Greystone Housing Impact Investors (GHI) 10-Q 7 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2017shares
Document And Entity Information [Abstract]
Entity Registrant Name	AMERICA FIRST Multifamily INVESTORS, L.P.
Entity Central Index Key	1,059,142
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Trading Symbol	ATAX
Entity Common Stock, Units Outstanding	0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Assets
Cash and cash equivalents	$ 15,371,898	$ 20,748,521
Restricted cash	6,641,289	6,757,699
Interest receivable, net	6,397,508	6,983,203
Mortgage revenue bonds held in trust, at fair value (Note 6)	741,181,807	590,194,179
Mortgage revenue bonds, at fair value (Note 6)	26,947,851	90,016,872
Public housing capital fund trusts, at fair value (Note 7)	55,791,371	57,158,068
Real estate assets: (Note 8)
Land and improvements	10,729,217	17,354,587
Buildings and improvements	105,178,529	113,089,041
Real estate assets before accumulated depreciation	115,907,746	130,443,628
Accumulated depreciation	(16,367,265)	(16,217,028)
Net real estate assets	99,540,481	114,226,600
Investment in unconsolidated entities (Note 9)	31,950,493	19,470,006
Property loans, net of loan loss allowance (Note 10)	31,603,970	29,763,334
Other assets (Note 12)	9,400,100	8,795,192
Total Assets	1,024,826,768	944,113,674
Liabilities
Accounts payable, accrued expenses and other liabilities	7,197,103	7,255,327
Distribution payable	7,623,425	8,017,950
Unsecured lines of credit (Note 13)		40,000,000
Secured line of credit, net (Note 14)		19,816,667
Debt financing, net (Note 15)	597,465,241	495,383,033
Mortgages payable and other secured financing, net (Note 16)	50,778,452	51,379,512
Derivative swaps, at fair value (Note 17)	1,283,437	1,339,283
Total Liabilities	664,347,658	623,191,772
Commitments and Contingencies (Note 18)
Redeemable Series A preferred units, approximately $57.0 and $40.9 million redemption value, 10.0 million authorized, 5.7 million and 4.1 million issued and outstanding, respectively (Note 19)	56,894,600	40,788,034
Partnersʼ Capital
General Partner (Note 1)	351,751	102,536
Beneficial Unit Certificate holders	303,232,759	280,026,669
Total Partnersʼ Capital	303,584,510	280,129,205
Noncontrolling interest		4,663
Total Capital	303,584,510	280,133,868
Total Liabilities and Partnersʼ Capital	$ 1,024,826,768	$ 944,113,674

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Redeemable preferred units redemption value	$ 57	$ 40.9
Redeemable preferred units, authorized	10,000,000	10,000,000
Redeemable preferred units, issued	5,700,000	4,100,000
Redeemable preferred units, outstanding	5,700,000	4,100,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Property revenues	$ 3,306,722	$ 4,994,868	$ 7,036,500	$ 10,068,972
Investment income	12,174,215	9,009,907	23,644,401	18,167,141
Contingent interest income	86,567	45,000	219,217	219,396
Other interest income	666,796	883,346	1,311,933	1,397,471
Other income			62,637
Total revenues	16,234,300	14,933,121	32,274,688	29,852,980
Expenses:
Real estate operating (exclusive of items shown below)	1,621,084	2,369,455	4,105,300	5,006,132
Impairment charge		61,506		61,506
Depreciation and amortization	1,270,379	1,806,732	2,863,205	3,931,630
Amortization of deferred financing costs	562,585	392,493	1,302,823	924,680
Interest expense	5,841,327	4,322,054	11,283,580	9,092,189
General and administrative	2,876,450	2,764,981	6,007,330	5,097,352
Total expenses	12,171,825	11,717,221	25,562,238	24,113,489
Other Income:
Gain (loss) on sale of real estate assets	(16,075)	12,442,929	7,152,512	12,442,929
Gain on sale of securities				8,097
Income before income taxes	4,046,400	15,658,829	13,864,962	18,190,517
Income tax expense (benefit)	(63,000)	4,653,000	2,395,047	4,653,000
Net income	4,109,400	11,005,829	11,469,915	13,537,517
Net income (loss) attributable to noncontrolling interest		(101)	71,653	(113)
Partnership net income	4,109,400	11,005,930	11,398,262	13,537,630
Redeemable Series A preferred unit distributions and accretion	(432,550)	(124,982)	(757,192)	(126,666)
Net income available to Partners	3,676,850	10,880,948	10,641,070	13,410,964
Net income (loss) available to Partners and noncontrolling interest allocated to:
General Partner	35,139	2,121,913	1,182,211	2,189,068
Net income (loss) attributable to noncontrolling interest		(101)	71,653	(113)
Net income available to Partners and noncontrolling interest	$ 3,676,850	$ 10,880,847	$ 10,712,723	$ 13,410,851
Unitholdersʼ interest in net income per unit (basic and diluted):
Net income per unit, basic and diluted	$ 0.06	$ 0.15	$ 0.16	$ 0.19
Distributions declared, per unit	$ 0.125	$ 0.125	$ 0.25	$ 0.25
Weighted average number of units outstanding, basic	59,862,969	60,252,928	59,950,328	60,252,928
Weighted average number of units outstanding, diluted	59,862,969	60,252,928	59,950,328	60,252,928
Unitholders [Member]
Net income (loss) available to Partners and noncontrolling interest allocated to:
Limited Partners	$ 3,594,529	$ 8,759,035	$ 9,389,231	$ 11,221,896
Restricted Unitholders [Member]
Net income (loss) available to Partners and noncontrolling interest allocated to:
Limited Partners	$ 47,182		$ 69,628

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Net income	$ 4,109,400	$ 11,005,829	$ 11,469,915	$ 13,537,517
Reversal of net unrealized gain on sale of securities				(236,439)
Unrealized gain on bond purchase commitments			765,723	11,584,459
Comprehensive income	14,880,867	80,836,804	41,442,692	97,057,293
Comprehensive income (loss) allocated to noncontrolling interest		(101)	71,653	(113)
Partnership comprehensive income	14,880,867	80,836,905	41,371,039	97,057,406
Accumulated Other Comprehensive Income (Loss) [Member]
Net income	4,109,400	11,005,829	11,469,915	13,537,517
Reversal of net unrealized gain on sale of securities				(236,439)
Unrealized gain on securities	10,226,688	59,834,329	29,207,054	72,171,756
Unrealized gain on bond purchase commitments			765,723	11,584,459
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized gain on bond purchase commitments	$ 544,779	$ 9,996,646	$ 765,723	$ 11,584,459

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($)	Total	General Partner [Member]	Beneficial Unit Certificate Holders [Member]	Beneficial Unit Certificate Holders - Restricted and Unrestricted [Member]	Number of Units [Member]	Number of Units - Restricted and Unrestricted [Member]	Noncontrolling Interest [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 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	(17,291,101)	(2,227,869)	(15,063,232)
Net income (loss) allocated to Partners and noncontrolling interests:
Net income (loss) allocable to Partners	13,410,851	2,189,068	11,221,896				(113)
Unrealized gain on securities	72,171,756	721,718	71,450,038					72,171,756
Unrealized gain on bond purchase commitments	11,584,459	115,845	11,468,614					11,584,459
Balance at Jun. 30, 2016	392,764,353	1,195,475	$ 391,563,505				5,373	144,483,463
Partners' Capital Account, Units at Jun. 30, 2016					60,252,928
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
Distribution to noncontrolling interest	(76,316)						(76,316)
Distributions paid or accrued
Regular distribution	(11,819,553)	(118,196)		(11,701,357)
Distribution of Tier 2 earnings (Note 3)	(4,482,500)	(1,120,625)		(3,361,875)
Net income (loss) allocated to Partners and noncontrolling interests:
Net income (loss) allocable to Partners	10,712,723	1,182,211		9,458,859			$ 71,653
Repurchase of Beneficial Unit Certificates	(1,466,222)			(1,466,222)
Repurchase of Beneficial Unit Certificates, Units						(254,656)
Restricted units awarded						283,046
Restricted units compensation expense	609,733	6,097		603,636
Unrealized gain on securities	29,207,054	292,071		28,914,983				29,207,054
Unrealized gain on bond purchase commitments	765,723	7,657		758,066				765,723
Balance at Jun. 30, 2017	$ 303,584,510	$ 351,751		$ 303,232,759				$ 68,868,261
Partners' Capital Account, Units at Jun. 30, 2017						60,252,928

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 11,469,915	$ 13,537,517
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	2,863,205	3,931,630
Gain on sale of real estate assets	(7,152,512)	(12,442,929)
Gain on sale of securities		(8,097)
Non-cash loss on derivatives	302,769	1,641,796
Restricted unit compensation expense	609,733
Bond premium/discount amortization	(74,873)	(73,805)
Amortization of deferred financing costs	1,302,823	924,680
Deferred income tax expense	(365,000)	4,653,000
Change in preferred return receivable from unconsolidated entities	(1,343,013)	(90,876)
Changes in operating assets and liabilities, net of effect of acquisitions
Increase in interest receivable	585,695	(560,889)
(Increase) decrease in other assets	(40,101)	133,327
Decrease in accounts payable and accrued expenses	50,585	(377,158)
Net cash provided by operating activities	8,209,226	11,268,196
Cash flows from investing activities:
Capital expenditures	(175,193)	(362,841)
Proceeds from sale of MF Properties	13,750,000	30,200,000
Proceeds from sale of land held for development	3,000,000
Proceeds from sale of mortgage revenue bond		9,295,000
Proceeds from the sale of MBS Securities		14,997,069
Acquisition of mortgage revenue bonds	(59,585,000)	(11,500,000)
Contributions to unconsolidated entities	(8,017,189)	(3,372,339)
Restricted cash - debt collateral paid	(551,104)	(1,674,484)
Restricted cash - debt collateral released	623,383	935,022
Decrease in restricted cash	44,131	126,669
Principal payments received on taxable bonds	27,864
Cash paid for land held for development and deposits on potential purchases	(95,932)
Advances on property loans	(2,340,636)	(5,836,758)
Principal payments received on property loans	500,000	8,516
Net cash provided by (used in) investing activities	(50,379,395)	40,162,327
Cash flows from financing activities:
Distributions paid	(17,288,919)	(16,368,703)
Proceeds from the sale of redeemable Series A Preferred Units	16,131,000	23,869,000
Payment of offering costs related to the sale of redeemable Series A Preferred Units	(668)	(44,427)
Acquisition of interest rate derivatives	(496,800)
Repurchase of beneficial unit certificates	(1,466,222)
Payment of tax withholding related to restricted unit awards	(153,306)
Distribution to noncontrolling interest	(76,316)
Proceeds from debt financing	135,100,000
Principal payments on debt financing	(32,751,484)	(22,190,196)
Principal payments on mortgages payable	(658,271)	(17,295,585)
Principal borrowing on unsecured lines of credit	24,460,000	19,987,639
Principal payments on unsecured and secured lines of credit	(84,460,000)	(13,487,639)
Increase (decrease) in security deposit liability related to restricted cash	(92,951)	126,970
Debt financing and other deferred costs	(1,452,517)	(49,826)
Net cash provided by (used in) financing activities	36,793,546	(25,452,767)
Net increase (decrease) in cash and cash equivalents	(5,376,623)	25,977,756
Cash and cash equivalents at beginning of period	20,748,521	17,035,782
Cash and cash equivalents at end of period	15,371,898	43,013,538
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	10,670,383	7,519,155
Cash paid during the period for income taxes	3,007,000
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for beneficial unit certificates and general partner	7,623,425	9,684,865
Distributions declared but not paid for Series A Preferred Units	427,500	123,542
Land contributed as investment in an unconsolidated entity	3,091,023
Capital expenditures financed through accounts payable	54,320	16,646
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Principal payments received	437,000
Mortgage Revenue Bonds [Member]
Cash flows from investing activities:
Principal payments received	$ 2,003,281	$ 7,346,473

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2017
Basis Of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation General America First Multifamily Investors, L.P. (the “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 (“MRBs”) 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. 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 MRBs issued to finance these properties or to operate the MF Property until its “highest and best use” can be determined by management. The general partner of the Partnership 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”). The Partnership has also issued non-cumulative, non-voting and non-convertible Series A Preferred Units which represent limited partnership interests in the Partnership.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
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. All intercompany transactions are eliminated. At June 30, 2017, the consolidated subsidiaries of the Partnership (the “Consolidated Subsidiaries”) consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac. • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the second TEBS Financing, (“M31 TEBS Financing”) with Freddie Mac. • ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the third TEBS Financing (“M33 TEBS Financing”), with Freddie Mac. • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, committed to loan money or provide equity for the development of multifamily properties. • Four MF Properties are owned by a wholly-owned corporation (“the Greens Hold Co”). The Greens Hold Co held a 99% limited partnership interest in the northern View MF Property until its sale in March 2017. • One MF Property is owned by a wholly-owned subsidiary of the Partnership and one MF Property is owned directly by the Partnership. Investment in unconsolidated entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited partnership interests using 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. The Greens Hold Co, a wholly-owned subsidiary of the Partnership, is a corporation subject to federal and state income taxes. The Partnership will recognize income tax expense or benefit for the federal and state income taxes incurred by the Greens Hold Co on the Partnership’s condensed consolidated financial statements. The Partnership evaluates its tax positions taken in the Partnership’s condensed consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. 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 such as depreciation, amortization of financing costs, etc.) 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 fully utilized its NOL carryforwards during 2016. 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. 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. RUAs are generally granted with vesting conditions ranging from three months to three years. RUAs currently provide for the payment of quarterly distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control or upon death or disability of the Participant. The Partnership accounts for forfeitures when they occur. 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 Partnership will account for modifications to RUAs as they occur if the fair value of the RUAs change, there are changes to vesting conditions or the awards no longer qualify for equity classification. Estimates and assumptions The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016. These condensed consolidated financial statements and notes have been prepared consistently with the 2016 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position at June 30, 2017, and the results of operations for the interim periods presented have been made. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet at December 31, 2016, was derived from audited annual financial statements, but does not contain all the footnote disclosures from the annual financial statements. Recently Issued Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) The Partnership is currently evaluating the impact this standard will have on its condensed consolidated financial statements. In February 2017, the Financial Accounting Standards Board (“FASB”) ASU The Partnership is currently evaluating the impact this standard will have on its condensed consolidated financial statements. In January 2017, the FASB issued 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 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 is currently evaluating the impact this standard will have on its condensed consolidated financial statements; however, it is expected that the new standard would reduce the number of future real estate acquisitions that will be accounted for as business combinations and, therefore, reduce the amount of acquisition costs that will be expensed. 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 is currently assessing the impact this standard will have on its condensed 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 transactions. The ASU is effective for the Partnership for fiscal years beginning after December 15, 2017 and is applied retrospectively. The Partnership is currently assessing the impact of the adoption of this pronouncement on the condensed 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 condensed 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 has four lessee arrangements for which it is assessing the quantitative and qualitative impact of the standard. The Partnership has not elected early adoption of the standard as of June 30, 2017 and is currently evaluating the impact this standard will have on its condensed 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 Partnership’s annual and interim periods beginning after December 15, 2017. The Partnership continues to assess the impact of the adoption of this standard but preliminarily does not believe adoption will have a material impact on the Partnership’s condensed 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. The Partnership expects to use the modified retrospective transition method and will adopt the standard effective January 1, 2018. The Partnership has completed an initial assessment of its revenue streams and performance obligations and is currently evaluating the quantitative and qualitative impacts of the new standard on the business. The Partnership has determined that revenues within investment income, contingent interest income, other interest income are not within the scope of this standard. Furthermore, the majority of property revenues are within the scope of the Lease ASU and outside the scope of the Revenue ASU. The Partnership believes the new standard will only impact property revenues related to non-lease revenue streams and certain provisions that apply to gains on sale of real estate assets. The revenue streams within the scope of this standard are immaterial to the condensed consolidated financial statements.

Partnership Income, Expense and

Partnership Income, Expense and Cash Distributions	6 Months Ended
	Jun. 30, 2017
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income, Expenses and Cash Distributions	3. Partnership Income, Expenses and Cash Distributions The Partnership’s Amended and Restated Agreement of Limited Partnership (the “Amended and Restated LP Agreement”) 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 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. The holders of the Series A Preferred Units are entitled to distributions at a fixed rate prior to payment of distributions to other Unitholders. Cash distributions are currently made on a quarterly basis. AFCA 2 can elect to make distributions on a monthly or semi-annual basis. On each distribution date, Net Interest Income is distributed 99% to the limited partners and Unitholders as a class and 1% to AFCA 2 and Net Residual Proceeds are distributed 100% to the limited partners and Unitholders as a class, except that Net Interest Income and Net Residual Proceeds representing contingent interest in an amount equal to 0.9% per annum of the principal amount of the MRBs on a cumulative basis (defined as Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2), respectively) are distributed 75% to the limited partners and Unitholders as a class and 25% to AFCA 2.

Net Income per BUC

Net Income per BUC	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Net Income per BUC	4. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC on the condensed consolidated statements of operations. The unvested RUAs issued under the Plan are considered participating securities. The Partnership uses the two-class method to allocate net income available to BUCs and the unvested Restricted Units. Unvested Restricted Units 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.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities	5. Variable Interest Entities Consolidated Variable Interest Entities (“VIEs”) The Partnership determined the TOB Trusts, Term A/B Trusts and TEBS Financings are VIEs and the Partnership is the primary beneficiary. As such, the Partnership reports the TOB Trusts, Term A/B Trusts and TEBS Financings on a consolidated basis. The Partnership reports the senior floating-rate participation interests (“SPEARS”) related to the TOB Trusts and the Class A Certificates for both the Term A/B Trusts and TEBS Financings as secured debt financings on the condensed consolidated balance sheets. The MRBs secured by the TOB Trusts, Term A/B Trusts and TEBS Financings are reported as assets on the condensed consolidated balance sheets. In determining the primary beneficiary of these specific VIEs, the Partnership considered which party 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 executed agreements related to the TOB Trusts, Term A/B Trusts and TEBS Financings stipulate the Partnership has the sole right to cause the 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. Non-Consolidated VIEs The Partnership has variable interests in certain entities that are the borrowers on the Partnership’s MRBs and/or property loans. The Partnership has no equity ownership interest in the entities, but the MRBs and property loans issued by the Partnership are considered variable interests. In addition, the Partnership’s investments in unconsolidated entities are considered variable interests. The Partnership does not have the power to direct the activities that most significantly impact the economic performance of such VIEs. As a result, the Partnership is not considered the primary beneficiary and does not consolidate the financial statements of these entities in the condensed consolidated financial statements. The Partnership held variable interests in 21 and 20 non-consolidated VIEs at June 30, 2017 and December 31, 2016, respectively. The following table summarizes information regarding the Partnership’s variable interests in these entities at June 30, 2017 and December 31, 2016: Maximum Exposure to Loss June 30, 2017 December 31, 2016 Mortgage revenue bonds $ 137,835,000 $ 137,921,000 Property loans 17,369,365 16,476,073 Investment in unconsolidated entities 31,950,493 19,470,006 $ 187,154,858 $ 173,867,079 The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns at June 30, 2017 and December 31, 2016. The difference between a MRB’s carrying value on the condensed consolidated balance sheets and the maximum exposure to loss is a function of the unrealized gains or losses on the MRB. The maximum exposure to loss on the property loans at June 30, 2017 and December 31, 2016 is equal to the unpaid principal balance plus accrued interest. The difference between a 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 ("MRBs")	6 Months Ended
	Jun. 30, 2017
Investments In Mortgage Revenue Bonds [Abstract]
Investments in Mortgage Revenue Bonds ("MRBs")	6. Investments in Mortgage Revenue Bonds (“MRBs”) MRBs owned by the Partnership have been issued to provide construction and/or permanent financing for Residential Properties and commercial properties. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 15). The Partnership had the following investments in MRBs at June 30, 2017 and December 31, 2016: June 30, 2017 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A & B (2) CA $ 16,458,000 $ 978,912 $ - $ 17,436,912 Glenview Apartments - Series A (4) CA 4,648,920 645,678 - 5,294,598 Harmony Court Bakersfield - Series A & B (2) CA 5,727,000 318,500 - 6,045,500 Harmony Terrace - Series A & B (2) CA 14,300,000 707,166 - 15,007,166 Harden Ranch - Series A (3) CA 6,879,738 1,105,983 - 7,985,721 Las Palmas II - Series A & B (2) CA 3,465,000 152,592 - 3,617,592 Montclair Apartments - Series A (4) CA 2,518,580 405,143 - 2,923,723 San Vicente - Series A & B (2) CA 5,320,000 224,555 - 5,544,555 Santa Fe Apartments - Series A (4) CA 3,051,165 531,797 - 3,582,962 Seasons at Simi Valley - Series A (2) CA 4,376,000 783,712 - 5,159,712 Seasons Lakewood - Series A & B (2) CA 12,610,000 705,110 - 13,315,110 Seasons San Juan Capistrano - Series A & B (2) CA 18,949,000 930,884 - 19,879,884 Summerhill - Series A & B (2) CA 9,795,000 586,729 - 10,381,729 Sycamore Walk - Series A (2) CA 3,632,000 417,047 - 4,049,047 The Village at Madera - Series A & B (2) CA 4,804,000 247,275 - 5,051,275 Tyler Park Townhomes - Series A (3) CA 5,995,219 766,254 - 6,761,473 Westside Village Market - Series A (3) CA 3,917,864 610,615 - 4,528,479 Lake Forest (1) FL 8,573,000 1,526,928 - 10,099,928 Ashley Square (1) IA 5,009,000 27,602 - 5,036,602 Brookstone (1) IL 7,457,419 1,876,708 - 9,334,127 Copper Gate Apartments (3) IN 5,145,000 852,946 - 5,997,946 Renaissance - Series A (4) LA 11,294,718 1,657,054 - 12,951,772 Live 929 Apartments (2) MD 40,620,378 4,399,339 - 45,019,717 Woodlynn Village (1) MN 4,289,000 45,956 - 4,334,956 Greens Property - Series A (3) NC 8,168,000 1,284,012 - 9,452,012 Silver Moon - Series A (4) NM 7,906,826 868,554 - 8,775,380 Ohio Properties - Series A (1) OH 14,166,998 1,088,481 - 15,255,479 Bridle Ridge (1) SC 7,500,000 117,210 - 7,617,210 Columbia Gardens (2) SC 15,209,036 - (169,635 ) 15,039,401 Companion at Thornhill Apartments (2) SC 11,457,334 1,136,350 - 12,593,684 Cross Creek (1) SC 6,130,266 3,081,959 - 9,212,225 The Palms at Premier Park Apartments (3) SC 19,330,703 2,646,046 - 21,976,749 Willow Run (2) SC 15,208,831 121,616 - 15,330,447 Arbors at Hickory Ridge (3) TN 11,402,860 1,369,582 - 12,772,442 Pro Nova 2014-1 (2) TN 10,040,407 238,433 - 10,278,840 Avistar at Chase Hill - Series A (3) TX 9,797,642 414,305 - 10,211,947 Avistar at Copperfield - Series A (2) TX 10,000,000 491,288 - 10,491,288 Avistar at the Crest - Series A (3) TX 9,503,712 1,002,121 - 10,505,833 Avistar at the Oaks - Series A (3) TX 7,673,015 864,665 - 8,537,680 Avistar at the Parkway - Series A (4) TX 13,290,665 915,151 - 14,205,816 Avistar at Wilcrest - Series A (2) TX 3,775,000 201,007 - 3,976,007 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,564,751 - 33,414,751 Avistar in 09 - Series A (3) TX 6,625,352 588,902 - 7,214,254 Avistar on the Boulevard - Series A (3) TX 16,190,599 1,631,593 - 17,822,192 Avistar on the Hills - Series A (3) TX 5,301,268 597,394 - 5,898,662 Bella Vista (1) TX 6,295,000 31,115 - 6,326,115 Bruton Apartments (2) TX 18,108,276 2,762,491 - 20,870,767 Concord at Gulfgate - Series A (2) TX 19,185,000 2,575,473 - 21,760,473 Concord at Little York - Series A (2) TX 13,440,000 1,871,771 - 15,311,771 Concord at Williamcrest - Series A (2) TX 20,820,000 2,794,962 - 23,614,962 Crossing at 1415 - Series A (2) TX 7,590,000 - (41,745 ) 7,548,255 Decatur Angle (2) TX 22,873,696 2,814,627 - 25,688,323 Heights at 515 - Series A (2) TX 6,435,000 222,833 - 6,657,833 Heritage Square - Series A (4) TX 11,112,914 1,225,235 - 12,338,149 Oaks at Georgetown - Series A & B (2) TX 17,842,000 617,249 - 18,459,249 Runnymede (1) TX 10,200,000 246,902 - 10,446,902 Southpark (1) TX 11,790,000 3,398,493 - 15,188,493 Vantage at Harlingen - Series B (4) TX 24,426,694 1,972,705 - 26,399,399 Vantage at Judson -Series B (4) TX 26,241,102 2,998,352 - 29,239,454 15 West Apartments (2) WA 9,826,657 1,582,220 - 11,408,877 Mortgage revenue bonds held in trust $ 675,550,854 $ 65,842,333 $ (211,380 ) $ 741,181,807 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 June 30, 2017 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Seasons at Simi Valley - Series B CA $ 1,944,000 $ 175 $ - $ 1,944,175 Sycamore Walk - Series B CA 1,815,000 - (1,908 ) 1,813,092 Greens Property - Series B NC 938,985 219,878 - 1,158,863 Ohio Properties - Series B OH 3,543,079 214,019 - 3,757,098 Avistar at Chase Hill - Series B TX 955,299 - (56,475 ) 898,824 Avistar at Copperfield - Series B TX 4,000,000 24,939 - 4,024,939 Avistar at the Crest - Series B TX 751,370 45,428 - 796,798 Avistar at the Oaks - Series B TX 549,549 31,642 - 581,191 Avistar at the Parkway - Series B TX 124,981 31,136 - 156,117 Avistar at Wilcrest - Series B TX 1,550,000 9,782 - 1,559,782 Avistar at Wood Hollow - Series B TX 8,410,000 55,645 - 8,465,645 Avistar in 09 - Series B TX 453,328 15,415 - 468,743 Avistar on the Boulevard - Series B TX 446,466 25,241 - 471,707 Crossing at 1415 - Series B TX 335,000 2,191 - 337,191 Heights at 515 - Series B TX 510,000 3,686 - 513,686 Mortgage revenue bonds held by the Partnership $ 26,327,057 $ 679,177 $ (58,383 ) $ 26,947,851 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) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 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 See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. Bond Activity in the First Six Months of 2017 The following table includes the details of the MRB acquisitions during the six months ended June 30, 2017: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition 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 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 $ 59,585,000 Bond Activity in the First Six Months of 2016 In March 2016, the Partnership sold the Pro Nova 2014-2 bond for approximately $9.5 million, which approximated the MRB’s carrying value plus accrued interest. The Partnership used approximately $8.4 million of the proceeds from the sale to pay in full and collapse the TOB Trust securitizing this MRB (Note 15). The following table includes details of the MRB redeemed: Property Name Month Exchanged Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Exchange Pro Nova - 2014B 1 March Knoxville, TN - 5/1/2025 5.25 % $ 9,295,000 1 This is a commercial property. Accordingly, unit information is not applicable. In May 2016, the Partnership redeemed the four Series B mortgage revenue bonds for approximately $5.2 million which approximated their carrying value plus accrued interest. The following table includes details of the MRBs redeemed: 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 following table includes the details of the MRB acquisitions during the six months ended June 30, 2016: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Companion at Thornhill Apartments January Lexington, SC 178 1/1/2052 5.80 % $ 11,500,000

