Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2018shares | |
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, 2018 |
Document Fiscal Year Focus | 2,018 |
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, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 26,328,497 | $ 69,597,699 |
Restricted cash | 1,493,295 | 1,985,630 |
Interest receivable, net | 7,682,580 | 6,541,132 |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 673,152,217 | 710,867,447 |
Mortgage revenue bonds, at fair value (Note 6) | 94,477,120 | 77,971,208 |
Public housing capital fund trusts, at fair value (Note 7) | 49,070,710 | 49,641,588 |
Real estate assets: (Note 8) | ||
Land and improvements | 7,518,727 | 7,319,235 |
Buildings and improvements | 79,378,136 | 78,953,488 |
Real estate assets before accumulated depreciation | 86,896,863 | 86,272,723 |
Accumulated depreciation | (11,403,940) | (9,580,531) |
Net real estate assets | 75,492,923 | 76,692,192 |
Investment in unconsolidated entities (Note 9) | 60,494,767 | 39,608,927 |
Property loans, net of loan loss allowance (Note 10) | 28,930,525 | 29,513,874 |
Other assets (Note 12) | 6,408,246 | 7,348,302 |
Total Assets | 1,023,530,880 | 1,069,767,999 |
Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 7,837,981 | 8,494,227 |
Distribution payable | 7,632,945 | 8,423,803 |
Unsecured lines of credit (Note 13) | 49,540,000 | 50,000,000 |
Debt financing, net (Note 14) | 542,172,329 | 558,328,347 |
Mortgages payable and other secured financing, net (Note 15) | 35,212,789 | 35,540,174 |
Derivative swaps, at fair value (Note 16) | 129,018 | 826,852 |
Total Liabilities | 642,525,062 | 661,613,403 |
Commitments and Contingencies (Note 17) | ||
Redeemable Series A preferred units, approximately $94.5 redemption value, 10.0 million authorized, 9.5 million issued and outstanding (Note 18) | 94,332,351 | 94,314,326 |
Partnersʼ Capital | ||
General Partner (Note 1) | 180,641 | 437,256 |
Beneficial Unit Certificate holders | 286,492,826 | 313,403,014 |
Total Partnersʼ Capital | 286,673,467 | 313,840,270 |
Total Liabilities and Partnersʼ Capital | $ 1,023,530,880 | $ 1,069,767,999 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Redeemable preferred units redemption value | $ 94.5 | $ 94.5 |
Redeemable preferred units, authorized | 10,000,000 | 10,000,000 |
Redeemable preferred units, issued | 9,500,000 | 9,500,000 |
Redeemable preferred units, outstanding | 9,500,000 | 9,500,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenues: | ||||
Property revenues | $ 2,403,142 | $ 3,306,722 | $ 4,739,654 | $ 7,036,500 |
Investment income | 12,249,035 | 12,174,215 | 25,627,521 | 23,644,401 |
Contingent interest income | 86,567 | 219,217 | ||
Other interest income | 1,058,688 | 666,796 | 1,801,724 | 1,311,933 |
Other income | 74,300 | 74,300 | 62,637 | |
Total revenues | 15,785,165 | 16,234,300 | 32,243,199 | 32,274,688 |
Expenses: | ||||
Real estate operating (exclusive of items shown below) | 1,290,487 | 1,621,084 | 2,685,980 | 4,105,300 |
Impairment of securities | 831,062 | 831,062 | ||
Depreciation and amortization | 921,816 | 1,270,379 | 1,828,131 | 2,863,205 |
Amortization of deferred financing costs | 430,687 | 562,585 | 895,459 | 1,302,823 |
Interest expense | 5,918,867 | 5,841,327 | 10,801,172 | 11,283,580 |
General and administrative | 3,041,125 | 2,876,450 | 5,852,970 | 6,007,330 |
Total expenses | 12,434,044 | 12,171,825 | 22,894,774 | 25,562,238 |
Other Income: | ||||
Gain (loss) on sale of real estate assets, net | (16,075) | 7,152,512 | ||
Income before income taxes | 3,351,121 | 4,046,400 | 9,348,425 | 13,864,962 |
Income tax expense (benefit) | 13,000 | (63,000) | 6,000 | 2,395,047 |
Net income | 3,338,121 | 4,109,400 | 9,342,425 | 11,469,915 |
Net income attributable to noncontrolling interest | 71,653 | |||
Partnership net income | 3,338,121 | 4,109,400 | 9,342,425 | 11,398,262 |
Redeemable Series A preferred unit distributions and accretion | (717,762) | (432,550) | (1,435,525) | (757,192) |
Net income available to Partners | 2,620,359 | 3,676,850 | 7,906,900 | 10,641,070 |
Net income available to Partners and noncontrolling interest allocated to: | ||||
General Partner | 26,204 | 35,139 | 79,069 | 1,182,211 |
Net income attributable to noncontrolling interest | 71,653 | |||
Net income available to Partners and noncontrolling interest | $ 2,620,359 | $ 3,676,850 | $ 7,906,900 | $ 10,712,723 |
Unitholders' interest in net income per Unit, basic and diluted | $ 0.04 | $ 0.06 | $ 0.13 | $ 0.16 |
Distributions declared, per Unit | $ 0.125 | $ 0.125 | $ 0.25 | $ 0.25 |
Weighted average number of Units outstanding, basic | 59,937,300 | 59,862,969 | 60,030,817 | 59,950,328 |
Weighted average number of Units outstanding, diluted | 59,937,300 | 59,862,969 | 60,030,817 | 59,950,328 |
Unitholders [Member] | ||||
Net income available to Partners and noncontrolling interest allocated to: | ||||
Limited Partners | $ 2,530,332 | $ 3,594,529 | $ 7,729,733 | $ 9,389,231 |
Restricted Unitholders [Member] | ||||
Net income available to Partners and noncontrolling interest allocated to: | ||||
Limited Partners | $ 63,823 | $ 47,182 | $ 98,098 | $ 69,628 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income | $ 3,338,121 | $ 4,109,400 | $ 9,342,425 | $ 11,469,915 |
Reversal of net unrealized losses on securities with other-than-temporary impairment | 525,446 | |||
Unrealized gain (loss) on bond purchase commitments | (2,007,855) | 765,723 | ||
Comprehensive income (loss) | 7,352,346 | 14,880,867 | (9,493,293) | 41,442,692 |
Comprehensive income allocated to noncontrolling interest | 71,653 | |||
Partnership comprehensive income (loss) | 7,352,346 | 14,880,867 | (9,493,293) | 41,371,039 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Net income | 3,338,121 | 4,109,400 | 9,342,425 | 11,469,915 |
Reversal of net unrealized losses on securities with other-than-temporary impairment | 981,792 | 525,446 | ||
Unrealized gain (loss) on securities | 4,065,221 | 10,226,688 | (17,353,309) | 29,207,054 |
Unrealized gain (loss) on bond purchase commitments | (2,007,855) | 765,723 | ||
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Unrealized gain (loss) on bond purchase commitments | $ (1,032,788) | $ 544,779 | $ (2,007,855) | $ 765,723 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($) | Total | Tier 2 [Member] | General Partner [Member] | General Partner [Member]Tier 2 [Member] | Beneficial Unit Certificate Holders - Restricted and Unrestricted [Member] | Beneficial Unit Certificate Holders - Restricted and Unrestricted [Member]Tier 2 [Member] | Number of Units - Restricted and Unrestricted [Member] | Non-controlling Interest [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
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 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 (loss) on securities | 29,207,054 | 292,071 | 28,914,983 | 29,207,054 | |||||
Unrealized gain (loss) 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 | ||||||||
Balance at Dec. 31, 2017 | 313,840,270 | 437,256 | 313,403,014 | 75,623,830 | |||||
Partners' Capital Account, Units at Dec. 31, 2017 | 60,373,674 | ||||||||
Cumulative effect of accounting change (Note 2) at Dec. 31, 2017 | (216,948) | (2,169) | (214,779) | ||||||
Distributions paid or accrued | |||||||||
Regular distribution | (15,265,891) | (152,659) | (15,113,232) | ||||||
Net income allocable to Partners | 7,906,900 | 79,069 | 7,827,831 | ||||||
Sale of Beneficial Unit Certificates, net of issuance costs | 192,310 | 192,310 | |||||||
Sale of Beneficial Unit Certificates, net of issuance costs, Units | 38,617 | ||||||||
Repurchase of Beneficial Unit Certificates | (1,697,613) | (1,697,613) | |||||||
Repurchase of Beneficial Unit Certificates, Units | (268,575) | ||||||||
Restricted units awarded | 309,212 | ||||||||
Restricted units compensation expense | 750,157 | 7,502 | 742,655 | ||||||
Unrealized gain (loss) on securities | (17,353,309) | (173,533) | (17,179,776) | (17,353,309) | |||||
Unrealized gain (loss) on bond purchase commitments | (2,007,855) | (20,079) | (1,987,776) | (2,007,855) | |||||
Reversal of net unrealized loss on securities with other-than-temporary impairment | 525,446 | 5,254 | 520,192 | 525,446 | |||||
Balance at Jun. 30, 2018 | $ 286,673,467 | $ 180,641 | $ 286,492,826 | $ 56,788,112 | |||||
Partners' Capital Account, Units at Jun. 30, 2018 | 60,452,928 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 9,342,425 | $ 11,469,915 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 1,828,131 | 2,863,205 |
Gain on sale of real estate assets, net | (7,152,512) | |
Impairment of securities | 831,062 | |
Loss (gain) on derivatives, net of cash paid | (1,127,589) | 302,769 |
Restricted unit compensation expense | 750,157 | 609,733 |
Bond premium/discount amortization | (33,987) | (74,873) |
Amortization of deferred financing costs | 895,459 | 1,302,823 |
Deferred income tax expense (benefit) & income tax payable | (183,303) | (365,000) |
Change in preferred return receivable from unconsolidated entities | (1,799,127) | (1,343,013) |
Changes in operating assets and liabilities | ||
(Increase) decrease in interest receivable | (1,141,448) | 585,695 |
Increase in other assets | (928,527) | (40,101) |
Increase (decrease) in accounts payable and accrued expenses | (516,061) | 50,585 |
Net cash provided by operating activities | 7,917,192 | 8,209,226 |
Cash flows from investing activities: | ||
Capital expenditures | (431,784) | (175,193) |
Proceeds from sale of MF Properties | 13,750,000 | |
Proceeds from sale of land held for development | 3,000,000 | |
Acquisition of mortgage revenue bonds | (19,540,000) | (59,585,000) |
Contributions to unconsolidated entities | (16,488,929) | (8,017,189) |
Principal payments received on taxable mortgage revenue bonds | 30,526 | 27,864 |
Cash paid for land held for development and deposits on potential purchases | (2,660,649) | (95,932) |
Advances on property loans | (66,651) | (2,340,636) |
Principal payments received on property loans | 650,000 | 500,000 |
Net cash used in investing activities | (14,995,196) | (50,495,805) |
Cash flows from financing activities: | ||
Distributions paid | (17,458,416) | (17,288,919) |
Proceeds from the sale of redeemable Series A Preferred Units | 16,131,000 | |
Payment of offering costs related to the sale of redeemable Series A Preferred Units | (668) | |
Acquisition of interest rate derivatives | (496,800) | |
Repurchase of Beneficial Unit Certificates | (1,697,613) | (1,466,222) |
Proceeds from the sale of Beneficial Unit Certificates | 233,633 | |
Payment of offering costs related to the sale of Beneficial Unit Certificates | (4,678) | |
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 | (16,924,182) | (32,751,484) |
Principal payments on mortgages payable | (380,775) | (658,271) |
Principal borrowing on unsecured lines of credit | 19,540,000 | 24,460,000 |
Principal payments on unsecured and secured lines of credit | (20,000,000) | (84,460,000) |
Increase (decrease) in security deposit liability related to restricted cash | 17,168 | (92,951) |
Debt financing and other deferred costs | (8,670) | (1,452,517) |
Net cash provided by (used in) financing activities | (36,683,533) | 36,793,546 |
Net decrease in cash, cash equivalents and restricted cash | (43,761,537) | (5,493,033) |
Cash, cash equivalents and restricted cash at beginning of period | 71,583,329 | 27,506,220 |
Cash, cash equivalents and restricted cash at end of period | 27,821,792 | 22,013,187 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 11,702,009 | 10,670,383 |
Cash paid during the period for income taxes | 162,963 | 3,007,000 |
Supplemental disclosure of noncash investing and financing activities: | ||
Distributions declared but not paid for Beneficial Unit Certificates and general partner | 7,632,945 | 7,623,425 |
Distributions declared but not paid for Series A Preferred Units | 708,750 | 427,500 |
Land contributed as investment in an unconsolidated entity | 2,597,784 | 3,091,023 |
Capital expenditures financed through accounts payable | 24,491 | 54,320 |
Deferred financing costs financed through accounts payable | 19,626 | |
Public housing capital fund trusts [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | 226,714 | 437,000 |
Mortgage Revenue Bonds [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | $ 23,285,577 | $ 2,003,281 |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Cash Flows [Abstract] | ||||
Cash and cash equivalents | $ 26,328,497 | $ 69,597,699 | $ 15,371,898 | |
Restricted cash | 1,493,295 | 1,985,630 | 6,641,289 | |
Total cash, cash equivalents and restricted cash | $ 27,821,792 | $ 71,583,329 | $ 22,013,187 | $ 27,506,220 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 | |
