 |
Cumulative Unrealized Gain, held in trust | [1] | 1,901,250 | 1,301,224 |
Estimated Fair Value, held in trust | [1] | 11,473,350 | 10,938,709 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Seasons at Simi Valley [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 4,376,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 679,926 | |
Estimated Fair Value, held in trust | [2] | 5,055,926 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Sycamore Walk [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 3,632,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 436,757 | |
Estimated Fair Value, held in trust | [2] | 4,068,757 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at the Oaks [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 7,726,653 | 7,777,936 |
Cumulative Unrealized Gain, held in trust | [1] | 1,489,086 | 840,159 |
Estimated Fair Value, held in trust | [1] | 9,215,739 | 8,618,095 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Westside Village Market [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 3,945,993 | 3,970,000 |
Cumulative Unrealized Gain, held in trust | [1] | 380,659 | 202,340 |
Estimated Fair Value, held in trust | [1] | 4,326,652 | 4,172,340 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at the Parkway [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 13,300,000 | 13,300,000 |
Cumulative Unrealized Gain, held in trust | [4] | 1,377,287 | 330,251 |
Estimated Fair Value, held in trust | [4] | 14,677,287 | 13,630,251 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Tyler Park Apartments [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 6,038,263 | 6,075,000 |
Cumulative Unrealized Gain, held in trust | [1] | 671,518 | 487,209 |
Estimated Fair Value, held in trust | [1] | 6,709,781 | 6,562,209 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar in 09 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 6,671,666 | 6,715,948 |
Cumulative Unrealized Gain, held in trust | [1] | 1,285,767 | 725,445 |
Estimated Fair Value, held in trust | [1] | 7,957,433 | 7,441,393 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar on the Boulevard [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 16,307,106 | 16,418,497 |
Cumulative Unrealized Gain, held in trust | [1] | 3,238,986 | 1,872,323 |
Estimated Fair Value, held in trust | [1] | 19,546,092 | 18,290,820 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar on the Hills [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 5,338,325 | 5,373,756 |
Cumulative Unrealized Gain, held in trust | [1] | 1,069,628 | 693,096 |
Estimated Fair Value, held in trust | [1] | 6,407,953 | 6,066,852 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Rennaisance [Member] | LA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 11,374,592 | 11,450,959 |
Cumulative Unrealized Gain, held in trust | [4] | 2,013,776 | 1,233,077 |
Estimated Fair Value, held in trust | [4] | 13,388,368 | 12,684,036 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Greens of Pine Glen [Member] | NC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [1] | 8,231,000 | 8,294,000 |
Cumulative Unrealized Gain, held in trust | [1] | 1,907,554 | 1,138,270 |
Estimated Fair Value, held in trust | [1] | 10,138,554 | 9,432,270 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Silver Moon [Member] | NM [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 7,946,182 | 7,983,811 |
Cumulative Unrealized Gain, held in trust | [4] | 1,352,333 | 1,246,349 |
Estimated Fair Value, held in trust | [4] | 9,298,515 | 9,230,160 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Gulfgate [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 19,185,000 | 17,060,000 |
Cumulative Unrealized Gain, held in trust | [2] | 2,475,998 | 852,612 |
Estimated Fair Value, held in trust | [2] | 21,660,998 | 17,912,612 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Ohio Properties [Member] | OH [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [3] | 14,239,000 | 14,311,000 |
Cumulative Unrealized Gain, held in trust | [3] | 4,147,067 | 2,690,867 |
Estimated Fair Value, held in trust | [3] | 18,386,067 | 17,001,867 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Little York [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 13,440,000 | 12,480,000 |
Cumulative Unrealized Gain, held in trust | [2] | 1,961,962 | 688,441 |
Estimated Fair Value, held in trust | [2] | 15,401,962 | 13,168,441 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Williamcrest [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 20,820,000 | 18,020,000 |
Cumulative Unrealized Gain, held in trust | [2] | 2,687,010 | 1,182,543 |
Estimated Fair Value, held in trust | [2] | 23,507,010 | 19,202,543 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Heritage Square [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 11,185,000 | 11,185,000 |
Cumulative Unrealized Gain, held in trust | [4] | 2,290,924 | 273,488 |
Estimated Fair Value, held in trust | [4] | 13,475,924 | 11,458,488 |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Crossing at 1415 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 7,590,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 797,366 | |
Estimated Fair Value, held in trust | [2] | 8,387,366 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Heights at 515 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [2] | 6,435,000 | |
Cumulative Unrealized Gain, held in trust | [2] | 676,028 | |
Estimated Fair Value, held in trust | [2] | 7,111,028 | |
Mortgage Revenue Bonds Held In Trust [Member] | Series B [Member] | Vantage at Harlingen [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 24,575,000 | 24,575,000 |
Cumulative Unrealized Gain, held in trust | [4] | 3,861,168 | 1,765,139 |
Estimated Fair Value, held in trust | [4] | 28,436,168 | 26,340,139 |
Mortgage Revenue Bonds Held In Trust [Member] | Series B [Member] | Vantage at Judson [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | [4] | 26,407,546 | 26,540,000 |
Cumulative Unrealized Gain, held in trust | [4] | 4,915,744 | 2,613,606 |
Estimated Fair Value, held in trust | [4] | 31,323,290 | 29,153,606 |
Mortgage Revenue Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 21,175,464 | 45,502,220 | |
Cumulative Unrealized Gain, held in trust | 1,656,578 | 1,907,499 | |
Cumulative Unrealized Loss, held in trust | (61,510) | (43,063) | |
Estimated Fair Value, held in trust | 22,770,532 | 47,366,656 | |
Mortgage Revenue Bonds [Member] | Seasons at Simi Valley [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 6,320,000 | ||
Cumulative Unrealized Gain, held in trust | 404,110 | ||
Estimated Fair Value, held in trust | 6,724,110 | ||
Mortgage Revenue Bonds [Member] | Sycamore Walk [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 5,447,000 | ||
Estimated Fair Value, held in trust | 5,447,000 | ||
Mortgage Revenue Bonds [Member] | Crossing at 1415 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 7,925,000 | ||
Cumulative Unrealized Gain, held in trust | 214,091 | ||
Estimated Fair Value, held in trust | 8,139,091 | ||
Mortgage Revenue Bonds [Member] | Heights at 515 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 6,945,000 | ||
Cumulative Unrealized Gain, held in trust | 185,268 | ||
Estimated Fair Value, held in trust | 7,130,268 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Glenview Apartments [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 2,053,000 | ||
Cumulative Unrealized Loss, held in trust | (7,329) | ||
Estimated Fair Value, held in trust | 2,045,671 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Montclair Apts [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 928,000 | ||
Cumulative Unrealized Loss, held in trust | (2,506) | ||
Estimated Fair Value, held in trust | 925,494 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at Chase Hill - [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 958,752 | 961,981 | |
Cumulative Unrealized Gain, held in trust | 130,373 | 109,878 | |
Estimated Fair Value, held in trust | 1,089,125 | 1,071,859 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Santa Fe Apts [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 1,671,000 | ||
Cumulative Unrealized Loss, held in trust | (5,965) | ||
Estimated Fair Value, held in trust | 1,665,035 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at the Crest [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 754,086 | 756,626 | |
Cumulative Unrealized Gain, held in trust | 138,874 | 86,428 | |
Estimated Fair Value, held in trust | 892,960 | 843,054 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Seasons at Simi Valley [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 1,944,000 | ||
Cumulative Unrealized Gain, held in trust | 51,012 | ||
Estimated Fair Value, held in trust | 1,995,012 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Sycamore Walk [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 1,815,000 | ||
Cumulative Unrealized Loss, held in trust | (61,510) | ||
Estimated Fair Value, held in trust | 1,753,490 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at the Oaks [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 551,459 | 553,244 | |
Cumulative Unrealized Gain, held in trust | 102,170 | 63,533 | |
Estimated Fair Value, held in trust | 653,629 | 616,777 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at the Parkway [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 125,000 | 125,000 | |
Cumulative Unrealized Gain, held in trust | 5,085 | ||
Cumulative Unrealized Loss, held in trust | (979) | ||
Estimated Fair Value, held in trust | 130,085 | 124,021 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar in 09 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 454,903 | 456,376 | |
Cumulative Unrealized Gain, held in trust | 84,281 | 52,409 | |
Estimated Fair Value, held in trust | 539,184 | 508,785 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar on the Boulevard [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 448,080 | 449,589 | |
Cumulative Unrealized Gain, held in trust | 82,519 | 51,356 | |
Estimated Fair Value, held in trust | 530,599 | 500,945 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Greens of Pine Glen [Member] | NC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 941,194 | 943,214 | |
Cumulative Unrealized Gain, held in trust | 208,062 | 142,442 | |
Estimated Fair Value, held in trust | 1,149,256 | 1,085,656 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Concord at Gulfgate [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 2,125,000 | ||
Cumulative Unrealized Gain, held in trust | 76,802 | ||
