Greystone Housing Impact Investors (GHI) 10-K 3 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Jun. 30, 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-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false
Trading Symbol	ATAX
Entity Common Stock, Units Outstanding	0
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float		$ 330,186,045

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Assets
Cash and cash equivalents	$ 20,748,521	$ 17,035,782
Restricted cash	6,757,699	8,950,374
Interest receivable, net	6,983,203	5,220,859
Mortgage revenue bonds held in trust, at fair value (Note 6)	590,194,179	536,316,481
Mortgage revenue bonds, at fair value (Note 6)	90,016,872	47,366,656
Public housing capital fund trusts, at fair value (Note 7)	57,158,068	60,707,290
Mortgage-backed securities, at fair value (Note 8)		14,775,309
Real estate assets: (Note 9)
Land and improvements	17,354,587	17,887,505
Buildings and improvements	113,089,041	139,153,699
Real estate assets before accumulated depreciation	130,443,628	157,041,204
Accumulated depreciation	(16,217,028)	(16,023,814)
Net real estate assets	114,226,600	141,017,390
Investment in unconsolidated entities (Note 10)	19,470,006
Property loans, net of loan loss allowance (Note 11)	29,763,334	22,775,709
Other assets (Note 13)	8,795,192	12,944,633
Total Assets	944,113,674	867,110,483	[1]
Liabilities
Accounts payable, accrued expenses and other liabilities	7,255,327	5,667,948
Distribution payable	8,017,950	8,759,343
Unsecured lines of credit (Note 15)	40,000,000	17,497,000
Secured line of credit, net (Note 16)	19,816,667
Debt financing, net (Note 17)	495,383,033	451,496,716
Mortgages payable and other secured financing, net (Note 18)	51,379,512	69,247,574
Derivative swaps, at fair value (Note 19)	1,339,283	1,317,075
Total Liabilities	623,191,772	553,985,656
Commitments and Contingencies (Note 20)
Redeemable Series A preferred units, approximately $40.9 million redemption value, 10.0 million authorized, 4.1 million and 0.0 million issued and outstanding, respectively (Note 21)	40,788,034
Partnersʼ Capital
General Partner (Note 1)	102,536	399,077
Beneficial Unit Certificate holders	280,026,669	312,720,264
Total Partnersʼ Capital	280,129,205	313,119,341
Noncontrolling interest (Note 9)	4,663	5,486
Total Capital	280,133,868	313,124,827
Total Liabilities and Partnersʼ Capital	$ 944,113,674	$ 867,110,483
[1]	The Partnership has reduced the reported assets of the Mortgage Revenue Bond Investments segment and the consolidation and eliminations amount by approximately $182.7 million to eliminate intercompany activity within the Mortgage Revenue Bond Investments segment.

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Redeemable preferred units redemption value	$ 40.9	$ 40.9
Redeemable preferred units, authorized	10,000,000	10,000,000
Redeemable preferred units, issued	4,100,000	0
Redeemable preferred units, outstanding	4,100,000	0

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Property revenues	$ 17,404,439	$ 17,789,125	$ 14,250,572
Investment income	36,892,996	34,409,809	26,606,234
Contingent interest income	2,021,077	4,756,716	40,000
Other interest income	2,660,238	2,624,262	856,217
Other income		373,379	188,000
Total revenues	58,978,750	59,953,291	41,941,023
Expenses:
Real estate operating (exclusive of items shown below)	9,223,108	10,052,669	7,796,761
Provision for loan loss	0	0	75,000
Impairment charge	61,506
Depreciation and amortization	6,862,530	6,505,011	4,897,916
Amortization of deferred financing costs	1,862,509	1,622,789	1,183,584
Interest expense	15,469,639	14,826,217	11,165,911
General and administrative	10,837,188	8,660,889	5,547,208
Total expenses	44,316,480	41,667,575	30,666,380
Other Income:
Gain on sale of MF Properties	14,072,317	4,599,109
Gain on sale of securities	8,097		3,701,772
Income before income taxes	28,742,684	22,884,825	14,976,415
Income tax expense	4,959,000	0	0
Income from continuing operations	23,783,684	22,884,825	14,976,415
Income from discontinued operations (including gain on sale of VIEs of approximately $3.2 million in 2015)		3,721,397	52,773
Net income	23,783,684	26,606,222	15,029,188
Net loss attributable to noncontrolling interest	(823)	(2,801)	(4,673)
Partnership net income	23,784,507	26,609,023	15,033,861
Redeemable Series A preferred unit distributions and accretion	(583,407)
Net income available to Partners	23,201,100	26,609,023	15,033,861
Net income (loss) available to Partners and noncontrolling interest allocated to:
General Partner	2,992,106	2,474,274	1,056,316
Unallocated gain (loss) of Consolidated VIEs		3,721,397	(635,560)
Net loss attributable to noncontrolling interest	(823)	(2,801)	(4,673)
Net income available to Partners and noncontrolling interest	$ 23,200,277	$ 26,606,222	$ 15,029,188
Unitholdersʼ interest in net income per unit (basic and diluted):
Income from continuing operations	$ 0.34	$ 0.34	$ 0.25
Net income per unit, basic and diluted	0.34	0.34	0.25
Distributions declared, per unit	$ 0.50	$ 0.50	$ 0.50
Weighted average number of units outstanding, basic	60,182,264	60,252,928	59,431,010
Weighted average number of units outstanding, diluted	60,182,264	60,252,928	59,431,010
Unitholders [Member]
Net income (loss) available to Partners and noncontrolling interest allocated to:
Limited Partners	$ 20,176,693	$ 20,413,352	$ 14,613,105
Restricted Unitholders [Member]
Net income (loss) available to Partners and noncontrolling interest allocated to:
Limited Partners	$ 32,301

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical)	12 Months Ended
	Dec. 31, 2015USD ($)
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 3,212,447
Variable Interest Entity Primary Beneficiary [Member]
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax	$ 3,200,000

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Income (Loss) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net income	$ 23,783,684	$ 26,606,222	$ 15,029,188
Reversal of net unrealized gain on sale of securities	(236,439)
Unrealized gain (loss) on bond purchase commitments	(3,234,911)	(146,053)	10,632,590
Comprehensive income	1,715,481	36,502,410	86,855,920
Comprehensive (loss) allocated to noncontrolling interest	(823)	(2,801)	(4,673)
Partnership comprehensive income	1,716,304	36,505,211	86,860,593
Accumulated Other Comprehensive Income (Loss) [Member]
Net income	23,783,684	26,606,222	15,029,188
Reversal of net unrealized gain on sale of securities	(236,439)
Unrealized gain (loss) on securities	(18,596,853)	10,042,241	62,852,308
Net realized (loss) on securities			(1,658,166)
Unrealized gain (loss) on bond purchase commitments	(3,234,911)	(146,053)	10,632,590
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized gain (loss) on bond purchase commitments	$ (3,234,911)	$ (146,053)	$ 10,632,590

Consolidated Statements of Part

Consolidated Statements of Partners' Capital - USD ($)	Total	General Partner [Member]	Beneficial Unit Certificate Holders - Restricted and Unrestricted [Member]	Unallocated Deficit of Consolidated VIEs [Member]	Number of Units - Restricted and Unrestricted [Member]	Noncontrolling Interest [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2013	$ 203,122,765	$ 16,671	$ 223,573,312	$ (20,455,896)		$ (11,322)	$ (20,128,314)
Partners' Capital Account, Units at Dec. 31, 2013					51,052,928
Sale of beneficial certificates, value	51,288,699		51,288,699
Sale of beneficial certificates, unit					9,200,000
Available-for-sale Securities, Gross Realized Gain (Loss)	(2,413,713)	(24,137)	(2,389,576)				(2,413,713)
Gain (Loss) on Sales of Mortgage Backed Securities (MBS)	755,547	7,555	747,992				755,547
Distributions paid or accrued:
Regular distribution	(27,591,056)	(275,910)	(27,315,146)
Distribution of Tier 2 earnings (Note 3)	(3,748,424)	(937,106)	(2,811,318)
Net income (loss)	15,029,188	1,056,316	14,613,105	(635,560)		(4,673)
Unrealized gain (loss) on securities	62,852,308	628,523	62,223,785				62,852,308
Unrealized gain (loss) on bond purchase commitment	10,632,590	106,326	10,526,264				10,632,590
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
Sale of MF Property	24,282					24,282
Deconsolidation of VIEs		(173,701)	(17,196,359)	17,370,059
Available-for-sale Securities, Gross Realized Gain (Loss)	(630,919)	(6,309)	(624,610)				(630,919)
Distributions paid or accrued:
Regular distribution	(23,343,025)	(233,430)	(23,109,595)
Distribution of Tier 2 earnings (Note 3)	(9,355,825)	(2,338,956)	(7,016,869)
Net income (loss)	26,606,222	2,474,274	20,413,352	$ 3,721,397		(2,801)
Unrealized gain (loss) on securities	10,042,241	100,422	9,941,819				10,042,241
Unrealized gain (loss) on bond purchase commitment	(146,053)	(1,461)	(144,592)				(146,053)
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:
Regular distribution	(21,764,612)	(217,646)	(21,546,966)
Distribution of Tier 2 earnings (Note 3)	(11,434,599)	(2,858,650)	(8,575,949)
Net income (loss)	23,200,277	2,992,106	20,208,994			(823)
Repurchase of Beneficial Unit Certificates	(1,603,658)		(1,603,658)
Repurchase of Beneficial Unit Certificates, Units					(272,307)
Restricted units awarded					272,307
Restricted units compensation expense	833,142	8,331	824,811
Beneficial Unit Certificates surrendered to pay tax withholding on vested restricted units					(28,390)
Beneficial unit certificates surrendered to pay tax withholding on vested restricted units, values	(153,306)		(153,306)
Unrealized gain (loss) on securities	(18,596,853)	(185,969)	(18,410,884)				(18,596,853)
Unrealized gain (loss) on bond purchase commitment	(3,234,911)	(32,349)	(3,202,562)				(3,234,911)
Balance at Dec. 31, 2016	$ 280,133,868	$ 102,536	$ 280,026,669			$ 4,663	$ 38,895,484
Partners' Capital Account, Units at Dec. 31, 2016					60,224,538

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 23,783,684	$ 26,606,222	$ 15,029,188
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	6,862,530	6,505,011	5,837,973
Provision for loan loss	0	0	75,000
Gain on sale of MF Property	(14,072,317)	(4,599,109)
Gain on mortgage revenue bonds - redemption			(3,701,772)
Gain on the sale of discontinued operations		(3,212,447)
Contingent interest realized on investing activities	(1,379,466)	(4,756,716)	(40,000)
Note interest income realized from the sale of Fairmont Oaks, Consolidated VIE		(1,454,621)
Gain on sale of securities	(8,097)		(3,701,772)
Non-cash (gain) loss on derivatives	(17,618)	1,802,655	1,282,369
Restricted unit compensation expense	833,142
Bond premium/discount amortization	(153,922)	238,996	(181,208)
Amortization of deferred financing costs	1,862,509	1,622,789	1,183,584
Deferred income tax expense	366,000
Change in preferred return receivable from unconsolidated entities	(718,701)
Changes in operating assets and liabilities, net of effect of acquisitions
Increase in interest receivable	(1,762,344)	(2,452,084)	(1,074,623)
(Increase) decrease in other assets	(112,174)	(416,419)	(24,276)
(Decrease) increase in accounts payable and accrued expenses	(251,695)	(496,859)	(942,064)
Net cash provided by operating activities	15,231,531	19,387,418	17,444,171
Cash flows from investing activities:
Capital expenditures	(635,739)	(3,282,107)	(23,798,209)
Restructure and acquisition of interest rate derivative		(562,088)	(1,382,900)
Proceeds from sale of MF Properties	45,850,000	16,196,510
Proceeds from sale of discontinued operations		22,900,000
Proceeds from sale of mortgage revenue bond	9,295,000		31,791,699
Proceeds from the sale of MBS Securities	14,997,069		28,606,311
Cash realized from the bond exchange for the Suites on Paseo property		514,095
Acquisition of mortgage revenue bonds	(130,620,000)	(188,572,000)	(142,794,827)
Contributions to unconsolidated entities	(18,751,305)
Acquisition of MF Property	(9,882,800)
Restricted cash - debt collateral paid	(2,564,000)	(4,815,000)	(6,252,027)
Restricted cash - debt collateral released	4,429,019	7,522,959	1,699,973
Decrease (increase) in restricted cash	342,609	(16,004)	(475,208)
Acquisition of taxable bonds		(500,000)
Principal payments received on taxable bonds	551,162	153,821	145,000
Principal payments received on MBSs			85,000
Cash paid for land held for development and deposits on potentail purchases	(100,000)	(2,889,400)
Advances on property loans	(8,414,215)	(11,208,763)	(710,118)
Principal payments received on property loans and related contingent interest	2,806,056	2,958,415	68,530
Net cash used in investing activities	(83,052,386)	(138,703,473)	(105,887,640)
Cash flows from financing activities:
Distributions paid	(34,245,664)	(31,556,898)	(30,168,167)
Proceeds from the sale of redeemable Series A Preferred Units	40,869,000
Payment of offering costs related to the sale of redeemable Series A preferred units	(86,814)
Repurchase of beneficial unit certificates	(1,603,658)
Proceeds from the sale of beneficial unit certificates			54,740,000
Payment of offering costs related to the sale of beneficial unit certificates			(3,451,301)
Proceeds from debt financing	173,302,645	293,205,000	186,815,000
Principal payments on debt financing	(129,465,032)	(182,132,712)	(98,730,000)
Principal payments on other secured financing	(7,500,000)
Principal borrowing on mortgages payable	7,500,000		22,622,552
Principal payments on mortgages payable	(17,997,186)	(8,415,981)	(3,056,763)
Principal borrowing on unsecured and secured lines of credit	87,487,639	74,071,261
Principal payments on unsecured lines of credit	(44,984,639)	(55,149,000)
Increase (decrease) in security deposit liability related to restricted cash	(44,984)	16,004	475,208
Deferred costs related to future equity raises		(169,667)
Debt financing and other deferred costs	(1,697,713)	(2,709,513)	(2,927,732)
Net cash provided by financing activities	71,533,594	87,158,494	126,318,797
Net increase (decrease) in cash and cash equivalents	3,712,739	(32,157,561)	37,875,328
Cash and cash equivalents at beginning of period, including cash and cash equivalents of assets held for sale and discontinued operations of $0, $35,772 and $25,976, respectively	17,035,782	49,193,343	11,318,015
Cash and cash equivalents at end of period, including cash and cash equivalents of discontinued operations of $0, $0 and $35,772, respectively	20,748,521	17,035,782	49,193,343
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	15,175,628	12,866,079	9,112,063
Cash paid during the period for income taxes	4,615,000
Supplemental disclosure of non cash investing and financing activities:
Distributions declared but not paid for beneficial unit certificates and general partner	8,017,950	8,759,343	7,617,390
Distributions declared but not paid for Series A Preferred Units	271,518
Capital expenditures financed through accounts payable	46,528	26,368	137,759
Liabilities assumed in the acquisition of MF Property	135,326
Deferred financing costs financed through accounts payable	234,372
Beneficial unit certificates surrendered for tax withholding liabilities on restricted units	153,306
Exchange of Suites on Paseo assets held for the Suites on Paseo property		42,665,912
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Principal payments received	2,014,120	963,526	5,956,305
Mortgage Revenue Bonds [Member]
Cash flows from investing activities:
Principal payments received	$ 7,630,638	$ 21,932,563	$ 1,172,831

Consolidated Statements of Cas9

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement Of Cash Flows [Abstract]
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents at beginning of period	$ 0	$ 35,772	$ 25,976
Disposal Group, Including Discontinued Operation, Cash and Cash Equivalents at end of period	$ 0	$ 0	$ 35,772

Basis of Presentation

Basis of Presentation	12 Months Ended
	Dec. 31, 2016
Basis Of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation 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. Thus, 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”). During 2016, the Partnership issued, in private placements, approximately 4.1 million units 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 four financial institutions resulting in approximately $40.9 million in gross aggregate proceeds to the Partnership (Note 21). All disclosures of the number units for properties related to mortgage revenue bonds, taxable bonds and MF Properties are unaudited.

Summary of Significant Accounti

Summary of Significant Accounting Policies Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 various limited partnerships in which one of the wholly-owned subsidiaries (“The Greens Hold Co”) holds a 99% limited partner interest. All intercompany transactions are eliminated. The wholly-owned consolidated subsidiaries of the Partnership consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold mortgage revenue bonds in order to facilitate the TEBS Financing, M24 TEBS Financing, with Freddie Mac (see 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 (see 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 (see Note 17). • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, committed to invest in the development of multifamily properties through property loans and equity contributions (see Notes 10 and 11). • Seven MF Properties which are either wholly or majority owned by the Partnership or subsidiaries of the Partnership (see Note 9). Prior to January 1, 2016, the Partnership has consolidated two variable interest entities (“VIE”), Bent Tree and Fairmont Oaks properties (the “Consolidated VIEs”), in the consolidated financial statements. The Partnership did not hold an ownership interest in the Consolidated VIEs but did own the mortgage revenue bonds that financed the Consolidated VIEs. The Partnership was determined to be the primary beneficiary of these VIEs. The Consolidated VIEs are presented as discontinued operations for all periods presented and all significant transactions and accounts between the Partnership and the VIEs have been eliminated in consolidation. The Company’s consolidated financial statements reported in this Form 10-K include the financial position and results of operations of the Partnership and the Consolidated VIEs. The Consolidated VIEs were sold in the fourth quarter of 2015. Variable Interest Entities Under the consolidation guidance, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are variable interest entities (“VIEs”) and if the Partnership is the primary beneficiary. The entity that is deemed to have (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it must consolidate the VIEs in the consolidated financial statements. The Company has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Company’s consolidated financial statements, all transactions and accounts between the Partnership and the Consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates all VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the Consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. 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”). The Partnership sold its variable interests in Bent Tree and Fairmont Oaks (the Consolidated VIEs) in the fourth quarter of 2015. The sale of the Consolidated VIEs met the criteria for discontinued operations presentation and have been classified as such in the Company’s consolidated financial statements for all periods presented. The gains and results of operations of the Consolidated VIEs are reported as part of the discontinued operations in net income for all periods presented (see Notes 14). Acquisition Accounting Pursuant to the guidance on acquisition accounting, the Partnership allocates the contractual purchase price of a property acquired to the land, building, improvements 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. Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased. Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at two financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s portfolio being restricted to investment grade securities. Restricted Cash Restricted cash is legally restricted to use and is comprised of resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities and the Partnership’s interest rate derivatives. Investments in Mortgage Revenue Bond, Taxable Bonds and Bond Purchase Commitments The Partnership accounts for its investments in mortgage revenue bonds, taxable bonds and bond purchase commitments under the guidance for accounting for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale securities and are reported at estimated fair value. The net unrealized gains or losses on these investments is reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 25 for a description of the Partnership’s methodology for estimating fair value of mortgage revenue bonds, taxable bonds and bond purchase commitments. The Partnership periodically reviews each of its mortgage revenue bonds, taxable bonds and bond purchase commitments for impairment. The Partnership evaluates whether unrealized losses are considered to be other-than-temporary based on a number of factors including: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Adverse conditions specifically related to the security, its collateral, or both, • Volatility of the fair value of the security, • The likelihood of the borrower being able to make payments, • Failure of the issuer to make scheduled interest or principal payments, and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost, if the Partnership has the intent to sell or may be required to sell the security prior to the time that the value recovers or until maturity, and whether the Partnership expects to recover the security’s entire amortized cost basis. The recognition of other-than-temporary impairment and the potential impairment analysis are subject to a considerable degree of judgment, the results of which when applied under different conditions or assumptions could have a material impact on the financial statements. If the Partnership experiences deterioration in the values of its investment portfolio, the Partnership may incur impairments to its investment portfolio which could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. There were no impairment charges reported by the Partnership related to mortgage revenue bonds, taxable bonds or bond purchase commitments during the years ended December 31, 2016, 2015 and 2014. The Partnership owns some mortgage revenue bonds which were purchased at a discount or premium. The discount or premium on an investment is amortized on an effective yield method over the term of the related mortgage revenue bond and is recognized as investment income in the current period. The Partnership eliminates the mortgage revenue bonds and the associated interest income and interest receivable when it consolidates the underlying real estate collateral in accordance with implementation of the consolidation guidance for variable interest entities. Investment in PHC Certificates and MBS Securities The Partnership accounts for its investments in PHC Certificates and MBS Securities under the guidance for accounting for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale securities and are reported at estimated fair value. The net unrealized gains or losses on these investments is reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 25 for a description of the Partnership’s methodology for estimating fair value for the PHC Certificates and MBS Securities. The Partnership sold its remaining MBS Securities in the first quarter of 2016. The Partnership periodically reviews each class of PHC Certificates and MBS Securities for impairment. The Partnership evaluates whether a decline in the fair value of the investments is below its amortized cost is other-than temporary based on a number of factors including: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Downgrade in the security’s rating by S&P, and • Volatility of the fair value of the security. There were no impairment charges reported by the Partnership related to the PHC Certificates and MBS Securities in 2016, 2015 and 2014. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily, student housing, and senior citizen residential apartment buildings and five to 15 years on capital improvements. Depreciation expenses is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gain and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of the real estate assets may not be recoverable, the Partnership compares the carrying amount to the undiscounted net cash flows expected to be generated from the use of the assets. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. See Note 9 for information on recognized impairment charges. Investment in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited partnership interest under The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Evidence of a loss in value that is other than temporary includes, but is not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment, or, where applicable, estimated sales proceeds which are insufficient to recover the carrying amount of the investment. The Partnership’s assessment as to whether any decline in value is other than temporary is based on our ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered to be other than temporary, an appropriate write-down is recorded based on the excess of the carrying value over the best estimate of fair value of the investment. Property Loans, Net of Loan Loss Allowance In addition to the mortgage revenue bonds held by the Partnership, taxable property loans have been made to the owners of some of the properties which secure mortgage revenue bonds. The Partnership recognizes interest income on the property loans as earned. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these taxable property loans is dependent largely on the value of the property or its cash flows which collateralize the loans. The Partnership periodically evaluates these loans for potential losses by estimating the fair value of the property which collateralizes the loans and comparing the fair value to the outstanding mortgage revenue bonds plus any taxable property loans. The Partnership utilizes a discounted cash flow model (“DCF”) that considers a number of different DCF models that contain varying assumptions. The various models may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the property after deducting the amortized cost basis of the senior mortgage revenue bond exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. See Note 11 for additional information on the Partnership’s loan loss allowances. Assets Held for Sale The Partnership reports assets and related liabilities as held for sale on the consolidated balance sheet in the period that the Partnership has committed to a plan to dispose of an asset or asset group, the asset or asset group is being marketed for sale, and it is probable the sale will be completed within one year. Once an asset or asset group is determined to be held for sale, the Partnership discontinues depreciation of the asset or asset group. Accounting for TEBS, Term A/B and TOB Financing Arrangements The Partnership has evaluated the accounting guidance in regard to the TOB, Term TOB, Term A/B and TEBS Financings (Note 17) and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and will, therefore, be accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets through any of the following: 1. An agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity, 2. The ability to unilaterally cause the holder to return specific assets, other than through a cleanup call, or 3. An agreement that permits the transferee to require the transferor to repurchase the transferred financial assets at a price that is so favorable to the transferee that it is probable that the transferee will require the transferor to repurchase them. The Financing agreements contain certain provisions that allow the Partnership to control the assets within the various securitization trusts. See Note 17 for additional terms on the Partnership’s secured financing arrangements. Based on these terms, the Partnership has concluded that the condition in item 2 above is present and, therefore, effective control over the transferred assets has not occurred. As effective control has not been transferred, the transaction does not meet the conditions to de-recognize the assets. In addition to evaluating the above securitization transactions as sales or transfers of financial assets, the Partnership has evaluated the securitization trusts associated with the TOB, Term TOB, Term A/B and TEBS Financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts in the Partnership’s consolidated financial statements. Deferred Financing Costs Debt financing costs are capitalized and amortized utilizing the effective interest method over the stated maturity of the related debt financing agreement. Debt financing costs associated with revolving line of credit arrangements are reported within other assets on the consolidated balance sheet. Debt financing costs for other debts are reported as reductions to the carrying value of the related debts on the consolidated balance sheet. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the stated maturity of the related mortgage revenue bonds. Bond issuance costs are reported as an adjustment to the carrying cost of the related mortgage revenue bond on the consolidated balance sheet. Income Taxes No provision has been made for income taxes because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. Certain of the Consolidated VIEs and The Greens Hold Co are corporations 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 these entities on the Partnership’s consolidated financial statements. The Partnership evaluates its tax positions taken in the Partnership’s 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. The Partnership accrues interest and penalties as incurred within income tax expense. 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 12). Revenue Recognition on Investments in Mortgage Revenue Bonds The interest income received by the Partnership from its mortgage revenue bonds is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing mortgage revenue bonds is recognized as it is earned. Base interest income on mortgage revenue bonds not fully performing is recognized as it is received. Past due base interest on mortgage revenue bonds previously not fully performing is recognized as it is received. The Partnership reinstates the accrual of base interest once the mortgage revenue bond’s ability to perform is adequately demonstrated. Certain mortgage revenue bonds contain contingent interest provisions that generate excess available cash flow. Contingent interest income is recognized when realized or realizable. Past due contingent interest on mortgage revenue bonds, which are or were previously not fully performing, is recognized when realized or realizable. At December 31, 2016 and 2015, the Partnership’s mortgage revenue bonds were fully performing as to their base interest. Revenue Recognition on Investments in Real Estate, MBS, and PHC Certificates The Partnership’s Consolidated VIEs and the MF Properties are lessors of multifamily, student housing, and senior citizen rental units under leases with terms of one year or less. Rental revenue is recognized, net of rental concessions, on a straight-line method over the related lease term. Interest income on the MBS and PHC Certificates is recognized as it is earned. Derivative Instruments and Hedging Activities The Partnership reports all derivative instruments as assets or liabilities in the Company’s consolidated balance sheets at fair value. The Partnership’s derivative instruments are not designated as hedging instruments and changes in fair value are recognized in the consolidated statements of operations as interest expense. The Partnership is exposed to loss should a counterparty to its derivative instruments default. The Partnership does not anticipate non-performance by any counterparty. See Note 25 for a description of the Partnership’s methodology for estimating fair value for the derivative instruments. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units to various financial institutions., which represent limited partnership interests in the Partnership. In the event of any liquidation, dissolution, or winding up of the Partnership, the holders of the 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 holders’ 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 21). 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 3.0 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 23). Net Income per BUC The Partnership has disclosed basic and diluted net income per BUC on the consolidated statements 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. Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with GAAP requires the Partnership 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining investment valuations, investment impairments, impairment of property assets, allocation of the purchase price for acquisition accounting and allowance for loan losses. Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. In 2016, the Partnership began to classify its amortization of deferred financing costs as a separate line within the Partnership’s consolidated statements of operations. Previously this amount had been classified within depreciation and amortization. Accordingly, for the years ended December 31, 2015 and 2014, 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 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 consolidated balance sheets. Previously this amount had been classified within other assets. Accordingly, the Partnership has reclassified the property loans, net of loan loss reserves, for the consolidated balance sheet at December 31, 2015 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 consolidated financial statements for the periods presented . Recently Issued Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, “Business Combinations; Clarifying the Definition of a Business.” The ASU modifies the requirements to meet the definition of a business under Topic 805, “Business Combinations.” The amendments provide a screen to determine when a set of identifiable assets and liabilities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The impact is expected to result in fewer transactions being accounted for as business combinations. The ASU is effective for the Partnership for fiscal years beginning after December 15, 2017 and is applied prospectively. The Partnership has not elected early adoption at December 31, 2016 and is currently assessing the impact of the adoption of this pronouncement on the consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows; Restricted Cash.” The ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2017 and is applied retrospectively. The Partnership has not elected early adoption at December 31, 2016 and does not expect the adoption of this pronouncement to have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230).” The ASU clarifies the presentation of cash receipts and cash payments related to certain transaction. The ASU is effective for the Partnership for fiscal years beginning after December 15, 2017 and is applied retrospectively. The Partnership has not elected early adoption at December 31, 2016 and is currently assessing the impact of the adoption of this pronouncement on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326).” The ASU enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2019 and is applied under a modified-retrospective approach. The Partnership is currently assessing the impact of the adoption of this pronouncement on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The ASU requires the recognition of right-of-use assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The ASU offers specific accounting guidance for embedded lease

Partnership Income, Expenses an

Partnership Income, Expenses and Cash Distributions	12 Months Ended
	Dec. 31, 2016
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income, Expenses and Cash Distributions	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. 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 Unitholders and 1% to AFCA 2 and Net Residual Proceeds are distributed 100% to Unitholders 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 Unitholders and 25% to AFCA 2. The unallocated deficit of the Consolidated VIEs is primarily comprised of the accumulated historical net losses of the Consolidated VIEs. 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 Amended and Restated LP Agreement. The Consolidated VIEs were sold during 2015, therefore the unallocated deficit of the Consolidated VIEs is zero on December 31, 2016 and 2015. The distributions paid or accrued per BUC during the fiscal years ended December 31, 2016, 2015, and 2014 were as follows: For the Years Ended December 31, 2016 2015 2014 Cash distributions $ 0.5000 $ 0.5000 $ 0.5000

Net Income per BUC

Net Income per BUC	12 Months Ended
	Dec. 31, 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 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, if the treasury stock method is more dilutive than the two-class method. There were no dilutive units for the years ended December 31, 2016, 2015 and 2014.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities	5. Variable Interest Entities Consolidated VIEs The capital structure of Bent Tree and Fairmont Oaks (the “Consolidated VIEs”) consisted of senior debt, subordinated debt, and equity capital. The senior debt was in the form of a mortgage revenue bond and accounts for the majority of the total capital of each VIE. As the bondholder, the Partnership was entitled to principal and interest payments and has certain protective rights as established by the bond documents. The equity ownership in these entities is ultimately held by corporations which are owned by three individuals, one of which is a related party to the Partnership. Additionally, each of these properties is managed by an affiliate of the Partnership, Properties Management, which is an affiliate of Burlington. The Partnership determined it was the primary beneficiary of the Consolidated VIEs. The Consolidated VIEs were sold 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 all periods presented. No net income or loss from these properties’ operations or sale accrued to the Unitholders or the General Partner during 2016, 2015 and 2014. The Partnership determined the TOB Trusts are VIEs and the Partnership is the primary beneficiary. In determining the primary beneficiary of these specific VIEs, the Partnership considered who has the power to control the activities of the VIEs which most significantly impact their financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The TOB Trust agreements stipulate the Partnership has the sole right to cause the TOB Trusts to sell the underlying assets through its ownership of the LIFERs. If they were sold, the extent to which the VIEs will be exposed to gains or losses would result from decisions made by the Partnership, which results in the Partnership being identified as the primary beneficiary. As such, the Partnership reports the TOB Trusts as consolidated VIEs. The Partnership reports the senior floating-rate participation interests The Partnership determined the Term TOB Trusts are VIEs and the Partnership is the primary beneficiary. In determining the primary beneficiary of these specific VIEs, the Partnership considered who has the power to control the activities of the VIEs which most significantly impact their financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The Term TOB Trust agreements stipulate the Partnership has the sole right to cause the TOB Trusts to sell the underlying assets through its ownership of the Class B Certificates. If they were sold, the extent to which the VIEs will be exposed to gains or losses would result from decisions made by the Partnership, which results in the Partnership being identified as the primary beneficiary. As such, the Partnership reports the Term TOB Trusts as consolidated VIEs. The Partnership reports the Class A Certificates The Partnership determined the Term A/B Trust are VIEs and the Partnership is the primary beneficiary. In determining the primary beneficiary of these specific VIEs, the Partnership considered who has the power to control the activities of the VIEs which most significantly impact their financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The Term A/B Trust agreements stipulate the Partnership has the sole right to cause the Term A/B Trusts to sell the underlying assets. If they were sold, the extent to which the VIEs will be exposed to gains or losses would result from decisions made by the Partnership, which results in the Partnership being identified as the primary beneficiary. As such, the Partnership reports the Term A/B Trusts as consolidated VIEs. The Partnership reports the Class A certificates The Partnership determined the TEBS Financings are VIEs and the Partnership is the primary beneficiary. In determining the primary beneficiary of these specific VIEs, the Partnership considered who has the power to control the activities of the VIEs which most significantly impact their financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The TEBS Financing agreements stipulate the Partnership has the sole right to cause the TEBS Financings to sell the underlying assets. If they were sold, the extent to which the VIEs will be exposed to gains or losses would result from decisions made by the Partnership, which results in the Partnership being identified as the primary beneficiary. As such, the Partnership reports the TEBS Financings as consolidated VIEs. The Partnership reports the Class A certificates Non-Consolidated VIEs The Partnership has variable interests in certain other entities that have been determined to be VIEs, but for which the Partnership is not the primary beneficiary. The Partnership does not consolidate the financial statements of these entities. The Partnership has variable interests in certain entities that are the borrowers on the Partnership’s mortgage revenue bonds. The Partnership has no equity ownership interest in the entities, but the mortgage revenue bonds owned by the Partnership are considered variable interests. The entities are not consolidated as VIEs because the Partnership does not have the power to direct the activities that most significantly impact the economic performance of the entities. The Partnership has variable interests in certain entities through the property loans issued to the property owners. The Partnership has no equity ownership interest in the entities, but the property loans issued by the Partnership are considered variable interests. The entities are not consolidated as VIEs because the Partnership does not have the power to direct the activities that most significantly impact the economic performance of the entities. The Partnership’s investments in unconsolidated entities are considered variable interests in the unconsolidated entities. The entities are not consolidated as VIEs because the Partnership does not have the power to direct the activities that most significantly impact the economic performance of the entities. The Partnership held variable interest in 20 and 15 non-consolidated VIEs at December 31, 2016 and 2015, respectively. The following table summarizes the Partnerships variable interests in these entities at December 31, 2016 and 2015: Maximum Exposure to Loss December 31, 2016 December 31, 2015 Mortgage revenue bonds $ 137,921,000 $ 103,483,793 Property loans 16,476,073 19,464,977 Investment in unconsolidated entities 19,470,006 - $ 173,867,079 $ 122,948,770 The maximum exposure to loss for the mortgage revenue bonds is equal to the cost adjusted for paydowns at December 31, 2016 and 2015. 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 maximum exposure to loss on the property loans at December 31, 2016 and 2015 is equal to the unpaid principal balance plus accrued interest. 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 property loans.

Investments in Mortgage Revenue

Investments in Mortgage Revenue Bonds	12 Months Ended
	Dec. 31, 2016
Investments In Mortgage Revenue Bonds [Abstract]
Investments in Mortgage Revenue Bonds	6. Investments in Mortgage Revenue Bonds Each of the mortgage revenue bonds were issued by various state and local governments, their agencies and authorities to finance the construction or rehabilitation of income-producing real estate properties. However, the mortgage revenue bonds do not constitute an obligation of any state or local government, agency or authority and no state or local government, agency or authority is liable on them, nor is the taxing power of any state or local government pledged to the payment of principal or interest on the mortgage revenue bonds. The mortgage revenue bonds are non-recourse obligations of the respective owners of the properties. The sole source of the funds to pay principal and interest on the mortgage revenue bonds is the net cash flow or the sale or refinancing proceeds from the properties. Each mortgage revenue bond is collateralized by a mortgage on all real and personal property included in the related property. The mortgage revenue bonds bear interest at a fixed rate and two of the mortgage revenue bonds provide for the payment of additional contingent interest that is payable from available net cash flow generated by the related property. The following tables present information regarding the mortgage revenue bonds owned by the Partnership as of December 31, 2016 and 2015: December 31, 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 $ 132,402 $ - $ 4,802,402 Harmony Terrace - Series A & B (2) CA 14,300,000 - - 14,300,000 Harden Ranch - Series A (3) CA 6,912,535 369,738 - 7,282,273 Montclair Apartments - Series A (4) CA 2,530,000 108,608 - 2,638,608 Santa Fe Apartments - Series A (4) CA 3,065,000 177,093 - 3,242,093 Seasons at Simi Valley - Series A (2) CA 4,376,000 308,335 - 4,684,335 Sycamore Walk - Series A (2) CA 3,632,000 130,431 - 3,762,431 Tyler Park Townhomes - Series A (3) CA 6,024,120 237,582 - 6,261,702 Westside Village Market - Series A (3) CA 3,936,750 102,641 - 4,039,391 Lake Forest (1) FL 8,639,000 899,694 - 9,538,694 Ashley Square (1) IA 5,039,000 338,556 - 5,377,556 Brookstone (1) IL 7,462,678 1,457,340 - 8,920,018 Copper Gate Apartments (3) IN 5,145,000 528,855 - 5,673,855 Renaissance - Series A (4) LA 11,348,364 826,369 - 12,174,733 Live 929 Apartments (2) MD 40,687,425 3,587,993 - 44,275,418 Woodlynn Village (1) MN 4,310,000 294,976 - 4,604,976 Greens Property - Series A (3) NC 8,210,000 844,585 - 9,054,585 Silver Moon - Series A (4) NM 7,933,259 465,382 - 8,398,641 Ohio Properties - Series A (1) OH 14,215,000 2,327,468 - 16,542,468 Bridle Ridge (1) SC 7,535,000 517,881 - 8,052,881 Columbia Gardens (2) SC 15,214,223 - (927,030 ) 14,287,193 Companion at Thornhill Apartments (2) SC 11,500,000 645,552 - 12,145,552 Cross Creek (1) SC 6,122,312 2,655,730 - 8,778,042 The Palms at Premier Park Apartments (3) SC 19,826,716 1,784,386 - 21,611,102 Willow Run (2) SC 15,214,085 - (917,852 ) 14,296,233 Arbors at Hickory Ridge (3) TN 11,461,719 891,274 - 12,352,993 Pro Nova 2014-1 (2) TN 10,041,924 685,576 - 10,727,500 Avistar at Chase Hill - Series A (3) TX 9,844,994 589,023 - 10,434,017 Avistar at the Crest - Series A (3) TX 9,549,644 753,267 - 10,302,911 Avistar at the Oaks - Series A (3) TX 7,709,040 563,138 - 8,272,178 Avistar at the Parkway - Series A (4) TX 13,300,000 - (78,749 ) 13,221,251 Avistar in 09 - Series A (3) TX 6,656,458 359,562 - 7,016,020 Avistar on the Boulevard - Series A (3) TX 16,268,850 1,283,272 - 17,552,122 Avistar on the Hills - Series A (3) TX 5,326,157 423,496 - 5,749,653 Bella Vista (1) TX 6,365,000 500,162 - 6,865,162 Bruton Apartments (2) TX 18,145,000 349,886 - 18,494,886 Concord at Gulfgate - Series A (2) TX 19,185,000 1,200,246 - 20,385,246 Concord at Little York - Series A (2) TX 13,440,000 1,044,752 - 14,484,752 Concord at Williamcrest - Series A (2) TX 20,820,000 1,302,534 - 22,122,534 Crossing at 1415 - Series A (2) TX 7,590,000 - (45,555 ) 7,544,445 Decatur Angle (2) TX 22,950,214 - (290,985 ) 22,659,229 Heights at 515 - Series A (2) TX 6,435,000 - (38,623 ) 6,396,377 Heritage Square - Series A (4) TX 11,161,330 905,455 - 12,066,785 Oaks at Georgetown - Series A & B (2) TX 17,842,000 - - 17,842,000 Runnymede (1) TX 10,250,000 774,285 - 11,024,285 Southpark (1) TX 11,751,861 3,286,203 - 15,038,064 Vantage at Harlingen - Series B (4) TX 24,529,580 917,720 - 25,447,300 Vantage at Judson -Series B (4) TX 26,356,498 1,658,508 - 28,015,006 15 West Apartments (2) WA 9,850,000 1,584,281 - 11,434,281 Mortgage revenue bonds held in trust $ 554,678,736 $ 37,814,237 $ (2,298,794 ) $ 590,194,179 (1) (2) (3) (4) December 31, 2016 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A & B CA $ 16,458,000 $ - $ - $ 16,458,000 Harmony Court Bakersfield - Series A & B CA 5,727,000 29,252 - 5,756,252 Las Palmas II - Series A & B CA 3,465,000 15,139 - 3,480,139 San Vicente - Series A & B CA 5,320,000 - (30,019 ) 5,289,981 Seasons at Simi Valley - Series B CA 1,944,000 27,727 - 1,971,727 Seasons Lakewood - Series A & B CA 12,610,000 - - 12,610,000 Seasons San Juan Capistrano - Series A & B CA 18,949,000 - - 18,949,000 Summerhill - Series A & B CA 9,795,000 - (174,982 ) 9,620,018 Sycamore Walk - Series B CA 1,815,000 - (64,432 ) 1,750,568 The Village at Madera - Series A & B CA 4,804,000 - (84,437 ) 4,719,563 Greens Property - Series B NC 940,479 118,216 - 1,058,695 Ohio Properties - Series B OH 3,549,780 449,068 - 3,998,848 Avistar at Chase Hill - Series B TX 957,627 41,820 - 999,447 Avistar at the Crest - Series B TX 753,201 64,228 - 817,429 Avistar at the Oaks - Series B TX 550,836 47,231 - 598,067 Avistar at the Parkway - Series B TX 125,000 - (3,341 ) 121,659 Avistar in 09 - Series B TX 454,390 38,961 - 493,351 Avistar on the Boulevard - Series B TX 447,554 38,165 - 485,719 Crossing at 1415 - Series B TX 335,000 - (2,614 ) 332,386 Heights at 515 - Series B TX 510,000 - (3,977 ) 506,023 Mortgage revenue bonds held by the Partnership $ 89,510,867 $ 869,807 $ (363,802 ) $ 90,016,872 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) (2) (3) (4) 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 See Note 25 for a description of the methodology and significant assumptions for determining the fair value of the mortgage revenue bonds. Unrealized gains or losses on the mortgage revenue bonds are recorded in the 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. Bond Activity in 2016 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 Term TOB Trust securitizing this mortgage revenue bond (Note 17). The terms of the Pro Nova 2014-2 bonds are as follows: 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. No cash was paid or received on restructuring. 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 year ended December 31, 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 Harmony Court Bakersfield - Series A November Bakersfield, CA 96 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B November Bakersfield, CA 96 12/1/2018 5.50 % 1,997,000 Summerhill - Series A November Bakersfield, CA 128 12/1/2033 5.00 % 6,423,000 Summerhill - Series B November Bakersfield, CA 128 12/1/2018 5.50 % 3,372,000 The Village at Madera - Series A November Madera, CA 75 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B November Madera, CA 75 12/1/2018 5.50 % 1,719,000 15 West Apartments (1) December Vancouver, WA 120 7/1/2054 6.25 % 9,850,000 Courtyard Apartments - Series A December Fullerton, CA 108 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B December Fullerton, CA 108 12/1/2018 5.50 % 6,228,000 Harmony Terrace - Series A December Simi Valley, CA 136 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B December Simi Valley, CA 136 1/1/2019 5.50 % 7,400,000 Oaks at Georgetown - Series A December Georgetown, TX 192 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B December Georgetown, TX 192 1/1/2019 5.50 % 5,512,000 Seasons Lakewood - Series A December Lakewood, CA 85 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B December Lakewood, CA 85 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A December San Juan Capistrano, CA 112 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B December San Juan Capistrano, CA 112 1/1/2019 5.50 % 6,574,000 1 Bond Activity in 2015 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 December 31, 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 and Series C mortgage revenue bonds. The Series B mortgage revenue bonds were redeemed for approximately $5.8 million which approximated their carrying value plus accrued interest. The Series C mortgage revenue bonds were paid off with proceeds from the issuance of new mortgage revenue bonds included in the acquisitions table below for an amount that 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 Vantage at Harlingen - Series C June San Antonio, TX 288 10/1/2053 9.00 % $ 6,692,000 Vantage at Judson - Series C June San Antonio, TX 288 2/1/2053 9.00 % 6,049,000 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 year ended December 31, 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 9.00 % 24,575,000 Vantage at Judson June San Antonio, TX 288 1/1/2053 9.00 % 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 Crossing at 1415 - Series A November San Antonio, TX 112 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B November San Antonio, TX 112 1/1/2053 12.00 % 335,000 Heights at 515 - Series A November San Antonio, TX 97 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B November San Antonio, TX 97 1/1/2053 12.00 % 510,000 Columbia Gardens December Columbia, SC 188 12/1/2050 5.50 % 15,000,000 Sycamore Walk - Series A December Bakersfield, CA 112 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B December Bakersfield, CA 112 1/1/2018 5.50 % 1,815,000 Willow Run December Columbia, SC 200 12/1/2050 5.50 % 15,000,000 Geographic Concentrations The properties securing the Partnership’s mortgage revenue bonds are geographically dispersed throughout the United States with significant concentrations in California and Texas. As of December 31, 2016, and 2015, the concentration in California as a percentage of principal outstanding was approximately 20% and 8%, respectively. As of December 31, 2016, and 2015, the concentration in Texas as a percentage of principal outstanding was approximately 45%and 51%, respectively. At December 31, 2016, and 2015, the concentration in South Carolina as a percentage of principal outstanding was approximately 12% and 12%, respectively. The following tables represent a description of certain terms of the mortgage revenue bonds owned by the Partnership as of December 31, 2016, and 2015: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2016 15 West Apartments - Series A (2) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,850,000 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,351,321 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,039,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,268,850 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,844,994 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,549,644 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,158,382 Avistar at the Oak - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,709,040 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,656,458 Avistar on the Hill - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,326,157 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,005,226 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,365,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,535,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,076,558 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Companion at Thornhill Apartments (2) 2016 Lexington, SC 1/1/2052 5.80 % 11,500,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 19,185,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 13,440,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 20,820,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,145,000 Courtyard Apartments - Series A 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B 2016 Fullerton, CA 12/1/2018 5.50 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,258,605 Crossing at 1415 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,950,214 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,210,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 940,479 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,912,535 Harmony Court Bakersfield - Series A 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B 2016 Bakersfield, CA 12/1/2018 5.50 % 1,997,000 Harmony Terrace - Series A (2) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B (2) 2016 Simi Valley, CA 1/1/2019 5.50 % 7,400,000 Heights at 515 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,161,330 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,639,000 Las Palmas II - Series A 2016 Coachella, CA 11/1/2033 5.00 % 1,695,000 Las Palmas II - Series B 2016 Coachella, CA 11/1/2018 5.50 % 1,770,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,085,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Oaks at Georgetown - Series A (2) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B (2) 2016 Georgetown, TX 1/1/2019 5.50 % 5,512,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,215,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,549,780 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) (5) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,348,364 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,250,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 San Vicente - Series A 2016 Soledad, CA 11/1/2033 5.00 % 3,495,000 San Vicente - Series B 2016 Soledad, CA 11/1/2018 5.50 % 1,825,000 Seasons at Simi Valley - Series A (2) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,376,000 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2017 8.00 % 1,944,000 Seasons Lakewood - Series A 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B 2016 Lakewood, CA 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B 2016 San Juan Capistrano, CA 1/1/2019 5.50 % 6,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,933,259 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,435,000 Summerhill - Series A 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Summerhill - Series B 2016 Bakersfield, CA 12/1/2018 5.50 % 3,372,000 Sycamore Walk - Series A (2) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B 2015 Bakersfield, CA 1/1/2018 5.50 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,826,716 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 6,024,120 Vantage at Judson (4) 2015 San Antonio, TX 1/1/2053 6.00 % 26,356,498 Vantage at Harlingen (4) 2015 San Antonio, TX 9/1/2053 6.00 % 24,529,580 The Village at Madera - Series A 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B 2016 Madera, CA 12/1/2018 5.50 % 1,719,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,936,750 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,310,000 $ 648,439,860 (1) (2) (3) (4) Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2015 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % $ 11,450,000 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,099,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,418,497 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,935,552 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,637,485 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,168,196 Avistar at the Oak - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,777,936 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,715,948 Avistar on the Hill - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,373,756 Avistar (June 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,009,621 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,430,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,595,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,168,742 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 17,060,000 Concord at Gulfgate - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,125,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 12,480,000 Concord at Little York - Series B 2015 Houston, TX 3/1/2032 12.00 % 960,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 18,020,000 Concord at Williamcrest - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,800,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,185,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,343,321 Crossing at 1415 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 23,000,000 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Glenview - Series B 2014 Cameron Park, CA 12/1/2016 8.00 % 2,053,000 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,294,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 943,214 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,960,000 Heights at 515 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,185,000 Heritage Square - Series B 2014 Edinburg, TX 10/1/2051 12.00 % 520,000 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,766,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,175,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Montclair - Series B 2014 Lemoore, CA 12/1/2016 8.00 % 928,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,311,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,562,190 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Pro Nova - 2014-2 (2) 2014 Knoxville, TN 5/1/2025 5.25 % 9,295,000 Renaissance - Series A (4) (5) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,450,959 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,350,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 Santa Fe - Series B 2014 Hesperia, CA 12/1/2016 8.00 % 1,671,000 Seasons at Simi Valley - Series A 2015 Simi Valley, CA 9/1/2032 5.75 % 4,376,000 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2017 5.50 % 1,944,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,983,811 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,560,000 Sycamore Walk - Series A 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B 2015 Bakersfield, CA 1/1/2018 5.50 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 20,001,272 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 6,075,000 Vantage at Judson (4) 2015 San Antonio, TX 1/1/2053 9.00 % 26,540,000 Vantage at Harlingen (4) 2015 San Antonio, TX 9/1/2053 9.00 % 24,575,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,970,000 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,351,000 $ 534,745,500 (1) (2) (3) (4)