PHC Certificates

PHC Certificates	6 Months Ended
	Jun. 30, 2017
Public Housing Capital Fund Trusts [Abstract]
PHC Certificates	7. PHC Certificates The Partnership owned 100% of the Residual Participation Receipts (“LIFERs”) in three tender option bond trusts (“PHC TOB Trusts”) that contain the PHC Certificates. The assets held by the PHC Trusts consist of custodial receipts evidencing loans made to a number of local public housing authorities. Principal and interest on these loans are payable by the respective public housing authorities out of annual appropriations to be made to the public housing authorities by HUD under HUD’s Capital Fund Program established under the Quality Housing and Work Responsibility Act of 1998 (the “Capital Fund Program”). The PHC Trusts have a first lien on these annual Capital Fund Program payments to secure the public housing authorities’ respective obligations to pay principal and interest on their loans. The loans payable by the public housing authorities are not debts of, or guaranteed by, the United States of America or HUD. Interest payable on the public housing authority debt held by the PHC Trusts is exempt from federal income taxes. The PHC Certificates issued by each of the PHC Trusts have been rated investment grade by Standard & Poor’s. The Partnership had the following investments in the PHC Certificates at June 30, 2017 and December 31, 2016: June 30, 2017 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 7.81 AA- 5.36% $ 25,997,334 $ - $ (354,242 ) $ 25,643,092 PHC Certificate Trust II 7.15 A+ 4.32% 10,617,449 - (118,075 ) 10,499,374 PHC Certificate Trust III 8.32 BBB 5.45% 19,717,563 - (68,658 ) 19,648,905 $ 56,332,346 $ - $ (540,975 ) $ 55,791,371 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 See Note 22 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 condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the PHC Certificates .

Real Estate Assets

Real Estate Assets	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate Assets	8. Real Estate Assets The following tables summarizes information regarding the Partnership’s real estate assets at June 30, 2017 and December 31, 2016: Real Estate Assets at June 30, 2017 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on June 30, 2017 Eagle Village Evansville, IN 511 $ 567,880 $ 12,665,500 $ 13,233,380 Residences of DeCordova Granbury, TX 110 1,170,337 8,039,373 9,209,710 Residences of Weatherford Weatherford, TX 76 1,942,229 5,767,980 7,710,209 Suites on Paseo San Diego, CA 394 3,166,463 38,397,243 41,563,706 The 50/50 MF Property Lincoln, NE 475 - 32,932,982 32,932,982 Jade Park Daytona, FL 144 2,292,035 7,375,451 9,667,486 Land held for development (1) (1 ) 1,590,273 - 1,590,273 $ 115,907,746 Less accumulated depreciation (16,367,265 ) Total real estate assets $ 99,540,481 1 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 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 (2) (2 ) 7,531,104 - 7,531,104 $ 130,443,628 Less accumulated depreciation (16,217,028 ) Total real estate assets $ 114,226,600 2 Activity in the First Six Months of 2017 In March 2017, the Partnership sold its 99% limited partner interest in Northern View. Gross proceeds from the sale were approximately $13.8 million. The Partnership recognized a gain on sale of approximately $7.2 million before income taxes. The gain on sale, net of income taxes, is considered Tier 2 income (See Note 3). The Partnership determined the sale did not meet the criteria for discontinued operations. In May 2017, the Partnership closed on the sale of a parcel of land in St. Petersburg, Florida. The Partnership recognized a loss on sale of approximately $22,000, attributable to direct selling expenses. In June 2017, the Partnership executed a listing agreement with a broker to market the Suites on Paseo MF Property for sale. During 2016, the Partnership executed PSAs to acquire two contiguous tracts of land in Douglas County, Nebraska. If these tracts of land are successfully acquired, they will be classified as “Land held for development.” Activity in the First Six Months of 2016 In June 2016, the Partnership sold the Arboretum, an MF Property, for $30.2 million and realized a gain of approximately $12.4 million, before income taxes. The gain on sale, net of income taxes, is considered Tier 2 income (See Note 3). The Partnership determined the sale did not meet the criteria for discontinued operations. Net income (loss), exclusive of the gains on sale related to the Arboretum, Woodland Park (sold in July 2016) and Northern View MF Properties, for the three and six months ended June 30, 2017 and 2016 are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Net income (loss) $ (15,444 ) $ 114,601 $ (18,735 ) $ 287,153

Investment in an Unconsolidated

Investment in an Unconsolidated Entity	6 Months Ended
	Jun. 30, 2017
Equity Method Investments And Joint Ventures [Abstract]
Investment in an Unconsolidated Entity	9. Investment in Unconsolidated Entities ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, has equity commitments and reported equity contributions as investment in unconsolidated entities on the condensed consolidated balance sheets. The investments represent the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in the unconsolidated entities. An affiliate of the unconsolidated entities guarantees ATAX Vantage Holdings, LLC’s return on its investments through the second anniversary of construction completion In March 2017, the Partnership closed on an $11.7 million equity commitment to fund construction of the Vantage at Panama City Beach multifamily property. The Partnership also entered into a guarantee agreement related to the property’s construction loan (Note 18). The following table provides the details of the investments in unconsolidated entities at June 30, 2017 and December 31, 2016: Property Name Location Units Carrying Value at June 30, 2017 Carrying Value at December 31, 2016 Maximum Remaining Equity Commitment at June 30, 2017 Vantage at Corpus Christi Corpus Christi, TX 288 $ 8,907,869 $ 8,447,343 $ 1,550,000 Vantage at Waco Waco, TX 288 8,323,166 5,964,861 1,592,039 Vantage at Boerne Boerne, TX 288 7,870,971 5,057,802 1,475,936 Vantage at Panama City Beach Panama City Beach, FL 288 6,848,487 - 5,042,297 $ 31,950,493 $ 19,470,006 $ 9,660,272

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances	6 Months Ended
	Jun. 30, 2017
Property Loan Net Of Loan Loss Allowances [Abstract]
Property Loans, Net of Loan Loss Allowances	10. Property Loans, Net of Loan Loss Allowances The following table summarizes the Partnership’s property loans, net of loan loss allowances, at June 30, 2017 and December 31, 2016: June 30, 2017 Outstanding Balance Loan Loss Allowances Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Ashley Square 5,078,342 (3,596,342 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 - 274,496 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 7,155,545 (3,447,472 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,623,704 (55,000 ) 4,568,704 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,417,635 - 8,417,635 Vantage at Braunfels, LLC 7,469,730 - 7,469,730 Winston Group, Inc 2,000,000 - 2,000,000 Total $ 38,702,784 $ (7,098,814 ) $ 31,603,970 December 31, 2016 Outstanding Balance Loan Loss Allowances Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Ashley Square 5,078,342 (3,596,342 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 - 274,496 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 7,155,545 (3,447,472 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,623,704 (55,000 ) 4,568,704 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 7,199,424 - 7,199,424 Vantage at Braunfels, LLC 6,347,305 - 6,347,305 Winston Group, Inc 2,500,000 - 2,500,000 Total $ 36,862,148 $ (7,098,814 ) $ 29,763,334 During the six months ended June 30, 2017, the Partnership advanced funds to Vantage at Brooks, LLC and Vantage at Braunfels, LLC of $1.2 million and $1.1 million, respectively. During the six months ended June 30, 2016, the Partnership advanced net funds to Cross Creek of $6,000, to FAH of $2,500, to Vantage at Brooks, LLC of $3.7 million and to Vantage at Braunfels, LLC of $2.1 million. During the six months ended June 30, 2017, the Partnership received $500,000 of principal from the Winston Group, Inc. The Partnership’s property loans to Ashley Square, Cross Creek, and Lake Forest remain on nonaccrual status at June 30, 2017. The Partnership recognizes interest income on nonaccrual loans when cash is received and the Partnership will reassess the property loan’s nonaccrual status.

Income Tax Provision

Income Tax Provision	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Income Tax Provision	11. 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 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 (i.e. depreciation, amortization of finance costs, etc.), and the utilization of net operating losses generated in prior years that had been previously recognized as a deferred income tax asset. The following represents income tax expense for the Greens Hold Co for the three and six months ended June 30 For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Current income tax expense $ 138,000 $ 4,100,000 $ 2,760,047 $ 4,100,000 Deferred income tax expense (benefit) (201,000 ) 553,000 (365,000 ) 553,000 Total income tax expense $ (63,000 ) $ 4,653,000 $ 2,395,047 $ 4,653,000

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2017
Other Assets [Abstract]
Other Assets	12. Other Assets The following represents the Other Assets at June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Deferred financing costs - net $ 537,261 $ 456,890 Fair value of derivative instruments (Note 19) 521,789 383,604 Taxable bonds at fair market value 3,931,471 4,084,599 Bond purchase commitments - fair value (Note 20) 3,165,172 2,399,449 Other assets 1,244,407 1,470,650 Total other assets $ 9,400,100 $ 8,795,192

Unsecured Lines of Credit

Unsecured Lines of Credit	6 Months Ended
	Jun. 30, 2017
Unsecured Lines of Credit	15. Debt Financing The following represents the Debt Financing, net of deferred financing costs, at June 30, 2017 and December 31, 2016: Outstanding Debt Financings on June 30, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,819,168 $ - 2014 July 2019 - October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,218,861 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 38,404,351 - 2017 February 2027 N/A N/A N/A 4.46% Fixed - Term A/B 60,393,208 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 35,189,080 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Variable - TOB 42,140,000 1,315,662 2012 May 2018 Weekly 1.46 - 1.51% 1.65 - 1.67% 3.11 - 3.16% TEBS Financings Variable - TEBS I 60,280,023 403,557 2010 September 2017 (2) Weekly 0.97% 1.85% 2.82% Variable - TEBS II (1) 91,087,826 171,657 2014 July 2019 Weekly 0.94% 1.62% 2.56% Variable - TEBS III (1) 81,932,724 3,473,533 2015 July 2020 Weekly 0.94% 1.39% 2.33% Total Debt Financings $ 597,465,241 (1) (2) ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, has a contractual right to extend the M24 TEBS Financing at its option until September 15, 2020. If the right to extend is not exercised, the M24 TEBS Financing will mature on September 15, 2017. The Partnership is evaluating whether to exercise its option to terminate. Outstanding Debt Financings on December 31, 2016, net Restricted Cash Year 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 July 2017 - July 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,266,034 1,373,695 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 30,512,916 2016 March 2017 N/A N/A N/A 4.56% 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 (1) 91,768,081 170,988 2014 July 2019 Weekly 0.75% 1.62% 2.37% Variable - TEBS III (1) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75% 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) Facility fees are variable At June 30, 2017 and December 31, 2016, the Partnership posted cash collateral (i.e. restricted cash) related to the interest rate swaps associated with specific Debt Financings. The Partnership has also posted cash collateral as contractually required under the terms of the three TEBS Financings. In addition, to mitigate its exposure to interest rate fluctuations on the variable rate TEBS Financings, the Partnership also entered into interest rate cap agreements (Note 17). The TOB and Term A/B Trusts are subject to a Master Trust Agreement with DB that contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. At June 30, 2017, the Partnership was in compliance with these covenants. Debt Financing Activity in the First Six Months of 2017 In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 was paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at June 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,108,855 2017 February 2022 3.89 % San Vicente - Series B 1,536,980 2017 June 2018 3.76 % Las Palmas - Series A 1,504,877 2017 February 2022 3.89 % Las Palmas - Series B 1,484,551 2017 June 2018 3.76 % The Village at Madera - Series A 2,742,626 2017 February 2022 3.89 % The Village at Madera - Series B 1,447,301 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,317,948 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B 1,680,903 2017 July 2018 3.76 % Summerhill - Series A 5,724,083 2017 February 2022 3.89 % Summerhill - Series B 2,843,348 2017 July 2018 3.76 % Courtyard - Series A 9,123,195 2017 February 2022 3.89 % Courtyard - Series B 5,251,959 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,549,040 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,436,057 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,037,610 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,544,767 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,827,207 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,166,185 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,410,959 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 105,738,451 In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at June 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,086,113 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,683,189 2017 August 2018 3.76 % Harmony Terrace - Series A 6,198,861 2017 March 2022 3.89 % Harmony Terrace - Series B 6,280,025 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,248,188 In June 2017, the maturity date of the Partnership’s variable TOB Trusts was extended until May 2018. Debt Financing Activity in the First Six Months of 2016 The three MBS TOB Trusts and the TOB Trust collateralized by the Pro Nova 2014-2 MRB were paid in full and collapsed in January 2016 and March 2016, respectively. Future Maturities The following represents the Debt Financing contractual maturities for the next five years and thereafter: 2017 $ 64,653,256 2018 80,684,860 2019 139,762,253 2020 83,247,030 2021 2,291,262 Thereafter 231,978,758 Total $ 602,617,419
Unsecured Lines of Credit [Member]
Unsecured Lines of Credit	13. Unsecured Lines of Credit The following represents the unsecured lines of credit (“LOC”) at June 30, 2017 and December 31, 2016: Unsecured Lines of Credit Outstanding on June 30, 2017 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ - $ 50,000,000 May 2019 Variable Monthly 4.22 % Bankers Trust operating - 10,000,000 May 2019 Variable Monthly 4.47 % Total unsecured lines of credit $ - $ 60,000,000 1 The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding on December 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 2 The variable rate is indexed to LIBOR plus an applicable margin. In April 2017, the commitment on the non-operating LOC was increased $10 million to a total commitment of $50 million. In May 2017, the maturity date on both Bankers Trust LOCs was extended for an additional one-year term. Additionally, the commitment on the operating LOC was increased to $10 million, from $7.5 million previously. The Partnership is required to make prepayments of the principal to reduce the Bankers Trust Operating LOC to zero for fifteen consecutive calendar days during each calendar quarter. For all periods presented the Partnership has fulfilled its prepayment obligation. In addition, the Partnership has fulfilled its third quarter of 2017 prepayment obligation as it maintained a zero balance in the Operating LOC for the first fifteen days of July 2017. The Partnership is in compliance with all covenants at June 30, 2017.

Secured Line of Credit

Secured Line of Credit	6 Months Ended
	Jun. 30, 2017
Unsecured Lines of Credit	15. Debt Financing The following represents the Debt Financing, net of deferred financing costs, at June 30, 2017 and December 31, 2016: Outstanding Debt Financings on June 30, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,819,168 $ - 2014 July 2019 - October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,218,861 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 38,404,351 - 2017 February 2027 N/A N/A N/A 4.46% Fixed - Term A/B 60,393,208 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 35,189,080 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Variable - TOB 42,140,000 1,315,662 2012 May 2018 Weekly 1.46 - 1.51% 1.65 - 1.67% 3.11 - 3.16% TEBS Financings Variable - TEBS I 60,280,023 403,557 2010 September 2017 (2) Weekly 0.97% 1.85% 2.82% Variable - TEBS II (1) 91,087,826 171,657 2014 July 2019 Weekly 0.94% 1.62% 2.56% Variable - TEBS III (1) 81,932,724 3,473,533 2015 July 2020 Weekly 0.94% 1.39% 2.33% Total Debt Financings $ 597,465,241 (1) (2) ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, has a contractual right to extend the M24 TEBS Financing at its option until September 15, 2020. If the right to extend is not exercised, the M24 TEBS Financing will mature on September 15, 2017. The Partnership is evaluating whether to exercise its option to terminate. Outstanding Debt Financings on December 31, 2016, net Restricted Cash Year 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 July 2017 - July 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,266,034 1,373,695 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 30,512,916 2016 March 2017 N/A N/A N/A 4.56% 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 (1) 91,768,081 170,988 2014 July 2019 Weekly 0.75% 1.62% 2.37% Variable - TEBS III (1) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75% 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) Facility fees are variable At June 30, 2017 and December 31, 2016, the Partnership posted cash collateral (i.e. restricted cash) related to the interest rate swaps associated with specific Debt Financings. The Partnership has also posted cash collateral as contractually required under the terms of the three TEBS Financings. In addition, to mitigate its exposure to interest rate fluctuations on the variable rate TEBS Financings, the Partnership also entered into interest rate cap agreements (Note 17). The TOB and Term A/B Trusts are subject to a Master Trust Agreement with DB that contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. At June 30, 2017, the Partnership was in compliance with these covenants. Debt Financing Activity in the First Six Months of 2017 In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 was paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at June 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,108,855 2017 February 2022 3.89 % San Vicente - Series B 1,536,980 2017 June 2018 3.76 % Las Palmas - Series A 1,504,877 2017 February 2022 3.89 % Las Palmas - Series B 1,484,551 2017 June 2018 3.76 % The Village at Madera - Series A 2,742,626 2017 February 2022 3.89 % The Village at Madera - Series B 1,447,301 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,317,948 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B 1,680,903 2017 July 2018 3.76 % Summerhill - Series A 5,724,083 2017 February 2022 3.89 % Summerhill - Series B 2,843,348 2017 July 2018 3.76 % Courtyard - Series A 9,123,195 2017 February 2022 3.89 % Courtyard - Series B 5,251,959 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,549,040 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,436,057 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,037,610 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,544,767 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,827,207 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,166,185 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,410,959 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 105,738,451 In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at June 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,086,113 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,683,189 2017 August 2018 3.76 % Harmony Terrace - Series A 6,198,861 2017 March 2022 3.89 % Harmony Terrace - Series B 6,280,025 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,248,188 In June 2017, the maturity date of the Partnership’s variable TOB Trusts was extended until May 2018. Debt Financing Activity in the First Six Months of 2016 The three MBS TOB Trusts and the TOB Trust collateralized by the Pro Nova 2014-2 MRB were paid in full and collapsed in January 2016 and March 2016, respectively. Future Maturities The following represents the Debt Financing contractual maturities for the next five years and thereafter: 2017 $ 64,653,256 2018 80,684,860 2019 139,762,253 2020 83,247,030 2021 2,291,262 Thereafter 231,978,758 Total $ 602,617,419
Secured Line of Credit [Member]
Unsecured Lines of Credit	14. 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 secured LOC was paid in full in February 2017 and is no longer available to the Partnership at June 30, 2017.