Estimated Fair Value, held in trust | 2,201,802 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Ohio Properties [Member] | OH [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 3,552,990 | 3,562,190 | |
Cumulative Unrealized Gain, held in trust | 801,459 | 514,997 | |
Estimated Fair Value, held in trust | 4,354,449 | 4,077,187 | |
Mortgage Revenue Bonds [Member] | Series B [Member] | Concord at Little York [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 960,000 | ||
Cumulative Unrealized Loss, held in trust | (6,711) | ||
Estimated Fair Value, held in trust | 953,289 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Concord at Williamcrest [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 2,800,000 | ||
Cumulative Unrealized Loss, held in trust | (19,573) | ||
Estimated Fair Value, held in trust | 2,780,427 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Heritage Square [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 520,000 | ||
Cumulative Unrealized Gain, held in trust | 6,185 | ||
Estimated Fair Value, held in trust | $ 526,185 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Crossing at 1415 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 335,000 | ||
Cumulative Unrealized Gain, held in trust | 20,910 | ||
Estimated Fair Value, held in trust | 355,910 | ||
Mortgage Revenue Bonds [Member] | Series B [Member] | Heights at 515 [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 510,000 | ||
Cumulative Unrealized Gain, held in trust | 31,833 | ||
Estimated Fair Value, held in trust | 541,833 | ||
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Las Palmas II [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 3,465,000 | ||
Estimated Fair Value, held in trust | 3,465,000 | ||
Mortgage Revenue Bonds [Member] | Series A and B [Member] | San Vicente [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 5,320,000 | ||
Estimated Fair Value, held in trust | $ 5,320,000 | ||
[1] | Mortgage revenue bonds owned by ATAX TEBS II, LLC, Note 17 | ||
[2] | Mortgage revenue bonds held by Deutsche Bank in a secured financing transaction, Note 17 | ||
[3] | Mortgage revenue bonds owned by ATAX TEBS I, LLC, Note 17 | ||
[4] | Mortgage revenue bonds owned by ATAX TEBS III, LLC, Note 17 |
Investments in Mortgage Reven61
Investments in Mortgage Revenue Bonds Investment in Bonds Narrative Tagging (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Jan. 31, 2016 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Principal payments received on mortgage revenue bonds and PHCs | $ 8,908,517 | $ 22,323,371 | |||
Proceeds from sale of mortgage revenue bond | $ 15,000,000 | 9,295,000 | $ 5,800,000 | ||
Debt financing | 457,282,760 | 451,496,716 | |||
Estimated Fair Value, held in trust | $ 22,770,532 | $ 47,366,656 | |||
Weighted Average Base Rate of Mortgage Revenue Bonds | 6.30% | 6.30% | |||
Effective rate | 3.82% | 3.58% | |||
Minimum [Member] | |||||
Effective rate | 4.20% | 4.60% | |||
Maximum [Member] | |||||
Effective rate | 11.50% | 12.10% | |||
TOB Facility [Member] | |||||
Debt financing | $ 11,900,000 | ||||
Pro Nova 2014-1 [Member] | |||||
Proceeds from sale of mortgage revenue bond | $ 9,500,000 | ||||
Pro Nova 2014-1 [Member] | TOB Facility [Member] | |||||
Debt financing | $ 8,400,000 | ||||
Series B [Member] | |||||
Principal payments received on mortgage revenue bonds and PHCs | $ 5,200,000 | ||||
Series B [Member] | Renaissance Gateway [Member] | |||||
Cost adjusted for pay-downs | $ 1,300,000 | ||||
Series A and B [Member] | The Suites on Paseo [Member] | |||||
Estimated Fair Value, held in trust | $ 41,000,000 | ||||
Series C [Member] | Renaissance Gateway [Member] | |||||
Cost adjusted for pay-downs | 1,700,000 | ||||
Cash received for resizing of mortgage revenue bonds | 1,200,000 | ||||
Series A [Member] | Renaissance Gateway [Member] | |||||
Cost adjusted for pay-downs | $ 8,500,000 |
Investments in Mortgage Reven62
Investments in Mortgage Revenue Bonds Acquisitions (Details) | 1 Months Ended | 9 Months Ended | |||||||
Aug. 31, 2016USD ($)Unit | May 31, 2016USD ($)Unit | Mar. 31, 2016USD ($) | Jul. 31, 2015USD ($)Unit | Jun. 30, 2015USD ($)Unit | Sep. 30, 2016USD ($)Unit | Sep. 30, 2015USD ($)Unit | Dec. 31, 2015Unit | ||
Pro Nova 2014B [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Original Maturity Date | [1] | May 1, 2025 | |||||||
Base Interest Rate | [1] | 5.25% | |||||||
Principal Outstanding | [1] | $ 9,295,000 | |||||||
Companion At Thornhill Apts [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 178 | ||||||||
Original Maturity Date | Jan. 1, 2052 | ||||||||
Base Interest Rate | 5.80% | ||||||||
Principal Outstanding | $ 11,500,000 | ||||||||
Rennaisance [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 208 | ||||||||
Original Maturity Date | Jun. 1, 2050 | ||||||||
Base Interest Rate | 6.00% | ||||||||
Principal Outstanding | $ 11,500,000 | ||||||||
The Suites on Paseo [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 394 | 394 | |||||||
Vantage at Harlingen [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 288 | ||||||||
Original Maturity Date | Sep. 1, 2053 | ||||||||
Base Interest Rate | 6.00% | ||||||||
Principal Outstanding | $ 24,575,000 | ||||||||
Vantage at Judson [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 288 | ||||||||
Original Maturity Date | Jan. 1, 2053 | ||||||||
Base Interest Rate | 6.00% | ||||||||
Principal Outstanding | $ 26,540,000 | ||||||||
Series B [Member] | Glenview Apartments [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 88 | ||||||||
Original Maturity Date | Dec. 1, 2016 | ||||||||
Base Interest Rate | 8.00% | ||||||||
Principal Outstanding | $ 2,053,000 | ||||||||
Series B [Member] | Montclair Apartments [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 80 | ||||||||
Original Maturity Date | Dec. 1, 2016 | ||||||||
Base Interest Rate | 8.00% | ||||||||
Principal Outstanding | $ 928,000 | ||||||||
Series B [Member] | Santa Fe Apartments [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 89 | ||||||||
Original Maturity Date | Dec. 1, 2016 | ||||||||
Base Interest Rate | 8.00% | ||||||||
Principal Outstanding | $ 1,671,000 | ||||||||
Series B [Member] | Heritage Square [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 204 | ||||||||
Original Maturity Date | Oct. 1, 2051 | ||||||||
Base Interest Rate | 12.00% | ||||||||
Principal Outstanding | $ 520,000 | ||||||||
Series B [Member] | Concord at Gulfgate [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 288 | 288 | |||||||
Original Maturity Date | Mar. 1, 2032 | Mar. 1, 2032 | |||||||
Base Interest Rate | 12.00% | 12.00% | |||||||
Principal Outstanding | $ 2,125,000 | $ 2,125,000 | |||||||
Series B [Member] | Concord at Little York [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 276 | 276 | |||||||
Original Maturity Date | Mar. 1, 2032 | Mar. 1, 2032 | |||||||
Base Interest Rate | 12.00% | 12.00% | |||||||
Principal Outstanding | $ 960,000 | $ 960,000 | |||||||
Series B [Member] | Concord at Williamcrest [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 288 | 288 | |||||||
Original Maturity Date | Mar. 1, 2032 | Mar. 1, 2032 | |||||||
Base Interest Rate | 12.00% | 12.00% | |||||||
Principal Outstanding | $ 2,800,000 | $ 2,800,000 | |||||||
Series B [Member] | Las Palmas II [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 81 | ||||||||
Original Maturity Date | Nov. 1, 2018 | ||||||||
Base Interest Rate | 5.50% | ||||||||
Principal Outstanding | $ 1,770,000 | ||||||||
Series B [Member] | San Vicente [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 50 | ||||||||
Original Maturity Date | Nov. 1, 2018 | ||||||||
Base Interest Rate | 5.50% | ||||||||
Principal Outstanding | $ 1,825,000 | ||||||||
Series B [Member] | Harden Ranch [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 100 | ||||||||
Original Maturity Date | Mar. 1, 2016 | ||||||||
Base Interest Rate | 8.00% | ||||||||
Principal Outstanding | $ 2,340,000 | ||||||||
Series B [Member] | Tyler Park [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 88 | ||||||||
Original Maturity Date | Jan. 1, 2016 | ||||||||
Base Interest Rate | 8.00% | ||||||||
Principal Outstanding | $ 2,025,000 | ||||||||
Series B [Member] | Westside Village [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 81 | ||||||||
Original Maturity Date | Jan. 1, 2016 | ||||||||
Base Interest Rate | 8.00% | ||||||||
Principal Outstanding | $ 1,430,000 | ||||||||
Series B [Member] | The Suites on Paseo [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 394 | ||||||||
Original Maturity Date | Dec. 1, 2033 | ||||||||
Base Interest Rate | 9.00% | ||||||||
Principal Outstanding | $ 5,500,000 | ||||||||
Series B [Member] | Avistar at the Parkway [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 236 | ||||||||
Original Maturity Date | Jun. 1, 2052 | ||||||||
Base Interest Rate | 12.00% | ||||||||
Principal Outstanding | $ 125,000 | ||||||||
Series B [Member] | Silver Moon [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Principal Outstanding | $ 500,000 | $ 500,000 | |||||||
Series B [Member] | Seasons at Simi Valley [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 69 | ||||||||
Original Maturity Date | Sep. 1, 2017 | ||||||||
Base Interest Rate | 5.50% | ||||||||
Principal Outstanding | $ 1,944,000 | ||||||||
Series A [Member] | Concord at Gulfgate [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 288 | ||||||||
Original Maturity Date | Feb. 1, 2032 | ||||||||
Base Interest Rate | 6.00% | ||||||||
Principal Outstanding | $ 17,060,000 | ||||||||
Series A [Member] | Concord at Little York [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 276 | ||||||||
Original Maturity Date | Feb. 1, 2032 | ||||||||
Base Interest Rate | 6.00% | ||||||||
Principal Outstanding | $ 12,480,000 | ||||||||
Series A [Member] | Concord at Williamcrest [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 288 | ||||||||
Original Maturity Date | Feb. 1, 2032 | ||||||||
Base Interest Rate | 6.00% | ||||||||
Principal Outstanding | $ 18,020,000 | ||||||||
Series A [Member] | Las Palmas II [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 81 | ||||||||
Original Maturity Date | Nov. 1, 2033 | ||||||||
Base Interest Rate | 5.00% | ||||||||
Principal Outstanding | $ 1,695,000 | ||||||||
Series A [Member] | San Vicente [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 50 | ||||||||
Original Maturity Date | Nov. 1, 2033 | ||||||||
Base Interest Rate | 5.00% | ||||||||
Principal Outstanding | $ 3,495,000 | ||||||||
Series A [Member] | Avistar at the Parkway [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 236 | ||||||||
Original Maturity Date | May 1, 2052 | ||||||||
Base Interest Rate | 6.00% | ||||||||