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, 2018, 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. • One MF Property, The 50/50, is owned by a wholly-owned corporation (“the Greens Hold Co”). • One MF Property, Jade Park, is owned by a wholly-owned subsidiary of the Partnership and one MF Property, Suites on Paseo, is owned directly by America First Multifamily Investors, L.P. Restricted Cash Restricted cash is legally restricted to use and is comprised of resident security deposits and escrowed funds. In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities and the Partnership’s interest rate derivatives. Restricted cash is presented with cash and cash equivalents on the condensed consolidated statement of cash flows in accordance with the adoption of Accounting Standards Update (“ASU”) 2016-18 effective for the Partnership as of January 1, 2018. Investments in Mortgage Revenue Bond, Taxable Mortgage Revenue Bonds The Partnership owns certain MRBs that were purchased at a discount or premium. The Partnership chose to adopt the provisions of ASU 2017-08 relating to premiums on purchased callable debt securities early, effective January 1, 2018. Upon adoption of this ASU, premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Accordingly, on January 1, 2018, the Partnership recorded a cumulative adjustment to partners’ capital of approximately $217,000. Results for prior periods were not adjusted. The impact of the adoption of ASU 2017-08 to net income for the three and six months ended June 30, 2018 was a decrease in investment income of approximately $17,000 and $34,000, respectively, as compared to the previous accounting policy. Discounts on MRB investments PHC Certificate Impairment The Partnership periodically reviews the Public Housing Capital Fund Trust (“PHC”) Certificates for impairment. The Partnership evaluates whether a decline in the fair value of the investments that is below its amortized cost is other-than-temporary. Factors considered are: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Downgrade in the security’s rating by S&P, and • Volatility of the fair value of the security. Income Taxes No provision has been made for income taxes of the Partnership 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 Partnership recognizes franchise margin tax expense on revenues in certain jurisdictions relating to MF Properties and Investments in unconsolidated entities. The Greens Hold Co, a wholly-owned subsidiary of the Partnership, is a corporation subject to federal and state income taxes. The Partnership recognizes 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 its 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 deferred financing costs, etc.) and the utilization of tax net operating losses (“NOLs”) generated in prior years that had been previously recognized as deferred income tax assets. The Partnership records 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 income tax expense. Revenue Recognition on Investments in Real Estate The Partnership’s MF Properties are lessors of multifamily, student housing, and senior citizen rental units under leases with terms of one year or less. Rental revenue is recognized, net of rental concessions, on a straight-line method over the related lease term. The Partnership also recognizes other non-lease revenues related to other operations at the MF Properties such as parking and food service revenues at student housing properties. Such revenues are recognized over time as services are provided. Such non-lease revenue streams are within the scope of Accounting Standards Codification (“ASC”) 606, which was effective for the Partnership as of January 1, 2018. The adoption of ASC 606 did not have a material impact on the Partnerships’ condensed consolidated financial statements. Restricted Unit Awards (“RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”) 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 vesting 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 as 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, 2017. These condensed consolidated financial statements and notes have been prepared consistently with the 2017 Form 10-K, with the exception of new accounting standards that were adopted and are discussed herein. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position at June 30, 2018, 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, 2017, was derived from the audited annual financial statements, but does not contain all the footnote disclosures from the annual consolidated financial statements. Recently Issued Accounting Pronouncements 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, with early adoption permitted. The FASB issued ASU 2018-11 in July 2018, which allows the Partnership to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to opening retained earnings. The Partnership is currently evaluating whether to elect this adoption method rather than using the modified retrospective approach. 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. The Partnership has six 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 and is currently evaluating the impact this standard will have on its 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. |
Partnership Income, Expense and
Partnership Income, Expense and Cash Distributions | 6 Months Ended |
Jun. 30, 2018 | |
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”). 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 (Tier 1) is distributed 99% to the limited partners and Unitholders as a class and 1% to AFCA 2. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) representing contingent interest up to 0.9% per annum of the principal amount of the MRBs on a cumulative basis are distributed 75% to the limited partners and Unitholders as a class and 25% to AFCA 2. Net Interest Income (Tier 3) and Net Residual Proceeds (Tier 3) received by the Partnership in excess of any contingent interest included in Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) are distributed 100% to the limited partners and Unitholders as a class. |
Net Income per BUC
Net Income per BUC | 6 Months Ended |
Jun. 30, 2018 | |
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. There were no dilutive Units for the three and six months ended June 30, 2018 and 2017. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2018 | |
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 various entities in the form of MRBs, property loans and investments in unconsolidated entities. These variable interests do not allow the Partnership 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 assets, liabilities or results of operations of these VIEs in the condensed consolidated financial statements. The Partnership held variable interests in 19 and 23 non-consolidated VIEs at June 30, 2018 and December 31, 2017, respectively. The following table summarizes the Partnerships variable interests in these entities at June 30, 2018 and December 31, 2017: Maximum Exposure to Loss June 30, 2018 December 31, 2017 Mortgage revenue bonds $ 84,158,000 $ 146,344,195 Property loans 15,574,613 15,824,613 Investment in unconsolidated entities 60,494,767 39,608,927 $ 160,227,380 $ 201,777,735 The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns at June 30, 2018 and December 31, 2017. 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, 2018 and December 31, 2017 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, 2018 | |
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 14). The Partnership had the following investments in MRBs at June 30, 2018 and December 31, 2017: June 30, 2018 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 $ 842,894 $ - $ 17,300,894 Glenview Apartments - Series A (4) CA 4,604,904 386,744 - 4,991,648 Harmony Court Bakersfield - Series A (2) CA 3,730,000 273,992 - 4,003,992 Harmony Terrace - Series A & B (2) CA 14,300,000 571,942 - 14,871,942 Harden Ranch - Series A (3) CA 6,811,252 868,874 - 7,680,126 Las Palmas II - Series A & B (2) CA 3,465,000 121,498 - 3,586,498 Montclair Apartments - Series A (4) CA 2,494,734 316,289 - 2,811,023 San Vicente - Series A (2) CA 3,495,000 238,471 - 3,733,471 Santa Fe Apartments - Series A (4) CA 3,022,276 407,346 - 3,429,622 Seasons at Simi Valley - Series A (2) CA 4,346,157 639,914 - 4,986,071 Seasons Lakewood - Series A (2) CA 7,350,000 578,452 - 7,928,452 Seasons San Juan Capistrano - Series A & B (2) CA 18,949,000 906,168 - 19,855,168 Summerhill - Series A (2) CA 6,423,000 410,548 - 6,833,548 Sycamore Walk - Series A (2) CA 3,616,750 316,436 - 3,933,186 The Village at Madera - Series A (2) CA 3,085,000 226,613 - 3,311,613 Tyler Park Townhomes - Series A (3) CA 5,934,866 627,227 - 6,562,093 Westside Village Market - Series A (3) CA 3,878,423 444,103 - 4,322,526 Lake Forest (1) FL 8,433,000 1,184,869 - 9,617,869 Brookstone (1) IL 7,442,163 1,557,750 - 8,999,913 Copper Gate Apartments (3) IN 5,100,000 606,607 - 5,706,607 Renaissance - Series A (4) LA 11,182,486 1,498,700 - 12,681,186 Live 929 Apartments (2) MD 40,333,693 3,093,989 - 43,427,682 Woodlynn Village (1) MN 4,244,000 39,254 - 4,283,254 Greens Property - Series A (3) NC 8,080,000 925,182 - 9,005,182 Silver Moon - Series A (4) NM 7,851,526 693,322 - 8,544,848 Ohio Properties - Series A (1) OH 14,052,997 516,691 - 14,569,688 Bridle Ridge (1) SC 7,430,000 97,044 - 7,527,044 Columbia Gardens (2) SC 13,299,000 1,300,938 - 14,599,938 Companion at Thornhill Apartments (2) SC 11,350,638 944,340 - 12,294,978 Cross Creek (1) SC 6,141,122 2,641,911 - 8,783,033 The Palms at Premier Park Apartments (3) SC 19,142,966 1,903,361 - 21,046,327 Village at River's Edge (2) SC 9,969,493 1,327,542 - 11,297,035 Willow Run (2) SC 13,115,524 1,280,882 - 14,396,406 Arbors at Hickory Ridge (3) TN 11,260,696 990,706 - 12,251,402 Pro Nova 2014-1 (2) TN 10,029,943 - (60,059 ) 9,969,884 Avistar at Copperfield - Series A (2) TX 10,000,000 281,641 - 10,281,641 Avistar at the Crest - Series A (3) TX 9,407,620 878,039 - 10,285,659 Avistar at the Oaks - Series A (3) TX 7,597,649 693,141 - 8,290,790 Avistar at the Parkway - Series A (4) TX 13,174,934 1,076,277 - 14,251,211 Avistar at Wilcrest - Series A (2) TX 3,775,000 76,010 - 3,851,010 Avistar at Wood Hollow - Series A (2) TX 31,850,000 519,528 - 32,369,528 Avistar in 09 - Series A (3) TX 6,560,275 569,287 - 7,129,562 Avistar on the Boulevard - Series A (3) TX 16,026,896 1,287,345 - 17,314,241 Avistar on the Hills - Series A (3) TX 5,249,199 478,889 - 5,728,088 Bella Vista (1) TX 6,225,000 36,768 - 6,261,768 Bruton Apartments (2) TX 17,993,528 1,983,682 - 19,977,210 Concord at Gulfgate - Series A (2) TX 19,185,000 2,112,142 - 21,297,142 Concord at Little York - Series A (2) TX 13,440,000 1,603,710 - 15,043,710 Concord at Williamcrest - Series A (2) TX 20,820,000 2,387,983 - 23,207,983 Crossing at 1415 - Series A (2) TX 7,507,847 535,422 - 8,043,269 Decatur Angle (2) TX 22,713,795 2,035,876 - 24,749,671 Heights at 515 - Series A (2) TX 6,873,563 607,666 - 7,481,229 Heritage Square - Series A (4) TX 11,011,625 868,241 - 11,879,866 Oaks at Georgetown - Series A (2) TX 12,330,000 388,294 - 12,718,294 Runnymede (1) TX 10,095,000 71,494 - 10,166,494 Southpark (1) TX 11,730,894 2,681,471 - 14,412,365 Vantage at Judson -Series B (4) TX 26,022,746 2,070,687 - 28,093,433 15 West Apartments (2) WA 9,768,096 1,405,808 - 11,173,904 Mortgage revenue bonds held in trust $ 619,782,276 $ 53,430,000 $ (60,059 ) $ 673,152,217 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 14 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 14 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 14 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 14 June 30, 2018 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montecito at Williams Ranch Apartments - Series A & B CA $ 12,471,000 $ 843,862 $ - $ 13,314,862 Vineyard Gardens - Series A & B CA 6,841,000 498,091 - 7,339,091 Greens Property - Series B NC 935,715 167,568 - 1,103,283 Ohio Properties - Series B OH 3,528,660 107,104 - 3,635,764 Rosewood Townhomes - Series A & B SC 9,750,000 - (475,623 ) 9,274,377 South Pointe Apartments - Series A & B SC 22,700,000 - (1,012,610 ) 21,687,390 Avistar at Copperfield - Series B TX 4,000,000 12,310 - 4,012,310 Avistar at the Crest - Series B TX 747,452 33,663 - 781,115 Avistar at the Oaks - Series B TX 546,794 23,084 - 569,878 Avistar at the Parkway - Series B TX 124,734 31,430 - 156,164 Avistar at Wilcrest - Series B TX 1,550,000 4,839 - 1,554,839 Avistar at Wood Hollow - Series B TX 8,410,000 27,743 - 8,437,743 Avistar in 09 - Series B TX 451,056 17,357 - 468,413 Avistar on the Boulevard - Series B TX 444,138 18,371 - 462,509 Esperanza at Palo Alto TX 19,540,000 2,139,382 - 21,679,382 Mortgage revenue bonds held by the Partnership $ 92,040,549 $ 3,924,804 $ (1,488,233 ) $ 94,477,120 December 31, 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 $ 1,226,192 $ - $ 17,684,192 Glenview Apartments - Series A (4) CA 4,627,228 523,464 - 5,150,692 Harmony Court Bakersfield - Series A (2) CA 3,730,000 430,637 - 4,160,637 Harmony Terrace - Series A & B (2) CA 14,300,000 871,221 - 15,171,221 Harden Ranch - Series A (3) CA 6,845,985 1,182,914 - 8,028,899 Las Palmas II - Series A & B (2) CA 3,465,000 193,418 - 3,658,418 Montclair Apartments - Series A (4) CA 2,506,828 398,840 - 2,905,668 San Vicente - Series A & B (2) CA 5,320,000 309,038 - 5,629,038 Santa Fe Apartments - Series A (4) CA 3,036,928 535,673 - 3,572,601 Seasons at Simi Valley - Series A (2) CA 4,366,195 807,864 - 5,174,059 Seasons Lakewood - Series A & B (2) CA 12,610,000 884,537 - 13,494,537 Seasons San Juan Capistrano - Series A & B (2) CA 18,949,000 1,233,570 - 20,182,570 Summerhill - Series A & B (2) CA 9,795,000 738,806 - 10,533,806 Sycamore Walk - Series A (2) CA 3,632,000 490,314 - 4,122,314 The Village at Madera - Series A & B (2) CA 4,804,000 355,303 - 5,159,303 Tyler Park Townhomes - Series A (3) CA 5,965,475 807,688 - 6,773,163 Westside Village Market - Series A (3) CA 3,898,427 568,423 - 4,466,850 Lake Forest (1) FL 8,505,000 1,579,885 - 10,084,885 Brookstone (1) IL 7,450,595 2,017,019 - 9,467,614 Copper Gate Apartments (3) IN 5,100,000 778,339 - 5,878,339 Renaissance - Series A (4) LA 11,239,441 2,096,328 - 13,335,769 Live 929 Apartments (2) MD 40,573,347 3,710,942 - 44,284,289 Woodlynn Village (1) MN 4,267,000 44,428 - 4,311,428 Greens Property - Series A (3) NC 8,126,000 1,113,852 - 9,239,852 Silver Moon - Series A (4) NM 7,879,590 1,140,448 - 9,020,038 Ohio Properties - Series A (1) OH 14,113,000 788,199 - 14,901,199 Bridle Ridge (1) SC 7,465,000 1,199 - 7,466,199 Columbia Gardens (2) SC 13,396,856 1,413,831 - 14,810,687 Companion at Thornhill Apartments (2) SC 11,404,758 1,284,441 - 12,689,199 Cross Creek (1) SC 6,136,553 2,850,344 - 8,986,897 The Palms at Premier Park Apartments (3) SC 19,238,297 2,712,429 - 21,950,726 Village at River's Edge (2) SC 10,000,000 1,182,706 - 11,182,706 Willow Run (2) SC 13,212,587 1,391,536 - 14,604,123 Arbors at Hickory Ridge (3) TN 11,342,234 1,693,626 - 13,035,860 Pro Nova 2014-1 (2) TN 10,038,889 133,878 - 10,172,767 Avistar at Copperfield - Series A (2) TX 10,000,000 628,644 - 10,628,644 Avistar at the Crest - Series A (3) TX 9,456,384 1,187,142 - 10,643,526 Avistar at the Oaks - Series A (3) TX 7,635,895 938,465 - 8,574,360 Avistar at the Parkway - Series A (4) TX 13,233,665 932,753 - 14,166,418 Avistar at Wilcrest - Series A (2) TX 3,775,000 125,170 - 3,900,170 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,865,826 - 33,715,826 Avistar in 09 - Series A (3) TX 6,593,300 716,944 - 7,310,244 