Debt Financing

Debt Financing	6 Months Ended
	Jun. 30, 2017
Debt Financing [Abstract]
Unsecured Lines of Credit	15. Debt Financing The following represents the Debt Financing, net of deferred financing costs, at June 30, 2017 and December 31, 2016: Outstanding Debt Financings on June 30, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,819,168 $ - 2014 July 2019 - October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,218,861 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 38,404,351 - 2017 February 2027 N/A N/A N/A 4.46% Fixed - Term A/B 60,393,208 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 35,189,080 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Variable - TOB 42,140,000 1,315,662 2012 May 2018 Weekly 1.46 - 1.51% 1.65 - 1.67% 3.11 - 3.16% TEBS Financings Variable - TEBS I 60,280,023 403,557 2010 September 2017 (2) Weekly 0.97% 1.85% 2.82% Variable - TEBS II (1) 91,087,826 171,657 2014 July 2019 Weekly 0.94% 1.62% 2.56% Variable - TEBS III (1) 81,932,724 3,473,533 2015 July 2020 Weekly 0.94% 1.39% 2.33% Total Debt Financings $ 597,465,241 (1) (2) ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, has a contractual right to extend the M24 TEBS Financing at its option until September 15, 2020. If the right to extend is not exercised, the M24 TEBS Financing will mature on September 15, 2017. The Partnership is evaluating whether to exercise its option to terminate. Outstanding Debt Financings on December 31, 2016, net Restricted Cash Year 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 July 2017 - July 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,266,034 1,373,695 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 30,512,916 2016 March 2017 N/A N/A N/A 4.56% 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 (1) 91,768,081 170,988 2014 July 2019 Weekly 0.75% 1.62% 2.37% Variable - TEBS III (1) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75% 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) Facility fees are variable At June 30, 2017 and December 31, 2016, the Partnership posted cash collateral (i.e. restricted cash) related to the interest rate swaps associated with specific Debt Financings. The Partnership has also posted cash collateral as contractually required under the terms of the three TEBS Financings. In addition, to mitigate its exposure to interest rate fluctuations on the variable rate TEBS Financings, the Partnership also entered into interest rate cap agreements (Note 17). The TOB and Term A/B Trusts are subject to a Master Trust Agreement with DB that contains covenants with which the Partnership is required to comply. If the Partnership were to be out of compliance with any of these covenants, a termination event of the financing facilities would be triggered. The most restrictive covenant within the Master Trust Agreement states that cash available to distribute for the trailing twelve months must be at least two times trailing twelve-month interest expense. At June 30, 2017, the Partnership was in compliance with these covenants. Debt Financing Activity in the First Six Months of 2017 In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 was paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at June 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,108,855 2017 February 2022 3.89 % San Vicente - Series B 1,536,980 2017 June 2018 3.76 % Las Palmas - Series A 1,504,877 2017 February 2022 3.89 % Las Palmas - Series B 1,484,551 2017 June 2018 3.76 % The Village at Madera - Series A 2,742,626 2017 February 2022 3.89 % The Village at Madera - Series B 1,447,301 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,317,948 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B 1,680,903 2017 July 2018 3.76 % Summerhill - Series A 5,724,083 2017 February 2022 3.89 % Summerhill - Series B 2,843,348 2017 July 2018 3.76 % Courtyard - Series A 9,123,195 2017 February 2022 3.89 % Courtyard - Series B 5,251,959 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,549,040 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,436,057 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,037,610 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,544,767 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,827,207 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,166,185 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,410,959 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 105,738,451 In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at June 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,086,113 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,683,189 2017 August 2018 3.76 % Harmony Terrace - Series A 6,198,861 2017 March 2022 3.89 % Harmony Terrace - Series B 6,280,025 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,248,188 In June 2017, the maturity date of the Partnership’s variable TOB Trusts was extended until May 2018. Debt Financing Activity in the First Six Months of 2016 The three MBS TOB Trusts and the TOB Trust collateralized by the Pro Nova 2014-2 MRB were paid in full and collapsed in January 2016 and March 2016, respectively. Future Maturities The following represents the Debt Financing contractual maturities for the next five years and thereafter: 2017 $ 64,653,256 2018 80,684,860 2019 139,762,253 2020 83,247,030 2021 2,291,262 Thereafter 231,978,758 Total $ 602,617,419

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing	6 Months Ended
	Jun. 30, 2017
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing	16. Mortgages Payable and Other Secured Financing The following represents the Mortgages payable and other secured financing, net of deferred financing costs, at June 30, 2017 and December 31, 2016: MF Property Mortgage Payables Outstanding Mortgage Payable at June 30, 2017, net Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Eagle Village $ 7,750,076 2010 September 2018 Variable Monthly 1.06 % (1) 3.00 % 4.06 % Residences of DeCordova 1,715,750 2012 June 2019 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,487,912 2011 June 2019 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--TIF Loan 3,463,331 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,896,611 2013 March 2020 Variable Monthly 4.00 % (2) N/A 4.00 % Jade Park 7,464,772 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 50,778,452 4.14 % (1) (2) 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 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 % Eagle Village 7,845,711 2010 September 2018 Variable Monthly 0.63 % (1) 3.00 % 3.63 % The 50/50 MF Property--TIF Loan 3,656,090 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 25,082,636 2013 March 2020 Variable Monthly 3.50 % (2) N/A 3.50 % 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) Activity in the First Six Months of 2017 In June 2017, the Partnership refinanced the mortgages payable for the Residences and DeCordova and Residences at Weatherford. The interest rates did not change, no commitments fees were paid, the maturity dates for the mortgages payable were extended for additional two-year terms and the mortgages payable can be prepaid prior to maturity with no penalty. Activity in the First Six Months of 2016 In June 2016, the Arboretum mortgage payable was paid off in full in conjunction with the sale of the MF property. No prepayment penalties were paid upon settlement of the mortgage payable. Future Maturities The following represents the Mortgages payable and other secured financing contractual maturities for the next five years and thereafter: 2017 $ 630,547 2018 8,809,356 2019 10,768,942 2020 23,993,819 2021 6,858,993 Thereafter - Total mortgages payable and other secured financings $ 51,061,657

Interest Rate Derivative Agreem

Interest Rate Derivative Agreements	6 Months Ended
	Jun. 30, 2017
Interest Rate Derivative Agreements [Abstract]
Interest Rate Derivative Agreements	17. Interest Rate Derivative Agreements The following represents the interest rate derivatives, excluding interest rate swaps, at June 30, 2017: Purchase Date Notional Amount Maturity Date Effective Capped Rate Index Variable Debt Financing Facility Hedged Counterparty Fair Value - Asset (Liability) (1) Sept 2010 $ 29,609,667 Sept 2017 3.0 % SIFMA M24 TEBS Bank of New York Mellon $ - Sept 2010 29,609,667 Sept 2017 3.0 % SIFMA M24 TEBS Barclays Bank PLC - Sept 2010 29,609,667 Sept 2017 3.0 % SIFMA M24 TEBS Royal Bank of Canada - Aug 2013 88,829,000 Sept 2017 1.5 % SIFMA M24 TEBS Deutsche Bank - July 2014 30,850,250 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC 1,002 July 2014 30,850,250 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 1,002 July 2014 30,850,250 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 1,002 July 2015 27,813,538 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 12,207 July 2015 27,813,538 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 12,207 July 2015 27,813,538 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 12,207 June 2017 92,550,751 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 105,269 June 2017 83,440,615 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 376,893 $ 521,789 (1) For additional details, see Note 22 to the Partnership's condensed consolidated financial statements. In June 2017, the Partnership purchased two interest rate derivatives to roll down the effective capped rate on the M31 and M33 TEBS Financings to 1.5%. The Partnership paid approximately $139,000 and $358,000 for the interest rate derivatives, respectively. The Partnership has contracted for two interest rate swaps with DB. On a quarterly basis, the Partnership reassesses its interest rate swap positions. In the second quarter of 2017, the Partnership determined that due to the stabilization of the Decatur Angle and Bruton MRB properties and securitization of the related MRBs into fixed rate Term A/B Trust financings, the interest rate swaps were not needed to mitigate interest rate risk on financings related to the MRBs. The Partnership then determined that the interest rate swaps are intended to mitigate interest rate risk for the variable rate PHC TOB Trusts. The following table summarizes the terms of the interest rate swaps at June 30, 2017 and December 31, 2016: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty June 30, 2017 - Fair Value of Liability December 31, 2016 - Fair Value of Liability Sept 2014 $ 22,899,450 Oct 2016 Oct 2021 1.96 % 0.85 % 70% 30-day LIBOR Deutsche Bank $ (652,598 ) $ (738,574 ) Sept 2014 18,108,276 April 2017 April 2022 2.06 % 0.85 % 70% 30-day LIBOR Deutsche Bank (630,839 ) (600,709 ) $ (1,283,437 ) $ (1,339,283 ) The Partnership’s interest rate derivatives and interest rate swaps are not designated as hedging instruments and, accordingly, they are recorded at fair value. Changes in fair value are included in current period earnings as interest expense. See Note 22 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 condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies The Partnership, from time to time, may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable, the estimated amount of the loss is accrued in the condensed consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, management believes the final outcome of such matters will not have a material effect on the Partnership’s condensed consolidated financial statements. Bond Purchase Commitments As part of the Partnership’s strategy of acquiring MRBs, it will enter into bond purchase commitments related to MRBs to be issued and secured by properties under construction. Upon satisfaction of the terms of the bond purchase commitment, the proceeds from the MRBs issued will be used to pay off the construction related debt of the underlying collateral of the MRB to be issued. The Partnership bears no construction or stabilization risk during the commitment period. The Partnership accounts for 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 represents the bond purchase commitments at June 30, 2017 and December 31, 2016: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at June 30, 2017 Fair Value at December 31,2016 Villas at Plano Gateway Apartments December 2014 $ - $ - 6.00 % N/A $ - $ 838,200 Village at Rivers Edge May 2015 11,000,000 - 6.00 % Q3 2017 850,437 467,720 Palo Alto July 2015 - 19,540,000 5.80 % Q1 2018 1,207,209 627,429 Village at Avalon November 2015 - 16,400,000 5.80 % Q2 2018 1,107,526 466,100 Total $ 11,000,000 $ 35,940,000 $ 3,165,172 $ 2,399,449 (1) The closing dates are estimated. The bond purchase commitment for the Villas at Plano Gateway Apartments expired effective April 1, 2017. The bond purchase commitment was cancelled and the Partnership has no obligation under the agreement after expiration. Property Loan Commitments ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, committed to loan approximately $17.0 million to unrelated third parties to build two new multifamily residential properties, Vantage at Brooks, LLC and Vantage at Braunfels, LLC, both located in Texas. At June 30, 2017, the Partnership’s remaining maximum commitments totaled approximately $1.1 million. See Note 10 for disclosures related to these property loans. Other Guarantees & Commitments In March 2017, the Partnership entered into a guaranty agreement whereby the Partnership has guaranteed payment of the construction loan of Vantage at Panama City Beach, LLC. The Partnership will only have to perform on the guarantee upon a default by Vantage at Panama City Beach, LLC. The guarantee is initially for the entire amount of the construction loan and decreases to 50% and 25% as certain debt service coverage levels are obtained by the borrower. The construction loan has a maximum available balance of $25.6 million. At June 30, 2017, there was no outstanding balance on the construction loan and the Partnership had no exposure under the guarantee. The Partnership is also required to maintain minimum cash and net worth requirements, which were met as of June 30, 2017. Pursuant to 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 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 June 30, 2017, under the guarantee provision of the repurchase clause is approximately $2.8 million and represents 75% of the equity contributed by BC Partners. Pursuant to 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 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 June 30, 2017, 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 monthly payments, when cash is available at the property, to the University of Nebraska-Lincoln based on its revenues. The minimum aggregate annual payment due under the agreement for the twelve-month period from August 1, 2016 through July 31, 2017 is approximately $122,000. The minimum aggregate annual expense increases 2% annually until July 31, 2034 and increases 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 Partnership reported accounts payable related to this agreement of approximately $83,000 and $21,000 at June 30, 2017 and December 31, 2016. The Partnership reported expenses related to the agreement of approximately $42,000 and $84,000 for the three and six months ended June 30, 2017 and 2016. As the holder of residual interests issued in connection with its TOB Trust, Term A/B Trust and TEBS Financing arrangements, the Partnership is required to guarantee certain losses that can be incurred by the trusts created in connection with these financings. These guarantees may result from a downgrade in the investment rating of PHCs held by the trust or of the senior securities issued by the trust, a ratings downgrade of the liquidity provider for the trust, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the trust. In the case of the TEBS, Freddie Mac will step in first on an immediate basis and the Partnership will have 10 to 14 days to remedy. If the Partnership does not remedy, the trust will be collapsed. If such an event occurs, the trust collateral may be sold and if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall pursuant to its guarantee. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. In the event of a shortfall the maximum exposure to loss would be approximately $602.6 million prior to the consideration of the proceeds from the sale of the trust collateral. The Partnership has never been, and does not expect in the future, to be required to reimburse the financing facilities for any shortfall.

Redeemable Series A Preferred U

Redeemable Series A Preferred Units	6 Months Ended
	Jun. 30, 2017
Temporary Equity Disclosure [Abstract]
Redeemable Series A Preferred Units	19. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units via private placements to four financial institutions. The Series A Preferred Units are redeemable in the future and represent limited partnership interests in the Partnership. The Partnership did not issue any Series A Preferred Units during the three months ended June 30, 2017. The following table summarizes the outstanding Series A Preferred Units at June 30, 2017: June 30, 2017 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 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 5,700,000 $ 57,000,000

Restricted Unit Awards (_RUAs_)

Restricted Unit Awards (“RUAs”)	6 Months Ended
	Jun. 30, 2017
Restricted Unit Awards [Member]
Restricted Unit Awards (“RUAs”)	20. 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 quarterly distributions during the vesting period. The RUA’s provide for accelerated vesting if there is a change in control or death or disability of the Participant. 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 $439,000 and $610,000 for the three and six months ended June 30, 2017. No compensation expense for RUAs was recognized for the three and six months ended June 30, 2016. The following table represents nonvested Restricted Units at and for the six months ended June 30, 2017. Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested at January 1, 2017 158,304 $ 6.03 Granted 283,046 5.74 Vested - - Nonvested at June 30, 2017 441,350 $ 5.84 At June 30, 2017, there was approximately $1.8 million of total unrecognized compensation expense related to nonvested RUAs granted under the Plan. The remaining expense is expected to be recognized over a weighted-average period of 1.2 years. The total intrinsic value of nonvested RUAs was approximately $2.6 million at June 30, 2017.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2017
Transactions With Related Parties [Abstract]
Transactions with Related Parties	21. Transactions with Related Parties The General Partner of the Partnership, AFCA 2, is entitled to receive an administrative fee from the Partnership equal to 0.45% per annum of the outstanding principal balance of any of its MRBs, 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 or accrued administrative fees to AFCA 2 of approximately $905,000 and $1.8 million for the three and six months ended June 30, 2017, respectively. The Partnership paid or accrued administrative fees to AFCA 2 of approximately $678,000 and $1.4 million for the three and six months ended June 30, 2016, 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 MRBs held by the Partnership. These administrative fees also equal 0.45% per annum of the outstanding principal balance of these MRBs and totaled approximately $37,000 and $52,000 for the three and six months ended June 30, 2017, respectively. Such administrative fees totaled approximately $30,000 and $49,000 for the three and six months ended June 30, 2016, respectively. AFCA 2 earns placement fees in connection with the acquisition of certain MRBs, equity investments in unconsolidated entities and select property loans. These placement fees were paid by the owners of the respective properties and, accordingly, have not been reflected in the accompanying condensed consolidated financial statements because these properties are not considered consolidated VIEs or related parties. AFCA 2 earned placement fees of approximately zero and $938,000 for the three and six months ended June 30, 2017. AFCA 2 earned placement fees of approximately zero and $388,000 for the three and six months ended June 30, 2016, respectively. An affiliate of AFCA 2, Burlington Capital Properties, LLC (f/k/a America First Properties Management Company, LLC) (“Properties Management”) provided property management services for the MF Properties (excluding Suites on Paseo) and seven of the properties collateralized by the MRBs during the three and six months ended June 30, 2017. Properties Management earned management fees related to the MF Properties of approximately $92,000 and $205,000 for the three and six months ended June 30, 2017, respectively. Properties Management earned management fees related to the MF Properties of approximately $164,000 and $341,000 for the three and six months ended June 30, 2016, respectively. For MF Properties, the property management fees are reflected as real estate operating expenses on the Partnership’s condensed consolidated statements of operations. For the properties collateralized by the MRBs, these property management fees are not Partnership expenses, but are paid in each case by the owner of the Residential Properties. The property management fees are paid out of the revenues generated by the respective property prior to the payment of debt service on the Partnership's MRBs and property loans, if applicable. An affiliate of AFCA 2, Farnam Capital Advisors, LLC, acts as an origination advisor and consultant to the borrowers when MRBs, investments in unconsolidated entities, select notes receivable, and financing facilities are acquired by the Partnership. The borrowers paid origination fees of approximately zero and $269,000 for the three and six months ended June 30, 2017. The borrowers paid origination fees of approximately zero and $194,000 for the three and six months ended June 30, 2016, respectively. These origination fees were paid by the borrower and have not been reflected in the accompanying condensed consolidated financial statements. The Partnership paid consulting fees to the affiliate of approximately zero and $921,000 for services related to origination of Term A/B Trusts during the three and six months ended June 30, 2017, respectively. No such fees were paid to the affiliate during the three and six months ended June 30, 2016. An affiliate of AFCA 2, Burlington Capital Construction Services, LLC, is the general contractor for certain exterior rehabilitation services for the Jade Park MF Property starting in June 2017. The contracted services are expected to be completed by the end of 2017. The Partnership did not receive any services under the contract during the three and six months ended June 30, 2017.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2017
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments	22. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Following is a description of the valuation methodologies used for assets and liabilities measured at fair value. Investments in MRBs and Bond Purchase Commitments. The fair value of the Partnership’s investments in MRBs and mortgage bond purchase commitments at June 30, 2017 is based upon prices obtained from a third-party pricing service, which are indicative of market prices. There is no active trading market for the MRBs and price quotes for the MRBs are not available. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each MRB as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure of the borrower, seniority to other obligations, operating results of the underlying property, geographic location, and property quality. The MRB values are then estimated using a discounted cash flow and yield to maturity or call analysis. The Partnership analyzes pricing data received from the third-party pricing service by comparing it to the Partnership’s internal valuation methodology. The Partnership’s internal valuation methodology considers current market interest rates as well as quantitative and qualitative characteristics similar to those used by the third-party pricing service. The fair value estimates of these MRBs, whether estimated by the third-party pricing service or the Partnership, are based largely on unobservable inputs the Partnership believes would be used by market participants and requires the use of judgment on the part of the third-party pricing service and management. Due to the judgments involved, the fair value measurement of the Partnership’s investments in MRBs and mortgage bond purchase commitments are categorized as a Level 3 input. At June 30, 2017, the range of effective yields on the individual MRBs was 2.6% to 9.9% per annum. Prior to the second quarter of 2017, the fair value of the Partnership’s investments in MRBs and mortgage bond purchase commitments were based on a discounted cash flow and yield to maturity analysis performed by the Partnership. If available, the Partnership considered price quotes on similar MRBs or other information from external sources, such as pricing services. The estimates of the fair values of these MRBs, whether estimated by the Partnership or based on external sources, were 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 encompassed the use of judgment in its application. To validate changes in the fair value of the Partnership’s investments in MRBs between reporting periods, the Partnership looked at the key inputs such as changes in the ‘A’ rated municipal bond rates on similar MRBs as well as changes in the operating performance of the underlying property serving as collateral for each MRB. The Partnership validated that the changes in the estimated fair value of the MRBs move with the changes in these monitored factors. Given these facts, the fair value measurement of the Partnership’s investment in MRBs was categorized as a Level 3 input. At December 31, 2016, the range of effective yields on the individual MRBs was 4.9% to 12.4% per annum. Investments in Public Housing Capital Fund Trust Certificates. The fair value of the Partnership’s investment in PHC Certificates at June 30, 2017 is based upon prices obtained from a third-party pricing service, which are indicative of market prices. There is no active trading market for the trusts’ certificates owned by the Partnership. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each PHC Trust as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, security ratings from rating agencies, the impact of potential political and regulatory change, and other inputs. The Partnership analyzes pricing data received from the third-party pricing service by comparing it to the Partnership’s internal valuation methodology. The Partnership’s internal valuation methodology begins with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts, adjusted largely for unobservable inputs the Partnership believes would be used by market participants. The valuation methodologies used by the third-party pricing service and the Partnership encompass the use of judgment in their application. Due to the judgments involved, the fair value measurement of the Partnership’s investment in PHC Certificates is categorized as a Level 3 input. The fair value of the Partnership’s investment in PHC Certificates at December 31, 2016 was based on a yield to maturity analysis performed by the Partnership. The Partnership’s valuation methodology begins with the current market yield rate for a “AAA” rated tax-free municipal bond for a term consistent with the weighted-average life of each of the Public Housing Capital Fund trusts, adjusted largely for unobservable inputs the Partnership believes would be used by market participants. 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. Taxable Bonds. The fair value of the Partnership’s taxable bonds at June 30, 2017 is based upon prices obtained from a third-party pricing service, which are indicative of market prices. There is no active trading market for the taxable bonds and price quotes are not available. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each taxable bond as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure of the borrower, subordinate to other obligations, operating results of the underlying property, geographic location, and property quality. The taxable bonds values are then estimated using a discounted cash flow and yield to maturity or call analysis. The Partnership analyzes pricing data received from the third-party pricing service by comparing it to the Partnership’s internal valuation methodology. The Partnership’s internal valuation methodology considers current market interest rates as well as quantitative and qualitative characteristics similar to those used by the third-party pricing service. The fair value estimates of these taxable bonds, whether estimated by the third-party pricing service or the Partnership, are based largely on unobservable inputs the Partnership believes would be used by market participants and requires the use of judgment on the part of the third-party pricing service and management. Due to the judgments involved, the fair value measurement of the Partnership’s investments in taxable bonds are categorized as a Level 3 input. Prior to the second quarter of 2017, the fair values of the Partnership’s investments in taxable bonds were based on a discounted cash flow and yield to maturity analysis performed by the Partnership. 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, were based largely on unobservable inputs the Partnership believed would be used by market participants. Additionally, the calculation methodology used by the external sources and the Partnership encompassed 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 looked 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 validated that the changes in the estimated fair value of the taxable bonds moved with the changes in these monitored factors. Given these facts the fair value measurement of the Partnership’s investment in taxable bonds was 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 are 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 June 30, 2017 are summarized as follows: Fair Value Measurements at June 30, 2017 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 $ 741,181,807 $ - $ - $ 741,181,807 Mortgage revenue bonds 26,947,851 - - 26,947,851 Bond purchase commitments (reported within other assets) 3,165,172 - - 3,165,172 PHC Certificates 55,791,371 - - 55,791,371 Taxable bonds (reported within other assets) 3,931,471 - - 3,931,471 Derivative contracts (reported within other assets) 521,789 - - 521,789 Derivative swap liability (1,283,437 ) - - (1,283,437 ) Total Assets and Liabilities at Fair Value, net $ 830,256,024 $ - $ - $ 830,256,024 The following tables summarizes the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2017: For the Three Months Ended June 30, 2017 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 April 1, 2017 $ 758,905,896 $ 2,620,393 $ 55,851,799 $ 4,179,205 $ (1,077,028 ) $ 820,480,265 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 53,235 - (14,129 ) - (181,420 ) (142,314 ) Included in other comprehensive (loss) income 10,059,745 544,779 390,701 (223,758 ) - 10,771,467 Purchases - - - - 496,800 496,800 Settlements (889,218 ) - (437,000 ) (23,976 ) - (1,350,194 ) Ending Balance June 30, 2017 $ 768,129,658 $ 3,165,172 $ 55,791,371 $ 3,931,471 $ (761,648 ) $ 830,256,024 Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities held on June 30, 2017 $ - $ - $ - $ - $ (181,420 ) $ (181,420 ) (1) (2) For the Six Months Ended June 30, 2017 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2017 $ 680,211,051 $ 2,399,449 $ 57,158,068 $ 4,084,599 $ (955,679 ) $ 742,897,488 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 106,590 - (31,717 ) - (302,769 ) (227,896 ) Included in other comprehensive (loss) income 30,230,298 765,723 (897,980 ) (125,264 ) - 29,972,777 Purchases 59,585,000 - - - 496,800 60,081,800 Settlements (2,003,281 ) - (437,000 ) (27,864 ) - (2,468,145 ) Ending Balance June 30, 2017 $ 768,129,658 $ 3,165,172 $ 55,791,371 $ 3,931,471 $ (761,648 ) $ 830,256,024 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2017 $ - $ - $ - $ - $ (302,769 ) $ (302,769 ) (1) (2) 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 Interest swap liability (1,339,283 ) - - (1,339,283 ) Total Assets and Liabilities at Fair Value $ 742,897,488 $ - $ - $ 742,897,488 The following tables summarizes the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2016: For the Three Months Ended June 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance April 1, 2016 $ 596,376,369 $ 7,222,173 $ 60,505,340 $ 4,938,104 $ (2,083,704 ) $ 666,958,282 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (531,389 ) (531,389 ) Included in other comprehensive (loss) income 57,767,098 9,996,646 1,688,370 378,861 - 69,830,975 Settlements (5,746,096 ) - (13,651 ) (22,736 ) - (5,782,483 ) Ending Balance June 30, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2016 $ - $ - $ - $ - $ (531,389 ) $ (531,389 ) (1) (2) For the Six Months Ended June 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (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 (interest expense) - - - - (1,641,796 ) (1,641,796 ) Included in other comprehensive (loss) income 69,118,725 11,584,459 2,557,714 495,317 - 83,756,215 Purchases 11,500,000 - - - - 11,500,000 Sale of securities (9,747,124 ) - - - (399 ) (9,747,523 ) Settlements (6,157,366 ) - (1,084,945 ) (25,148 ) - (7,267,459 ) Ending Balance June 30, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2016 $ - $ - $ - $ - $ (1,641,796 ) $ (1,641,796 ) (1) (2) Total gains and losses included in earnings for the periods shown above are included in the Partnership’s condensed consolidated statements of operations as interest expense. The Partnership estimates the fair value of each financial liability using a discounted cash flow model based on the debt amortization schedules and the effective rate of interest for each period presented. This estimate of fair value is based on Level 3 inputs. The TEBS and variable-rate TOB debt financings are credit enhanced by Freddie Mac and DB, respectively. The table below represents the fair value of the financial liabilities held on the condensed consolidated balance sheets at June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 597,465,241 $ 597,044,181 $ 555,199,700 $ 553,083,924 Mortgages payable and other secured financing 50,778,452 50,791,949 51,379,512 51,595,281