Principal Outstanding | $ 13,300,000 | ||||||||
Series A [Member] | Silver Moon [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 151 | ||||||||
Original Maturity Date | Aug. 1, 2055 | ||||||||
Base Interest Rate | 6.00% | ||||||||
Principal Outstanding | $ 8,000,000 | ||||||||
Series A [Member] | Seasons at Simi Valley [Member] | |||||||||
Schedule Of Available For Sale Securities [Line Items] | |||||||||
Units | Unit | 69 | ||||||||
Original Maturity Date | Sep. 1, 2032 | ||||||||
Base Interest Rate | 5.75% | ||||||||
Principal Outstanding | $ 4,376,000 | ||||||||
[1] | This is a commercial property. Accordingly, unit information is not applicable. |
Public Housing Capital ("PHC"63
Public Housing Capital ("PHC") Fund Trust Certificates Narrative Tagging (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2016USD ($)Integer | Dec. 31, 2015 | |
Effective rate - minimum [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Effective rate | 4.20% | 4.60% |
Effective rate - maximum [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Effective rate | 11.50% | 12.10% |
LIFERS [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-Sale Securities, Ownership Percentage | 100.00% | |
Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for Sale Securities, Including Premiums | $ | $ 57.2 | |
Number of Available for Sale Securities, Public Housing Authorities | Integer | 3 | |
Debt, Weighted Average Interest Rate | 5.20% | 5.20% |
Public housing capital fund trusts [Member] | Effective rate - minimum [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Effective rate | 3.50% | 3.90% |
Public housing capital fund trusts [Member] | Effective rate - maximum [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Effective rate | 5.20% | 5.70% |
Public Housing Capital ("PHC"64
Public Housing Capital ("PHC") Fund Trust Certificates Mark to Market PHC (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value, held in trust | $ 22,770,532 | $ 47,366,656 |
Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 57,244,379 | 58,869,789 |
Cumulative Unrealized Gain, held in trust | 3,614,875 | 1,847,819 |
Cumulative Unrealized Loss, held in trust | (10,318) | |
Estimated Fair Value, held in trust | $ 60,859,254 | $ 60,707,290 |
Weighted Average Interest Rate over Life | 5.20% | 5.20% |
Public Housing Capital Fund Trust I [Member] | Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | $ 26,112,071 | $ 27,274,451 |
Cumulative Unrealized Gain, held in trust | 2,180,425 | 1,482,376 |
Estimated Fair Value, held in trust | $ 28,292,496 | $ 28,756,827 |
Public Housing Capital Fund Trust I [Member] | Public housing capital fund trusts [Member] | Standard & Poor's, AA- Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Weighted Average Lives (Years) | 8 years 6 months 22 days | 9 years 3 months |
Investment Rating | AA- | AA- |
Weighted Average Interest Rate over Life | 5.32% | 5.33% |
Public Housing Capital Fund Trust II [Member] | Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | $ 10,589,519 | $ 11,081,987 |
Cumulative Unrealized Gain, held in trust | 755,926 | 365,443 |
Estimated Fair Value, held in trust | $ 11,345,445 | $ 11,447,430 |
Public Housing Capital Fund Trust II [Member] | Public housing capital fund trusts [Member] | Standard & Poor's, A+ Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Weighted Average Lives (Years) | 7 years 10 months 24 days | 8 years 8 months 1 day |
Investment Rating | A+ | A+ |
Weighted Average Interest Rate over Life | 4.31% | 4.29% |
Public Housing Capital Fund Trust III [Member] | Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | $ 20,542,789 | $ 20,513,351 |
Cumulative Unrealized Gain, held in trust | 678,524 | |
Cumulative Unrealized Loss, held in trust | (10,318) | |
Estimated Fair Value, held in trust | $ 21,221,313 | $ 20,503,033 |
Public Housing Capital Fund Trust III [Member] | Public housing capital fund trusts [Member] | Standard & Poor's, BBB Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Weighted Average Lives (Years) | 9 years 22 days | 9 years 9 months 22 days |
Investment Rating | BBB | BBB |
Weighted Average Interest Rate over Life | 5.42% | 5.42% |
Mortgage-Backed Securities Narr
Mortgage-Backed Securities Narrative Tagging (Details) | Jan. 31, 2016USD ($)Integer | Jan. 31, 2016USD ($)Integer | Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) |
Proceeds from Sale of Available-for-sale Securities | $ 15,000,000 | $ 9,295,000 | $ 5,800,000 | ||
Number of Available for Sale Securities, Held in a Trust | Integer | 3 | 3 | |||
Repayment of debt financing | 37,484,639 | $ 55,339,000 | |||
Available-for-sale Securities, Carrying Value, Mortgage-backed Securities | $ 0 | ||||
Trust Portfolio M B S Bonds | |||||
Proceeds from Sale of Available-for-sale Securities | $ 15,000,000 | ||||
Number of Available for Sale Securities, Held in a Trust | Integer | 3 | 3 | |||
Repayment of debt financing | $ 11,900,000 | ||||
Proceeds from Sale of Available-for-sale Securities | 11,000,000 | ||||
Available-for-sale Securities, Gross Realized Gain (Loss) | $ 0 |
Mortgage-Backed Securities Carr
Mortgage-Backed Securities Carrying Value of Asset (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($) | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value | $ 14,775,309 | |
Trust Portfolio M B S Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Cost adjusted for amortization of premium | 14,953,030 | |
Cumulative Unrealized Loss | (177,721) | |
Estimated Fair Value | $ 14,775,309 | |
Trust Portfolio M B S Bonds | Standard & Poor's, AAA Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Instrument, Credit Rating | “AAA” | [1] |
Cost adjusted for amortization of premium | $ 5,052,348 | [1] |
Cumulative Unrealized Loss | (34,648) | [1] |
Estimated Fair Value | $ 5,017,700 | [1] |
Trust Portfolio M B S Bonds | Standard & Poor's, AA Rating [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Debt Instrument, Credit Rating | “AA” | [1] |
Cost adjusted for amortization of premium | $ 9,900,682 | [1] |
Cumulative Unrealized Loss | (143,073) | [1] |
Estimated Fair Value | $ 9,757,609 | [1] |
[1] | MBS Securities are reported based on the lowest rating issued by a Rating Agency, if more than one rating is issued on the security, at the date presented. |
Real Estate Assets Narrative Ta
Real Estate Assets Narrative Tagging (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Jul. 31, 2016USD ($) | Sep. 30, 2016USD ($)Property | Jun. 30, 2016USD ($)Property | Sep. 30, 2015USD ($) | Jun. 30, 2016USD ($)Property | Sep. 30, 2016USD ($)Property | Sep. 30, 2015USD ($) | Mar. 31, 2016USD ($) | |
Real Estate Properties [Line Items] | ||||||||
Gain (Loss) on Sale of Properties | $ 1,633,973 | $ 1,187,807 | $ 14,076,902 | $ 4,605,269 | ||||
Current income tax expense on dispositions | $ 467,000 | $ 4,567,000 | ||||||
Number of MF properties for sale | Property | 1 | 1 | ||||||
Impairment expense | $ 61,506 | |||||||
Initial lease term expiration period | 2038-03 | |||||||
Option to extend the lease period | 5 years | |||||||
Annual lease payments per year | $ 100 | |||||||
Net income or loss from properties accrued to Unitholders or General Partner | $ 0 | |||||||
Jade Park [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Weighted Average Lives (Years) | 6 months | |||||||
Business combination, acquisition related costs | $ 135,000 | |||||||
Jade Park [Member] | buildings and Improvements [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Buildings and improvements, weighted average useful life | 22 years 8 months 12 days | |||||||
Consolidated Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Number of Real Estate Properties | Property | 7 | 7 | ||||||
Available-for-sale Securities [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Land | $ 7,500,000 | $ 7,500,000 | ||||||
Woodland Park and Arboretum MF Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 15,700,000 | $ 30,200,000 | ||||||
Gain (Loss) on Sale of Properties | $ 1,600,000 | 12,400,000 | ||||||
Current income tax expense on dispositions | $ 4,700,000 | |||||||
Jade Park Apartment MF Property [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Purchase of property | $ 10,000,000 | |||||||
St. Petersburg [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Impairment expense | $ 62,000 | |||||||
St. Petersburg [Member] | Available-for-sale Securities [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Land | $ 3,100,000 | |||||||
General Partner [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Special Distribution | 25.00% | 25.00% | ||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 1.00% | |||||||
General Partner [Member] | Woodland Park and Arboretum MF Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Special Distribution | 25.00% | 25.00% | ||||||
Beneficial Unit Certificate Holders [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Special Distribution | 75.00% | 75.00% | ||||||
Beneficial Unit Certificate Holders [Member] | Consolidated Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 99.00% | |||||||
Number of Real Estate Properties | Property | 1 | 1 | ||||||
Beneficial Unit Certificate Holders [Member] | Woodland Park and Arboretum MF Properties [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Special Distribution | 75.00% | 75.00% | ||||||
Limited Liability Company [Member] | ||||||||
Real Estate Properties [Line Items] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||||||
Number of Limited Liability Companies | Property | 4 | 4 |
Real Estate Assets Recent Trans
Real Estate Assets Recent Transactions (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Woodland Park and Arboretum MF Properties [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Net income (loss) | $ (76,235) | $ 63,370 | $ 222,198 | $ 358,934 |
Real Estate Assets MF Propertie
Real Estate Assets MF Properties (Details) | Sep. 30, 2016USD ($)Unit | Dec. 31, 2015USD ($)Unit |
Property, Plant and Equipment [Line Items] | ||
Land and Land Improvements | $ 16,983,501 | $ 16,622,345 |
Buildings and improvements | 113,425,121 | 124,906,654 |
Carrying Value | 130,408,622 | 141,528,999 |
MF Property, Plant and Equipment | 122,940,056 | 134,160,744 |
Accumulated Depreciation - MF Properties | (14,980,815) | (14,532,168) |
Total MF Properties | $ 107,959,241 | $ 119,628,576 |
Arboretum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Units | Unit | 145 | |
Land and Land Improvements | $ 1,755,147 | |
Buildings and improvements | 19,317,284 | |
Carrying Value | $ 21,072,431 | |
Eagle Village [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Units | Unit | 511 | 511 |
Land and Land Improvements | $ 567,880 | $ 567,880 |