PHC Certificates

PHC Certificates	12 Months Ended
	Dec. 31, 2016
Public Housing Capital Fund Trusts [Abstract]
PHC Certificates	7. PHC Certificates The Partnership owns 100% of the LIFERs of three TOB Trusts (“PHC Trusts”) sponsored by DB. The TOB Trusts are VIEs and the Partnership is the primary beneficiary. As a result, the Partnership consolidates the assets of the PHC Trusts in the consolidated financial statements. The assets held by the PHC Trusts consist of custodial receipts evidencing loans made to a number of 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, nor 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 December 31, 2016 and 2015: December 31, 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 8.31 AA- 5.36% $ 26,077,158 $ 672,097 $ - $ 26,749,255 PHC Certificate Trust II 7.65 A+ 4.31% 10,600,967 84,756 - 10,685,723 PHC Certificate Trust III 8.79 BBB 5.42% 20,122,937 - (399,847 ) 19,723,090 $ 56,801,062 $ 756,853 $ (399,847 ) $ 57,158,068 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 See Note 25 for a description of the methodology and significant assumptions for determining the fair value of the PHC Certificates. Unrealized gains or losses on the PHC Certificates are recorded in the 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 PHC Certificates .

Mortgage-Backed Securities

Mortgage-Backed Securities	12 Months Ended
	Dec. 31, 2016
Mortgage Backed Securities [Abstract]
Mortgage-Backed Securities (“MBS Securities”)	8. Mortgage-Backed Securities (“MBS Securities”) At December 31, 2015, the Partnership owned 100% of the LIFERs of TOB Trusts (“MBS Trusts”) sponsored by DB. The MBS Trusts are VIEs and the Partnership is the primary beneficiary. As a result, the Partnership consolidates the assets of the MBS Trusts in the consolidated financial statements. The MBS Securities are backed by residential mortgage loans and interest received is expected to be exempt from federal income taxation. 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 Trusts and paid all obligations in full from the proceeds of the sales. The carrying value of the Partnership’s MBS Securities as of December 31, 2016, was zero. The carrying values of the Partnerships MBS Securities at December 31, 2015 are 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) See Note 25 for a description of the methodology and significant assumptions for determining the fair value of the MBS Securities. Unrealized gains or losses on the MBS Securities are recorded in the 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 MBS Securities . A description of certain terms of the Partnership’s MBS Securities at December 31, 2015 is as follows: Agency Rating of MBS Securities Principal Outstanding December 31, 2015 Weighted Average Maturity Date Weighted Average Coupon Interest Rate “AAA” $ 5,000,000 7/1/2032 4.60 % “AA” 9,765,000 7/9/2036 4.20 % $ 14,765,000

Real Estate Assets

Real Estate Assets	12 Months Ended
	Dec. 31, 2016
Real Estate [Abstract]
Real Estate Assets	9. Real Estate Assets To facilitate its investment strategy of acquiring additional mortgage revenue bonds that may be secured by MF Properties, the Partnership has acquired, through its subsidiary, a 99% limited partner position in one limited partnership and 100% member positions in four limited liability companies that own MF Properties. The Partnership owns two of the MF Properties directly. The financial statements of these properties are consolidated with those of the Partnership. The general partners of the 99% owned MF Property is an unaffiliated party and its 1% ownership interest is reflected in the Partnership’s consolidated financial statements as noncontrolling interest. The Partnership also investments in land with plans to develop into rental properties in the future. These investments are reported as “Land held for development” below. The following tables represent information regarding the real estate assets owned by the Partnership at December 31, 2016 and 2015: Real Estate Assets at December 31, 2016 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2016 Eagle Village Evansville, IN 511 $ 567,880 $ 12,655,244 $ 13,223,124 Northern View (f/k/a Meadowview) Highland Heights, KY 294 688,539 8,088,059 8,776,598 Residences of DeCordova Granbury, TX 110 1,170,337 8,029,404 9,199,741 Residences of Weatherford Weatherford, TX 76 1,942,229 5,751,260 7,693,489 Suites on Paseo San Diego, CA 394 3,162,463 38,365,351 41,527,814 The 50/50 MF Property Lincoln, NE 475 - 32,928,878 32,928,878 Jade Park Daytona, FL 144 2,292,035 7,270,845 9,562,880 Land held for development Various N/A 7,531,104 - 7,531,104 $ 130,443,628 Less accumulated depreciation (16,217,028 ) Total real estate assets $ 114,226,600 Real Estate Assets at 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 Woodland Park Topeka, KS 236 1,265,160 14,247,045 15,512,205 Land held for development Various N/A 7,368,255 - 7,368,255 $ 157,041,204 Less accumulated depreciation (16,023,814 ) Total real estate assets $ 141,017,390 Recent Transactions In December 2016, the Partnership executed a Purchase and Sale Agreement (“PSA”) for the sale of Northern View. See Note 28 for additional information. In August and November 2016, the Partnership executed PSA’s to acquire two contiguous tracts of land in Omaha, Nebraska. If these tracts of land are successfully acquired, they will be classified as “Land held for development.” In July and June 2016, the Partnership sold the Woodland Park and Arboretum MF Properties for gross proceeds of approximately $15.7 million and $30.2 million, respectively. The Partnership realized gains of approximately $1.7 million and $12.4 million before income taxes, respectively. The Greens Hold Co, which owned Woodland Park and Arboretum, applied its tax net operating loss carryforward to these gains and reported current tax expense of approximately $4.6 million related to these sales on the Partnership’s consolidated financial statements (Note 12). 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. 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. 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 recorded an impairment expense of approximately $62,000 in the second quarter of 2016. 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 all periods presented. No net income or loss from these properties’ operations or sale accrued to the Unitholders or the General Partner during 2016 and 2015. For additional details see Note 2 to the Company’s consolidated financial statements. During the fourth quarter of 2015, the Partnership purchased land in Panama City, Florida, for approximately $2.9 million to be held for investment and development. In August 2015, the Partnership sold Glynn Place, an MF Property, for approximately $5.5 million and realized a gain of approximately $1.2 million, which was considered Tier 2 income. In May 2015, the Partnership sold The Colonial property for approximately $10.7 million and realized a gain of approximately $3.4 million, which was considered Tier 2 income. Net income, exclusive of the gains on sale, related to the Arboretum, Woodland Park, Glynn Place and the Colonial MF Properties for the years ended December 31, 2016, 2015 and 2014 are as follows: For the Years Ended December 31, 2016 2015 2014 Net income (loss) $ 222,679 $ 331,391 $ (370,231 ) Suites on Paseo Acquisition 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, a California property, in exchange for approximately $41.0 million Series A and B mortgage revenue bonds plus accrued interest. The mortgage revenue bonds were subsequently collapsed (see Note 6). The initial value of approximately $43.4 million represented the fair market value of the property plus the Suites on Paseo contributed approximately $200,000 in other current assets which resulted in a total of approximately $43.6 million. A condensed balance sheet at the date of acquisition for the Suites on Paseo acquisition is as follows: Suites on Paseo 9/1/2015 (Date of Acquisition) Cash $ 514,094 Restricted cash 187,715 In-place lease assets 1,227,770 Real estate assets 41,374,397 Other assets 259,633 Total assets $ 43,563,609 Accounts payable, accrued expenses and other $ 493,868 Net assets 43,069,741 Total liabilities and net assets $ 43,563,609 Jade Park Acquisition In September 2016, the Partnership closed on the purchase of Jade Park, an MF Property. The property is contiguous to the Lake Forest property, a mortgage revenue bond investment of the Partnership. The land improvements and buildings and improvements are being depreciated on a straight-line basis over a weighted average useful life of 22.7 years. The in-place lease assets are being amortized over a useful life of 6 months. The Partnership incurred approximately $135,000 of acquisition costs related to the purchase. A condensed balance sheet at the date of acquisition for the Jade Park acquisition is as follows: Jade Park 9/30/2016 (Date of Acquisition) Land and improvements $ 2,292,035 Buildings and improvements 7,244,534 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 Pro Forma Consolidated Results of Operations The table below shows the unaudited pro forma condensed consolidated results of operations of the Partnership as if the Suites on Paseo and Jade Park had been acquired at January 1, 2015: For the Years Ended December 31, 2016 2015 Pro forma revenues $ 60,008,686 $ 64,162,327 Pro forma net income 24,663,645 23,075,438 Pro forma net income allocated to Unitholders 21,047,854 16,917,875 Pro forma Unitholder's interest in net income per unit (basic and diluted) $ 0.35 $ 0.28 For the year ended December 31, 2015, the Suites on Paseo added approximately $1.8 million in total revenue and approximately $1.0 million in net loss to the Partnership since the bond exchange on September 1, 2015. For the year ended December 31, 2016, Jade Park added approximately $0.4 million in total revenue and approximately $0.4 million in net loss to the Partnership since the acquisition on September 30, 2016.

Investment in an Unconsolidated

Investment in an Unconsolidated Entity	12 Months Ended
	Dec. 31, 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 wholly-owned subsidiary of the Partnership, closed on three equity commitments and reported equity contributions as Investment in unconsolidated entities on the consolidated balance sheet. The investments represent the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in these limited liability companies. An affiliate of the unconsolidated entities 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. The following table provides the details of the investments in unconsolidated entities at December 31, 2016: Property Name Month Commitment Executed Location Units Carrying Value Maximum Remaining Equity Commitment Vantage at Corpus Christi March 2016 Corpus Christi, TX 288 $ 8,447,343 $ 1,550,000 Vantage at Waco August 2016 Waco, TX 288 5,964,861 3,572,133 Vantage at Boerne August 2016 Boerne, TX 288 5,057,802 3,936,115 $ 19,470,006 $ 9,058,248

Property Loan, Net of Loan Loss

Property Loan, Net of Loan Loss Allowances	12 Months Ended
	Dec. 31, 2016
Property Loan Net Of Loan Loss Allowances [Abstract]
Property Loan, Net of Loan Loss Allowances	11. Property Loan, Net of Loan Loss Allowances The Partnership had the following Property Loans, Net of Loan Loss Allowances, at December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Property loans receivable $ 36,862,148 $ 29,874,523 Less: Loan loss allowance (7,098,814 ) (7,098,814 ) Total property loans receivable $ 29,763,334 $ 22,775,709 During the year ended December 31, 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 funds to Vantage at Brooks, LLC and Vantage at Braunfels, LLC (collectively, the “Vantage Properties”) $3.7 million and $2.1 million, respectively. In December 2016, the FAH property loan and all accrued interest were paid off in full. In addition, the Partnership received and recognized approximately $1.4 million of contingent interest from the net cash proceeds on the sale of the property underlying the FAH property loan. The contingent interest income is considered Tier 2 income (Note 3). During the year ended December 31, 2015, the Partnership advanced additional funds to Cross Creek of approximately $96,000 and received approximately $145,000 of principal for the FAH property loan. In June 2015, the Partnership executed a loan agreement with Silver Moon Lodge LLLP, owner of the Silver Moon Lodge Apartments, for approximately $2.8 million which was repaid from the limited partner capital contributed to Silver Moon Lodge LLLP in December 2015. In April 2015, the Partnership advanced approximately $567,000 to the Suites on Paseo for operations. This amount was included as an investment in the Suites on Paseo in September 2015, which was eliminated upon consolidation. In addition, the Partnership entered in commitments to loan funds to the Vantage Properties in the fourth quarter of 2015. During the year ended December 31, 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 collectible at December 31, 2015. The following represents the net taxable property loans outstanding at December 31, 2016 and 2015: December 31, 2016 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 54,742 $ - $ - $ 246,006 Ashley Square 5,078,342 - (3,596,342 ) - 1,482,000 Avistar (February 2013 portfolio) 274,496 90,491 - - 364,987 Avistar (June 2013 portfolio) 251,622 82,951 - - 334,573 Cross Creek 7,155,545 - (3,447,472 ) - 3,708,073 Greens Property 850,000 467,511 - - 1,317,511 Lake Forest 4,623,704 - (55,000 ) - 4,568,704 Ohio Properties 2,390,446 1,021,723 - - 3,412,169 Vantage at Brooks, LLC 7,199,424 743,928 - - 7,943,352 Vantage at Braunfels, LLC 6,347,305 703,416 - - 7,050,721 Winston Group, Inc 2,500,000 - - - 2,500,000 Total $ 36,862,148 $ 3,164,762 $ (7,098,814 ) $ - $ 32,928,096 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 There was no provision for loan loss recorded during the years ended December 31, 2016 and 2015. The Partnership recorded a provision for loan loss of $75,000 for the year ended December 31, 2014 related to the Cross Creek property loan. The following table summarizes the changes in the Partnership’s loan loss reserves for the years ended December 31, 2016, 2015 and 2014: For the Year Ended December 31, 2016 2015 2014 Balance, beginning of year $ 7,098,814 $ 7,098,814 $ 7,023,814 Provision for loan loss - - 75,000 Balance, end of year $ 7,098,814 $ 7,098,814 $ 7,098,814

Income Tax Provision

Income Tax Provision	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Provision	12. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by our taxable subsidiary, The Greens Hold Co, which owns all the MF Properties except for the Suites on Paseo and Jade Park. 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 Hold Co 2015 tax return will be utilized in its entirety in 2016 due to the gain on sale of Arboretum. Accordingly, the valuation allowance of $405,000 at December 31, 2015 was reversed and a tax provision has been recorded during the year ended December 31, 2016. There was no income tax expense or benefit for the years ended December 31, 2015 and 2014. The following table summarizes our income tax expense for the years ended December 31, 2016, 2015 and 2014: For the Years Ended December 31, 2016 Current income tax expense: Current income tax expense $ - Current income tax expense on dispositions 4,593,000 Deferred income tax expense: Deferred income tax expense (benefit) 366,000 Total income tax expense $ 4,959,000 For the year ended December 31, 2016, income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes for the Greens Holdco are reconciled to the provision for income taxes set forth in the consolidated statements of operations as follows: As of December 31, 2016 Expected tax expense at U.S. Federal statutory rate of 35% $ 4,684,431 State income taxes, net of federal income tax effect 733,038 Impact of changes in valuation allowances (535,641 ) Other 77,172 Provision for income taxes $ 4,959,000 For the years ended December 31, 2015 and 2014, the Greens Hold Co reported no income tax expense or benefit due to current net operating losses or the utilization of net operating loss carryforwards. The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following: December 31, 2016 Deferred tax assets (liabilities): Depreciation and amortization $ (322,178 ) Prepaid expenses (50,935 ) Accruals and reserves 7,113 Gross deferred tax liabilities (366,000 ) Valuation allowance - Net deferred tax liabilities $ (366,000 ) The Partnership accrues interest and penalties associated with uncertain tax positions as part of income tax expense. There was no accrued interest or penalties at December 31, 2016 and 2015. The Company files U.S. Federal and state tax returns. The Partnership’s returns for years 2013 through 2015 remain subject to examination by the Internal Revenue Service.

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2016
Other Assets [Abstract]
Other Assets	13. Other Assets The Partnership had the following Other Assets at December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Deferred financing costs - net $ 456,890 $ 487,023 Fair value of derivative instruments (Note 19) 383,604 344,177 Taxable bonds at fair market value 4,084,599 4,824,060 Bond purchase commitments - fair value (Note 20) 2,399,449 5,634,360 Other assets 1,470,650 1,655,013 Total other assets $ 8,795,192 $ 12,944,633 See Note 25 for a description of the methodology and significant assumptions for determining the fair value of the derivative instruments, taxable bonds and bond purchase commitments. Unrealized gains or losses on these assets are recorded in the 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 assets. The Partnership received approximately $500,000 upon the redemption of the Silver Moon Series B taxable bond during the year ended December 31, 2016, which approximated the carrying value plus accrued interest. The following table summarizes the terms of the taxable bond redeemed: 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 The Partnership purchased the Silver Moon Series B taxable bond during the year ended December 31, 2015. The following table summarizes the terms of the taxable bond acquired: 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	12 Months Ended
	Dec. 31, 2016
Discontinued Operations [Abstract]
Discontinued Operations	14. Discontinued Operations The Partnership sold its variable interests in Bent Tree and Fairmont Oaks, the Consolidated VIEs, in the fourth quarter of 2015. The sale of the Consolidated VIEs meets the criteria for discontinued operations presentation and have been classified as such in the Company’s consolidated financial statements for all periods presented. The gains and results of operations of the Consolidated VIEs are reported as part of the discontinued operations in net income for all periods presented. There are no assets or liabilities related to discontinued operations at December 31, 2016 and 2015. The following presents the revenues, expenses and income from discontinued operations for the years ended December 31, 2015 and 2014: 2015 2014 Rental revenues $ 2,952,383 $ 3,180,680 Expenses 2,394,074 3,127,907 Net income from discontinued operations 558,309 52,773 Gain on sale of discontinued operations 3,163,088 - Net income from discontinued operations $ 3,721,397 $ 52,773 Depreciation and amortization expense related to discontinued operations was approximately $301,000 and $940,000 for the years ended December 31, 2015 and 2014, respectively. Amortization of deferred financing costs related to discontinued operations was approximately $17,000 and $19,000 for the years ended December 31, 2015 and 2014, respectively. Capital expenditures related to discontinued operations were approximately $201,000 and $360,000 for the years ended December 31, 2015 and 2014, respectively.

Unsecured Lines of Credit

Unsecured Lines of Credit	12 Months Ended
	Dec. 31, 2016
Unsecured Lines of Credit	17. Debt Financing The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2016 and 2015: Outstanding Debt Financings on December 31, 2016, net Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,860,699 $ - 2014 Jul 2017 - Jul 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 171,778,950 1,373,695 2016 (1) (1) (1) (1) (1) Variable - TOB 42,455,000 - 2012 Dec 2016 Weekly 1.29 - 1.39% 1.62% 2.91 - 3.01% TEBS Financings Variable - TEBS I 60,430,991 396,412 2010 September 2017 Weekly 0.77 % 1.85% 2.62% Variable - TEBS II (2) 91,768,081 170,988 2014 July 2019 Weekly 0.75 % 1.62% 2.37% Variable - TEBS III (2) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75 % 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) (2) Outstanding Financings on December 31, 2015, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB Trusts Securitization Fixed - Term TOB $ 160,582,124 $ 1,930,027 (3) (3) (3) (3) (3) (3) Variable - TOB 55,930,000 - 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable - TEBS I 60,735,743 364,637 2010 September 2017 Weekly 0.04% 1.91% 1.95% Variable - TEBS II (4) 92,280,069 163,418 2014 July 2019 Weekly 0.02% 1.42% 1.44% Variable - TEBS III (4) 81,968,780 4,843,625 2015 July 2020 Weekly 0.02% 1.26% 1.28% Total Debt Financings $ 451,496,716 (3) (4) The fixed Term TOB Financings at December 31, 2016 are secured by the mortgage revenue bonds for Live 929 Apartments and Pro Nova 2014-1. The variable TOB Financings at December 31, 2016 are secured by three PHC Certificates (See Note 7). The following table summarizes the individual Term A/B Trust securitizations at December 31, 2016: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at December 31, 2016, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Willow Run $ 11,564,852 $ - 2016 September 2026 3.64 % Columbia Gardens 11,565,068 - 2016 September 2026 3.64 % Concord at Little York 11,301,031 - 2016 September 2026 3.64 % Concord at Williamscrest 17,504,186 - 2016 September 2026 3.64 % Concord at Gulfgate 16,133,987 - 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,666,656 - 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,678,770 - 2016 September 2026 3.64 % Sycamore Walk 3,050,786 - 2016 September 2026 3.64 % Decatur-Angle Apartments 21,387,126 755,489 2016 September 2026 3.64 % Berrendo Square Apartments 5,409,361 - 2016 September 2026 3.64 % Laurel Crossings Apartments 6,378,482 - 2016 September 2026 3.64 % Bruton Apartments 15,258,925 618,206 2016 September 2026 3.64 % 15 West Apartments 8,366,804 - 2016 December 2026 3.64 % Oaks at Georgetown A 11,709,479 - 2016 March 2017 4.56 % Harmony Terrace A 6,549,479 - 2016 March 2017 4.56 % Oaks at Georgetown B 5,229,479 - 2016 March 2017 4.56 % Harmony Terrace B 7,024,479 - 2016 March 2017 4.56 % Total A/B Trust Financing\ Weighted Average Period End Rate $ 171,778,950 3.80 % The variable TOB Financings at December 31, 2015 are secured by three PHC Certificates (See Note 7) and three MBS Securities (See Note 8). The following table summarizes the individual fixed rate TOB Trust securitizations at December 31, 2015: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing at December 31, 2015, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Decatur Angle $ 22,847,450 $ 1,078,823 2014 October 2016 4.26 % Live 929 37,935,981 - 2014 July 2019 4.39 % Bruton Apartments 17,246,899 851,204 2014 July 2017 4.51 % Pro Nova 2014-1 9,006,899 - 2014 July 2017 4.01 % Pro Nova 2014-2 8,371,899 - 2014 July 2017 4.01 % Concord at Gulfgate 14,936,685 - 2015 February 2018 2.76 % Concord at Little York 11,231,685 - 2015 February 2018 2.76 % Concord at Williamcrest 15,606,685 - 2015 February 2018 2.76 % Columbia Gardens 11,699,209 - 2015 December 2017 2.76 % Willow Run 11,698,732 - 2015 December 2017 2.76 % Total TOB Trust Financing\Weighted Average Period End Rate $ 160,582,124 3.68 % Tender Option Bond (“TOB”) Financings The Partnership executed a Master Trust Agreement with DB which allows the Partnership to execute multiple TOB Trust structures upon the approval and agreement of terms by DB. Under each TOB Trust structure issued through the Master Trust Agreement, the TOB trustee issues SPEARS and LIFERS, which represent beneficial interests in the securitized asset held by the TOB Trusts. DB purchased the SPEARS and the Partnership retained the LIFERS of each TOB Trust. Pursuant to the terms of the TOB Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. The LIFERS grant the Partnership certain rights to the securitized assets. The TOB Trusts are considered VIEs and the Partnership’s rights are such that it is the primary beneficiary and consolidates the TOB Trusts in the consolidated financial statements. At December 31, 2016, the Partnership consolidated TOB Trusts securitized by the PHC Certifications. At December 31, 2015, the Partnership consolidated TOB Trusts securitized by the PHC Certificates and MBS Securities. The three MBS TOB Trusts were paid in full and collapsed in January 2016. The Partnership expects to renew each TOB financing facility maturing in 2017 for additional six-month terms as it has the discretion to renew for six month periods per the terms of the agreement with DB. In July 2015, due to certain restrictions imposed by the Volcker Rule, the Partnership and DB restructured eight of the existing TOB Trust structures by entering into a new Master Trust Agreement and creating new Term TOB Trusts. Similar to the TOB Trusts, the Partnership transferred assets to the Term TOB Trusts and the Term TOB Trusts issued Class A and Class B Certificates, which represent beneficial interests in the securitized assets. DB purchased the Class A Certificates and the Partnership retained the Class B Certificates. Pursuant to the terms of the Term TOB Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the Class A Certificates. The Class B Certificates grant the Partnership certain rights to the securitized assets. The Term TOB Trusts are considered VIEs and the Partnership’ rights are such that it is the primary beneficiary and consolidates the Term TOB Trusts in the consolidated financial statements. The Term TOB Trust collateralized by the Pro Nova 2014-2 mortgage revenue bond was paid in full and collapsed March 2016. The Partnership expects to renew each Term TOB financing facility maturing in 2017 for an additional term. The Master Trust Agreement with DB has covenants with which the Partnership is required to maintain compliance. At December 31, 2016, the most restrictive covenant was that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. On December 31, 2016 the Partnership was in compliance with all of these covenants. If the Partnership were to be out of compliance with any of these covenants, it would trigger a termination event of the financing facilities. At December 31, 2015, the Partnership had two interest rate swap arrangements related to the Decatur Angle and Bruton Apartments mortgage revenue bonds that were securitized in Term TOB Trusts. The Partnership posted approximately $1.9 million of cash collateral related to the interest rate swap agreements, which is reported as restricted cash in the consolidated balance sheet at December 31, 2015. See Note 19 for additional information on interest rate swap and cap arrangements. Term A/B Trust Financings Beginning in September 2016, the Partnership and DB began creating a series of Term A/B Trusts as a means to securitize the Partnership’s mortgage revenue bonds for longer terms and at fixed interest rates. Similar to the Term TOB Trusts described above, the Partnership transferred assets to the Term A/B Trusts and the Term A/B Trusts issued Class A and Class B Certificates, which represent beneficial interests in the securitized assets. DB purchased the Class A Certificates and the Partnership retained the Class B Certificates. Pursuant to the terms of the Term A/B Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the Class A Certificates. The Class B Certificates grant the Partnership certain rights to the securitized assets. The Term A/B Trusts are considered VIEs and the Partnership’s rights are such that it is the primary beneficiary and consolidates the Term A/B Trusts in the consolidated financial statements. During the third quarter of 2016, the Partnership paid off and collapsed seven of its nine Term 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 24). In December 2016, the Partnership entered into four new short-term Term A/B Trusts with an original maturity date in March 2017. The Partnership intends to either extend the term of these Term A/B Trusts or create new Term A/B Trusts with a longer term. At December 31, 2016, the Partnership had two interest rate swap arrangements related to the Decatur Angle and Bruton Apartments mortgage revenue bonds that were securitized in Term A/B Trusts. The Partnership posted approximately $1.4 million of cash collateral related to the interest rate swap agreements, which is reported as restricted cash in the consolidated balance sheet at December 31, 2016. See Note 19 for additional information on the interest rate swap and cap arrangements Tax Exempt Bond Securitization (“TEBS”) Financings At December 31, 2016 and 2015, the Partnership, through three wholly-owned subsidiaries (collectively, “Sponsors”), sponsored three separate TEBS Financings – the M33 TEBS Financing, M31 TEBS Financing and M24 TEBS Financing. The TEBS Financings are structured such that the Partnership transfers mortgage revenue bonds to Freddie Mac to be securitized into the TEBS Trusts. Freddie Mac then issues Class A and Class B Freddie Mac Multifamily Variable Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets. The TEBS Financings are considered VIEs and the Partnership’s rights are such that it is the primary beneficiary and consolidates the TEBS Financings in the consolidated financial statements. The terms of the TEBS Financings require the Partnership to fund cash into certain escrow accounts. Balances in the escrow accounts are reported as restricted cash on the consolidated balance sheets at December 31, 2016 and 2015. The interest rates on the TEBS Financings have variable components. In order to mitigate exposure to interest rate fluctuations on the variable rates, the Sponsors entered into interest rate cap agreements (Note 19). M33 TEBS Financing In July 2015, the Partnership, through its wholly-owned subsidiary of ATAX TEBS III, LLC (“Sponsor”), and Freddie Mac entered into a number of agreements relating to a new long-term debt financing facility referred to as the M33 TEBS Financing. The Sponsor securitized nine mortgage revenue bonds with an aggregate par value of approximately $105.4 million into the M33 TEBS Financing. See Note 6 for information on the mortgage revenue bonds securitized in the M33 TEBS Financing. The M33 Class A TEBS Certificates were issued in an initial principal amount of approximately $84.3 million and were sold through a placement agent to unaffiliated investors. After payment of transaction expenses, the Partnership received net proceeds from the M33 TEBS Financing of approximately $82.2 million. The term of the M33 TEBS financing coincides with the terms of the assets securing the M33 TEBS Certificates, except the Sponsor may elect to purchase all (but not less than all) of the securitized mortgage revenue bonds from Freddie Mac on either July 15, 2020 or July 15, 2025. Should the Partnership not elect to terminate the M33 TEBS Financing on these dates, the full term of the M33 TEBS Financing will run through the final principal payment date associated with the securitized mortgage revenue bonds, or August 1, 2055. M31 TEBS Financing The M31 TEBS Financing was initiated in July 2014. The term of the M31 TEBS Financing coincides with the terms of the assets securing the M31 TEBS Certificates, except ATAX TEBS II, LLC, a wholly-owned subsidiary of the Partnership, may elect to purchase all (but not less than all) of the Bonds from Freddie Mac on either July 15, 2019 or July 15, 2024. Should the Partnership not elect to terminate the M31 TEBS Financing on these dates, the full term of the M31 TEBS Financing will run through the final principal payment date associated with the securitized bonds, or August 1, 2050. M24 TEBS Financing The M24 TEBS Financing was initiated in September 2011. The term of the M24 TEBS Financing coincides with the terms of the assets securing the M24 TEBS Certificates, except that ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, may terminate the M24 TEBS Financing at its option on either September 15, 2017 or September 15, 2020. Should the Partnership not elect to terminate the M24 TEBS Financing on these dates, the full term of the M24 TEBS Financing will run through the final principal payment date associated with the securitized bonds, or July 15, 2050. The Partnership plans to renew the M24 TEBS Financing when it matures in 2017. In November and December of 2015, the Fairmont Oaks and Bent Tree properties were sold and the mortgage revenue bond investments in the M24 Financing were paid off in full. The Partnership received approximately $14.1 million for the mortgage revenue bond principal plus base interest which was used to retire a portion of the M24 TEBS Financing facility. During the first quarter of 2016, the Partnership implemented Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest (Subtopic 835-30)”. The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2017 $ 148,105,926 2018 3,117,845 2019 130,608,707 2020 82,404,547 2021 1,381,375 Thereafter 134,650,501 Total $ 500,268,901
Unsecured Lines of Credit [Member]
Unsecured Lines of Credit	15. Unsecured Lines of Credit The following tables summarize the Partnership’s unsecured lines of credit (“LOC”) at December 31, 2016 and 2015: Unsecured Lines of Credit Outstanding on December 31, 2016 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 40,000,000 $ 40,000,000 May 2018 Variable Monthly 3.13 % Bankers Trust operating - 7,500,000 May 2018 Variable Monthly 3.88 % Total unsecured lines of credit $ 40,000,000 $ 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 2017 Variable Monthly 2.90 % Bankers Trust operating - 5,000,000 March 2016 Variable Monthly 3.50 % Five Points Bank operating 5,000,000 5,000,000 March 2016 Variable Monthly 3.40 % Total unsecured lines of credit $ 17,497,000 $ 47,500,000 The Partnership has entered into an unsecured Credit Agreement (the “Credit Agreement”) of up to $50.0 million with Bankers Trust, the Partnership’s sole lead arranger and administrative agent. The Credit Agreement originated in March 2015 and was subsequently amended. The latest amendment in November 2016 extended the maturity from May 2017 to May 2018. The LOC bears interest at a variable rate equal to 2.5% plus the 30-day London Interbank Offered Rate (“LIBOR”). The principal amount of each acquisition advance is due on the 270th day following the advance date (the “Repayment Date”). The Partnership may extend any Repayment Date for up to three additional 90-day periods. In order to extend the Repayment Date, the Partnership must make principal payments equal to 5% of the original advance for the first extension, 10% for the second extension, and 20% for the third extension. The Repayment Date may not be extended beyond the stated maturity of the LOC. The Repayment Date for the balance outstanding at December 31, 2016, exclusive of available extensions, is in September 2017. The proceeds of the unsecured LOC will be used by the Partnership for the purchase of multifamily real estate, taxable or mortgage revenue bonds, public housing capital fund trust certificates, or mortgage backed securities. The Partnership intends to repay each advance either through alternative long-term debt or equity financing. The unsecured LOC contains a covenant, among others, that the Partnership’s ratio of the lender’s senior debt will not exceed a specified percentage of the market value of the Partnership’s assets, as defined in the Credit Agreement. The Partnership is in compliance with all covenants at December 31, 2016. During 2015 and 2016, the Partnership had an unsecured operating LOC with Bankers Trust for up to $5.0 million. In March 2016, the operating LOC was amended to raise the commitment to $7.5 million and extend the maturity to March 2017. In November 2016, the operating LOC was again amended to extend the maturity to March 2018. The unsecured operating LOC bore interest at a variable rate equal to 3.25% plus the 30-day LIBOR. The Partnership is required to make prepayments of the principal to reduce outstanding principal balance on the operating line to zero for fifteen consecutive days during each calendar quarter. The Partnership fulfilled this requirement during the three months ended December 31, 2016. During 2015 and early 2016, the Partnership had an unsecured operating LOC with Five Points Bank for up to $5.0 million. The unsecured LOC matured in March 2016 and all outstanding principal balances and accrued interest were paid.