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segments	23. Segments The Partnership has four reportable segments, Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. In addition to the four reportable segments, the Partnership also separately reports its consolidation and elimination information because it does not allocate certain items to the segments. In January 2016, the Partnership sold its three remaining MBS Securities and eliminated this operating segment. The Amended and Restated LP Agreement authorizes the Partnership to make investments in tax-exempt securities other than in MRBs provided that the tax-exempt investments are rated in one of the four highest rating categories by a national securities rating agency. The Amended and Restated LP Agreement also allows the Partnership to invest in other securities whose interest may be taxable for federal income tax purposes. Total tax-exempt and other investments cannot exceed 25% of the Partnership’s total 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 tax-exempt and other investments include PHC Certificates, MBS Securities, and Other Investments, which are reported as three separate segments. Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of MRBs 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 MRBs are held as investments and the related property loans, net of loan loss, are reported as such on the Partnership’s condensed consolidated balance sheets. At June 30, 2017, the Partnership held 89 MRBs. The Residential Properties financed by MRBs contain a total of 10,656 rental units. In addition, one bond (Pro Nova 2014-1) is collateralized by commercial real estate. All general and administrative expenses on the condensed consolidated statements of operations are reported within this operating segment. 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). 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 June 30, 2017, the segment includes the six MF Properties comprised of a total of 1,710 rental units. Income tax expense for the Greens Hold Co is reported within this segment. Other Investments Segment The Other investments segment consists of the operations of ATAX Vantage Holdings, LLC, which is invested in unconsolidated entities (Note 9) and has issued property loans due from Vantage at Brooks LLC and Vantage at Braunfels LLC (Note 10). The following table details certain key financial information for the Partnership’s reportable segments for the three and six months ended June 30, 2017 and 2016: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Total revenues Mortgage Revenue Bond Investments $ 11,059,940 $ 8,790,823 $ 21,648,438 $ 17,569,877 MF Properties 3,306,722 4,994,868 7,099,137 10,068,972 Public Housing Capital Fund Trust 719,182 722,990 1,427,968 1,453,892 MBS Securities Investments - - - 48,755 Other Investments 1,148,456 424,440 2,099,145 711,484 Total revenues $ 16,234,300 $ 14,933,121 $ 32,274,688 $ 29,852,980 Interest expense Mortgage Revenue Bond Investments $ 4,938,029 $ 3,391,149 $ 9,509,484 $ 7,175,539 MF Properties 534,245 596,360 1,059,832 1,266,693 Public Housing Capital Fund Trust 369,053 334,545 714,264 635,265 MBS Securities Investments - - - 14,692 Other Investments - - - - Total interest expense $ 5,841,327 $ 4,322,054 $ 11,283,580 $ 9,092,189 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 1,265,335 1,649,891 2,620,566 3,296,122 Public Housing Capital Fund Trust - - - - MBS Securities Investments - - - - Other Investments - - Total depreciation expense $ 1,265,335 $ 1,649,891 $ 2,620,566 $ 3,296,122 Partnership net income (loss) Mortgage Revenue Bond Investments $ 2,592,768 $ 2,220,723 $ 4,821,821 $ 4,251,016 MF Properties 18,047 7,972,322 3,763,592 7,704,519 Public Housing Capital Fund Trust 350,129 388,445 713,704 818,627 MBS Securities Investments - - - 51,984 Other Investments 1,148,456 424,440 2,099,145 711,484 Partnership net income $ 4,109,400 $ 11,005,930 $ 11,398,262 $ 13,537,630 The following table details certain key financial information for the Partnership’s reportable segments at June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Total assets Mortgage Revenue Bond Investments $ 862,988,147 $ 764,995,675 MF Properties 108,015,747 129,895,112 Public Housing Capital Fund Trust Certificates 56,097,041 57,461,268 Other Investments 47,837,858 34,540,280 Consolidation/eliminations (50,112,025 ) (42,778,661 ) Total assets $ 1,024,826,768 $ 944,113,674

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events	24. Subsequent Events In July 2017, the Partnership executed listing agreements with brokers to list the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties for sale.

Summary of Significant Accoun32

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Consolidation	Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P. and its wholly-owned subsidiaries. All intercompany transactions are eliminated. At June 30, 2017, the consolidated subsidiaries of the Partnership (the “Consolidated Subsidiaries”) consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the Tax Exempt Bond Securitization (“TEBS”) Financing (“M24 TEBS Financing”) with Freddie Mac. • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the second TEBS Financing, (“M31 TEBS Financing”) with Freddie Mac. • ATAX TEBS III, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the third TEBS Financing (“M33 TEBS Financing”), with Freddie Mac. • ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, committed to loan money or provide equity for the development of multifamily properties. • Four MF Properties are owned by a wholly-owned corporation (“the Greens Hold Co”). The Greens Hold Co held a 99% limited partnership interest in the northern View MF Property until its sale in March 2017. • One MF Property is owned by a wholly-owned subsidiary of the Partnership and one MF Property is owned directly by the Partnership.
Investment in Unconsolidated Entities	Investment in unconsolidated entities The ATAX Vantage Holdings, LLC Vantage Properties and accounts for its limited partnership interests using
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. The Greens Hold Co, a wholly-owned subsidiary of the Partnership, is a corporation subject to federal and state income taxes. The Partnership will recognize income tax expense or benefit for the federal and state income taxes incurred by the Greens Hold Co on the Partnership’s condensed consolidated financial statements. The Partnership evaluates its tax positions taken in the Partnership’s condensed consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As such, the Partnership may recognize a tax benefit from an uncertain tax position only if the Partnership believes it is more likely than not that the tax position will be sustained on examination by taxing authorities. 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 such as depreciation, amortization of financing costs, etc.) 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 fully utilized its NOL carryforwards during 2016. 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.
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. RUAs are generally granted with vesting conditions ranging from three months to three years. RUAs currently provide for the payment of quarterly distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control or upon death or disability of the Participant. The Partnership accounts for forfeitures when they occur. 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 Partnership will account for modifications to RUAs as they occur if the fair value of the RUAs change, there are changes to vesting conditions or the awards no longer qualify for equity classification.
Estimates and Assumptions	Estimates and assumptions The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such rules and regulations, although management believes that the disclosures are adequate to make the information presented not misleading. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2016. These condensed consolidated financial statements and notes have been prepared consistently with the 2016 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position at June 30, 2017, and the results of operations for the interim periods presented have been made. The results of operations for the interim period are not necessarily indicative of the results to be expected for the full year. The condensed consolidated balance sheet at December 31, 2016, was derived from audited annual financial statements, but does not contain all the footnote disclosures from the annual financial statements.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In March 2017, the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) The Partnership is currently evaluating the impact this standard will have on its condensed consolidated financial statements. In February 2017, the Financial Accounting Standards Board (“FASB”) ASU The Partnership is currently evaluating the impact this standard will have on its condensed consolidated financial statements. In January 2017, the FASB issued 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 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 is currently evaluating the impact this standard will have on its condensed consolidated financial statements; however, it is expected that the new standard would reduce the number of future real estate acquisitions that will be accounted for as business combinations and, therefore, reduce the amount of acquisition costs that will be expensed. 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 is currently assessing the impact this standard will have on its condensed 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 transactions. The ASU is effective for the Partnership for fiscal years beginning after December 15, 2017 and is applied retrospectively. The Partnership is currently assessing the impact of the adoption of this pronouncement on the condensed 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 condensed 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 has four lessee arrangements for which it is assessing the quantitative and qualitative impact of the standard. The Partnership has not elected early adoption of the standard as of June 30, 2017 and is currently evaluating the impact this standard will have on its condensed 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 Partnership’s annual and interim periods beginning after December 15, 2017. The Partnership continues to assess the impact of the adoption of this standard but preliminarily does not believe adoption will have a material impact on the Partnership’s condensed 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. The Partnership expects to use the modified retrospective transition method and will adopt the standard effective January 1, 2018. The Partnership has completed an initial assessment of its revenue streams and performance obligations and is currently evaluating the quantitative and qualitative impacts of the new standard on the business. The Partnership has determined that revenues within investment income, contingent interest income, other interest income are not within the scope of this standard. Furthermore, the majority of property revenues are within the scope of the Lease ASU and outside the scope of the Revenue ASU. The Partnership believes the new standard will only impact property revenues related to non-lease revenue streams and certain provisions that apply to gains on sale of real estate assets. The revenue streams within the scope of this standard are immaterial to the condensed consolidated financial statements.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure	The following table summarizes information regarding the Partnership’s variable interests in these entities at June 30, 2017 and December 31, 2016: Maximum Exposure to Loss June 30, 2017 December 31, 2016 Mortgage revenue bonds $ 137,835,000 $ 137,921,000 Property loans 17,369,365 16,476,073 Investment in unconsolidated entities 31,950,493 19,470,006 $ 187,154,858 $ 173,867,079

Investments in Bonds (Tables)

Investments in Bonds (Tables)	6 Months Ended
	Jun. 30, 2017
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments	The Partnership had the following investments in MRBs at June 30, 2017 and December 31, 2016: June 30, 2017 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A & B (2) CA $ 16,458,000 $ 978,912 $ - $ 17,436,912 Glenview Apartments - Series A (4) CA 4,648,920 645,678 - 5,294,598 Harmony Court Bakersfield - Series A & B (2) CA 5,727,000 318,500 - 6,045,500 Harmony Terrace - Series A & B (2) CA 14,300,000 707,166 - 15,007,166 Harden Ranch - Series A (3) CA 6,879,738 1,105,983 - 7,985,721 Las Palmas II - Series A & B (2) CA 3,465,000 152,592 - 3,617,592 Montclair Apartments - Series A (4) CA 2,518,580 405,143 - 2,923,723 San Vicente - Series A & B (2) CA 5,320,000 224,555 - 5,544,555 Santa Fe Apartments - Series A (4) CA 3,051,165 531,797 - 3,582,962 Seasons at Simi Valley - Series A (2) CA 4,376,000 783,712 - 5,159,712 Seasons Lakewood - Series A & B (2) CA 12,610,000 705,110 - 13,315,110 Seasons San Juan Capistrano - Series A & B (2) CA 18,949,000 930,884 - 19,879,884 Summerhill - Series A & B (2) CA 9,795,000 586,729 - 10,381,729 Sycamore Walk - Series A (2) CA 3,632,000 417,047 - 4,049,047 The Village at Madera - Series A & B (2) CA 4,804,000 247,275 - 5,051,275 Tyler Park Townhomes - Series A (3) CA 5,995,219 766,254 - 6,761,473 Westside Village Market - Series A (3) CA 3,917,864 610,615 - 4,528,479 Lake Forest (1) FL 8,573,000 1,526,928 - 10,099,928 Ashley Square (1) IA 5,009,000 27,602 - 5,036,602 Brookstone (1) IL 7,457,419 1,876,708 - 9,334,127 Copper Gate Apartments (3) IN 5,145,000 852,946 - 5,997,946 Renaissance - Series A (4) LA 11,294,718 1,657,054 - 12,951,772 Live 929 Apartments (2) MD 40,620,378 4,399,339 - 45,019,717 Woodlynn Village (1) MN 4,289,000 45,956 - 4,334,956 Greens Property - Series A (3) NC 8,168,000 1,284,012 - 9,452,012 Silver Moon - Series A (4) NM 7,906,826 868,554 - 8,775,380 Ohio Properties - Series A (1) OH 14,166,998 1,088,481 - 15,255,479 Bridle Ridge (1) SC 7,500,000 117,210 - 7,617,210 Columbia Gardens (2) SC 15,209,036 - (169,635 ) 15,039,401 Companion at Thornhill Apartments (2) SC 11,457,334 1,136,350 - 12,593,684 Cross Creek (1) SC 6,130,266 3,081,959 - 9,212,225 The Palms at Premier Park Apartments (3) SC 19,330,703 2,646,046 - 21,976,749 Willow Run (2) SC 15,208,831 121,616 - 15,330,447 Arbors at Hickory Ridge (3) TN 11,402,860 1,369,582 - 12,772,442 Pro Nova 2014-1 (2) TN 10,040,407 238,433 - 10,278,840 Avistar at Chase Hill - Series A (3) TX 9,797,642 414,305 - 10,211,947 Avistar at Copperfield - Series A (2) TX 10,000,000 491,288 - 10,491,288 Avistar at the Crest - Series A (3) TX 9,503,712 1,002,121 - 10,505,833 Avistar at the Oaks - Series A (3) TX 7,673,015 864,665 - 8,537,680 Avistar at the Parkway - Series A (4) TX 13,290,665 915,151 - 14,205,816 Avistar at Wilcrest - Series A (2) TX 3,775,000 201,007 - 3,976,007 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,564,751 - 33,414,751 Avistar in 09 - Series A (3) TX 6,625,352 588,902 - 7,214,254 Avistar on the Boulevard - Series A (3) TX 16,190,599 1,631,593 - 17,822,192 Avistar on the Hills - Series A (3) TX 5,301,268 597,394 - 5,898,662 Bella Vista (1) TX 6,295,000 31,115 - 6,326,115 Bruton Apartments (2) TX 18,108,276 2,762,491 - 20,870,767 Concord at Gulfgate - Series A (2) TX 19,185,000 2,575,473 - 21,760,473 Concord at Little York - Series A (2) TX 13,440,000 1,871,771 - 15,311,771 Concord at Williamcrest - Series A (2) TX 20,820,000 2,794,962 - 23,614,962 Crossing at 1415 - Series A (2) TX 7,590,000 - (41,745 ) 7,548,255 Decatur Angle (2) TX 22,873,696 2,814,627 - 25,688,323 Heights at 515 - Series A (2) TX 6,435,000 222,833 - 6,657,833 Heritage Square - Series A (4) TX 11,112,914 1,225,235 - 12,338,149 Oaks at Georgetown - Series A & B (2) TX 17,842,000 617,249 - 18,459,249 Runnymede (1) TX 10,200,000 246,902 - 10,446,902 Southpark (1) TX 11,790,000 3,398,493 - 15,188,493 Vantage at Harlingen - Series B (4) TX 24,426,694 1,972,705 - 26,399,399 Vantage at Judson -Series B (4) TX 26,241,102 2,998,352 - 29,239,454 15 West Apartments (2) WA 9,826,657 1,582,220 - 11,408,877 Mortgage revenue bonds held in trust $ 675,550,854 $ 65,842,333 $ (211,380 ) $ 741,181,807 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 June 30, 2017 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Seasons at Simi Valley - Series B CA $ 1,944,000 $ 175 $ - $ 1,944,175 Sycamore Walk - Series B CA 1,815,000 - (1,908 ) 1,813,092 Greens Property - Series B NC 938,985 219,878 - 1,158,863 Ohio Properties - Series B OH 3,543,079 214,019 - 3,757,098 Avistar at Chase Hill - Series B TX 955,299 - (56,475 ) 898,824 Avistar at Copperfield - Series B TX 4,000,000 24,939 - 4,024,939 Avistar at the Crest - Series B TX 751,370 45,428 - 796,798 Avistar at the Oaks - Series B TX 549,549 31,642 - 581,191 Avistar at the Parkway - Series B TX 124,981 31,136 - 156,117 Avistar at Wilcrest - Series B TX 1,550,000 9,782 - 1,559,782 Avistar at Wood Hollow - Series B TX 8,410,000 55,645 - 8,465,645 Avistar in 09 - Series B TX 453,328 15,415 - 468,743 Avistar on the Boulevard - Series B TX 446,466 25,241 - 471,707 Crossing at 1415 - Series B TX 335,000 2,191 - 337,191 Heights at 515 - Series B TX 510,000 3,686 - 513,686 Mortgage revenue bonds held by the Partnership $ 26,327,057 $ 679,177 $ (58,383 ) $ 26,947,851 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) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 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
Investments Classified by Contractual Maturity Date	The following table includes the details of the MRB acquisitions during the six months ended June 30, 2017: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition 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 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 $ 59,585,000 The following table includes details of the MRB redeemed: Property Name Month Exchanged Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Exchange Pro Nova - 2014B 1 March Knoxville, TN - 5/1/2025 5.25 % $ 9,295,000 1 This is a commercial property. Accordingly, unit information is not applicable. In May 2016, the Partnership redeemed the four Series B mortgage revenue bonds for approximately $5.2 million which approximated their carrying value plus accrued interest. The following table includes details of the MRBs redeemed: 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 following table includes the details of the MRB acquisitions during the six months ended June 30, 2016: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Companion at Thornhill Apartments January Lexington, SC 178 1/1/2052 5.80 % $ 11,500,000

PHC Certificates (Tables)

PHC Certificates (Tables)	6 Months Ended
	Jun. 30, 2017
Public Housing Capital Fund Trusts [Abstract]
Schedule of Investments in PHC Certificates	The Partnership had the following investments in the PHC Certificates at June 30, 2017 and December 31, 2016: June 30, 2017 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 7.81 AA- 5.36% $ 25,997,334 $ - $ (354,242 ) $ 25,643,092 PHC Certificate Trust II 7.15 A+ 4.32% 10,617,449 - (118,075 ) 10,499,374 PHC Certificate Trust III 8.32 BBB 5.45% 19,717,563 - (68,658 ) 19,648,905 $ 56,332,346 $ - $ (540,975 ) $ 55,791,371 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

Real Estate Assets (Tables)