Buildings and improvements | 12,648,085 | 12,594,935 |
Carrying Value | $ 13,215,965 | $ 13,162,815 |
Northern View (f/k/a Meadowview) [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Units | Unit | 294 | 270 |
Land and Land Improvements | $ 688,539 | $ 688,539 |
Buildings and improvements | 8,098,180 | 8,062,973 |
Carrying Value | $ 8,786,719 | $ 8,751,512 |
Residences at DeCordova [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Units | Unit | 110 | 110 |
Land and Land Improvements | $ 1,160,455 | $ 1,137,832 |
Buildings and improvements | 8,106,933 | 8,065,977 |
Carrying Value | $ 9,267,388 | $ 9,203,809 |
Residences at Weatherford [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Units | Unit | 76 | 76 |
Land and Land Improvements | $ 1,942,229 | $ 1,942,229 |
Buildings and improvements | 5,748,115 | 5,738,697 |
Carrying Value | $ 7,690,344 | $ 7,680,926 |
Suites on Paseo [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Units | Unit | 394 | 394 |
Land and Land Improvements | $ 3,162,463 | $ 3,162,463 |
Buildings and improvements | 38,360,484 | 38,216,364 |
Carrying Value | $ 41,522,947 | $ 41,378,827 |
The 50/50 Student Housing--UNL [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Units | Unit | 475 | 475 |
Buildings and improvements | $ 32,918,089 | $ 32,910,424 |
Carrying Value | $ 32,918,089 | $ 32,910,424 |
Jade Park [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Number of Units | Unit | 144 | |
Land and Land Improvements | $ 1,993,369 | |
Buildings and improvements | 7,545,235 | |
Carrying Value | $ 9,538,604 |
Real Estate Assets Schedule of
Real Estate Assets Schedule of Assets Acquired Liabilities Assumed and Pro Forma Revenue and Income Related to the Purchase (Details) - Jade Park [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Business Acquisition, Assets Acquired, Liabilities Assumed, and Pro Forma Revenue and Income Related to the Purchase [Line Items] | ||||
Land | $ 1,993,369 | $ 1,993,369 | ||
Buildings and improvements | 7,543,200 | 7,543,200 | ||
In-place lease assets (included in other assets) | 463,431 | 463,431 | ||
Other assets | 18,126 | 18,126 | ||
Total assets | 10,018,126 | 10,018,126 | ||
Accounts payable, accrued expenses and other | 135,326 | 135,326 | ||
Net assets | 9,882,800 | 9,882,800 | ||
Total liabilities and net assets | 10,018,126 | 10,018,126 | ||
Pro forma revenues | 13,573,945 | $ 13,216,032 | 44,104,855 | $ 40,026,628 |
Pro forma net income | 4,724,056 | 2,500,757 | 18,194,751 | 12,529,933 |
Pro forma net income allocated to Unitholders | $ 4,216,059 | $ 2,164,996 | $ 15,371,803 | $ 11,351,694 |
Pro forma Unitholder's interest in net income per unit (basic and diluted) | $ 0.07 | $ 0.04 | $ 0.26 | $ 0.19 |
Investment in an Unconsolidat71
Investment in an Unconsolidated Entity (Details) | 9 Months Ended |
Sep. 30, 2016USD ($)commitment | |
Schedule Of Equity Method Investments [Line Items] | |
Partnership's investment in an unconsolidated entity | $ | $ 13,150,207 |
Vantage at Corpus Christi and Vantage at Waco and Vantage at Boerne [Member] | |
Schedule Of Equity Method Investments [Line Items] | |
Number of investment commitments | commitment | 3 |
Investment in Unconsolidated 72
Investment in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) | 9 Months Ended |
Sep. 30, 2016USD ($)Unit | |
Schedule Of Equity Method Investments [Line Items] | |
Investment in unconsolidated entities (Note 10) | $ 13,150,207 |
Maximum Remaining Committed equity | $ 14,966,511 |
Vantage at Corpus Christi [Member] | Corpus Christi T X | |
Schedule Of Equity Method Investments [Line Items] | |
Month Commitment Executed | March |
Units | Unit | 288 |
Investment in unconsolidated entities (Note 10) | $ 5,609,035 |
Maximum Remaining Committed equity | $ 4,211,139 |
Vantage At Waco | Waco T X | |
Schedule Of Equity Method Investments [Line Items] | |
Month Commitment Executed | August |
Units | Unit | 288 |
Investment in unconsolidated entities (Note 10) | $ 4,160,982 |
Maximum Remaining Committed equity | $ 5,250,410 |
Vantage At Boerne | Boerne T X | |
Schedule Of Equity Method Investments [Line Items] | |
Month Commitment Executed | August |
Units | Unit | 288 |
Investment in unconsolidated entities (Note 10) | $ 3,380,190 |
Maximum Remaining Committed equity | $ 5,504,962 |
Property Loans, Net of Loan L73
Property Loans, Net of Loan Loss Allowances (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Property Loans Net Of Loan Loss Allowances [Abstract] | ||
Property loans receivable | $ 38,280,223 | $ 29,874,523 |
Less: Loan loss allowance | (7,098,814) | (7,098,814) |
Total property loans receivable | $ 31,181,409 | $ 22,775,709 |
Property Loans, Net of Loan L74
Property Loans, Net of Loan Loss Allowances Narrative Tagging (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Property Loans Net Of Loan Loss Allowances [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 0 | $ 0 | $ 0 | |
Cross Creek [Member] | ||||
Property Loans Net Of Loan Loss Allowances [Line Items] | ||||
Advances to Affiliate | $ 90,500 | $ 83,500 | 90,500 | |
Foundation for Affordable Housing [Member] | ||||
Property Loans Net Of Loan Loss Allowances [Line Items] | ||||
Advances to Affiliate | 2,500 | |||
Net increase in notes receivable | $ 100,000 | |||
Winston Group, Inc [Member] | ||||
Property Loans Net Of Loan Loss Allowances [Line Items] | ||||
Advances to Affiliate | 2,500,000 | |||
Vantage at Brooks LLC [Member] | ||||
Property Loans Net Of Loan Loss Allowances [Line Items] | ||||
Advances to Affiliate | 3,700,000 | |||
Vantage at Braunfels LLC [Member] | ||||
Property Loans Net Of Loan Loss Allowances [Line Items] | ||||
Advances to Affiliate | 2,100,000 | |||
Lake Forest [Member] | ||||
Property Loans Net Of Loan Loss Allowances [Line Items] | ||||
Impairment of Intangible Assets (Excluding Goodwill) | $ 21,000 | |||
Maximum [Member] | Ohio Properties [Member] | ||||
Property Loans Net Of Loan Loss Allowances [Line Items] | ||||
Deferred interest earned | 100.00% |
Property Loans, Net of Loan L75
Property Loans, Net of Loan Loss Allowances Loan Receivable and Allowance (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | $ 38,280,223 | $ 29,874,523 |
Accrued Interest | 2,779,881 | 10,185,405 |
Loan Loss Allowances | (7,098,814) | (7,098,814) |
Interest Allowance | 0 | (8,718,387) |
Net Taxable Property Loans | 33,961,290 | 24,242,727 |
Arbors at Hickory Ridge [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 191,264 | 191,264 |
Accrued Interest | 50,960 | 39,950 |
Loan Loss Allowances | 0 | 0 |
Interest Allowance | 0 | 0 |
Net Taxable Property Loans | 242,224 | 231,214 |
Ashley Square [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 5,078,342 | 5,078,342 |
Accrued Interest | 0 | 2,864,130 |
Loan Loss Allowances | (3,596,342) | (3,596,342) |
Interest Allowance | 0 | (2,864,130) |
Net Taxable Property Loans | 1,482,000 | 1,482,000 |
Avistar (February 2013 Portfolio) [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 274,496 | 274,496 |
Accrued Interest | 80,715 | 51,386 |
Loan Loss Allowances | 0 | 0 |
Interest Allowance | 0 | 0 |
Net Taxable Property Loans | 355,211 | 325,882 |
Avistar (June 2013 Portfolio) [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 251,622 | 251,622 |
Accrued Interest | 73,989 | 47,104 |
Loan Loss Allowances | 0 | 0 |
Interest Allowance | 0 | 0 |
Net Taxable Property Loans | 325,611 | 298,726 |
Cross Creek [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 7,155,545 | 7,072,087 |
Accrued Interest | 0 | 2,352,851 |
Loan Loss Allowances | (3,447,472) | (3,447,472) |
Interest Allowance | 0 | (2,352,852) |
Net Taxable Property Loans | 3,708,073 | 3,624,614 |
Foundation for Affordable Housing [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 1,418,075 | 1,415,590 |
Accrued Interest | 23,396 | 0 |
Loan Loss Allowances | 0 | 0 |
Interest Allowance | 0 | 0 |
Net Taxable Property Loans | 1,441,471 | 1,415,590 |
Greens of Pine Glen [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 850,000 | 850,000 |
Accrued Interest | 435,376 | 343,600 |
Loan Loss Allowances | 0 | 0 |
Interest Allowance | 0 | 0 |
Net Taxable Property Loans | 1,285,376 | 1,193,600 |
Lake Forest [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 4,623,704 | 4,623,704 |
Accrued Interest | 0 | 3,080,446 |
Loan Loss Allowances | (55,000) | (55,000) |
Interest Allowance | 0 | (3,059,610) |
Net Taxable Property Loans | 4,568,704 | 4,589,540 |
Ohio Properties [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 2,390,446 | 2,390,448 |
Accrued Interest | 962,464 | 1,235,017 |
Loan Loss Allowances | 0 | 0 |
Interest Allowance | 0 | (441,795) |
Net Taxable Property Loans | 3,352,910 | 3,183,670 |
Vantage at Brooks LLC [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 7,199,424 | 3,454,664 |
Accrued Interest | 585,628 | 78,440 |
Loan Loss Allowances | 0 | 0 |
Interest Allowance | 0 | 0 |
Net Taxable Property Loans | 7,785,052 | 3,533,104 |
Vantage at Braunfels LLC [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 6,347,305 | 4,272,306 |
Accrued Interest | 567,353 | 92,481 |
Loan Loss Allowances | 0 | 0 |
Interest Allowance | 0 | 0 |
Net Taxable Property Loans | 6,914,658 | $ 4,364,787 |
Winston Group, Inc [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 2,500,000 | |
Accrued Interest | 0 | |
Loan Loss Allowances | 0 | |
Interest Allowance | 0 | |
Net Taxable Property Loans | $ 2,500,000 |
Schedule of Fixed Assets Net of
Schedule of Fixed Assets Net of Accumulated Depreciation Held for Sale (Details) - Discontinued Operations [Member] - Woodland Park [Member] | Dec. 31, 2015USD ($) |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Disposal Group, Including Discontinued Operations, Land and Land Improvements | $ 1,265,160 |
Disposal Group, Including Discontinued Operations, Building Improvements and Equipment Gross | 14,247,045 |
Disposal Group, Including Discontinued Operations, Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 15,512,205 |
Disposal Group, Including Discontinued Operations, Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | (1,491,646) |
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment | $ 14,020,559 |
Income Tax Provision Narrative
Income Tax Provision Narrative Tagging (Details) | 3 Months Ended |
Jun. 30, 2016USD ($) | |
Income Tax Disclosure [Abstract] | |
Valuation allowance reversed | $ 405,000 |
Income Tax Provision - Summary
Income Tax Provision - Summary of Income Tax Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2016 | Sep. 30, 2016 | |
Current income tax expense: | ||
Current income tax expense on dispositions | $ 467,000 | $ 4,567,000 |
Deferred income tax expense: | ||