Secured Line of Credit

Secured Line of Credit	12 Months Ended
	Dec. 31, 2016
Unsecured Lines of Credit	17. Debt Financing The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2016 and 2015: Outstanding Debt Financings on December 31, 2016, net Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,860,699 $ - 2014 Jul 2017 - Jul 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 171,778,950 1,373,695 2016 (1) (1) (1) (1) (1) Variable - TOB 42,455,000 - 2012 Dec 2016 Weekly 1.29 - 1.39% 1.62% 2.91 - 3.01% TEBS Financings Variable - TEBS I 60,430,991 396,412 2010 September 2017 Weekly 0.77 % 1.85% 2.62% Variable - TEBS II (2) 91,768,081 170,988 2014 July 2019 Weekly 0.75 % 1.62% 2.37% Variable - TEBS III (2) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75 % 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) (2) Outstanding Financings on December 31, 2015, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB Trusts Securitization Fixed - Term TOB $ 160,582,124 $ 1,930,027 (3) (3) (3) (3) (3) (3) Variable - TOB 55,930,000 - 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable - TEBS I 60,735,743 364,637 2010 September 2017 Weekly 0.04% 1.91% 1.95% Variable - TEBS II (4) 92,280,069 163,418 2014 July 2019 Weekly 0.02% 1.42% 1.44% Variable - TEBS III (4) 81,968,780 4,843,625 2015 July 2020 Weekly 0.02% 1.26% 1.28% Total Debt Financings $ 451,496,716 (3) (4) The fixed Term TOB Financings at December 31, 2016 are secured by the mortgage revenue bonds for Live 929 Apartments and Pro Nova 2014-1. The variable TOB Financings at December 31, 2016 are secured by three PHC Certificates (See Note 7). The following table summarizes the individual Term A/B Trust securitizations at December 31, 2016: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at December 31, 2016, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Willow Run $ 11,564,852 $ - 2016 September 2026 3.64 % Columbia Gardens 11,565,068 - 2016 September 2026 3.64 % Concord at Little York 11,301,031 - 2016 September 2026 3.64 % Concord at Williamscrest 17,504,186 - 2016 September 2026 3.64 % Concord at Gulfgate 16,133,987 - 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,666,656 - 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,678,770 - 2016 September 2026 3.64 % Sycamore Walk 3,050,786 - 2016 September 2026 3.64 % Decatur-Angle Apartments 21,387,126 755,489 2016 September 2026 3.64 % Berrendo Square Apartments 5,409,361 - 2016 September 2026 3.64 % Laurel Crossings Apartments 6,378,482 - 2016 September 2026 3.64 % Bruton Apartments 15,258,925 618,206 2016 September 2026 3.64 % 15 West Apartments 8,366,804 - 2016 December 2026 3.64 % Oaks at Georgetown A 11,709,479 - 2016 March 2017 4.56 % Harmony Terrace A 6,549,479 - 2016 March 2017 4.56 % Oaks at Georgetown B 5,229,479 - 2016 March 2017 4.56 % Harmony Terrace B 7,024,479 - 2016 March 2017 4.56 % Total A/B Trust Financing\ Weighted Average Period End Rate $ 171,778,950 3.80 % The variable TOB Financings at December 31, 2015 are secured by three PHC Certificates (See Note 7) and three MBS Securities (See Note 8). The following table summarizes the individual fixed rate TOB Trust securitizations at December 31, 2015: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing at December 31, 2015, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Decatur Angle $ 22,847,450 $ 1,078,823 2014 October 2016 4.26 % Live 929 37,935,981 - 2014 July 2019 4.39 % Bruton Apartments 17,246,899 851,204 2014 July 2017 4.51 % Pro Nova 2014-1 9,006,899 - 2014 July 2017 4.01 % Pro Nova 2014-2 8,371,899 - 2014 July 2017 4.01 % Concord at Gulfgate 14,936,685 - 2015 February 2018 2.76 % Concord at Little York 11,231,685 - 2015 February 2018 2.76 % Concord at Williamcrest 15,606,685 - 2015 February 2018 2.76 % Columbia Gardens 11,699,209 - 2015 December 2017 2.76 % Willow Run 11,698,732 - 2015 December 2017 2.76 % Total TOB Trust Financing\Weighted Average Period End Rate $ 160,582,124 3.68 % Tender Option Bond (“TOB”) Financings The Partnership executed a Master Trust Agreement with DB which allows the Partnership to execute multiple TOB Trust structures upon the approval and agreement of terms by DB. Under each TOB Trust structure issued through the Master Trust Agreement, the TOB trustee issues SPEARS and LIFERS, which represent beneficial interests in the securitized asset held by the TOB Trusts. DB purchased the SPEARS and the Partnership retained the LIFERS of each TOB Trust. Pursuant to the terms of the TOB Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. The LIFERS grant the Partnership certain rights to the securitized assets. The TOB Trusts are considered VIEs and the Partnership’s rights are such that it is the primary beneficiary and consolidates the TOB Trusts in the consolidated financial statements. At December 31, 2016, the Partnership consolidated TOB Trusts securitized by the PHC Certifications. At December 31, 2015, the Partnership consolidated TOB Trusts securitized by the PHC Certificates and MBS Securities. The three MBS TOB Trusts were paid in full and collapsed in January 2016. The Partnership expects to renew each TOB financing facility maturing in 2017 for additional six-month terms as it has the discretion to renew for six month periods per the terms of the agreement with DB. In July 2015, due to certain restrictions imposed by the Volcker Rule, the Partnership and DB restructured eight of the existing TOB Trust structures by entering into a new Master Trust Agreement and creating new Term TOB Trusts. Similar to the TOB Trusts, the Partnership transferred assets to the Term TOB Trusts and the Term TOB Trusts issued Class A and Class B Certificates, which represent beneficial interests in the securitized assets. DB purchased the Class A Certificates and the Partnership retained the Class B Certificates. Pursuant to the terms of the Term TOB Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the Class A Certificates. The Class B Certificates grant the Partnership certain rights to the securitized assets. The Term TOB Trusts are considered VIEs and the Partnership’ rights are such that it is the primary beneficiary and consolidates the Term TOB Trusts in the consolidated financial statements. The Term TOB Trust collateralized by the Pro Nova 2014-2 mortgage revenue bond was paid in full and collapsed March 2016. The Partnership expects to renew each Term TOB financing facility maturing in 2017 for an additional term. The Master Trust Agreement with DB has covenants with which the Partnership is required to maintain compliance. At December 31, 2016, the most restrictive covenant was that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. On December 31, 2016 the Partnership was in compliance with all of these covenants. If the Partnership were to be out of compliance with any of these covenants, it would trigger a termination event of the financing facilities. At December 31, 2015, the Partnership had two interest rate swap arrangements related to the Decatur Angle and Bruton Apartments mortgage revenue bonds that were securitized in Term TOB Trusts. The Partnership posted approximately $1.9 million of cash collateral related to the interest rate swap agreements, which is reported as restricted cash in the consolidated balance sheet at December 31, 2015. See Note 19 for additional information on interest rate swap and cap arrangements. Term A/B Trust Financings Beginning in September 2016, the Partnership and DB began creating a series of Term A/B Trusts as a means to securitize the Partnership’s mortgage revenue bonds for longer terms and at fixed interest rates. Similar to the Term TOB Trusts described above, the Partnership transferred assets to the Term A/B Trusts and the Term A/B Trusts issued Class A and Class B Certificates, which represent beneficial interests in the securitized assets. DB purchased the Class A Certificates and the Partnership retained the Class B Certificates. Pursuant to the terms of the Term A/B Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the Class A Certificates. The Class B Certificates grant the Partnership certain rights to the securitized assets. The Term A/B Trusts are considered VIEs and the Partnership’s rights are such that it is the primary beneficiary and consolidates the Term A/B Trusts in the consolidated financial statements. During the third quarter of 2016, the Partnership paid off and collapsed seven of its nine Term 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 24). In December 2016, the Partnership entered into four new short-term Term A/B Trusts with an original maturity date in March 2017. The Partnership intends to either extend the term of these Term A/B Trusts or create new Term A/B Trusts with a longer term. At December 31, 2016, the Partnership had two interest rate swap arrangements related to the Decatur Angle and Bruton Apartments mortgage revenue bonds that were securitized in Term A/B Trusts. The Partnership posted approximately $1.4 million of cash collateral related to the interest rate swap agreements, which is reported as restricted cash in the consolidated balance sheet at December 31, 2016. See Note 19 for additional information on the interest rate swap and cap arrangements Tax Exempt Bond Securitization (“TEBS”) Financings At December 31, 2016 and 2015, the Partnership, through three wholly-owned subsidiaries (collectively, “Sponsors”), sponsored three separate TEBS Financings – the M33 TEBS Financing, M31 TEBS Financing and M24 TEBS Financing. The TEBS Financings are structured such that the Partnership transfers mortgage revenue bonds to Freddie Mac to be securitized into the TEBS Trusts. Freddie Mac then issues Class A and Class B Freddie Mac Multifamily Variable Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets. The TEBS Financings are considered VIEs and the Partnership’s rights are such that it is the primary beneficiary and consolidates the TEBS Financings in the consolidated financial statements. The terms of the TEBS Financings require the Partnership to fund cash into certain escrow accounts. Balances in the escrow accounts are reported as restricted cash on the consolidated balance sheets at December 31, 2016 and 2015. The interest rates on the TEBS Financings have variable components. In order to mitigate exposure to interest rate fluctuations on the variable rates, the Sponsors entered into interest rate cap agreements (Note 19). M33 TEBS Financing In July 2015, the Partnership, through its wholly-owned subsidiary of ATAX TEBS III, LLC (“Sponsor”), and Freddie Mac entered into a number of agreements relating to a new long-term debt financing facility referred to as the M33 TEBS Financing. The Sponsor securitized nine mortgage revenue bonds with an aggregate par value of approximately $105.4 million into the M33 TEBS Financing. See Note 6 for information on the mortgage revenue bonds securitized in the M33 TEBS Financing. The M33 Class A TEBS Certificates were issued in an initial principal amount of approximately $84.3 million and were sold through a placement agent to unaffiliated investors. After payment of transaction expenses, the Partnership received net proceeds from the M33 TEBS Financing of approximately $82.2 million. The term of the M33 TEBS financing coincides with the terms of the assets securing the M33 TEBS Certificates, except the Sponsor may elect to purchase all (but not less than all) of the securitized mortgage revenue bonds from Freddie Mac on either July 15, 2020 or July 15, 2025. Should the Partnership not elect to terminate the M33 TEBS Financing on these dates, the full term of the M33 TEBS Financing will run through the final principal payment date associated with the securitized mortgage revenue bonds, or August 1, 2055. M31 TEBS Financing The M31 TEBS Financing was initiated in July 2014. The term of the M31 TEBS Financing coincides with the terms of the assets securing the M31 TEBS Certificates, except ATAX TEBS II, LLC, a wholly-owned subsidiary of the Partnership, may elect to purchase all (but not less than all) of the Bonds from Freddie Mac on either July 15, 2019 or July 15, 2024. Should the Partnership not elect to terminate the M31 TEBS Financing on these dates, the full term of the M31 TEBS Financing will run through the final principal payment date associated with the securitized bonds, or August 1, 2050. M24 TEBS Financing The M24 TEBS Financing was initiated in September 2011. The term of the M24 TEBS Financing coincides with the terms of the assets securing the M24 TEBS Certificates, except that ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, may terminate the M24 TEBS Financing at its option on either September 15, 2017 or September 15, 2020. Should the Partnership not elect to terminate the M24 TEBS Financing on these dates, the full term of the M24 TEBS Financing will run through the final principal payment date associated with the securitized bonds, or July 15, 2050. The Partnership plans to renew the M24 TEBS Financing when it matures in 2017. In November and December of 2015, the Fairmont Oaks and Bent Tree properties were sold and the mortgage revenue bond investments in the M24 Financing were paid off in full. The Partnership received approximately $14.1 million for the mortgage revenue bond principal plus base interest which was used to retire a portion of the M24 TEBS Financing facility. During the first quarter of 2016, the Partnership implemented Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest (Subtopic 835-30)”. The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2017 $ 148,105,926 2018 3,117,845 2019 130,608,707 2020 82,404,547 2021 1,381,375 Thereafter 134,650,501 Total $ 500,268,901
Secured Line of Credit [Member]
Unsecured Lines of Credit	16. Secured Line of Credit In December 2016, the Partnership entered into a secured Credit Agreement of up to $20.0 million with Bankers Trust. The following table summarizes the secured LOC, net of deferred financing costs, at December 31, 2016: Secured Lines of Credit Outstanding on December 31, 2016, net Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 19,816,667 $ 20,000,000 March 2017 Variable Monthly 3.13 % The secured LOC bears interest at a variable interest rate equal to 2.5% plus the 30-day LIBOR. The proceeds of the secured LOC will be used by the Partnership for the purchase of mortgage revenue bonds. The lender has a security interest in the mortgage revenue bonds purchased using the proceeds of the secured LOC. Furthermore, the lender has a mortgage lien on the Northern View MF Property as additional collateral. The Partnership is required to repay the outstanding principal on the secured LOC when the mortgage revenue bonds that secure the LOC are collateralized into a long-term debt financing structure. Repayments on advances are not available for subsequent borrowing. The related Credit Agreement also contains a covenant, among others, that the Partnership’s ratio of the lender’s senior debt will not exceed a specified percentage of the market value of assets of the Partnership, as defined in the Credit Agreement. The Partnership is in compliance with all covenants at December 31, 2016.

Debt Financing

Debt Financing	12 Months Ended
	Dec. 31, 2016
Debt Financing [Abstract]
Unsecured Lines of Credit	17. Debt Financing The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2016 and 2015: Outstanding Debt Financings on December 31, 2016, net Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,860,699 $ - 2014 Jul 2017 - Jul 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 171,778,950 1,373,695 2016 (1) (1) (1) (1) (1) Variable - TOB 42,455,000 - 2012 Dec 2016 Weekly 1.29 - 1.39% 1.62% 2.91 - 3.01% TEBS Financings Variable - TEBS I 60,430,991 396,412 2010 September 2017 Weekly 0.77 % 1.85% 2.62% Variable - TEBS II (2) 91,768,081 170,988 2014 July 2019 Weekly 0.75 % 1.62% 2.37% Variable - TEBS III (2) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75 % 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) (2) Outstanding Financings on December 31, 2015, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB Trusts Securitization Fixed - Term TOB $ 160,582,124 $ 1,930,027 (3) (3) (3) (3) (3) (3) Variable - TOB 55,930,000 - 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable - TEBS I 60,735,743 364,637 2010 September 2017 Weekly 0.04% 1.91% 1.95% Variable - TEBS II (4) 92,280,069 163,418 2014 July 2019 Weekly 0.02% 1.42% 1.44% Variable - TEBS III (4) 81,968,780 4,843,625 2015 July 2020 Weekly 0.02% 1.26% 1.28% Total Debt Financings $ 451,496,716 (3) (4) The fixed Term TOB Financings at December 31, 2016 are secured by the mortgage revenue bonds for Live 929 Apartments and Pro Nova 2014-1. The variable TOB Financings at December 31, 2016 are secured by three PHC Certificates (See Note 7). The following table summarizes the individual Term A/B Trust securitizations at December 31, 2016: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at December 31, 2016, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Willow Run $ 11,564,852 $ - 2016 September 2026 3.64 % Columbia Gardens 11,565,068 - 2016 September 2026 3.64 % Concord at Little York 11,301,031 - 2016 September 2026 3.64 % Concord at Williamscrest 17,504,186 - 2016 September 2026 3.64 % Concord at Gulfgate 16,133,987 - 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,666,656 - 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,678,770 - 2016 September 2026 3.64 % Sycamore Walk 3,050,786 - 2016 September 2026 3.64 % Decatur-Angle Apartments 21,387,126 755,489 2016 September 2026 3.64 % Berrendo Square Apartments 5,409,361 - 2016 September 2026 3.64 % Laurel Crossings Apartments 6,378,482 - 2016 September 2026 3.64 % Bruton Apartments 15,258,925 618,206 2016 September 2026 3.64 % 15 West Apartments 8,366,804 - 2016 December 2026 3.64 % Oaks at Georgetown A 11,709,479 - 2016 March 2017 4.56 % Harmony Terrace A 6,549,479 - 2016 March 2017 4.56 % Oaks at Georgetown B 5,229,479 - 2016 March 2017 4.56 % Harmony Terrace B 7,024,479 - 2016 March 2017 4.56 % Total A/B Trust Financing\ Weighted Average Period End Rate $ 171,778,950 3.80 % The variable TOB Financings at December 31, 2015 are secured by three PHC Certificates (See Note 7) and three MBS Securities (See Note 8). The following table summarizes the individual fixed rate TOB Trust securitizations at December 31, 2015: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing at December 31, 2015, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Decatur Angle $ 22,847,450 $ 1,078,823 2014 October 2016 4.26 % Live 929 37,935,981 - 2014 July 2019 4.39 % Bruton Apartments 17,246,899 851,204 2014 July 2017 4.51 % Pro Nova 2014-1 9,006,899 - 2014 July 2017 4.01 % Pro Nova 2014-2 8,371,899 - 2014 July 2017 4.01 % Concord at Gulfgate 14,936,685 - 2015 February 2018 2.76 % Concord at Little York 11,231,685 - 2015 February 2018 2.76 % Concord at Williamcrest 15,606,685 - 2015 February 2018 2.76 % Columbia Gardens 11,699,209 - 2015 December 2017 2.76 % Willow Run 11,698,732 - 2015 December 2017 2.76 % Total TOB Trust Financing\Weighted Average Period End Rate $ 160,582,124 3.68 % Tender Option Bond (“TOB”) Financings The Partnership executed a Master Trust Agreement with DB which allows the Partnership to execute multiple TOB Trust structures upon the approval and agreement of terms by DB. Under each TOB Trust structure issued through the Master Trust Agreement, the TOB trustee issues SPEARS and LIFERS, which represent beneficial interests in the securitized asset held by the TOB Trusts. DB purchased the SPEARS and the Partnership retained the LIFERS of each TOB Trust. Pursuant to the terms of the TOB Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the SPEARS. The LIFERS grant the Partnership certain rights to the securitized assets. The TOB Trusts are considered VIEs and the Partnership’s rights are such that it is the primary beneficiary and consolidates the TOB Trusts in the consolidated financial statements. At December 31, 2016, the Partnership consolidated TOB Trusts securitized by the PHC Certifications. At December 31, 2015, the Partnership consolidated TOB Trusts securitized by the PHC Certificates and MBS Securities. The three MBS TOB Trusts were paid in full and collapsed in January 2016. The Partnership expects to renew each TOB financing facility maturing in 2017 for additional six-month terms as it has the discretion to renew for six month periods per the terms of the agreement with DB. In July 2015, due to certain restrictions imposed by the Volcker Rule, the Partnership and DB restructured eight of the existing TOB Trust structures by entering into a new Master Trust Agreement and creating new Term TOB Trusts. Similar to the TOB Trusts, the Partnership transferred assets to the Term TOB Trusts and the Term TOB Trusts issued Class A and Class B Certificates, which represent beneficial interests in the securitized assets. DB purchased the Class A Certificates and the Partnership retained the Class B Certificates. Pursuant to the terms of the Term TOB Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the Class A Certificates. The Class B Certificates grant the Partnership certain rights to the securitized assets. The Term TOB Trusts are considered VIEs and the Partnership’ rights are such that it is the primary beneficiary and consolidates the Term TOB Trusts in the consolidated financial statements. The Term TOB Trust collateralized by the Pro Nova 2014-2 mortgage revenue bond was paid in full and collapsed March 2016. The Partnership expects to renew each Term TOB financing facility maturing in 2017 for an additional term. The Master Trust Agreement with DB has covenants with which the Partnership is required to maintain compliance. At December 31, 2016, the most restrictive covenant was that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. On December 31, 2016 the Partnership was in compliance with all of these covenants. If the Partnership were to be out of compliance with any of these covenants, it would trigger a termination event of the financing facilities. At December 31, 2015, the Partnership had two interest rate swap arrangements related to the Decatur Angle and Bruton Apartments mortgage revenue bonds that were securitized in Term TOB Trusts. The Partnership posted approximately $1.9 million of cash collateral related to the interest rate swap agreements, which is reported as restricted cash in the consolidated balance sheet at December 31, 2015. See Note 19 for additional information on interest rate swap and cap arrangements. Term A/B Trust Financings Beginning in September 2016, the Partnership and DB began creating a series of Term A/B Trusts as a means to securitize the Partnership’s mortgage revenue bonds for longer terms and at fixed interest rates. Similar to the Term TOB Trusts described above, the Partnership transferred assets to the Term A/B Trusts and the Term A/B Trusts issued Class A and Class B Certificates, which represent beneficial interests in the securitized assets. DB purchased the Class A Certificates and the Partnership retained the Class B Certificates. Pursuant to the terms of the Term A/B Trusts, the Partnership is required to reimburse DB for any shortfall realized on the contractual cash flows on the Class A Certificates. The Class B Certificates grant the Partnership certain rights to the securitized assets. The Term A/B Trusts are considered VIEs and the Partnership’s rights are such that it is the primary beneficiary and consolidates the Term A/B Trusts in the consolidated financial statements. During the third quarter of 2016, the Partnership paid off and collapsed seven of its nine Term 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 24). In December 2016, the Partnership entered into four new short-term Term A/B Trusts with an original maturity date in March 2017. The Partnership intends to either extend the term of these Term A/B Trusts or create new Term A/B Trusts with a longer term. At December 31, 2016, the Partnership had two interest rate swap arrangements related to the Decatur Angle and Bruton Apartments mortgage revenue bonds that were securitized in Term A/B Trusts. The Partnership posted approximately $1.4 million of cash collateral related to the interest rate swap agreements, which is reported as restricted cash in the consolidated balance sheet at December 31, 2016. See Note 19 for additional information on the interest rate swap and cap arrangements Tax Exempt Bond Securitization (“TEBS”) Financings At December 31, 2016 and 2015, the Partnership, through three wholly-owned subsidiaries (collectively, “Sponsors”), sponsored three separate TEBS Financings – the M33 TEBS Financing, M31 TEBS Financing and M24 TEBS Financing. The TEBS Financings are structured such that the Partnership transfers mortgage revenue bonds to Freddie Mac to be securitized into the TEBS Trusts. Freddie Mac then issues Class A and Class B Freddie Mac Multifamily Variable Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates are sold to unaffiliated investors and entitle the holders to cash flows from the securitized assets. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A Certificates and related facility fees, as well as certain other rights to the securitized assets. The TEBS Financings are considered VIEs and the Partnership’s rights are such that it is the primary beneficiary and consolidates the TEBS Financings in the consolidated financial statements. The terms of the TEBS Financings require the Partnership to fund cash into certain escrow accounts. Balances in the escrow accounts are reported as restricted cash on the consolidated balance sheets at December 31, 2016 and 2015. The interest rates on the TEBS Financings have variable components. In order to mitigate exposure to interest rate fluctuations on the variable rates, the Sponsors entered into interest rate cap agreements (Note 19). M33 TEBS Financing In July 2015, the Partnership, through its wholly-owned subsidiary of ATAX TEBS III, LLC (“Sponsor”), and Freddie Mac entered into a number of agreements relating to a new long-term debt financing facility referred to as the M33 TEBS Financing. The Sponsor securitized nine mortgage revenue bonds with an aggregate par value of approximately $105.4 million into the M33 TEBS Financing. See Note 6 for information on the mortgage revenue bonds securitized in the M33 TEBS Financing. The M33 Class A TEBS Certificates were issued in an initial principal amount of approximately $84.3 million and were sold through a placement agent to unaffiliated investors. After payment of transaction expenses, the Partnership received net proceeds from the M33 TEBS Financing of approximately $82.2 million. The term of the M33 TEBS financing coincides with the terms of the assets securing the M33 TEBS Certificates, except the Sponsor may elect to purchase all (but not less than all) of the securitized mortgage revenue bonds from Freddie Mac on either July 15, 2020 or July 15, 2025. Should the Partnership not elect to terminate the M33 TEBS Financing on these dates, the full term of the M33 TEBS Financing will run through the final principal payment date associated with the securitized mortgage revenue bonds, or August 1, 2055. M31 TEBS Financing The M31 TEBS Financing was initiated in July 2014. The term of the M31 TEBS Financing coincides with the terms of the assets securing the M31 TEBS Certificates, except ATAX TEBS II, LLC, a wholly-owned subsidiary of the Partnership, may elect to purchase all (but not less than all) of the Bonds from Freddie Mac on either July 15, 2019 or July 15, 2024. Should the Partnership not elect to terminate the M31 TEBS Financing on these dates, the full term of the M31 TEBS Financing will run through the final principal payment date associated with the securitized bonds, or August 1, 2050. M24 TEBS Financing The M24 TEBS Financing was initiated in September 2011. The term of the M24 TEBS Financing coincides with the terms of the assets securing the M24 TEBS Certificates, except that ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, may terminate the M24 TEBS Financing at its option on either September 15, 2017 or September 15, 2020. Should the Partnership not elect to terminate the M24 TEBS Financing on these dates, the full term of the M24 TEBS Financing will run through the final principal payment date associated with the securitized bonds, or July 15, 2050. The Partnership plans to renew the M24 TEBS Financing when it matures in 2017. In November and December of 2015, the Fairmont Oaks and Bent Tree properties were sold and the mortgage revenue bond investments in the M24 Financing were paid off in full. The Partnership received approximately $14.1 million for the mortgage revenue bond principal plus base interest which was used to retire a portion of the M24 TEBS Financing facility. During the first quarter of 2016, the Partnership implemented Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest (Subtopic 835-30)”. The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2017 $ 148,105,926 2018 3,117,845 2019 130,608,707 2020 82,404,547 2021 1,381,375 Thereafter 134,650,501 Total $ 500,268,901

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing	12 Months Ended
	Dec. 31, 2016
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing	18. Mortgages Payable and Other Secured Financing The Partnership reports the mortgage loans and other secured financings secured by certain MF Properties on its consolidated financial statements as Mortgages payable and other secured financing. In September 30, 2016, the Partnership acquired the Jade Park MF Property. Concurrent with the purchase, the Partnership entered into a mortgage payable arrangement to partially fund the acquisition price. The Partnership sold the Arboretum and Woodland Park MF Properties in June and July 2016, respectively. At the closing of the sales, the Partnership paid all of the outstanding mortgage payables and accrued interest associated with these MF Properties. In November 2015, the the Eagle Village mortgage and extended the stated maturity date to September 2018. 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 December 31, 2016, net Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Eagle Village (1) $ 7,845,711 2010 September 2018 Variable Monthly 0.63 % 3.00 % 3.63 % Residences of DeCordova 1,744,858 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,589,086 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--Mortgage (2) 25,082,636 2013 March 2020 Variable Monthly 3.50 % N/A 3.50 % The 50/50 MF Property--TIF Loan 3,656,090 2014 December 2019 Fixed N/A N/A N/A 4.65 % Jade Park 7,461,131 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 51,379,512 3.83 % (1) (2) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2015, net 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\Weighted Average Period End Rate $ 69,247,574 3.60 % (1) (2) The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st : 2017 $ 8,270,379 2018 8,475,223 2019 4,166,034 2020 23,949,298 2021 6,858,994 Total mortgages payable and other secured financings $ 51,719,928 The Partnership expects to refinance the mortgages payable of Residences of DeCordova and Residences at Weatherford prior to their scheduled maturities

Interest Rate Derivatives

Interest Rate Derivatives	12 Months Ended
	Dec. 31, 2016
Interest Rate Derivative Agreements [Abstract]
Interest Rate Derivatives	19. Interest Rate Derivatives The following table summarizes the Partnership’s interest rate derivatives, except for interest rate swaps, at December 31, 2016: Purchase Date Initial Notional Amount Effective Capped Rate Maturity Date Purchase Price Fair Value - Asset (Liability) (1) Variable Debt Financing Facility Hedged Maximum Potential Cost of Borrowing Counterparty Sept 2010 $ 31,936,667 3.0 % Sept 2017 $ 921,000 $ 2 M24 TEBS 5.0 % Bank of New York Mellon Sept 2010 31,936,667 3.0 % Sept 2017 845,600 2 M24 TEBS 5.0 % Barclays Bank PLC Sept 2010 31,936,667 3.0 % Sept 2017 928,000 2 M24 TEBS 5.0 % Royal Bank of Canada Aug 2013 93,305,000 1.5 % Sept 2017 793,000 619 M24 TEBS 3.5 % Deutsche Bank Feb 2014 41,250,000 1.0 % March 2017 230,500 2 PHC TOB Trusts 3.3 % SMBC Capital Markets, Inc July 2014 31,565,000 3.0 % Aug 2019 315,200 34,614 M31 TEBS 4.4 % Barclays Bank PLC July 2014 31,565,000 3.0 % Aug 2019 343,000 34,614 M31 TEBS 4.4 % Royal Bank of Canada July 2014 31,565,000 3.0 % Aug 2019 333,200 34,614 M31 TEBS 4.4 % SMBC Capital Markets, Inc July 2015 28,095,000 3.0 % Aug 2020 210,000 93,045 M33 TEBS 4.3 % Wells Fargo Bank July 2015 28,095,000 3.0 % Aug 2020 187,688 93,045 M33 TEBS 4.3 % Royal Bank of Canada July 2015 28,095,000 3.0 % Aug 2020 174,900 93,045 M33 TEBS 4.3 % SMBC Capital Markets, Inc $ 383,604 (1) In January 2016, the Partnership sold the $11.0 million interest rate derivative related to the MBS TOB Trusts. The interest rate derivative was sold for its current value and resulted in no cash proceeds to the Partnership and no gain or loss was recognized. The Partnership has contracted for two interest rate swaps with DB related to the Decatur Angle and Bruton Term A/B Financings securitized by mortgage revenue bonds for Decatur Angle and Bruton Apartments. The following table summarizes the terms of the interest rate swaps at December 31, 2016 and 2015: Purchase Date Initial Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty December 31, 2016 - Fair Value of Liability December 31, 2015 - Fair Value of Liability Sept 2014 $ 23,000,000 Oct 2016 Oct 2021 1.96 % 0.53 % 70% 30-day LIBOR Deutsche Bank $ (738,574 ) $ (737,219 ) Sept 2014 $ 18,126,731 April 2017 April 2022 2.06 % N/A 70% 30-day LIBOR Deutsche Bank (600,709 ) (579,856 ) $ (1,339,283 ) $ (1,317,075 ) These interest rate derivatives and interest rate swaps are not designated as hedging instruments and, accordingly, they are recorded at fair value with changes in fair value included in current period earnings as interest expense. See Note 25 for a description of the methodology and significant assumptions for determining the fair value of the interest rate derivatives and interest rate swap arrangements. The interest rate derivatives are presented within other assets and the interest rate swap arrangements are reported as a derivative swap liability on the consolidated balance sheet.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments And Contingencies [Abstract]
Commitments and Contingencies	20. 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 to occur, the estimated amount of the loss is accrued in the consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, the Partnership believes the outcome of such matters will not have a material effect on the Company’s consolidated financial statements. Bond Purchase Commitments As part of the Partnership’s strategy of acquiring mortgage revenue bonds, the Partnership will enter into bond purchase commitments related to mortgage revenue bonds to be issued and secured by properties under construction. Upon execution of the bond purchase commitment, the proceeds from the mortgage revenue bonds issued will be used to pay off the construction related debt and mortgage revenue bonds. The Partnership bears no construction or stabilization risk during the commitment period. The Partnership accounts for the following bond purchase commitments as available-for-sale securities and reports the asset or liability at fair value. Changes in the fair value of bond purchase commitments are recorded in other comprehensive income. The following table summarizes the Partnership’s bond purchase commitments at December 31, 2016 and 2015: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at December 31, 2016 Fair Value at December 31, 2015 15 West Apartments July 2014 $ - $ - 6.25 % Q4 2016 $ - $ 945,009 Villas at Plano Gateway Apartments December 2014 20,000,000 - 6.00 % Q2 2017 838,200 1,469,213 Village at Rivers Edge May 2015 11,000,000 - 6.00 % Q2 2017 467,720 636,560 Palo Alto July 2015 19,540,000 - 5.80 % Q3 2017 627,429 1,439,600 Village at Avalon November 2015 - 16,400,000 5.80 % Q2 2018 466,100 1,143,978 Total $ 50,540,000 $ 16,400,000 $ 2,399,449 $ 5,634,360 (1) Property Loan Commitments 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. The Partnership’s remaining maximum commitments totaled approximately $3.4 million at December 31, 2016. See Note 11 for additional information related to the property loans. Other Guarantees In connection with the sale of the Greens Property in 2012, the Partnership entered into guarantee agreements with an unaffiliated entity 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. Remaining potential repurchase events relate primarily to 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 December 31, 2016, under the guarantee provision of the repurchase clause is approximately $2.8 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 an unaffiliated entity 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. Remaining potential repurchase events relate primarily to 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 December 31, 2016, under the guarantee provision of the repurchase clause is approximately $4.4 million and represents 75% of the equity contributed by BC Partners. 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. In conjunction with the ground lease, 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 December 31, 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. The 50/50 MF Property reported expenses related to the agreement of approximately $123,000, $120,000 and $50,000 for the years ended December 31, 2016, 2015 and 2014, respectively. As the holder of residual interests issued in connection with its TOB, Term TOB, Term A/B and TEBS Financings, the Partnership is required to guarantee certain losses that can be incurred by the underlying 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 trusts. In the case of the TEBS, Freddie 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. In the event of a shortfall the maximum exposure to loss would be approximately $500.3 million prior to the consideration of the proceeds from the sale of the trust collateral. To date, the Partnership has not been required to reimburse the financing facilities for any shortfalls.

Redeemable Series A Preferred U

Redeemable Series A Preferred Units	12 Months Ended
	Dec. 31, 2016
Temporary Equity Disclosure [Abstract]
Redeemable Series A Preferred Units	21. Redeemable Series A Preferred Units During 2016, the Partnership issued Series A Preferred Units via private placements. The Series A Preferred Units are redeemable in the future and represent limited partnership interests in the Partnership. The following table summarizes the issuances of Series A Preferred Units during the year ended December 31, 2016: December 31, 2016 Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 4,086,900 $ 40,869,000

Issuances of Additional Benefic

Issuances of Additional Beneficial Certificate Units Level 1 (Notes)	12 Months Ended
	Dec. 31, 2016
Issuances Of Additional Beneficial Unit Certificates [Abstract]
Issuances of Additional Beneficial Unit Certificates	22. Issuances of Additional Beneficial Unit Certificates In November 2016, a Registration Statement on Form S-3 was declared effective by the SEC under which the Partnership may offer up to $225.0 million of additional BUCs from time to time. The Registration Statement will expire in November 2019.

Restricted Unit Awards (_RUAs_)

Restricted Unit Awards (“RUAs”)	12 Months Ended
	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Restricted Unit Awards (“RUAs”)	23. 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, and members of Burlington’s Board of Managers for up to 3.0 million BUCs. RUAs are generally granted with vesting conditions ranging from three months to approximately three years. RUAs currently provide for the payment of distributions during the restriction period. The RUA’s 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. The compensation expense for RUAs totaled approximately $833,000 for the year ended December 31, 2016. No compensation expense for RUAs was recognized for the years ended December 31, 2015 and 2014. The following table summarizes the RUA activity for the year ended December 31, 2016: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested at January 1, 2016 - $ - Granted 272,307 6.03 Vested (114,003 ) 6.03 Nonvested at December 31, 2016 158,304 $ 6.03 At December 31, 2016, there was approximately $808,000 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 1.5 years. The total intrinsic value of nonvested RUAs was approximately $855,000 at December 31, 2016.

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Dec. 31, 2016
Transactions With Related Parties [Abstract]
Transactions with Related Party	24. Transactions with Related Parties A substantial portion of the Partnership’s general and administrative expenses and certain costs capitalized by the Partnership are paid by AFCA 2 or an affiliate and are reimbursed by the Partnership. The capitalized costs are typically incurred in connection with the acquisition or reissuance of certain mortgage revenue bonds, acquisition of PHC Certificates and MBS, debt financing transactions, and other capital transactions. The amounts in the following table represent amounts reimbursable to AFCA 2 or an affiliate for such expenses. 2016 2015 2014 Reimbursable salaries and benefits $ 2,921,762 $ 1,744,855 $ 1,599,294 Other expenses 5,883 6,819 975 Insurance 204,357 224,946 227,265 Professional fees and expenses 390,961 284,767 208,648 Consulting and travel expenses 11,634 15,372 1,697 $ 3,534,597 $ 2,276,759 $ 2,037,879 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, taxable 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. The Partnership paid administrative fees to AFCA 2 of approximately $2.8 million, $2.6 million, and $2.0 million for the years ended December 31, 2016, 2015, and 2014, 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 $95,000, $53,000, and $138,000 for the years ended December 31, 2016, 2015, and 2014, respectively. Additionally, in connection with the sale of Bent Tree, a Consolidated VIE, the property paid accrued and deferred administrative fees to AFCA2 totaling approximately $635,000 for the year ended December 31, 2015. Although these third party administrative fees are not Partnership expenses, they have been reflected in the accompanying consolidated financial statements of the Company as a result of the consolidation of the VIEs. Such fees are payable by the financed property prior to the payment of any contingent interest on the mortgage revenue bonds secured by these properties. If the Partnership were to acquire any of these properties in foreclosure, it would assume the obligation to pay the administrative fees relating to mortgage revenue bonds on these properties. AFCA 2 earns mortgage placement fees in connection with the acquisition of mortgage revenue bonds and other investments by the Partnership. These mortgage placement fees and other investments fees were paid by the owners of the respective property or the third-party seller of the respective bonds and, accordingly, have not been reflected in the accompanying consolidated financial statements because these properties are not consolidated VIEs. Investment/mortgage placement fees earned by AFCA 2 totaled approximately $2.1 million, $1.9 million, and $1.7 million for the years ended December 31, 2016, 2015, and 2014, 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. In addition, during the year ended December 31, 2015, approximately $300,000 in mortgage placement fees were paid by the Partnership to AFCA2 related to two mortgage revenue bond acquisitions, which was recorded into the cost basis of the mortgage revenue bonds and are being amortized against interest income on an effective yield basis over the term of the mortgage revenue bonds. There were no such transactions during the year ended December 31, 2016. An affiliate of AFCA 2, Properties Management, was retained to provide property management services for Ashley Square, Arboretum (MF Property sold in 2016), Bent Tree (Consolidated VIE sold in 2015), Lake Forest, Fairmont Oaks (Consolidated VIE sold in 2015), DeCordova, Eagle Village, The Colonial (MF Property sold in 2015), Meadowview, Crescent Village, Willow Bend, Post Woods, Glynn Place (MF Property sold in 2015), Greens at Pine Glen, Cross Creek, Weatherford, Jade Park and Woodland Park (MF Property sold in 2016). The management fees paid to Properties Management amounted to approximately $1.1 million, $1.2 million, and $1.3 million for the years ended December 31, 2016, 2015 and 2014, respectively. For the Consolidated VIEs, these management fees are not Partnership expenses but are recorded by each applicable VIE entity and, accordingly, have been reflected in the accompanying consolidated financial statements. Such fees are paid out of the revenues generated by the properties owned by the Consolidated VIEs prior to the payment of any interest on the mortgage revenue bonds and taxable property loans held by the Partnership on these properties. For the MF Properties, these management fees are considered real estate operating expenses. An affiliate of AFCA 2, FCA, acts as an origination advisor and consultant to the borrowers when mortgage revenue bonds and financing facilities are acquired by the Partnership. Origination fees paid to this affiliate by the borrower of certain acquired bonds were approximately $1.0 million, $1.8 million, and $1.4 million for the years ended December 31, 2016, 2015 and 2014, respectively. These origination fees have not been reflected in the accompanying consolidated financial statements. In addition, the Partnership paid consulting and origination fees to this affiliate related to mortgage revenue bond acquisitions of approximately $150,000 and $300,000 for the years ended December 31, 2015 and 2014. No such fees were paid to the affiliate during the year ended December 31, 2016. The fees paid to the affiliate were recorded into the cost basis of the mortgage revenue bonds and are being amortized against interest income on an effective yield basis. During the year ended December 31, 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. The Partnership had outstanding liabilities due to related parties totaling approximately $415,000 and $241,000 at December 31, 2016 and 2015, respectively. All amounts due are reported within accounts payable, accrued expenses and other liabilities on the Partnership’s consolidated balance sheets. One of the owners of two limited-purpose corporations which owned multifamily residential properties (the Consolidated VIEs) financed with mortgage revenue bonds and taxable property loans held by the Partnership were employees of Burlington who were not involved in the operation or management of the Partnership and who were not executive officers or managers of Burlington.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Measurements [Abstract]
Fair Value Disclosures	25. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides 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 as of 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. At December 31, 2016, the range of effective yields on the individual mortgage revenue bonds was 4.9% to 12.4% per annum. At December 31, 2015, the range of effective yields on the individual mortgage revenue bonds was 4.2% to 12.1% per annum. The fair value of the bond purchase commitments is determined in the same manner as the mortgage revenue bonds. Investments in PHC Certificates. The fair value of the Partnership’s investment in PHC 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 PHC 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 PHC Certificates is categorized as a Level 3 input. At December 31, 2016, the range of effective yields on the PHC Certificates was 4.3% to 6.0% per annum. At December 31, 2015, the range of effective yields on the PHC Certificates was 3.9% to 5.7% per annum. Investment in MBS Securities . At December 31, 2015, the fair value of the Partnership’s investment in MBS 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 MBS 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. Interest rate derivatives . The effect of the Partnership’s interest rate derivatives 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 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 at December 31, 2016 are summarized as follows: Fair Value Measurements at December 31, 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, held in trust $ 590,194,179 $ - $ - $ 590,194,179 Mortgage revenue bonds 90,016,872 - - 90,016,872 Bond purchase commitments (reported within other assets) 2,399,449 - - 2,399,449 PHC Certificates 57,158,068 - - 57,158,068 Taxable bonds (reported within other assets) 4,084,599 - - 4,084,599 Derivative contracts (reported within other assets) 383,604 - - 383,604 Derivative swap liability (1,339,283 ) - - (1,339,283 ) Total Assets and Liabilities at Fair Value, net $ 742,897,488 $ - $ - $ 742,897,488 The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2016: For Twelve Months Ended December 31, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) 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 175,769 - (54,605 ) - 17,618 138,782 Included in other comprehensive (loss) income (17,342,217 ) (3,234,911 ) (1,480,497 ) (188,299 ) - (22,245,924 ) Purchases 130,620,000 - - - - 130,620,000 Sale of securities (9,295,000 ) - - - (399 ) (9,295,399 ) Settlements (7,630,638 ) - (2,014,120 ) (551,162 ) - (10,195,920 ) Ending Balance December 31, 2016 $ 680,211,051 $ 2,399,449 $ 57,158,068 $ 4,084,599 $ (955,679 ) $ 742,897,488 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2016 $ - $ - $ - $ - $ 17,618 $ 17,618 (1) (2) Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 are summarized as follows: 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 held in trust $ 536,316,481 $ - $ - $ 536,316,481 Mortgage revenue bonds 47,366,656 - - 47,366,656 Bond purchase commitments (reported within other assets) 5,634,360 - - 5,634,360 PHC Certificates 60,707,290 - - 60,707,290 MBS Securities 14,775,309 - 14,775,309 - Taxable bonds (reported within other assets) 4,824,060 - - 4,824,060 Derivative contracts (reported within other assets) 344,177 - - 344,177 Interest swap liability (1,317,075 ) - - (1,317,075 ) Total Assets and Liabilities at Fair Value $ 668,651,258 $ - $ 14,775,309 $ 653,875,949 The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2015: For Twelve Months Ended December 31, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) 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) - - - - (1,802,655 ) (1,802,655 ) Included in other comprehensive income 9,370,264 (146,053 ) 462,297 (138,682 ) - 9,547,826 Purchases 188,572,000 - - - - 188,572,000 Mortgage revenue bond exchanged for MF Property (41,580,919 ) - - - - (41,580,919 ) Purchase interest rate derivative - - - - 562,088 562,088 Settlements (21,702,345 ) - (1,018,130 ) 346,177 - (22,374,298 ) Ending Balance December 31, 2015 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2015 $ - $ - $ - $ - $ (1,802,655 ) $ (1,802,655 ) (1) (2) The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2014: For Twelve Months Ended December 31, 2014 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2014 $ 285,318,171 $ (4,852,177 ) $ 62,056,379 $ 4,075,953 $ 888,120 $ 347,486,446 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (2,003,351 ) (2,003,351 ) Included in other comprehensive (loss) income 52,272,236 10,632,590 5,219,937 685,612 - 68,810,375 Purchases 142,794,827 - - - - 142,794,827 Purchase interest rate derivative - - - - 1,382,900 1,382,900 Mortgage revenue bond and MBS Securities sales and redemption (30,464,798 ) - - - - (30,464,798 ) Settlements (896,299 ) - (6,013,193 ) (145,000 ) - (7,054,492 ) Ending Balance December 31, 2014 $ 449,024,137 $ 5,780,413 $ 61,263,123 $ 4,616,565 $ 267,669 $ 520,951,907 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2014 $ - $ - $ - $ - $ (2,003,351 ) $ (2,003,351 ) (1) (2) Income and losses included in earnings for the periods shown above are included in 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 Consolidated Balance Sheets at December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 555,199,700 $ 553,083,924 $ 468,993,716 $ 475,415,345 Mortgages payable and other secured financing $ 51,379,512 $ 51,595,281 $ 69,247,574 $ 67,735,213

Segment Reporting

Segment Reporting	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Segments	26. Segments Due to the increased investments in ATAX Vantage Holdings, LLC, the Partnership added a new segment during the second quarter of 2016 named “Other Investments.” 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 the MBS Securities Investments operating segment. 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 consolidated balance sheets. At December 31, 2016, the Partnership held 83 mortgage revenue bonds. The Residential Properties financed by 83 mortgage revenue bonds contain a total of 9,968 rental units. In addition, one bond is collateralized by commercial real estate (Note 6). All general and administrative expenses on the consolidated statements of operations are allocated to this operating segment. MF Properties Segment The MF Properties segment consists of multifamily, student housing, and senior citizen residential properties held by the Partnership. 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. At December 31, 2016, the Partnership consolidated the results of seven MF Properties containing a total of 2,004 rental units (see Note 9). Income tax expense for the Greens Hold Co is reported within this segment. 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’s other investments are separated out into two separate segments – Public Housing Capital Fund Trust and Other Investments. 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 Partnership’s PHC Certificates (see Note 7). Other Investments Segment The Other investments segment consists of the operations of ATAX Vantage Holdings, LLC, which is invested in unconsolidated entities (Note 10) and has issued property loans due from Vantage at Brooks LLC and Vantage at Braunfels LLC (Note 11). The following table details certain key financial information for the Partnership’s reportable segments for the three years ended December 31: 2016 2015 2014 Total revenues Mortgage Revenue Bond Investments $ 36,673,232 $ 38,772,872 $ 23,227,674 MF Properties 17,404,439 17,789,125 14,250,572 Public Housing Capital Fund Trust 2,888,035 2,994,482 3,038,819 MBS Securities Investments 17,921 225,890 1,423,958 Other Investments 1,995,123 170,922 - Total revenues $ 58,978,750 $ 59,953,291 $ 41,941,023 Interest expense Mortgage Revenue Bond Investments $ 11,904,616 $ 10,787,252 $ 7,147,092 MF Properties 2,200,531 2,659,350 2,319,928 Public Housing Capital Fund Trust 1,349,800 1,221,713 1,295,238 MBS Securities Investments 14,692 157,902 403,653 Total interest expense $ 15,469,639 $ 14,826,217 $ 11,165,911 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - MF Properties 5,980,483 5,888,973 4,801,533 Public Housing Capital Fund Trust - - - MBS Securities Investments - - - Total depreciation expense $ 5,980,483 $ 5,888,973 $ 4,801,533 Income (loss) from continuing operations Mortgage Revenue Bond Investments $ 11,755,639 $ 17,924,037 $ 13,181,961 MF Properties 8,442,704 2,964,297 (938,151 ) Public Housing Capital Fund Trust 1,538,234 1,758,022 1,714,968 MBS Securities Investments 51,984 67,547 1,017,637 Other Investments 1,995,123 170,922 - Income from continuing operations $ 23,783,684 $ 22,884,825 $ 14,976,415 Net income (loss) Mortgage Revenue Bond Investments $ 11,755,639 $ 17,924,037 $ 13,181,961 MF Properties 8,443,527 2,967,098 (933,478 ) Public Housing Capital Fund Trust 1,538,234 1,758,022 1,714,968 MBS Securities Investments 51,984 67,547 1,017,637 Other Investments 1,995,123 170,922 - Discontinued Operations - 3,721,397 52,773 Partnership net income $ 23,784,507 $ 26,609,023 $ 15,033,861 The following table details total assets for the Company’s reportable segments for the two years ended December 31: Total assets December 31, 2016 December 31, 2015 (1) Mortgage Revenue Bond Investments $ 764,995,675 $ 658,846,881 MF Properties 129,895,112 141,704,103 Public Housing Capital Fund Trust Certificates 57,461,268 61,021,462 MBS Securities Investments - 15,035,061 Other Investments 34,540,280 7,726,970 Consolidation/eliminations (42,778,661 ) (17,223,994 ) Total assets $ 944,113,674 $ 867,110,483 (1) The Partnership has reduced the reported assets of the Mortgage Revenue Bond Investments segment and the consolidation and eliminations amount by approximately $182.7 million to eliminate intercompany activity within the Mortgage Revenue Bond Investments segment.