Real Estate Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate Assets Owned by Partnership	The following tables summarizes information regarding the Partnership’s real estate assets at June 30, 2017 and December 31, 2016: Real Estate Assets at June 30, 2017 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on June 30, 2017 Eagle Village Evansville, IN 511 $ 567,880 $ 12,665,500 $ 13,233,380 Residences of DeCordova Granbury, TX 110 1,170,337 8,039,373 9,209,710 Residences of Weatherford Weatherford, TX 76 1,942,229 5,767,980 7,710,209 Suites on Paseo San Diego, CA 394 3,166,463 38,397,243 41,563,706 The 50/50 MF Property Lincoln, NE 475 - 32,932,982 32,932,982 Jade Park Daytona, FL 144 2,292,035 7,375,451 9,667,486 Land held for development (1) (1 ) 1,590,273 - 1,590,273 $ 115,907,746 Less accumulated depreciation (16,367,265 ) Total real estate assets $ 99,540,481 1 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 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 (2) (2 ) 7,531,104 - 7,531,104 $ 130,443,628 Less accumulated depreciation (16,217,028 ) Total real estate assets $ 114,226,600
Net income, Exclusive of the Gains on Sale	Net income (loss), exclusive of the gains on sale related to the Arboretum, Woodland Park (sold in July 2016) and Northern View MF Properties, for the three and six months ended June 30, 2017 and 2016 are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Net income (loss) $ (15,444 ) $ 114,601 $ (18,735 ) $ 287,153

Investment in Unconsolidated En

Investment in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 and December 31, 2016: Property Name Location Units Carrying Value at June 30, 2017 Carrying Value at December 31, 2016 Maximum Remaining Equity Commitment at June 30, 2017 Vantage at Corpus Christi Corpus Christi, TX 288 $ 8,907,869 $ 8,447,343 $ 1,550,000 Vantage at Waco Waco, TX 288 8,323,166 5,964,861 1,592,039 Vantage at Boerne Boerne, TX 288 7,870,971 5,057,802 1,475,936 Vantage at Panama City Beach Panama City Beach, FL 288 6,848,487 - 5,042,297 $ 31,950,493 $ 19,470,006 $ 9,660,272

Property Loans, Net of Loan L38

Property Loans, Net of Loan Loss Allowances (Tables)	6 Months Ended
	Jun. 30, 2017
Property Loan Net Of Loan Loss Allowances [Abstract]
Summary of Partnership's Property Loans, Net of Loan Loss Allowances	The following table summarizes the Partnership’s property loans, net of loan loss allowances, at June 30, 2017 and December 31, 2016: June 30, 2017 Outstanding Balance Loan Loss Allowances Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Ashley Square 5,078,342 (3,596,342 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 - 274,496 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 7,155,545 (3,447,472 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,623,704 (55,000 ) 4,568,704 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,417,635 - 8,417,635 Vantage at Braunfels, LLC 7,469,730 - 7,469,730 Winston Group, Inc 2,000,000 - 2,000,000 Total $ 38,702,784 $ (7,098,814 ) $ 31,603,970 December 31, 2016 Outstanding Balance Loan Loss Allowances Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Ashley Square 5,078,342 (3,596,342 ) 1,482,000 Avistar (February 2013 portfolio) 274,496 - 274,496 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 7,155,545 (3,447,472 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,623,704 (55,000 ) 4,568,704 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 7,199,424 - 7,199,424 Vantage at Braunfels, LLC 6,347,305 - 6,347,305 Winston Group, Inc 2,500,000 - 2,500,000 Total $ 36,862,148 $ (7,098,814 ) $ 29,763,334

Income Tax Provision (Tables)

Income Tax Provision (Tables)	6 Months Ended
	Jun. 30, 2017
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense	The following represents income tax expense for the Greens Hold Co for the three and six months ended June 30 For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Current income tax expense $ 138,000 $ 4,100,000 $ 2,760,047 $ 4,100,000 Deferred income tax expense (benefit) (201,000 ) 553,000 (365,000 ) 553,000 Total income tax expense $ (63,000 ) $ 4,653,000 $ 2,395,047 $ 4,653,000

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Other Assets [Abstract]
Schedule of Other Assets	The following represents the Other Assets at June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Deferred financing costs - net $ 537,261 $ 456,890 Fair value of derivative instruments (Note 19) 521,789 383,604 Taxable bonds at fair market value 3,931,471 4,084,599 Bond purchase commitments - fair value (Note 20) 3,165,172 2,399,449 Other assets 1,244,407 1,470,650 Total other assets $ 9,400,100 $ 8,795,192

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)	6 Months Ended
	Jun. 30, 2017
Unsecured Lines of Credit [Member]
Summary of Unsecured Lines of Credit	The following represents the unsecured lines of credit (“LOC”) at June 30, 2017 and December 31, 2016: Unsecured Lines of Credit Outstanding on June 30, 2017 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ - $ 50,000,000 May 2019 Variable Monthly 4.22 % Bankers Trust operating - 10,000,000 May 2019 Variable Monthly 4.47 % Total unsecured lines of credit $ - $ 60,000,000 1 The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding on December 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 2 The variable rate is indexed to LIBOR plus an applicable margin.

Debt Financing (Tables)

Debt Financing (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Financing [Abstract]
Schedule of Total Debt Financing	The following represents the Debt Financing, net of deferred financing costs, at June 30, 2017 and December 31, 2016: Outstanding Debt Financings on June 30, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,819,168 $ - 2014 July 2019 - October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,218,861 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 38,404,351 - 2017 February 2027 N/A N/A N/A 4.46% Fixed - Term A/B 60,393,208 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 35,189,080 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Variable - TOB 42,140,000 1,315,662 2012 May 2018 Weekly 1.46 - 1.51% 1.65 - 1.67% 3.11 - 3.16% TEBS Financings Variable - TEBS I 60,280,023 403,557 2010 September 2017 (2) Weekly 0.97% 1.85% 2.82% Variable - TEBS II (1) 91,087,826 171,657 2014 July 2019 Weekly 0.94% 1.62% 2.56% Variable - TEBS III (1) 81,932,724 3,473,533 2015 July 2020 Weekly 0.94% 1.39% 2.33% Total Debt Financings $ 597,465,241 (1) (2) ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, has a contractual right to extend the M24 TEBS Financing at its option until September 15, 2020. If the right to extend is not exercised, the M24 TEBS Financing will mature on September 15, 2017. The Partnership is evaluating whether to exercise its option to terminate. Outstanding Debt Financings on December 31, 2016, net Restricted Cash Year 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 July 2017 - July 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,266,034 1,373,695 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 30,512,916 2016 March 2017 N/A N/A N/A 4.56% 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 (1) 91,768,081 170,988 2014 July 2019 Weekly 0.75% 1.62% 2.37% Variable - TEBS III (1) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75% 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) Facility fees are variable In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 was paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at June 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,108,855 2017 February 2022 3.89 % San Vicente - Series B 1,536,980 2017 June 2018 3.76 % Las Palmas - Series A 1,504,877 2017 February 2022 3.89 % Las Palmas - Series B 1,484,551 2017 June 2018 3.76 % The Village at Madera - Series A 2,742,626 2017 February 2022 3.89 % The Village at Madera - Series B 1,447,301 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,317,948 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B 1,680,903 2017 July 2018 3.76 % Summerhill - Series A 5,724,083 2017 February 2022 3.89 % Summerhill - Series B 2,843,348 2017 July 2018 3.76 % Courtyard - Series A 9,123,195 2017 February 2022 3.89 % Courtyard - Series B 5,251,959 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,549,040 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,436,057 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,037,610 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,544,767 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,827,207 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,166,185 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,410,959 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 105,738,451 In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at June 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,086,113 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,683,189 2017 August 2018 3.76 % Harmony Terrace - Series A 6,198,861 2017 March 2022 3.89 % Harmony Terrace - Series B 6,280,025 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,248,188
Schedule of Maturities of Long-term Debt	Future Maturities The following represents the Debt Financing contractual maturities for the next five years and thereafter: 2017 $ 64,653,256 2018 80,684,860 2019 139,762,253 2020 83,247,030 2021 2,291,262 Thereafter 231,978,758 Total $ 602,617,419

Mortgages Payable and Other S43

Mortgages Payable and Other Secured Financing (Tables)	6 Months Ended
	Jun. 30, 2017
Schedule of Total Debt Financing	The following represents the Debt Financing, net of deferred financing costs, at June 30, 2017 and December 31, 2016: Outstanding Debt Financings on June 30, 2017, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TOB & Term A/B Trusts Securitization Fixed - Term TOB $ 46,819,168 $ - 2014 July 2019 - October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,218,861 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 38,404,351 - 2017 February 2027 N/A N/A N/A 4.46% Fixed - Term A/B 60,393,208 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 35,189,080 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Variable - TOB 42,140,000 1,315,662 2012 May 2018 Weekly 1.46 - 1.51% 1.65 - 1.67% 3.11 - 3.16% TEBS Financings Variable - TEBS I 60,280,023 403,557 2010 September 2017 (2) Weekly 0.97% 1.85% 2.82% Variable - TEBS II (1) 91,087,826 171,657 2014 July 2019 Weekly 0.94% 1.62% 2.56% Variable - TEBS III (1) 81,932,724 3,473,533 2015 July 2020 Weekly 0.94% 1.39% 2.33% Total Debt Financings $ 597,465,241 (1) (2) ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, has a contractual right to extend the M24 TEBS Financing at its option until September 15, 2020. If the right to extend is not exercised, the M24 TEBS Financing will mature on September 15, 2017. The Partnership is evaluating whether to exercise its option to terminate. Outstanding Debt Financings on December 31, 2016, net Restricted Cash Year 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 July 2017 - July 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 141,266,034 1,373,695 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 30,512,916 2016 March 2017 N/A N/A N/A 4.56% 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 (1) 91,768,081 170,988 2014 July 2019 Weekly 0.75% 1.62% 2.37% Variable - TEBS III (1) 82,089,312 3,495,592 2015 July 2020 Weekly 0.75% 1.39% 2.14% Total Debt Financings $ 495,383,033 (1) Facility fees are variable In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized costs totaling approximately $1.2 million as deferred financing costs, of which approximately $921,000 was paid to a related party (Note 21). The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at June 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,108,855 2017 February 2022 3.89 % San Vicente - Series B 1,536,980 2017 June 2018 3.76 % Las Palmas - Series A 1,504,877 2017 February 2022 3.89 % Las Palmas - Series B 1,484,551 2017 June 2018 3.76 % The Village at Madera - Series A 2,742,626 2017 February 2022 3.89 % The Village at Madera - Series B 1,447,301 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,317,948 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B 1,680,903 2017 July 2018 3.76 % Summerhill - Series A 5,724,083 2017 February 2022 3.89 % Summerhill - Series B 2,843,348 2017 July 2018 3.76 % Courtyard - Series A 9,123,195 2017 February 2022 3.89 % Courtyard - Series B 5,251,959 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,549,040 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,436,057 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,037,610 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,544,767 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 26,827,207 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,166,185 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,410,959 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 105,738,451 In March 2017, the Partnership refinanced four Term A/B Trusts into new Term A/B Trusts with longer stated terms. Based on the terms of the new and old Term A/B Trusts, the refinancing was accounted for as a modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing at June 30, 2017, net Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,086,113 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,683,189 2017 August 2018 3.76 % Harmony Terrace - Series A 6,198,861 2017 March 2022 3.89 % Harmony Terrace - Series B 6,280,025 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,248,188
Schedule of Maturities of Long-term Debt	Future Maturities The following represents the Debt Financing contractual maturities for the next five years and thereafter: 2017 $ 64,653,256 2018 80,684,860 2019 139,762,253 2020 83,247,030 2021 2,291,262 Thereafter 231,978,758 Total $ 602,617,419
Mortgages payable [Member]
Schedule of Total Debt Financing	The following represents the Mortgages payable and other secured financing, net of deferred financing costs, at June 30, 2017 and December 31, 2016: MF Property Mortgage Payables Outstanding Mortgage Payable at June 30, 2017, net Year Acquired Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate Eagle Village $ 7,750,076 2010 September 2018 Variable Monthly 1.06 % (1) 3.00 % 4.06 % Residences of DeCordova 1,715,750 2012 June 2019 Fixed N/A N/A N/A 4.75 % Residences of Weatherford 5,487,912 2011 June 2019 Fixed N/A N/A N/A 4.75 % The 50/50 MF Property--TIF Loan 3,463,331 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,896,611 2013 March 2020 Variable Monthly 4.00 % (2) N/A 4.00 % Jade Park 7,464,772 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 50,778,452 4.14 % (1) (2) 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 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 % Eagle Village 7,845,711 2010 September 2018 Variable Monthly 0.63 % (1) 3.00 % 3.63 % The 50/50 MF Property--TIF Loan 3,656,090 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 25,082,636 2013 March 2020 Variable Monthly 3.50 % (2) N/A 3.50 % 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)
Schedule of Maturities of Long-term Debt	The following represents the Mortgages payable and other secured financing contractual maturities for the next five years and thereafter: 2017 $ 630,547 2018 8,809,356 2019 10,768,942 2020 23,993,819 2021 6,858,993 Thereafter - Total mortgages payable and other secured financings $ 51,061,657

Interest Rate Derivative Agre44

Interest Rate Derivative Agreements (Tables)	6 Months Ended
	Jun. 30, 2017
Interest Rate Derivative Agreements [Abstract]
Summary of Interest Rate Derivatives, Excluding Interest Rate Swaps	The following represents the interest rate derivatives, excluding interest rate swaps, at June 30, 2017: Purchase Date Notional Amount Maturity Date Effective Capped Rate Index Variable Debt Financing Facility Hedged Counterparty Fair Value - Asset (Liability) (1) Sept 2010 $ 29,609,667 Sept 2017 3.0 % SIFMA M24 TEBS Bank of New York Mellon $ - Sept 2010 29,609,667 Sept 2017 3.0 % SIFMA M24 TEBS Barclays Bank PLC - Sept 2010 29,609,667 Sept 2017 3.0 % SIFMA M24 TEBS Royal Bank of Canada - Aug 2013 88,829,000 Sept 2017 1.5 % SIFMA M24 TEBS Deutsche Bank - July 2014 30,850,250 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC 1,002 July 2014 30,850,250 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 1,002 July 2014 30,850,250 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 1,002 July 2015 27,813,538 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 12,207 July 2015 27,813,538 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 12,207 July 2015 27,813,538 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 12,207 June 2017 92,550,751 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 105,269 June 2017 83,440,615 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 376,893 $ 521,789 (1) For additional details, see Note 22 to the Partnership's condensed consolidated financial statements.
Summary of Interest Rate Swaps	The following table summarizes the terms of the interest rate swaps at June 30, 2017 and December 31, 2016: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty June 30, 2017 - Fair Value of Liability December 31, 2016 - Fair Value of Liability Sept 2014 $ 22,899,450 Oct 2016 Oct 2021 1.96 % 0.85 % 70% 30-day LIBOR Deutsche Bank $ (652,598 ) $ (738,574 ) Sept 2014 18,108,276 April 2017 April 2022 2.06 % 0.85 % 70% 30-day LIBOR Deutsche Bank (630,839 ) (600,709 ) $ (1,283,437 ) $ (1,339,283 )

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments And Contingencies [Abstract]
Long-term Purchase Commitment	The following table represents the bond purchase commitments at June 30, 2017 and December 31, 2016: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2017 Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at June 30, 2017 Fair Value at December 31,2016 Villas at Plano Gateway Apartments December 2014 $ - $ - 6.00 % N/A $ - $ 838,200 Village at Rivers Edge May 2015 11,000,000 - 6.00 % Q3 2017 850,437 467,720 Palo Alto July 2015 - 19,540,000 5.80 % Q1 2018 1,207,209 627,429 Village at Avalon November 2015 - 16,400,000 5.80 % Q2 2018 1,107,526 466,100 Total $ 11,000,000 $ 35,940,000 $ 3,165,172 $ 2,399,449 (1) The closing dates are estimated.

Redeemable Series A Preferred46

Redeemable Series A Preferred Units (Tables)	6 Months Ended
	Jun. 30, 2017
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Series A Preferred Units	The following table summarizes the outstanding Series A Preferred Units at June 30, 2017: June 30, 2017 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 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 5,700,000 $ 57,000,000

Restricted Unit Awards (_RUAs47

Restricted Unit Awards (“RUAs”) (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Nonvested Restricted Units	The following table represents nonvested Restricted Units at and for the six months ended June 30, 2017. Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested at January 1, 2017 158,304 $ 6.03 Granted 283,046 5.74 Vested - - Nonvested at June 30, 2017 441,350 $ 5.84

Fair Value of Financial Instr48

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Fair Value Measurements [Abstract]
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis	Assets and liabilities measured at fair value on a recurring basis at June 30, 2017 are summarized as follows: Fair Value Measurements at June 30, 2017 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 $ 741,181,807 $ - $ - $ 741,181,807 Mortgage revenue bonds 26,947,851 - - 26,947,851 Bond purchase commitments (reported within other assets) 3,165,172 - - 3,165,172 PHC Certificates 55,791,371 - - 55,791,371 Taxable bonds (reported within other assets) 3,931,471 - - 3,931,471 Derivative contracts (reported within other assets) 521,789 - - 521,789 Derivative swap liability (1,283,437 ) - - (1,283,437 ) Total Assets and Liabilities at Fair Value, net $ 830,256,024 $ - $ - $ 830,256,024 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 Interest swap liability (1,339,283 ) - - (1,339,283 ) Total Assets and Liabilities at Fair Value $ 742,897,488 $ - $ - $ 742,897,488
Summary of Activity Related to Level 3 Assets and Liabilities	The following tables summarizes the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2017: For the Three Months Ended June 30, 2017 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 April 1, 2017 $ 758,905,896 $ 2,620,393 $ 55,851,799 $ 4,179,205 $ (1,077,028 ) $ 820,480,265 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 53,235 - (14,129 ) - (181,420 ) (142,314 ) Included in other comprehensive (loss) income 10,059,745 544,779 390,701 (223,758 ) - 10,771,467 Purchases - - - - 496,800 496,800 Settlements (889,218 ) - (437,000 ) (23,976 ) - (1,350,194 ) Ending Balance June 30, 2017 $ 768,129,658 $ 3,165,172 $ 55,791,371 $ 3,931,471 $ (761,648 ) $ 830,256,024 Total amount of losses for the period included in earnings attributable to the change in unrealized gains or losses relating to assets or liabilities held on June 30, 2017 $ - $ - $ - $ - $ (181,420 ) $ (181,420 ) (1) (2) For the Six Months Ended June 30, 2017 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2017 $ 680,211,051 $ 2,399,449 $ 57,158,068 $ 4,084,599 $ (955,679 ) $ 742,897,488 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 106,590 - (31,717 ) - (302,769 ) (227,896 ) Included in other comprehensive (loss) income 30,230,298 765,723 (897,980 ) (125,264 ) - 29,972,777 Purchases 59,585,000 - - - 496,800 60,081,800 Settlements (2,003,281 ) - (437,000 ) (27,864 ) - (2,468,145 ) Ending Balance June 30, 2017 $ 768,129,658 $ 3,165,172 $ 55,791,371 $ 3,931,471 $ (761,648 ) $ 830,256,024 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2017 $ - $ - $ - $ - $ (302,769 ) $ (302,769 ) (1) (2) The following tables summarizes the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2016: For the Three Months Ended June 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance April 1, 2016 $ 596,376,369 $ 7,222,173 $ 60,505,340 $ 4,938,104 $ (2,083,704 ) $ 666,958,282 Total gains (losses) (realized/unrealized) Included in earnings (interest expense) - - - - (531,389 ) (531,389 ) Included in other comprehensive (loss) income 57,767,098 9,996,646 1,688,370 378,861 - 69,830,975 Settlements (5,746,096 ) - (13,651 ) (22,736 ) - (5,782,483 ) Ending Balance June 30, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2016 $ - $ - $ - $ - $ (531,389 ) $ (531,389 ) (1) (2) For the Six Months Ended June 30, 2016 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (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 (interest expense) - - - - (1,641,796 ) (1,641,796 ) Included in other comprehensive (loss) income 69,118,725 11,584,459 2,557,714 495,317 - 83,756,215 Purchases 11,500,000 - - - - 11,500,000 Sale of securities (9,747,124 ) - - - (399 ) (9,747,523 ) Settlements (6,157,366 ) - (1,084,945 ) (25,148 ) - (7,267,459 ) Ending Balance June 30, 2016 $ 648,397,372 $ 17,218,819 $ 62,180,059 $ 5,294,229 $ (2,615,093 ) $ 730,475,386 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2016 $ - $ - $ - $ - $ (1,641,796 ) $ (1,641,796 ) (1) (2)
Summary of Fair Value of Financial Liabilities held on Condensed Consolidated Balance Sheets	The table below represents the fair value of the financial liabilities held on the condensed consolidated balance sheets at June 30, 2017 and December 31, 2016. June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 597,465,241 $ 597,044,181 $ 555,199,700 $ 553,083,924 Mortgages payable and other secured financing 50,778,452 50,791,949 51,379,512 51,595,281

Segment Reporting (Tables)

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2017
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 and six months ended June 30, 2017 and 2016: For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 Total revenues Mortgage Revenue Bond Investments $ 11,059,940 $ 8,790,823 $ 21,648,438 $ 17,569,877 MF Properties 3,306,722 4,994,868 7,099,137 10,068,972 Public Housing Capital Fund Trust 719,182 722,990 1,427,968 1,453,892 MBS Securities Investments - - - 48,755 Other Investments 1,148,456 424,440 2,099,145 711,484 Total revenues $ 16,234,300 $ 14,933,121 $ 32,274,688 $ 29,852,980 Interest expense Mortgage Revenue Bond Investments $ 4,938,029 $ 3,391,149 $ 9,509,484 $ 7,175,539 MF Properties 534,245 596,360 1,059,832 1,266,693 Public Housing Capital Fund Trust 369,053 334,545 714,264 635,265 MBS Securities Investments - - - 14,692 Other Investments - - - - Total interest expense $ 5,841,327 $ 4,322,054 $ 11,283,580 $ 9,092,189 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 1,265,335 1,649,891 2,620,566 3,296,122 Public Housing Capital Fund Trust - - - - MBS Securities Investments - - - - Other Investments - - Total depreciation expense $ 1,265,335 $ 1,649,891 $ 2,620,566 $ 3,296,122 Partnership net income (loss) Mortgage Revenue Bond Investments $ 2,592,768 $ 2,220,723 $ 4,821,821 $ 4,251,016 MF Properties 18,047 7,972,322 3,763,592 7,704,519 Public Housing Capital Fund Trust 350,129 388,445 713,704 818,627 MBS Securities Investments - - - 51,984 Other Investments 1,148,456 424,440 2,099,145 711,484 Partnership net income $ 4,109,400 $ 11,005,930 $ 11,398,262 $ 13,537,630 The following table details certain key financial information for the Partnership’s reportable segments at June 30, 2017 and December 31, 2016: June 30, 2017 December 31, 2016 Total assets Mortgage Revenue Bond Investments $ 862,988,147 $ 764,995,675 MF Properties 108,015,747 129,895,112 Public Housing Capital Fund Trust Certificates 56,097,041 57,461,268 Other Investments 47,837,858 34,540,280 Consolidation/eliminations (50,112,025 ) (42,778,661 ) Total assets $ 1,024,826,768 $ 944,113,674