Deferred income tax expense (benefit) | (136,000) | 417,000 |
Total income tax expense | $ 331,000 | $ 4,984,000 |
Other Assets Other Assets (Deta
Other Assets Other Assets (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Other Assets [Abstract] | ||
Deferred financing costs - net | $ 369,155 | $ 487,023 |
Fair value of derivative contracts | 146,248 | 344,177 |
Taxable bonds at fair market value (Note 21) | 4,476,385 | 4,824,060 |
Bond purchase commitments - fair value (Notes 6 & 22) | 12,622,709 | 5,634,360 |
Other assets | 1,381,561 | 1,655,013 |
Total other assets | $ 18,996,058 | $ 12,944,633 |
Other Assets Narrative Tagging
Other Assets Narrative Tagging (Details) - USD ($) | Sep. 30, 2016 | Sep. 30, 2015 |
Silver Moon [Member] | Series B [Member] | ||
Purchases and redemptions of taxable bonds | $ 500,000 | $ 500,000 |
Other Assets - Activity in Purc
Other Assets - Activity in Purchases and Redemption of Taxable Bonds (Details) - Silver Moon [Member] - Series B [Member] | 9 Months Ended | |
Sep. 30, 2016USD ($)Unit | Sep. 30, 2015USD ($) | |
Principal Outstanding | $ 500,000 | $ 500,000 |
2016 Redemption [Member] | ||
Units | Unit | 151 | |
Original Maturity Date | Aug. 1, 2055 | |
Base Interest Rate | 12.00% | |
Principal Outstanding | $ 499,461 | |
2015 Purchase Date [Member] | ||
Units | Unit | 151 | |
Original Maturity Date | Aug. 1, 2055 | |
Base Interest Rate | 12.00% | |
Principal Outstanding | $ 500,000 |
Discontinued Operations Discont
Discontinued Operations Discontinued Operations Income Statement (Details) - USD ($) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2015 | Sep. 30, 2015 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Net income from discontinued operations | $ 253,894 | $ 516,609 |
Discontinued Operations [Member] | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Rental revenues | 833,829 | 2,455,430 |
Expenses | (579,935) | (1,938,821) |
Net income from discontinued operations | $ 253,894 | $ 516,609 |
Summary of Unsecured Lines of C
Summary of Unsecured Lines of Credit (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Lines of credit | $ 17,497,000 | |
Line of credit facility maximum borrowing capacity | $ 47,500,000 | 47,500,000 |
Bankers Trust Operating [Member] | ||
Lines of credit | 0 | |
3.09% Interest Bearing Line of Credit [Member] | Bankers Trust [Member] | ||
Line of credit facility maximum borrowing capacity | $ 40,000,000 | |
Debt instrument, maturity date | May 31, 2017 | |
Variable / Fixed | Variable | |
Reset Frequency | Monthly | |
Line of credit facility, interest rate during period | 3.09% | |
3.77% Interest Bearing Line of Credit [Member] | Bankers Trust Operating [Member] | ||
Line of credit facility maximum borrowing capacity | $ 7,500,000 | |
Debt instrument, maturity date | May 31, 2017 | |
Variable / Fixed | Variable | |
Reset Frequency | Monthly | |
Line of credit facility, interest rate during period | 3.77% | |
2.90% Interest Bearing Line of Credit [Member] | Bankers Trust [Member] | ||
Lines of credit | 12,497,000 | |
Line of credit facility maximum borrowing capacity | $ 37,500,000 | |
Debt instrument, maturity date | May 31, 2017 | |
Variable / Fixed | Variable | |
Reset Frequency | Monthly | |
Line of credit facility, interest rate during period | 2.90% | |
3.5% Interest Bearing Line of Credit [Member] | Bankers Trust Operating [Member] | ||
Line of credit facility maximum borrowing capacity | $ 5,000,000 | |
Debt instrument, maturity date | Mar. 31, 2016 | |
Variable / Fixed | Variable | |
Reset Frequency | Monthly | |
Line of credit facility, interest rate during period | 3.50% | |
3.4% Interest Bearing Line of Credit [Member] | Five Points Bank operating [Member] | ||
Lines of credit | $ 5,000,000 | |
Line of credit facility maximum borrowing capacity | $ 5,000,000 | |
Debt instrument, maturity date | Mar. 31, 2016 | |
Variable / Fixed | Variable | |
Reset Frequency | Monthly | |
Line of credit facility, interest rate during period | 3.40% |
Unsecured Lines of Credit Narra
Unsecured Lines of Credit Narrative (Details) - USD ($) | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2015 |
Lines of credit | $ 17,497,000 | ||
Bankers Trust Operating [Member] | |||
Lines of credit | $ 0 | ||
Bankers Trust Operating [Member] | Scenario, Forecast [Member] | |||
Lines of credit | $ 0 |
Debt Financing Total Debt Finan
Debt Financing Total Debt Financing (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | ||
Short Term Debt [Line Items] | |||
Debt financing | $ 457,282,760 | $ 451,496,716 | |
Effective rate | 3.82% | 3.58% | |
Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Effective rate | 4.20% | 4.60% | |
Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Effective rate | 11.50% | 12.10% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - TOB [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 46,875,190 | ||
Years Acquired | 2,014 | ||
Reset Frequency | N/A | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 132,968,704 | ||
Restricted Cash | $ 2,481,117 | ||
Years Acquired | 2,016 | ||
Stated Maturities | 2026-09 | ||
Reset Frequency | N/A | ||
Effective rate | 3.64% | ||
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 42,765,000 | ||
Years Acquired | 2,012 | ||
Stated Maturities | 2016-12 | ||
Reset Frequency | Weekly | ||
Facility Fees | [1] | 1.62% | |
TOB & Term A/B Trusts Securitization [Member] | Minimum [Member] | Fixed - TOB [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2017-07 | ||
Effective rate | 4.01% | ||
TOB & Term A/B Trusts Securitization [Member] | Minimum [Member] | Variable - TOB [Member] | |||
Short Term Debt [Line Items] | |||
SIFMA Based Rates | 1.39% | ||
Effective rate | 3.01% | ||
TOB & Term A/B Trusts Securitization [Member] | Maximum [Member] | Fixed - TOB [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2019-07 | ||
Effective rate | 4.39% | ||
TOB & Term A/B Trusts Securitization [Member] | Maximum [Member] | Variable - TOB [Member] | |||
Short Term Debt [Line Items] | |||
SIFMA Based Rates | 1.51% | ||
Effective rate | 3.13% | ||
TEBS Financings [Member] | Variable [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 234,673,866 | $ 234,984,592 | |
Restricted Cash | $ 3,705,206 | $ 5,371,680 | |
Reset Frequency | Weekly | Weekly | |
TEBS Financings [Member] | Minimum [Member] | Variable [Member] | |||
Short Term Debt [Line Items] | |||
Years Acquired | 2,010 | 2,010 | |
Stated Maturities | 2017-09 | 2017-09 | |
SIFMA Based Rates | 0.87% | 0.02% | |
Facility Fees | [1] | 1.39% | 1.26% |
Effective rate | 1.83% | 1.28% | |
TEBS Financings [Member] | Maximum [Member] | Variable [Member] | |||
Short Term Debt [Line Items] | |||
Years Acquired | 2,015 | 2,015 | |
Stated Maturities | 2020-07 | 2020-07 | |
SIFMA Based Rates | 0.92% | 0.04% | |
Facility Fees | [1] | 1.91% | 1.91% |
Effective rate | 2.37% | 1.95% | |
TOB Trusts Securitization [Member] | Variable [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 55,930,000 | ||
Restricted Cash | $ 1,930,027 | ||
Years Acquired | 2,012 | ||
Reset Frequency | Weekly | ||
TOB Trusts Securitization [Member] | Fixed [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 160,582,124 | ||
Reset Frequency | N/A | ||
TOB Trusts Securitization [Member] | Minimum [Member] | Variable [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2016-04 | ||
SIFMA Based Rates | 0.16% | ||
Facility Fees | [1] | 0.94% | |
Effective rate | 1.10% | ||
TOB Trusts Securitization [Member] | Minimum [Member] | Fixed [Member] | |||
Short Term Debt [Line Items] | |||
Years Acquired | 2,014 | ||
Stated Maturities | 2016-10 | ||
Effective rate | 2.76% | ||
TOB Trusts Securitization [Member] | Maximum [Member] | Variable [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2016-06 | ||
SIFMA Based Rates | 0.68% | ||
Facility Fees | [1] | 1.62% | |
Effective rate | 2.30% | ||
TOB Trusts Securitization [Member] | Maximum [Member] | Fixed [Member] | |||
Short Term Debt [Line Items] | |||
Years Acquired | 2,015 | ||
Stated Maturities | 2019-07 | ||
Effective rate | 4.51% | ||
[1] | Facility fees are variable |
Debt Financing Narrative Taggin
Debt Financing Narrative Tagging (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2016USD ($)TrustAgreementPartnership | Sep. 30, 2016USD ($) | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | |||
Deferred financing costs - net | $ 369,155 | $ 369,155 | $ 487,023 |
Freddie Mac [Member] | |||
Debt Instrument [Line Items] | |||
Number of new TEBS financings | Partnership | 3 | ||
Term A/B Trust [Member] | |||
Debt Instrument [Line Items] | |||
Deferred financing costs - net | $ 1,400,000 | 1,400,000 | |
Capitalized costs paid to a related party | $ 1,200,000 | ||
Number of paid off and collapsed TOB Trusts | Trust | 7 | ||
Number of TOB Trusts | Trust | 9 | ||
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | |||
Debt Instrument [Line Items] | |||
Number of new agreements | Agreement | 12 |
Debt Financing - Summary of Pre
Debt Financing - Summary of Pre-adoption and Post-adoption Condensed Financial Statements (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 | |
Assets | |||
Other assets | $ 18,996,058 | $ 12,944,633 | |
Liabilities | |||
Debt financing | 457,282,760 | 451,496,716 | |
Mortgages payable and other secured financing | $ 51,826,458 | 69,247,574 | |
Pre Adoption [Member] | |||
Assets | |||
Other assets | 18,348,745 | ||
Liabilities | |||
Debt financing | 456,431,288 | ||
Mortgages payable and other secured financing | 69,717,114 | ||
Post Adoption [Member] | |||
Assets | |||
Other assets | 12,944,633 | ||
Liabilities | |||
Debt financing | [1] | 451,496,716 | |
Mortgages payable and other secured financing | [2] | $ 69,247,574 | |
[1] | Reflects a reduction of $5.2 million and $4.9 million on September 30, 2016 and December 31, 2015, respectively. | ||
[2] | Reflects a reduction of $0.4 million and $0.5 million on September 30, 2016 and December 31, 2015, respectively. |
Debt Financing - Summary of P88
Debt Financing - Summary of Pre-adoption and Post-adoption Condensed Financial Statements (Parenthetical) (Details) - Post Adoption [Member] - USD ($) $ in Millions | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Debt financing reduction | $ 5.2 | $ 4.9 |
Mortgages payable and other secured financing reduction | $ 0.4 | $ 0.5 |
Debt Financing Contractual Matu
Debt Financing Contractual Maturities (Details) | Sep. 30, 2016USD ($) |
Debt Financing [Abstract] | |
2,017 | $ 117,931,839 |
2,018 | 2,870,673 |
2,019 | 93,372,073 |
2,020 | 120,076,929 |
2,021 | 1,289,111 |
Thereafter | 126,935,421 |
Total | $ 462,476,046 |
Mortgage Payable and Other Secu