Avistar on the Boulevard - Series A (3) TX 16,109,972 1,947,465 - 18,057,437 Avistar on the Hills - Series A (3) TX 5,275,623 648,383 - 5,924,006 Bella Vista (1) TX 6,295,000 42,718 - 6,337,718 Bruton Apartments (2) TX 18,051,775 3,042,939 - 21,094,714 Concord at Gulfgate - Series A (2) TX 19,185,000 2,759,654 - 21,944,654 Concord at Little York - Series A (2) TX 13,440,000 1,999,572 - 15,439,572 Concord at Williamcrest - Series A (2) TX 20,820,000 2,994,839 - 23,814,839 Crossing at 1415 - Series A (2) TX 7,540,000 634,091 - 8,174,091 Decatur Angle (2) TX 22,794,912 2,985,955 - 25,780,867 Heights at 515 - Series A (2) TX 6,903,000 580,522 - 7,483,522 Heritage Square - Series A (4) TX 11,063,027 993,609 - 12,056,636 Oaks at Georgetown - Series A & B (2) TX 17,842,000 915,705 - 18,757,705 Runnymede (1) TX 10,150,000 79,514 - 10,229,514 Southpark (1) TX 11,693,138 2,960,294 - 14,653,432 Vantage at Judson -Series B (4) TX 26,133,557 3,117,969 - 29,251,526 15 West Apartments (2) WA 9,797,833 1,839,648 - 11,637,481 Mortgage revenue bonds held in trust $ 639,438,294 $ 71,429,153 $ - $ 710,867,447 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 14 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 14 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 14 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 14 December 31, 2017 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montecito at Williams Ranch Apartments - Series A & B CA $ 12,471,000 $ 1,111,807 $ - $ 13,582,807 Seasons at Simi Valley - Series B CA 1,944,000 - (466 ) 1,943,534 Sycamore Walk - Series B CA 1,815,000 - (151 ) 1,814,849 Vineyard Gardens - Series A & B CA 6,841,000 - - 6,841,000 Greens Property - Series B NC 937,399 193,991 - 1,131,390 Ohio Properties - Series B OH 3,536,060 149,630 - 3,685,690 Rosewood Townhomes - Series A & B SC 9,750,000 - - 9,750,000 South Pointe Apartments - Series A & B SC 22,700,000 - - 22,700,000 Avistar at Copperfield - Series B TX 4,000,000 13,514 - 4,013,514 Avistar at the Crest - Series B TX 749,455 58,871 - 808,326 Avistar at the Oaks - Series B TX 548,202 41,286 - 589,488 Avistar at the Parkway - Series B TX 124,861 30,715 - 155,576 Avistar at Wilcrest - Series B TX 1,550,000 5,306 - 1,555,306 Avistar at Wood Hollow - Series B TX 8,410,000 30,276 - 8,440,276 Avistar in 09 - Series B TX 452,217 28,675 - 480,892 Avistar on the Boulevard - Series B TX 445,328 33,232 - 478,560 Mortgage revenue bonds held by the Partnership $ 76,274,522 $ 1,697,303 $ (617 ) $ 77,971,208 See Note 21 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 2018 The following MRB was acquired during the six months ended June 30, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Esperanza at Palo Alto (1) May San Antonio, TX 322 7/1/2058 5.80 % 19,540,000 $ 19,540,000 (1) Previously reported bond purchase commitment that converted to a MRB in May 2018. The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2018: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Sycamore Walk - Series B January Bakersfield, CA 112 1/1/2018 8.00 % $ 1,815,000 Seasons Lakewood - Series B March Lakewood, CA 85 1/1/2019 8.00 % 5,260,000 Summerhill - Series B March Bakersfield, CA 128 12/1/2018 8.00 % 3,372,000 Oaks at Georgetown - Series B April Georgetown, TX 192 1/1/2019 8.00 % 5,512,000 Seasons at Simi Valley - Series B April Simi Valley, CA 69 9/1/2018 8.00 % 1,944,000 San Vicente - Series B May Soledad, CA 50 11/1/2018 8.00 % 1,825,000 The Village at Madera - Series B May Madera, CA 75 12/1/2018 8.00 % 1,719,000 $ 21,447,000 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 |
PHC Certificates
PHC Certificates | 6 Months Ended |
Jun. 30, 2018 | |
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 Trusts”) that contain the PHC Certificates. The assets held by the PHC Trusts consist of custodial receipts evidencing loans made to numerous 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, 2018 and December 31, 2017: June 30, 2018 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 7.00 AA- 5.33% $ 24,815,777 $ - $ - $ 24,815,777 PHC Certificate Trust II 6.07 A+ 4.34% 9,123,954 - - 9,123,954 PHC Certificate Trust III 7.31 BBB 5.29% 15,130,979 - - 15,130,979 $ 49,070,710 $ - $ - $ 49,070,710 December 31, 2017 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 7.31 AA- 5.39% $ 25,109,305 $ - $ - $ 25,109,305 PHC Certificate Trust II 6.37 A+ 4.32% 9,606,480 - (248,189 ) 9,358,291 PHC Certificate Trust III 7.61 BBB 5.23% 15,451,249 - (277,257 ) 15,173,992 $ 50,167,034 $ - $ (525,446 ) $ 49,641,588 See Note 21 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 . The Partnership recognized an impairment charge on the three PHC Certificates of approximately $831,000 during the three and six months ended June 30, 2018. See Note 2 for information considered in the Partnership’s evaluation of impairment of the PHC Certificates. |
Real Estate Assets
Real Estate Assets | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 2017: Real Estate Assets at June 30, 2018 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on June 30, 2018 Suites on Paseo San Diego, CA 393 $ 3,195,468 $ 38,850,963 $ 42,046,431 The 50/50 MF Property Lincoln, NE 475 - 32,932,981 32,932,981 Jade Park Daytona, FL 144 2,292,035 7,594,192 9,886,227 Land held for development (1) (1) 2,031,224 - 2,031,224 $ 86,896,863 Less accumulated depreciation (11,403,940 ) Total real estate assets $ 75,492,923 (1) Real Estate Assets at December 31, 2017 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2017 Suites on Paseo San Diego, CA 394 $ 3,166,463 $ 38,454,894 $ 41,621,357 The 50/50 MF Property Lincoln, NE 475 - 32,932,981 32,932,981 Jade Park Daytona, FL 144 2,292,035 7,565,613 9,857,648 Land held for development (2) (2) 1,860,737 - 1,860,737 $ 86,272,723 Less accumulated depreciation (9,580,531 ) Total real estate assets $ 76,692,192 (2) Activity in the First Six Months of 2018 In February 2018, the Partnership acquired two contiguous tracts of land in Omaha, NE. The total purchase price was approximately $2.7 million. In March 2018, a portion of the land acquired was contributed to Vantage at Stone Creek, LLC in exchange for an ownership interest in the entity (See Note 9). The remaining land is classified as “Land held for development” at June 30, 2018. In May 2018, the Partnership listed the remaining land for sale. In February 2018, the Partnership executed a Purchase Agreement to acquire a tract of land in Douglas County, NE. If the land is successfully acquired, it will be classified as “Land held for development.” In March 2018, the Partnership executed a Commercial Purchase Agreement to sell the Jade Park MF Property to an unrelated third party. The Partnership and the third party mutually agreed to terminate the Commercial Purchase Agreement in May 2018. In June 2018, the Partnership executed a new Commercial Purchase Agreement to sell the Jade Park MF Property to a different unrelated third party. Activity in the First Six Months of 2017 In March 2017, the Partnership sold its 99% limited partner interest in Northern View. The table below summarizes information related to the sale. 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. Property Name Month Sold Property Location Units Gross Proceeds Gain on Sale before Income Taxes Northern View March Highland Heights, KY 294 $ 13,750,000 $ 7,152,512 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. Net income (loss), exclusive of the gains on sale, related to the Northern View MF Property (sold in March 2017) and the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties (sold in November 2017) for the three and six months ended June 30, 2018 and 2017 are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) $ 2,854 $ (90,191 ) $ (10,503 ) $ (153,043 ) |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | 9. Investment in Unconsolidated Entities ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, has equity commitments and reported equity contributions within 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, up to a maximum amount, through the second anniversary of construction completion The following table provides the details of the investments in unconsolidated entities at June 30, 2018 and December 31, 2017: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value at June 30, 2018 Carrying Value at December 31, 2017 Maximum Remaining Equity Commitment at June 30, 2018 Vantage at Corpus Christi Corpus Christi, TX 288 March 2016 August 2017 $ 9,035,674 $ 9,178,139 $ 1,550,000 Vantage at Boerne Boerne, TX 288 August 2016 December 2017 8,695,165 8,272,810 1,475,936 Vantage at Waco Waco, TX 288 August 2016 January 2018 9,194,710 8,748,091 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 June 2018 10,877,788 10,349,416 1,996,500 Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 7,488,224 3,060,471 3,534,815 Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 5,226,898 - 1,984,179 Vantage at Bulverde Bulverde, TX 288 March 2018 N/A 6,790,825 - 1,959,428 Vantage at Germantown Germantown, TN 288 June 2018 N/A 3,185,483 - 7,242,170 $ 60,494,767 $ 39,608,927 $ 21,335,067 Activity in the First Six Months of 2018 In March 2018, the Partnership executed equity commitments to fund construction of the Vantage at Stone Creek and Vantage at Bulverde multifamily properties of approximately $7.1 million and $8.6 million, respectively. The Partnership also entered into a guarantee agreement related to the construction loan for Vantage at Stone Creek (Note 17). In June 2018, the Partnership executed a $10.4 million equity commitment to fund construction of the Vantage at Germantown multifamily property. Activity in the First Six Months of 2017 In March 2017, the Partnership executed 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 17). |
Property Loans, Net of Loan Los
Property Loans, Net of Loan Loss Allowances | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 2017: June 30, 2018 Outstanding Balance Loan Loss Allowances Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 5,062,535 - 5,062,535 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,367,635 - 8,367,635 Vantage at New Braunfels, LLC 7,206,978 - 7,206,978 Winston Group, Inc 700,000 - 700,000 Total $ 36,324,339 $ (7,393,814 ) $ 28,930,525 December 31, 2017 Outstanding Balance Loan Loss Allowances Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,995,884 - 4,995,884 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,417,635 - 8,417,635 Vantage at New Braunfels, LLC 7,406,978 - 7,406,978 Winston Group, Inc 1,100,000 - 1,100,000 Total $ 36,907,688 $ (7,393,814 ) $ 29,513,874 During the three and six months ended June 30, 2018, the interest to be earned on the Cross Creek, and the Lake Forest property loans was in nonaccrual status. During the three and six months ended June 30, 2017, the interest to be earned on the Ashley Square, Cross Creek, and the Lake Forest property loans was in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest earned since inception was not probable. In addition, for the three and six months ended June 30, 2018 and 2017, interest to be earned on approximately $983,000 of property loans for the Ohio Properties was in nonaccrual status as, in management’s opinion, the interest was not considered collectible. |
Income Tax Provision
Income Tax Provision | 6 Months Ended |
Jun. 30, 2018 | |
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 deferred finance costs, etc.), and the utilization of net operating losses generated in prior years. The Partnership’s deferred tax assets and liabilities are valued based on enacted tax rates as of the reporting date, including consideration of the Jobs and Tax Cuts Act of 2017. The following represents income tax expense for the Greens Hold Co for the three and six months ended June 30, 2018 and 2017 For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Current income tax expense (benefit) $ 13,000 $ 138,000 $ (28,000 ) $ 2,760,047 Deferred income tax expense (benefit) - (201,000 ) 34,000 (365,000 ) Total income tax expense (benefit) $ 13,000 $ (63,000 ) $ 6,000 $ 2,395,047 The Partnership evaluated whether it is more likely than not that its deferred income tax assets are realizable and recorded a valuation allowance of approximately $110,000 against its deferred income tax assets as of June 30, 2018. There was no valuation allowance recorded as of December 31, 2017. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2018 | |
Other Assets [Abstract] | |
Other Assets | 12. Other Assets The following represents the Other Assets at June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 Deferred financing costs - net $ 296,157 $ 383,133 Fair value of derivative instruments (Note 16) 1,026,976 597,221 Taxable mortgage revenue bonds at fair market value 2,357,952 2,422,459 Bond purchase commitments - fair value (Note 17) 994,685 3,002,540 Other assets 1,732,476 942,949 Total other assets $ 6,408,246 $ 7,348,302 See Note 21 for a description of the methodology and significant assumptions for determining the fair value of the derivative instruments, taxable MRBs and bond purchase commitments. Unrealized gains or losses on these assets are recorded in the condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. |
Unsecured Lines of Credit
Unsecured Lines of Credit | 6 Months Ended |
Jun. 30, 2018 | |