Summary of Unaudited Quarterly

Summary of Unaudited Quarterly Results of Operations	12 Months Ended
	Dec. 31, 2016
Summary Of Unaudited Quarterly Results Of Operations [Abstract]
Summary of Unaudited Quarterly Results of Operations	27. Summary of Unaudited Quarterly Results of Operations 2016 March 31, June 30, September 30, December 31, Revenues and other income $ 14,927,956 $ 27,376,050 $ 14,855,912 $ 15,899,246 Income from continuing operations 2,531,688 11,005,829 4,622,874 5,623,293 Income from discontinuing operations - - - - Net income - America First Multifamily Investors, L.P. $ 2,531,700 $ 11,005,930 $ 4,623,542 $ 5,623,335 Income from continuing operations, per unit $ 0.04 $ 0.15 $ 0.06 $ 0.09 Income from discontinued operations, per unit - - - - Net income, basic and diluted, per unit $ 0.04 $ 0.15 $ 0.06 $ 0.09 2015 March 31, June 30, September 30, December 31, Revenues and other income $ 12,506,625 $ 17,119,567 $ 14,084,872 $ 20,841,336 Income from continuing operations 2,499,160 7,983,295 2,286,383 10,115,987 Income (loss) from discontinued operations 24,428 238,287 253,894 3,204,788 Net income - America First Multifamily Investors, L.P. $ 2,524,479 $ 8,221,271 $ 2,540,649 $ 13,322,624 Income from continuing operations, per unit $ 0.04 $ 0.12 $ 0.03 $ 0.15 Income from discontinued operations, per unit - - 0.01 (0.01 ) Net income, basic and diluted, per unit $ 0.04 $ 0.12 $ 0.04 $ 0.14

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	28. Subsequent Events The following table summarizes the Term A/B Trust Financings that the Partnership entered into subsequent to December 31, 2016: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,150,000 Feb 2017 February 2022 3.89 % San Vicente - Series B 1,555,000 Feb 2017 June 2018 3.76 % Las Palmas - Series A 1,530,000 Feb 2017 February 2022 3.89 % Las Palmas - Series B 1,505,000 Feb 2017 June 2018 3.76 % The Village at Madera - Series A 2,780,000 Feb 2017 February 2022 3.89 % The Village at Madera - Series A 1,465,000 Feb 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,360,000 Feb 2017 February 2022 3.89 % Harmony Court Bakersfield - Series A 1,700,000 Feb 2017 July 2018 3.76 % Summerhill - Series A 5,785,000 Feb 2017 February 2022 3.89 % Summerhill - Series B 2,870,000 Feb 2017 July 2018 3.76 % Courtyard - Series A 9,210,000 Feb 2017 February 2022 3.89 % Courtyard - Series B 5,295,000 Feb 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,615,000 Feb 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,475,000 Feb 2017 August 2022 3.76 % Seasons San Juan Capistrano - Series A 11,140,000 Feb 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,590,000 Feb 2017 August 2022 3.76 % Avistar at Wood Hollow - Series A 27,075,000 Feb 2017 February 2027 4.46 % Avistar at Copperfield - Series A 3,210,000 Feb 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 8,500,000 Feb 2017 February 2027 4.46 % In February 2017, a portion of the proceeds from the Term A/B Trust Financings in the table above were used to pay principal, in full, and accrued interest due on the Partnership’s $40 million unsecured line of credit and $20 million secured line of credit. The following table summarizes the mortgage revenue bonds acquired by the Partnership subsequent to December 31, 2016: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Avistar at Wood Hollow - Series A February Austin, TX 409 5/1/2054 5.75 % $ 31,850,000 Avistar at Wood Hollow - Series B February Austin, TX 409 6/1/2054 12.00 % 8,410,000 Avistar at Copperfield - Series A February Houston, TX 192 5/1/2054 5.75 % 10,000,000 Avistar at Copperfield - Series B February Houston, TX 192 6/1/2054 12.00 % 4,000,000 Avistar at Wilcrest - Series A February Houston, TX 88 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B February Houston, TX 88 6/1/2054 12.00 % 1,550,000 The Partnership funded portions of the purchase price for the mortgage revenue bonds from the proceeds of the related Term A/B Trust Financing in the table above and approximately $14.0 million drawn from the Partnership’s unsecured line of credit. In February 2017, the Northern View MF Property met the criteria for classification as assets held for sale (See policy in Note 2). The Partnership expects to complete the sale of its 99% interest in the entity that owns the MF Property in March 2017. The table below summarizes the assets and liabilities of the Northern View MF Property included in the Partnership’s consolidated financial statements at December 31, 2016: December 31, 2016 Cash and cash equivalents $ 62,386 Restricted cash 203,893 Land and improvements 688,539 Buildings and improvements 8,088,059 Real estate assets before accumulated depreciation 8,776,598 Accumulated depreciation (2,386,626 ) Net real estate assets 6,389,972 Other assets 33,534 Total assets held for sale $ 6,689,785 Accounts payable, accrued expenses and other liabilities $ 225,007 In March 2017, the Partnership entered into a subscription agreement and issued to a financial institution 613,100 units of Series A Preferred Units for gross proceeds of approximately $6.1 million.

Summary of Significant Accoun38

Summary of Significant Accounting Policies Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Consolidation	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 various limited partnerships in which one of the wholly-owned subsidiaries (“The Greens Hold Co”) holds a 99% limited partner interest. All intercompany transactions are eliminated. The wholly-owned consolidated subsidiaries of the Partnership consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold mortgage revenue bonds in order to facilitate the TEBS Financing, M24 TEBS Financing, with Freddie Mac (see 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 (see 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 (see Note 17). • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, committed to invest in the development of multifamily properties through property loans and equity contributions (see Notes 10 and 11). • Seven MF Properties which are either wholly or majority owned by the Partnership or subsidiaries of the Partnership (see Note 9). Prior to January 1, 2016, the Partnership has consolidated two variable interest entities (“VIE”), Bent Tree and Fairmont Oaks properties (the “Consolidated VIEs”), in the consolidated financial statements. The Partnership did not hold an ownership interest in the Consolidated VIEs but did own the mortgage revenue bonds that financed the Consolidated VIEs. The Partnership was determined to be the primary beneficiary of these VIEs. The Consolidated VIEs are presented as discontinued operations for all periods presented and all significant transactions and accounts between the Partnership and the VIEs have been eliminated in consolidation. The Company’s consolidated financial statements reported in this Form 10-K include the financial position and results of operations of the Partnership and the Consolidated VIEs. The Consolidated VIEs were sold in the fourth quarter of 2015.
Variable Interest Entities	Variable Interest Entities Under the consolidation guidance, the Partnership must evaluate entities in which it holds a variable interest to determine if the entities are variable interest entities (“VIEs”) and if the Partnership is the primary beneficiary. The entity that is deemed to have (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity that could potentially be significant to the VIE or the right to receive benefits from the entity that could potentially be significant to the VIE, is considered the primary beneficiary. If the Partnership is deemed to be the primary beneficiary, then it must consolidate the VIEs in the consolidated financial statements. The Company has consolidated all VIEs in which it has determined it is the primary beneficiary. In the Company’s consolidated financial statements, all transactions and accounts between the Partnership and the Consolidated VIEs have been eliminated in consolidation. The Partnership re-evaluates all VIEs at each reporting date based on events and circumstances at the VIEs. As a result, changes to the Consolidated VIEs may occur in the future based on changes in circumstances. The accounting guidance on consolidations is complex and requires significant analysis and judgment. 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”). The Partnership sold its variable interests in Bent Tree and Fairmont Oaks (the Consolidated VIEs) in the fourth quarter of 2015. The sale of the Consolidated VIEs met the criteria for discontinued operations presentation and have been classified as such in the Company’s consolidated financial statements for all periods presented. The gains and results of operations of the Consolidated VIEs are reported as part of the discontinued operations in net income for all periods presented (see Notes 14). Accounting for TEBS, Term A/B and TOB Financing Arrangements The Partnership has evaluated the accounting guidance in regard to the TOB, Term TOB, Term A/B and TEBS Financings (Note 17) and has determined that the securitization transactions do not meet the accounting criteria for a sale or transfer of financial assets and will, therefore, be accounted for as secured financing transactions. More specifically, the guidance on transfers and servicing sets forth the conditions that must be met to de-recognize a transferred financial asset. This guidance provides, in part, that the transferor has surrendered control over transferred assets if and only if the transferor does not maintain effective control over the transferred assets through any of the following: 1. An agreement that both entitles and obligates the transferor to repurchase or redeem them before their maturity, 2. The ability to unilaterally cause the holder to return specific assets, other than through a cleanup call, or 3. An agreement that permits the transferee to require the transferor to repurchase the transferred financial assets at a price that is so favorable to the transferee that it is probable that the transferee will require the transferor to repurchase them. The Financing agreements contain certain provisions that allow the Partnership to control the assets within the various securitization trusts. See Note 17 for additional terms on the Partnership’s secured financing arrangements. Based on these terms, the Partnership has concluded that the condition in item 2 above is present and, therefore, effective control over the transferred assets has not occurred. As effective control has not been transferred, the transaction does not meet the conditions to de-recognize the assets. In addition to evaluating the above securitization transactions as sales or transfers of financial assets, the Partnership has evaluated the securitization trusts associated with the TOB, Term TOB, Term A/B and TEBS Financings in accordance with guidance on consolidation of VIEs. See Note 5 for the consolidation analysis related to these secured financing arrangements. The Partnership is deemed to be the primary beneficiary of these securitization trusts and consolidates the assets, liabilities, income and expenses of the securitization trusts in the Partnership’s consolidated financial statements.
Acquisition Accounting	Acquisition Accounting Pursuant to the guidance on acquisition accounting, the Partnership allocates the contractual purchase price of a property acquired to the land, building, improvements 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.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents include highly liquid securities and investments in federally tax-exempt securities with maturities of three months or less when purchased.
Concentration of Credit Risk	Concentration of Credit Risk The Partnership maintains the majority of its unrestricted cash balances at two financial institutions. The balances insured by the Federal Deposit Insurance Corporation are equal to $250,000 at each institution. At various times the cash balances exceeded the $250,000 limit. The Partnership is also exposed to risk on its short-term investments in the event of non-performance by counterparties. The Partnership does not anticipate any non-performance. This risk is minimized significantly by the Partnership’s portfolio being restricted to investment grade securities.
Restricted Cash	Restricted Cash Restricted cash is legally restricted to use and is comprised of resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities and the Partnership’s interest rate derivatives.
Investment in Mortgage Revenue Bond, Taxable Bonds and Bond Purchase Commitments	Investments in Mortgage Revenue Bond, Taxable Bonds and Bond Purchase Commitments The Partnership accounts for its investments in mortgage revenue bonds, taxable bonds and bond purchase commitments under the guidance for accounting for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale securities and are reported at estimated fair value. The net unrealized gains or losses on these investments is reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 25 for a description of the Partnership’s methodology for estimating fair value of mortgage revenue bonds, taxable bonds and bond purchase commitments. The Partnership periodically reviews each of its mortgage revenue bonds, taxable bonds and bond purchase commitments for impairment. The Partnership evaluates whether unrealized losses are considered to be other-than-temporary based on a number of factors including: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Adverse conditions specifically related to the security, its collateral, or both, • Volatility of the fair value of the security, • The likelihood of the borrower being able to make payments, • Failure of the issuer to make scheduled interest or principal payments, and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost, if the Partnership has the intent to sell or may be required to sell the security prior to the time that the value recovers or until maturity, and whether the Partnership expects to recover the security’s entire amortized cost basis. The recognition of other-than-temporary impairment and the potential impairment analysis are subject to a considerable degree of judgment, the results of which when applied under different conditions or assumptions could have a material impact on the financial statements. If the Partnership experiences deterioration in the values of its investment portfolio, the Partnership may incur impairments to its investment portfolio which could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. There were no impairment charges reported by the Partnership related to mortgage revenue bonds, taxable bonds or bond purchase commitments during the years ended December 31, 2016, 2015 and 2014. The Partnership owns some mortgage revenue bonds which were purchased at a discount or premium. The discount or premium on an investment is amortized on an effective yield method over the term of the related mortgage revenue bond and is recognized as investment income in the current period. The Partnership eliminates the mortgage revenue bonds and the associated interest income and interest receivable when it consolidates the underlying real estate collateral in accordance with implementation of the consolidation guidance for variable interest entities. Investment in PHC Certificates and MBS Securities The Partnership accounts for its investments in PHC Certificates and MBS Securities under the guidance for accounting for certain investments in debt and equity securities. The Partnership’s investments in these instruments are classified as available-for-sale securities and are reported at estimated fair value. The net unrealized gains or losses on these investments is reflected in other comprehensive income. Unrealized gains and losses do not affect the cash flow of the bonds, distributions to Unitholders, or the characterization of the interest income of the financial obligation of the underlying collateral. See Note 25 for a description of the Partnership’s methodology for estimating fair value for the PHC Certificates and MBS Securities. The Partnership sold its remaining MBS Securities in the first quarter of 2016. The Partnership periodically reviews each class of PHC Certificates and MBS Securities for impairment. The Partnership evaluates whether a decline in the fair value of the investments is below its amortized cost is other-than temporary based on a number of factors including: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Downgrade in the security’s rating by S&P, and • Volatility of the fair value of the security. There were no impairment charges reported by the Partnership related to the PHC Certificates and MBS Securities in 2016, 2015 and 2014. Real Estate Assets The Partnership’s investments in real estate are carried at cost less accumulated depreciation. Depreciation of real estate is based on the estimated useful life of the related asset, generally 19-40 years on multifamily, student housing, and senior citizen residential apartment buildings and five to 15 years on capital improvements. Depreciation expenses is calculated using the straight-line method. Maintenance and repairs are charged to expense as incurred, while improvements, renovations, and replacements are capitalized. The Partnership also holds land held for investment and development which is reported at cost. The Partnership recognizes gain and losses equal to the difference between proceeds on sale and the net carrying value of the assets at the date of disposition. The Partnership reviews real estate assets at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of the real estate assets may not be recoverable, the Partnership compares the carrying amount to the undiscounted net cash flows expected to be generated from the use of the assets. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. See Note 9 for information on recognized impairment charges. Investment in Unconsolidated Entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited partnership interest under The Partnership reviews its investments in unconsolidated affiliates for impairment whenever events or changes in business circumstances indicate that the carrying amount of the investments may not be fully recoverable. Evidence of a loss in value that is other than temporary includes, but is not limited to, the absence of an ability to recover the carrying amount of the investment, the inability of the investee to sustain an earnings capacity which would justify the carrying amount of the investment, or, where applicable, estimated sales proceeds which are insufficient to recover the carrying amount of the investment. The Partnership’s assessment as to whether any decline in value is other than temporary is based on our ability and intent to hold the investment and whether evidence indicating the carrying value of the investment is recoverable within a reasonable period of time outweighs evidence to the contrary. If the fair value of the investment is determined to be less than the carrying value and the decline in value is considered to be other than temporary, an appropriate write-down is recorded based on the excess of the carrying value over the best estimate of fair value of the investment.
Property Loans, Net of Loan Loss Allowance	Property Loans, Net of Loan Loss Allowance In addition to the mortgage revenue bonds held by the Partnership, taxable property loans have been made to the owners of some of the properties which secure mortgage revenue bonds. The Partnership recognizes interest income on the property loans as earned. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these taxable property loans is dependent largely on the value of the property or its cash flows which collateralize the loans. The Partnership periodically evaluates these loans for potential losses by estimating the fair value of the property which collateralizes the loans and comparing the fair value to the outstanding mortgage revenue bonds plus any taxable property loans. The Partnership utilizes a discounted cash flow model (“DCF”) that considers a number of different DCF models that contain varying assumptions. The various models may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the property after deducting the amortized cost basis of the senior mortgage revenue bond exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. See Note 11 for additional information on the Partnership’s loan loss allowances.
Assets Held for Sale	Assets Held for Sale The Partnership reports assets and related liabilities as held for sale on the consolidated balance sheet in the period that the Partnership has committed to a plan to dispose of an asset or asset group, the asset or asset group is being marketed for sale, and it is probable the sale will be completed within one year. Once an asset or asset group is determined to be held for sale, the Partnership discontinues depreciation of the asset or asset group.
Deferred Financing Costs	Deferred Financing Costs Debt financing costs are capitalized and amortized utilizing the effective interest method over the stated maturity of the related debt financing agreement. Debt financing costs associated with revolving line of credit arrangements are reported within other assets on the consolidated balance sheet. Debt financing costs for other debts are reported as reductions to the carrying value of the related debts on the consolidated balance sheet. Bond issuance costs are capitalized and amortized utilizing the effective interest method over the stated maturity of the related mortgage revenue bonds. Bond issuance costs are reported as an adjustment to the carrying cost of the related mortgage revenue bond on the consolidated balance sheet.
Income Taxes	Income Taxes No provision has been made for income taxes because the Unitholders are required to report their share of the Partnership’s taxable income for federal and state income tax purposes, except for certain entities described below. Certain of the Consolidated VIEs and The Greens Hold Co are corporations 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 these entities on the Partnership’s consolidated financial statements. The Partnership evaluates its tax positions taken in the Partnership’s 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. The Partnership accrues interest and penalties as incurred within income tax expense. 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 12).
Revenue Recognition on Investments in Mortgage Revenue Bonds	Revenue Recognition on Investments in Mortgage Revenue Bonds The interest income received by the Partnership from its mortgage revenue bonds is dependent upon the net cash flow of the underlying properties. Base interest income on fully performing mortgage revenue bonds is recognized as it is earned. Base interest income on mortgage revenue bonds not fully performing is recognized as it is received. Past due base interest on mortgage revenue bonds previously not fully performing is recognized as it is received. The Partnership reinstates the accrual of base interest once the mortgage revenue bond’s ability to perform is adequately demonstrated. Certain mortgage revenue bonds contain contingent interest provisions that generate excess available cash flow. Contingent interest income is recognized when realized or realizable. Past due contingent interest on mortgage revenue bonds, which are or were previously not fully performing, is recognized when realized or realizable. At December 31, 2016 and 2015, the Partnership’s mortgage revenue bonds were fully performing as to their base interest. Revenue Recognition on Investments in Real Estate, MBS, and PHC Certificates The Partnership’s Consolidated VIEs and the MF Properties are lessors of multifamily, student housing, and senior citizen rental units under leases with terms of one year or less. Rental revenue is recognized, net of rental concessions, on a straight-line method over the related lease term. Interest income on the MBS and PHC Certificates is recognized as it is earned.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities The Partnership reports all derivative instruments as assets or liabilities in the Company’s consolidated balance sheets at fair value. The Partnership’s derivative instruments are not designated as hedging instruments and changes in fair value are recognized in the consolidated statements of operations as interest expense. The Partnership is exposed to loss should a counterparty to its derivative instruments default. The Partnership does not anticipate non-performance by any counterparty. See Note 25 for a description of the Partnership’s methodology for estimating fair value for the derivative instruments.
Redeemable Series A Preferred Units	Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units to various financial institutions., which represent limited partnership interests in the Partnership. In the event of any liquidation, dissolution, or winding up of the Partnership, the holders of the 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 holders’ 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 21).
Restricted Unit Awards (“RUAs”)	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 3.0 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 23).
Net Income per BUC	Net Income per BUC The Partnership has disclosed basic and diluted net income per BUC on the consolidated statements 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.
Use of Estimates in Preparation of Consolidated Financial Statements	Use of Estimates in Preparation of Consolidated Financial Statements The preparation of the accompanying consolidated financial statements in conformity with GAAP requires the Partnership 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The most significant estimates and assumptions include those used in determining investment valuations, investment impairments, impairment of property assets, allocation of the purchase price for acquisition accounting and allowance for loan losses.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified for consistency with the current period presentation. In 2016, the Partnership began to classify its amortization of deferred financing costs as a separate line within the Partnership’s consolidated statements of operations. Previously this amount had been classified within depreciation and amortization. Accordingly, for the years ended December 31, 2015 and 2014, 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 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 consolidated balance sheets. Previously this amount had been classified within other assets. Accordingly, the Partnership has reclassified the property loans, net of loan loss reserves, for the consolidated balance sheet at December 31, 2015 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 consolidated financial statements for the periods presented .
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2017-01, “Business Combinations; Clarifying the Definition of a Business.” The ASU modifies the requirements to meet the definition of a business under Topic 805, “Business Combinations.” The amendments provide a screen to determine when a set of identifiable assets and liabilities is not a business. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. The impact is expected to result in fewer transactions being accounted for as business combinations. The ASU is effective for the Partnership for fiscal years beginning after December 15, 2017 and is applied prospectively. The Partnership has not elected early adoption at December 31, 2016 and is currently assessing the impact of the adoption of this pronouncement on the consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, “Statement of Cash Flows; Restricted Cash.” The ASU requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2017 and is applied retrospectively. The Partnership has not elected early adoption at December 31, 2016 and does not expect the adoption of this pronouncement to have a material impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, “Statement of Cash Flows (Topic 230).” The ASU clarifies the presentation of cash receipts and cash payments related to certain transaction. The ASU is effective for the Partnership for fiscal years beginning after December 15, 2017 and is applied retrospectively. The Partnership has not elected early adoption at December 31, 2016 and is currently assessing the impact of the adoption of this pronouncement on the consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326).” The ASU enhances the methodology of measuring expected credit losses to include the use of forward-looking information to better inform credit loss estimates. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2019 and is applied under a modified-retrospective approach. The Partnership is currently assessing the impact of the adoption of this pronouncement on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, “Leases (Topic 842).” The ASU requires the recognition of right-of-use assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The ASU offers specific accounting guidance for embedded lease arrangements, lease terms and incentives, sale-leaseback agreements, and related disclosures. The ASU is effective for the Partnership’s annual and interim periods beginning after December 15, 2018 and requires a modified retrospective adoption, with early adoption permitted. The Partnership has performed a preliminary assessment of its lessor and lessee leasing arrangements. Lessor arrangements with tenants at the MF Properties are not expected to be materially impacted by adoption of the standard as substantially all leases are for terms of 12 months or less. The Partnership’s lessee arrangements are immaterial. As such, adoption of the ASU is not expected to have a material impact on the Partnership’s consolidated financial statements. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments Overall (Subtopic 825-10).” The ASU simplifies and clarifies the recognition, measurement, presentation, and disclosure of financial instruments. The ASU is effective for the Partnerships annual and interim periods beginning after December 15, 2017. The Partnership is currently assessing the impact of the adoption of this pronouncement on the Partnership’s consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606).” The updated standard is a new comprehensive revenue recognition model that requires revenue to be recognized in a manner that depicts the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. In August 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year. During 2016, the FASB issued ASU Nos. 2016-10, 2016-12 and 2016-20 that provide additional guidance related to the identification of performance obligations within a contract, assessing collectability, contract costs, and other technical corrections and improvements. ASU 2014-09 will become effective for the Partnership for the annual period beginning after December 15, 2017 and for interim periods within the annual period. ASU 2014-09 allows for either full retrospective or modified retrospective adoption. The Partnership has not selected a transition method. The Partnership has completed an evaluation of its revenue-producing contracts and determined they are primarily leases and investment agreements that are not within the scope of this standard. As a result, the Partnership does not expect the adoption of this standard to have a material impact to the Partnership’s reported property revenues, investment income and other interest income. The Partnership is continuing to evaluate the impact on other revenue and income sources.

Partnership Income, Expenses 39

Partnership Income, Expenses and Cash Distributions (Tables)	12 Months Ended
	Dec. 31, 2016
Partnership Income Expenses And Cash Distributions [Abstract]
Schedule of Distributions Paid or Accrued per Beneficial Unit Certificates	The distributions paid or accrued per BUC during the fiscal years ended December 31, 2016, 2015, and 2014 were as follows: For the Years Ended December 31, 2016 2015 2014 Cash distributions $ 0.5000 $ 0.5000 $ 0.5000

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2016
Variable Interest Entities [Abstract]
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure	The following table summarizes the Partnerships variable interests in these entities at December 31, 2016 and 2015: Maximum Exposure to Loss December 31, 2016 December 31, 2015 Mortgage revenue bonds $ 137,921,000 $ 103,483,793 Property loans 16,476,073 19,464,977 Investment in unconsolidated entities 19,470,006 - $ 173,867,079 $ 122,948,770

Investments in Bonds (Tables)

Investments in Bonds (Tables)	12 Months Ended
	Dec. 31, 2016
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following tables present information regarding the mortgage revenue bonds owned by the Partnership as of December 31, 2016 and 2015: December 31, 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 $ 132,402 $ - $ 4,802,402 Harmony Terrace - Series A & B (2) CA 14,300,000 - - 14,300,000 Harden Ranch - Series A (3) CA 6,912,535 369,738 - 7,282,273 Montclair Apartments - Series A (4) CA 2,530,000 108,608 - 2,638,608 Santa Fe Apartments - Series A (4) CA 3,065,000 177,093 - 3,242,093 Seasons at Simi Valley - Series A (2) CA 4,376,000 308,335 - 4,684,335 Sycamore Walk - Series A (2) CA 3,632,000 130,431 - 3,762,431 Tyler Park Townhomes - Series A (3) CA 6,024,120 237,582 - 6,261,702 Westside Village Market - Series A (3) CA 3,936,750 102,641 - 4,039,391 Lake Forest (1) FL 8,639,000 899,694 - 9,538,694 Ashley Square (1) IA 5,039,000 338,556 - 5,377,556 Brookstone (1) IL 7,462,678 1,457,340 - 8,920,018 Copper Gate Apartments (3) IN 5,145,000 528,855 - 5,673,855 Renaissance - Series A (4) LA 11,348,364 826,369 - 12,174,733 Live 929 Apartments (2) MD 40,687,425 3,587,993 - 44,275,418 Woodlynn Village (1) MN 4,310,000 294,976 - 4,604,976 Greens Property - Series A (3) NC 8,210,000 844,585 - 9,054,585 Silver Moon - Series A (4) NM 7,933,259 465,382 - 8,398,641 Ohio Properties - Series A (1) OH 14,215,000 2,327,468 - 16,542,468 Bridle Ridge (1) SC 7,535,000 517,881 - 8,052,881 Columbia Gardens (2) SC 15,214,223 - (927,030 ) 14,287,193 Companion at Thornhill Apartments (2) SC 11,500,000 645,552 - 12,145,552 Cross Creek (1) SC 6,122,312 2,655,730 - 8,778,042 The Palms at Premier Park Apartments (3) SC 19,826,716 1,784,386 - 21,611,102 Willow Run (2) SC 15,214,085 - (917,852 ) 14,296,233 Arbors at Hickory Ridge (3) TN 11,461,719 891,274 - 12,352,993 Pro Nova 2014-1 (2) TN 10,041,924 685,576 - 10,727,500 Avistar at Chase Hill - Series A (3) TX 9,844,994 589,023 - 10,434,017 Avistar at the Crest - Series A (3) TX 9,549,644 753,267 - 10,302,911 Avistar at the Oaks - Series A (3) TX 7,709,040 563,138 - 8,272,178 Avistar at the Parkway - Series A (4) TX 13,300,000 - (78,749 ) 13,221,251 Avistar in 09 - Series A (3) TX 6,656,458 359,562 - 7,016,020 Avistar on the Boulevard - Series A (3) TX 16,268,850 1,283,272 - 17,552,122 Avistar on the Hills - Series A (3) TX 5,326,157 423,496 - 5,749,653 Bella Vista (1) TX 6,365,000 500,162 - 6,865,162 Bruton Apartments (2) TX 18,145,000 349,886 - 18,494,886 Concord at Gulfgate - Series A (2) TX 19,185,000 1,200,246 - 20,385,246 Concord at Little York - Series A (2) TX 13,440,000 1,044,752 - 14,484,752 Concord at Williamcrest - Series A (2) TX 20,820,000 1,302,534 - 22,122,534 Crossing at 1415 - Series A (2) TX 7,590,000 - (45,555 ) 7,544,445 Decatur Angle (2) TX 22,950,214 - (290,985 ) 22,659,229 Heights at 515 - Series A (2) TX 6,435,000 - (38,623 ) 6,396,377 Heritage Square - Series A (4) TX 11,161,330 905,455 - 12,066,785 Oaks at Georgetown - Series A & B (2) TX 17,842,000 - - 17,842,000 Runnymede (1) TX 10,250,000 774,285 - 11,024,285 Southpark (1) TX 11,751,861 3,286,203 - 15,038,064 Vantage at Harlingen - Series B (4) TX 24,529,580 917,720 - 25,447,300 Vantage at Judson -Series B (4) TX 26,356,498 1,658,508 - 28,015,006 15 West Apartments (2) WA 9,850,000 1,584,281 - 11,434,281 Mortgage revenue bonds held in trust $ 554,678,736 $ 37,814,237 $ (2,298,794 ) $ 590,194,179 (1) (2) (3) (4) December 31, 2016 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A & B CA $ 16,458,000 $ - $ - $ 16,458,000 Harmony Court Bakersfield - Series A & B CA 5,727,000 29,252 - 5,756,252 Las Palmas II - Series A & B CA 3,465,000 15,139 - 3,480,139 San Vicente - Series A & B CA 5,320,000 - (30,019 ) 5,289,981 Seasons at Simi Valley - Series B CA 1,944,000 27,727 - 1,971,727 Seasons Lakewood - Series A & B CA 12,610,000 - - 12,610,000 Seasons San Juan Capistrano - Series A & B CA 18,949,000 - - 18,949,000 Summerhill - Series A & B CA 9,795,000 - (174,982 ) 9,620,018 Sycamore Walk - Series B CA 1,815,000 - (64,432 ) 1,750,568 The Village at Madera - Series A & B CA 4,804,000 - (84,437 ) 4,719,563 Greens Property - Series B NC 940,479 118,216 - 1,058,695 Ohio Properties - Series B OH 3,549,780 449,068 - 3,998,848 Avistar at Chase Hill - Series B TX 957,627 41,820 - 999,447 Avistar at the Crest - Series B TX 753,201 64,228 - 817,429 Avistar at the Oaks - Series B TX 550,836 47,231 - 598,067 Avistar at the Parkway - Series B TX 125,000 - (3,341 ) 121,659 Avistar in 09 - Series B TX 454,390 38,961 - 493,351 Avistar on the Boulevard - Series B TX 447,554 38,165 - 485,719 Crossing at 1415 - Series B TX 335,000 - (2,614 ) 332,386 Heights at 515 - Series B TX 510,000 - (3,977 ) 506,023 Mortgage revenue bonds held by the Partnership $ 89,510,867 $ 869,807 $ (363,802 ) $ 90,016,872 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) (2) (3) (4) 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	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 The terms of the Pro Nova 2014-2 bonds are as follows: 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 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 year ended December 31, 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 Harmony Court Bakersfield - Series A November Bakersfield, CA 96 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B November Bakersfield, CA 96 12/1/2018 5.50 % 1,997,000 Summerhill - Series A November Bakersfield, CA 128 12/1/2033 5.00 % 6,423,000 Summerhill - Series B November Bakersfield, CA 128 12/1/2018 5.50 % 3,372,000 The Village at Madera - Series A November Madera, CA 75 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B November Madera, CA 75 12/1/2018 5.50 % 1,719,000 15 West Apartments (1) December Vancouver, WA 120 7/1/2054 6.25 % 9,850,000 Courtyard Apartments - Series A December Fullerton, CA 108 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B December Fullerton, CA 108 12/1/2018 5.50 % 6,228,000 Harmony Terrace - Series A December Simi Valley, CA 136 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B December Simi Valley, CA 136 1/1/2019 5.50 % 7,400,000 Oaks at Georgetown - Series A December Georgetown, TX 192 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B December Georgetown, TX 192 1/1/2019 5.50 % 5,512,000 Seasons Lakewood - Series A December Lakewood, CA 85 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B December Lakewood, CA 85 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A December San Juan Capistrano, CA 112 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B December San Juan Capistrano, CA 112 1/1/2019 5.50 % 6,574,000 1 During 2015, the Partnership redeemed the following Series B and Series C mortgage revenue bonds. The Series B mortgage revenue bonds were redeemed for approximately $5.8 million which approximated their carrying value plus accrued interest. The Series C mortgage revenue bonds were paid off with proceeds from the issuance of new mortgage revenue bonds included in the acquisitions table below for an amount that 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 Vantage at Harlingen - Series C June San Antonio, TX 288 10/1/2053 9.00 % $ 6,692,000 Vantage at Judson - Series C June San Antonio, TX 288 2/1/2053 9.00 % 6,049,000 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 year ended December 31, 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 9.00 % 24,575,000 Vantage at Judson June San Antonio, TX 288 1/1/2053 9.00 % 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 Crossing at 1415 - Series A November San Antonio, TX 112 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B November San Antonio, TX 112 1/1/2053 12.00 % 335,000 Heights at 515 - Series A November San Antonio, TX 97 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B November San Antonio, TX 97 1/1/2053 12.00 % 510,000 Columbia Gardens December Columbia, SC 188 12/1/2050 5.50 % 15,000,000 Sycamore Walk - Series A December Bakersfield, CA 112 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B December Bakersfield, CA 112 1/1/2018 5.50 % 1,815,000 Willow Run December Columbia, SC 200 12/1/2050 5.50 % 15,000,000 The following tables represent a description of certain terms of the mortgage revenue bonds owned by the Partnership as of December 31, 2016, and 2015: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2016 15 West Apartments - Series A (2) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,850,000 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,351,321 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,039,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,268,850 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,844,994 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,549,644 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,158,382 Avistar at the Oak - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,709,040 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,656,458 Avistar on the Hill - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,326,157 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,005,226 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,365,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,535,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,076,558 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Companion at Thornhill Apartments (2) 2016 Lexington, SC 1/1/2052 5.80 % 11,500,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 19,185,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 13,440,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 20,820,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,145,000 Courtyard Apartments - Series A 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B 2016 Fullerton, CA 12/1/2018 5.50 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,258,605 Crossing at 1415 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,950,214 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,210,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 940,479 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,912,535 Harmony Court Bakersfield - Series A 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B 2016 Bakersfield, CA 12/1/2018 5.50 % 1,997,000 Harmony Terrace - Series A (2) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B (2) 2016 Simi Valley, CA 1/1/2019 5.50 % 7,400,000 Heights at 515 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,161,330 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,639,000 Las Palmas II - Series A 2016 Coachella, CA 11/1/2033 5.00 % 1,695,000 Las Palmas II - Series B 2016 Coachella, CA 11/1/2018 5.50 % 1,770,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,085,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Oaks at Georgetown - Series A (2) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B (2) 2016 Georgetown, TX 1/1/2019 5.50 % 5,512,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,215,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,549,780 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) (5) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,348,364 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,250,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 San Vicente - Series A 2016 Soledad, CA 11/1/2033 5.00 % 3,495,000 San Vicente - Series B 2016 Soledad, CA 11/1/2018 5.50 % 1,825,000 Seasons at Simi Valley - Series A (2) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,376,000 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2017 8.00 % 1,944,000 Seasons Lakewood - Series A 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B 2016 Lakewood, CA 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B 2016 San Juan Capistrano, CA 1/1/2019 5.50 % 6,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,933,259 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,435,000 Summerhill - Series A 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Summerhill - Series B 2016 Bakersfield, CA 12/1/2018 5.50 % 3,372,000 Sycamore Walk - Series A (2) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B 2015 Bakersfield, CA 1/1/2018 5.50 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,826,716 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 6,024,120 Vantage at Judson (4) 2015 San Antonio, TX 1/1/2053 6.00 % 26,356,498 Vantage at Harlingen (4) 2015 San Antonio, TX 9/1/2053 6.00 % 24,529,580 The Village at Madera - Series A 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B 2016 Madera, CA 12/1/2018 5.50 % 1,719,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,936,750 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,310,000 $ 648,439,860 (1) (2) (3) (4) Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2015 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % $ 11,450,000 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,099,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,418,497 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,935,552 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,637,485 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,168,196 Avistar at the Oak - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,777,936 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,715,948 Avistar on the Hill - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,373,756 Avistar (June 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,009,621 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,430,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,595,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,168,742 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 17,060,000 Concord at Gulfgate - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,125,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 12,480,000 Concord at Little York - Series B 2015 Houston, TX 3/1/2032 12.00 % 960,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 18,020,000 Concord at Williamcrest - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,800,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,185,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,343,321 Crossing at 1415 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 23,000,000 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Glenview - Series B 2014 Cameron Park, CA 12/1/2016 8.00 % 2,053,000 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,294,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 943,214 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,960,000 Heights at 515 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,185,000 Heritage Square - Series B 2014 Edinburg, TX 10/1/2051 12.00 % 520,000 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,766,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,175,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Montclair - Series B 2014 Lemoore, CA 12/1/2016 8.00 % 928,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,311,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,562,190 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Pro Nova - 2014-2 (2) 2014 Knoxville, TN 5/1/2025 5.25 % 9,295,000 Renaissance - Series A (4) (5) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,450,959 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,350,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 Santa Fe - Series B 2014 Hesperia, CA 12/1/2016 8.00 % 1,671,000 Seasons at Simi Valley - Series A 2015 Simi Valley, CA 9/1/2032 5.75 % 4,376,000 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2017 5.50 % 1,944,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,983,811 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,560,000 Sycamore Walk - Series A 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B 2015 Bakersfield, CA 1/1/2018 5.50 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 20,001,272 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 6,075,000 Vantage at Judson (4) 2015 San Antonio, TX 1/1/2053 9.00 % 26,540,000 Vantage at Harlingen (4) 2015 San Antonio, TX 9/1/2053 9.00 % 24,575,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,970,000 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,351,000 $ 534,745,500 (1) (2) (3) (4)

PHC Certificates (Tables)

PHC Certificates (Tables)	12 Months Ended
	Dec. 31, 2016
Public Housing Capital Fund Trusts [Abstract]
Schedule of Investments in PHC Certificates	The Partnership had the following investments in the PHC Certificates on December 31, 2016 and 2015: December 31, 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 8.31 AA- 5.36% $ 26,077,158 $ 672,097 $ - $ 26,749,255 PHC Certificate Trust II 7.65 A+ 4.31% 10,600,967 84,756 - 10,685,723 PHC Certificate Trust III 8.79 BBB 5.42% 20,122,937 - (399,847 ) 19,723,090 $ 56,801,062 $ 756,853 $ (399,847 ) $ 57,158,068 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)	12 Months Ended
	Dec. 31, 2016
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The following tables present information regarding the mortgage revenue bonds owned by the Partnership as of December 31, 2016 and 2015: December 31, 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 $ 132,402 $ - $ 4,802,402 Harmony Terrace - Series A & B (2) CA 14,300,000 - - 14,300,000 Harden Ranch - Series A (3) CA 6,912,535 369,738 - 7,282,273 Montclair Apartments - Series A (4) CA 2,530,000 108,608 - 2,638,608 Santa Fe Apartments - Series A (4) CA 3,065,000 177,093 - 3,242,093 Seasons at Simi Valley - Series A (2) CA 4,376,000 308,335 - 4,684,335 Sycamore Walk - Series A (2) CA 3,632,000 130,431 - 3,762,431 Tyler Park Townhomes - Series A (3) CA 6,024,120 237,582 - 6,261,702 Westside Village Market - Series A (3) CA 3,936,750 102,641 - 4,039,391 Lake Forest (1) FL 8,639,000 899,694 - 9,538,694 Ashley Square (1) IA 5,039,000 338,556 - 5,377,556 Brookstone (1) IL 7,462,678 1,457,340 - 8,920,018 Copper Gate Apartments (3) IN 5,145,000 528,855 - 5,673,855 Renaissance - Series A (4) LA 11,348,364 826,369 - 12,174,733 Live 929 Apartments (2) MD 40,687,425 3,587,993 - 44,275,418 Woodlynn Village (1) MN 4,310,000 294,976 - 4,604,976 Greens Property - Series A (3) NC 8,210,000 844,585 - 9,054,585 Silver Moon - Series A (4) NM 7,933,259 465,382 - 8,398,641 Ohio Properties - Series A (1) OH 14,215,000 2,327,468 - 16,542,468 Bridle Ridge (1) SC 7,535,000 517,881 - 8,052,881 Columbia Gardens (2) SC 15,214,223 - (927,030 ) 14,287,193 Companion at Thornhill Apartments (2) SC 11,500,000 645,552 - 12,145,552 Cross Creek (1) SC 6,122,312 2,655,730 - 8,778,042 The Palms at Premier Park Apartments (3) SC 19,826,716 1,784,386 - 21,611,102 Willow Run (2) SC 15,214,085 - (917,852 ) 14,296,233 Arbors at Hickory Ridge (3) TN 11,461,719 891,274 - 12,352,993 Pro Nova 2014-1 (2) TN 10,041,924 685,576 - 10,727,500 Avistar at Chase Hill - Series A (3) TX 9,844,994 589,023 - 10,434,017 Avistar at the Crest - Series A (3) TX 9,549,644 753,267 - 10,302,911 Avistar at the Oaks - Series A (3) TX 7,709,040 563,138 - 8,272,178 Avistar at the Parkway - Series A (4) TX 13,300,000 - (78,749 ) 13,221,251 Avistar in 09 - Series A (3) TX 6,656,458 359,562 - 7,016,020 Avistar on the Boulevard - Series A (3) TX 16,268,850 1,283,272 - 17,552,122 Avistar on the Hills - Series A (3) TX 5,326,157 423,496 - 5,749,653 Bella Vista (1) TX 6,365,000 500,162 - 6,865,162 Bruton Apartments (2) TX 18,145,000 349,886 - 18,494,886 Concord at Gulfgate - Series A (2) TX 19,185,000 1,200,246 - 20,385,246 Concord at Little York - Series A (2) TX 13,440,000 1,044,752 - 14,484,752 Concord at Williamcrest - Series A (2) TX 20,820,000 1,302,534 - 22,122,534 Crossing at 1415 - Series A (2) TX 7,590,000 - (45,555 ) 7,544,445 Decatur Angle (2) TX 22,950,214 - (290,985 ) 22,659,229 Heights at 515 - Series A (2) TX 6,435,000 - (38,623 ) 6,396,377 Heritage Square - Series A (4) TX 11,161,330 905,455 - 12,066,785 Oaks at Georgetown - Series A & B (2) TX 17,842,000 - - 17,842,000 Runnymede (1) TX 10,250,000 774,285 - 11,024,285 Southpark (1) TX 11,751,861 3,286,203 - 15,038,064 Vantage at Harlingen - Series B (4) TX 24,529,580 917,720 - 25,447,300 Vantage at Judson -Series B (4) TX 26,356,498 1,658,508 - 28,015,006 15 West Apartments (2) WA 9,850,000 1,584,281 - 11,434,281 Mortgage revenue bonds held in trust $ 554,678,736 $ 37,814,237 $ (2,298,794 ) $ 590,194,179 (1) (2) (3) (4) December 31, 2016 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A & B CA $ 16,458,000 $ - $ - $ 16,458,000 Harmony Court Bakersfield - Series A & B CA 5,727,000 29,252 - 5,756,252 Las Palmas II - Series A & B CA 3,465,000 15,139 - 3,480,139 San Vicente - Series A & B CA 5,320,000 - (30,019 ) 5,289,981 Seasons at Simi Valley - Series B CA 1,944,000 27,727 - 1,971,727 Seasons Lakewood - Series A & B CA 12,610,000 - - 12,610,000 Seasons San Juan Capistrano - Series A & B CA 18,949,000 - - 18,949,000 Summerhill - Series A & B CA 9,795,000 - (174,982 ) 9,620,018 Sycamore Walk - Series B CA 1,815,000 - (64,432 ) 1,750,568 The Village at Madera - Series A & B CA 4,804,000 - (84,437 ) 4,719,563 Greens Property - Series B NC 940,479 118,216 - 1,058,695 Ohio Properties - Series B OH 3,549,780 449,068 - 3,998,848 Avistar at Chase Hill - Series B TX 957,627 41,820 - 999,447 Avistar at the Crest - Series B TX 753,201 64,228 - 817,429 Avistar at the Oaks - Series B TX 550,836 47,231 - 598,067 Avistar at the Parkway - Series B TX 125,000 - (3,341 ) 121,659 Avistar in 09 - Series B TX 454,390 38,961 - 493,351 Avistar on the Boulevard - Series B TX 447,554 38,165 - 485,719 Crossing at 1415 - Series B TX 335,000 - (2,614 ) 332,386 Heights at 515 - Series B TX 510,000 - (3,977 ) 506,023 Mortgage revenue bonds held by the Partnership $ 89,510,867 $ 869,807 $ (363,802 ) $ 90,016,872 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) (2) (3) (4) 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	The carrying value of the Partnership’s MBS Securities as of December 31, 2016, was zero. The carrying values of the Partnerships MBS Securities at December 31, 2015 are 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)
Mortgage-Backed Securities Terms of MBS Securities	A description of certain terms of the Partnership’s MBS Securities at December 31, 2015 is as follows: Agency Rating of MBS Securities Principal Outstanding December 31, 2015 Weighted Average Maturity Date Weighted Average Coupon Interest Rate “AAA” $ 5,000,000 7/1/2032 4.60 % “AA” 9,765,000 7/9/2036 4.20 % $ 14,765,000