Mortgage Payable and Other Secured Financing by Property Net of Deferred Financing Costs (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | ||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable | $ 51,826,458 | $ 69,247,574 | |
Period End Rate | 3.82% | 3.58% | |
Real Estate [Member] | Eagle Village [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable | [1] | $ 7,893,526 | $ 8,037,133 |
Year Acquired | [1] | 2,010 | 2,010 |
Debt instrument, maturity date | [1] | Sep. 1, 2018 | Sep. 1, 2018 |
Variable / Fixed | [1] | Variable | Variable |
Reset Frequency | [1] | Monthly | Monthly |
Variable Based Rate | [1] | 0.56% | 0.25% |
Facility Fees | [1] | 3.00% | 3.00% |
Period End Rate | [1] | 3.56% | 3.25% |
Real Estate [Member] | Residences at DeCordova [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable | $ 1,760,926 | $ 1,807,246 | |
Year Acquired | 2,012 | 2,012 | |
Debt instrument, maturity date | Jun. 1, 2017 | Jun. 1, 2017 | |
Variable / Fixed | Fixed | Fixed | |
Reset Frequency | N/A | N/A | |
Period End Rate | 4.75% | 4.75% | |
Real Estate [Member] | Residences at Weatherford [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable | $ 5,648,562 | $ 5,820,623 | |
Year Acquired | 2,011 | 2,011 | |
Debt instrument, maturity date | Jun. 1, 2017 | Jun. 1, 2017 | |
Variable / Fixed | Fixed | Fixed | |
Reset Frequency | N/A | N/A | |
Period End Rate | 4.75% | 4.75% | |
Real Estate [Member] | Jade Park [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable | $ 7,459,289 | ||
Year Acquired | 2,016 | ||
Debt instrument, maturity date | Oct. 1, 2021 | ||
Variable / Fixed | Fixed | ||
Reset Frequency | N/A | ||
Period End Rate | 3.85% | ||
Real Estate [Member] | Arboretum [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable | $ 16,683,146 | ||
Year Acquired | 2,011 | ||
Debt instrument, maturity date | Mar. 1, 2017 | ||
Variable / Fixed | Fixed | ||
Reset Frequency | N/A | ||
Period End Rate | 3.75% | ||
Real Estate [Member] | Woodland Park [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable | [1] | $ 7,500,000 | |
Year Acquired | [1] | 2,014 | |
Debt instrument, maturity date | [1] | Aug. 1, 2017 | |
Variable / Fixed | [1] | Variable | |
Reset Frequency | [1] | Monthly | |
Variable Based Rate | [1] | 0.19% | |
Facility Fees | [1] | 2.75% | |
Period End Rate | [1] | 2.94% | |
Tax Increment Financing [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable | $ 3,862,980 | $ 4,035,779 | |
Year Acquired | 2,014 | 2,014 | |
Debt instrument, maturity date | Dec. 1, 2019 | Dec. 1, 2019 | |
Variable / Fixed | Fixed | Fixed | |
Reset Frequency | N/A | N/A | |
Period End Rate | 4.65% | 4.65% | |
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable | [2] | $ 25,201,175 | $ 25,363,647 |
Year Acquired | [2] | 2,013 | 2,013 |
Debt instrument, maturity date | [2] | Mar. 1, 2020 | Mar. 1, 2020 |
Variable / Fixed | [2] | Variable | Variable |
Reset Frequency | [2] | Monthly | Monthly |
Variable Based Rate | [2] | 3.50% | 3.25% |
Period End Rate | [2] | 3.50% | 3.25% |
[1] | Variable rate is based on LIBOR | ||
[2] | Variable rate is based on Wall Street Journal Prime Rate |
Contractual Maturities of Mortg
Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) | Sep. 30, 2016USD ($) |
Mortgages Payable [Abstract] | |
2,017 | $ 8,218,720 |
2,018 | 8,465,211 |
2,019 | 1,057,388 |
2,020 | 27,519,330 |
2,021 | 311,980 |
Thereafter | 6,624,051 |
Total mortgages payable and other secured financings | $ 52,196,680 |
Transactions with Related Par92
Transactions with Related Parties Transactions with Related Parties Narrative (Details) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016USD ($)Property | Jun. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Property | Sep. 30, 2015USD ($) | |
Rate for administration fees | 0.45% | ||||
Fees and commissions, other | $ 687,000 | $ 259,000 | $ 1,200,000 | $ 1,000,000 | |
One-time mortgage negotiated placement fees | $ 125,000 | ||||
Management fees revenue | 246,000 | 309,000 | 856,000 | 952,000 | |
Placement advisory fees | 343,000 | 129,000 | $ 537,000 | 507,000 | |
Term A/B Trust [Member] | |||||
Consulting fees | $ 1,200,000 | ||||
M33 TEBS Financing Facility [Member] | |||||
Consulting fees | 790,000 | ||||
MF Properties Managed [Member] | |||||
Number of Real Estate Properties | Property | 7 | 7 | |||
Majority-Owned Subsidiary, Unconsolidated [Member] | |||||
Payment for administrative fees | $ 682,000 | 669,000 | $ 2,000,000 | 1,900,000 | |
Affiliated Entity [Member] | |||||
Payment for administrative fees | $ 16,000 | $ 0 | $ 46,000 | ||
Farnam Capital Advisors, LLC [Member] | |||||
Origination fees | $ 125,000 |
Interest Rate Derivative Agre93
Interest Rate Derivative Agreements Footnote Tagging (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)Derivative | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | |||||
Number of derivative instruments | Derivative | 11 | ||||
Derivative, Loss on Derivative | $ 264,000 | $ 1,300,000 | $ 1,400,000 | $ 2,000,000 | |
Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Fixed Interest Rate | 2.00% | 2.00% | |||
Decatur-Angle [Member] | Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 23,000,000 | $ 23,000,000 | |||
Document Effective Date | Oct. 15, 2016 | ||||
Derivative, Maturity Date | Oct. 15, 2021 | ||||
Derivative, Gain on Derivative | $ 1,400,000 | $ 737,000 | |||
Bruton Apts [Member] | Swap [Member] | |||||
Derivative [Line Items] | |||||
Derivative, Notional Amount | $ 18,100,000 | $ 18,100,000 | |||
Document Effective Date | Apr. 15, 2017 | ||||
Derivative, Maturity Date | Apr. 15, 2022 | ||||
Derivative, Loss on Derivative | $ 1,100,000 | $ 580,000 |
Interest Rate Derivative Agre94
Interest Rate Derivative Agreements (Details) | 9 Months Ended | |
Sep. 30, 2016USD ($) | ||
Bank of New York Mellon [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2010-09 | |
Derivative Asset, Initial Notional Amount | $ 31,936,667 | |
Derivative, Fixed Interest Rate | 3.00% | |
Derivative, Maturity Date at a point in time | 2017-09 | |
Derivative at purchase price | $ 921,000 | |
Derivative fair value | $ 42 | [1] |
Derivative, Variable Debt Financing Facility Hedged | M24 TEBS | |
Derivative, Maximum Potential Cost of Borrowing | 5.00% | |
Barclays Bank PLC [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2010-09 | |
Derivative Asset, Initial Notional Amount | $ 31,936,667 | |
Derivative, Fixed Interest Rate | 3.00% | |
Derivative, Maturity Date at a point in time | 2017-09 | |
Derivative at purchase price | $ 845,600 | |
Derivative fair value | $ 42 | [1] |
Derivative, Variable Debt Financing Facility Hedged | M24 TEBS | |
Derivative, Maximum Potential Cost of Borrowing | 5.00% | |
Royal Bank of Canada [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2010-09 | |
Derivative Asset, Initial Notional Amount | $ 31,936,667 | |
Derivative, Fixed Interest Rate | 3.00% | |
Derivative, Maturity Date at a point in time | 2017-09 | |
Derivative at purchase price | $ 928,000 | |
Derivative fair value | $ 42 | [1] |
Derivative, Variable Debt Financing Facility Hedged | M24 TEBS | |
Derivative, Maximum Potential Cost of Borrowing | 5.00% | |
Deutsche Bank [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2013-08 | |
Derivative Asset, Initial Notional Amount | $ 93,305,000 | |
Derivative, Fixed Interest Rate | 1.50% | |
Derivative, Maturity Date at a point in time | 2017-09 | |
Derivative at purchase price | $ 793,000 | |
Derivative fair value | $ 6,309 | [1] |
Derivative, Variable Debt Financing Facility Hedged | M24 TEBS | |
Derivative, Maximum Potential Cost of Borrowing | 3.50% | |
SMBC Capital Markets, Inc [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2014-02 | |
Derivative Asset, Initial Notional Amount | $ 41,250,000 | |
Derivative, Fixed Interest Rate | 1.00% | |
Derivative, Maturity Date at a point in time | 2017-03 | |
Derivative at purchase price | $ 230,500 | |
Derivative fair value | $ 2,026 | [1] |
Derivative, Variable Debt Financing Facility Hedged | PHC TOB Trusts | |
Derivative, Maximum Potential Cost of Borrowing | 3.30% | |
Barclays Bank PLC 2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2014-07 | |
Derivative Asset, Initial Notional Amount | $ 31,565,000 | |
Derivative, Fixed Interest Rate | 3.00% | |
Derivative, Maturity Date at a point in time | 2019-08 | |
Derivative at purchase price | $ 315,200 | |
Derivative fair value | $ 12,159 | [1] |
Derivative, Variable Debt Financing Facility Hedged | M31 TEBS | |
Derivative, Maximum Potential Cost of Borrowing | 4.40% | |
Royal Bank of Canada-2 [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2014-07 | |
Derivative Asset, Initial Notional Amount | $ 31,565,000 | |
Derivative, Fixed Interest Rate | 3.00% | |
Derivative, Maturity Date at a point in time | 2019-08 | |
Derivative at purchase price | $ 343,000 | |
Derivative fair value | $ 12,159 | [1] |
Derivative, Variable Debt Financing Facility Hedged | M31 TEBS | |
Derivative, Maximum Potential Cost of Borrowing | 4.40% | |
SMBC Capital Markets, Inc-3 [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2014-07 | |
Derivative Asset, Initial Notional Amount | $ 31,565,000 | |
Derivative, Fixed Interest Rate | 3.00% | |
Derivative, Maturity Date at a point in time | 2019-08 | |
Derivative at purchase price | $ 333,200 | |
Derivative fair value | $ 12,159 | [1] |
Derivative, Variable Debt Financing Facility Hedged | M31 TEBS | |
Derivative, Maximum Potential Cost of Borrowing | 4.40% | |
Wells Fargo Bank [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2015-07 | |
Derivative Asset, Initial Notional Amount | $ 28,095,000 | |
Derivative, Fixed Interest Rate | 3.00% | |
Derivative, Maturity Date at a point in time | 2020-08 | |
Derivative at purchase price | $ 210,000 | |
Derivative fair value | $ 33,769 | [1] |
Derivative, Variable Debt Financing Facility Hedged | M33 TEBS | |
Derivative, Maximum Potential Cost of Borrowing | 4.30% | |
Royal Bank of Canada-3 [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2015-07 | |
Derivative Asset, Initial Notional Amount | $ 28,095,000 | |
Derivative, Fixed Interest Rate | 3.00% | |
Derivative, Maturity Date at a point in time | 2020-08 | |
Derivative at purchase price | $ 187,688 | |
Derivative fair value | $ 33,769 | [1] |
Derivative, Variable Debt Financing Facility Hedged | M33 TEBS | |
Derivative, Maximum Potential Cost of Borrowing | 4.30% | |
SMBC Capital Markets, Inc-4 [Member] | ||
Derivative [Line Items] | ||
Derivative, Purchase Date | 2015-07 | |
Derivative Asset, Initial Notional Amount | $ 28,095,000 | |
Derivative, Fixed Interest Rate | 3.00% | |
Derivative, Maturity Date at a point in time | 2020-08 | |
Derivative at purchase price | $ 174,900 | |