Summary of Significant Accoun50

Summary of Significant Accounting Policies Narrative Tagging (Details)	6 Months Ended
	Jun. 30, 2017PropertyArrangementshares	Mar. 31, 2017Property
Summary Of Significant Accounting Policies [Line Items]
Number of lessee arrangements | Arrangement	4
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
Consolidated Properties [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties		4
Consolidated Properties [Member] | Wholly Owned Subsidiary [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties	1
Consolidated Properties [Member] | Owned Directly By Partnership [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties	1
Consolidated Properties [Member] | Beneficial Unit Certificate Holders [Member]
Summary Of Significant Accounting Policies [Line Items]
Noncontrolling Interest, Ownership Percentage by Parent		99.00%

Partnership Income, Expenses an

Partnership Income, Expenses and Cash Distributions (Details)	Jun. 30, 2017
Percent of Regular Distributions	100.00%
Penalty on Outstanding Contingent Interest	0.90%
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%

Variable Interest Entities Narr

Variable Interest Entities Narrative Tagging (Details) - Property	Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entities [Abstract]
Number of Variable Interest Entities	21	20

Variable Interest Entities Prop

Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 187,154,858	$ 173,867,079
Available-for-sale Securities [Member]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	137,835,000	137,921,000
Property Loan [Member]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	17,369,365	16,476,073
Investment in Unconsolidated Entities [Member]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 31,950,493	$ 19,470,006

Investments in Bonds (Details)

Investments in Bonds (Details) - USD ($)		Jun. 30, 2017	Dec. 31, 2016
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value, held in trust		$ 26,947,851	$ 90,016,872
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		675,550,854	554,678,736
Cumulative Unrealized Gain, held in trust		65,842,333	37,814,237
Cumulative Unrealized Loss, held in trust		(211,380)	(2,298,794)
Estimated Fair Value, held in trust		741,181,807	590,194,179
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]	11,402,860	11,461,719
Cumulative Unrealized Gain, held in trust	[1]	1,369,582	891,274
Estimated Fair Value, held in trust	[1]	12,772,442	12,352,993
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	10,040,407	10,041,924
Cumulative Unrealized Gain, held in trust	[2]	238,433	685,576
Estimated Fair Value, held in trust	[2]	10,278,840	10,727,500
Mortgage Revenue Bonds Held In Trust [Member] | Lake Forest [Member] | FL [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	8,573,000	8,639,000
Cumulative Unrealized Gain, held in trust	[3]	1,526,928	899,694
Estimated Fair Value, held in trust	[3]	10,099,928	9,538,694
Mortgage Revenue Bonds Held In Trust [Member] | Ashley Square [Member] | IA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	5,009,000	5,039,000
Cumulative Unrealized Gain, held in trust	[3]	27,602	338,556
Estimated Fair Value, held in trust	[3]	5,036,602	5,377,556
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	7,457,419	7,462,678
Cumulative Unrealized Gain, held in trust	[3]	1,876,708	1,457,340
Estimated Fair Value, held in trust	[3]	9,334,127	8,920,018
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	5,145,000
Cumulative Unrealized Gain, held in trust	[1]	852,946	528,855
Estimated Fair Value, held in trust	[1]	5,997,946	5,673,855
Mortgage Revenue Bonds Held In Trust [Member] | Bella Vista [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	6,295,000	6,365,000
Cumulative Unrealized Gain, held in trust	[3]	31,115	500,162
Estimated Fair Value, held in trust	[3]	6,326,115	6,865,162
Mortgage Revenue Bonds Held In Trust [Member] | Live 929 Apartments [Member] | MD [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	40,620,378	40,687,425
Cumulative Unrealized Gain, held in trust	[2]	4,399,339	3,587,993
Estimated Fair Value, held in trust	[2]	45,019,717	44,275,418
Mortgage Revenue Bonds Held In Trust [Member] | Woodlynn Village [Member] | MN [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	4,289,000	4,310,000
Cumulative Unrealized Gain, held in trust	[3]	45,956	294,976
Estimated Fair Value, held in trust	[3]	4,334,956	4,604,976
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apts [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	18,108,276	18,145,000
Cumulative Unrealized Gain, held in trust	[2]	2,762,491	349,886
Estimated Fair Value, held in trust	[2]	20,870,767	18,494,886
Mortgage Revenue Bonds Held In Trust [Member] | Bridle Ridge [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	7,500,000	7,535,000
Cumulative Unrealized Gain, held in trust	[3]	117,210	517,881
Estimated Fair Value, held in trust	[3]	7,617,210	8,052,881
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	15,209,036	15,214,223
Cumulative Unrealized Loss, held in trust	[2]	(169,635)	(927,030)
Estimated Fair Value, held in trust	[2]	15,039,401	14,287,193
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	6,130,266	6,122,312
Cumulative Unrealized Gain, held in trust	[3]	3,081,959	2,655,730
Estimated Fair Value, held in trust	[3]	9,212,225	8,778,042
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]	19,330,703	19,826,716
Cumulative Unrealized Gain, held in trust	[1]	2,646,046	1,784,386
Estimated Fair Value, held in trust	[1]	21,976,749	21,611,102
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	22,873,696	22,950,214
Cumulative Unrealized Gain, held in trust	[2]	2,814,627
Cumulative Unrealized Loss, held in trust	[2]		(290,985)
Estimated Fair Value, held in trust	[2]	25,688,323	22,659,229
Mortgage Revenue Bonds Held In Trust [Member] | Companion At Thornhill Apts [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	11,457,334	11,500,000
Cumulative Unrealized Gain, held in trust	[2]	1,136,350	645,552
Estimated Fair Value, held in trust	[2]	12,593,684	12,145,552
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	15,208,831	15,214,085
Cumulative Unrealized Gain, held in trust	[2]	121,616
Cumulative Unrealized Loss, held in trust	[2]		(917,852)
Estimated Fair Value, held in trust	[2]	15,330,447	14,296,233
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	10,200,000	10,250,000
Cumulative Unrealized Gain, held in trust	[3]	246,902	774,285
Estimated Fair Value, held in trust	[3]	10,446,902	11,024,285
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	11,790,000	11,751,861
Cumulative Unrealized Gain, held in trust	[3]	3,398,493	3,286,203
Estimated Fair Value, held in trust	[3]	15,188,493	15,038,064
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	[2]	9,826,657	9,850,000
Cumulative Unrealized Gain, held in trust	[2]	1,582,220	1,584,281
Estimated Fair Value, held in trust	[2]	11,408,877	11,434,281
Mortgage Revenue Bonds Held In Trust [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	[2]	16,458,000
Cumulative Unrealized Gain, held in trust	[2]	978,912
Estimated Fair Value, held in trust	[2]	17,436,912
Mortgage Revenue Bonds Held In Trust [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	[2]	5,727,000
Cumulative Unrealized Gain, held in trust	[2]	318,500
Estimated Fair Value, held in trust	[2]	6,045,500
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	[2]	14,300,000	14,300,000
Cumulative Unrealized Gain, held in trust	[2]	707,166
Estimated Fair Value, held in trust	[2]	15,007,166	14,300,000
Mortgage Revenue Bonds Held In Trust [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	[2]	3,465,000
Cumulative Unrealized Gain, held in trust	[2]	152,592
Estimated Fair Value, held in trust	[2]	3,617,592
Mortgage Revenue Bonds Held In Trust [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	[2]	5,320,000
Cumulative Unrealized Gain, held in trust	[2]	224,555
Estimated Fair Value, held in trust	[2]	5,544,555
Mortgage Revenue Bonds Held In Trust [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	[2]	12,610,000
Cumulative Unrealized Gain, held in trust	[2]	705,110
Estimated Fair Value, held in trust	[2]	13,315,110
Mortgage Revenue Bonds Held In Trust [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	[2]	18,949,000
Cumulative Unrealized Gain, held in trust	[2]	930,884
Estimated Fair Value, held in trust	[2]	19,879,884
Mortgage Revenue Bonds Held In Trust [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	[2]	9,795,000
Cumulative Unrealized Gain, held in trust	[2]	586,729
Estimated Fair Value, held in trust	[2]	10,381,729
Mortgage Revenue Bonds Held In Trust [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	[2]	4,804,000
Cumulative Unrealized Gain, held in trust	[2]	247,275
Estimated Fair Value, held in trust	[2]	5,051,275
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	[2]	17,842,000	17,842,000
Cumulative Unrealized Gain, held in trust	[2]	617,249
Estimated Fair Value, held in trust	[2]	18,459,249	17,842,000
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]	4,648,920	4,670,000
Cumulative Unrealized Gain, held in trust	[4]	645,678	132,402
Estimated Fair Value, held in trust	[4]	5,294,598	4,802,402
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]	6,879,738	6,912,535
Cumulative Unrealized Gain, held in trust	[1]	1,105,983	369,738
Estimated Fair Value, held in trust	[1]	7,985,721	7,282,273
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]	2,518,580	2,530,000
Cumulative Unrealized Gain, held in trust	[4]	405,143	108,608
Estimated Fair Value, held in trust	[4]	2,923,723	2,638,608
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]	9,797,642	9,844,994
Cumulative Unrealized Gain, held in trust	[1]	414,305	589,023
Estimated Fair Value, held in trust	[1]	10,211,947	10,434,017
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]	3,051,165	3,065,000
Cumulative Unrealized Gain, held in trust	[4]	531,797	177,093
Estimated Fair Value, held in trust	[4]	3,582,962	3,242,093
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]	9,503,712	9,549,644
Cumulative Unrealized Gain, held in trust	[1]	1,002,121	753,267
Estimated Fair Value, held in trust	[1]	10,505,833	10,302,911
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Seasons at Simi Valley [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	4,376,000	4,376,000
Cumulative Unrealized Gain, held in trust	[2]	783,712	308,335
Estimated Fair Value, held in trust	[2]	5,159,712	4,684,335
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Sycamore Walk [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	3,632,000	3,632,000
Cumulative Unrealized Gain, held in trust	[2]	417,047	130,431
Estimated Fair Value, held in trust	[2]	4,049,047	3,762,431
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]	7,673,015	7,709,040
Cumulative Unrealized Gain, held in trust	[1]	864,665	563,138
Estimated Fair Value, held in trust	[1]	8,537,680	8,272,178
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]	3,917,864	3,936,750
Cumulative Unrealized Gain, held in trust	[1]	610,615	102,641
Estimated Fair Value, held in trust	[1]	4,528,479	4,039,391
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]	13,290,665	13,300,000
Cumulative Unrealized Gain, held in trust	[4]	915,151
Cumulative Unrealized Loss, held in trust	[4]		(78,749)
Estimated Fair Value, held in trust	[4]	14,205,816	13,221,251
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Tyler Park Apartments [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[1]	5,995,219	6,024,120
Cumulative Unrealized Gain, held in trust	[1]	766,254	237,582
Estimated Fair Value, held in trust	[1]	6,761,473	6,261,702
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]	6,625,352	6,656,458
Cumulative Unrealized Gain, held in trust	[1]	588,902	359,562
Estimated Fair Value, held in trust	[1]	7,214,254	7,016,020
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]	16,190,599	16,268,850
Cumulative Unrealized Gain, held in trust	[1]	1,631,593	1,283,272
Estimated Fair Value, held in trust	[1]	17,822,192	17,552,122
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]	5,301,268	5,326,157
Cumulative Unrealized Gain, held in trust	[1]	597,394	423,496
Estimated Fair Value, held in trust	[1]	5,898,662	5,749,653
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]	11,294,718	11,348,364
Cumulative Unrealized Gain, held in trust	[4]	1,657,054	826,369
Estimated Fair Value, held in trust	[4]	12,951,772	12,174,733
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]	8,168,000	8,210,000
Cumulative Unrealized Gain, held in trust	[1]	1,284,012	844,585
Estimated Fair Value, held in trust	[1]	9,452,012	9,054,585
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]	7,906,826	7,933,259
Cumulative Unrealized Gain, held in trust	[4]	868,554	465,382
Estimated Fair Value, held in trust	[4]	8,775,380	8,398,641
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Gulfgate [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	19,185,000	19,185,000
Cumulative Unrealized Gain, held in trust	[2]	2,575,473	1,200,246
Estimated Fair Value, held in trust	[2]	21,760,473	20,385,246
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Ohio Properties [Member] | OH [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[3]	14,166,998	14,215,000
Cumulative Unrealized Gain, held in trust	[3]	1,088,481	2,327,468
Estimated Fair Value, held in trust	[3]	15,255,479	16,542,468
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Little York [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	13,440,000	13,440,000
Cumulative Unrealized Gain, held in trust	[2]	1,871,771	1,044,752
Estimated Fair Value, held in trust	[2]	15,311,771	14,484,752
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Concord at Williamcrest [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	20,820,000	20,820,000
Cumulative Unrealized Gain, held in trust	[2]	2,794,962	1,302,534
Estimated Fair Value, held in trust	[2]	23,614,962	22,122,534
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]	11,112,914	11,161,330
Cumulative Unrealized Gain, held in trust	[4]	1,225,235	905,455
Estimated Fair Value, held in trust	[4]	12,338,149	12,066,785
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at Copperfield [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	10,000,000
Cumulative Unrealized Gain, held in trust	[2]	491,288
Estimated Fair Value, held in trust	[2]	10,491,288
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Crossing at 1415 [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	7,590,000	7,590,000
Cumulative Unrealized Loss, held in trust	[2]	(41,745)	(45,555)
Estimated Fair Value, held in trust	[2]	7,548,255	7,544,445
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at Wilcrest [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	3,775,000
Cumulative Unrealized Gain, held in trust	[2]	201,007
Estimated Fair Value, held in trust	[2]	3,976,007
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Heights at 515 [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	6,435,000	6,435,000
Cumulative Unrealized Gain, held in trust	[2]	222,833
Cumulative Unrealized Loss, held in trust	[2]		(38,623)
Estimated Fair Value, held in trust	[2]	6,657,833	6,396,377
Mortgage Revenue Bonds Held In Trust [Member] | Series A [Member] | Avistar at Wood Hollow [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	[2]	31,850,000
Cumulative Unrealized Gain, held in trust	[2]	1,564,751
Estimated Fair Value, held in trust	[2]	33,414,751
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]	24,426,694	24,529,580
Cumulative Unrealized Gain, held in trust	[4]	1,972,705	917,720
Estimated Fair Value, held in trust	[4]	26,399,399	25,447,300
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]	26,241,102	26,356,498
Cumulative Unrealized Gain, held in trust	[4]	2,998,352	1,658,508
Estimated Fair Value, held in trust	[4]	29,239,454	28,015,006
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		26,327,057	89,510,867
Cumulative Unrealized Gain, held in trust		679,177	869,807
Cumulative Unrealized Loss, held in trust		(58,383)	(363,802)
Estimated Fair Value, held in trust		26,947,851	90,016,872
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		955,299	957,627
Cumulative Unrealized Gain, held in trust			41,820
Cumulative Unrealized Loss, held in trust		(56,475)
Estimated Fair Value, held in trust		898,824	999,447
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		751,370	753,201
Cumulative Unrealized Gain, held in trust		45,428	64,228
Estimated Fair Value, held in trust		796,798	817,429
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	1,944,000
Cumulative Unrealized Gain, held in trust		175	27,727
Estimated Fair Value, held in trust		1,944,175	1,971,727
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	1,815,000
Cumulative Unrealized Loss, held in trust		(1,908)	(64,432)
Estimated Fair Value, held in trust		1,813,092	1,750,568
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		549,549	550,836
Cumulative Unrealized Gain, held in trust		31,642	47,231
Estimated Fair Value, held in trust		581,191	598,067
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		124,981	125,000
Cumulative Unrealized Gain, held in trust		31,136
Cumulative Unrealized Loss, held in trust			(3,341)
Estimated Fair Value, held in trust		156,117	121,659
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		453,328	454,390
Cumulative Unrealized Gain, held in trust		15,415	38,961
Estimated Fair Value, held in trust		468,743	493,351
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		446,466	447,554
Cumulative Unrealized Gain, held in trust		25,241	38,165
Estimated Fair Value, held in trust		471,707	485,719
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		938,985	940,479
Cumulative Unrealized Gain, held in trust		219,878	118,216
Estimated Fair Value, held in trust		1,158,863	1,058,695
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		3,543,079	3,549,780
Cumulative Unrealized Gain, held in trust		214,019	449,068
Estimated Fair Value, held in trust		3,757,098	3,998,848
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at Copperfield [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		4,000,000
Cumulative Unrealized Gain, held in trust		24,939
Estimated Fair Value, held in trust		4,024,939
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	335,000
Cumulative Unrealized Gain, held in trust		2,191
Cumulative Unrealized Loss, held in trust			(2,614)
Estimated Fair Value, held in trust		337,191	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	510,000
Cumulative Unrealized Gain, held in trust		3,686
Cumulative Unrealized Loss, held in trust			(3,977)
Estimated Fair Value, held in trust		513,686	$ 506,023
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at Wilcrest [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		1,550,000
Cumulative Unrealized Gain, held in trust		9,782
Estimated Fair Value, held in trust		1,559,782
Mortgage Revenue Bonds [Member] | Series B [Member] | Avistar at Wood Hollow [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust		8,410,000
Cumulative Unrealized Gain, held in trust		55,645
Estimated Fair Value, held in trust		$ 8,465,645
[1]	MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
[2]	MRBs held by Deutsche Bank in a secured financing transaction, Note 15
[3]	MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
[4]	MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15

Investments in Mortgage Reven55

Investments in Mortgage Revenue Bonds Acquisitions (Details)		1 Months Ended		6 Months Ended
		May 31, 2016USD ($)	Mar. 31, 2016USD ($)	Jun. 30, 2017USD ($)Unit	Jun. 30, 2016USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding				$ 59,585,000
Pro Nova 2014B [Member]
Schedule Of Available For Sale Securities [Line Items]
Original Maturity Date	[1]		May 1, 2025
Base Interest Rate	[1]		5.25%
Principal Outstanding	[1]		$ 9,295,000
Companion At Thornhill Apts [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit					178
Original Maturity Date					Jan. 1, 2052
Base Interest Rate					5.80%
Principal Outstanding					$ 11,500,000
Series A [Member] | Avistar at Copperfield [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				192
Original Maturity Date				May 1, 2054
Base Interest Rate				5.75%
Principal Outstanding				$ 10,000,000
Series A [Member] | Avistar at Wilcrest [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				88
Original Maturity Date				May 1, 2054
Base Interest Rate				5.75%
Principal Outstanding				$ 3,775,000
Series A [Member] | Avistar at Wood Hollow [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				409
Original Maturity Date				May 1, 2054
Base Interest Rate				5.75%
Principal Outstanding				$ 31,850,000
Series B [Member] | Avistar at Copperfield [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				192
Original Maturity Date				Jun. 1, 2054
Base Interest Rate				12.00%
Principal Outstanding				$ 4,000,000
Series B [Member] | Avistar at Wilcrest [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				88
Original Maturity Date				Jun. 1, 2054
Base Interest Rate				12.00%
Principal Outstanding				$ 1,550,000
Series B [Member] | Avistar at Wood Hollow [Member]
Schedule Of Available For Sale Securities [Line Items]
Units | Unit				409
Original Maturity Date				Jun. 1, 2054
Base Interest Rate				12.00%
Principal Outstanding				$ 8,410,000
Series B [Member] | Glenview Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Units		88
Original Maturity Date		Dec. 1, 2016
Base Interest Rate		8.00%
Principal Outstanding		$ 2,053,000
Series B [Member] | Montclair Apts [Member]
Schedule Of Available For Sale Securities [Line Items]
Units		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		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		204
Original Maturity Date		Oct. 1, 2051
Base Interest Rate		12.00%
Principal Outstanding		$ 520,000
[1]	This is a commercial property. Accordingly, unit information is not applicable.

Investments in Mortgage Reven56

Investments in Mortgage Revenue Bonds Investment in Bonds Narrative Tagging (Details) - USD ($)	1 Months Ended	6 Months Ended
	May 31, 2016	Jun. 30, 2016	Mar. 31, 2016
Proceeds from sale of mortgage revenue bond		$ 9,295,000
Series B [Member]
Principal payments received	$ 5,200,000
Pro Nova 2014-1 [Member]
Proceeds from sale of mortgage revenue bond			$ 9,500,000
Pro Nova 2014-1 [Member] | TOB Facility [Member]
Debt financing			$ 8,400,000

PHC Certificates Narrative Tagg

PHC Certificates Narrative Tagging (Details)	6 Months Ended
	Jun. 30, 2017Integer
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 ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value, held in trust	$ 26,947,851	$ 90,016,872
Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	56,332,346	56,801,062
Cumulative Unrealized Gain, held in trust		756,853
Cumulative Unrealized Loss, held in trust	(540,975)	(399,847)
Estimated Fair Value, held in trust	55,791,371	57,158,068
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	25,997,334	26,077,158
Cumulative Unrealized Gain, held in trust		672,097
Cumulative Unrealized Loss, held in trust	(354,242)
Estimated Fair Value, held in trust	$ 25,643,092	$ 26,749,255
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)	7 years 9 months 22 days	8 years 3 months 22 days
Investment Rating	AA-	AA-
Weighted Average Interest Rate Over Life	5.36%	5.36%
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	$ 10,617,449	$ 10,600,967
Cumulative Unrealized Gain, held in trust		84,756
Cumulative Unrealized Loss, held in trust	(118,075)
Estimated Fair Value, held in trust	$ 10,499,374	$ 10,685,723
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 1 month 24 days	7 years 7 months 24 days
Investment Rating	A+	A+
Weighted Average Interest Rate Over Life	4.32%	4.31%
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	$ 19,717,563	$ 20,122,937
Cumulative Unrealized Loss, held in trust	(68,658)	(399,847)
Estimated Fair Value, held in trust	$ 19,648,905	$ 19,723,090
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 3 months 26 days	8 years 9 months 15 days
Investment Rating	BBB	BBB
Weighted Average Interest Rate Over Life	5.45%	5.42%

Real Estate Assets Owned by Par

Real Estate Assets Owned by Partnership (Details)		Jun. 30, 2017USD ($)Unit	Dec. 31, 2016USD ($)Unit
Real Estate [Line Items]
Land and Land Improvements		$ 10,729,217	$ 17,354,587
Buildings and improvements		105,178,529	113,089,041
Carrying Value		115,907,746	130,443,628
Accumulated depreciation		(16,367,265)	(16,217,028)
Net real estate assets		$ 99,540,481	$ 114,226,600
Eagle Village [Member]
Real Estate [Line Items]
Number of Units | Unit		511	511
Land and Land Improvements		$ 567,880	$ 567,880
Buildings and improvements		12,665,500	12,655,244
Carrying Value		$ 13,233,380	$ 13,223,124
Northern View [Member]
Real Estate [Line Items]
Number of Units | Unit			294
Land and Land Improvements			$ 688,539
Buildings and improvements			8,088,059
Carrying Value			$ 8,776,598
Residences at DeCordova [Member]
Real Estate [Line Items]
Number of Units | Unit		110	110
Land and Land Improvements		$ 1,170,337	$ 1,170,337
Buildings and improvements		8,039,373	8,029,404
Carrying Value		$ 9,209,710	$ 9,199,741
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		5,767,980	5,751,260
Carrying Value		$ 7,710,209	$ 7,693,489
Suites on Paseo [Member]
Real Estate [Line Items]
Number of Units | Unit		394	394
Land and Land Improvements		$ 3,166,463	$ 3,162,463
Buildings and improvements		38,397,243	38,365,351
Carrying Value		$ 41,563,706	$ 41,527,814
The 50/50 Student Housing--UNL [Member]
Real Estate [Line Items]
Number of Units | Unit		475	475
Buildings and improvements		$ 32,932,982	$ 32,928,878
Carrying Value		$ 32,932,982	32,928,878
Land Held for Development [Member]
Real Estate [Line Items]
Number of Units | Unit	[1]
Land and Land Improvements		$ 1,590,273	7,531,104
Carrying Value		$ 1,590,273	$ 7,531,104
Jade Park [Member]
Real Estate [Line Items]
Number of Units | Unit		144	144
Land and Land Improvements		$ 2,292,035	$ 2,292,035
Buildings and improvements		7,375,451	7,270,845
Carrying Value		$ 9,667,486	$ 9,562,880
[1]	Land held for development consists of parcels of land in Johnson County, KS and Richland County, SC and land development costs for a site in Douglas County, NE.