Unsecured Lines of Credit | 14. Debt Financing The following represents the Partnership’s Debt Financings, net of deferred financing costs, at June 30, 2018 and December 31, 2017: Outstanding Debt Financings on June 30, 2018, 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 $ 46,731,225 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 18,671,135 - 2017 August 2018 - November 2018 N/A N/A N/A 3.76% Fixed - Term A/B 60,491,635 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 137,779,522 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 47,403,860 - 2017 February 2027 - November 2027 N/A N/A N/A 4.46% - 4.52% Variable - TOB 37,965,000 161,976 2012 May 2019 Weekly 2.04 - 2.09% 1.67% 3.71 - 3.76% TEBS Financings Variable - TEBS I 55,093,000 399,815 2010 September 2020 Weekly 1.55% 1.85% 3.40% Variable - TEBS II (1) 80,742,583 136,626 2014 July 2019 (2) Weekly 1.53% 1.62% 3.15% Variable - TEBS III (1) 57,294,369 56,111 2015 July 2020 (3) Weekly 1.53% 1.39% 2.92% Total Debt Financings $ 542,172,329 (1) Facility fees are variable (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. Outstanding Debt Financings on December 31, 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 $ 46,787,036 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 33,612,154 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Fixed - Term A/B 60,441,915 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 138,065,482 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 47,414,014 - 2017 February 2027 - November 2027 N/A N/A N/A 4.46% - 4.52% Variable - TOB 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% TEBS Financings Variable - TEBS I 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - TEBS II (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - TEBS III (1) 57,406,058 57,364 2015 July 2020 (3) Weekly 1.77% 1.16% 2.93% Total Debt Financings $ 558,328,347 (1) Facility fees are variable (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. 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 plus interest expense for the trailing twelve months must be at least twice the trailing twelve-month interest expense. The Partnership is in compliance with these covenants as of June 30, 2018. At June 30, 2018 and December 31, 2017, 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 16). Debt Financing Activity in the First Six Months of 2018 The following Term A/B Trusts were collapsed and paid off in full at prices that approximated the Partnership’s carrying value plus accrued interest: Mortgage Revenue Bond Debt Facility Month Paydown Applied Seasons Lakewood - Series B Term A/B Trust March 2018 $ 4,475,000 Summerhill - Series B Term A/B Trust March 2018 2,870,000 Oaks at Georgetown - Series B Term A/B Trust April 2018 4,690,000 San Vicente - Series B Term A/B Trust May 2018 1,555,000 The Village at Madera - Series B Term A/B Trust May 2018 1,465,000 In April 2018, the maturity date of the Partnership’s variable TOB Trusts was extended to May 2019. 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 were paid to a related party (Note 20). The following table summarizes the gross principal and terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,150,000 2017 February 2022 3.89 % San Vicente - Series B 1,555,000 2017 June 2018 3.76 % Las Palmas - Series A 1,530,000 2017 February 2022 3.89 % Las Palmas - Series B 1,505,000 2017 June 2018 3.76 % The Village at Madera - Series A 2,780,000 2017 February 2022 3.89 % The Village at Madera - Series B 1,465,000 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,360,000 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B 1,700,000 2017 July 2018 3.76 % Summerhill - Series A 5,785,000 2017 February 2022 3.89 % Summerhill - Series B 2,870,000 2017 July 2018 3.76 % Courtyard - Series A 9,210,000 2017 February 2022 3.89 % Courtyard - Series B 5,295,000 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,615,000 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,475,000 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,140,000 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,590,000 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 27,075,000 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,210,000 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,500,000 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 106,810,000 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 gross principal terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,100,000 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,690,000 2017 August 2018 3.76 % Harmony Terrace - Series A 6,210,000 2017 March 2022 3.89 % Harmony Terrace - Series B 6,290,000 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,290,000 In June 2017, the maturity date of the Partnership’s variable TOB Trusts was extended until May 2018. Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2018 $ 20,670,553 2019 168,839,558 2020 113,138,107 2021 2,361,722 2022 61,286,487 Thereafter 179,374,563 Total 545,670,990 Deferred financing costs (3,498,661 ) Total debt financing, net $ 542,172,329 |
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, 2018 and December 31, 2017: Unsecured Lines of Credit Outstanding on June 30, 2018 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 49,540,000 $ 50,000,000 May 2019 Variable (1) Monthly 5.00 % Bankers Trust operating - 10,000,000 May 2019 Variable (1) Monthly 5.34 % Total unsecured lines of credit $ 49,540,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding on December 31, 2017 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 50,000,000 $ 50,000,000 May 2019 Variable (2) Monthly 4.38 % Bankers Trust operating - 10,000,000 May 2019 Variable (2) Monthly 4.62 % Total unsecured lines of credit $ 50,000,000 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin. The outstanding balance on the non-operating LOC is due between September 2018 and February 2019, before consideration of the Partnership’s extension payment options. If all extension options are utilized, the balance is due in May 2019. The Partnership is required to make principal payments to reduce the Bankers Trust Operating LOC to zero for fifteen consecutive calendar days during each calendar quarter. The Partnership has fulfilled its prepayment obligation for all periods presented. In addition, the Partnership has fulfilled its third quarter of 2018 repayment obligation as it maintained a zero balance in the Operating LOC for the first fifteen days of July 2018. The Partnership is in compliance with all covenants at June 30, 2018. |
Debt Financing
Debt Financing | 6 Months Ended |
Jun. 30, 2018 | |
Debt Financing [Abstract] | |
Unsecured Lines of Credit | 14. Debt Financing The following represents the Partnership’s Debt Financings, net of deferred financing costs, at June 30, 2018 and December 31, 2017: Outstanding Debt Financings on June 30, 2018, 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 $ 46,731,225 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 18,671,135 - 2017 August 2018 - November 2018 N/A N/A N/A 3.76% Fixed - Term A/B 60,491,635 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 137,779,522 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 47,403,860 - 2017 February 2027 - November 2027 N/A N/A N/A 4.46% - 4.52% Variable - TOB 37,965,000 161,976 2012 May 2019 Weekly 2.04 - 2.09% 1.67% 3.71 - 3.76% TEBS Financings Variable - TEBS I 55,093,000 399,815 2010 September 2020 Weekly 1.55% 1.85% 3.40% Variable - TEBS II (1) 80,742,583 136,626 2014 July 2019 (2) Weekly 1.53% 1.62% 3.15% Variable - TEBS III (1) 57,294,369 56,111 2015 July 2020 (3) Weekly 1.53% 1.39% 2.92% Total Debt Financings $ 542,172,329 (1) Facility fees are variable (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. Outstanding Debt Financings on December 31, 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 $ 46,787,036 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 33,612,154 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Fixed - Term A/B 60,441,915 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 138,065,482 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 47,414,014 - 2017 February 2027 - November 2027 N/A N/A N/A 4.46% - 4.52% Variable - TOB 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% TEBS Financings Variable - TEBS I 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - TEBS II (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - TEBS III (1) 57,406,058 57,364 2015 July 2020 (3) Weekly 1.77% 1.16% 2.93% Total Debt Financings $ 558,328,347 (1) Facility fees are variable (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. 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 plus interest expense for the trailing twelve months must be at least twice the trailing twelve-month interest expense. The Partnership is in compliance with these covenants as of June 30, 2018. At June 30, 2018 and December 31, 2017, 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 16). Debt Financing Activity in the First Six Months of 2018 The following Term A/B Trusts were collapsed and paid off in full at prices that approximated the Partnership’s carrying value plus accrued interest: Mortgage Revenue Bond Debt Facility Month Paydown Applied Seasons Lakewood - Series B Term A/B Trust March 2018 $ 4,475,000 Summerhill - Series B Term A/B Trust March 2018 2,870,000 Oaks at Georgetown - Series B Term A/B Trust April 2018 4,690,000 San Vicente - Series B Term A/B Trust May 2018 1,555,000 The Village at Madera - Series B Term A/B Trust May 2018 1,465,000 In April 2018, the maturity date of the Partnership’s variable TOB Trusts was extended to May 2019. 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 were paid to a related party (Note 20). The following table summarizes the gross principal and terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,150,000 2017 February 2022 3.89 % San Vicente - Series B 1,555,000 2017 June 2018 3.76 % Las Palmas - Series A 1,530,000 2017 February 2022 3.89 % Las Palmas - Series B 1,505,000 2017 June 2018 3.76 % The Village at Madera - Series A 2,780,000 2017 February 2022 3.89 % The Village at Madera - Series B 1,465,000 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,360,000 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B 1,700,000 2017 July 2018 3.76 % Summerhill - Series A 5,785,000 2017 February 2022 3.89 % Summerhill - Series B 2,870,000 2017 July 2018 3.76 % Courtyard - Series A 9,210,000 2017 February 2022 3.89 % Courtyard - Series B 5,295,000 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,615,000 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,475,000 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,140,000 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,590,000 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 27,075,000 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,210,000 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,500,000 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 106,810,000 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 gross principal terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,100,000 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,690,000 2017 August 2018 3.76 % Harmony Terrace - Series A 6,210,000 2017 March 2022 3.89 % Harmony Terrace - Series B 6,290,000 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,290,000 In June 2017, the maturity date of the Partnership’s variable TOB Trusts was extended until May 2018. Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2018 $ 20,670,553 2019 168,839,558 2020 113,138,107 2021 2,361,722 2022 61,286,487 Thereafter 179,374,563 Total 545,670,990 Deferred financing costs (3,498,661 ) Total debt financing, net $ 542,172,329 |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 6 Months Ended |
Jun. 30, 2018 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing | 15. Mortgages Payable and Other Secured Financing The following represents the Partnerships’ Mortgages payable and other secured financing, net of deferred financing costs, at June 30, 2018 and December 31, 2017: MF Property Mortgage Payables Outstanding Mortgage Payable at June 30, 2018, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate The 50/50 MF Property--TIF Loan $ 3,227,661 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,512,791 2013 March 2020 Variable Monthly 4.75 % (1) N/A 4.75 % Jade Park 7,472,337 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 35,212,789 4.55 % (1) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2017, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate The 50/50 MF Property--TIF Loan $ 3,358,370 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,713,256 2013 March 2020 Variable Monthly 4.25 % (2) N/A 4.25 % Jade Park 7,468,548 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 35,540,174 4.21 % (2) Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2018 $ 389,007 2019 3,917,772 2020 24,221,375 2021 6,858,994 2022 - Thereafter - Total 35,387,148 Deferred financing costs (174,359 ) Total mortgages payable and other secured financings, net $ 35,212,789 |
Interest Rate Derivative Agreem
Interest Rate Derivative Agreements | 6 Months Ended |
Jun. 30, 2018 | |
Interest Rate Derivative Agreements [Abstract] | |