Real Estate Assets (Tables)

Real Estate Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Real Estate [Line Items]
Real Estate Assets Owned by Partnership	The following tables represent information regarding the real estate assets owned by the Partnership at December 31, 2016 and 2015: Real Estate Assets at December 31, 2016 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2016 Eagle Village Evansville, IN 511 $ 567,880 $ 12,655,244 $ 13,223,124 Northern View (f/k/a Meadowview) Highland Heights, KY 294 688,539 8,088,059 8,776,598 Residences of DeCordova Granbury, TX 110 1,170,337 8,029,404 9,199,741 Residences of Weatherford Weatherford, TX 76 1,942,229 5,751,260 7,693,489 Suites on Paseo San Diego, CA 394 3,162,463 38,365,351 41,527,814 The 50/50 MF Property Lincoln, NE 475 - 32,928,878 32,928,878 Jade Park Daytona, FL 144 2,292,035 7,270,845 9,562,880 Land held for development Various N/A 7,531,104 - 7,531,104 $ 130,443,628 Less accumulated depreciation (16,217,028 ) Total real estate assets $ 114,226,600 Real Estate Assets at 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 Woodland Park Topeka, KS 236 1,265,160 14,247,045 15,512,205 Land held for development Various N/A 7,368,255 - 7,368,255 $ 157,041,204 Less accumulated depreciation (16,023,814 ) Total real estate assets $ 141,017,390
Net income, Exclusive of the Gains on Sale	Net income, exclusive of the gains on sale, related to the Arboretum, Woodland Park, Glynn Place and the Colonial MF Properties for the years ended December 31, 2016, 2015 and 2014 are as follows: For the Years Ended December 31, 2016 2015 2014 Net income (loss) $ 222,679 $ 331,391 $ (370,231 )
Unaudited Pro Forma Condensed Consolidated Results Of Operations of the Partnership	The table below shows the unaudited pro forma condensed consolidated results of operations of the Partnership as if the Suites on Paseo and Jade Park had been acquired at January 1, 2015: For the Years Ended December 31, 2016 2015 Pro forma revenues $ 60,008,686 $ 64,162,327 Pro forma net income 24,663,645 23,075,438 Pro forma net income allocated to Unitholders 21,047,854 16,917,875 Pro forma Unitholder's interest in net income per unit (basic and diluted) $ 0.35 $ 0.28
Suites on Paseo [Member]
Real Estate [Line Items]
Condensed Balance Sheet at the Date of Acquisition	A condensed balance sheet at the date of acquisition for the Suites on Paseo acquisition is as follows: Suites on Paseo 9/1/2015 (Date of Acquisition) Cash $ 514,094 Restricted cash 187,715 In-place lease assets 1,227,770 Real estate assets 41,374,397 Other assets 259,633 Total assets $ 43,563,609 Accounts payable, accrued expenses and other $ 493,868 Net assets 43,069,741 Total liabilities and net assets $ 43,563,609
Jade Park [Member]
Real Estate [Line Items]
Condensed Balance Sheet at the Date of Acquisition	A condensed balance sheet at the date of acquisition for the Jade Park acquisition is as follows: Jade Park 9/30/2016 (Date of Acquisition) Land and improvements $ 2,292,035 Buildings and improvements 7,244,534 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

Investment in Unconsolidated En

Investment in Unconsolidated Entities (Tables)	12 Months Ended
	Dec. 31, 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 at December 31, 2016: Property Name Month Commitment Executed Location Units Carrying Value Maximum Remaining Equity Commitment Vantage at Corpus Christi March 2016 Corpus Christi, TX 288 $ 8,447,343 $ 1,550,000 Vantage at Waco August 2016 Waco, TX 288 5,964,861 3,572,133 Vantage at Boerne August 2016 Boerne, TX 288 5,057,802 3,936,115 $ 19,470,006 $ 9,058,248

Property Loan, Net of Loan Lo46

Property Loan, Net of Loan Loss Allowances (Tables)	12 Months Ended
	Dec. 31, 2016
Property Loan Net Of Loan Loss Allowances [Abstract]
Schedule of Property Loans, Net of Loan Loss Allowances	The Partnership had the following Property Loans, Net of Loan Loss Allowances, at December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Property loans receivable $ 36,862,148 $ 29,874,523 Less: Loan loss allowance (7,098,814 ) (7,098,814 ) Total property loans receivable $ 29,763,334 $ 22,775,709
Schedule of Net Taxable Property Loans Outstanding	The following represents the net taxable property loans outstanding at December 31, 2016 and 2015: December 31, 2016 Outstanding Balance Accrued Interest Loan Loss Allowances Interest Allowance Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ 54,742 $ - $ - $ 246,006 Ashley Square 5,078,342 - (3,596,342 ) - 1,482,000 Avistar (February 2013 portfolio) 274,496 90,491 - - 364,987 Avistar (June 2013 portfolio) 251,622 82,951 - - 334,573 Cross Creek 7,155,545 - (3,447,472 ) - 3,708,073 Greens Property 850,000 467,511 - - 1,317,511 Lake Forest 4,623,704 - (55,000 ) - 4,568,704 Ohio Properties 2,390,446 1,021,723 - - 3,412,169 Vantage at Brooks, LLC 7,199,424 743,928 - - 7,943,352 Vantage at Braunfels, LLC 6,347,305 703,416 - - 7,050,721 Winston Group, Inc 2,500,000 - - - 2,500,000 Total $ 36,862,148 $ 3,164,762 $ (7,098,814 ) $ - $ 32,928,096 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
Summary of Changes in Partnership’s Loan Loss Reserves	The following table summarizes the changes in the Partnership’s loan loss reserves for the years ended December 31, 2016, 2015 and 2014: For the Year Ended December 31, 2016 2015 2014 Balance, beginning of year $ 7,098,814 $ 7,098,814 $ 7,023,814 Provision for loan loss - - 75,000 Balance, end of year $ 7,098,814 $ 7,098,814 $ 7,098,814

Income Tax Provision (Tables)

Income Tax Provision (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	There was no income tax expense or benefit for the years ended December 31, 2015 and 2014. The following table summarizes our income tax expense for the years ended December 31, 2016, 2015 and 2014: For the Years Ended December 31, 2016 Current income tax expense: Current income tax expense $ - Current income tax expense on dispositions 4,593,000 Deferred income tax expense: Deferred income tax expense (benefit) 366,000 Total income tax expense $ 4,959,000
Schedule of Reconciled to Provision for Income Taxes	For the year ended December 31, 2016, income taxes computed by applying the U.S. Federal statutory rates to income from continuing operations before income taxes for the Greens Holdco are reconciled to the provision for income taxes set forth in the consolidated statements of operations as follows: As of December 31, 2016 Expected tax expense at U.S. Federal statutory rate of 35% $ 4,684,431 State income taxes, net of federal income tax effect 733,038 Impact of changes in valuation allowances (535,641 ) Other 77,172 Provision for income taxes $ 4,959,000
Summary of Deferred Tax Assets and Liabilities	The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following: December 31, 2016 Deferred tax assets (liabilities): Depreciation and amortization $ (322,178 ) Prepaid expenses (50,935 ) Accruals and reserves 7,113 Gross deferred tax liabilities (366,000 ) Valuation allowance - Net deferred tax liabilities $ (366,000 )

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Other Assets	The Partnership had the following Other Assets at December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Deferred financing costs - net $ 456,890 $ 487,023 Fair value of derivative instruments (Note 19) 383,604 344,177 Taxable bonds at fair market value 4,084,599 4,824,060 Bond purchase commitments - fair value (Note 20) 2,399,449 5,634,360 Other assets 1,470,650 1,655,013 Total other assets $ 8,795,192 $ 12,944,633
Investments Classified by Contractual Maturity Date	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 The terms of the Pro Nova 2014-2 bonds are as follows: 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 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 year ended December 31, 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 Harmony Court Bakersfield - Series A November Bakersfield, CA 96 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B November Bakersfield, CA 96 12/1/2018 5.50 % 1,997,000 Summerhill - Series A November Bakersfield, CA 128 12/1/2033 5.00 % 6,423,000 Summerhill - Series B November Bakersfield, CA 128 12/1/2018 5.50 % 3,372,000 The Village at Madera - Series A November Madera, CA 75 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B November Madera, CA 75 12/1/2018 5.50 % 1,719,000 15 West Apartments (1) December Vancouver, WA 120 7/1/2054 6.25 % 9,850,000 Courtyard Apartments - Series A December Fullerton, CA 108 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B December Fullerton, CA 108 12/1/2018 5.50 % 6,228,000 Harmony Terrace - Series A December Simi Valley, CA 136 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B December Simi Valley, CA 136 1/1/2019 5.50 % 7,400,000 Oaks at Georgetown - Series A December Georgetown, TX 192 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B December Georgetown, TX 192 1/1/2019 5.50 % 5,512,000 Seasons Lakewood - Series A December Lakewood, CA 85 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B December Lakewood, CA 85 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A December San Juan Capistrano, CA 112 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B December San Juan Capistrano, CA 112 1/1/2019 5.50 % 6,574,000 1 During 2015, the Partnership redeemed the following Series B and Series C mortgage revenue bonds. The Series B mortgage revenue bonds were redeemed for approximately $5.8 million which approximated their carrying value plus accrued interest. The Series C mortgage revenue bonds were paid off with proceeds from the issuance of new mortgage revenue bonds included in the acquisitions table below for an amount that 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 Vantage at Harlingen - Series C June San Antonio, TX 288 10/1/2053 9.00 % $ 6,692,000 Vantage at Judson - Series C June San Antonio, TX 288 2/1/2053 9.00 % 6,049,000 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 year ended December 31, 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 9.00 % 24,575,000 Vantage at Judson June San Antonio, TX 288 1/1/2053 9.00 % 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 Crossing at 1415 - Series A November San Antonio, TX 112 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B November San Antonio, TX 112 1/1/2053 12.00 % 335,000 Heights at 515 - Series A November San Antonio, TX 97 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B November San Antonio, TX 97 1/1/2053 12.00 % 510,000 Columbia Gardens December Columbia, SC 188 12/1/2050 5.50 % 15,000,000 Sycamore Walk - Series A December Bakersfield, CA 112 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B December Bakersfield, CA 112 1/1/2018 5.50 % 1,815,000 Willow Run December Columbia, SC 200 12/1/2050 5.50 % 15,000,000 The following tables represent a description of certain terms of the mortgage revenue bonds owned by the Partnership as of December 31, 2016, and 2015: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2016 15 West Apartments - Series A (2) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,850,000 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,351,321 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,039,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,268,850 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,844,994 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,549,644 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,158,382 Avistar at the Oak - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,709,040 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,656,458 Avistar on the Hill - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,326,157 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,005,226 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,365,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,535,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,076,558 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Companion at Thornhill Apartments (2) 2016 Lexington, SC 1/1/2052 5.80 % 11,500,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 19,185,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 13,440,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 20,820,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,145,000 Courtyard Apartments - Series A 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B 2016 Fullerton, CA 12/1/2018 5.50 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,258,605 Crossing at 1415 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,950,214 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,210,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 940,479 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,912,535 Harmony Court Bakersfield - Series A 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B 2016 Bakersfield, CA 12/1/2018 5.50 % 1,997,000 Harmony Terrace - Series A (2) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B (2) 2016 Simi Valley, CA 1/1/2019 5.50 % 7,400,000 Heights at 515 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,161,330 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,639,000 Las Palmas II - Series A 2016 Coachella, CA 11/1/2033 5.00 % 1,695,000 Las Palmas II - Series B 2016 Coachella, CA 11/1/2018 5.50 % 1,770,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,085,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Oaks at Georgetown - Series A (2) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B (2) 2016 Georgetown, TX 1/1/2019 5.50 % 5,512,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,215,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,549,780 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) (5) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,348,364 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,250,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 San Vicente - Series A 2016 Soledad, CA 11/1/2033 5.00 % 3,495,000 San Vicente - Series B 2016 Soledad, CA 11/1/2018 5.50 % 1,825,000 Seasons at Simi Valley - Series A (2) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,376,000 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2017 8.00 % 1,944,000 Seasons Lakewood - Series A 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B 2016 Lakewood, CA 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B 2016 San Juan Capistrano, CA 1/1/2019 5.50 % 6,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,933,259 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,435,000 Summerhill - Series A 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Summerhill - Series B 2016 Bakersfield, CA 12/1/2018 5.50 % 3,372,000 Sycamore Walk - Series A (2) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B 2015 Bakersfield, CA 1/1/2018 5.50 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,826,716 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 6,024,120 Vantage at Judson (4) 2015 San Antonio, TX 1/1/2053 6.00 % 26,356,498 Vantage at Harlingen (4) 2015 San Antonio, TX 9/1/2053 6.00 % 24,529,580 The Village at Madera - Series A 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B 2016 Madera, CA 12/1/2018 5.50 % 1,719,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,936,750 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,310,000 $ 648,439,860 (1) (2) (3) (4) Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2015 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % $ 11,450,000 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,099,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,418,497 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,935,552 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,637,485 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,168,196 Avistar at the Oak - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,777,936 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,715,948 Avistar on the Hill - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,373,756 Avistar (June 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,009,621 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,430,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,595,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,168,742 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 17,060,000 Concord at Gulfgate - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,125,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 12,480,000 Concord at Little York - Series B 2015 Houston, TX 3/1/2032 12.00 % 960,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 18,020,000 Concord at Williamcrest - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,800,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,185,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,343,321 Crossing at 1415 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 23,000,000 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Glenview - Series B 2014 Cameron Park, CA 12/1/2016 8.00 % 2,053,000 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,294,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 943,214 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,960,000 Heights at 515 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,185,000 Heritage Square - Series B 2014 Edinburg, TX 10/1/2051 12.00 % 520,000 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,766,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,175,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Montclair - Series B 2014 Lemoore, CA 12/1/2016 8.00 % 928,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,311,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,562,190 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Pro Nova - 2014-2 (2) 2014 Knoxville, TN 5/1/2025 5.25 % 9,295,000 Renaissance - Series A (4) (5) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,450,959 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,350,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 Santa Fe - Series B 2014 Hesperia, CA 12/1/2016 8.00 % 1,671,000 Seasons at Simi Valley - Series A 2015 Simi Valley, CA 9/1/2032 5.75 % 4,376,000 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2017 5.50 % 1,944,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,983,811 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,560,000 Sycamore Walk - Series A 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B 2015 Bakersfield, CA 1/1/2018 5.50 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 20,001,272 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 6,075,000 Vantage at Judson (4) 2015 San Antonio, TX 1/1/2053 9.00 % 26,540,000 Vantage at Harlingen (4) 2015 San Antonio, TX 9/1/2053 9.00 % 24,575,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,970,000 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,351,000 $ 534,745,500 (1) (2) (3) (4)
Silver Moon [Member]
Investments Classified by Contractual Maturity Date	The following table summarizes the terms of the taxable bond redeemed: 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 The following table summarizes the terms of the taxable bond acquired: 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)	12 Months Ended
	Dec. 31, 2016
Discontinued Operations [Abstract]
Discontinued Operations Income Statement	The following presents the revenues, expenses and income from discontinued operations for the years ended December 31, 2015 and 2014: 2015 2014 Rental revenues $ 2,952,383 $ 3,180,680 Expenses 2,394,074 3,127,907 Net income from discontinued operations 558,309 52,773 Gain on sale of discontinued operations 3,163,088 - Net income from discontinued operations $ 3,721,397 $ 52,773

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)	12 Months Ended
	Dec. 31, 2016
Unsecured Lines of Credit [Member]
Summary of Unsecured Lines of Credit	The following tables summarize the Partnership’s unsecured lines of credit (“LOC”) at December 31, 2016 and 2015: Unsecured Lines of Credit Outstanding on December 31, 2016 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 40,000,000 $ 40,000,000 May 2018 Variable Monthly 3.13 % Bankers Trust operating - 7,500,000 May 2018 Variable Monthly 3.88 % Total unsecured lines of credit $ 40,000,000 $ 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 2017 Variable Monthly 2.90 % Bankers Trust operating - 5,000,000 March 2016 Variable Monthly 3.50 % Five Points Bank operating 5,000,000 5,000,000 March 2016 Variable Monthly 3.40 % Total unsecured lines of credit $ 17,497,000 $ 47,500,000

Secured Lines of Credit (Tables

Secured Lines of Credit (Tables)	12 Months Ended
	Dec. 31, 2016
Secured Line of Credit [Member]
Summary of Unsecured Lines of Credit	The following table summarizes the secured LOC, net of deferred financing costs, at December 31, 2016: Secured Lines of Credit Outstanding on December 31, 2016, net Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 19,816,667 $ 20,000,000 March 2017 Variable Monthly 3.13 %

Debt Financing (Tables)

Debt Financing (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Financing [Abstract]
Schedule of Total Debt Financing	The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2016 and 2015: Outstanding Debt Financings on December 31, 2016, net Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,860,699 $ - 2014 Jul 2017 - Jul 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 171,778,950 1,373,695 2016 (1) (1) (1) (1) (1) Variable - TOB 42,455,000 - 2012 Dec 2016 Weekly 1.29 - 1.39% 1.62% 2.91 - 3.01% TEBS Financings Variable - TEBS I 60,430,991 396,412 2010 September 2017 Weekly 0.77 % 1.85% 2.62% Variable - TEBS II (2) 91,768,081 170,988 2014 July 2019 Weekly 0.75 % 1.62% 2.37% Variable - TEBS III (2) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75 % 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) (2) Outstanding Financings on December 31, 2015, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB Trusts Securitization Fixed - Term TOB $ 160,582,124 $ 1,930,027 (3) (3) (3) (3) (3) (3) Variable - TOB 55,930,000 - 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable - TEBS I 60,735,743 364,637 2010 September 2017 Weekly 0.04% 1.91% 1.95% Variable - TEBS II (4) 92,280,069 163,418 2014 July 2019 Weekly 0.02% 1.42% 1.44% Variable - TEBS III (4) 81,968,780 4,843,625 2015 July 2020 Weekly 0.02% 1.26% 1.28% Total Debt Financings $ 451,496,716 (3) (4) The fixed Term TOB Financings at December 31, 2016 are secured by the mortgage revenue bonds for Live 929 Apartments and Pro Nova 2014-1. The variable TOB Financings at December 31, 2016 are secured by three PHC Certificates (See Note 7). The following table summarizes the individual Term A/B Trust securitizations at December 31, 2016: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at December 31, 2016, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Willow Run $ 11,564,852 $ - 2016 September 2026 3.64 % Columbia Gardens 11,565,068 - 2016 September 2026 3.64 % Concord at Little York 11,301,031 - 2016 September 2026 3.64 % Concord at Williamscrest 17,504,186 - 2016 September 2026 3.64 % Concord at Gulfgate 16,133,987 - 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,666,656 - 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,678,770 - 2016 September 2026 3.64 % Sycamore Walk 3,050,786 - 2016 September 2026 3.64 % Decatur-Angle Apartments 21,387,126 755,489 2016 September 2026 3.64 % Berrendo Square Apartments 5,409,361 - 2016 September 2026 3.64 % Laurel Crossings Apartments 6,378,482 - 2016 September 2026 3.64 % Bruton Apartments 15,258,925 618,206 2016 September 2026 3.64 % 15 West Apartments 8,366,804 - 2016 December 2026 3.64 % Oaks at Georgetown A 11,709,479 - 2016 March 2017 4.56 % Harmony Terrace A 6,549,479 - 2016 March 2017 4.56 % Oaks at Georgetown B 5,229,479 - 2016 March 2017 4.56 % Harmony Terrace B 7,024,479 - 2016 March 2017 4.56 % Total A/B Trust Financing\ Weighted Average Period End Rate $ 171,778,950 3.80 % The variable TOB Financings at December 31, 2015 are secured by three PHC Certificates (See Note 7) and three MBS Securities (See Note 8). The following table summarizes the individual fixed rate TOB Trust securitizations at December 31, 2015: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing at December 31, 2015, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Decatur Angle $ 22,847,450 $ 1,078,823 2014 October 2016 4.26 % Live 929 37,935,981 - 2014 July 2019 4.39 % Bruton Apartments 17,246,899 851,204 2014 July 2017 4.51 % Pro Nova 2014-1 9,006,899 - 2014 July 2017 4.01 % Pro Nova 2014-2 8,371,899 - 2014 July 2017 4.01 % Concord at Gulfgate 14,936,685 - 2015 February 2018 2.76 % Concord at Little York 11,231,685 - 2015 February 2018 2.76 % Concord at Williamcrest 15,606,685 - 2015 February 2018 2.76 % Columbia Gardens 11,699,209 - 2015 December 2017 2.76 % Willow Run 11,698,732 - 2015 December 2017 2.76 % Total TOB Trust Financing\Weighted Average Period End Rate $ 160,582,124 3.68 %
Schedule of Maturities of Long-term Debt	The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2017 $ 148,105,926 2018 3,117,845 2019 130,608,707 2020 82,404,547 2021 1,381,375 Thereafter 134,650,501 Total $ 500,268,901

Mortgages Payable and Other S53

Mortgages Payable and Other Secured Financing (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Total Debt Financing	The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2016 and 2015: Outstanding Debt Financings on December 31, 2016, net Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,860,699 $ - 2014 Jul 2017 - Jul 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 171,778,950 1,373,695 2016 (1) (1) (1) (1) (1) Variable - TOB 42,455,000 - 2012 Dec 2016 Weekly 1.29 - 1.39% 1.62% 2.91 - 3.01% TEBS Financings Variable - TEBS I 60,430,991 396,412 2010 September 2017 Weekly 0.77 % 1.85% 2.62% Variable - TEBS II (2) 91,768,081 170,988 2014 July 2019 Weekly 0.75 % 1.62% 2.37% Variable - TEBS III (2) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75 % 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) (2) Outstanding Financings on December 31, 2015, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB Trusts Securitization Fixed - Term TOB $ 160,582,124 $ 1,930,027 (3) (3) (3) (3) (3) (3) Variable - TOB 55,930,000 - 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable - TEBS I 60,735,743 364,637 2010 September 2017 Weekly 0.04% 1.91% 1.95% Variable - TEBS II (4) 92,280,069 163,418 2014 July 2019 Weekly 0.02% 1.42% 1.44% Variable - TEBS III (4) 81,968,780 4,843,625 2015 July 2020 Weekly 0.02% 1.26% 1.28% Total Debt Financings $ 451,496,716 (3) (4) The fixed Term TOB Financings at December 31, 2016 are secured by the mortgage revenue bonds for Live 929 Apartments and Pro Nova 2014-1. The variable TOB Financings at December 31, 2016 are secured by three PHC Certificates (See Note 7). The following table summarizes the individual Term A/B Trust securitizations at December 31, 2016: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at December 31, 2016, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Willow Run $ 11,564,852 $ - 2016 September 2026 3.64 % Columbia Gardens 11,565,068 - 2016 September 2026 3.64 % Concord at Little York 11,301,031 - 2016 September 2026 3.64 % Concord at Williamscrest 17,504,186 - 2016 September 2026 3.64 % Concord at Gulfgate 16,133,987 - 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,666,656 - 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,678,770 - 2016 September 2026 3.64 % Sycamore Walk 3,050,786 - 2016 September 2026 3.64 % Decatur-Angle Apartments 21,387,126 755,489 2016 September 2026 3.64 % Berrendo Square Apartments 5,409,361 - 2016 September 2026 3.64 % Laurel Crossings Apartments 6,378,482 - 2016 September 2026 3.64 % Bruton Apartments 15,258,925 618,206 2016 September 2026 3.64 % 15 West Apartments 8,366,804 - 2016 December 2026 3.64 % Oaks at Georgetown A 11,709,479 - 2016 March 2017 4.56 % Harmony Terrace A 6,549,479 - 2016 March 2017 4.56 % Oaks at Georgetown B 5,229,479 - 2016 March 2017 4.56 % Harmony Terrace B 7,024,479 - 2016 March 2017 4.56 % Total A/B Trust Financing\ Weighted Average Period End Rate $ 171,778,950 3.80 % The variable TOB Financings at December 31, 2015 are secured by three PHC Certificates (See Note 7) and three MBS Securities (See Note 8). The following table summarizes the individual fixed rate TOB Trust securitizations at December 31, 2015: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing at December 31, 2015, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Decatur Angle $ 22,847,450 $ 1,078,823 2014 October 2016 4.26 % Live 929 37,935,981 - 2014 July 2019 4.39 % Bruton Apartments 17,246,899 851,204 2014 July 2017 4.51 % Pro Nova 2014-1 9,006,899 - 2014 July 2017 4.01 % Pro Nova 2014-2 8,371,899 - 2014 July 2017 4.01 % Concord at Gulfgate 14,936,685 - 2015 February 2018 2.76 % Concord at Little York 11,231,685 - 2015 February 2018 2.76 % Concord at Williamcrest 15,606,685 - 2015 February 2018 2.76 % Columbia Gardens 11,699,209 - 2015 December 2017 2.76 % Willow Run 11,698,732 - 2015 December 2017 2.76 % Total TOB Trust Financing\Weighted Average Period End Rate $ 160,582,124 3.68 %
Schedule of Maturities of Long-term Debt	The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st 2017 $ 148,105,926 2018 3,117,845 2019 130,608,707 2020 82,404,547 2021 1,381,375 Thereafter 134,650,501 Total $ 500,268,901
Mortgages payable [Member]
Schedule of Total Debt 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 December 31, 2016, net Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Eagle Village (1) $ 7,845,711 2010 September 2018 Variable Monthly 0.63 % 3.00 % 3.63 % Residences of DeCordova 1,744,858 2012 June 2017 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,589,086 2011 June 2017 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--Mortgage (2) 25,082,636 2013 March 2020 Variable Monthly 3.50 % N/A 3.50 % The 50/50 MF Property--TIF Loan 3,656,090 2014 December 2019 Fixed N/A N/A N/A 4.65 % Jade Park 7,461,131 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 51,379,512 3.83 % (1) (2) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2015, net 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\Weighted Average Period End Rate $ 69,247,574 3.60 % (1) (2)
Schedule of Maturities of Long-term Debt	The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st : 2017 $ 8,270,379 2018 8,475,223 2019 4,166,034 2020 23,949,298 2021 6,858,994 Total mortgages payable and other secured financings $ 51,719,928

Interest Rate Derivatives (Tabl

Interest Rate Derivatives (Tables)	12 Months Ended
	Dec. 31, 2016
Interest Rate Derivative Agreements [Abstract]
Summary of Partnership’s Interest Rate Derivatives, Except for Interest Rate Swaps	The following table summarizes the Partnership’s interest rate derivatives, except for interest rate swaps, at December 31, 2016: Purchase Date Initial Notional Amount Effective Capped Rate Maturity Date Purchase Price Fair Value - Asset (Liability) (1) Variable Debt Financing Facility Hedged Maximum Potential Cost of Borrowing Counterparty Sept 2010 $ 31,936,667 3.0 % Sept 2017 $ 921,000 $ 2 M24 TEBS 5.0 % Bank of New York Mellon Sept 2010 31,936,667 3.0 % Sept 2017 845,600 2 M24 TEBS 5.0 % Barclays Bank PLC Sept 2010 31,936,667 3.0 % Sept 2017 928,000 2 M24 TEBS 5.0 % Royal Bank of Canada Aug 2013 93,305,000 1.5 % Sept 2017 793,000 619 M24 TEBS 3.5 % Deutsche Bank Feb 2014 41,250,000 1.0 % March 2017 230,500 2 PHC TOB Trusts 3.3 % SMBC Capital Markets, Inc July 2014 31,565,000 3.0 % Aug 2019 315,200 34,614 M31 TEBS 4.4 % Barclays Bank PLC July 2014 31,565,000 3.0 % Aug 2019 343,000 34,614 M31 TEBS 4.4 % Royal Bank of Canada July 2014 31,565,000 3.0 % Aug 2019 333,200 34,614 M31 TEBS 4.4 % SMBC Capital Markets, Inc July 2015 28,095,000 3.0 % Aug 2020 210,000 93,045 M33 TEBS 4.3 % Wells Fargo Bank July 2015 28,095,000 3.0 % Aug 2020 187,688 93,045 M33 TEBS 4.3 % Royal Bank of Canada July 2015 28,095,000 3.0 % Aug 2020 174,900 93,045 M33 TEBS 4.3 % SMBC Capital Markets, Inc $ 383,604 (1)
Summary of Interest Rate Swaps	The following table summarizes the terms of the interest rate swaps at December 31, 2016 and 2015: Purchase Date Initial Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty December 31, 2016 - Fair Value of Liability December 31, 2015 - Fair Value of Liability Sept 2014 $ 23,000,000 Oct 2016 Oct 2021 1.96 % 0.53 % 70% 30-day LIBOR Deutsche Bank $ (738,574 ) $ (737,219 ) Sept 2014 $ 18,126,731 April 2017 April 2022 2.06 % N/A 70% 30-day LIBOR Deutsche Bank (600,709 ) (579,856 ) $ (1,339,283 ) $ (1,317,075 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments And Contingencies [Abstract]
Long-term Purchase Commitment	The following table summarizes the Partnership’s bond purchase commitments at December 31, 2016 and 2015: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at December 31, 2016 Fair Value at December 31, 2015 15 West Apartments July 2014 $ - $ - 6.25 % Q4 2016 $ - $ 945,009 Villas at Plano Gateway Apartments December 2014 20,000,000 - 6.00 % Q2 2017 838,200 1,469,213 Village at Rivers Edge May 2015 11,000,000 - 6.00 % Q2 2017 467,720 636,560 Palo Alto July 2015 19,540,000 - 5.80 % Q3 2017 627,429 1,439,600 Village at Avalon November 2015 - 16,400,000 5.80 % Q2 2018 466,100 1,143,978 Total $ 50,540,000 $ 16,400,000 $ 2,399,449 $ 5,634,360 (1)

Redeemable Series A Preferred56

Redeemable Series A Preferred Units (Tables)	12 Months Ended
	Dec. 31, 2016
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Series A Preferred Units	The following table summarizes the issuances of Series A Preferred Units during the year ended December 31, 2016: December 31, 2016 Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 4,086,900 $ 40,869,000

Restricted Unit Awards (_RUAs57

Restricted Unit Awards (“RUAs”) (Tables)	12 Months Ended
	Dec. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of RUA Activity	The following table summarizes the RUA activity for the year ended December 31, 2016: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested at January 1, 2016 - $ - Granted 272,307 6.03 Vested (114,003 ) 6.03 Nonvested at December 31, 2016 158,304 $ 6.03

Transactions with Related Par58

Transactions with Related Parties (Tables)	12 Months Ended
	Dec. 31, 2016
Transactions With Related Parties [Abstract]
Schedule of Related Party Transactions	The amounts in the following table represent amounts reimbursable to AFCA 2 or an affiliate for such expenses. 2016 2015 2014 Reimbursable salaries and benefits $ 2,921,762 $ 1,744,855 $ 1,599,294 Other expenses 5,883 6,819 975 Insurance 204,357 224,946 227,265 Professional fees and expenses 390,961 284,767 208,648 Consulting and travel expenses 11,634 15,372 1,697 $ 3,534,597 $ 2,276,759 $ 2,037,879

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Fair Value Measurements [Abstract]
Fair Value Measurement, Recurring	Assets and liabilities measured at fair value on a recurring basis at December 31, 2016 are summarized as follows: Fair Value Measurements at December 31, 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, held in trust $ 590,194,179 $ - $ - $ 590,194,179 Mortgage revenue bonds 90,016,872 - - 90,016,872 Bond purchase commitments (reported within other assets) 2,399,449 - - 2,399,449 PHC Certificates 57,158,068 - - 57,158,068 Taxable bonds (reported within other assets) 4,084,599 - - 4,084,599 Derivative contracts (reported within other assets) 383,604 - - 383,604 Derivative swap liability (1,339,283 ) - - (1,339,283 ) Total Assets and Liabilities at Fair Value, net $ 742,897,488 $ - $ - $ 742,897,488 Assets and liabilities measured at fair value on a recurring basis at December 31, 2015 are summarized as follows: 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 held in trust $ 536,316,481 $ - $ - $ 536,316,481 Mortgage revenue bonds 47,366,656 - - 47,366,656 Bond purchase commitments (reported within other assets) 5,634,360 - - 5,634,360 PHC Certificates 60,707,290 - - 60,707,290 MBS Securities 14,775,309 - 14,775,309 - Taxable bonds (reported within other assets) 4,824,060 - - 4,824,060 Derivative contracts (reported within other assets) 344,177 - - 344,177 Interest swap liability (1,317,075 ) - - (1,317,075 ) Total Assets and Liabilities at Fair Value $ 668,651,258 $ - $ 14,775,309 $ 653,875,949
Fair Value Assets Liabilities Measured On Recurring Basis Unobservable Input Reconciliation	The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2016: For Twelve Months Ended December 31, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) 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 175,769 - (54,605 ) - 17,618 138,782 Included in other comprehensive (loss) income (17,342,217 ) (3,234,911 ) (1,480,497 ) (188,299 ) - (22,245,924 ) Purchases 130,620,000 - - - - 130,620,000 Sale of securities (9,295,000 ) - - - (399 ) (9,295,399 ) Settlements (7,630,638 ) - (2,014,120 ) (551,162 ) - (10,195,920 ) Ending Balance December 31, 2016 $ 680,211,051 $ 2,399,449 $ 57,158,068 $ 4,084,599 $ (955,679 ) $ 742,897,488 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2016 $ - $ - $ - $ - $ 17,618 $ 17,618 (1) (2) The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2015: For Twelve Months Ended December 31, 2015 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) 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) - - - - (1,802,655 ) (1,802,655 ) Included in other comprehensive income 9,370,264 (146,053 ) 462,297 (138,682 ) - 9,547,826 Purchases 188,572,000 - - - - 188,572,000 Mortgage revenue bond exchanged for MF Property (41,580,919 ) - - - - (41,580,919 ) Purchase interest rate derivative - - - - 562,088 562,088 Settlements (21,702,345 ) - (1,018,130 ) 346,177 - (22,374,298 ) Ending Balance December 31, 2015 $ 583,683,137 $ 5,634,360 $ 60,707,290 $ 4,824,060 $ (972,898 ) $ 653,875,949 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2015 $ - $ - $ - $ - $ (1,802,655 ) $ (1,802,655 ) (1) (2) The following tables summarizes the activity related to Level 3 assets and liabilities for the year ended December 31, 2014: For Twelve Months Ended December 31, 2014 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2014 $ 285,318,171 $ (4,852,177 ) $ 62,056,379 $ 4,075,953 $ 888,120 $ 347,486,446 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (2,003,351 ) (2,003,351 ) Included in other comprehensive (loss) income 52,272,236 10,632,590 5,219,937 685,612 - 68,810,375 Purchases 142,794,827 - - - - 142,794,827 Purchase interest rate derivative - - - - 1,382,900 1,382,900 Mortgage revenue bond and MBS Securities sales and redemption (30,464,798 ) - - - - (30,464,798 ) Settlements (896,299 ) - (6,013,193 ) (145,000 ) - (7,054,492 ) Ending Balance December 31, 2014 $ 449,024,137 $ 5,780,413 $ 61,263,123 $ 4,616,565 $ 267,669 $ 520,951,907 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2014 $ - $ - $ - $ - $ (2,003,351 ) $ (2,003,351 ) (1) (2)
Fair Value, by Balance Sheet Grouping	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 Consolidated Balance Sheets at December 31, 2016 and 2015: December 31, 2016 December 31, 2015 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 555,199,700 $ 553,083,924 $ 468,993,716 $ 475,415,345 Mortgages payable and other secured financing $ 51,379,512 $ 51,595,281 $ 69,247,574 $ 67,735,213

Segment Reporting (Tables)

Segment Reporting (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	The following table details certain key financial information for the Partnership’s reportable segments for the three years ended December 31: 2016 2015 2014 Total revenues Mortgage Revenue Bond Investments $ 36,673,232 $ 38,772,872 $ 23,227,674 MF Properties 17,404,439 17,789,125 14,250,572 Public Housing Capital Fund Trust 2,888,035 2,994,482 3,038,819 MBS Securities Investments 17,921 225,890 1,423,958 Other Investments 1,995,123 170,922 - Total revenues $ 58,978,750 $ 59,953,291 $ 41,941,023 Interest expense Mortgage Revenue Bond Investments $ 11,904,616 $ 10,787,252 $ 7,147,092 MF Properties 2,200,531 2,659,350 2,319,928 Public Housing Capital Fund Trust 1,349,800 1,221,713 1,295,238 MBS Securities Investments 14,692 157,902 403,653 Total interest expense $ 15,469,639 $ 14,826,217 $ 11,165,911 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - MF Properties 5,980,483 5,888,973 4,801,533 Public Housing Capital Fund Trust - - - MBS Securities Investments - - - Total depreciation expense $ 5,980,483 $ 5,888,973 $ 4,801,533 Income (loss) from continuing operations Mortgage Revenue Bond Investments $ 11,755,639 $ 17,924,037 $ 13,181,961 MF Properties 8,442,704 2,964,297 (938,151 ) Public Housing Capital Fund Trust 1,538,234 1,758,022 1,714,968 MBS Securities Investments 51,984 67,547 1,017,637 Other Investments 1,995,123 170,922 - Income from continuing operations $ 23,783,684 $ 22,884,825 $ 14,976,415 Net income (loss) Mortgage Revenue Bond Investments $ 11,755,639 $ 17,924,037 $ 13,181,961 MF Properties 8,443,527 2,967,098 (933,478 ) Public Housing Capital Fund Trust 1,538,234 1,758,022 1,714,968 MBS Securities Investments 51,984 67,547 1,017,637 Other Investments 1,995,123 170,922 - Discontinued Operations - 3,721,397 52,773 Partnership net income $ 23,784,507 $ 26,609,023 $ 15,033,861 The following table details total assets for the Company’s reportable segments for the two years ended December 31: Total assets December 31, 2016 December 31, 2015 (1) Mortgage Revenue Bond Investments $ 764,995,675 $ 658,846,881 MF Properties 129,895,112 141,704,103 Public Housing Capital Fund Trust Certificates 57,461,268 61,021,462 MBS Securities Investments - 15,035,061 Other Investments 34,540,280 7,726,970 Consolidation/eliminations (42,778,661 ) (17,223,994 ) Total assets $ 944,113,674 $ 867,110,483 (1) The Partnership has reduced the reported assets of the Mortgage Revenue Bond Investments segment and the consolidation and eliminations amount by approximately $182.7 million to eliminate intercompany activity within the Mortgage Revenue Bond Investments segment.