Real Estate Assets Narrative Ta

Real Estate Assets Narrative Tagging (Details)	1 Months Ended		3 Months Ended		6 Months Ended
	May 31, 2017USD ($)	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016Land
Real Estate [Line Items]
Gain (Loss) on Sale of Properties			$ (16,075)	$ 12,442,929	$ 7,152,512	$ 12,442,929
Douglas County [Member]
Real Estate [Line Items]
Number of contiguous tracts of land to be acquired | Land							2
Northern View [Member]
Real Estate [Line Items]
Percentage of limited partnership interest sold		99.00%
Proceeds from Sale of Property, Plant, and Equipment		$ 13,800,000
Gain (Loss) on Sale of Properties		$ 7,200,000
St. Petersburg [Member]
Real Estate [Line Items]
Gain (Loss) on Sale of Properties	$ (22,000)
Arboretum [Member]
Real Estate [Line Items]
Proceeds from Sale of Property, Plant, and Equipment						30,200,000
Gain (Loss) on Sale of Properties						$ 12,400,000

Real Estate Assets Recent Trans

Real Estate Assets Recent Transactions (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Arboretum, Woodland Park, and Northern View MF Properties [Member]
Real Estate [Line Items]
Net income (loss)	$ (15,444)	$ 114,601	$ (18,735)	$ 287,153

Investment in an Unconsolidat62

Investment in an Unconsolidated Entity (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Schedule Of Equity Method Investments [Line Items]
Partnership's investment in an unconsolidated entity	$ 31,950,493		$ 19,470,006
Vantage At Panama City Beach [Member]
Schedule Of Equity Method Investments [Line Items]
Partnership's investment in an unconsolidated entity		$ 11,700,000

Investment in Unconsolidated 63

Investment in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details)	Jun. 30, 2017USD ($)Unit	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)
Schedule Of Equity Method Investments [Line Items]
Investment in unconsolidated entities (Note 9)	$ 31,950,493		$ 19,470,006
Maximum Remaining Equity Commitment	$ 9,660,272
Vantage at Corpus Christi [Member] | Corpus Christi T X
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Investment in unconsolidated entities (Note 9)	$ 8,907,869		8,447,343
Maximum Remaining Equity Commitment	$ 1,550,000
Vantage At Waco | Waco T X
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Investment in unconsolidated entities (Note 9)	$ 8,323,166		5,964,861
Maximum Remaining Equity Commitment	$ 1,592,039
Vantage At Boerne | Boerne T X
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Investment in unconsolidated entities (Note 9)	$ 7,870,971		$ 5,057,802
Maximum Remaining Equity Commitment	$ 1,475,936
Vantage At Panama City Beach
Schedule Of Equity Method Investments [Line Items]
Investment in unconsolidated entities (Note 9)		$ 11,700,000
Vantage At Panama City Beach | Panama City Beach FL
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Investment in unconsolidated entities (Note 9)	$ 6,848,487
Maximum Remaining Equity Commitment	$ 5,042,297

Summary of Partnership's Proper

Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	$ 38,702,784	$ 36,862,148
Loan Loss Allowances	(7,098,814)	(7,098,814)
Property Loan Principal, net of allowance	31,603,970	29,763,334
Arbors at Hickory Ridge [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	191,264	191,264
Loan Loss Allowances	0	0
Property Loan Principal, net of allowance	191,264	191,264
Ashley Square [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	5,078,342	5,078,342
Loan Loss Allowances	(3,596,342)	(3,596,342)
Property Loan Principal, net of allowance	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
Loan Loss Allowances	0	0
Property Loan Principal, net of allowance	274,496	274,496
Avistar (June 2013 Portfolio) [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	251,622	251,622
Loan Loss Allowances	0	0
Property Loan Principal, net of allowance	251,622	251,622
Cross Creek [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	7,155,545	7,155,545
Loan Loss Allowances	(3,447,472)	(3,447,472)
Property Loan Principal, net of allowance	3,708,073	3,708,073
Greens of Pine Glen [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	850,000	850,000
Loan Loss Allowances	0	0
Property Loan Principal, net of allowance	850,000	850,000
Lake Forest [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	4,623,704	4,623,704
Loan Loss Allowances	(55,000)	(55,000)
Property Loan Principal, net of allowance	4,568,704	4,568,704
Ohio Properties [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	2,390,446	2,390,446
Loan Loss Allowances	0	0
Property Loan Principal, net of allowance	2,390,446	2,390,446
Vantage at Brooks LLC [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	8,417,635	7,199,424
Loan Loss Allowances	0	0
Property Loan Principal, net of allowance	8,417,635	7,199,424
Vantage at Braunfels LLC [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	7,469,730	6,347,305
Loan Loss Allowances	0	0
Property Loan Principal, net of allowance	7,469,730	6,347,305
Winston Group, Inc [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	2,000,000	2,500,000
Loan Loss Allowances	0	0
Property Loan Principal, net of allowance	$ 2,000,000	$ 2,500,000

Property Loans, Net of Loan L65

Property Loans, Net of Loan Loss Allowances Narrative Tagging (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net	$ 31,603,970	$ 29,763,334
Cross Creek [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net			$ 6,000
Foundation for Affordable Housing [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net			2,500
Winston Group, Inc [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Repayment of property loan, principal	500,000
Vantage at Brooks LLC [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net	1,200,000		3,700,000
Vantage at Braunfels LLC [Member]
Property Loan Net Of Loan Loss Allowances [Line Items]
Property loan receivable, net	$ 1,100,000		$ 2,100,000

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Tax Provision [Line Items]
Deferred income tax expense (benefit)			$ (365,000)	$ 4,653,000
Total income tax expense	$ (63,000)	$ 4,653,000	2,395,047	4,653,000
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense	138,000	4,100,000	2,760,047	4,100,000
Deferred income tax expense (benefit)	(201,000)	553,000	(365,000)	553,000
Total income tax expense	$ (63,000)	$ 4,653,000	$ 2,395,047	$ 4,653,000

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Other Assets [Abstract]
Deferred financing costs - net	$ 537,261	$ 456,890
Fair value of derivative instruments (Note 19)	521,789	383,604
Taxable bonds at fair market value	3,931,471	4,084,599
Bond purchase commitments - fair value (Note 20)	3,165,172	2,399,449
Other assets	1,244,407	1,470,650
Total other assets	$ 9,400,100	$ 8,795,192

Summary of Unsecured Lines of C

Summary of Unsecured Lines of Credit (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	May 31, 2017	Apr. 30, 2017
Line Of Credit Facility [Line Items]
Lines of credit		$ 40,000,000
Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit	$ 0
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit		40,000,000
Line of credit facility maximum borrowing capacity	60,000,000	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
Unsecured Lines of Credit [Member] | Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity			$ 10,000,000	$ 7,500,000
Unsecured Lines of Credit [Member] | 4.22% Interest Bearing Line 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, 2019
Variable / Fixed	Variable
Reset Frequency	Monthly
Line of credit facility, interest rate during period	4.22%
Unsecured Lines of Credit [Member] | 4.47% Interest Bearing Line of Credit [Member] | Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 10,000,000
Debt instrument, maturity date	May 31, 2019
Variable / Fixed	Variable
Reset Frequency	Monthly
Line of credit facility, interest rate during period	4.47%
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		Mar. 31, 2018
Variable / Fixed		Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		3.88%

Unsecured Lines of Credit Narra

Unsecured Lines of Credit Narrative (Details) - USD ($)	1 Months Ended
	May 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Apr. 30, 2017	Dec. 31, 2016
Line Of Credit Facility [Line Items]
Lines of credit					$ 40,000,000
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity			$ 60,000,000		47,500,000
Lines of credit					$ 40,000,000
Bankers Trust [Member] | Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Line of credit facility, increase in borrowing capacity				$ 10,000,000
Line of credit facility maximum borrowing capacity				50,000,000
Line of credit facility extension term	1 year
Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit			$ 0
Bankers Trust Operating [Member] | Scenario, Forecast [Member]
Line Of Credit Facility [Line Items]
Lines of credit		$ 0
Bankers Trust Operating [Member] | Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 10,000,000			$ 7,500,000
Line of credit facility extension term	1 year

Secured Line of Credit Narrativ

Secured Line of Credit Narrative (Details)	Dec. 31, 2016USD ($)
Secured Line of Credit [Member] | Bankers Trust [Member]
Line Of Credit Facility [Line Items]
Line of credit facility maximum borrowing capacity	$ 20,000,000

Debt Financing Total Debt Finan

Debt Financing Total Debt Financing (Details) - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2017		Dec. 31, 2016
Short Term Debt [Line Items]
Debt financing		$ 597,465,241		$ 495,383,033
Period End Rates		4.14%		3.83%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member]
Short Term Debt [Line Items]
Debt financing		$ 46,819,168		$ 46,860,699
Year Acquired		2,014		2,014
Reset Frequency		N/A		N/A
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Minimum [Member]
Short Term Debt [Line Items]
Stated Maturities		2019-07		2017-07
Period End Rates		4.01%		4.01%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Maximum [Member]
Short Term Debt [Line Items]
Stated Maturities		2019-10		2019-07
Period End Rates		4.39%		4.39%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member]
Short Term Debt [Line Items]
Debt financing		$ 141,218,861
Year Acquired		2,016
Reset Frequency		N/A
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Minimum [Member]
Short Term Debt [Line Items]
Stated Maturities		2026-09
Period End Rates		3.64%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Maximum [Member]
Short Term Debt [Line Items]
Stated Maturities		2026-12
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member]
Short Term Debt [Line Items]
Debt financing		$ 38,404,351		$ 141,266,034
Restricted Cash				$ 1,373,695
Year Acquired		2,017		2,016
Stated Maturities		2027-02
Reset Frequency		N/A		N/A
Period End Rates		4.46%		3.64%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Minimum [Member]
Short Term Debt [Line Items]
Stated Maturities				2026-09
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Maximum [Member]
Short Term Debt [Line Items]
Stated Maturities				2026-12
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member]
Short Term Debt [Line Items]
Debt financing		$ 42,140,000		$ 42,455,000
Restricted Cash		$ 1,315,662
Year Acquired		2,012		2,012
Stated Maturities		2018-05		2016-12
Reset Frequency		Weekly		Weekly
Facility Fees				1.62%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Minimum [Member]
Short Term Debt [Line Items]
SIFMA Based Rates		1.46%		1.29%
Facility Fees		1.65%
Period End Rates		3.11%		2.91%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Maximum [Member]
Short Term Debt [Line Items]
SIFMA Based Rates		1.51%		1.39%
Facility Fees		1.67%
Period End Rates		3.16%		3.01%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member]
Short Term Debt [Line Items]
Debt financing		$ 60,393,208
Year Acquired		2,017
Reset Frequency		N/A
Period End Rates		4.46%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member] | Minimum [Member]
Short Term Debt [Line Items]
Stated Maturities		2022-02
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member] | Maximum [Member]
Short Term Debt [Line Items]
Stated Maturities		2022-03
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B IV [Member]
Short Term Debt [Line Items]
Debt financing		$ 35,189,080
Year Acquired		2,017
Reset Frequency		N/A
Period End Rates		3.76%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B IV [Member] | Minimum [Member]
Short Term Debt [Line Items]
Stated Maturities		2018-06
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B IV [Member] | Maximum [Member]
Short Term Debt [Line Items]
Stated Maturities		2018-08
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B II [Member]
Short Term Debt [Line Items]
Debt financing				$ 30,512,916
Year Acquired				2,016
Stated Maturities				2017-03
Reset Frequency				N/A
Period End Rates				4.56%
TEBS Financings [Member] | Variable - TEBS I [Member]
Short Term Debt [Line Items]
Debt financing		$ 60,280,023		$ 60,430,991
Restricted Cash		$ 403,557		$ 396,412
Year Acquired		2,010		2,010
Stated Maturities		2017-09	[1]	2017-09
Reset Frequency		Weekly		Weekly
SIFMA Based Rates		0.97%		0.77%
Facility Fees		1.85%		1.85%
Period End Rates		2.82%		2.62%
TEBS Financings [Member] | Variable - TEBS II [Member]
Short Term Debt [Line Items]
Debt financing	[2]	$ 91,087,826		$ 91,768,081
Restricted Cash	[2]	$ 171,657		$ 170,988
Year Acquired	[2]	2,014		2,014
Stated Maturities	[2]	2019-07		2019-07
Reset Frequency	[2]	Weekly		Weekly
SIFMA Based Rates	[2]	0.94%		0.75%
Facility Fees	[2]	1.62%		1.62%
Period End Rates	[2]	2.56%		2.37%
TEBS Financings [Member] | Variable - TEBS III [Member]
Short Term Debt [Line Items]
Debt financing	[2]	$ 81,932,724		$ 82,089,312
Restricted Cash	[2]	$ 3,473,533		$ 3,495,592
Year Acquired	[2]	2,015		2,015
Stated Maturities	[2]	2020-07		2020-07
Reset Frequency	[2]	Weekly		Weekly
SIFMA Based Rates	[2]	0.94%		0.75%
Facility Fees	[2]	1.39%		1.39%
Period End Rates	[2]	2.33%		2.14%
[1]	ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, has a contractual right to extend the M24 TEBS Financing at its option until September 15, 2020. If the right to extend is not exercised, the M24 TEBS Financing will mature on September 15, 2017. The Partnership is evaluating whether to exercise its option to terminate.
[2]	Facility fees are variable

Debt Financing Narrative Taggin

Debt Financing Narrative Tagging (Details)	1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2017USD ($)Trust	Feb. 28, 2017USD ($)Agreement	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Trust	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Deferred financing costs - net			$ 537,261		$ 537,261		$ 456,890
Variable - TOB [Member]
Debt Instrument [Line Items]
Debt instrument extended maturity period					2018-05
Term A/B Trust [Member]
Debt Instrument [Line Items]
Deferred financing costs - net	$ 47,000	$ 1,200,000
Number of Term Trusts refinanced | Trust	4
Term A/B Trust [Member] | Farnam Capital Advisors, LLC [Member]
Debt Instrument [Line Items]
Consulting fees		$ 921,000	$ 0	$ 0	$ 921,000	$ 0
Mortgage Revenue Bonds [Member]
Debt Instrument [Line Items]
Number of paid off and collapsed TOB Trusts | Trust					3
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member]
Debt Instrument [Line Items]
Number of new agreements | Agreement		19

Summary Of Term A_B Trust Finan

Summary Of Term A/B Trust Financings (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Short Term Debt [Line Items]
Debt financing	$ 597,465,241	$ 495,383,033
Term A/B Trust [Member]
Short Term Debt [Line Items]
Debt financing	105,738,451
Term A/B Trust [Member] | San Vicente Series A [Member]
Short Term Debt [Line Items]
Debt financing	$ 3,108,855
Year Acquired	2,017
Stated Maturities	2022-02
Fixed Interest Rate	3.89%
Term A/B Trust [Member] | San Vicente Series B [Member]
Short Term Debt [Line Items]
Debt financing	$ 1,536,980
Year Acquired	2,017
Stated Maturities	2018-06
Fixed Interest Rate	3.76%
Term A/B Trust [Member] | Las Palmas Series A [Member]
Short Term Debt [Line Items]
Debt financing	$ 1,504,877
Year Acquired	2,017
Stated Maturities	2022-02
Fixed Interest Rate	3.89%
Term A/B Trust [Member] | Las Palmas Series B [Member]
Short Term Debt [Line Items]
Debt financing	$ 1,484,551
Year Acquired	2,017
Stated Maturities	2018-06
Fixed Interest Rate	3.76%
Term A/B Trust [Member] | The Village At Madera Series A [Member]
Short Term Debt [Line Items]
Debt financing	$ 2,742,626
Year Acquired	2,017
Stated Maturities	2022-02
Fixed Interest Rate	3.89%
Term A/B Trust [Member] | The Village At Madera Series B [Member]
Short Term Debt [Line Items]
Debt financing	$ 1,447,301
Year Acquired	2,017
Stated Maturities	2018-07
Fixed Interest Rate	3.76%
Term A/B Trust [Member] | Harmony Court Bakers field Series A [Member]
Short Term Debt [Line Items]
Debt financing	$ 3,317,948
Year Acquired	2,017
Stated Maturities	2022-02
Fixed Interest Rate	3.89%
Term A/B Trust [Member] | Harmony Court Bakers field Series B [Member]
Short Term Debt [Line Items]
Debt financing	$ 1,680,903
Year Acquired	2,017
Stated Maturities	2018-07
Fixed Interest Rate	3.76%
Term A/B Trust [Member] | Summerhill Series A [Member]
Short Term Debt [Line Items]
Debt financing	$ 5,724,083
Year Acquired	2,017
Stated Maturities	2022-02
Fixed Interest Rate	3.89%
Term A/B Trust [Member] | Summerhill Series B [Member]
Short Term Debt [Line Items]
Debt financing	$ 2,843,348
Year Acquired	2,017
Stated Maturities	2018-07
Fixed Interest Rate	3.76%
Term A/B Trust [Member] | Courtyard Series A [Member]
Short Term Debt [Line Items]
Debt financing	$ 9,123,195
Year Acquired	2,017
Stated Maturities	2022-02
Fixed Interest Rate	3.89%
Term A/B Trust [Member] | Courtyard Series B [Member]
Short Term Debt [Line Items]
Debt financing	$ 5,251,959
Year Acquired	2,017
Stated Maturities	2018-07
Fixed Interest Rate	3.76%
Term A/B Trust [Member] | Seasons Lakewood Series A [Member]
Short Term Debt [Line Items]
Debt financing	$ 6,549,040
Year Acquired	2,017
Stated Maturities	2022-02
Fixed Interest Rate	3.89%
Term A/B Trust [Member] | Seasons Lakewood Series B [Member]
Short Term Debt [Line Items]
Debt financing	$ 4,436,057
Year Acquired	2,017
Stated Maturities	2018-08
Fixed Interest Rate	3.76%
Term A/B Trust [Member] | Seasons San Juan Capistrano Series A [Member]
Short Term Debt [Line Items]
Debt financing	$ 11,037,610
Year Acquired	2,017
Stated Maturities	2022-02
Fixed Interest Rate	3.89%
Term A/B Trust [Member] | Seasons San Juan Capistrano Series B [Member]
Short Term Debt [Line Items]
Debt financing	$ 5,544,767
Year Acquired	2,017
Stated Maturities	2018-08
Fixed Interest Rate	3.76%
Term A/B Trust [Member] | Avistar at Wood Hollow [Member]
Short Term Debt [Line Items]
Debt financing	$ 26,827,207
Year Acquired	2,017
Stated Maturities	2027-02
Fixed Interest Rate	4.46%
Term A/B Trust [Member] | Avistar at Wilcrest [Member]
Short Term Debt [Line Items]
Debt financing	$ 3,166,185
Year Acquired	2,017
Stated Maturities	2027-02
Fixed Interest Rate	4.46%
Term A/B Trust [Member] | Avistar at Copperfield [Member]
Short Term Debt [Line Items]
Debt financing	$ 8,410,959
Year Acquired	2,017
Stated Maturities	2027-02
Fixed Interest Rate	4.46%
Term A/B Trust [Member]
Short Term Debt [Line Items]
Debt financing	$ 28,248,188
Term A/B Trust [Member] | Oaks at Georgetown - Series A [Member]
Short Term Debt [Line Items]
Debt financing	$ 11,086,113
Year Acquired	2,017
Stated Maturities	2022-03
Fixed Interest Rate	3.89%
Term A/B Trust [Member] | Oaks at Georgetown - Series B [Member]
Short Term Debt [Line Items]
Debt financing	$ 4,683,189
Year Acquired	2,017
Stated Maturities	2018-08
Fixed Interest Rate	3.76%
Term A/B Trust [Member] | Harmony Terrace - Series A [Member]
Short Term Debt [Line Items]
Debt financing	$ 6,198,861
Year Acquired	2,017
Stated Maturities	2022-03
Fixed Interest Rate	3.89%
Term A/B Trust [Member] | Harmony Terrace - Series B [Member]
Short Term Debt [Line Items]
Debt financing	$ 6,280,025
Year Acquired	2,017
Stated Maturities	2018-08
Fixed Interest Rate	3.76%

Debt Financing Contractual Matu

Debt Financing Contractual Maturities (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016
Total	$ 50,778,452		$ 51,379,512
Debt Financing [Member]
2,017		$ 64,653,256
2,018		80,684,860
2,019		139,762,253
2,020		83,247,030
2,021		2,291,262
Thereafter		231,978,758
Total		$ 602,617,419