Interest Rate Derivative Agreements | 16. Interest Rate Derivative Agreements The following represents the interest rate derivatives, excluding interest rate swaps, at June 30, 2018 and December 31, 2017: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of June 30, 2018 July 2014 $ 30,462,845 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ 30 July 2014 30,462,845 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 30 July 2014 30,462,845 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 30 July 2015 27,515,500 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 6,004 July 2015 27,515,500 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 6,004 July 2015 27,515,500 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 6,004 June 2017 91,388,535 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 252,431 June 2017 82,546,501 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 755,358 Sept 2017 59,530,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 1,085 $ 1,026,976 (1) For additional details, see Note 21 to the Partnership's condensed consolidated financial statements. Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (2) Counterparty Fair Value as of December 31, 2017 July 2014 $ 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ 169 July 2014 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 169 July 2014 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 169 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 3,213 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 3,213 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 3,213 June 2017 91,956,883 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 160,174 June 2017 83,000,217 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 425,978 Sept 2017 59,935,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 923 $ 597,221 (2) For additional details, see Note 21 to the Partnership's condensed consolidated financial statements. The Partnership has contracted for two interest rate swaps with DB. On a quarterly basis, the Partnership reassesses its interest rate swap positions. The Partnership has 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, 2018 and December 31, 2017: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty June 30, 2018 - Fair Value of Liability Sept 2014 $ 22,741,097 Oct 2016 Oct 2021 1.96 % 1.46 % 70% 30-day LIBOR Deutsche Bank $ (36,986 ) Sept 2014 17,993,528 April 2017 April 2022 2.06 % 1.46 % 70% 30-day LIBOR Deutsche Bank (92,032 ) $ (129,018 ) Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty December 31, 2017 - Fair Value of Liability Sept 2014 $ 22,821,429 Oct 2016 Oct 2021 1.96 % 1.08 % 70% 30-day LIBOR Deutsche Bank $ (402,261 ) Sept 2014 18,051,775 April 2017 April 2022 2.06 % 1.08 % 70% 30-day LIBOR Deutsche Bank (424,591 ) $ (826,852 ) The Partnership is required to fund a cash collateral account at DB for an amount greater than or equal to the fair value of the interest rate swaps. Such cash balances were approximately $162,000 and $850,000 at June 30, 2018 and December 31, 2017, respectively, and are reported within restricted cash on the condensed consolidated balance sheets. The Partnership’s interest rate derivatives and interest rate swaps are not designated as hedging instruments and are recorded at fair value. Changes in fair value are included in current period earnings as interest expense on the condensed consolidated statements of operations. See Note 21 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, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 17. 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 commitments, 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, 2018 and December 31, 2017: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at June 30, 2018 Fair Value at December 31, 2017 Esperanza at Palo Alto July 2015 $ - 5.80 % Q2 2018 $ - $ 1,616,143 Village at Avalon November 2015 16,400,000 5.80 % Q4 2018 994,685 1,386,397 Total $ 16,400,000 $ 994,685 $ 3,002,540 (1) The closing date for Esperanza at Palo Alto is actual and the closing date for Village at Avalon is estimated. 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 New Braunfels, LLC, both located in Texas. The Partnership’s remaining maximum commitments totaled approximately $1.2 million at June 30, 2018. See Note 10 for disclosures related to these property loans. Other Guarantees & Commitments In March 2018, the Partnership entered into a guaranty agreement whereby the Partnership has guaranteed payment of the construction loan of Vantage at Stone Creek, LLC. The Partnership will only have to perform on the guarantee upon a default by Vantage at Stone Creek, LLC. The guarantee is initially for the entire amount of the construction loan and decreases to 50% when the project receives a certificate of occupancy and 25% as certain debt service coverage levels are obtained by the borrower. The construction loan has a maximum available balance of $30.8 million. There was no outstanding balance on the construction loan and the Partnership had no exposure under the guarantee at June 30, 2018. 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. The outstanding balance on the construction loan was approximately $21.6 million at June 30, 2018, which is the Partnership’s current exposure under the guarantee. No amount has been accrued for this contingent liability because the likelihood of a guarantee claim is remote. The Partnership is also required to maintain minimum cash and net worth requirements, which were met as of June 30, 2018. 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 under the guarantee provision of the repurchase clause is approximately $2.6 million at June 30, 2018 and represents 75% of the equity contributed by BC Partners. The term of the guarantee agreement ends in 2027. 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 under the guarantee provision of the repurchase clause is approximately $4.1 million at June 30, 2018 and represents 75% of the equity contributed by BC Partners. The term of the guarantee agreement ends in 2026. 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 is approximately $127,000 at June 30, 2018. 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 $84,000 and $125,000 at June 30, 2018 and December 31, 2017. The Partnership reported expenses related to the agreement of approximately $42,000 for the three months ended June 30, 2018 and 2017. The Partnership reported expenses related to the agreement of approximately $84,000 for the six months ended June 30, 2018 and 2017. As the holder of residual interests issued in 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 PHC Certificates 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 $545.7 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, 2018 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Series A Preferred Units | 18. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units via private placements to five financial institutions. The Series A Preferred Units are redeemable in the future and represent limited partnership interests in the Partnership. The following table summarizes the outstanding Series A Preferred Units at : 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 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Preferred Units at June 30, 2018 and December 31, 2017 9,450,000 $ 94,500,000 |
Restricted Unit Awards ("RUAs")
Restricted Unit Awards ("RUAs") | 6 Months Ended |
Jun. 30, 2018 | |
Restricted Unit Awards [Member] | |
Restricted Unit Awards ("RUAs") | 19. 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 $544,000 and $439,000 for the three months ended June 30, 2018 and 2017, respectively. The compensation expense for RUAs totaled approximately $750,000 and $610,000 for the six months ended June 30, 2018 and 2017, respectively. The following table represents nonvested RUAs at and for the six months ended June 30, 2018 and the year ended December 31, 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 (199,281 ) 5.85 Nonvested at December 31, 2017 242,069 $ 5.83 Granted 309,212 6.31 Nonvested at June 30, 2018 551,281 $ 6.10 There was approximately $2.0 million of total unrecognized compensation expense related to nonvested RUAs granted under the Plan at June 30, 2018. The remaining expense is expected to be recognized over a weighted-average period of 1.1 years. The total intrinsic value of nonvested RUAs was approximately $3.5 million at June 30, 2018. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Transactions with Related Parties | 20. Transactions with Related Parties The following table summarizes transactions with related parties for the three and six months ended June 30, 2018 and 2017: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Partnership administrative fees to General Partner (1) $ 927,000 $ 905,000 $ 1,849,000 $ 1,770,000 MRB property administrative fees to General Partner (2) 18,000 37,000 43,000 52,000 Placement fees to General Partner (3) 530,000 - 1,598,000 938,000 Property management fees to an affiliate (4) 48,000 92,000 98,000 205,000 Origination fees to an affiliate (5) - - - 269,000 Consulting fees to an affiliate (6) - - - 921,000 Construction fees paid to an affiliate (7) - - - - (1) 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 disclosed amounts represent administrative fees paid or accrued during the period specified. (2) AFCA 2 receives administrative fees directly from the owners of properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees paid during the period specified. The administrative fees are not Partnership expenses. (3) AFCA 2 earns placement fees in connection with the acquisition of certain MRBs, equity investments in unconsolidated entities and certain 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. (4) An affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management services for the MF Properties (excluding Suites on Paseo). The property management fees are reflected as real estate operating expenses in the Partnership’s condensed consolidated statements of operations. Properties Management also provides services to eight of the properties collateralizing MRBs of the Partnership. The property management fees are not Partnership expenses but are paid by the owners of the respective properties. These 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, as applicable. (5) An affiliate of AFCA 2, Farnam Capital Advisors, LLC (“Farnam Cap”), acts as an origination advisor to the borrowers when MRBs, investments in unconsolidated entities, certain property loans, and financing facilities are acquired by the Partnership. These origination fees were paid by the borrower and are not Partnership expenses, so they have not been reflected in the accompanying condensed consolidated financial statements. (6) Fees are paid to Farnam Cap related to consulting services when certain debt financing facilities are acquired by the Partnership. (7) An affiliate of AFCA 2, Burlington Capital Construction Services, LLC, is the general contractor for certain rehabilitation services for the Jade Park MF Property. There were no payments to this affiliate during the periods presented, but there was an existing contract at June 30, 2017. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Measurements [Abstract] | |
Fair Value of Financial Instruments | 21. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for the Partnership’s 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 bond purchase commitments at June 30, 2018 and December 31, 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 evaluates pricing data received from the third-party pricing service, including consideration of current market interest rates, quantitative and qualitative characteristics of the underlying collateral, and other information from either the third-party pricing service or public sources. The fair value estimates of the MRBs are based largely on unobservable inputs believed to be used by market participants and requires the use of judgment on the part of the third-party pricing service and the Partnership. Due to the judgments involved, the fair value measurements of the Partnership’s investments in MRBs and bond purchase commitments are categorized as a Level 3 input. At June 30, 2018, the range of effective yields on the individual MRBs was 3.2% to 8.5% per annum. At December 31, 2017, the range of effective yields on the individual MRBs and bond purchase commitments was 2.9% to 8.8% per annum. Investments in Public Housing Capital Fund Trust Certificates The fair value of the Partnership’s investment in PHC Certificates at June 30, 2018 and December 31, 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 PHC 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 Certificate 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. During the second quarter of 2017, the Partnership analyzed 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 utilized 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. During the third quarter of 2017, the Partnership continued to utilize the third-party pricing service to obtain prices, which are indicative of market prices, for its PHC Certificates. The Partnership engaged a second third-party pricing service whose methodology was consistent with the Partnership’s internal valuation methodology and is utilized by the Partnership to confirm the values developed by its primary third-party pricing service. As such, the Partnership did not utilize its internal methodology to price the PHC Certificates. The Partnership reviews the inputs used by the primary third-party pricing service by reviewing source information and reviews the methodology for reasonableness. The valuation methodologies used by the third-party pricing services 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. Taxable MRBs The fair value of the Partnership’s taxable MRBs at June 30, 2018 and December 31, 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 MRBs 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 MRB as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure of the borrower, subordination to other obligations, operating results of the underlying property, geographic location, and property quality. The taxable MRB values are then estimated using a discounted cash flow and yield to maturity or call analysis. The Partnership evaluates pricing data received from the third-party pricing service, including consideration of current market interest rates, quantitative and qualitative characteristics of the underlying collateral, and other information from either the third-party pricing service or public sources. The fair value estimates of the taxable MRBs are based largely on unobservable inputs believed to 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 MRBs is categorized as a Level 3 input. At June 30, 2018, the range of effective yields on the individual taxable MRBs was 8.1% to 9.3% per annum. At December 31, 2017, the range of effective yields on the individual taxable MRBs was 7.9% to 9.2% per annum. 