Derivative fair value | $ 33,769 | [1] |
Derivative, Variable Debt Financing Facility Hedged | M33 TEBS | |
Derivative, Maximum Potential Cost of Borrowing | 4.30% | |
[1] | For additional details, see Note 21 to the Partnership's consolidated financial statements. |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements Narrative Tagging (Details) | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Tolerable Range of Difference in Valuation | 7.50% | |
Effective rate - minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 4.20% | 4.60% |
Effective rate - minimum [Member] | Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 3.50% | 3.90% |
Effective rate - minimum [Member] | Bond Purchase Commitment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 4.80% | 5.40% |
Effective rate - minimum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 3.60% | 4.20% |
Effective rate - maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 11.50% | 12.10% |
Effective rate - maximum [Member] | Public housing capital fund trusts [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 5.20% | 5.70% |
Effective rate - maximum [Member] | Bond Purchase Commitment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 10.30% | 10.90% |
Effective rate - maximum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 8.30% | 10.50% |
Fair Value Measurements Availab
Fair Value Measurements Available for sale securities (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | $ 703,973,227 | $ 703,973,227 | $ 703,973,227 | $ 668,651,258 | |||
Assets at Fair Value | 668,651,258 | ||||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Available-for-sale Securities | (22,770,532) | (47,366,656) | |||||
Assets at Fair Value | 703,973,227 | 703,973,227 | |||||
Fair Value, Inputs, Level 2 [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Fair Value Observable inputs (level 2) | 14,775,309 | ||||||
Fair Value, Inputs, Level 3 [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | 730,475,386 | $ 613,079,147 | 703,973,227 | $ 594,588,802 | 703,973,227 | 653,875,949 | $ 594,588,802 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 703,973,227 | 653,875,949 | |||||
Assets at Fair Value | 730,475,386 | 613,079,147 | 653,875,949 | 520,951,907 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Gain (Loss) on Investments | 263,684 | (1,254,563) | (1,378,112) | (1,955,693) | |||
Total gain (losses) included in other comprehensive (loss) income | (34,028,916) | 22,919,296 | 49,727,299 | (61,576) | |||
Refund of interest rate derivative cost | (10,500) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 8,785,000 | 6,320,000 | 20,285,000 | 138,305,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | (9,747,523) | ||||||
Available-for-sale Securities | (40,950,000) | ||||||
Derivative at purchase price | 572,588 | 572,588 | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1,521,927) | (6,097,666) | (8,789,386) | (22,262,924) | |||
Assets at Fair Value | 703,973,227 | 594,588,802 | 703,973,227 | 594,588,802 | |||
Bond Purchase Commitment [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | 12,622,709 | 12,622,709 | 12,622,709 | 5,634,360 | |||
Assets at Fair Value | 5,634,360 | ||||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Assets at Fair Value | 12,622,709 | 12,622,709 | |||||
Bond Purchase Commitment [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | 17,218,819 | 883,999 | 12,622,709 | 3,335,926 | 12,622,709 | 5,634,360 | 3,335,926 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 12,622,709 | 5,634,360 | |||||
Assets at Fair Value | 17,218,819 | 883,999 | 5,634,360 | 5,780,413 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in other comprehensive (loss) income | (4,596,110) | 2,451,927 | 6,988,349 | (2,444,487) | |||
Assets at Fair Value | 12,622,709 | 3,335,926 | 12,622,709 | 3,335,926 | |||
PHC Certificates [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | 60,859,254 | 60,859,254 | 60,859,254 | 60,707,290 | |||
Assets at Fair Value | 60,707,290 | ||||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Assets at Fair Value | 60,859,254 | 60,859,254 | |||||
PHC Certificates [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | 62,180,059 | 58,991,437 | 60,859,254 | 59,876,842 | 60,859,254 | 60,707,290 | 59,876,842 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 60,859,254 | 60,707,290 | |||||
Assets at Fair Value | 62,180,059 | 58,991,437 | 60,707,290 | 61,263,123 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in other comprehensive (loss) income | (780,342) | 899,057 | 1,777,372 | (381,802) | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (540,463) | (13,652) | (1,625,408) | (1,004,479) | |||
Assets at Fair Value | 60,859,254 | 59,876,842 | 60,859,254 | 59,876,842 | |||
Taxable Bonds [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | 4,476,385 | 4,476,385 | 4,476,385 | 4,824,060 | |||
Assets at Fair Value | 4,824,060 | ||||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Assets at Fair Value | 4,476,385 | 4,476,385 | |||||
Taxable Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | 5,294,229 | 4,711,687 | 4,476,385 | 5,056,428 | 4,476,385 | 4,824,060 | 5,056,428 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 4,476,385 | 4,824,060 | |||||
Assets at Fair Value | 5,294,229 | 4,711,687 | 4,824,060 | 4,616,565 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in other comprehensive (loss) income | (315,633) | 345,902 | 179,684 | 11,842 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 500,000 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (502,211) | (1,161) | (527,359) | (71,979) | |||
Assets at Fair Value | 4,476,385 | 5,056,428 | 4,476,385 | 5,056,428 | |||
Interest rate derivatives [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Liabilities at fair value | (2,351,409) | (2,351,409) | (2,351,409) | (972,898) | |||
Liabilities at fair value | (972,898) | ||||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Liabilities at fair value | (2,351,409) | (2,351,409) | |||||
Interest rate derivatives [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | 267,669 | ||||||
Liabilities at fair value | (2,615,093) | (443,961) | (2,351,409) | (1,125,936) | (2,351,409) | (972,898) | (1,125,936) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liabilities Value | (2,351,409) | (972,898) | |||||
Assets at Fair Value | 267,669 | ||||||
Liabilities at fair value | (2,615,093) | (443,961) | (972,898) | ||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Gain (Loss) on Investments | 263,684 | (1,254,563) | (1,378,112) | (1,955,693) | |||
Refund of interest rate derivative cost | (10,500) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | (399) | ||||||
Derivative at purchase price | 572,588 | 572,588 | |||||
Liabilities at fair value | (2,351,409) | (1,125,936) | (2,351,409) | (1,125,936) | |||
MBS Securities | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | 14,775,309 | 14,775,309 | |||||
Assets at Fair Value | 14,775,309 | ||||||
MBS Securities | Fair Value, Inputs, Level 2 [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Fair Value Observable inputs (level 2) | 14,775,309 | ||||||
Mortgage Revenue Bonds [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | 628,366,288 | 628,366,288 | 628,366,288 | 583,683,137 | |||
Assets at Fair Value | 583,683,137 | ||||||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Assets at Fair Value | 628,366,288 | 628,366,288 | |||||
Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member] | |||||||
Schedule of Available-for-sale Securities [Line Items] | |||||||
Assets at Fair Value | 648,397,372 | 548,935,985 | 628,366,288 | 527,445,542 | 628,366,288 | 583,683,137 | 527,445,542 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 628,366,288 | $ 583,683,137 | |||||
Assets at Fair Value | 648,397,372 | 548,935,985 | 583,683,137 | 449,024,137 | |||
Total gains (losses) (realized/unrealized) [Abstract] | |||||||
Total gain (losses) included in other comprehensive (loss) income | (28,336,831) | 19,222,410 | 40,781,894 | 2,752,871 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 8,785,000 | 6,320,000 | 20,285,000 | 137,805,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities | (9,747,124) | ||||||
Available-for-sale Securities | $ (40,950,000) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (479,253) | (6,082,853) | (6,636,619) | (21,186,466) | |||
Assets at Fair Value | $ 628,366,288 | $ 527,445,542 | $ 628,366,288 | $ 527,445,542 |
Fair Value Measurements Fair Ma
Fair Value Measurements Fair Market Value of Liabilities (Details) - USD ($) | Sep. 30, 2016 | Dec. 31, 2015 |
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Mortgages payable and other secured financing | $ 51,826,458 | $ 69,247,574 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Debt financing and unsecured LOCs | 457,282,760 | 468,993,716 |
Mortgages payable and other secured financing | 51,826,458 | 69,247,574 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value Inputs Liabilities Quantitative Information [Line Items] | ||
Debt financing and unsecured LOCs | 462,439,397 | 475,415,345 |
Mortgages payable and other secured financing | $ 52,210,639 | $ 67,735,213 |
Commitments and Contingencies F
Commitments and Contingencies Fair Market Value Table (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Maximum Committed Amounts for 2017 through 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 66,940,000 | |
Maximum Committed Amounts for 2016 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | 9,850,000 | |
Bond Purchase Commitment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unrealized Gain | $ 12,622,709 | $ 5,634,360 |
15 West Apartments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward Bond Commitment, Purchase Date | Jul. 1, 2014 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |
15 West Apartments [Member] | Maximum Committed Amounts for 2016 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 9,850,000 | |
15 West Apartments [Member] | Bond Purchase Commitment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unrealized Gain | $ 1,589,396 | 945,009 |
Villas at Plano Gateway [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward Bond Commitment, Purchase Date | Dec. 1, 2014 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Villas at Plano Gateway [Member] | Maximum Committed Amounts for 2017 through 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 20,000,000 | |
Villas at Plano Gateway [Member] | Bond Purchase Commitment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unrealized Gain | $ 2,807,000 | 1,469,213 |