Mortgage Payable and Other Secu

Mortgage Payable and Other Secured Financing by Property Net of Deferred Financing Costs (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2017	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 50,778,452	$ 51,379,512
Period End Rate		4.14%	3.83%
Real Estate [Member] | Eagle Village [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 7,750,076	$ 7,845,711
Year Acquired		2,010	2,010
Debt instrument, maturity date		Sep. 1, 2018	Sep. 1, 2018
Variable / Fixed		Variable	Variable
Reset Frequency		Monthly	Monthly
Variable Based Rate	[1]	1.06%	0.63%
Facility Fees		3.00%	3.00%
Period End Rate		4.06%	3.63%
Real Estate [Member] | Residences at DeCordova [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 1,715,750	$ 1,744,858
Year Acquired		2,012	2,012
Debt instrument, maturity date		Jun. 1, 2019	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		$ 5,487,912	$ 5,589,086
Year Acquired		2,011	2,011
Debt instrument, maturity date		Jun. 1, 2019	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		$ 7,464,772	$ 7,461,131
Year Acquired		2,016	2,016
Debt instrument, maturity date		Oct. 1, 2021	Oct. 1, 2021
Variable / Fixed		Fixed	Fixed
Reset Frequency		N/A	N/A
Period End Rate		3.85%	3.85%
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		$ 3,463,331	$ 3,656,090
Year Acquired		2,014	2,014
Debt instrument, maturity date		Dec. 1, 2019	Dec. 1, 2019
Variable / Fixed		Fixed	Fixed
Reset Frequency		N/A	N/A
Period End Rate		4.65%	4.65%
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 24,896,611	$ 25,082,636
Year Acquired		2,013	2,013
Debt instrument, maturity date		Mar. 1, 2020	Mar. 1, 2020
Variable / Fixed		Variable	Variable
Reset Frequency		Monthly	Monthly
Variable Based Rate	[2]	4.00%	3.50%
Period End Rate		4.00%	3.50%
[1]	Variable rate is based on 30-day LIBOR
[2]	Variable rate is based on Wall Street Journal Prime Rate

Mortgage Payable and Other Se76

Mortgage Payable and Other Secured Financing - Additional Information (Details) - Mortgages payable [Member] - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Residences at DeCordova and Weatherford [Member]
Mortgage Loans on Real Estate [Line Items]
Line of credit, commitment fee	$ 0
Debt instrument, extended for additional maturity period	2 years
Arboretum [Member]
Mortgage Loans on Real Estate [Line Items]
Prepayment penalties paid, settlement		$ 0

Contractual Maturities of Mortg

Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - Mortgages Payable and Other Secured Financing [Member]	Jun. 30, 2017USD ($)
Mortgage Loans on Real Estate [Line Items]
2,017	$ 630,547
2,018	8,809,356
2,019	10,768,942
2,020	23,993,819
2,021	6,858,993
Total mortgages payable and other secured financings	$ 51,061,657

Interest Rate Derivative Agre78

Interest Rate Derivative Agreements (Details)	6 Months Ended
	Jun. 30, 2017USD ($)
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability)	$ 521,789	[1]
Bank of New York Mellon [Member]
Derivative [Line Items]
Derivative, Purchase Date	2010-09
Derivative, Notional Amount	$ 29,609,667
Derivative, Maturity Date	2017-09
Derivative, Effective Capped Rate	3.00%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M24 TEBS
Barclays Bank PLC [Member]
Derivative [Line Items]
Derivative, Purchase Date	2010-09
Derivative, Notional Amount	$ 29,609,667
Derivative, Maturity Date	2017-09
Derivative, Effective Capped Rate	3.00%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M24 TEBS
Royal Bank of Canada [Member]
Derivative [Line Items]
Derivative, Purchase Date	2010-09
Derivative, Notional Amount	$ 29,609,667
Derivative, Maturity Date	2017-09
Derivative, Effective Capped Rate	3.00%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M24 TEBS
Deutsche Bank [Member]
Derivative [Line Items]
Derivative, Purchase Date	2013-08
Derivative, Notional Amount	$ 88,829,000
Derivative, Maturity Date	2017-09
Derivative, Effective Capped Rate	1.50%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M24 TEBS
Barclays Bank PLC 2 [Member]
Derivative [Line Items]
Derivative, Purchase Date	2014-07
Derivative, Notional Amount	$ 30,850,250
Derivative, Maturity Date	2019-08
Derivative, Effective Capped Rate	3.00%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M31 TEBS
Derivative, Fair Value - Asset (Liability)	$ 1,002	[1]
Royal Bank of Canada-2 [Member]
Derivative [Line Items]
Derivative, Purchase Date	2014-07
Derivative, Notional Amount	$ 30,850,250
Derivative, Maturity Date	2019-08
Derivative, Effective Capped Rate	3.00%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M31 TEBS
Derivative, Fair Value - Asset (Liability)	$ 1,002	[1]
SMBC Capital Markets, Inc [Member]
Derivative [Line Items]
Derivative, Purchase Date	2014-07
Derivative, Notional Amount	$ 30,850,250
Derivative, Maturity Date	2019-08
Derivative, Effective Capped Rate	3.00%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M31 TEBS
Derivative, Fair Value - Asset (Liability)	$ 1,002	[1]
Wells Fargo Bank [Member]
Derivative [Line Items]
Derivative, Purchase Date	2015-07
Derivative, Notional Amount	$ 27,813,538
Derivative, Maturity Date	2020-08
Derivative, Effective Capped Rate	3.00%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M33 TEBS
Derivative, Fair Value - Asset (Liability)	$ 12,207	[1]
Royal Bank of Canada-3 [Member]
Derivative [Line Items]
Derivative, Purchase Date	2015-07
Derivative, Notional Amount	$ 27,813,538
Derivative, Maturity Date	2020-08
Derivative, Effective Capped Rate	3.00%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M33 TEBS
Derivative, Fair Value - Asset (Liability)	$ 12,207	[1]
SMBC Capital Markets, Inc-3 [Member]
Derivative [Line Items]
Derivative, Purchase Date	2015-07
Derivative, Notional Amount	$ 27,813,538
Derivative, Maturity Date	2020-08
Derivative, Effective Capped Rate	3.00%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M33 TEBS
Derivative, Fair Value - Asset (Liability)	$ 12,207	[1]
Barclays Bank PLC 3 [Member]
Derivative [Line Items]
Derivative, Purchase Date	2017-06
Derivative, Notional Amount	$ 92,550,751
Derivative, Maturity Date	2019-08
Derivative, Effective Capped Rate	1.50%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M31 TEBS
Derivative, Fair Value - Asset (Liability)	$ 105,269	[1]
Barclays Bank PLC 4 [Member]
Derivative [Line Items]
Derivative, Purchase Date	2017-06
Derivative, Notional Amount	$ 83,440,615
Derivative, Maturity Date	2020-08
Derivative, Effective Capped Rate	1.50%
Derivative, Index	SIFMA
Derivative, Variable Debt Financing Facility Hedged	M33 TEBS
Derivative, Fair Value - Asset (Liability)	$ 376,893	[1]
[1]	For additional details, see Note 22 to the Partnership's condensed consolidated financial statements.

Interest Rate Derivative Agre79

Interest Rate Derivative Agreements Narrative Tagging (Details)	6 Months Ended
	Jun. 30, 2017USD ($)
Barclays Bank PLC 3 [Member]
Derivative [Line Items]
Derivative, Purchase Date	2017-06
Derivative, variable debt financing facility hedged	M31 TEBS
Fixed Interest Rate	1.50%
Derivative, purchase price	$ 139,000
Barclays Bank PLC 4 [Member]
Derivative [Line Items]
Derivative, Purchase Date	2017-06
Derivative, variable debt financing facility hedged	M33 TEBS
Fixed Interest Rate	1.50%
Derivative, purchase price	$ 358,000

Interest Rate Derivative Agre80

Interest Rate Derivative Agreements - Schedule of Terms of Interest Rate Swaps (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Derivative [Line Items]
Fair Value of Liability	$ (1,283,437)	$ (1,339,283)
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	$ (1,283,437)	(1,339,283)
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur Angle [Member]
Derivative [Line Items]
Purchase Date	2014-09
Notional Amount	$ 22,899,450
Effective Date	2016-10
Termination Date	2021-10
Fixed Rate Paid	1.96%
Period End Variable Rate Received	0.85%
Fair Value of Liability	$ (652,598)	(738,574)
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
Notional Amount	$ 18,108,276
Effective Date	2017-04
Termination Date	2022-04
Fixed Rate Paid	2.06%
Period End Variable Rate Received	0.85%
Fair Value of Liability	$ (630,839)	$ (600,709)
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 ($)	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bond Purchase Commitments - Fair Value	$ 3,165,172	$ 2,399,449
Maximum Committed Amounts for 2017
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	11,000,000
Maximum Committed Amounts for 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 35,940,000
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%
Bond Purchase Commitments - Fair Value		838,200
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%
Bond Purchase Commitments - Fair Value	$ 850,437	467,720
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
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%
Bond Purchase Commitments - Fair Value	$ 1,207,209	627,429
Palo Alto [Member] | Maximum Committed Amounts for 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Long-term Purchase Commitment, Amount	$ 19,540,000
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%
Bond Purchase Commitments - Fair Value	$ 1,107,526	$ 466,100
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

Commitments and Contingencies N

Commitments and Contingencies Narrative Tagging (Details)	Apr. 02, 2017USD ($)	Jun. 30, 2017USD ($)Unit	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)Unit	Jun. 30, 2016USD ($)	Jul. 31, 2017USD ($)	Dec. 31, 2016USD ($)Unit
Property loans receivable		$ 38,702,784		$ 38,702,784			$ 36,862,148
Construction loan maximum available amount		25,600,000		25,600,000
Outstanding construction loan amount		0		0
Concentration risk, credit risk, financial instrument, maximum exposure				$ 602,600,000
Maximum [Member]
Construction loan guarantee percentage on debt service coverage levels				50.00%
Minimum [Member]
Construction loan guarantee percentage on debt service coverage levels				25.00%
Villas at Plano Gateway [Member]
Partnership purchase commitment obligation after agreement expiration	$ 0
Vantage at Brooks and Vantage at New Braunfels [Member]
Property loans receivable		$ 17,000,000		$ 17,000,000
Number of units in real estate property | Unit		2		2
Remaining maximum amount committed		$ 1,100,000		$ 1,100,000
Greens of Pine Glen [Member]
Property loans receivable		850,000		850,000			850,000
Guarantor obligations, maximum exposure, undiscounted		$ 2,800,000		$ 2,800,000
Percentage of loss contingency, range of possible loss, maximum		75.00%		75.00%
Ohio Properties [Member]
Property loans receivable		$ 2,390,446		$ 2,390,446			$ 2,390,446
Percentage of loss contingency, range of possible loss, maximum		75.00%		75.00%
Loss contingency, range of possible loss, maximum		$ 4,400,000		$ 4,400,000
The 50/50 Student Housing--UNL [Member]
Number of units in real estate property | Unit		475		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 period				12 months
Annual increment Percentage in lease rent				2.00%
Lease expiration date				Jul. 31, 2034
Lease agreement annual renewable increase percentage				3.00%
Accounts payable related to agreement		$ 83,000		$ 83,000			$ 21,000
Expenses related to the agreement		$ 42,000	$ 42,000	$ 84,000	$ 84,000
The 50/50 Student Housing--UNL [Member] | Subsequent Event [Member]
Minimum monthly rentals under lease agreement						$ 122,000

Redeemable Series A Preferred83

Redeemable Series A Preferred Units Narrative Tagging (Details)	3 Months Ended
	Jun. 30, 2017shares
Series A Preferred Units
Redeemable preferred units, issued	0

Redeemable Series A Preferred84

Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($)	1 Months Ended					6 Months Ended
	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016	Mar. 31, 2016	Jun. 30, 2017
Temporary Equity Disclosure [Abstract]
Issuance of preferred units through private placements	1,613,100	700,000	1,000,000	1,386,900	1,000,000	5,700,000
Purchase Price	$ 16,131,000	$ 7,000,000	$ 10,000,000	$ 13,869,000	$ 10,000,000	$ 57,000,000
Distribution Rate	3.00%	3.00%	3.00%	3.00%	3.00%
Redemption Price per Unit	$ 10	$ 10	$ 10	$ 10	$ 10
Earliest Redemption Date	2023-03	2022-12	2022-09	2022-05	2022-03

Restricted Unit Awards Narrativ

Restricted Unit Awards Narrative (Details) - Restricted Unit Awards [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 439,000	$ 0	$ 610,000	$ 0
Unrecognized compensation expense related to nonvested RUAs granted	1,800,000		$ 1,800,000
Remaining expense expected to be recognized over a weighted-average period			1 year 2 months 12 days
Intrinsic value of nonvested RUAs	$ 2,600,000		$ 2,600,000
Burlington [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Approved grant of restricted units and other awards to employees	3,000,000		3,000,000
RUAs granted with vesting range			3 years
Burlington [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RUAs granted with vesting range			3 months

Restricted Unit Awards - Summar

Restricted Unit Awards - Summary of Nonvested Restricted Units (Details) - Restricted Unit Awards [Member]	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Restricted Units Awarded
Beginning Balance | shares	158,304
Granted | shares	283,046
Ending Balance | shares	441,350
Weighted-average Grant-Date Fair Value
Beginning Balance | $ / shares	$ 6.03
Granted | $ / shares	5.74
Ending Balance | $ / shares	$ 5.84

Transactions with Related Par87

Transactions with Related Parties Transactions with Related Parties Narrative (Details)	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2017USD ($)	Jun. 30, 2017USD ($)Property	Jun. 30, 2016USD ($)Property	Jun. 30, 2017USD ($)Property	Jun. 30, 2016USD ($)Property
Rate for administration fees				0.45%
Fees and commissions, other		$ 0	$ 0	$ 938,000	$ 388,000
MF Properties Managed [Member]
Number of Real Estate Properties | Property		7	7	7	7
Management fees revenue		$ 92,000	$ 164,000	$ 205,000	$ 341,000
Jade Park MF Property [Member]
Contract for exterior rehabilitation service beginning period				2017-06
Contract for exterior rehabilitation service expiration period				2,017
Exterior rehabilitation services received		0		$ 0
Majority-Owned Subsidiary, Unconsolidated [Member]
Payment for administrative fees		905,000	678,000	1,800,000	1,400,000
Affiliated Entity [Member]
Payment for administrative fees		37,000	30,000	52,000	49,000
Farnam Capital Advisors, LLC [Member]
Placement advisory fees		0	0	269,000	194,000
Farnam Capital Advisors, LLC [Member] | Term A/B Trust [Member]
Consulting fees	$ 921,000	$ 0	$ 0	$ 921,000	$ 0

Fair Value of Financial Instr88

Fair Value of Financial Instruments Narrative Tagging (Details)	Jun. 30, 2017	Dec. 31, 2016
Effective rate - minimum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	2.60%	4.90%
Effective rate - minimum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate		4.30%
Effective rate - maximum [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	9.90%	12.40%
Effective rate - maximum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate		6.00%

Summary of Assets and Liabiliti

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 830,256,024		$ 742,897,488
Bond Purchase Commitments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	3,165,172		2,399,449
Taxable Bonds (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	3,931,471		4,084,599
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	55,791,371		57,158,068
Derivative Contracts (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	521,789		383,604
Derivative Swap Liability [Member]
Schedule of Available-for-sale Securities [Line Items]
Liabilities at fair value	(1,283,437)		(1,339,283)
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	830,256,024	$ 820,480,265	742,897,488	$ 730,475,386	$ 666,958,282	$ 653,875,949
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	3,165,172	2,620,393	2,399,449	17,218,819	7,222,173	5,634,360
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	3,931,471	4,179,205	4,084,599	5,294,229	4,938,104	4,824,060
Fair Value, Inputs, Level 3 [Member] | Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value	55,791,371	$ 55,851,799	57,158,068	$ 62,180,059	$ 60,505,340	$ 60,707,290
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	521,789		383,604
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	(1,283,437)		(1,339,283)
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	26,947,851		90,016,872
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	26,947,851		90,016,872
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	741,181,807		590,194,179
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	$ 741,181,807		$ 590,194,179

Summary of Activity Related to

Summary of Activity Related to Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		$ 820,480,265	$ 666,958,282	$ 742,897,488	$ 653,875,949
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(142,314)	(531,389)	(227,896)	(1,641,796)
Total gain (losses) included in other comprehensive (loss) income		10,771,467	69,830,975	29,972,777	83,756,215
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		496,800		60,081,800	11,500,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities					(9,747,523)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(1,350,194)	(5,782,483)	(2,468,145)	(7,267,459)
Assets at Fair Value, ending balance		830,256,024	730,475,386	830,256,024	730,475,386
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held		(181,420)	(531,389)	(302,769)	(1,641,796)
Interest rate derivatives [Member]
Schedule of Available-for-sale Securities [Line Items]
Liabilities at Fair value, beginning balance	[1]	(1,077,028)	(2,083,704)	(955,679)	(972,898)
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)	[1]	(181,420)	(531,389)	(302,769)	(1,641,796)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	496,800		496,800
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities	[1]				(399)
Liabilities at Fair value, ending balance	[1]	(761,648)	(2,615,093)	(761,648)	(2,615,093)
Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held	[1]	(181,420)	(531,389)	(302,769)	(1,641,796)
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		2,620,393	7,222,173	2,399,449	5,634,360
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		544,779	9,996,646	765,723	11,584,459
Assets at Fair Value, ending balance		3,165,172	17,218,819	3,165,172	17,218,819
Taxable Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		4,179,205	4,938,104	4,084,599	4,824,060
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		(223,758)	378,861	(125,264)	495,317
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(23,976)	(22,736)	(27,864)	(25,148)
Assets at Fair Value, ending balance		3,931,471	5,294,229	3,931,471	5,294,229
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		55,851,799	60,505,340	57,158,068	60,707,290
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(14,129)		(31,717)
Total gain (losses) included in other comprehensive (loss) income		390,701	1,688,370	(897,980)	2,557,714
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(437,000)	(13,651)	(437,000)	(1,084,945)
Assets at Fair Value, ending balance		55,791,371	62,180,059	55,791,371	62,180,059
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance	[2]	758,905,896	596,376,369	680,211,051	583,683,137
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)	[2]	53,235		106,590
Total gain (losses) included in other comprehensive (loss) income	[2]	10,059,745	57,767,098	30,230,298	69,118,725
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[2]			59,585,000	11,500,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities	[2]				(9,747,124)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[2]	(889,218)	(5,746,096)	(2,003,281)	(6,157,366)
Assets at Fair Value, ending balance	[2]	$ 768,129,658	$ 648,397,372	$ 768,129,658	$ 648,397,372
[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.

Summary of Fair Value of Financ

Summary of Fair Value of Financial Liabilities held on Condensed Consolidated Balance Sheets (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Mortgages payable and other secured financing	$ 50,778,452	$ 51,379,512
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Debt financing and LOCs	597,465,241	555,199,700
Mortgages payable and other secured financing	50,778,452	51,379,512
Estimate of Fair Value, Fair Value Disclosure [Member]
Fair Value Inputs Liabilities Quantitative Information [Line Items]
Debt financing and LOCs	597,044,181	553,083,924
Mortgages payable and other secured financing	$ 50,791,949	$ 51,595,281

Segment Reporting Footnote Tagg

Segment Reporting Footnote Tagging (Details)	6 Months Ended
	Jun. 30, 2017PropertyUnitIntegerSegment	Jan. 31, 2016Security
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment	4
Commercial Real Estate [Member]
Segment Reporting Information [Line Items]
Number of collateralized securities | Integer	1
Tax-exempt and Other Investments [Member]
Segment Reporting Information [Line Items]
Assets percentage	25.00%
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	89
Mortgage Revenue Bond Investments Segment [Member] | Residential Properties [Member]
Segment Reporting Information [Line Items]
Units | Unit	10,656
Real Estate [Member]
Segment Reporting Information [Line Items]
Units | Unit	1,710
Number of Real Estate Properties | Property	6

Segment Reporting Segment Repor

Segment Reporting Segment Reporting (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Revenues [Abstract]
Total revenues	$ 16,234,300	$ 14,933,121	$ 32,274,688	$ 29,852,980
Interest Expense [Abstract]
Interest expense	5,841,327	4,322,054	11,283,580	9,092,189
Depreciation [Abstract]
Depreciation expense	1,265,335	1,649,891	2,620,566	3,296,122
Partnership net income (loss) [Abstract]
Operating Income (Loss)	4,109,400	11,005,930	11,398,262	13,537,630
Assets
Total assets	1,024,826,768		1,024,826,768		$ 944,113,674
Mortgage Revenue Bond Investments Segment [Member]
Revenues [Abstract]
Total revenues	11,059,940	8,790,823	21,648,438	17,569,877
Interest Expense [Abstract]
Interest expense	4,938,029	3,391,149	9,509,484	7,175,539
Partnership net income (loss) [Abstract]
Operating Income (Loss)	2,592,768	2,220,723	4,821,821	4,251,016
Assets
Total assets	862,988,147		862,988,147		764,995,675
MF Properties [Member]
Revenues [Abstract]
Total revenues	3,306,722	4,994,868	7,099,137	10,068,972
Interest Expense [Abstract]
Interest expense	534,245	596,360	1,059,832	1,266,693
Depreciation [Abstract]
Depreciation expense	1,265,335	1,649,891	2,620,566	3,296,122
Partnership net income (loss) [Abstract]
Operating Income (Loss)	18,047	7,972,322	3,763,592	7,704,519
Assets
Total assets	108,015,747		108,015,747		129,895,112
Public Housing Capital Fund Trusts [Member]
Revenues [Abstract]
Total revenues	719,182	722,990	1,427,968	1,453,892
Interest Expense [Abstract]
Interest expense	369,053	334,545	714,264	635,265
Partnership net income (loss) [Abstract]
Operating Income (Loss)	350,129	388,445	713,704	818,627
Assets
Total assets	56,097,041		56,097,041		57,461,268
MBS Securities Investments [Member]
Revenues [Abstract]
Total revenues				48,755
Interest Expense [Abstract]
Interest expense				14,692
Partnership net income (loss) [Abstract]
Operating Income (Loss)				51,984
Other Investments [Member]
Revenues [Abstract]
Total revenues	1,148,456	424,440	2,099,145	711,484
Partnership net income (loss) [Abstract]
Operating Income (Loss)	1,148,456	$ 424,440	2,099,145	$ 711,484
Assets
Total assets	47,837,858		47,837,858		34,540,280
Consolidation, Eliminations [Member]
Assets
Total assets	$ (50,112,025)		$ (50,112,025)		$ (42,778,661)