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 financings 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, 2018 are summarized as follows: Fair Value Measurements at June 30, 2018 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 $ 673,152,217 $ - $ - $ 673,152,217 Mortgage revenue bonds 94,477,120 - - 94,477,120 Bond purchase commitments (reported within other assets) 994,685 - - 994,685 PHC Certificates 49,070,710 - - 49,070,710 Taxable mortgage revenue bonds (reported within other assets) 2,357,952 - - 2,357,952 Derivative contracts (reported within other assets) 1,026,976 - - 1,026,976 Derivative swap liability (129,018 ) - - (129,018 ) Total Assets and Liabilities at Fair Value, net $ 820,950,642 $ - $ - $ 820,950,642 The following tables summarizes the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2018: For the Three Months Ended June 30, 2018 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 April 1, 2018 $ 755,959,454 $ 2,027,473 $ 48,939,254 $ 2,397,825 $ 852,702 $ 810,176,708 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 36,221 - (850,336 ) - 6,386 (807,729 ) Included in other comprehensive (loss) income 4,077,300 (1,032,788 ) 981,792 (12,079 ) - 4,014,225 Purchases 19,540,000 - - - - 19,540,000 Settlements (11,983,638 ) - - (27,794 ) 38,870 (11,972,562 ) Ending Balance June 30, 2018 $ 767,629,337 $ 994,685 $ 49,070,710 $ 2,357,952 $ 897,958 $ 820,950,642 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2018 $ - $ - $ (831,062 ) $ - $ 6,386 $ (824,676 ) (1) (2) For the Six Months Ended June 30, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2018 $ 788,621,707 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,458,663 Total gains (losses) (realized/unrealized) Included in earnings (interest income, impairment of securities and interest expense) 72,535 - (869,610 ) - 996,381 199,306 Included in other comprehensive (loss) income (17,319,328 ) (2,007,855 ) 525,446 (33,981 ) - (18,835,718 ) Purchases 19,540,000 - - - - 19,540,000 Settlements (23,285,577 ) - (226,714 ) (30,526 ) 131,208 (23,411,609 ) Ending Balance June 30, 2018 $ 767,629,337 $ 994,685 $ 49,070,710 $ 2,357,952 $ 897,958 $ 820,950,642 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2018 $ - $ - $ (831,062 ) $ - $ 996,381 $ 165,319 (1) (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. Assets and liabilities measured at fair value on a recurring basis at December 31, 2017 are summarized as follows: Fair Value Measurements at December 31, 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 $ 710,867,447 $ - $ - $ 710,867,447 Mortgage revenue bonds 77,971,208 - - 77,971,208 Bond purchase commitments (reported within other assets) 3,002,540 - - 3,002,540 PHC Certificates 49,641,588 - - 49,641,588 Taxable mortgage revenue bonds (reported within other assets) 2,422,459 - - 2,422,459 Derivative contracts (reported within other assets) 597,221 - - 597,221 Derivative swap liability (826,852 ) - - (826,852 ) Total Assets and Liabilities at Fair Value, net $ 843,675,611 $ - $ - $ 843,675,611 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 Bonds (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) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. 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 Mortgage Revenue 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) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities Total gains and losses included in earnings for the periods shown above are reported as interest expense in the Partnership’s condensed consolidated statements of operations. At June 30, 2018 and December 31, 2017, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s financial liabilities, which are indicative of market prices. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of each financial liability as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, legal structure, seniority to other obligations, operating results of the underlying assets, and asset quality. The financial liabilities values are then estimated using a discounted cash flow and yield to maturity or call analysis. The Partnership evaluates pricing data received from the third-party pricing service, including consideration of current market interest rates, quantitative and qualitative characteristics of the underlying collateral, and other information from either the third-party pricing service or public sources. The fair value estimates of these financial liabilities are based largely on unobservable inputs believed to be used by market participants and requires the use of judgment on the part of the third-party pricing service and the Partnership. Due to the judgments involved, the fair value measurements of the Partnership’s financial liabilities are categorized as a Level 3 input. The TEBS and variable-rate TOB debt financings are credit enhanced by Freddie Mac and DB, respectively. The table below summarizes the fair value of the financial liabilities at June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 591,712,329 $ 597,873,855 $ 608,328,347 $ 618,412,150 Mortgages payable and other secured financing 35,212,789 35,387,148 35,540,174 35,767,924 |
Segments
Segments | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Segments | 22. 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. The Amended and Restated LP Agreement authorizes the Partnership to make investments in tax-exempt securities other than 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 and Other Investments, which are reported as 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 allowances, are reported as such on the Partnership’s condensed consolidated balance sheets. At June 30, 2018, the Partnership held 81 MRBs. The Residential Properties financed by MRBs contain a total of 10,988 rental units. In addition, one MRB (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 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) and the related debt financings. 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 ownership interest in the MF Property. At June 30, 2018, the segment includes three MF Properties comprised of a total of 1,012 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 invests in unconsolidated entities (Note 9) and has issued property loans due from Vantage at Brooks LLC and Vantage at New 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, 2018 and 2017: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Total revenues Mortgage Revenue Bond Investments $ 11,098,140 $ 11,059,940 $ 23,168,696 $ 21,648,438 MF Properties 2,477,442 3,306,722 4,813,954 7,099,137 Public Housing Capital Fund Trust 622,961 719,182 1,243,067 1,427,968 Other Investments 1,586,622 1,148,456 3,017,482 2,099,145 Total revenues $ 15,785,165 $ 16,234,300 $ 32,243,199 $ 32,274,688 Interest expense Mortgage Revenue Bond Investments $ 5,265,140 $ 4,938,029 $ 9,782,760 $ 9,509,484 MF Properties 408,131 534,245 798,832 1,059,832 Public Housing Capital Fund Trust 245,596 369,053 219,580 714,264 Other Investments - - - - Total interest expense $ 5,918,867 $ 5,841,327 $ 10,801,172 $ 11,283,580 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 919,456 1,265,335 1,823,409 2,620,566 Public Housing Capital Fund Trust - - - - Other Investments - - - - Total depreciation expense $ 919,456 $ 1,265,335 $ 1,823,409 $ 2,620,566 Partnership net income (loss) Mortgage Revenue Bond Investments $ 2,308,290 $ 2,592,768 $ 6,607,885 $ 4,821,821 MF Properties (95,425 ) 18,047 (458,155 ) 3,763,592 Public Housing Capital Fund Trust (453,697 ) 350,129 192,425 713,704 Other Investments 1,578,953 1,148,456 3,000,270 2,099,145 Partnership net income $ 3,338,121 $ 4,109,400 $ 9,342,425 $ 11,398,262 The following table details total assets for the Partnership’s reportable segments at June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 Total assets Mortgage Revenue Bond Investments $ 892,881,652 $ 937,565,390 MF Properties 82,642,061 83,514,758 Public Housing Capital Fund Trust Certificates 49,344,607 49,918,434 Other Investments 76,199,168 55,573,834 Consolidation/eliminations (77,536,608 ) (56,804,417 ) Total assets $ 1,023,530,880 $ 1,069,767,999 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. Subsequent Events In July 2018, the maturity of the Term A/B Trust associated with the Courtyard Series B MRB was extended to August 2018. In July 2018, the Partnership extended the maturity date of its two lines of credit with Bankers Trust to June 2020. In July 2018, the Las Palmas Series B MRB was redeemed at a price equal to the Partnership’s carrying value plus accrued interest. Upon redemption, the Term A/B Trust associated with the MRB was collapsed and paid off in full at a price equal to the outstanding principal plus accrued interest. In July 2018, the Jade Park MF Property met the criteria for classification as assets and liabilities held for sale. The Partnership expects to complete the sale of substantially all assets and related liabilities of Jade Park in the third quarter of 2018; however, there can be no assurance actual closing will occur. The table below summarizes the assets and liabilities of the Jade Park MF Property expected to be sold and included in the Partnership’s condensed consolidated balance sheet at June 30, 2018: June 30, 2018 Cash and cash equivalents $ 237,516 Restricted cash 174,321 Land and improvements 2,292,035 Buildings and improvements 7,594,192 Real estate assets before accumulated depreciation 9,886,227 Accumulated depreciation (757,835 ) Net real estate assets 9,128,392 Other assets 24,782 Total assets held for sale $ 9,565,011 Accounts payable, accrued expenses and other liabilities $ 158,662 In August 2018, the Partnership entered into a Capital on Demand TM |
Summary of Significant Accoun32
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018, 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. • One MF Property, The 50/50, is owned by a wholly-owned corporation (“the Greens Hold Co”). • One MF Property, Jade Park, is owned by a wholly-owned subsidiary of the Partnership and one MF Property, Suites on Paseo, is owned directly by America First Multifamily Investors, L.P. |
Restricted Cash | Restricted Cash Restricted cash is legally restricted to use and is comprised of resident security deposits and escrowed funds. In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities and the Partnership’s interest rate derivatives. Restricted cash is presented with cash and cash equivalents on the condensed consolidated statement of cash flows in accordance with the adoption of Accounting Standards Update (“ASU”) 2016-18 effective for the Partnership as of January 1, 2018. |
Investments in Mortgage Revenue Bond, Taxable Mortgage Revenue Bonds | Investments in Mortgage Revenue Bond, Taxable Mortgage Revenue Bonds The Partnership owns certain MRBs that were purchased at a discount or premium. The Partnership chose to adopt the provisions of ASU 2017-08 relating to premiums on purchased callable debt securities early, effective January 1, 2018. Upon adoption of this ASU, premiums on callable MRB investments are amortized as a yield adjustment to the earliest call date. Accordingly, on January 1, 2018, the Partnership recorded a cumulative adjustment to partners’ capital of approximately $217,000. Results for prior periods were not adjusted. The impact of the adoption of ASU 2017-08 to net income for the three and six months ended June 30, 2018 was a decrease in investment income of approximately $17,000 and $34,000, respectively, as compared to the previous accounting policy. Discounts on MRB investments PHC Certificate Impairment The Partnership periodically reviews the Public Housing Capital Fund Trust (“PHC”) Certificates for impairment. The Partnership evaluates whether a decline in the fair value of the investments that is below its amortized cost is other-than-temporary. Factors considered are: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Downgrade in the security’s rating by S&P, and • Volatility of the fair value of the security. |
Income Taxes | Income Taxes No provision has been made for income taxes of the Partnership 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 Partnership recognizes franchise margin tax expense on revenues in certain jurisdictions relating to MF Properties and Investments in unconsolidated entities. The Greens Hold Co, a wholly-owned subsidiary of the Partnership, is a corporation subject to federal and state income taxes. The Partnership recognizes 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 its 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 deferred financing costs, etc.) and the utilization of tax net operating losses (“NOLs”) generated in prior years that had been previously recognized as deferred income tax assets. The Partnership records 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 income tax expense. |
Revenue Recognition on Investments in Real Estate | Revenue Recognition on Investments in Real Estate The Partnership’s MF Properties are lessors of multifamily, student housing, and senior citizen rental units under leases with terms of one year or less. Rental revenue is recognized, net of rental concessions, on a straight-line method over the related lease term. The Partnership also recognizes other non-lease revenues related to other operations at the MF Properties such as parking and food service revenues at student housing properties. Such revenues are recognized over time as services are provided. Such non-lease revenue streams are within the scope of Accounting Standards Codification (“ASC”) 606, which was effective for the Partnership as of January 1, 2018. The adoption of ASC 606 did not have a material impact on the Partnerships’ condensed consolidated financial statements. |
Restricted Unit Awards ("RUAs") | Restricted Unit Awards (“RUAs”) The Partnership’s 2015 Equity Incentive Plan (the “Plan”) 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 vesting 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 as 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, 2017. These condensed consolidated financial statements and notes have been prepared consistently with the 2017 Form 10-K, with the exception of new accounting standards that were adopted and are discussed herein. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the financial position at June 30, 2018, 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, 2017, was derived from the audited annual financial statements, but does not contain all the footnote disclosures from the annual consolidated financial statements. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements 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, with early adoption permitted. The FASB issued ASU 2018-11 in July 2018, which allows the Partnership to initially apply the new lease standard at the adoption date and recognize a cumulative-effect adjustment to opening retained earnings. The Partnership is currently evaluating whether to elect this adoption method rather than using the modified retrospective approach. 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. The Partnership has six 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 and is currently evaluating the impact this standard will have on its 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. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure | The following table summarizes the Partnerships variable interests in these entities at June 30, 2018 and December 31, 2017: Maximum Exposure to Loss June 30, 2018 December 31, 2017 Mortgage revenue bonds $ 84,158,000 $ 146,344,195 Property loans 15,574,613 15,824,613 Investment in unconsolidated entities 60,494,767 39,608,927 $ 160,227,380 $ 201,777,735 |