Palo Alto [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward Bond Commitment, Purchase Date | Jul. 1, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | |
Palo Alto [Member] | Maximum Committed Amounts for 2017 through 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 19,540,000 | |
Palo Alto [Member] | Bond Purchase Commitment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unrealized Gain | $ 3,709,278 | 1,439,600 |
Village at River's Edge [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward Bond Commitment, Purchase Date | May 1, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 6.00% | |
Village at River's Edge [Member] | Maximum Committed Amounts for 2017 through 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 11,000,000 | |
Village at River's Edge [Member] | Bond Purchase Commitment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unrealized Gain | $ 1,570,140 | 636,560 |
Village at Avalon [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Forward Bond Commitment, Purchase Date | Nov. 1, 2015 | |
Debt Instrument, Interest Rate, Stated Percentage | 5.80% | |
Village at Avalon [Member] | Maximum Committed Amounts for 2017 through 2018 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Long-term Purchase Commitment, Amount | $ 16,400,000 | |
Village at Avalon [Member] | Bond Purchase Commitment [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Unrealized Gain | $ 2,946,895 | $ 1,143,978 |
Commitments and Contingencies N
Commitments and Contingencies Narrative Tagging (Details) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2016USD ($)PropertyUnit | Sep. 30, 2015USD ($) | Sep. 30, 2016USD ($)PropertyUnit | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)Unit | Oct. 31, 2015USD ($) | |
Property loans receivable | $ 38,280,223 | $ 38,280,223 | $ 29,874,523 | |||
Concentration Risk, Credit Risk, Financial Instrument, Maximum Exposure | 430,100,000 | |||||
Vantage at Brooks and Vantage at New Braunfels [Member] | ||||||
Property loans receivable | 12,800,000 | 12,800,000 | $ 17,000,000 | |||
Investments provide to equity | $ 27,800,000 | $ 27,800,000 | ||||
Units | Unit | 3 | 3 | ||||
Foundation for Affordable Housing [Member] | ||||||
Property loans receivable | $ 1,418,075 | $ 1,418,075 | 1,415,590 | |||
Units | Property | 96 | 96 | ||||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 2,800,000 | $ 2,800,000 | ||||
Greens of Pine Glen [Member] | ||||||
Property loans receivable | 850,000 | 850,000 | 850,000 | |||
Guarantor Obligations, Maximum Exposure, Undiscounted | $ 3,000,000 | $ 3,000,000 | ||||
Percentage of Loss Contingency, Range of Possible Loss, Maximum | 75.00% | 75.00% | ||||
Ohio Properties [Member] | ||||||
Property loans receivable | $ 2,390,446 | $ 2,390,446 | $ 2,390,448 | |||
Percentage of Loss Contingency, Range of Possible Loss, Maximum | 75.00% | 75.00% | ||||
Loss Contingency, Range of Possible Loss, Maximum | $ 4,800,000 | $ 4,800,000 | ||||
The 50/50 Student Housing--UNL [Member] | ||||||
Units | Unit | 475 | 475 | 475 | |||
Lease agreement minimum term | 20 years | |||||
Minimum monthly rentals under lease agreement | $ 122,000 | |||||
Annual increment Percentage in lease rent | 2.00% | |||||
Lease agreement annual renewable increase percentage | 3.00% | |||||
Lease expiration date | Jul. 31, 2034 | |||||
Expenses related to the agreement | $ 31,000 | $ 30,000 | $ 92,000 | $ 90,000 | ||
2016 Purchase Commitments [Member] | Vantage at Brooks and Vantage at New Braunfels [Member] | ||||||
Remaining maximum amount committed | 15,000,000 | 15,000,000 | ||||
October 2015 Purchase Commitment [Member] | Vantage at Brooks and Vantage at New Braunfels [Member] | ||||||
Remaining maximum amount committed | $ 3,500,000 | $ 3,500,000 |
Redeemable Series A Preferred U
Redeemable Series A Preferred Units (Details) - $ / shares shares in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended |
May 31, 2016 | Mar. 31, 2016 | Jun. 30, 2016 | Sep. 30, 2016 | |
Temporary Equity Disclosure [Abstract] | ||||
Issuance of preferred units through private placements | 1.4 | 1 | 1 | |
Non-cumulative cash distribution rate per annum | 3.00% | |||
Redeemable preferred units redemption value per unit | $ 10 | $ 10 |
Restricted Unit Awards Narrativ
Restricted Unit Awards Narrative (Details) - Restricted Unit Awards [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 31,000 | $ 0 | $ 31,000 | $ 0 |
Unrecognized compensation expense related to nonvested RUAs granted | 1,400,000 | $ 1,400,000 | ||
Remaining expense expected to be recognized over a weighted-average period | 1 year | |||
Intrinsic value of RUAs granted | $ 1,500,000 | $ 1,500,000 | ||
Burlington [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Approved grant of restricted units and other awards to employees | 3,000,000 | 3,000,000 | ||
RUAs granted with vesting range | 3 years | |||
Burlington [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
RUAs granted with vesting range | 3 months |
Restricted Unit Awards - Summar
Restricted Unit Awards - Summary of Nonvested Restricted Units (Details) - Restricted Unit Awards [Member] | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Restricted Units Awarded | |
Granted | shares | 238,936 |
Ending Balance | shares | 238,936 |
Weighted-average Grant-Date Fair Value | |
Granted | $ / shares | $ 6.08 |
Ending Balance | $ / shares | $ 6.08 |
Segment Reporting Footnote Tagg
Segment Reporting Footnote Tagging (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Jan. 31, 2016USD ($)IntegerSecurity | Sep. 30, 2016USD ($)PropertyUnitIntegerSegment | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||
Number of Reportable Segments | Segment | 4 | ||
Proceeds from Sale of Available-for-sale Securities | $ | $ 15,000,000 | $ 9,295,000 | $ 5,800,000 |
Number of Available for Sale Securities, Held in a Trust | 3 | ||
Debt financing | $ | $ 457,282,760 | $ 451,496,716 | |
TOB Facility [Member] | |||
Segment Reporting Information [Line Items] | |||
Debt financing | $ | $ 11,900,000 | ||
Other Investments [Member] | |||
Segment Reporting Information [Line Items] | |||
Assets percentage | 25.00% | ||
Commercial Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of collateralized securities | 1 | ||
MBS Securities Investments [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of partnership securities sold and eliminated. | Security | 3 | ||
Mortgage Revenue Bond Investments Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of Available for Sale Securities | 62 | ||
Mortgage Revenue Bond Investments Segment [Member] | Residential Properties [Member] | |||
Segment Reporting Information [Line Items] | |||
Number of Available for Sale Securities | 61 | ||
Units | Unit | 8,915 | ||
Real Estate [Member] | |||
Segment Reporting Information [Line Items] | |||
Units | Unit | 1,847 | ||
Number of Real Estate Properties | Property | 6 |
Segment Reporting Segment Repor
Segment Reporting Segment Reporting (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Revenues [Abstract] | |||||
Total revenues | $ 13,221,939 | $ 12,897,065 | $ 43,074,919 | $ 39,105,795 | |
Interest Expense [Abstract] | |||||
Interest expense | 3,485,172 | 4,754,119 | 12,577,361 | 11,683,429 | |
Depreciation [Abstract] | |||||
Depreciation expense | 1,353,602 | 1,360,720 | 4,649,724 | 4,204,599 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||
Income from continuing operations | 4,622,874 | 2,286,383 | 18,160,391 | 12,768,838 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||||
Operating Income (Loss) | 4,623,542 | 2,540,649 | 18,161,172 | 13,286,399 | |
Assets | |||||
Total assets | 913,325,015 | 913,325,015 | $ 867,110,483 | ||
Available-for-sale Securities [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 8,504,675 | 8,238,652 | 26,074,552 | 24,235,550 | |
Interest Expense [Abstract] | |||||
Interest expense | 2,691,439 | 3,719,174 | 9,866,978 | 8,619,039 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||
Income from continuing operations | 2,917,832 | 1,818,273 | 7,168,735 | 8,424,562 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||||
Operating Income (Loss) | 2,918,500 | 1,818,273 | 7,169,516 | 8,424,562 | |
Assets | |||||
Total assets | 908,729,560 | 908,729,560 | 841,499,941 | ||
MF Properties [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 3,414,788 | 4,124,413 | 13,483,760 | 12,512,775 | |
Interest Expense [Abstract] | |||||
Interest expense | 441,858 | 686,334 | 1,708,551 | 2,040,142 | |
Depreciation [Abstract] | |||||
Depreciation expense | 1,353,602 | 1,360,720 | 4,649,724 | 4,204,599 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||
Income from continuing operations | 754,441 | 282,721 | 8,458,960 | 3,026,243 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||||
Operating Income (Loss) | 754,441 | 283,093 | 8,458,960 | 3,027,195 | |
Assets | |||||
Total assets | 116,024,130 | 116,024,130 | 127,683,544 | ||
Public Housing Capital Fund Trusts [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 724,735 | 736,699 | 2,178,627 | 2,254,448 | |
Interest Expense [Abstract] | |||||
Interest expense | 351,875 | 308,889 | 987,140 | 905,929 | |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||
Income from continuing operations | 372,860 | 427,810 | 1,191,487 | 1,333,771 | |
Net Income (Loss) Attributable to Parent [Abstract] | |||||
Operating Income (Loss) | 372,860 | 427,810 | 1,191,487 | 1,333,771 | |
Assets | |||||
Total assets | 61,261,294 | 61,261,294 | 61,021,462 | ||
MBS Securities Investments [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | (202,699) | 48,755 | 103,022 | ||
Interest Expense [Abstract] | |||||
Interest expense | 39,722 | 14,692 | 118,319 | ||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||
Income from continuing operations | (242,421) | 51,984 | (15,738) | ||
Net Income (Loss) Attributable to Parent [Abstract] | |||||
Operating Income (Loss) | (242,421) | 51,984 | (15,738) | ||
Assets | |||||
Total assets | 15,035,061 | ||||
Other Investments [Member] | |||||
Revenues [Abstract] | |||||
Total revenues | 577,741 | 1,289,225 | |||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract] | |||||
Income from continuing operations | 577,741 | 1,289,225 | |||
Net Income (Loss) Attributable to Parent [Abstract] | |||||
Operating Income (Loss) | 577,741 | 1,289,225 | |||
Assets | |||||
Total assets | 27,849,917 | 27,849,917 | 7,726,970 | ||
Discontinued Operations [Member] | |||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||
Operating Income (Loss) | $ 253,894 | $ 516,609 | |||
Assets | |||||
Total assets | 14,020,559 | ||||
Consolidation, Eliminations [Member] | |||||
Assets | |||||
Total assets | $ (200,539,886) | $ (200,539,886) | $ (199,877,054) |