Summary of Unaudited Quarterl61

Summary of Unaudited Quarterly Results of Operations (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of Quarterly Financial Information	2016 March 31, June 30, September 30, December 31, Revenues and other income $ 14,927,956 $ 27,376,050 $ 14,855,912 $ 15,899,246 Income from continuing operations 2,531,688 11,005,829 4,622,874 5,623,293 Income from discontinuing operations - - - - Net income - America First Multifamily Investors, L.P. $ 2,531,700 $ 11,005,930 $ 4,623,542 $ 5,623,335 Income from continuing operations, per unit $ 0.04 $ 0.15 $ 0.06 $ 0.09 Income from discontinued operations, per unit - - - - Net income, basic and diluted, per unit $ 0.04 $ 0.15 $ 0.06 $ 0.09 2015 March 31, June 30, September 30, December 31, Revenues and other income $ 12,506,625 $ 17,119,567 $ 14,084,872 $ 20,841,336 Income from continuing operations 2,499,160 7,983,295 2,286,383 10,115,987 Income (loss) from discontinued operations 24,428 238,287 253,894 3,204,788 Net income - America First Multifamily Investors, L.P. $ 2,524,479 $ 8,221,271 $ 2,540,649 $ 13,322,624 Income from continuing operations, per unit $ 0.04 $ 0.12 $ 0.03 $ 0.15 Income from discontinued operations, per unit - - 0.01 (0.01 ) Net income, basic and diluted, per unit $ 0.04 $ 0.12 $ 0.04 $ 0.14

Subsequent Events (Tables)

Subsequent Events (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of Total Debt Financing	The following table provides the details related to the total Debt Financing, net of deferred financing costs, at December 31, 2016 and 2015: Outstanding Debt Financings on December 31, 2016, net Restricted Cash Years Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,860,699 $ - 2014 Jul 2017 - Jul 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 171,778,950 1,373,695 2016 (1) (1) (1) (1) (1) Variable - TOB 42,455,000 - 2012 Dec 2016 Weekly 1.29 - 1.39% 1.62% 2.91 - 3.01% TEBS Financings Variable - TEBS I 60,430,991 396,412 2010 September 2017 Weekly 0.77 % 1.85% 2.62% Variable - TEBS II (2) 91,768,081 170,988 2014 July 2019 Weekly 0.75 % 1.62% 2.37% Variable - TEBS III (2) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75 % 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) (2) Outstanding Financings on December 31, 2015, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB Trusts Securitization Fixed - Term TOB $ 160,582,124 $ 1,930,027 (3) (3) (3) (3) (3) (3) Variable - TOB 55,930,000 - 2012 April 2016 - June 2016 Weekly 0.16 - 0.68% 0.94 - 1.62% 1.1 - 2.3% TEBS Financings Variable - TEBS I 60,735,743 364,637 2010 September 2017 Weekly 0.04% 1.91% 1.95% Variable - TEBS II (4) 92,280,069 163,418 2014 July 2019 Weekly 0.02% 1.42% 1.44% Variable - TEBS III (4) 81,968,780 4,843,625 2015 July 2020 Weekly 0.02% 1.26% 1.28% Total Debt Financings $ 451,496,716 (3) (4) The fixed Term TOB Financings at December 31, 2016 are secured by the mortgage revenue bonds for Live 929 Apartments and Pro Nova 2014-1. The variable TOB Financings at December 31, 2016 are secured by three PHC Certificates (See Note 7). The following table summarizes the individual Term A/B Trust securitizations at December 31, 2016: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at December 31, 2016, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Willow Run $ 11,564,852 $ - 2016 September 2026 3.64 % Columbia Gardens 11,565,068 - 2016 September 2026 3.64 % Concord at Little York 11,301,031 - 2016 September 2026 3.64 % Concord at Williamscrest 17,504,186 - 2016 September 2026 3.64 % Concord at Gulfgate 16,133,987 - 2016 September 2026 3.64 % Companion at Thornhill Apartment 9,666,656 - 2016 September 2026 3.64 % Seasons at Simi Valley Apartments 3,678,770 - 2016 September 2026 3.64 % Sycamore Walk 3,050,786 - 2016 September 2026 3.64 % Decatur-Angle Apartments 21,387,126 755,489 2016 September 2026 3.64 % Berrendo Square Apartments 5,409,361 - 2016 September 2026 3.64 % Laurel Crossings Apartments 6,378,482 - 2016 September 2026 3.64 % Bruton Apartments 15,258,925 618,206 2016 September 2026 3.64 % 15 West Apartments 8,366,804 - 2016 December 2026 3.64 % Oaks at Georgetown A 11,709,479 - 2016 March 2017 4.56 % Harmony Terrace A 6,549,479 - 2016 March 2017 4.56 % Oaks at Georgetown B 5,229,479 - 2016 March 2017 4.56 % Harmony Terrace B 7,024,479 - 2016 March 2017 4.56 % Total A/B Trust Financing\ Weighted Average Period End Rate $ 171,778,950 3.80 % The variable TOB Financings at December 31, 2015 are secured by three PHC Certificates (See Note 7) and three MBS Securities (See Note 8). The following table summarizes the individual fixed rate TOB Trust securitizations at December 31, 2015: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing at December 31, 2015, net Restricted Cash Year Acquired Stated Maturity Fixed Interest Rate Decatur Angle $ 22,847,450 $ 1,078,823 2014 October 2016 4.26 % Live 929 37,935,981 - 2014 July 2019 4.39 % Bruton Apartments 17,246,899 851,204 2014 July 2017 4.51 % Pro Nova 2014-1 9,006,899 - 2014 July 2017 4.01 % Pro Nova 2014-2 8,371,899 - 2014 July 2017 4.01 % Concord at Gulfgate 14,936,685 - 2015 February 2018 2.76 % Concord at Little York 11,231,685 - 2015 February 2018 2.76 % Concord at Williamcrest 15,606,685 - 2015 February 2018 2.76 % Columbia Gardens 11,699,209 - 2015 December 2017 2.76 % Willow Run 11,698,732 - 2015 December 2017 2.76 % Total TOB Trust Financing\Weighted Average Period End Rate $ 160,582,124 3.68 %
Investments Classified by Contractual Maturity Date	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 The terms of the Pro Nova 2014-2 bonds are as follows: 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 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 year ended December 31, 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 Harmony Court Bakersfield - Series A November Bakersfield, CA 96 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B November Bakersfield, CA 96 12/1/2018 5.50 % 1,997,000 Summerhill - Series A November Bakersfield, CA 128 12/1/2033 5.00 % 6,423,000 Summerhill - Series B November Bakersfield, CA 128 12/1/2018 5.50 % 3,372,000 The Village at Madera - Series A November Madera, CA 75 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B November Madera, CA 75 12/1/2018 5.50 % 1,719,000 15 West Apartments (1) December Vancouver, WA 120 7/1/2054 6.25 % 9,850,000 Courtyard Apartments - Series A December Fullerton, CA 108 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B December Fullerton, CA 108 12/1/2018 5.50 % 6,228,000 Harmony Terrace - Series A December Simi Valley, CA 136 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B December Simi Valley, CA 136 1/1/2019 5.50 % 7,400,000 Oaks at Georgetown - Series A December Georgetown, TX 192 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B December Georgetown, TX 192 1/1/2019 5.50 % 5,512,000 Seasons Lakewood - Series A December Lakewood, CA 85 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B December Lakewood, CA 85 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A December San Juan Capistrano, CA 112 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B December San Juan Capistrano, CA 112 1/1/2019 5.50 % 6,574,000 1 During 2015, the Partnership redeemed the following Series B and Series C mortgage revenue bonds. The Series B mortgage revenue bonds were redeemed for approximately $5.8 million which approximated their carrying value plus accrued interest. The Series C mortgage revenue bonds were paid off with proceeds from the issuance of new mortgage revenue bonds included in the acquisitions table below for an amount that 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 Vantage at Harlingen - Series C June San Antonio, TX 288 10/1/2053 9.00 % $ 6,692,000 Vantage at Judson - Series C June San Antonio, TX 288 2/1/2053 9.00 % 6,049,000 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 year ended December 31, 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 9.00 % 24,575,000 Vantage at Judson June San Antonio, TX 288 1/1/2053 9.00 % 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 Crossing at 1415 - Series A November San Antonio, TX 112 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B November San Antonio, TX 112 1/1/2053 12.00 % 335,000 Heights at 515 - Series A November San Antonio, TX 97 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B November San Antonio, TX 97 1/1/2053 12.00 % 510,000 Columbia Gardens December Columbia, SC 188 12/1/2050 5.50 % 15,000,000 Sycamore Walk - Series A December Bakersfield, CA 112 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B December Bakersfield, CA 112 1/1/2018 5.50 % 1,815,000 Willow Run December Columbia, SC 200 12/1/2050 5.50 % 15,000,000 The following tables represent a description of certain terms of the mortgage revenue bonds owned by the Partnership as of December 31, 2016, and 2015: Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2016 15 West Apartments - Series A (2) 2016 Vancouver, WA 7/1/2054 6.25 % $ 9,850,000 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % 11,351,321 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,039,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,268,850 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,844,994 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,549,644 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,158,382 Avistar at the Oak - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,709,040 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,656,458 Avistar on the Hill - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,326,157 Avistar (June 2013 Acquisition) - Series B (2 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,005,226 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,365,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,535,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,076,558 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Companion at Thornhill Apartments (2) 2016 Lexington, SC 1/1/2052 5.80 % 11,500,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 19,185,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 13,440,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 20,820,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,145,000 Courtyard Apartments - Series A 2016 Fullerton, CA 12/1/2033 5.00 % 10,230,000 Courtyard Apartments - Series B 2016 Fullerton, CA 12/1/2018 5.50 % 6,228,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,258,605 Crossing at 1415 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 22,950,214 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,210,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 940,479 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,912,535 Harmony Court Bakersfield - Series A 2016 Bakersfield, CA 12/1/2033 5.00 % 3,730,000 Harmony Court Bakersfield - Series B 2016 Bakersfield, CA 12/1/2018 5.50 % 1,997,000 Harmony Terrace - Series A (2) 2016 Simi Valley, CA 1/1/2034 5.00 % 6,900,000 Harmony Terrace - Series B (2) 2016 Simi Valley, CA 1/1/2019 5.50 % 7,400,000 Heights at 515 - Series A (2) 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,161,330 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,639,000 Las Palmas II - Series A 2016 Coachella, CA 11/1/2033 5.00 % 1,695,000 Las Palmas II - Series B 2016 Coachella, CA 11/1/2018 5.50 % 1,770,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,085,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Oaks at Georgetown - Series A (2) 2016 Georgetown, TX 1/1/2034 5.00 % 12,330,000 Oaks at Georgetown - Series B (2) 2016 Georgetown, TX 1/1/2019 5.50 % 5,512,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,215,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,549,780 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Renaissance - Series A (4) (5) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,348,364 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,250,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 San Vicente - Series A 2016 Soledad, CA 11/1/2033 5.00 % 3,495,000 San Vicente - Series B 2016 Soledad, CA 11/1/2018 5.50 % 1,825,000 Seasons at Simi Valley - Series A (2) 2015 Simi Valley, CA 9/1/2032 5.75 % 4,376,000 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2017 8.00 % 1,944,000 Seasons Lakewood - Series A 2016 Lakewood, CA 1/1/2034 5.00 % 7,350,000 Seasons Lakewood - Series B 2016 Lakewood, CA 1/1/2019 5.50 % 5,260,000 Seasons San Juan Capistrano - Series A 2016 San Juan Capistrano, CA 1/1/2034 5.00 % 12,375,000 Seasons San Juan Capistrano - Series B 2016 San Juan Capistrano, CA 1/1/2019 5.50 % 6,574,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,933,259 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,435,000 Summerhill - Series A 2016 Bakersfield, CA 12/1/2033 5.00 % 6,423,000 Summerhill - Series B 2016 Bakersfield, CA 12/1/2018 5.50 % 3,372,000 Sycamore Walk - Series A (2) 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B 2015 Bakersfield, CA 1/1/2018 5.50 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 19,826,716 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 6,024,120 Vantage at Judson (4) 2015 San Antonio, TX 1/1/2053 6.00 % 26,356,498 Vantage at Harlingen (4) 2015 San Antonio, TX 9/1/2053 6.00 % 24,529,580 The Village at Madera - Series A 2016 Madera, CA 12/1/2033 5.00 % 3,085,000 The Village at Madera - Series B 2016 Madera, CA 12/1/2018 5.50 % 1,719,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,936,750 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,310,000 $ 648,439,860 (1) (2) (3) (4) Property Name Year Acquired Location Maturity Date Base Interest Rate Principal Outstanding at December 31, 2015 Arbors at Hickory Ridge (3) 2012 Memphis, TN 1/1/2049 6.25 % $ 11,450,000 Ashley Square (1) 1999 Des Moines, IA 12/1/2025 6.25 % 5,099,000 Avistar on the Boulevard - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 16,418,497 Avistar at Chase Hill - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,935,552 Avistar at the Crest - Series A (3) 2013 San Antonio, TX 3/1/2050 6.00 % 9,637,485 Avistar (February 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 4/1/2050 9.00 % 2,168,196 Avistar at the Oak - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 7,777,936 Avistar in 09 - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 6,715,948 Avistar on the Hill - Series A (3) 2013 San Antonio, TX 8/1/2050 6.00 % 5,373,756 Avistar (June 2013 Acquisition) - Series B (3 Bonds) 2013 San Antonio, TX 9/1/2050 9.00 % 1,009,621 Avistar at the Parkway - Series A (4) 2015 San Antonio, TX 5/1/2052 6.00 % 13,300,000 Avistar at the Parkway - Series B 2015 San Antonio, TX 6/1/2052 12.00 % 125,000 Bella Vista (1) 2006 Gainesville, TX 4/1/2046 6.15 % 6,430,000 Bridle Ridge (1) 2008 Greer, SC 1/1/2043 6.00 % 7,595,000 Brookstone (1) 2009 Waukegan, IL 5/1/2040 5.45 % 9,168,742 Bruton (2) 2014 Dallas, TX 8/1/2054 6.00 % 18,145,000 Columbia Gardens (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Concord at Gulfgate - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 17,060,000 Concord at Gulfgate - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,125,000 Concord at Little York - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 12,480,000 Concord at Little York - Series B 2015 Houston, TX 3/1/2032 12.00 % 960,000 Concord at Williamcrest - Series A (2) 2015 Houston, TX 2/1/2032 6.00 % 18,020,000 Concord at Williamcrest - Series B 2015 Houston, TX 3/1/2032 12.00 % 2,800,000 Copper Gate Apartments (3) 2013 Lafayette, IN 12/1/2029 6.25 % 5,185,000 Cross Creek (1) 2009 Beaufort, SC 3/1/2049 6.15 % 8,343,321 Crossing at 1415 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 7,590,000 Crossing at 1415 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 335,000 Decatur Angle (2) 2014 Fort Worth, TX 1/1/2054 5.75 % 23,000,000 Glenview - Series A (4) 2014 Cameron Park, CA 12/1/2031 5.75 % 4,670,000 Glenview - Series B 2014 Cameron Park, CA 12/1/2016 8.00 % 2,053,000 Greens of Pine Glen - Series A (3) 2012 Durham, NC 10/1/2047 6.50 % 8,294,000 Greens of Pine Glen - Series B 2012 Durham, NC 10/1/2047 9.00 % 943,214 Harden Ranch - Series A (3) 2014 Salinas, CA 3/1/2030 5.75 % 6,960,000 Heights at 515 - Series A 2015 San Antonio, TX 12/1/2052 6.00 % 6,435,000 Heights at 515 - Series B 2015 San Antonio, TX 1/1/2053 12.00 % 510,000 Heritage Square - Series A (4) 2014 Edinburg, TX 9/1/2051 6.00 % 11,185,000 Heritage Square - Series B 2014 Edinburg, TX 10/1/2051 12.00 % 520,000 Lake Forest Apartments (1) 2001 Daytona Beach, FL 12/1/2031 6.25 % 8,766,000 Live 929 (2) 2014 Baltimore, MD 7/1/2049 5.78 % 40,175,000 Montclair - Series A (4) 2014 Lemoore, CA 12/1/2031 5.75 % 2,530,000 Montclair - Series B 2014 Lemoore, CA 12/1/2016 8.00 % 928,000 Ohio Bond - Series A (1) 2010 Ohio 6/1/2050 7.00 % 14,311,000 Ohio Bond - Series B 2010 Ohio 6/1/2050 10.00 % 3,562,190 Pro Nova - 2014-1 (2) 2014 Knoxville, TN 5/1/2034 6.00 % 10,000,000 Pro Nova - 2014-2 (2) 2014 Knoxville, TN 5/1/2025 5.25 % 9,295,000 Renaissance - Series A (4) (5) 2015 Baton Rouge, LA 6/1/2050 6.00 % 11,450,959 Runnymede (1) 2007 Austin, TX 10/1/2042 6.00 % 10,350,000 Santa Fe - Series A (4) 2014 Hesperia, CA 12/1/2031 5.75 % 3,065,000 Santa Fe - Series B 2014 Hesperia, CA 12/1/2016 8.00 % 1,671,000 Seasons at Simi Valley - Series A 2015 Simi Valley, CA 9/1/2032 5.75 % 4,376,000 Seasons at Simi Valley - Series B 2015 Simi Valley, CA 9/1/2017 5.50 % 1,944,000 Silver Moon - Series A (4) 2015 Albuquerque, NM 8/1/2055 6.00 % 7,983,811 Southpark (1) 2009 Austin, TX 12/1/2049 6.13 % 13,560,000 Sycamore Walk - Series A 2015 Bakersfield, CA 1/1/2033 5.25 % 3,632,000 Sycamore Walk - Series B 2015 Bakersfield, CA 1/1/2018 5.50 % 1,815,000 The Palms at Premier Park (3) 2013 Columbia, SC 1/1/2050 6.25 % 20,001,272 Tyler Park Townhomes (3) 2013 Greenfield, CA 1/1/2030 5.75 % 6,075,000 Vantage at Judson (4) 2015 San Antonio, TX 1/1/2053 9.00 % 26,540,000 Vantage at Harlingen (4) 2015 San Antonio, TX 9/1/2053 9.00 % 24,575,000 Westside Village Market (3) 2013 Shafter, CA 1/1/2030 5.75 % 3,970,000 Willow Run (2) 2015 Columbia, SC 12/1/2050 5.50 % 15,000,000 Woodlynn Village (1) 2008 Maplewood, MN 11/1/2042 6.00 % 4,351,000 $ 534,745,500 (1) (2) (3) (4)
Discontinued Operations Income Statement	The following presents the revenues, expenses and income from discontinued operations for the years ended December 31, 2015 and 2014: 2015 2014 Rental revenues $ 2,952,383 $ 3,180,680 Expenses 2,394,074 3,127,907 Net income from discontinued operations 558,309 52,773 Gain on sale of discontinued operations 3,163,088 - Net income from discontinued operations $ 3,721,397 $ 52,773
Northern View MF Property [Member]
Discontinued Operations Income Statement	The table below summarizes the assets and liabilities of the Northern View MF Property included in the Partnership’s consolidated financial statements at December 31, 2016: December 31, 2016 Cash and cash equivalents $ 62,386 Restricted cash 203,893 Land and improvements 688,539 Buildings and improvements 8,088,059 Real estate assets before accumulated depreciation 8,776,598 Accumulated depreciation (2,386,626 ) Net real estate assets 6,389,972 Other assets 33,534 Total assets held for sale $ 6,689,785 Accounts payable, accrued expenses and other liabilities $ 225,007 In March 2017, the Partnership entered into a subscription agreement and issued to a financial institution 613,100 units of Series A Preferred Units for gross proceeds of approximately $6.1 million.
Mortgage Revenue Bonds [Member]
Investments Classified by Contractual Maturity Date	The following table summarizes the mortgage revenue bonds acquired by the Partnership subsequent to December 31, 2016: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Avistar at Wood Hollow - Series A February Austin, TX 409 5/1/2054 5.75 % $ 31,850,000 Avistar at Wood Hollow - Series B February Austin, TX 409 6/1/2054 12.00 % 8,410,000 Avistar at Copperfield - Series A February Houston, TX 192 5/1/2054 5.75 % 10,000,000 Avistar at Copperfield - Series B February Houston, TX 192 6/1/2054 12.00 % 4,000,000 Avistar at Wilcrest - Series A February Houston, TX 88 5/1/2054 5.75 % 3,775,000 Avistar at Wilcrest - Series B February Houston, TX 88 6/1/2054 12.00 % 1,550,000
Term A/B Trust [Member]
Schedule of Total Debt Financing	The following table summarizes the Term A/B Trust Financings that the Partnership entered into subsequent to December 31, 2016: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,150,000 Feb 2017 February 2022 3.89 % San Vicente - Series B 1,555,000 Feb 2017 June 2018 3.76 % Las Palmas - Series A 1,530,000 Feb 2017 February 2022 3.89 % Las Palmas - Series B 1,505,000 Feb 2017 June 2018 3.76 % The Village at Madera - Series A 2,780,000 Feb 2017 February 2022 3.89 % The Village at Madera - Series A 1,465,000 Feb 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,360,000 Feb 2017 February 2022 3.89 % Harmony Court Bakersfield - Series A 1,700,000 Feb 2017 July 2018 3.76 % Summerhill - Series A 5,785,000 Feb 2017 February 2022 3.89 % Summerhill - Series B 2,870,000 Feb 2017 July 2018 3.76 % Courtyard - Series A 9,210,000 Feb 2017 February 2022 3.89 % Courtyard - Series B 5,295,000 Feb 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,615,000 Feb 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,475,000 Feb 2017 August 2022 3.76 % Seasons San Juan Capistrano - Series A 11,140,000 Feb 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,590,000 Feb 2017 August 2022 3.76 % Avistar at Wood Hollow - Series A 27,075,000 Feb 2017 February 2027 4.46 % Avistar at Copperfield - Series A 3,210,000 Feb 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 8,500,000 Feb 2017 February 2027 4.46 %

Basis of Presentation (Details)

Basis of Presentation (Details) - USD ($)	1 Months Ended				12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016	Mar. 31, 2016	Dec. 31, 2016
Issuance of preferred units through private placements	700,000	1,000,000	1,386,900	1,000,000	4,086,900
Proceeds from the sale of redeemable Series A Preferred Units					$ 40,869,000
Series A Preferred Stock [Member]
Issuance of preferred units through private placements					4,100,000

Summary of Significant Accoun64

Summary of Significant Accounting Policies Narrative Tagging (Details)	12 Months Ended
	Dec. 31, 2016USD ($)PropertyBank$ / sharesshares	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)	Sep. 30, 2016$ / shares	May 31, 2016$ / shares	Mar. 31, 2016$ / shares
Summary Of Significant Accounting Policies [Line Items]
Number of Financial Institutions | Bank	2
Cash, FDIC Insured Amount | $	$ 250,000
Building Useful Life-Minimum	19 years
Building Useful Life-Maximum	40 years
Capital Improvements Useful Life-Minimum	5 years
Capital Improvements Useful Life-Maximum	15 years
Redeemable preferred units redemption value per unit | $ / shares	$ 10			$ 10	$ 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
PHC Certificates and MBS Securities [Member]
Summary Of Significant Accounting Policies [Line Items]
Impairment charges | $	$ 0	$ 0	$ 0
Mortgage Revenue Bonds, Taxable Bonds or Bond Purchase Commitments
Summary Of Significant Accounting Policies [Line Items]
Impairment charges | $	$ 0	$ 0	$ 0
Variable Interest Entity Primary Beneficiary [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties | Property		2
Consolidated Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties | Property	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 | Property	1

Partnership Income, Expenses 65

Partnership Income, Expenses and Cash Distributions (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Percent of Regular Distributions	100.00%
Penalty on Outstanding Contingent Interest	0.90%
Unallocated Deficit of Consolidated VIEs	$ 0	$ 0
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%

Partnership Income, Expenses 66

Partnership Income, Expenses and Cash Distributions Cash Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Distribution Made to Member or Limited Partner, Distributions Paid, Per Unit	$ 0.5000	$ 0.5000	$ 0.5000

Net Income per BUC Narrative Ta

Net Income per BUC Narrative Tagging (Details) - shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Earnings Per Share Diluted [Line Items]
Weighted average number of units outstanding, diluted	60,182,264	60,252,928	59,431,010
Restricted Unit Awards [Member]
Earnings Per Share Diluted [Line Items]
Weighted average number of units outstanding, diluted	0	0	0

Variable Interest Entities Vari

Variable Interest Entities Variable Interest Entities Narrative Tagging (Details)	12 Months Ended
	Dec. 31, 2016USD ($)PropertyOwner	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)
Accounts Notes And Loans Receivable [Line Items]
Gain on sale of MF Properties | $	$ 14,072,317	$ 4,599,109
Number of Variable Interest Entities | Property	20	15
Consolidated Properties [Member]
Accounts Notes And Loans Receivable [Line Items]
Gain on sale of MF Properties | $	$ 0	$ 0	$ 0
Total Owners [Member]
Accounts Notes And Loans Receivable [Line Items]
Number of Owners | Owner	3
Related party owner [Member]
Accounts Notes And Loans Receivable [Line Items]
Number of Owners | Owner	1

Variable Interest Entities Prop

Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 173,867,079	$ 122,948,770
Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	137,921,000	103,483,793
Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	16,476,073	$ 19,464,977
Investment in Unconsolidated Entities [Member]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 19,470,006

Investments in Bonds (Details)

Investments in Bonds (Details) - USD ($)		Dec. 31, 2016	Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value, held in trust		$ 90,016,872	$ 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		554,678,736	484,817,254
Cumulative Unrealized Gain, held in trust		37,814,237	51,499,227
Cumulative Unrealized Loss, held in trust		(2,298,794)
Estimated Fair Value, held in trust		590,194,179	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]	11,461,719	11,565,657
Cumulative Unrealized Gain, held in trust	[1]	891,274	1,767,508
Estimated Fair Value, held in trust	[1]	12,352,993	13,333,165
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	[2]	5,039,000	5,099,000
Cumulative Unrealized Gain, held in trust	[2]	338,556	508,163
Estimated Fair Value, held in trust	[2]	5,377,556	5,607,163
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	[2]	6,365,000	6,430,000
Cumulative Unrealized Gain, held in trust	[2]	500,162	766,135
Estimated Fair Value, held in trust	[2]	6,865,162	7,196,135
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	[2]	7,535,000	7,595,000
Cumulative Unrealized Gain, held in trust	[2]	517,881	817,222
Estimated Fair Value, held in trust	[2]	8,052,881	8,412,222
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	[2]	7,462,678	7,468,668
Cumulative Unrealized Gain, held in trust	[2]	1,457,340	1,436,203
Estimated Fair Value, held in trust	[2]	8,920,018	8,904,871
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	[3]	18,145,000	18,145,000
Cumulative Unrealized Gain, held in trust	[3]	349,886	1,901,839
Estimated Fair Value, held in trust	[3]	18,494,886	20,046,839
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	[3]	15,214,223	15,224,597
Cumulative Unrealized Loss, held in trust	[3]	(927,030)
Estimated Fair Value, held in trust	[3]	14,287,193	15,224,597
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]	5,145,000	5,185,000
Cumulative Unrealized Gain, held in trust	[1]	528,855	616,341
Estimated Fair Value, held in trust	[1]	5,673,855	5,801,341
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	[2]	6,122,312	6,101,605
Cumulative Unrealized Gain, held in trust	[2]	2,655,730	2,932,689
Estimated Fair Value, held in trust	[2]	8,778,042	9,034,294
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	[3]	22,950,214	23,000,000
Cumulative Unrealized Gain, held in trust	[3]		1,582,083
Cumulative Unrealized Loss, held in trust	[3]	(290,985)
Estimated Fair Value, held in trust	[3]	22,659,229	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	[3]	11,500,000
Cumulative Unrealized Gain, held in trust	[3]	645,552
Estimated Fair Value, held in trust	[3]	12,145,552
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	[2]	8,639,000	8,766,000
Cumulative Unrealized Gain, held in trust	[2]	899,694	1,177,745
Estimated Fair Value, held in trust	[2]	9,538,694	9,943,745
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	[3]	40,687,425	40,801,557
Cumulative Unrealized Gain, held in trust	[3]	3,587,993	5,829,855
Estimated Fair Value, held in trust	[3]	44,275,418	46,631,412
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	[3]	10,041,924	19,379,489
Cumulative Unrealized Gain, held in trust	[3]	685,576	1,182,900
Estimated Fair Value, held in trust	[3]	10,727,500	20,562,389
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	[2]	10,250,000	10,350,000
Cumulative Unrealized Gain, held in trust	[2]	774,285	1,600,938
Estimated Fair Value, held in trust	[2]	11,024,285	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	[2]	11,751,861	11,799,874
Cumulative Unrealized Gain, held in trust	[2]	3,286,203	3,990,882
Estimated Fair Value, held in trust	[2]	15,038,064	15,790,756
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]	19,826,716	20,001,272
Cumulative Unrealized Gain, held in trust	[1]	1,784,386	2,505,091
Estimated Fair Value, held in trust	[1]	21,611,102	22,506,363
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	[3]	15,214,085	15,224,591
Cumulative Unrealized Loss, held in trust	[3]	(917,852)
Estimated Fair Value, held in trust	[3]	14,296,233	15,224,591
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	[2]	4,310,000	4,351,000
Cumulative Unrealized Gain, held in trust	[2]	294,976	466,471
Estimated Fair Value, held in trust	[2]	4,604,976	4,817,471
Mortgage Revenue Bonds Held In Trust [Member] | 15 West Apartments [Member] | WA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	9,850,000
Cumulative Unrealized Gain, held in trust	[3]	1,584,281
Estimated Fair Value, held in trust	[3]	11,434,281
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | Harmony Terrace [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	14,300,000
Estimated Fair Value, held in trust	[3]	14,300,000
Mortgage Revenue Bonds Held In Trust [Member] | Series A and B [Member] | Oaks at Georgetown [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	17,842,000
Estimated Fair Value, held in trust	[3]	17,842,000
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]	9,844,994	9,935,552
Cumulative Unrealized Gain, held in trust	[1]	589,023	1,133,024
Estimated Fair Value, held in trust	[1]	10,434,017	11,068,576
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]	9,549,644	9,637,485
Cumulative Unrealized Gain, held in trust	[1]	753,267	1,301,224
Estimated Fair Value, held in trust	[1]	10,302,911	10,938,709
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]	7,709,040	7,777,936
Cumulative Unrealized Gain, held in trust	[1]	563,138	840,159
Estimated Fair Value, held in trust	[1]	8,272,178	8,618,095
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	[3]	4,376,000
Cumulative Unrealized Gain, held in trust	[3]	308,335
Estimated Fair Value, held in trust	[3]	4,684,335
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]		330,251
Cumulative Unrealized Loss, held in trust	[4]	(78,749)
Estimated Fair Value, held in trust	[4]	13,221,251	13,630,251
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	[3]	3,632,000
Cumulative Unrealized Gain, held in trust	[3]	130,431
Estimated Fair Value, held in trust	[3]	3,762,431
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]	6,656,458	6,715,948
Cumulative Unrealized Gain, held in trust	[1]	359,562	725,445
Estimated Fair Value, held in trust	[1]	7,016,020	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]	16,268,850	16,418,497
Cumulative Unrealized Gain, held in trust	[1]	1,283,272	1,872,323
Estimated Fair Value, held in trust	[1]	17,552,122	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]	5,326,157	5,373,756
Cumulative Unrealized Gain, held in trust	[1]	423,496	693,096
Estimated Fair Value, held in trust	[1]	5,749,653	6,066,852
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	[3]	19,185,000	17,060,000
Cumulative Unrealized Gain, held in trust	[3]	1,200,246	852,612
Estimated Fair Value, held in trust	[3]	20,385,246	17,912,612
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	[3]	13,440,000	12,480,000
Cumulative Unrealized Gain, held in trust	[3]	1,044,752	688,441
Estimated Fair Value, held in trust	[3]	14,484,752	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	[3]	20,820,000	18,020,000
Cumulative Unrealized Gain, held in trust	[3]	1,302,534	1,182,543
Estimated Fair Value, held in trust	[3]	22,122,534	19,202,543
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]	132,402	210,572
Estimated Fair Value, held in trust	[4]	4,802,402	4,880,572
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]	8,210,000	8,294,000
Cumulative Unrealized Gain, held in trust	[1]	844,585	1,138,270
Estimated Fair Value, held in trust	[1]	9,054,585	9,432,270
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]	6,912,535	6,960,000
Cumulative Unrealized Gain, held in trust	[1]	369,738	668,981
Estimated Fair Value, held in trust	[1]	7,282,273	7,628,981
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]	11,161,330	11,185,000
Cumulative Unrealized Gain, held in trust	[4]	905,455	273,488
Estimated Fair Value, held in trust	[4]	12,066,785	11,458,488
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]	108,608	114,079
Estimated Fair Value, held in trust	[4]	2,638,608	2,644,079
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	[2]	14,215,000	14,311,000
Cumulative Unrealized Gain, held in trust	[2]	2,327,468	2,690,867
Estimated Fair Value, held in trust	[2]	16,542,468	17,001,867
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]	11,348,364	11,450,959
Cumulative Unrealized Gain, held in trust	[4]	826,369	1,233,077
Estimated Fair Value, held in trust	[4]	12,174,733	12,684,036
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]	177,093	154,067
Estimated Fair Value, held in trust	[4]	3,242,093	3,219,067
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]	7,933,259	7,983,811
Cumulative Unrealized Gain, held in trust	[4]	465,382	1,246,349
Estimated Fair Value, held in trust	[4]	8,398,641	9,230,160
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]	6,024,120	6,075,000
Cumulative Unrealized Gain, held in trust	[1]	237,582	487,209
Estimated Fair Value, held in trust	[1]	6,261,702	6,562,209
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]	3,936,750	3,970,000
Cumulative Unrealized Gain, held in trust	[1]	102,641	202,340
Estimated Fair Value, held in trust	[1]	4,039,391	4,172,340
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	[3]	7,590,000
Cumulative Unrealized Loss, held in trust	[3]	(45,555)
Estimated Fair Value, held in trust	[3]	7,544,445
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	[3]	6,435,000
Cumulative Unrealized Loss, held in trust	[3]	(38,623)
Estimated Fair Value, held in trust	[3]	6,396,377
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]	24,529,580	24,575,000
Cumulative Unrealized Gain, held in trust	[4]	917,720	1,765,139
Estimated Fair Value, held in trust	[4]	25,447,300	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]	26,356,498	26,540,000
Cumulative Unrealized Gain, held in trust	[4]	1,658,508	2,613,606
Estimated Fair Value, held in trust	[4]	28,015,006	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		89,510,867	45,502,220
Cumulative Unrealized Gain, held in trust		869,807	1,907,499
Cumulative Unrealized Loss, held in trust		(363,802)	(43,063)
Estimated Fair Value, held in trust		90,016,872	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 A and B [Member] | Courtyard [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		16,458,000
Estimated Fair Value, held in trust		16,458,000
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Harmony Court Bakersfield [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		5,727,000
Cumulative Unrealized Gain, held in trust		29,252
Estimated Fair Value, held in trust		5,756,252
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Las Palmas II [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		3,465,000
Cumulative Unrealized Gain, held in trust		15,139
Estimated Fair Value, held in trust		3,480,139
Mortgage Revenue Bonds [Member] | Series A and B [Member] | San Vicente [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		5,320,000
Cumulative Unrealized Loss, held in trust		(30,019)
Estimated Fair Value, held in trust		5,289,981
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Seasons Lakewood [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		12,610,000
Estimated Fair Value, held in trust		12,610,000
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Seasons San Juan Capistrano [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		18,949,000
Estimated Fair Value, held in trust		18,949,000
Mortgage Revenue Bonds [Member] | Series A and B [Member] | Summerhill [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		9,795,000
Cumulative Unrealized Loss, held in trust		(174,982)
Estimated Fair Value, held in trust		9,620,018
Mortgage Revenue Bonds [Member] | Series A and B [Member] | The Village at Madera [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		4,804,000
Cumulative Unrealized Loss, held in trust		(84,437)
Estimated Fair Value, held in trust		4,719,563
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		957,627	961,981
Cumulative Unrealized Gain, held in trust		41,820	109,878
Estimated Fair Value, held in trust		999,447	1,071,859
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		753,201	756,626
Cumulative Unrealized Gain, held in trust		64,228	86,428
Estimated Fair Value, held in trust		817,429	843,054
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		550,836	553,244
Cumulative Unrealized Gain, held in trust		47,231	63,533
Estimated Fair Value, held in trust		598,067	616,777
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		27,727
Estimated Fair Value, held in trust		1,971,727
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 Loss, held in trust		(3,341)	(979)
Estimated Fair Value, held in trust		121,659	124,021
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		(64,432)
Estimated Fair Value, held in trust		1,750,568
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		454,390	456,376
Cumulative Unrealized Gain, held in trust		38,961	52,409
Estimated Fair Value, held in trust		493,351	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		447,554	449,589
Cumulative Unrealized Gain, held in trust		38,165	51,356
Estimated Fair Value, held in trust		485,719	500,945
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] | 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] | 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] | 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		940,479	943,214
Cumulative Unrealized Gain, held in trust		118,216	142,442
Estimated Fair Value, held in trust		1,058,695	1,085,656
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] | 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] | Ohio Properties [Member] | OH [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		3,549,780	3,562,190
Cumulative Unrealized Gain, held in trust		449,068	514,997
Estimated Fair Value, held in trust		3,998,848	4,077,187
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] | 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 Loss, held in trust		(2,614)
Estimated Fair Value, held in trust		332,386
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 Loss, held in trust		(3,977)
Estimated Fair Value, held in trust		$ 506,023
[1]	Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17
[2]	Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17
[3]	Bond held by Deutsche Bank in a secured financing transaction, see Note 17
[4]	Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17

Investments in Mortgage Reven71

Investments in Mortgage Revenue Bonds Investment in Bonds Narrative Tagging (Details) - USD ($)	1 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Sep. 30, 2015
Proceeds from sale of mortgage revenue bond		$ 9,295,000		$ 31,791,699
Debt financing		495,383,033	$ 451,496,716
Estimated Fair Value, held in trust		$ 90,016,872	$ 47,366,656
CALIFORNIA
Percentage of Available for Sale Securities by Location		20.00%	8.00%
San Antonio, Texas [Member]
Percentage of Available for Sale Securities by Location		45.00%	51.00%
South Carolina [Member]
Percentage of Available for Sale Securities by Location		12.00%	12.00%
Pro Nova 2014-1 [Member]
Proceeds from sale of mortgage revenue bond	$ 9,500,000
Pro Nova 2014-1 [Member] | Term TOB Facility [Member]
Debt financing	$ 8,400,000
The Suites on Paseo [Member] | Series A and B [Member]
Estimated Fair Value, held in trust					$ 41,000,000
Series B [Member]
Principal payments received on mortgage revenue bonds and PHCs		$ 5,200,000
Proceeds from sale of mortgage revenue bond			$ 5,800,000
Series B [Member] | Renaissance Gateway [Member]
Cost adjusted for pay-downs			1,300,000
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 Reven72

Investments in Mortgage Revenue Bonds Acquisitions (Details)		1 Months Ended					12 Months Ended
		Aug. 31, 2016USD ($)Unit	May 31, 2016USD ($)Unit	Mar. 31, 2016USD ($)	Jul. 31, 2015USD ($)Unit	Jun. 30, 2015USD ($)Unit	Dec. 31, 2016USD ($)Unit		Dec. 31, 2015USD ($)Unit		Oct. 31, 2015Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit											2
Principal Outstanding							$ 648,439,860		$ 534,745,500
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	[2]						Jan. 1, 2052
Base Interest Rate	[2]						5.80%
Principal Outstanding	[2]						$ 11,500,000
15 West Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit	[3]						120
Original Maturity Date	[3]						Jul. 1, 2054
Base Interest Rate	[3]						6.25%
Principal Outstanding	[3]						$ 9,850,000
Vantage at Harlingen [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									288
Original Maturity Date	[4]						Sep. 1, 2053		Sep. 1, 2053
Base Interest Rate	[4]						6.00%		9.00%
Principal Outstanding	[4]						$ 24,529,580		$ 24,575,000
Vantage at Judson [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									288
Original Maturity Date	[4]						Jan. 1, 2053		Jan. 1, 2053
Base Interest Rate	[4]						6.00%		9.00%
Principal Outstanding	[4]						$ 26,356,498		$ 26,540,000
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
Columbia Gardens [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									188
Original Maturity Date							Dec. 1, 2050	[2]	Dec. 1, 2050	[5]
Base Interest Rate							5.50%	[2]	5.50%	[5]
Principal Outstanding							$ 15,000,000	[2]	$ 15,000,000	[5]
Willow Run [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									200
Original Maturity Date							Dec. 1, 2050	[2]	Dec. 1, 2050	[5]
Base Interest Rate							5.50%	[2]	5.50%	[5]
Principal Outstanding							$ 15,000,000	[2]	$ 15,000,000	[5]
Series B [Member] | Glenview Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit			88
Original Maturity Date			Dec. 1, 2016						Dec. 1, 2016
Base Interest Rate			8.00%						8.00%
Principal Outstanding			$ 2,053,000						$ 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						Oct. 1, 2051
Base Interest Rate			12.00%						12.00%
Principal Outstanding			$ 520,000						$ 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] | Harmony Court Bakersfield [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							96
Original Maturity Date							Dec. 1, 2018
Base Interest Rate							5.50%
Principal Outstanding							$ 1,997,000
Series B [Member] | Summerhill [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							128
Original Maturity Date							Dec. 1, 2018
Base Interest Rate							5.50%
Principal Outstanding							$ 3,372,000
Series B [Member] | The Village at Madera [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							75
Original Maturity Date							Dec. 1, 2018
Base Interest Rate							5.50%
Principal Outstanding							$ 1,719,000
Series B [Member] | Courtyard Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							108
Original Maturity Date							Dec. 1, 2018
Base Interest Rate							5.50%
Principal Outstanding							$ 6,228,000
Series B [Member] | Harmony Terrace [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							136
Original Maturity Date	[2]						Jan. 1, 2019
Base Interest Rate	[2]						5.50%
Principal Outstanding	[2]						$ 7,400,000
Series B [Member] | Oaks at Georgetown [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							192
Original Maturity Date	[2]						Jan. 1, 2019
Base Interest Rate	[2]						5.50%
Principal Outstanding	[2]						$ 5,512,000
Series B [Member] | Seasons Lakewood [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							85
Original Maturity Date							Jan. 1, 2019
Base Interest Rate							5.50%
Principal Outstanding							$ 5,260,000
Series B [Member] | Seasons San Juan Capistrano [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							112
Original Maturity Date							Jan. 1, 2019
Base Interest Rate							5.50%
Principal Outstanding							$ 6,574,000
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		Jun. 1, 2052
Base Interest Rate							12.00%		12.00%
Principal Outstanding							$ 125,000		$ 125,000
Series B [Member] | Silver Moon [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding							$ 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		Sep. 1, 2017
Base Interest Rate							8.00%		5.50%
Principal Outstanding							$ 1,944,000		$ 1,944,000
Series B [Member] | Crossing at 1415 [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									112
Original Maturity Date							Jan. 1, 2053		Jan. 1, 2053
Base Interest Rate							12.00%		12.00%
Principal Outstanding							$ 335,000		$ 335,000
Series B [Member] | Heights at 515 [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									97
Original Maturity Date							Jan. 1, 2053		Jan. 1, 2053
Base Interest Rate							12.00%		12.00%
Principal Outstanding							$ 510,000		$ 510,000
Series B [Member] | Sycamore Walk [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									112
Original Maturity Date							Jan. 1, 2018		Jan. 1, 2018
Base Interest Rate							5.50%		5.50%
Principal Outstanding							$ 1,815,000		$ 1,815,000
Series A [Member] | Glenview Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Original Maturity Date	[4]						Dec. 1, 2031		Dec. 1, 2031
Base Interest Rate	[4]						5.75%		5.75%
Principal Outstanding	[4]						$ 4,670,000		$ 4,670,000
Series A [Member] | Heritage Square [Member]
Schedule Of Available For Sale Securities [Line Items]
Original Maturity Date	[4]						Sep. 1, 2051		Sep. 1, 2051
Base Interest Rate	[4]						6.00%		6.00%
Principal Outstanding	[4]						$ 11,161,330		$ 11,185,000
Series A [Member] | Concord at Gulfgate [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									288
Original Maturity Date							Feb. 1, 2032	[2]	Feb. 1, 2032	[5]
Base Interest Rate							6.00%	[2]	6.00%	[5]
Principal Outstanding							$ 19,185,000	[2]	$ 17,060,000	[5]
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	[2]	Feb. 1, 2032	[5]
Base Interest Rate							6.00%	[2]	6.00%	[5]
Principal Outstanding							$ 13,440,000	[2]	$ 12,480,000	[5]
Series A [Member] | Concord at Williamcrest [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									288
Original Maturity Date							Feb. 1, 2032	[2]	Feb. 1, 2032	[5]
Base Interest Rate							6.00%	[2]	6.00%	[5]
Principal Outstanding							$ 20,820,000	[2]	$ 18,020,000	[5]
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] | Harmony Court Bakersfield [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							96
Original Maturity Date							Dec. 1, 2033
Base Interest Rate							5.00%
Principal Outstanding							$ 3,730,000
Series A [Member] | Summerhill [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							128
Original Maturity Date							Dec. 1, 2033
Base Interest Rate							5.00%
Principal Outstanding							$ 6,423,000
Series A [Member] | The Village at Madera [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							75
Original Maturity Date							Dec. 1, 2033
Base Interest Rate							5.00%
Principal Outstanding							$ 3,085,000
Series A [Member] | 15 West Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Original Maturity Date	[2]						Jul. 1, 2054
Base Interest Rate	[2]						6.25%
Principal Outstanding	[2]						$ 9,850,000
Series A [Member] | Courtyard Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							108
Original Maturity Date							Dec. 1, 2033
Base Interest Rate							5.00%
Principal Outstanding							$ 10,230,000
Series A [Member] | Harmony Terrace [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							136
Original Maturity Date	[2]						Jan. 1, 2034
Base Interest Rate	[2]						5.00%
Principal Outstanding	[2]						$ 6,900,000
Series A [Member] | Oaks at Georgetown [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							192
Original Maturity Date	[2]						Jan. 1, 2034
Base Interest Rate	[2]						5.00%
Principal Outstanding	[2]						$ 12,330,000
Series A [Member] | Seasons Lakewood [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							85
Original Maturity Date							Jan. 1, 2034
Base Interest Rate							5.00%
Principal Outstanding							$ 7,350,000
Series A [Member] | Seasons San Juan Capistrano [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit							112
Original Maturity Date							Jan. 1, 2034
Base Interest Rate							5.00%
Principal Outstanding							$ 12,375,000
Series A [Member] | Harden Ranch [Member]
Schedule Of Available For Sale Securities [Line Items]
Original Maturity Date							Mar. 1, 2030	[6]	Mar. 1, 2030	[7]
Base Interest Rate							5.75%	[6]	5.75%	[7]
Principal Outstanding							$ 6,912,535	[6]	$ 6,960,000	[7]
Series A [Member] | Rennaisance [Member]
Schedule Of Available For Sale Securities [Line Items]
Original Maturity Date	[4]						Jun. 1, 2050		Jun. 1, 2050
Base Interest Rate	[4]						6.00%		6.00%
Principal Outstanding	[4]						$ 11,348,364		$ 11,450,959
Series A [Member] | Avistar at the Parkway [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									236
Original Maturity Date	[4]						May 1, 2052		May 1, 2052
Base Interest Rate	[4]						6.00%		6.00%
Principal Outstanding	[4]						$ 13,300,000		$ 13,300,000
Series A [Member] | Silver Moon [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									151
Original Maturity Date	[4]						Aug. 1, 2055		Aug. 1, 2055
Base Interest Rate	[4]						6.00%		6.00%
Principal Outstanding	[4]						$ 7,933,259		$ 7,983,811
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	[2]	Sep. 1, 2032
Base Interest Rate							5.75%	[2]	5.75%
Principal Outstanding							$ 4,376,000	[2]	$ 4,376,000
Series A [Member] | Crossing at 1415 [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									112
Original Maturity Date							Dec. 1, 2052	[2]	Dec. 1, 2052
Base Interest Rate							6.00%	[2]	6.00%
Principal Outstanding							$ 7,590,000	[2]	$ 7,590,000
Series A [Member] | Heights at 515 [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									97
Original Maturity Date							Dec. 1, 2052	[2]	Dec. 1, 2052
Base Interest Rate							6.00%	[2]	6.00%
Principal Outstanding							$ 6,435,000	[2]	$ 6,435,000
Series A [Member] | Sycamore Walk [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit									112
Original Maturity Date							Jan. 1, 2033	[2]	Jan. 1, 2033
Base Interest Rate							5.25%	[2]	5.25%
Principal Outstanding							$ 3,632,000	[2]	$ 3,632,000
Series C [Member] | Vantage at Harlingen [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit						288
Original Maturity Date						Oct. 1, 2053
Base Interest Rate						9.00%
Principal Outstanding						$ 6,692,000
Series C [Member] | Vantage at Judson [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit						288
Original Maturity Date						Feb. 1, 2053
Base Interest Rate						9.00%
Principal Outstanding						$ 6,049,000
[1]	This is a commercial property. Accordingly, unit information is not applicable.
[2]	Bond held by Deutsche Bank AG in a secured financing transaction, see Note 17
[3]	Previously reported Bond Purchase Commitment that converted to a mortgage revenue bond in December 2016.
[4]	Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17
[5]	Bonds held by Deutsche Bank AG in a secured financing transaction, see Note 17
[6]	Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17
[7]	Bonds held by ATAX TEBS II, LLC (M31 TEBS), see Note 17