Investments in Mortgage Reven34
Investments in Mortgage Revenue Bonds ("MRBs") (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Schedule of investments in MRBs | The Partnership had the following investments in MRBs at June 30, 2018 and December 31, 2017: June 30, 2018 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 $ 842,894 $ - $ 17,300,894 Glenview Apartments - Series A (4) CA 4,604,904 386,744 - 4,991,648 Harmony Court Bakersfield - Series A (2) CA 3,730,000 273,992 - 4,003,992 Harmony Terrace - Series A & B (2) CA 14,300,000 571,942 - 14,871,942 Harden Ranch - Series A (3) CA 6,811,252 868,874 - 7,680,126 Las Palmas II - Series A & B (2) CA 3,465,000 121,498 - 3,586,498 Montclair Apartments - Series A (4) CA 2,494,734 316,289 - 2,811,023 San Vicente - Series A (2) CA 3,495,000 238,471 - 3,733,471 Santa Fe Apartments - Series A (4) CA 3,022,276 407,346 - 3,429,622 Seasons at Simi Valley - Series A (2) CA 4,346,157 639,914 - 4,986,071 Seasons Lakewood - Series A (2) CA 7,350,000 578,452 - 7,928,452 Seasons San Juan Capistrano - Series A & B (2) CA 18,949,000 906,168 - 19,855,168 Summerhill - Series A (2) CA 6,423,000 410,548 - 6,833,548 Sycamore Walk - Series A (2) CA 3,616,750 316,436 - 3,933,186 The Village at Madera - Series A (2) CA 3,085,000 226,613 - 3,311,613 Tyler Park Townhomes - Series A (3) CA 5,934,866 627,227 - 6,562,093 Westside Village Market - Series A (3) CA 3,878,423 444,103 - 4,322,526 Lake Forest (1) FL 8,433,000 1,184,869 - 9,617,869 Brookstone (1) IL 7,442,163 1,557,750 - 8,999,913 Copper Gate Apartments (3) IN 5,100,000 606,607 - 5,706,607 Renaissance - Series A (4) LA 11,182,486 1,498,700 - 12,681,186 Live 929 Apartments (2) MD 40,333,693 3,093,989 - 43,427,682 Woodlynn Village (1) MN 4,244,000 39,254 - 4,283,254 Greens Property - Series A (3) NC 8,080,000 925,182 - 9,005,182 Silver Moon - Series A (4) NM 7,851,526 693,322 - 8,544,848 Ohio Properties - Series A (1) OH 14,052,997 516,691 - 14,569,688 Bridle Ridge (1) SC 7,430,000 97,044 - 7,527,044 Columbia Gardens (2) SC 13,299,000 1,300,938 - 14,599,938 Companion at Thornhill Apartments (2) SC 11,350,638 944,340 - 12,294,978 Cross Creek (1) SC 6,141,122 2,641,911 - 8,783,033 The Palms at Premier Park Apartments (3) SC 19,142,966 1,903,361 - 21,046,327 Village at River's Edge (2) SC 9,969,493 1,327,542 - 11,297,035 Willow Run (2) SC 13,115,524 1,280,882 - 14,396,406 Arbors at Hickory Ridge (3) TN 11,260,696 990,706 - 12,251,402 Pro Nova 2014-1 (2) TN 10,029,943 - (60,059 ) 9,969,884 Avistar at Copperfield - Series A (2) TX 10,000,000 281,641 - 10,281,641 Avistar at the Crest - Series A (3) TX 9,407,620 878,039 - 10,285,659 Avistar at the Oaks - Series A (3) TX 7,597,649 693,141 - 8,290,790 Avistar at the Parkway - Series A (4) TX 13,174,934 1,076,277 - 14,251,211 Avistar at Wilcrest - Series A (2) TX 3,775,000 76,010 - 3,851,010 Avistar at Wood Hollow - Series A (2) TX 31,850,000 519,528 - 32,369,528 Avistar in 09 - Series A (3) TX 6,560,275 569,287 - 7,129,562 Avistar on the Boulevard - Series A (3) TX 16,026,896 1,287,345 - 17,314,241 Avistar on the Hills - Series A (3) TX 5,249,199 478,889 - 5,728,088 Bella Vista (1) TX 6,225,000 36,768 - 6,261,768 Bruton Apartments (2) TX 17,993,528 1,983,682 - 19,977,210 Concord at Gulfgate - Series A (2) TX 19,185,000 2,112,142 - 21,297,142 Concord at Little York - Series A (2) TX 13,440,000 1,603,710 - 15,043,710 Concord at Williamcrest - Series A (2) TX 20,820,000 2,387,983 - 23,207,983 Crossing at 1415 - Series A (2) TX 7,507,847 535,422 - 8,043,269 Decatur Angle (2) TX 22,713,795 2,035,876 - 24,749,671 Heights at 515 - Series A (2) TX 6,873,563 607,666 - 7,481,229 Heritage Square - Series A (4) TX 11,011,625 868,241 - 11,879,866 Oaks at Georgetown - Series A (2) TX 12,330,000 388,294 - 12,718,294 Runnymede (1) TX 10,095,000 71,494 - 10,166,494 Southpark (1) TX 11,730,894 2,681,471 - 14,412,365 Vantage at Judson -Series B (4) TX 26,022,746 2,070,687 - 28,093,433 15 West Apartments (2) WA 9,768,096 1,405,808 - 11,173,904 Mortgage revenue bonds held in trust $ 619,782,276 $ 53,430,000 $ (60,059 ) $ 673,152,217 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 14 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 14 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 14 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 14 June 30, 2018 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montecito at Williams Ranch Apartments - Series A & B CA $ 12,471,000 $ 843,862 $ - $ 13,314,862 Vineyard Gardens - Series A & B CA 6,841,000 498,091 - 7,339,091 Greens Property - Series B NC 935,715 167,568 - 1,103,283 Ohio Properties - Series B OH 3,528,660 107,104 - 3,635,764 Rosewood Townhomes - Series A & B SC 9,750,000 - (475,623 ) 9,274,377 South Pointe Apartments - Series A & B SC 22,700,000 - (1,012,610 ) 21,687,390 Avistar at Copperfield - Series B TX 4,000,000 12,310 - 4,012,310 Avistar at the Crest - Series B TX 747,452 33,663 - 781,115 Avistar at the Oaks - Series B TX 546,794 23,084 - 569,878 Avistar at the Parkway - Series B TX 124,734 31,430 - 156,164 Avistar at Wilcrest - Series B TX 1,550,000 4,839 - 1,554,839 Avistar at Wood Hollow - Series B TX 8,410,000 27,743 - 8,437,743 Avistar in 09 - Series B TX 451,056 17,357 - 468,413 Avistar on the Boulevard - Series B TX 444,138 18,371 - 462,509 Esperanza at Palo Alto TX 19,540,000 2,139,382 - 21,679,382 Mortgage revenue bonds held by the Partnership $ 92,040,549 $ 3,924,804 $ (1,488,233 ) $ 94,477,120 December 31, 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 $ 1,226,192 $ - $ 17,684,192 Glenview Apartments - Series A (4) CA 4,627,228 523,464 - 5,150,692 Harmony Court Bakersfield - Series A (2) CA 3,730,000 430,637 - 4,160,637 Harmony Terrace - Series A & B (2) CA 14,300,000 871,221 - 15,171,221 Harden Ranch - Series A (3) CA 6,845,985 1,182,914 - 8,028,899 Las Palmas II - Series A & B (2) CA 3,465,000 193,418 - 3,658,418 Montclair Apartments - Series A (4) CA 2,506,828 398,840 - 2,905,668 San Vicente - Series A & B (2) CA 5,320,000 309,038 - 5,629,038 Santa Fe Apartments - Series A (4) CA 3,036,928 535,673 - 3,572,601 Seasons at Simi Valley - Series A (2) CA 4,366,195 807,864 - 5,174,059 Seasons Lakewood - Series A & B (2) CA 12,610,000 884,537 - 13,494,537 Seasons San Juan Capistrano - Series A & B (2) CA 18,949,000 1,233,570 - 20,182,570 Summerhill - Series A & B (2) CA 9,795,000 738,806 - 10,533,806 Sycamore Walk - Series A (2) CA 3,632,000 490,314 - 4,122,314 The Village at Madera - Series A & B (2) CA 4,804,000 355,303 - 5,159,303 Tyler Park Townhomes - Series A (3) CA 5,965,475 807,688 - 6,773,163 Westside Village Market - Series A (3) CA 3,898,427 568,423 - 4,466,850 Lake Forest (1) FL 8,505,000 1,579,885 - 10,084,885 Brookstone (1) IL 7,450,595 2,017,019 - 9,467,614 Copper Gate Apartments (3) IN 5,100,000 778,339 - 5,878,339 Renaissance - Series A (4) LA 11,239,441 2,096,328 - 13,335,769 Live 929 Apartments (2) MD 40,573,347 3,710,942 - 44,284,289 Woodlynn Village (1) MN 4,267,000 44,428 - 4,311,428 Greens Property - Series A (3) NC 8,126,000 1,113,852 - 9,239,852 Silver Moon - Series A (4) NM 7,879,590 1,140,448 - 9,020,038 Ohio Properties - Series A (1) OH 14,113,000 788,199 - 14,901,199 Bridle Ridge (1) SC 7,465,000 1,199 - 7,466,199 Columbia Gardens (2) SC 13,396,856 1,413,831 - 14,810,687 Companion at Thornhill Apartments (2) SC 11,404,758 1,284,441 - 12,689,199 Cross Creek (1) SC 6,136,553 2,850,344 - 8,986,897 The Palms at Premier Park Apartments (3) SC 19,238,297 2,712,429 - 21,950,726 Village at River's Edge (2) SC 10,000,000 1,182,706 - 11,182,706 Willow Run (2) SC 13,212,587 1,391,536 - 14,604,123 Arbors at Hickory Ridge (3) TN 11,342,234 1,693,626 - 13,035,860 Pro Nova 2014-1 (2) TN 10,038,889 133,878 - 10,172,767 Avistar at Copperfield - Series A (2) TX 10,000,000 628,644 - 10,628,644 Avistar at the Crest - Series A (3) TX 9,456,384 1,187,142 - 10,643,526 Avistar at the Oaks - Series A (3) TX 7,635,895 938,465 - 8,574,360 Avistar at the Parkway - Series A (4) TX 13,233,665 932,753 - 14,166,418 Avistar at Wilcrest - Series A (2) TX 3,775,000 125,170 - 3,900,170 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,865,826 - 33,715,826 Avistar in 09 - Series A (3) TX 6,593,300 716,944 - 7,310,244 Avistar on the Boulevard - Series A (3) TX 16,109,972 1,947,465 - 18,057,437 Avistar on the Hills - Series A (3) TX 5,275,623 648,383 - 5,924,006 Bella Vista (1) TX 6,295,000 42,718 - 6,337,718 Bruton Apartments (2) TX 18,051,775 3,042,939 - 21,094,714 Concord at Gulfgate - Series A (2) TX 19,185,000 2,759,654 - 21,944,654 Concord at Little York - Series A (2) TX 13,440,000 1,999,572 - 15,439,572 Concord at Williamcrest - Series A (2) TX 20,820,000 2,994,839 - 23,814,839 Crossing at 1415 - Series A (2) TX 7,540,000 634,091 - 8,174,091 Decatur Angle (2) TX 22,794,912 2,985,955 - 25,780,867 Heights at 515 - Series A (2) TX 6,903,000 580,522 - 7,483,522 Heritage Square - Series A (4) TX 11,063,027 993,609 - 12,056,636 Oaks at Georgetown - Series A & B (2) TX 17,842,000 915,705 - 18,757,705 Runnymede (1) TX 10,150,000 79,514 - 10,229,514 Southpark (1) TX 11,693,138 2,960,294 - 14,653,432 Vantage at Judson -Series B (4) TX 26,133,557 3,117,969 - 29,251,526 15 West Apartments (2) WA 9,797,833 1,839,648 - 11,637,481 Mortgage revenue bonds held in trust $ 639,438,294 $ 71,429,153 $ - $ 710,867,447 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 14 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 14 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 14 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 14 December 31, 2017 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montecito at Williams Ranch Apartments - Series A & B CA $ 12,471,000 $ 1,111,807 $ - $ 13,582,807 Seasons at Simi Valley - Series B CA 1,944,000 - (466 ) 1,943,534 Sycamore Walk - Series B CA 1,815,000 - (151 ) 1,814,849 Vineyard Gardens - Series A & B CA 6,841,000 - - 6,841,000 Greens Property - Series B NC 937,399 193,991 - 1,131,390 Ohio Properties - Series B OH 3,536,060 149,630 - 3,685,690 Rosewood Townhomes - Series A & B SC 9,750,000 - - 9,750,000 South Pointe Apartments - Series A & B SC 22,700,000 - - 22,700,000 Avistar at Copperfield - Series B TX 4,000,000 13,514 - 4,013,514 Avistar at the Crest - Series B TX 749,455 58,871 - 808,326 Avistar at the Oaks - Series B TX 548,202 41,286 - 589,488 Avistar at the Parkway - Series B TX 124,861 30,715 - 155,576 Avistar at Wilcrest - Series B TX 1,550,000 5,306 - 1,555,306 Avistar at Wood Hollow - Series B TX 8,410,000 30,276 - 8,440,276 Avistar in 09 - Series B TX 452,217 28,675 - 480,892 Avistar on the Boulevard - Series B TX 445,328 33,232 - 478,560 Mortgage revenue bonds held by the Partnership $ 76,274,522 $ 1,697,303 $ (617 ) $ 77,971,208 |
Schedule of MRB Acquisitions | The following MRB was acquired during the six months ended June 30, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Esperanza at Palo Alto (1) May San Antonio, TX 322 7/1/2058 5.80 % 19,540,000 $ 19,540,000 (1) Previously reported bond purchase commitment that converted to a MRB in May 2018. 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 |
Schedule of MRBs Redeemed | The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2018: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Sycamore Walk - Series B January Bakersfield, CA 112 1/1/2018 8.00 % $ 1,815,000 Seasons Lakewood - Series B March Lakewood, CA 85 1/1/2019 8.00 % 5,260,000 Summerhill - Series B March Bakersfield, CA 128 12/1/2018 8.00 % 3,372,000 Oaks at Georgetown - Series B April Georgetown, TX 192 1/1/2019 8.00 % 5,512,000 Seasons at Simi Valley - Series B April Simi Valley, CA 69 9/1/2018 8.00 % 1,944,000 San Vicente - Series B May Soledad, CA 50 11/1/2018 8.00 % 1,825,000 The Village at Madera - Series B May Madera, CA 75 12/1/2018 8.00 % 1,719,000 $ 21,447,000 |
PHC Certificates (Tables)
PHC Certificates (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 2017: June 30, 2018 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 7.00 AA- 5.33% $ 24,815,777 $ - $ - $ 24,815,777 PHC Certificate Trust II 6.07 A+ 4.34% 9,123,954 - - 9,123,954 PHC Certificate Trust III 7.31 BBB 5.29% 15,130,979 - - 15,130,979 $ 49,070,710 $ - $ - $ 49,070,710 December 31, 2017 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 7.31 AA- 5.39% $ 25,109,305 $ - $ - $ 25,109,305 PHC Certificate Trust II 6.37 A+ 4.32% 9,606,480 - (248,189 ) 9,358,291 PHC Certificate Trust III 7.61 BBB 5.23% 15,451,249 - (277,257 ) 15,173,992 $ 50,167,034 $ - $ (525,446 ) $ 49,641,588 |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Real Estate [Line Items] | |
Real Estate Assets Owned by Partnership | The following tables summarizes information regarding the Partnership’s real estate assets at June 30, 2018 and December 31, 2017: Real Estate Assets at June 30, 2018 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on June 30, 2018 Suites on Paseo San Diego, CA 393 $ 3,195,468 $ 38,850,963 $ 42,046,431 The 50/50 MF Property Lincoln, NE 475 - 32,932,981 32,932,981 Jade Park Daytona, FL 144 2,292,035 7,594,192 9,886,227 Land held for development (1) (1) 2,031,224 - 2,031,224 $ 86,896,863 Less accumulated depreciation (11,403,940 ) Total real estate assets $ 75,492,923 (1) Real Estate Assets at December 31, 2017 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on December 31, 2017 Suites on Paseo San Diego, CA 394 $ 3,166,463 $ 38,454,894 $ 41,621,357 The 50/50 MF Property Lincoln, NE 475 - 32,932,981 32,932,981 Jade Park Daytona, FL 144 2,292,035 7,565,613 9,857,648 Land held for development (2) (2) 1,860,737 - 1,860,737 $ 86,272,723 Less accumulated depreciation (9,580,531 ) Total real estate assets $ 76,692,192 (2) |