Investments in Mortgage Reven73

Investments in Mortgage Revenue Bonds Certain Terms of Mortgage Revenue Bonds (Details) - USD ($)		1 Months Ended				12 Months Ended
		Aug. 31, 2016	May 31, 2016	Jul. 31, 2015	Jun. 30, 2015	Dec. 31, 2016		Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding						$ 648,439,860		$ 534,745,500
15 West Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[1]					Jul. 1, 2054
Base Interest Rate	[1]					6.25%
Principal Outstanding	[1]					$ 9,850,000
Arbors at Hickory Ridge [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2049	[2]	Jan. 1, 2049	[3]
Base Interest Rate						6.25%	[2]	6.25%	[3]
Principal Outstanding						$ 11,351,321	[2]	$ 11,450,000	[3]
Ashley Square [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[4]					Dec. 1, 2025		Dec. 1, 2025
Base Interest Rate	[4]					6.25%		6.25%
Principal Outstanding	[4]					$ 5,039,000		$ 5,099,000
Bella Vista [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[4]					Apr. 1, 2046		Apr. 1, 2046
Base Interest Rate	[4]					6.15%		6.15%
Principal Outstanding	[4]					$ 6,365,000		$ 6,430,000
Bridle Ridge [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[4]					Jan. 1, 2043		Jan. 1, 2043
Base Interest Rate	[4]					6.00%		6.00%
Principal Outstanding	[4]					$ 7,535,000		$ 7,595,000
Brookstone [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[4]					May 1, 2040		May 1, 2040
Base Interest Rate	[4]					5.45%		5.45%
Principal Outstanding	[4]					$ 9,076,558		$ 9,168,742
Bruton Apts [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Aug. 1, 2054	[5]	Aug. 1, 2054	[6]
Base Interest Rate						6.00%	[5]	6.00%	[6]
Principal Outstanding						$ 18,145,000	[5]	$ 18,145,000	[6]
Columbia Gardens [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2050	[5]	Dec. 1, 2050	[6]
Base Interest Rate						5.50%	[5]	5.50%	[6]
Principal Outstanding						$ 15,000,000	[5]	$ 15,000,000	[6]
Companion At Thornhill Apts [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[5]					Jan. 1, 2052
Base Interest Rate	[5]					5.80%
Principal Outstanding	[5]					$ 11,500,000
Copper Gate [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2029	[2]	Dec. 1, 2029	[3]
Base Interest Rate						6.25%	[2]	6.25%	[3]
Principal Outstanding						$ 5,145,000	[2]	$ 5,185,000	[3]
Cross Creek [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[4]					Mar. 1, 2049		Mar. 1, 2049
Base Interest Rate	[4]					6.15%		6.15%
Principal Outstanding	[4]					$ 8,258,605		$ 8,343,321
Decatur-Angle [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2054	[5]	Jan. 1, 2054	[6]
Base Interest Rate						5.75%	[5]	5.75%	[6]
Principal Outstanding						$ 22,950,214	[5]	$ 23,000,000	[6]
Lake Forest [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[4]					Dec. 1, 2031		Dec. 1, 2031
Base Interest Rate	[4]					6.25%		6.25%
Principal Outstanding	[4]					$ 8,639,000		$ 8,766,000
Live 929 Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jul. 1, 2049	[5]	Jul. 1, 2049	[6]
Base Interest Rate						5.78%	[5]	5.78%	[6]
Principal Outstanding						$ 40,085,000	[5]	$ 40,175,000	[6]
Pro Nova 2014-1 [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						May 1, 2034	[5]	May 1, 2034	[6]
Base Interest Rate						6.00%	[5]	6.00%	[6]
Principal Outstanding						$ 10,000,000	[5]	$ 10,000,000	[6]
Rennaisance [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date					Jun. 1, 2050
Base Interest Rate					6.00%
Principal Outstanding					$ 11,500,000
Runnymede [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[4]					Oct. 1, 2042		Oct. 1, 2042
Base Interest Rate	[4]					6.00%		6.00%
Principal Outstanding	[4]					$ 10,250,000		$ 10,350,000
Southpark [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[4]					Dec. 1, 2049		Dec. 1, 2049
Base Interest Rate	[4]					6.13%		6.13%
Principal Outstanding	[4]					$ 13,435,000		$ 13,560,000
The Palms at Premier Park [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2050	[2]	Jan. 1, 2050	[3]
Base Interest Rate						6.25%	[2]	6.25%	[3]
Principal Outstanding						$ 19,826,716	[2]	$ 20,001,272	[3]
Tyler Park Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2030	[2]	Jan. 1, 2030	[3]
Base Interest Rate						5.75%	[2]	5.75%	[3]
Principal Outstanding						$ 6,024,120	[2]	$ 6,075,000	[3]
Vantage at Judson [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[7]					Jan. 1, 2053		Jan. 1, 2053
Base Interest Rate	[7]					6.00%		9.00%
Principal Outstanding	[7]					$ 26,356,498		$ 26,540,000
Vantage at Harlingen [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[7]					Sep. 1, 2053		Sep. 1, 2053
Base Interest Rate	[7]					6.00%		9.00%
Principal Outstanding	[7]					$ 24,529,580		$ 24,575,000
Westside Village Market [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2030	[2]	Jan. 1, 2030	[3]
Base Interest Rate						5.75%	[2]	5.75%	[3]
Principal Outstanding						$ 3,936,750	[2]	$ 3,970,000	[3]
Willow Run [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2050	[5]	Dec. 1, 2050	[6]
Base Interest Rate						5.50%	[5]	5.50%	[6]
Principal Outstanding						$ 15,000,000	[5]	$ 15,000,000	[6]
Woodlynn Village [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[4]					Nov. 1, 2042		Nov. 1, 2042
Base Interest Rate	[4]					6.00%		6.00%
Principal Outstanding	[4]					$ 4,310,000		$ 4,351,000
Pro Nova 2014-2 [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[6]							May 1, 2025
Base Interest Rate	[6]							5.25%
Principal Outstanding	[6]							$ 9,295,000
Series A [Member] | 15 West Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[5]					Jul. 1, 2054
Base Interest Rate	[5]					6.25%
Principal Outstanding	[5]					$ 9,850,000
Series A [Member] | Avistar on the Boulevard [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Mar. 1, 2050	[2]	Mar. 1, 2050	[3]
Base Interest Rate						6.00%	[2]	6.00%	[3]
Principal Outstanding						$ 16,268,850	[2]	$ 16,418,497	[3]
Series A [Member] | Avistar at Chase Hill - [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Mar. 1, 2050	[2]	Mar. 1, 2050	[3]
Base Interest Rate						6.00%	[2]	6.00%	[3]
Principal Outstanding						$ 9,844,994	[2]	$ 9,935,552	[3]
Series A [Member] | Avistar at the Crest [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Mar. 1, 2050	[2]	Mar. 1, 2050	[3]
Base Interest Rate						6.00%	[2]	6.00%	[3]
Principal Outstanding						$ 9,549,644	[2]	$ 9,637,485	[3]
Series A [Member] | Avistar at the Oaks [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Aug. 1, 2050	[2]	Aug. 1, 2050	[3]
Base Interest Rate						6.00%	[2]	6.00%	[3]
Principal Outstanding						$ 7,709,040	[2]	$ 7,777,936	[3]
Series A [Member] | Avistar in 09 [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Aug. 1, 2050	[2]	Aug. 1, 2050	[3]
Base Interest Rate						6.00%	[2]	6.00%	[3]
Principal Outstanding						$ 6,656,458	[2]	$ 6,715,948	[3]
Series A [Member] | Avistar on the Hills [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Aug. 1, 2050	[2]	Aug. 1, 2050	[3]
Base Interest Rate						6.00%	[2]	6.00%	[3]
Principal Outstanding						$ 5,326,157	[2]	$ 5,373,756	[3]
Series A [Member] | Avistar at the Parkway [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[7]					May 1, 2052		May 1, 2052
Base Interest Rate	[7]					6.00%		6.00%
Principal Outstanding	[7]					$ 13,300,000		$ 13,300,000
Series A [Member] | Concord at Gulfgate [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Feb. 1, 2032	[5]	Feb. 1, 2032	[6]
Base Interest Rate						6.00%	[5]	6.00%	[6]
Principal Outstanding						$ 19,185,000	[5]	$ 17,060,000	[6]
Series A [Member] | Concord at Little York [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Feb. 1, 2032	[5]	Feb. 1, 2032	[6]
Base Interest Rate						6.00%	[5]	6.00%	[6]
Principal Outstanding						$ 13,440,000	[5]	$ 12,480,000	[6]
Series A [Member] | Concord at Williamcrest [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Feb. 1, 2032	[5]	Feb. 1, 2032	[6]
Base Interest Rate						6.00%	[5]	6.00%	[6]
Principal Outstanding						$ 20,820,000	[5]	$ 18,020,000	[6]
Series A [Member] | Courtyard Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2033
Base Interest Rate						5.00%
Principal Outstanding						$ 10,230,000
Series A [Member] | Crossing at 1415 [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2052	[5]	Dec. 1, 2052
Base Interest Rate						6.00%	[5]	6.00%
Principal Outstanding						$ 7,590,000	[5]	$ 7,590,000
Series A [Member] | Glenview Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[7]					Dec. 1, 2031		Dec. 1, 2031
Base Interest Rate	[7]					5.75%		5.75%
Principal Outstanding	[7]					$ 4,670,000		$ 4,670,000
Series A [Member] | Greens of Pine Glen [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Oct. 1, 2047	[2]	Oct. 1, 2047	[3]
Base Interest Rate						6.50%	[2]	6.50%	[3]
Principal Outstanding						$ 8,210,000	[2]	$ 8,294,000	[3]
Series A [Member] | Harden Ranch [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Mar. 1, 2030	[2]	Mar. 1, 2030	[3]
Base Interest Rate						5.75%	[2]	5.75%	[3]
Principal Outstanding						$ 6,912,535	[2]	$ 6,960,000	[3]
Series A [Member] | Harmony Court Bakersfield [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2033
Base Interest Rate						5.00%
Principal Outstanding						$ 3,730,000
Series A [Member] | Harmony Terrace [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[5]					Jan. 1, 2034
Base Interest Rate	[5]					5.00%
Principal Outstanding	[5]					$ 6,900,000
Series A [Member] | Heights at 515 [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2052	[5]	Dec. 1, 2052
Base Interest Rate						6.00%	[5]	6.00%
Principal Outstanding						$ 6,435,000	[5]	$ 6,435,000
Series A [Member] | Heritage Square [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[7]					Sep. 1, 2051		Sep. 1, 2051
Base Interest Rate	[7]					6.00%		6.00%
Principal Outstanding	[7]					$ 11,161,330		$ 11,185,000
Series A [Member] | Las Palmas II [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Nov. 1, 2033
Base Interest Rate						5.00%
Principal Outstanding						$ 1,695,000
Series A [Member] | Montclair Apts [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[7]					Dec. 1, 2031		Dec. 1, 2031
Base Interest Rate	[7]					5.75%		5.75%
Principal Outstanding	[7]					$ 2,530,000		$ 2,530,000
Series A [Member] | Oaks at Georgetown [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[5]					Jan. 1, 2034
Base Interest Rate	[5]					5.00%
Principal Outstanding	[5]					$ 12,330,000
Series A [Member] | Ohio Properties [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[4]					Jun. 1, 2050		Jun. 1, 2050
Base Interest Rate	[4]					7.00%		7.00%
Principal Outstanding	[4]					$ 14,215,000		$ 14,311,000
Series A [Member] | Rennaisance [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[7]					Jun. 1, 2050		Jun. 1, 2050
Base Interest Rate	[7]					6.00%		6.00%
Principal Outstanding	[7]					$ 11,348,364		$ 11,450,959
Series A [Member] | Santa Fe Apts [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[7]					Dec. 1, 2031		Dec. 1, 2031
Base Interest Rate	[7]					5.75%		5.75%
Principal Outstanding	[7]					$ 3,065,000		$ 3,065,000
Series A [Member] | San Vicente [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Nov. 1, 2033
Base Interest Rate						5.00%
Principal Outstanding						$ 3,495,000
Series A [Member] | Seasons at Simi Valley [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Sep. 1, 2032	[5]	Sep. 1, 2032
Base Interest Rate						5.75%	[5]	5.75%
Principal Outstanding						$ 4,376,000	[5]	$ 4,376,000
Series A [Member] | Seasons Lakewood [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2034
Base Interest Rate						5.00%
Principal Outstanding						$ 7,350,000
Series A [Member] | Seasons San Juan Capistrano [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2034
Base Interest Rate						5.00%
Principal Outstanding						$ 12,375,000
Series A [Member] | Silver Moon [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[7]					Aug. 1, 2055		Aug. 1, 2055
Base Interest Rate	[7]					6.00%		6.00%
Principal Outstanding	[7]					$ 7,933,259		$ 7,983,811
Series A [Member] | Summerhill [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2033
Base Interest Rate						5.00%
Principal Outstanding						$ 6,423,000
Series A [Member] | Sycamore Walk [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2033	[5]	Jan. 1, 2033
Base Interest Rate						5.25%	[5]	5.25%
Principal Outstanding						$ 3,632,000	[5]	$ 3,632,000
Series A [Member] | The Village at Madera [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2033
Base Interest Rate						5.00%
Principal Outstanding						$ 3,085,000
Series B [Member] | Avistar (February 2013 Acquisition) [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Apr. 1, 2050		Apr. 1, 2050
Base Interest Rate						9.00%		9.00%
Principal Outstanding						$ 2,158,382		$ 2,168,196
Series B [Member] | Avistar (June 2013 Acquisition) [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Sep. 1, 2050		Sep. 1, 2050
Base Interest Rate						9.00%		9.00%
Principal Outstanding						$ 1,005,226		$ 1,009,621
Series B [Member] | Avistar at the Parkway [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jun. 1, 2052		Jun. 1, 2052
Base Interest Rate						12.00%		12.00%
Principal Outstanding						$ 125,000		$ 125,000
Series B [Member] | Concord at Gulfgate [Member]
Schedule Of Available For Sale Securities [Line Items]
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]
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]
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] | Courtyard Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2018
Base Interest Rate						5.50%
Principal Outstanding						$ 6,228,000
Series B [Member] | Crossing at 1415 [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2053		Jan. 1, 2053
Base Interest Rate						12.00%		12.00%
Principal Outstanding						$ 335,000		$ 335,000
Series B [Member] | Glenview Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date			Dec. 1, 2016					Dec. 1, 2016
Base Interest Rate			8.00%					8.00%
Principal Outstanding			$ 2,053,000					$ 2,053,000
Series B [Member] | Greens of Pine Glen [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Oct. 1, 2047		Oct. 1, 2047
Base Interest Rate						9.00%		9.00%
Principal Outstanding						$ 940,479		$ 943,214
Series B [Member] | Harden Ranch [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date				Mar. 1, 2016
Base Interest Rate				8.00%
Principal Outstanding				$ 2,340,000
Series B [Member] | Harmony Court Bakersfield [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2018
Base Interest Rate						5.50%
Principal Outstanding						$ 1,997,000
Series B [Member] | Harmony Terrace [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[5]					Jan. 1, 2019
Base Interest Rate	[5]					5.50%
Principal Outstanding	[5]					$ 7,400,000
Series B [Member] | Heights at 515 [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2053		Jan. 1, 2053
Base Interest Rate						12.00%		12.00%
Principal Outstanding						$ 510,000		$ 510,000
Series B [Member] | Heritage Square [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date			Oct. 1, 2051					Oct. 1, 2051
Base Interest Rate			12.00%					12.00%
Principal Outstanding			$ 520,000					$ 520,000
Series B [Member] | Las Palmas II [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Nov. 1, 2018
Base Interest Rate						5.50%
Principal Outstanding						$ 1,770,000
Series B [Member] | Montclair Apts [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date								Dec. 1, 2016
Base Interest Rate								8.00%
Principal Outstanding								$ 928,000
Series B [Member] | Oaks at Georgetown [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date	[5]					Jan. 1, 2019
Base Interest Rate	[5]					5.50%
Principal Outstanding	[5]					$ 5,512,000
Series B [Member] | Ohio Properties [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jun. 1, 2050		Jun. 1, 2050
Base Interest Rate						10.00%		10.00%
Principal Outstanding						$ 3,549,780		$ 3,562,190
Series B [Member] | Santa Fe Apts [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date								Dec. 1, 2016
Base Interest Rate								8.00%
Principal Outstanding								$ 1,671,000
Series B [Member] | San Vicente [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Nov. 1, 2018
Base Interest Rate						5.50%
Principal Outstanding						$ 1,825,000
Series B [Member] | Seasons at Simi Valley [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Sep. 1, 2017		Sep. 1, 2017
Base Interest Rate						8.00%		5.50%
Principal Outstanding						$ 1,944,000		$ 1,944,000
Series B [Member] | Seasons Lakewood [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2019
Base Interest Rate						5.50%
Principal Outstanding						$ 5,260,000
Series B [Member] | Seasons San Juan Capistrano [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2019
Base Interest Rate						5.50%
Principal Outstanding						$ 6,574,000
Series B [Member] | Silver Moon [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding						$ 500,000
Series B [Member] | Summerhill [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2018
Base Interest Rate						5.50%
Principal Outstanding						$ 3,372,000
Series B [Member] | Sycamore Walk [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Jan. 1, 2018		Jan. 1, 2018
Base Interest Rate						5.50%		5.50%
Principal Outstanding						$ 1,815,000		$ 1,815,000
Series B [Member] | The Village at Madera [Member]
Schedule Of Available For Sale Securities [Line Items]
Maturity Date						Dec. 1, 2018
Base Interest Rate						5.50%
Principal Outstanding						$ 1,719,000
[1]	Previously reported Bond Purchase Commitment that converted to a mortgage revenue bond in December 2016.
[2]	Bonds owned by ATAX TEBS II, LLC (M31 TEBS), see Note 17
[3]	Bonds held by ATAX TEBS II, LLC (M31 TEBS), see Note 17
[4]	Bonds owned by ATAX TEBS I, LLC (M24 TEBS), see Note 17
[5]	Bond held by Deutsche Bank AG in a secured financing transaction, see Note 17
[6]	Bonds held by Deutsche Bank AG in a secured financing transaction, see Note 17
[7]	Bonds owned by ATAX TEBS III, LLC (M33 TEBS), see Note 17

PHC Certificates Narrative Tagg

PHC Certificates Narrative Tagging (Details)	12 Months Ended
	Dec. 31, 2016Integer
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]
Number of Available for Sale Securities, Public Housing Authorities	3

PHC Certificates Mark to Market

PHC Certificates Mark to Market PHC (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value, held in trust	$ 90,016,872	$ 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	56,801,062	58,869,789
Cumulative Unrealized Gain, held in trust	756,853	1,847,819
Cumulative Unrealized Loss, held in trust	(399,847)	(10,318)
Estimated Fair Value, held in trust	57,158,068	60,707,290
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	26,077,158	27,274,451
Cumulative Unrealized Gain, held in trust	672,097	1,482,376
Estimated Fair Value, held in trust	$ 26,749,255	$ 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 3 months 22 days	9 years 3 months
Investment Rating	AA-	AA-
Weighted Average Interest Rate Over Life	5.36%	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	$ 10,600,967	$ 11,081,987
Cumulative Unrealized Gain, held in trust	84,756	365,443
Estimated Fair Value, held in trust	$ 10,685,723	$ 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 7 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	$ 20,122,937	$ 20,513,351
Cumulative Unrealized Loss, held in trust	(399,847)	(10,318)
Estimated Fair Value, held in trust	$ 19,723,090	$ 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)	8 years 9 months 15 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 ($)Integer	Dec. 31, 2016USD ($)	Dec. 31, 2015	Dec. 31, 2014USD ($)
Proceeds from Sale of Available-for-sale Securities		$ 9,295,000		$ 31,791,699
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
LIFERS [Member] | Trust Portfolio M B S Bonds
Available-for-Sale Securities, Ownership Percentage			100.00%

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.

Mortgage-Backed Securities Term

Mortgage-Backed Securities Terms of MBS Securities (Details) - Trust Portfolio M B S Bonds	12 Months Ended
	Dec. 31, 2015USD ($)
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding	$ 14,765,000
Standard & Poor's, AAA Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Debt Instrument, Credit Rating	“AAA”	[1]
Principal Outstanding	$ 5,000,000
Debt Instrument, Weighted Average Maturity Date	Jul. 1, 2032
Debt, Weighted Average Interest Rate	4.60%
Standard & Poor's, AA Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Debt Instrument, Credit Rating	“AA”	[1]
Principal Outstanding	$ 9,765,000
Debt Instrument, Weighted Average Maturity Date	Jul. 9, 2036
Debt, Weighted Average Interest Rate	4.20%
[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

12 Months Ended

Jul. 31, 2016USD ($)

Aug. 31, 2015USD ($)

May 31, 2015USD ($)

Jun. 30, 2016USD ($)

Jun. 30, 2016USD ($)

Sep. 30, 2016USD ($)

Dec. 31, 2016USD ($)Property

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Nov. 30, 2016Land

Aug. 31, 2016Land

Mar. 31, 2016USD ($)

Sep. 30, 2015USD ($)

Real Estate [Line Items]

Gain (Loss) on Sale of Properties

$ 14,072,317

$ 4,599,109

Current income tax expense on dispositions

4,593,000

Impairment charges

61,506

Mortgage revenue bonds, at fair value (Note 6)

90,016,872

47,366,656

Jade Park [Member]

Real Estate [Line Items]

Weighted Average Lives (Years)

6 months

Business combination, acquisition related costs

$ 135,000

Business Acquisition, Pro Forma Revenue

400,000

Net Income (Loss) Attributable to Parent

400,000

Jade Park [Member] | buildings and Improvements [Member]

Real Estate [Line Items]

Buildings and improvements, weighted average useful life

22 years 8 months 12 days

Jade Park [Member] | Land improvements [Member]

Real Estate [Line Items]

Buildings and improvements, weighted average useful life

22 years 8 months 12 days

The Suites on Paseo [Member]

Real Estate [Line Items]

Business Acquisition, Pro Forma Revenue

1,800,000

Net Income (Loss) Attributable to Parent

1,000,000

Woodland Park and Arboretum MF Properties [Member]

Real Estate [Line Items]

Proceeds from Sale of Property, Plant, and Equipment

$ 15,700,000

$ 30,200,000

Gain (Loss) on Sale of Properties

$ 1,700,000

12,400,000

Current income tax expense on dispositions

$ 4,600,000

St. Petersburg [Member]

Real Estate [Line Items]

Impairment charges

$ 62,000

St. Petersburg [Member] | Available-for-sale Securities [Member]

Real Estate [Line Items]

Land

$ 3,100,000

Panama City [Member] | Available-for-sale Securities [Member]

Real Estate [Line Items]

Land

2,900,000

Glynn Place [Member]

Real Estate [Line Items]

Proceeds from Sale of Property, Plant, and Equipment

$ 5,500,000

Gain (Loss) on Sale of Properties

$ 1,200,000

The Colonial

Real Estate [Line Items]

Proceeds from Sale of Property, Plant, and Equipment

$ 10,700,000

Gain (Loss) on Sale of Properties

$ 3,400,000

The Suites on Paseo [Member]

Real Estate [Line Items]

Real Estate Investment Property, at Cost

$ 43,400,000

Other Assets, Current

200,000

Real Estate Investments, Net

$ 43,600,000

The Suites on Paseo [Member] | Series A and B [Member]

Real Estate [Line Items]

Mortgage revenue bonds, at fair value (Note 6)

$ 41,000,000

Omaha Nebraska

Real Estate [Line Items]

Number of contiguous tracts of land to be acquired | Land

2

2

Consolidated Properties [Member]

Real Estate [Line Items]

Number of Real Estate Properties | Property

7

Gain (Loss) on Sale of Properties

$ 0

0

$ 0

Limited Liability Company [Member]

Real Estate [Line Items]

Noncontrolling Interest, Ownership Percentage by Parent

100.00%

Number of Limited Liability Companies | Property

4

Beneficial Unit Certificate Holders [Member]

Real Estate [Line Items]

Special Distribution

75.00%

Beneficial Unit Certificate Holders [Member] | Woodland Park and Arboretum MF Properties [Member]

Real Estate [Line Items]

Special Distribution

75.00%

75.00%

Beneficial Unit Certificate Holders [Member] | Consolidated Properties [Member]

Real Estate [Line Items]

Noncontrolling Interest, Ownership Percentage by Parent

99.00%

Number of Real Estate Properties | Property

1

General Partner [Member]

Real Estate [Line Items]

Noncontrolling Interest, Ownership Percentage by Parent

99.00%

Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners

1.00%

Gain (Loss) on Sale of Properties

$ 0

$ 0

Special Distribution

25.00%

General Partner [Member] | Woodland Park and Arboretum MF Properties [Member]

Real Estate [Line Items]

Special Distribution

25.00%

25.00%

Real Estate Assets Owned by Par

Real Estate Assets Owned by Partnership (Details)	Dec. 31, 2016USD ($)Unit	Dec. 31, 2015USD ($)Unit	Oct. 31, 2015Unit
Real Estate [Line Items]
Number of Units | Unit			2
Land and Land Improvements	$ 17,354,587	$ 17,887,505
Buildings and improvements	113,089,041	139,153,699
Carrying Value	130,443,628	157,041,204
Accumulated depreciation	(16,217,028)	(16,023,814)
Net real estate assets	$ 114,226,600	$ 141,017,390
Arboretum [Member]
Real Estate [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]
Real Estate [Line Items]
Number of Units | Unit	511	511
Land and Land Improvements	$ 567,880	$ 567,880
Buildings and improvements	12,655,244	12,594,935
Carrying Value	$ 13,223,124	$ 13,162,815
Northern View (f/k/a Meadowview) [Member]
Real Estate [Line Items]
Number of Units | Unit	294	270
Land and Land Improvements	$ 688,539	$ 688,539
Buildings and improvements	8,088,059	8,062,973
Carrying Value	$ 8,776,598	$ 8,751,512
Residences at DeCordova [Member]
Real Estate [Line Items]
Number of Units | Unit	110	110
Land and Land Improvements	$ 1,170,337	$ 1,137,832
Buildings and improvements	8,029,404	8,065,977
Carrying Value	$ 9,199,741	$ 9,203,809
Residences at Weatherford [Member]
Real Estate [Line Items]
Number of Units | Unit	76	76
Land and Land Improvements	$ 1,942,229	$ 1,942,229
Buildings and improvements	5,751,260	5,738,697
Carrying Value	$ 7,693,489	$ 7,680,926
The Suites on Paseo [Member]
Real Estate [Line Items]
Number of Units | Unit	394	394
Land and Land Improvements	$ 3,162,463	$ 3,162,463
Buildings and improvements	38,365,351	38,216,364
Carrying Value	$ 41,527,814	$ 41,378,827
The 50/50 Student Housing--UNL [Member]
Real Estate [Line Items]
Number of Units | Unit	475	475
Buildings and improvements	$ 32,928,878	$ 32,910,424
Carrying Value	$ 32,928,878	$ 32,910,424
Jade Park [Member]
Real Estate [Line Items]
Number of Units | Unit	144
Land and Land Improvements	$ 2,292,035
Buildings and improvements	7,270,845
Carrying Value	9,562,880
Woodland Park [Member]
Real Estate [Line Items]
Number of Units | Unit		236
Land and Land Improvements		$ 1,265,160
Buildings and improvements		14,247,045
Carrying Value		15,512,205
Land Held for Development [Member]
Real Estate [Line Items]
Land and Land Improvements	7,531,104	7,368,255
Carrying Value	$ 7,531,104	$ 7,368,255

Real Estate Assets Recent Trans

Real Estate Assets Recent Transactions (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Arboretum, Woodland Park, Glynn Place and Colonial MF Properties [Member]
Real Estate [Line Items]
Net income (loss)	$ 222,679	$ 331,391	$ (370,231)

Real Estate Assets Condensed Ba

Real Estate Assets Condensed Balance Sheet at Acquisition Date (Details) - USD ($)	Dec. 31, 2016	Sep. 30, 2016	Dec. 31, 2015		Sep. 01, 2015
Real Estate [Line Items]
Land and improvements	$ 17,354,587		$ 17,887,505
Real estate assets	114,226,600		141,017,390
Other assets	8,795,192		12,944,633
Total Assets	944,113,674		867,110,483	[1]
Accounts payable, accrued expenses and other liabilities	7,255,327		5,667,948
Net assets	280,129,205		313,119,341
Total Liabilities and Partnersʼ Capital	$ 944,113,674		$ 867,110,483
The Suites on Paseo [Member]
Real Estate [Line Items]
Cash					$ 514,094
Restricted cash					187,715
In-place lease assets					1,227,770
Real estate assets					41,374,397
Other assets					259,633
Total Assets					43,563,609
Accounts payable, accrued expenses and other liabilities					493,868
Net assets					43,069,741
Total Liabilities and Partnersʼ Capital					$ 43,563,609
Jade Park [Member]
Real Estate [Line Items]
Land and improvements		$ 2,292,035
Buildings and improvements		7,244,534
In-place lease assets		463,431
Other assets		18,126
Total Assets		10,018,126
Accounts payable, accrued expenses and other liabilities		135,326
Net assets		9,882,800
Total Liabilities and Partnersʼ Capital		$ 10,018,126
[1]	The Partnership has reduced the reported assets of the Mortgage Revenue Bond Investments segment and the consolidation and eliminations amount by approximately $182.7 million to eliminate intercompany activity within the Mortgage Revenue Bond Investments segment.

Real Estate Assets Unaudited Pr

Real Estate Assets Unaudited Pro Forma Condensed Consolidated Results of Operations of the Partnership (Details) - Suites on Paseo and Jade Park [Member] - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Real Estate [Line Items]
Pro forma revenues	$ 60,008,686	$ 64,162,327
Pro forma net income	24,663,645	23,075,438
Pro forma net income allocated to Unitholders	$ 21,047,854	$ 16,917,875
Pro forma Unitholder's interest in net income per unit (basic and diluted)	$ 0.35	$ 0.28

Investment in an Unconsolidat84

Investment in an Unconsolidated Entity (Details)	12 Months Ended
	Dec. 31, 2016commitment
Vantage at Corpus Christi and Vantage at Waco and Vantage at Boerne [Member]
Schedule Of Equity Method Investments [Line Items]
Number of investment equity commitments	3

Investment in Unconsolidated 85

Investment in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details)	12 Months Ended
	Dec. 31, 2016USD ($)Unit	Oct. 31, 2015Unit
Schedule Of Equity Method Investments [Line Items]
Units | Unit		2
Investment in unconsolidated entities (Note 10)	$ 19,470,006
Maximum Remaining Equity Commitment	$ 9,058,248
Vantage at Corpus Christi [Member] | Corpus Christi T X
Schedule Of Equity Method Investments [Line Items]
Month Commitment Executed	2016-03
Units | Unit	288
Investment in unconsolidated entities (Note 10)	$ 8,447,343
Maximum Remaining Equity Commitment	$ 1,550,000
Vantage At Waco | Waco T X
Schedule Of Equity Method Investments [Line Items]
Month Commitment Executed	2016-08
Units | Unit	288
Investment in unconsolidated entities (Note 10)	$ 5,964,861
Maximum Remaining Equity Commitment	$ 3,572,133
Vantage At Boerne | Boerne T X
Schedule Of Equity Method Investments [Line Items]
Month Commitment Executed	2016-08
Units | Unit	288
Investment in unconsolidated entities (Note 10)	$ 5,057,802
Maximum Remaining Equity Commitment	$ 3,936,115

Property Loan, Net of Loan Lo86

Property Loan, Net of Loan Loss Allowances (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Oct. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Property Loan Net Of Loan Loss Allowances [Abstract]
Property loans receivable	$ 36,862,148	$ 29,874,523	$ 17,000,000
Less: Loan loss allowance	(7,098,814)	(7,098,814)		$ (7,098,814)	$ (7,023,814)
Total property loans receivable	$ 29,763,334	$ 22,775,709

Property Loan, Net of Loan Lo87

Property Loan, Net of Loan Loss Allowances Narrative Tagging (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2015	Apr. 30, 2015
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net	$ 29,763,334	$ 22,775,709
Contingent interest	2,021,077	4,756,716	$ 40,000
Provision for loan loss	0	0	75,000
Cross Creek [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net	83,500	96,000
Provision for loan loss			$ 75,000
Foundation for Affordable Housing [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net	2,500
Contingent interest	1,400,000
Repayment of property loan, principal		$ 145,000
Winston Group, Inc [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net	2,500,000
Vantage at Brooks LLC [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net	3,700,000
Vantage at Braunfels LLC [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net	$ 2,100,000
Silver Moon [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net				$ 2,800,000
The Suites on Paseo [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net					$ 567,000
Ohio Properties [Member] | Maximum [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Percentage of deferred interest earned on property loans		100.00%

Property Loan, Net of Loan Lo88

Property Loan, Net of Loan Loss Allowances Loan Receivable and Allowance (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Oct. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	$ 36,862,148	$ 29,874,523	$ 17,000,000
Accrued Interest	3,164,762	10,185,405
Loan Loss Allowances	(7,098,814)	(7,098,814)		$ (7,098,814)	$ (7,023,814)
Interest Allowance	0	(8,718,387)
Net Taxable Property Loans	32,928,096	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	54,742	39,950
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	246,006	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	90,491	51,386
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	364,987	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	82,951	47,104
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	334,573	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		1,415,590
Accrued Interest		0
Loan Loss Allowances		0
Interest Allowance		0
Net Taxable Property Loans		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	467,511	343,600
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	1,317,511	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	1,021,723	1,235,017
Loan Loss Allowances	0	0
Interest Allowance	0	(441,795)
Net Taxable Property Loans	3,412,169	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	743,928	78,440
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	7,943,352	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	703,416	92,481
Loan Loss Allowances	0	0
Interest Allowance	0	0
Net Taxable Property Loans	7,050,721	$ 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

Property Loan, Net of Loan Lo89

Property Loan, Net of Loan Loss Allowances Loan Loss Reserves (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Accounts Notes Loans And Financing Receivable Gross Allowance And Net [Abstract]
Balance, beginning of year	$ 7,098,814	$ 7,098,814	$ 7,023,814
Provision for loan loss	0	0	75,000
Balance, end of year	$ 7,098,814	$ 7,098,814	$ 7,098,814

Income Tax Provision Narrative

Income Tax Provision Narrative Tagging (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Provision [Line Items]
Valuation allowance reversed	$ 405,000
Income tax expense	4,959,000	$ 0	$ 0
Accrued interest or penalties	$ 0	0
Minimum [Member]
Income Tax Provision [Line Items]
Partnership tax returns subjected to examination	2,013
Maximum [Member]
Income Tax Provision [Line Items]
Partnership tax returns subjected to examination	2,015
Greens Hold Co
Income Tax Provision [Line Items]
Income tax expense		$ 0	$ 0

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Current income tax expense:
Current income tax expense on dispositions	$ 4,593,000
Deferred income tax expense:
Deferred income tax expense (benefit)	366,000
Total income tax expense	$ 4,959,000	$ 0	$ 0

Income Tax Provision - Schedule

Income Tax Provision - Schedule of Reconciled to Provision for Income Taxes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Expected tax expense at U.S. Federal statutory rate of 35%	$ 4,684,431
State income taxes, net of federal income tax effect	733,038
Impact of changes in valuation allowances	(535,641)
Other	77,172
Total income tax expense	$ 4,959,000	$ 0	$ 0

Income Tax Provision - Schedu93

Income Tax Provision - Schedule of Reconciled to Provision for Income Taxes (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
U.S. Federal statutory rate	35.00%

Income Tax Provision - Summar94

Income Tax Provision - Summary of Deferred Tax Assets and Liabilities (Details)	Dec. 31, 2016USD ($)
Deferred tax assets (liabilities):
Depreciation and amortization	$ (322,178)
Prepaid expenses	(50,935)
Accruals and reserves	7,113
Gross deferred tax liabilities	(366,000)
Net deferred tax liabilities	$ (366,000)

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Other Assets [Abstract]
Deferred financing costs - net	$ 456,890	$ 487,023
Fair value of derivative instruments (Note 19)	383,604	344,177
Taxable bonds at fair market value	4,084,599	4,824,060
Bond purchase commitments - fair value (Note 20)	2,399,449	5,634,360
Other assets	1,470,650	1,655,013
Total other assets	$ 8,795,192	$ 12,944,633

Other Assets - Narrative Taggin

Other Assets - Narrative Tagging (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Redemptions of taxable bonds	$ 648,439,860	$ 534,745,500
Silver Moon [Member] | Series B [Member]
Redemptions of taxable bonds	$ 500,000

Other Assets - Summary of the T

Other Assets - Summary of the Terms of the Taxable Bond Redeemed and Acquired (Details)	12 Months Ended
	Dec. 31, 2016USD ($)Unit	Dec. 31, 2015USD ($)	Oct. 31, 2015Unit
Units | Unit			2
Principal Outstanding	$ 648,439,860	$ 534,745,500
Silver Moon [Member] | Series B [Member]
Principal Outstanding	$ 500,000
Silver Moon [Member] | Series B [Member] | 2016 Redemption [Member]
Units | Unit	151
Original Maturity Date	Aug. 1, 2055
Base Interest Rate	12.00%
Principal Outstanding	$ 499,461
Silver Moon [Member] | Series B [Member] | 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 Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Depreciation and amortization expenses, discontinued operations	$ 301,000	$ 940,000
Amortization of Deferred financing costs, discontinued operations	17,000	19,000
Capital expenditure, discontinued operations	201,000	$ 360,000
Consolidated Properties [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Assets related to discontinued operations	0		$ 0
Liabilities related to discontinued operations	$ 0		$ 0

Discontinued Operations Disco99

Discontinued Operations Discontinued Operations Income Statement (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Gain on sale of discontinued operations	$ 3,212,447
Net income from discontinued operations	3,721,397	$ 52,773
Discontinued Operations [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Rental revenues	2,952,383	3,180,680
Expenses	2,394,074	3,127,907
Net income from discontinued operations	558,309	52,773
Gain on sale of discontinued operations	3,163,088
Net income from discontinued operations	$ 3,721,397	$ 52,773

Summary of Unsecured Lines of C

Summary of Unsecured Lines of Credit (Details) - USD ($)	1 Months Ended			12 Months Ended
	Nov. 30, 2016	Oct. 31, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Feb. 29, 2016
Line Of Credit Facility [Line Items]
Lines of credit				$ 40,000,000	$ 17,497,000
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit				40,000,000	17,497,000
Line of credit facility maximum borrowing capacity				47,500,000	47,500,000
Unsecured Lines of Credit [Member] | Bankers Trust [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity				$ 50,000,000
Debt instrument, maturity date	May 31, 2018	May 31, 2017		Sep. 30, 2017
Unsecured Lines of Credit [Member] | Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit				$ 0
Line of credit facility maximum borrowing capacity			$ 7,500,000			$ 5,000,000
Debt instrument, maturity date	Mar. 31, 2018		Mar. 31, 2017
Unsecured Lines of Credit [Member] | Five Points Bank operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity				5,000,000
Unsecured Lines of Credit [Member] | 3.13% Interest Bearing Line of Credit [Member] | Bankers Trust [Member]
Line Of Credit Facility [Line Items]
Lines of credit				40,000,000
Line of credit facility maximum borrowing capacity				$ 40,000,000
Debt instrument, maturity date				May 31, 2018
Variable / Fixed				Variable
Reset Frequency				Monthly
Line of credit facility, interest rate during period				3.13%
Unsecured Lines of Credit [Member] | 3.88% Interest Bearing Line of Credit [Member] | Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity				$ 7,500,000
Debt instrument, maturity date				May 31, 2018
Variable / Fixed				Variable
Reset Frequency				Monthly
Line of credit facility, interest rate during period				3.88%
Unsecured Lines of Credit [Member] | 2.90% Interest Bearing Line of Credit [Member] | Bankers Trust [Member]
Line Of Credit Facility [Line Items]
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%
Unsecured Lines of Credit [Member] | 3.5% Interest Bearing Line of Credit [Member] | Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
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%
Unsecured Lines of Credit [Member] | 3.4% Interest Bearing Line of Credit [Member] | Five Points Bank operating [Member]
Line Of Credit Facility [Line Items]
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 ($)	1 Months Ended			12 Months Ended
	Nov. 30, 2016	Oct. 31, 2016	Mar. 31, 2016	Dec. 31, 2016	Dec. 31, 2012	Feb. 29, 2016	Dec. 31, 2015
Line Of Credit Facility [Line Items]
Unsecured lines of credit (Note 15)				$ 40,000,000			$ 17,497,000
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity				47,500,000			47,500,000
Unsecured lines of credit (Note 15)				40,000,000			$ 17,497,000
Unsecured Lines of Credit [Member] | Bankers Trust [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity				$ 50,000,000
Debt instrument, maturity date	May 31, 2018	May 31, 2017		Sep. 30, 2017
Debt instrument, covenant compliance					The Partnership is in compliance with all covenants at December 31, 2016.
Unsecured Lines of Credit [Member] | Bankers Trust [Member] | First Extension
Line Of Credit Facility [Line Items]
Principal amount repayment on extension				5.00%
Unsecured Lines of Credit [Member] | Bankers Trust [Member] | Second Extension
Line Of Credit Facility [Line Items]
Principal amount repayment on extension				10.00%
Unsecured Lines of Credit [Member] | Bankers Trust [Member] | Third Extension
Line Of Credit Facility [Line Items]
Principal amount repayment on extension				20.00%
Unsecured Lines of Credit [Member] | Bankers Trust [Member] | London Interbank Offered Rate [Member]
Line Of Credit Facility [Line Items]
Debt instrument variable rate				2.50%
Unsecured Lines of Credit [Member] | Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity			$ 7,500,000			$ 5,000,000
Debt instrument variable rate				3.25%
Debt instrument, maturity date	Mar. 31, 2018		Mar. 31, 2017
Unsecured lines of credit (Note 15)				$ 0
Unsecured Lines of Credit [Member] | Five Points Bank operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity				$ 5,000,000

Secured Lines of Credit Narrati

Secured Lines of Credit Narrative (Details) - Secured Line of Credit [Member]	12 Months Ended
	Dec. 31, 2016USD ($)
London Interbank Offered Rate [Member]
Line Of Credit Facility [Line Items]
Debt instrument variable rate	2.50%
Bankers Trust [Member] | 3.13% Interest Bearing Line of Credit [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 20,000,000

Summary of Secured Lines of Cre

Summary of Secured Lines of Credit (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Line Of Credit Facility [Line Items]
Unsecured lines of credit (Note 15)	$ 40,000,000	$ 17,497,000
Secured Line of Credit [Member] | 3.13% Interest Bearing Line of Credit [Member] | Bankers Trust [Member]
Line Of Credit Facility [Line Items]
Unsecured lines of credit (Note 15)	19,816,667
Line of credit facility maximum borrowing capacity	$ 20,000,000
Debt instrument, maturity date	Mar. 31, 2017
Variable / Fixed	Variable
Reset Frequency	Monthly
Line of credit facility, interest rate during period	3.13%

Debt Financing Total Debt Finan

Debt Financing Total Debt Financing (Details) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Short Term Debt [Line Items]
Debt financing		$ 495,383,033	$ 451,496,716
Period End Rates		3.83%	3.60%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member]
Short Term Debt [Line Items]
Debt financing		$ 46,860,699
Years Acquired		2,014
Reset Frequency		N/A
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Minimum [Member]
Short Term Debt [Line Items]
Stated Maturities		2017-07
Period End Rates		4.01%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Maximum [Member]
Short Term Debt [Line Items]
Stated Maturities		2019-07
Period End Rates		4.39%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member]
Short Term Debt [Line Items]
Debt financing		$ 171,778,950
Restricted Cash		$ 1,373,695
Years Acquired		2,016
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member]
Short Term Debt [Line Items]
Debt financing		$ 42,455,000
Years Acquired		2,012
Stated Maturities		2016-12
Reset Frequency		Weekly
Facility Fees		1.62%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Minimum [Member]
Short Term Debt [Line Items]
Debt instrument variable rate		1.29%
Period End Rates		2.91%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Maximum [Member]
Short Term Debt [Line Items]
Debt instrument variable rate		1.39%
Period End Rates		3.01%
TEBS Financings [Member] | Variable - TEBS I [Member]
Short Term Debt [Line Items]
Debt financing		$ 60,430,991	$ 60,735,743
Restricted Cash		$ 396,412	$ 364,637
Years Acquired		2,010	2,010
Stated Maturities		2017-09	2017-09
Reset Frequency		Weekly	Weekly
Debt instrument variable rate		0.77%	0.04%
Facility Fees		1.85%	1.91%
Period End Rates		2.62%	1.95%
TEBS Financings [Member] | Variable - TEBS II [Member]
Short Term Debt [Line Items]
Debt financing	[1]	$ 91,768,081	$ 92,280,069
Restricted Cash	[1]	$ 170,988	$ 163,418
Years Acquired	[1]	2,014	2,014
Stated Maturities	[1]	2019-07	2019-07
Reset Frequency	[1]	Weekly	Weekly
Debt instrument variable rate	[1]	0.75%	0.02%
Facility Fees	[1]	1.62%	1.42%
Period End Rates	[1]	2.37%	1.44%
TEBS Financings [Member] | Variable - TEBS III [Member]
Short Term Debt [Line Items]
Debt financing	[1]	$ 82,089,312	$ 81,968,780
Restricted Cash	[1]	$ 3,495,592	$ 4,843,625
Years Acquired	[1]	2,015	2,015
Stated Maturities	[1]	2020-07	2020-07
Reset Frequency	[1]	Weekly	Weekly
Debt instrument variable rate	[1]	0.75%	0.02%
Facility Fees	[1]	1.39%	1.26%
Period End Rates	[1]	2.14%	1.28%
TOB Trusts Securitization [Member]
Short Term Debt [Line Items]
Debt financing			$ 160,582,124
TOB Trusts Securitization [Member] | Fixed - Term TOB [Member]
Short Term Debt [Line Items]
Debt financing			160,582,124
Restricted Cash			1,930,027
TOB Trusts Securitization [Member] | Variable - TOB [Member]
Short Term Debt [Line Items]
Debt financing			$ 55,930,000
Years Acquired			2,012
Reset Frequency			Weekly
TOB Trusts Securitization [Member] | Variable - TOB [Member] | Minimum [Member]
Short Term Debt [Line Items]
Stated Maturities			2016-04
Debt instrument variable rate			0.16%
Facility Fees			0.94%
Period End Rates			1.10%
TOB Trusts Securitization [Member] | Variable - TOB [Member] | Maximum [Member]
Short Term Debt [Line Items]
Stated Maturities			2016-06
Debt instrument variable rate			0.68%
Facility Fees			1.62%
Period End Rates			2.30%
[1]	Facility fees are variable

Summary of Individual Debt Fina

Summary of Individual Debt Financing (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Short Term Debt [Line Items]
Debt financing	$ 495,383,033	$ 451,496,716
Term A/B Trust [Member]
Short Term Debt [Line Items]
Debt financing	$ 171,778,950
Weighted Average Period End Rate	3.80%
Term A/B Trust [Member] | Willow Run [Member]
Short Term Debt [Line Items]
Debt financing	$ 11,564,852
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Columbia Gardens [Member]
Short Term Debt [Line Items]
Debt financing	$ 11,565,068
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Concord at Little York [Member]
Short Term Debt [Line Items]
Debt financing	$ 11,301,031
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Concord at Williamcrest [Member]
Short Term Debt [Line Items]
Debt financing	$ 17,504,186
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Concord at Gulfgate [Member]
Short Term Debt [Line Items]
Debt financing	$ 16,133,987
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Companion At Thornhill Apts [Member]
Short Term Debt [Line Items]
Debt financing	$ 9,666,656
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Seasons at Simi Valley [Member]
Short Term Debt [Line Items]
Debt financing	$ 3,678,770
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Sycamore Walk [Member]
Short Term Debt [Line Items]
Debt financing	$ 3,050,786
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Decatur-Angle [Member]
Short Term Debt [Line Items]
Debt financing	$ 21,387,126
Restricted Cash	$ 755,489
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Berrendo Square Apartments [Member]
Short Term Debt [Line Items]
Debt financing	$ 5,409,361
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Laurel Crossings Apartments [Member]
Short Term Debt [Line Items]
Debt financing	$ 6,378,482
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Bruton Apts [Member]
Short Term Debt [Line Items]
Debt financing	$ 15,258,925
Restricted Cash	$ 618,206
Years Acquired	2,016
Stated Maturities	2026-09
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | 15 West Apartments [Member]
Short Term Debt [Line Items]
Debt financing	$ 8,366,804
Years Acquired	2,016
Stated Maturities	2026-12
Fixed Interest Rate	3.64%
Term A/B Trust [Member] | Oaks at Georgetown A [Member]
Short Term Debt [Line Items]
Debt financing	$ 11,709,479
Years Acquired	2,016
Stated Maturities	2017-03
Fixed Interest Rate	4.56%
Term A/B Trust [Member] | Harmony Terrace A [Member]
Short Term Debt [Line Items]
Debt financing	$ 6,549,479
Years Acquired	2,016
Stated Maturities	2017-03
Fixed Interest Rate	4.56%
Term A/B Trust [Member] | Oaks at Georgetown B [Member]
Short Term Debt [Line Items]
Debt financing	$ 5,229,479
Years Acquired	2,016
Stated Maturities	2017-03
Fixed Interest Rate	4.56%
Term A/B Trust [Member] | Harmony Terrace B [Member]
Short Term Debt [Line Items]
Debt financing	$ 7,024,479
Years Acquired	2,016
Stated Maturities	2017-03
Fixed Interest Rate	4.56%
TOB Trusts Securitization [Member]
Short Term Debt [Line Items]
Debt financing		$ 160,582,124
Weighted Average Period End Rate		3.68%
TOB Trusts Securitization [Member] | Willow Run [Member]
Short Term Debt [Line Items]
Debt financing		$ 11,698,732
Years Acquired		2,015
Stated Maturities		2017-12
Fixed Interest Rate		2.76%
TOB Trusts Securitization [Member] | Columbia Gardens [Member]
Short Term Debt [Line Items]
Debt financing		$ 11,699,209
Years Acquired		2,015
Stated Maturities		2017-12
Fixed Interest Rate		2.76%
TOB Trusts Securitization [Member] | Concord at Little York [Member]
Short Term Debt [Line Items]
Debt financing		$ 11,231,685
Years Acquired		2,015
Stated Maturities		2018-02
Fixed Interest Rate		2.76%
TOB Trusts Securitization [Member] | Concord at Williamcrest [Member]
Short Term Debt [Line Items]
Debt financing		$ 15,606,685
Years Acquired		2,015
Stated Maturities		2018-02
Fixed Interest Rate		2.76%
TOB Trusts Securitization [Member] | Concord at Gulfgate [Member]
Short Term Debt [Line Items]
Debt financing		$ 14,936,685
Years Acquired		2,015
Stated Maturities		2018-02
Fixed Interest Rate		2.76%
TOB Trusts Securitization [Member] | Decatur-Angle [Member]
Short Term Debt [Line Items]
Debt financing		$ 22,847,450
Restricted Cash		$ 1,078,823
Years Acquired		2,014
Stated Maturities		2016-10
Fixed Interest Rate		4.26%
TOB Trusts Securitization [Member] | Bruton Apts [Member]
Short Term Debt [Line Items]
Debt financing		$ 17,246,899
Restricted Cash		$ 851,204
Years Acquired		2,014
Stated Maturities		2017-07
Fixed Interest Rate		4.51%
TOB Trusts Securitization [Member] | Live 929 Apartments [Member]
Short Term Debt [Line Items]
Debt financing		$ 37,935,981
Years Acquired		2,014
Stated Maturities		2019-07
Fixed Interest Rate		4.39%
TOB Trusts Securitization [Member] | Pro Nova 2014-1 [Member]
Short Term Debt [Line Items]
Debt financing		$ 9,006,899
Years Acquired		2,014
Stated Maturities		2017-07
Fixed Interest Rate		4.01%
TOB Trusts Securitization [Member] | Pro Nova 2014-2 [Member]
Short Term Debt [Line Items]
Debt financing		$ 8,371,899
Years Acquired		2,014
Stated Maturities		2017-07
Fixed Interest Rate		4.01%

Debt Financing Narrative Taggin

Debt Financing Narrative Tagging (Details)	1 Months Ended		3 Months Ended	12 Months Ended
	Dec. 31, 2015USD ($)	Nov. 30, 2015USD ($)	Sep. 30, 2016USD ($)TrustAgreement	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Jul. 31, 2016Integer	Jul. 31, 2015USD ($)Integer
Debt Instrument [Line Items]
Deferred financing costs - net	$ 487,023			$ 456,890	$ 487,023
Available-for-sale Securities, Fair Value Disclosure Held in Trust	536,316,481			590,194,179	536,316,481
Debt financing	451,496,716			495,383,033	451,496,716
Proceeds from Sale of Available-for-sale Securities				9,295,000		$ 31,791,699
(Increase) decrease in other assets				(112,174)	(416,419)	$ (24,276)
ASU 2015-03 - Interest – Imputation of Interest [Member]
Debt Instrument [Line Items]
(Increase) decrease in other assets				5,400,000
Decreases in debt financings				4,900,000
Decrease in mortgages payable and other secured financing				470,000
Fairmont Oaks And Bent Tree Properties [Member]
Debt Instrument [Line Items]
Proceeds from Sale of Available-for-sale Securities	14,100,000	$ 14,100,000
Term A/B Trust [Member]
Debt Instrument [Line Items]
Cash Collateral for Borrowed Securities				1,400,000
Number of paid off and collapsed TOB Trusts | Trust			7
Number of TOB Trusts | Trust			9
Deferred financing costs - net			$ 1,400,000
Debt financing				171,778,950
Term A/B Trust [Member] | Farnam Capital Advisors, LLC [Member]
Debt Instrument [Line Items]
Consulting fees				1,200,000
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member]
Debt Instrument [Line Items]
Number of new agreements | Agreement			12
Interest Rate Swap [Member]
Debt Instrument [Line Items]
Cash Collateral for Borrowed Securities	$ 1,900,000				$ 1,900,000
TOB Facility [Member]
Debt Instrument [Line Items]
Number of Available for Sale Securities, Held in a Trust | Integer							8
TEBS III Facility [Member]
Debt Instrument [Line Items]
Number of Available for Sale Securities, Held in a Trust | Integer								9
Available-for-sale Securities, Fair Value Disclosure Held in Trust								$ 105,400,000
Debt financing				84,300,000
Debt Financing, Net				$ 82,200,000

Debt Financing Contractual Matu

Debt Financing Contractual Maturities (Details)	Dec. 31, 2016USD ($)
Debt Financing [Abstract]
2,017	$ 148,105,926
2,018	3,117,845
2,019	130,608,707
2,020	82,404,547
2,021	1,381,375
Thereafter	134,650,501
Total	$ 500,268,901

Mortgages Payable and Other 108

Mortgages Payable and Other Secured Financing Narrative Tagging (Details)	1 Months Ended	12 Months Ended
	Nov. 30, 2015	Dec. 31, 2016
Eagle Village [Member]
Long-term Debt, Refinanced, Maturity Date	Sep. 1, 2018
Residences at DeCordova [Member]
Long-term Debt, Refinanced, Maturity Date		Jun. 1, 2017
Residences at Weatherford [Member]
Long-term Debt, Refinanced, Maturity Date		Jun. 1, 2017

Mortgage Payable and Other Secu

Mortgage Payable and Other Secured Financing by Property Net of Deferred Financing Costs (Details) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 51,379,512	$ 69,247,574
Period End Rate		3.83%	3.60%
Real Estate [Member] | Eagle Village [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net	[1]	$ 7,845,711	$ 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]	0.63%	0.25%
Facility Fees	[1]	3.00%	3.00%
Period End Rate	[1]	3.63%	3.25%
Real Estate [Member] | Residences at DeCordova [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 1,744,858	$ 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, net		$ 5,589,086	$ 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, net		$ 7,461,131
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, net			$ 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, net	[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%
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net	[2]	$ 25,082,636	$ 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%
Tax Increment Financing [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 3,656,090	$ 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%
[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)	Dec. 31, 2016USD ($)
Mortgages Payable [Abstract]
2,017	$ 8,270,379
2,018	8,475,223
2,019	4,166,034
2,020	23,949,298
2,021	6,858,994
Total mortgages payable and other secured financings	$ 51,719,928

Interest Rate Derivatives (Deta

Interest Rate Derivatives (Details)	12 Months Ended
	Dec. 31, 2016USD ($)
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability)	$ 383,604	[1]
Bank of New York Mellon [Member]
Derivative [Line Items]
Derivative, Purchase Date	2010-09
Derivative, Initial Notional Amount	$ 31,936,667
Derivative, Effective Capped Rate	3.00%
Derivative, Maturity Date	2017-09
Derivative, Purchase Price	$ 921,000
Derivative, Fair Value - Asset (Liability)	$ 2	[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, Initial Notional Amount	$ 31,936,667
Derivative, Effective Capped Rate	3.00%
Derivative, Maturity Date	2017-09
Derivative, Purchase Price	$ 845,600
Derivative, Fair Value - Asset (Liability)	$ 2	[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, Initial Notional Amount	$ 31,936,667
Derivative, Effective Capped Rate	3.00%
Derivative, Maturity Date	2017-09
Derivative, Purchase Price	$ 928,000
Derivative, Fair Value - Asset (Liability)	$ 2	[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, Initial Notional Amount	$ 93,305,000
Derivative, Effective Capped Rate	1.50%
Derivative, Maturity Date	2017-09
Derivative, Purchase Price	$ 793,000
Derivative, Fair Value - Asset (Liability)	$ 619	[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, Initial Notional Amount	$ 41,250,000
Derivative, Effective Capped Rate	1.00%
Derivative, Maturity Date	2017-03
Derivative, Purchase Price	$ 230,500
Derivative, Fair Value - Asset (Liability)	$ 2	[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, Initial Notional Amount	$ 31,565,000
Derivative, Effective Capped Rate	3.00%
Derivative, Maturity Date	2019-08
Derivative, Purchase Price	$ 315,200
Derivative, Fair Value - Asset (Liability)	$ 34,614	[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, Initial Notional Amount	$ 31,565,000
Derivative, Effective Capped Rate	3.00%
Derivative, Maturity Date	2019-08
Derivative, Purchase Price	$ 343,000
Derivative, Fair Value - Asset (Liability)	$ 34,614	[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, Initial Notional Amount	$ 31,565,000
Derivative, Effective Capped Rate	3.00%
Derivative, Maturity Date	2019-08
Derivative, Purchase Price	$ 333,200
Derivative, Fair Value - Asset (Liability)	$ 34,614	[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, Initial Notional Amount	$ 28,095,000
Derivative, Effective Capped Rate	3.00%
Derivative, Maturity Date	2020-08
Derivative, Purchase Price	$ 210,000
Derivative, Fair Value - Asset (Liability)	$ 93,045	[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, Initial Notional Amount	$ 28,095,000
Derivative, Effective Capped Rate	3.00%
Derivative, Maturity Date	2020-08
Derivative, Purchase Price	$ 187,688
Derivative, Fair Value - Asset (Liability)	$ 93,045	[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, Initial Notional Amount	$ 28,095,000
Derivative, Effective Capped Rate	3.00%
Derivative, Maturity Date	2020-08
Derivative, Purchase Price	$ 174,900
Derivative, Fair Value - Asset (Liability)	$ 93,045	[1]
Derivative, Variable Debt Financing Facility Hedged	M33 TEBS
Derivative, Maximum Potential Cost of Borrowing	4.30%
[1]	For additional details, see Note 25 to the Partnership's consolidated financial statements.

Interest Rate Derivatives Footn

Interest Rate Derivatives Footnote Tagging (Details) - Trust Portfolio M B S Bonds	1 Months Ended
	Jan. 31, 2016USD ($)
Derivative [Line Items]
Proceeds from Sale of Available-for-sale Securities	$ 11,000,000
Cash proceeds from sale of interest rate derivative	0
Available-for-sale Securities, Gross Realized Gain (Loss)	$ 0

Interest Rate Derivatives - Sch

Interest Rate Derivatives - Schedule of Terms of Interest Rate Swaps (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Derivative [Line Items]
Fair Value of Liability	$ (1,339,283)	$ (1,317,075)
Deutsche Bank [Member]
Derivative [Line Items]
Purchase Date	2013-08
Fixed Rate Paid	1.50%
Interest Rate Swaps [Member]
Derivative [Line Items]
Fair Value of Liability	$ (1,339,283)	(1,317,075)
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur Angle [Member]
Derivative [Line Items]
Purchase Date	2014-09
Initial Notional Amount	$ 23,000,000
Effective Date	2016-10
Termination Date	2021-10
Fixed Rate Paid	1.96%
Period End Variable Rate Received	0.53%
Fair Value of Liability	$ (738,574)	(737,219)
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur Angle [Member] | London Interbank Offered Rate [Member]
Derivative [Line Items]
Variable Based Rate	70.00%
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Bruton Apartments [Member]
Derivative [Line Items]
Purchase Date	2014-09
Initial Notional Amount	$ 18,126,731
Effective Date	2017-04
Termination Date	2022-04
Fixed Rate Paid	2.06%
Fair Value of Liability	$ (600,709)	$ (579,856)
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Bruton Apartments [Member] | London Interbank Offered Rate [Member]
Derivative [Line Items]
Variable Based Rate	70.00%

Commitments and Contingencies F

Commitments and Contingencies Fair Market Value Table (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Maximum Committed Amounts for 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 50,540,000
Maximum Committed Amounts for 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	16,400,000
Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain	$ 2,399,449	$ 5,634,360
15 West Apartments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	Jul. 31, 2014
Debt Instrument, Interest Rate, Stated Percentage	6.25%
15 West Apartments [Member] | Bond Purchase Commitment [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Unrealized Gain		945,009
Villas at Plano Gateway [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	Dec. 31, 2014
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Villas at Plano Gateway [Member] | Maximum Committed Amounts for 2017
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	$ 838,200	1,469,213
Village at River's Edge [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	May 31, 2015
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Village at River's Edge [Member] | Maximum Committed Amounts for 2017
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	$ 467,720	636,560
Palo Alto [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	Jul. 31, 2015
Debt Instrument, Interest Rate, Stated Percentage	5.80%
Palo Alto [Member] | Maximum Committed Amounts for 2017
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	$ 627,429	1,439,600
Village at Avalon [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Forward Bond Commitment, Purchase Date	Nov. 30, 2015
Debt Instrument, Interest Rate, Stated Percentage	5.80%
Village at Avalon [Member] | Maximum Committed Amounts for 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	$ 466,100	$ 1,143,978

Commitments and Contingencies N

Commitments and Contingencies Narrative Tagging (Details)	12 Months Ended
	Dec. 31, 2016USD ($)Unit	Dec. 31, 2015USD ($)Unit	Dec. 31, 2014USD ($)	Oct. 31, 2015USD ($)Unit
Property loans receivable	$ 36,862,148	$ 29,874,523		$ 17,000,000
Number of units in real estate property | Unit				2
Concentration risk, credit risk, financial instrument, maximum exposure	500,300,000
Greens of Pine Glen [Member]
Property loans receivable	850,000	850,000
Guarantor obligations, maximum exposure, undiscounted	$ 2,800,000
Percentage of loss contingency, range of possible loss, maximum	75.00%
Ohio Properties [Member]
Property loans receivable	$ 2,390,446	$ 2,390,448
Percentage of loss contingency, range of possible loss, maximum	75.00%
Loss contingency, range of possible loss, maximum	$ 4,400,000
The 50/50 Student Housing--UNL [Member]
Number of units in real estate property | Unit	475	475
Initial lease term expiration period	2038-03
Lease agreement extend term	5 years
Annual lease payments	$ 100
Minimum monthly rentals under lease agreement	$ 122,000
Annual increment Percentage in lease rent	2.00%
Lease expiration date	Jul. 31, 2034
Lease agreement annual renewable increase percentage	3.00%
Expenses related to the agreement	$ 123,000	$ 120,000	$ 50,000
October 2015 Purchase Commitment [Member]
Remaining maximum amount committed	$ 3,400,000

Redeemable Series A Preferre116

Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($)	1 Months Ended				12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016	Mar. 31, 2016	Dec. 31, 2016
Temporary Equity Disclosure [Abstract]
Issuance of preferred units through private placements	700,000	1,000,000	1,386,900	1,000,000	4,086,900
Purchase Price	$ 7,000,000	$ 10,000,000	$ 13,869,000	$ 10,000,000	$ 40,869,000
Distribution Rate	3.00%	3.00%	3.00%	3.00%
Redemption Price per Unit	$ 10	$ 10	$ 10	$ 10	$ 10
Earliest Redemption Date	2022-12	2022-09	2022-05	2022-03

Issuances of Additional Bene117

Issuances of Additional Beneficial Certificate Units (Details)	Nov. 30, 2016USD ($)
Issuances Of Additional Beneficial Unit Certificates [Abstract]
Common stock, shares authorized ,value	$ 225,000,000

Restricted Unit Awards Narrativ

Restricted Unit Awards Narrative (Details) - Restricted Unit Awards [Member] - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 833,000	$ 0	$ 0
Unrecognized compensation expense related to nonvested RUAs granted	$ 808,000
Remaining expense expected to be recognized over a weighted-average period	1 year 6 months
Intrinsic value of nonvested RUAs	$ 855,000
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
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 RUA activity (Details) - Restricted Unit Awards [Member]	12 Months Ended
	Dec. 31, 2016$ / sharesshares
Restricted Units Awarded
Granted | shares	272,307
Vested | shares	(114,003)
Ending Balance | shares	158,304
Weighted-average Grant-Date Fair Value
Granted | $ / shares	$ 6.03
Vested | $ / shares	6.03
Ending Balance | $ / shares	$ 6.03

Transactions with Related Pa120

Transactions with Related Parties Related Party Expenses Table (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related Party Transactions [Abstract]
Reimbursable salaries and benefits	$ 2,921,762	$ 1,744,855	$ 1,599,294
Other expenses	5,883	6,819	975
Insurance	204,357	224,946	227,265
Professional fees and expenses	390,961	284,767	208,648
Consulting and travel expenses	11,634	15,372	1,697
Related Party Transaction, Expenses from Transactions with Related Party	$ 3,534,597	$ 2,276,759	$ 2,037,879

Transactions with Related Pa121

Transactions with Related Parties Transactions with Related Parties Narrative (Details)	3 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)Property	Dec. 31, 2015USD ($)Property	Dec. 31, 2014USD ($)	Sep. 30, 2013Property
Rate for administration fees		0.45%
Fees and commissions, other		$ 2,100,000	$ 1,900,000	$ 1,700,000
One-time mortgage negotiated placement fees	$ 125,000
Additional fees and commissions paid			300,000
Management fees revenue		1,100,000	1,200,000	1,300,000
Placement advisory fees		0	150,000	300,000
Outstanding liabilities due to related parties		$ 415,000	$ 241,000
Number of Variable Interest Entities | Property		20	15
Majority-Owned Subsidiary, Unconsolidated [Member]
Payment for administrative fees		$ 2,800,000	$ 2,600,000	2,000,000
Variable Interest Entity Primary Beneficiary [Member] | Total Owners [Member]
Number of Variable Interest Entities | Property					2
Affiliated Entity [Member]
Payment for administrative fees		95,000	53,000	138,000
Farnam Capital Advisors, LLC [Member]
Placement advisory fees		1,000,000	1,800,000	$ 1,400,000
Origination fees	$ 125,000
Farnam Capital Advisors, LLC [Member] | Term A/B Trust [Member]
Consulting fees		$ 1,200,000
Bent Tree [Member] | Affiliated Entity [Member]
Payment for administrative fees			$ 635,000

Fair Value Measurements Fair Va

Fair Value Measurements Fair Value Measurements Narrative Tagging (Details)	Dec. 31, 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	4.90%	4.20%
Effective rate - minimum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	4.30%	3.90%
Effective rate - maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	12.40%	12.10%
Effective rate - maximum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	6.00%	5.70%

Fair Value Measurements Assets

Fair Value Measurements Assets and Liabilities at Fair Value on Recurring Basis (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 742,897,488	$ 668,651,258
Bond Purchase Commitments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	2,399,449	5,634,360
PHC Certificates [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	57,158,068	60,707,290
Taxable Bonds (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	4,084,599	4,824,060
Derivative Contracts (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	383,604	344,177
MBS Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value		14,775,309
Derivative Swap Liability [Member]
Schedule of Available-for-sale Securities [Line Items]
Liabilities at fair value	(1,339,283)	(1,317,075)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liabilities Value		(1,317,075)
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 2 [Member] | MBS Securities [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]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	742,897,488	653,875,949	$ 520,951,907	$ 347,486,446
Fair Value, Inputs, Level 3 [Member] | Bond Purchase Commitments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	2,399,449	5,634,360	5,780,413
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liabilities Value				(4,852,177)
Fair Value, Inputs, Level 3 [Member] | PHC Certificates [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	57,158,068	60,707,290	61,263,123	62,056,379
Fair Value, Inputs, Level 3 [Member] | Taxable Bonds (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	4,084,599	4,824,060	$ 4,616,565	$ 4,075,953
Fair Value, Inputs, Level 3 [Member] | Derivative Contracts (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	383,604	344,177
Fair Value, Inputs, Level 3 [Member] | Derivative Swap Liability [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liabilities Value	(1,339,283)
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	90,016,872	47,366,656
Mortgage Revenue Bonds [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	90,016,872	47,366,656
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	590,194,179	536,316,481
Mortgage Revenue Bonds Held In Trust [Member] | Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	$ 590,194,179	$ 536,316,481

Fair Value Measurements Availab

Fair Value Measurements Available for sale securities (Details) - USD ($)		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Total gains (losses) (realized/unrealized) [Abstract]
Available-for-sale Securities		$ (90,016,872)	$ (47,366,656)
Fair Value, Inputs, Level 3 [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		653,875,949	520,951,907	$ 347,486,446
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings		138,782	(1,802,655)	(2,003,351)
Total gain (losses) included in other comprehensive (loss) income		(22,245,924)	9,547,826	68,810,375
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		130,620,000	188,572,000	142,794,827
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities		(9,295,399)
Derivative at purchase price			562,088	1,382,900
Available-for-sale Securities			(41,580,919)	(30,464,798)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(10,195,920)	(22,374,298)	(7,054,492)
Assets at Fair Value, ending balance		742,897,488	653,875,949	520,951,907
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2014		17,618	(1,802,655)	(2,003,351)
Fair Value, Inputs, Level 3 [Member] | Interest rate derivatives [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance	[1]		267,669	888,120
Liabilities at Fair value, beginning balance	[1]	(972,898)
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings	[1]	17,618	(1,802,655)	(2,003,351)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities	[1]	(399)
Derivative at purchase price	[1]		562,088	1,382,900
Assets at Fair Value, ending balance	[1]			267,669
Liabilities at Fair value, ending balance	[1]	(955,679)	(972,898)
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on December 31, 2014	[1]	17,618	(1,802,655)	(2,003,351)
Fair Value, Inputs, Level 3 [Member] | Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		5,634,360	5,780,413
Liabilities at Fair value, beginning balance				(4,852,177)
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		(3,234,911)	(146,053)	10,632,590
Assets at Fair Value, ending balance		2,399,449	5,634,360	5,780,413
Fair Value, Inputs, Level 3 [Member] | PHC Certificates [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		60,707,290	61,263,123	62,056,379
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings		(54,605)
Total gain (losses) included in other comprehensive (loss) income		(1,480,497)	462,297	5,219,937
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(2,014,120)	(1,018,130)	(6,013,193)
Assets at Fair Value, ending balance		57,158,068	60,707,290	61,263,123
Fair Value, Inputs, Level 3 [Member] | Taxable Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		4,824,060	4,616,565	4,075,953
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		(188,299)	(138,682)	685,612
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(551,162)		(145,000)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements			346,177
Assets at Fair Value, ending balance		4,084,599	4,824,060	4,616,565
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Settlements			346,177
Fair Value, Inputs, Level 3 [Member] | Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance	[2]	583,683,137	449,024,137	285,318,171
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings	[2]	175,769
Total gain (losses) included in other comprehensive (loss) income	[2]	(17,342,217)	9,370,264	52,272,236
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[2]	130,620,000	188,572,000	142,794,827
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities	[2]	(9,295,000)
Available-for-sale Securities	[2]		(41,580,919)	(30,464,798)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[2]	(7,630,638)	(21,702,345)	(896,299)
Assets at Fair Value, ending balance	[2]	$ 680,211,051	$ 583,683,137	$ 449,024,137
[1]	Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities.
[2]	Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.

Fair Value Measurements Fair Ma

Fair Value Measurements Fair Market Value of Liabilities (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Mortgages payable and other secured financing	$ 51,379,512	$ 69,247,574
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Debt financing and LOCs	555,199,700	468,993,716
Mortgages payable and other secured financing	51,379,512	69,247,574
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Debt financing and LOCs	553,083,924	475,415,345
Mortgages payable and other secured financing	$ 51,595,281	$ 67,735,213

Segment Reporting Footnote Tagg

Segment Reporting Footnote Tagging (Details)	12 Months Ended
	Dec. 31, 2016PropertyUnitIntegerSegment	Jan. 31, 2016Security	Oct. 31, 2015Unit
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment	4
Units | Unit			2
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 | Integer	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 | Integer	83
Mortgage Revenue Bond Investments Segment [Member] | Residential Properties [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities | Integer	83
Units | Unit	9,968
Real Estate [Member]
Segment Reporting Information [Line Items]
Units | Unit	2,004
Number of Real Estate Properties | Property	7

Segment Reporting Segment Repor

Segment Reporting Segment Reporting (Details) - USD ($)		3 Months Ended									12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015		Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015		Dec. 31, 2014
Revenues [Abstract]
Total revenues											$ 58,978,750	$ 59,953,291		$ 41,941,023
Interest Expense [Abstract]
Interest expense											15,469,639	14,826,217		11,165,911
Depreciation [Abstract]
Depreciation expense											5,980,483	5,888,973		4,801,533
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (loss) from continuing operations		$ 5,623,293	$ 4,622,874	$ 11,005,829	$ 2,531,688	$ 10,115,987		$ 2,286,383	$ 7,983,295	$ 2,499,160	23,783,684	22,884,825		14,976,415
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)		5,623,335	$ 4,623,542	$ 11,005,930	$ 2,531,700	13,322,624		$ 2,540,649	$ 8,221,271	$ 2,524,479	23,784,507	26,609,023		15,033,861
Assets
Total assets		944,113,674				867,110,483	[1]				944,113,674	867,110,483	[1]
Mortgage Revenue Bond Investments Segment [Member]
Revenues [Abstract]
Total revenues											36,673,232	38,772,872		23,227,674
Interest Expense [Abstract]
Interest expense											11,904,616	10,787,252		7,147,092
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (loss) from continuing operations											11,755,639	17,924,037		13,181,961
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)											11,755,639	17,924,037		13,181,961
Assets
Total assets		764,995,675				658,846,881	[1]				764,995,675	658,846,881	[1]
MF Properties [Member]
Revenues [Abstract]
Total revenues											17,404,439	17,789,125		14,250,572
Interest Expense [Abstract]
Interest expense											2,200,531	2,659,350		2,319,928
Depreciation [Abstract]
Depreciation expense											5,980,483	5,888,973		4,801,533
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (loss) from continuing operations											8,442,704	2,964,297		(938,151)
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)											8,443,527	2,967,098		(933,478)
Assets
Total assets		129,895,112				141,704,103	[1]				129,895,112	141,704,103	[1]
Public Housing Capital Fund Trusts [Member]
Revenues [Abstract]
Total revenues											2,888,035	2,994,482		3,038,819
Interest Expense [Abstract]
Interest expense											1,349,800	1,221,713		1,295,238
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (loss) from continuing operations											1,538,234	1,758,022		1,714,968
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)											1,538,234	1,758,022		1,714,968
Assets
Total assets		57,461,268				61,021,462	[1]				57,461,268	61,021,462	[1]
MBS Securities Investments [Member]
Revenues [Abstract]
Total revenues											17,921	225,890		1,423,958
Interest Expense [Abstract]
Interest expense											14,692	157,902		403,653
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (loss) from continuing operations											51,984	67,547		1,017,637
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)											51,984	67,547		1,017,637
Assets
Total assets	[1]					15,035,061						15,035,061
Other Investments [Member]
Revenues [Abstract]
Total revenues											1,995,123	170,922
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest [Abstract]
Income (loss) from continuing operations											1,995,123	170,922
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)											1,995,123	170,922
Assets
Total assets		34,540,280				7,726,970	[1]				34,540,280	7,726,970	[1]
Discontinued Operations [Member]
Net Income (Loss) Attributable to Parent [Abstract]
Operating Income (Loss)												3,721,397		$ 52,773
Consolidation, Eliminations [Member]
Assets
Total assets		$ (42,778,661)				$ (17,223,994)	[1]				$ (42,778,661)	$ (17,223,994)	[1]
[1]	The Partnership has reduced the reported assets of the Mortgage Revenue Bond Investments segment and the consolidation and eliminations amount by approximately $182.7 million to eliminate intercompany activity within the Mortgage Revenue Bond Investments segment.

Segment Reporting Segment Re128

Segment Reporting Segment Reporting (Parenthetical) (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Segment Reporting Information [Line Items]
Total assets	$ 944,113,674	$ 867,110,483	[1]
Elimination Intercompany Activity
Segment Reporting Information [Line Items]
Total assets		$ 182,700,000
[1]	The Partnership has reduced the reported assets of the Mortgage Revenue Bond Investments segment and the consolidation and eliminations amount by approximately $182.7 million to eliminate intercompany activity within the Mortgage Revenue Bond Investments segment.

Summary of Unaudited Quarter129

Summary of Unaudited Quarterly Results of Operations (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Revenues and other income	$ 15,899,246	$ 14,855,912	$ 27,376,050	$ 14,927,956	$ 20,841,336	$ 14,084,872	$ 17,119,567	$ 12,506,625
Income (loss) from continuing operations	5,623,293	4,622,874	11,005,829	2,531,688	10,115,987	2,286,383	7,983,295	2,499,160	$ 23,783,684	$ 22,884,825	$ 14,976,415
Income (loss) from discontinued operations					3,204,788	253,894	238,287	24,428
Net income - America First Multifamily Investors, L.P.	$ 5,623,335	$ 4,623,542	$ 11,005,930	$ 2,531,700	$ 13,322,624	$ 2,540,649	$ 8,221,271	$ 2,524,479	$ 23,784,507	$ 26,609,023	$ 15,033,861
Income from continuing operations, per unit	$ 0.09	$ 0.06	$ 0.15	$ 0.04	$ 0.15	$ 0.03	$ 0.12	$ 0.04	$ 0.34	$ 0.34	$ 0.25
Income from discontinued operations, per unit					(0.01)	0.01
Net income, basic and diluted, per unit	$ 0.09	$ 0.06	$ 0.15	$ 0.04	$ 0.14	$ 0.04	$ 0.12	$ 0.04	$ 0.34	$ 0.34	$ 0.25

Summary Of Term A_B Trust Finan

Summary Of Term A/B Trust Financings (Details) - USD ($)	1 Months Ended
	Feb. 24, 2017	Dec. 31, 2016	Dec. 31, 2015
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing		$ 495,383,033	$ 451,496,716
Subsequent Event [Member] | San Vicente Series A [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 3,150,000
Acquired	2017-02
Stated Maturity	2022-02
Base Interest Rate	3.89%
Subsequent Event [Member] | San Vicente Series B [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 1,555,000
Acquired	2017-02
Stated Maturity	2018-06
Base Interest Rate	3.76%
Subsequent Event [Member] | Las Palmas Series A [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 1,530,000
Acquired	2017-02
Stated Maturity	2022-02
Base Interest Rate	3.89%
Subsequent Event [Member] | Las Palmas Series B [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 1,505,000
Acquired	2017-02
Stated Maturity	2018-06
Base Interest Rate	3.76%
Subsequent Event [Member] | The Village At Madera Series A [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 2,780,000
Acquired	2017-02
Stated Maturity	2022-02
Base Interest Rate	3.89%
Subsequent Event [Member] | The Village At Madera Series B [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 1,465,000
Acquired	2017-02
Stated Maturity	2018-07
Base Interest Rate	3.76%
Subsequent Event [Member] | Harmony Court Bakers field Series A [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 3,360,000
Acquired	2017-02
Stated Maturity	2022-02
Base Interest Rate	3.89%
Subsequent Event [Member] | Harmony Court Bakers field Series B [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 1,700,000
Acquired	2017-02
Stated Maturity	2018-07
Base Interest Rate	3.76%
Subsequent Event [Member] | Summerhill Series A [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 5,785,000
Acquired	2017-02
Stated Maturity	2022-02
Base Interest Rate	3.89%
Subsequent Event [Member] | Summerhill Series B [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 2,870,000
Acquired	2017-02
Stated Maturity	2018-07
Base Interest Rate	3.76%
Subsequent Event [Member] | Courtyard Series A [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 9,210,000
Acquired	2017-02
Stated Maturity	2022-02
Base Interest Rate	3.89%
Subsequent Event [Member] | Courtyard Series B [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 5,295,000
Acquired	2017-02
Stated Maturity	2018-07
Base Interest Rate	3.76%
Subsequent Event [Member] | Seasons Lakewood Series A [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 6,615,000
Acquired	2017-02
Stated Maturity	2022-02
Base Interest Rate	3.89%
Subsequent Event [Member] | Seasons Lakewood Series B [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 4,475,000
Acquired	2017-02
Stated Maturity	2022-08
Base Interest Rate	3.76%
Subsequent Event [Member] | Seasons San Juan Capistrano Series A [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 11,140,000
Acquired	2017-02
Stated Maturity	2022-02
Base Interest Rate	3.89%
Subsequent Event [Member] | Seasons San Juan Capistrano Series B [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 5,590,000
Acquired	2017-02
Stated Maturity	2022-08
Base Interest Rate	3.76%
Subsequent Event [Member] | Avistar at Wood Hollow [Member] | Series A [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 27,075,000
Acquired	2017-02
Stated Maturity	2027-02
Base Interest Rate	4.46%
Subsequent Event [Member] | Avistar at the Crest [Member] | Series A [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 3,210,000
Acquired	2017-02
Stated Maturity	2027-02
Base Interest Rate	4.46%
Subsequent Event [Member] | Avistar at Wilcrest [Member] | Series A [Member]
Short Term Debt [Line Items]
Outstanding Term A/B Trust Financing	$ 8,500,000
Acquired	2017-02
Stated Maturity	2027-02
Base Interest Rate	4.46%

Subsequent Events Footnote Tagg

Subsequent Events Footnote Tagging (Details) - USD ($)	Mar. 03, 2017	Dec. 31, 2016	Feb. 24, 2017	Feb. 15, 2017	Dec. 31, 2015
Subsequent Event [Line Items]
Lines of credit		$ 40,000,000			$ 17,497,000
Series A Preferred Units issued		4,100,000			0
Proceeds from sale of Series A Preferred Units		$ 40,869,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Percentage of ownership interest in MF property			99.00%
Series A Preferred Units issued	613,100
Proceeds from sale of Series A Preferred Units	$ 6,100,000
Unsecured Lines of Credit [Member]
Subsequent Event [Line Items]
Lines of credit		40,000,000			$ 17,497,000
Line of credit facility maximum borrowing capacity		47,500,000			$ 47,500,000
Unsecured Lines of Credit [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Lines of credit				$ 14,000,000
Unsecured Lines of Credit [Member] | Bankers Trust [Member]
Subsequent Event [Line Items]
Line of credit facility maximum borrowing capacity		50,000,000
Unsecured Lines of Credit [Member] | 3.13% Interest Bearing Line of Credit [Member] | Bankers Trust [Member]
Subsequent Event [Line Items]
Lines of credit		40,000,000
Line of credit facility maximum borrowing capacity		40,000,000
Secured Line of Credit [Member] | 3.13% Interest Bearing Line of Credit [Member] | Bankers Trust [Member]
Subsequent Event [Line Items]
Lines of credit		19,816,667
Line of credit facility maximum borrowing capacity		$ 20,000,000

Summary Of Mortgage Revenue Bon

Summary Of Mortgage Revenue Bonds Acquired (Details)	1 Months Ended
	Feb. 24, 2017USD ($)Unit	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Oct. 31, 2015Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				2
Principal Outstanding | $		$ 648,439,860	$ 534,745,500
Subsequent Event [Member] | Series A [Member] | Avistar at Wood Hollow [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit	409
Maturity Date	May 1, 2054
Base Interest Rate	5.75%
Principal Outstanding | $	$ 31,850,000
Subsequent Event [Member] | Series A [Member] | Avistar At Copperfield [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit	192
Maturity Date	May 1, 2054
Base Interest Rate	5.75%
Principal Outstanding | $	$ 10,000,000
Subsequent Event [Member] | Series A [Member] | Avistar at Wilcrest [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit	88
Maturity Date	May 1, 2054
Base Interest Rate	5.75%
Principal Outstanding | $	$ 3,775,000
Subsequent Event [Member] | Series B [Member] | Avistar at Wood Hollow [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit	409
Maturity Date	Jun. 1, 2054
Base Interest Rate	12.00%
Principal Outstanding | $	$ 8,410,000
Subsequent Event [Member] | Series B [Member] | Avistar At Copperfield [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit	192
Maturity Date	Jun. 1, 2054
Base Interest Rate	12.00%
Principal Outstanding | $	$ 4,000,000
Subsequent Event [Member] | Series B [Member] | Avistar at Wilcrest [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit	88
Maturity Date	Jun. 1, 2054
Base Interest Rate	12.00%
Principal Outstanding | $	$ 1,550,000

Summary Of Assets And Liabiliti

Summary Of Assets And Liabilities of Northern View MF Property Included in Partnership's Consolidated Financial Statements (Details) - USD ($)	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash and cash equivalents	$ 0	$ 0	$ 35,772	$ 25,976
Northern View MF Property [Member]
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items]
Cash and cash equivalents	62,386
Restricted cash	203,893
Land and improvements	688,539
Buildings and improvements	8,088,059
Real estate assets before accumulated depreciation	8,776,598
Accumulated depreciation	(2,386,626)
Net real estate assets	6,389,972
Other assets	33,534
Total assets held for sale	6,689,785
Accounts payable, accrued expenses and other liabilities	$ 225,007