Net Income, Exclusive of the Gains on Sale | Net income (loss), exclusive of the gains on sale, related to the Northern View MF Property (sold in March 2017) and the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties (sold in November 2017) for the three and six months ended June 30, 2018 and 2017 are as follows: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) $ 2,854 $ (90,191 ) $ (10,503 ) $ (153,043 ) |
MF Properties [Member] | |
Real Estate [Line Items] | |
Gains on Sale, Net of Income Taxes | In March 2017, the Partnership sold its 99% limited partner interest in Northern View. The table below summarizes information related to the sale. 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. Property Name Month Sold Property Location Units Gross Proceeds Gain on Sale before Income Taxes Northern View March Highland Heights, KY 294 $ 13,750,000 $ 7,152,512 |
Investment in Unconsolidated 37
Investment in Unconsolidated Entities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 2017: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value at June 30, 2018 Carrying Value at December 31, 2017 Maximum Remaining Equity Commitment at June 30, 2018 Vantage at Corpus Christi Corpus Christi, TX 288 March 2016 August 2017 $ 9,035,674 $ 9,178,139 $ 1,550,000 Vantage at Boerne Boerne, TX 288 August 2016 December 2017 8,695,165 8,272,810 1,475,936 Vantage at Waco Waco, TX 288 August 2016 January 2018 9,194,710 8,748,091 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 June 2018 10,877,788 10,349,416 1,996,500 Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 7,488,224 3,060,471 3,534,815 Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 5,226,898 - 1,984,179 Vantage at Bulverde Bulverde, TX 288 March 2018 N/A 6,790,825 - 1,959,428 Vantage at Germantown Germantown, TN 288 June 2018 N/A 3,185,483 - 7,242,170 $ 60,494,767 $ 39,608,927 $ 21,335,067 |
Property Loans, Net of Loan L38
Property Loans, Net of Loan Loss Allowances (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 2017: June 30, 2018 Outstanding Balance Loan Loss Allowances Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 5,062,535 - 5,062,535 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,367,635 - 8,367,635 Vantage at New Braunfels, LLC 7,206,978 - 7,206,978 Winston Group, Inc 700,000 - 700,000 Total $ 36,324,339 $ (7,393,814 ) $ 28,930,525 December 31, 2017 Outstanding Balance Loan Loss Allowances Net Taxable Property Loans Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Lake Forest 4,995,884 - 4,995,884 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,417,635 - 8,417,635 Vantage at New Braunfels, LLC 7,406,978 - 7,406,978 Winston Group, Inc 1,100,000 - 1,100,000 Total $ 36,907,688 $ (7,393,814 ) $ 29,513,874 |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and 2017 For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Current income tax expense (benefit) $ 13,000 $ 138,000 $ (28,000 ) $ 2,760,047 Deferred income tax expense (benefit) - (201,000 ) 34,000 (365,000 ) Total income tax expense (benefit) $ 13,000 $ (63,000 ) $ 6,000 $ 2,395,047 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following represents the Other Assets at June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 Deferred financing costs - net $ 296,157 $ 383,133 Fair value of derivative instruments (Note 16) 1,026,976 597,221 Taxable mortgage revenue bonds at fair market value 2,357,952 2,422,459 Bond purchase commitments - fair value (Note 17) 994,685 3,002,540 Other assets 1,732,476 942,949 Total other assets $ 6,408,246 $ 7,348,302 |
Unsecured Lines of Credit (Tabl
Unsecured Lines of Credit (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Unsecured Lines of Credit [Member] | |
Summary of Unsecured Lines of Credit | The following represents the unsecured lines of credit (“LOC”) at June 30, 2018 and December 31, 2017: Unsecured Lines of Credit Outstanding on June 30, 2018 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 49,540,000 $ 50,000,000 May 2019 Variable (1) Monthly 5.00 % Bankers Trust operating - 10,000,000 May 2019 Variable (1) Monthly 5.34 % Total unsecured lines of credit $ 49,540,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding on December 31, 2017 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust $ 50,000,000 $ 50,000,000 May 2019 Variable (2) Monthly 4.38 % Bankers Trust operating - 10,000,000 May 2019 Variable (2) Monthly 4.62 % Total unsecured lines of credit $ 50,000,000 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin. |
Debt Financing (Tables)
Debt Financing (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Financing [Abstract] | |
Schedule of Total Debt Financing | The following represents the Partnership’s Debt Financings, net of deferred financing costs, at June 30, 2018 and December 31, 2017: Outstanding Debt Financings on June 30, 2018, 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 $ 46,731,225 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 18,671,135 - 2017 August 2018 - November 2018 N/A N/A N/A 3.76% Fixed - Term A/B 60,491,635 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 137,779,522 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 47,403,860 - 2017 February 2027 - November 2027 N/A N/A N/A 4.46% - 4.52% Variable - TOB 37,965,000 161,976 2012 May 2019 Weekly 2.04 - 2.09% 1.67% 3.71 - 3.76% TEBS Financings Variable - TEBS I 55,093,000 399,815 2010 September 2020 Weekly 1.55% 1.85% 3.40% Variable - TEBS II (1) 80,742,583 136,626 2014 July 2019 (2) Weekly 1.53% 1.62% 3.15% Variable - TEBS III (1) 57,294,369 56,111 2015 July 2020 (3) Weekly 1.53% 1.39% 2.92% Total Debt Financings $ 542,172,329 (1) Facility fees are variable (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. Outstanding Debt Financings on December 31, 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 $ 46,787,036 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 33,612,154 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Fixed - Term A/B 60,441,915 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 138,065,482 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 47,414,014 - 2017 February 2027 - November 2027 N/A N/A N/A 4.46% - 4.52% Variable - TOB 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% TEBS Financings Variable - TEBS I 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - TEBS II (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - TEBS III (1) 57,406,058 57,364 2015 July 2020 (3) Weekly 1.77% 1.16% 2.93% Total Debt Financings $ 558,328,347 (1) Facility fees are variable (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. 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 were paid to a related party (Note 20). The following table summarizes the gross principal and terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,150,000 2017 February 2022 3.89 % San Vicente - Series B 1,555,000 2017 June 2018 3.76 % Las Palmas - Series A 1,530,000 2017 February 2022 3.89 % Las Palmas - Series B 1,505,000 2017 June 2018 3.76 % The Village at Madera - Series A 2,780,000 2017 February 2022 3.89 % The Village at Madera - Series B 1,465,000 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,360,000 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B 1,700,000 2017 July 2018 3.76 % Summerhill - Series A 5,785,000 2017 February 2022 3.89 % Summerhill - Series B 2,870,000 2017 July 2018 3.76 % Courtyard - Series A 9,210,000 2017 February 2022 3.89 % Courtyard - Series B 5,295,000 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,615,000 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,475,000 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,140,000 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,590,000 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 27,075,000 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,210,000 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,500,000 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 106,810,000 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 gross principal terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,100,000 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,690,000 2017 August 2018 3.76 % Harmony Terrace - Series A 6,210,000 2017 March 2022 3.89 % Harmony Terrace - Series B 6,290,000 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,290,000 In June 2017, the maturity date of the Partnership’s variable TOB Trusts was extended until May 2018. |
Summary of Term A/B Trust Collapsed and Paid Off Partnership's Carrying Value Plus Accrued Interest | The following Term A/B Trusts were collapsed and paid off in full at prices that approximated the Partnership’s carrying value plus accrued interest: Mortgage Revenue Bond Debt Facility Month Paydown Applied Seasons Lakewood - Series B Term A/B Trust March 2018 $ 4,475,000 Summerhill - Series B Term A/B Trust March 2018 2,870,000 Oaks at Georgetown - Series B Term A/B Trust April 2018 4,690,000 San Vicente - Series B Term A/B Trust May 2018 1,555,000 The Village at Madera - Series B Term A/B Trust May 2018 1,465,000 |
Schedule of Contractual Maturities of Borrowings | Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2018 $ 20,670,553 2019 168,839,558 2020 113,138,107 2021 2,361,722 2022 61,286,487 Thereafter 179,374,563 Total 545,670,990 Deferred financing costs (3,498,661 ) Total debt financing, net $ 542,172,329 |
Mortgages Payable and Other S43
Mortgages Payable and Other Secured Financing (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Schedule of Total Debt Financing | The following represents the Partnership’s Debt Financings, net of deferred financing costs, at June 30, 2018 and December 31, 2017: Outstanding Debt Financings on June 30, 2018, 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 $ 46,731,225 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 18,671,135 - 2017 August 2018 - November 2018 N/A N/A N/A 3.76% Fixed - Term A/B 60,491,635 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 137,779,522 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 47,403,860 - 2017 February 2027 - November 2027 N/A N/A N/A 4.46% - 4.52% Variable - TOB 37,965,000 161,976 2012 May 2019 Weekly 2.04 - 2.09% 1.67% 3.71 - 3.76% TEBS Financings Variable - TEBS I 55,093,000 399,815 2010 September 2020 Weekly 1.55% 1.85% 3.40% Variable - TEBS II (1) 80,742,583 136,626 2014 July 2019 (2) Weekly 1.53% 1.62% 3.15% Variable - TEBS III (1) 57,294,369 56,111 2015 July 2020 (3) Weekly 1.53% 1.39% 2.92% Total Debt Financings $ 542,172,329 (1) Facility fees are variable (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. Outstanding Debt Financings on December 31, 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 $ 46,787,036 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 33,612,154 - 2017 June 2018 - August 2018 N/A N/A N/A 3.76% Fixed - Term A/B 60,441,915 - 2017 February 2022 - March 2022 N/A N/A N/A 3.89% Fixed - Term A/B 138,065,482 - 2016 September 2026 - December 2026 N/A N/A N/A 3.64% Fixed - Term A/B 47,414,014 - 2017 February 2027 - November 2027 N/A N/A N/A 4.46% - 4.52% Variable - TOB 38,130,000 850,327 2012 May 2018 Weekly 2.24 - 2.29% 1.67% 3.91 - 3.96% TEBS Financings Variable - TEBS I 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - TEBS II (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - TEBS III (1) 57,406,058 57,364 2015 July 2020 (3) Weekly 1.77% 1.16% 2.93% Total Debt Financings $ 558,328,347 (1) Facility fees are variable (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. (3) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025 . If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. 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 were paid to a related party (Note 20). The following table summarizes the gross principal and terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate San Vicente - Series A $ 3,150,000 2017 February 2022 3.89 % San Vicente - Series B 1,555,000 2017 June 2018 3.76 % Las Palmas - Series A 1,530,000 2017 February 2022 3.89 % Las Palmas - Series B 1,505,000 2017 June 2018 3.76 % The Village at Madera - Series A 2,780,000 2017 February 2022 3.89 % The Village at Madera - Series B 1,465,000 2017 July 2018 3.76 % Harmony Court Bakersfield - Series A 3,360,000 2017 February 2022 3.89 % Harmony Court Bakersfield - Series B 1,700,000 2017 July 2018 3.76 % Summerhill - Series A 5,785,000 2017 February 2022 3.89 % Summerhill - Series B 2,870,000 2017 July 2018 3.76 % Courtyard - Series A 9,210,000 2017 February 2022 3.89 % Courtyard - Series B 5,295,000 2017 July 2018 3.76 % Seasons Lakewood - Series A 6,615,000 2017 February 2022 3.89 % Seasons Lakewood - Series B 4,475,000 2017 August 2018 3.76 % Seasons San Juan Capistrano - Series A 11,140,000 2017 February 2022 3.89 % Seasons San Juan Capistrano - Series B 5,590,000 2017 August 2018 3.76 % Avistar at Wood Hollow - Series A 27,075,000 2017 February 2027 4.46 % Avistar at Wilcrest - Series A 3,210,000 2017 February 2027 4.46 % Avistar at Copperfield - Series A 8,500,000 2017 February 2027 4.46 % Total Term A/B Trust Financing $ 106,810,000 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 gross principal terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate Oaks at Georgetown - Series A $ 11,100,000 2017 March 2022 3.89 % Oaks at Georgetown - Series B 4,690,000 2017 August 2018 3.76 % Harmony Terrace - Series A 6,210,000 2017 March 2022 3.89 % Harmony Terrace - Series B 6,290,000 2017 August 2018 3.76 % Total Term A/B Trust Financing $ 28,290,000 In June 2017, the maturity date of the Partnership’s variable TOB Trusts was extended until May 2018. |
Schedule of Contractual Maturities of Borrowings | Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2018 $ 20,670,553 2019 168,839,558 2020 113,138,107 2021 2,361,722 2022 61,286,487 Thereafter 179,374,563 Total 545,670,990 Deferred financing costs (3,498,661 ) Total debt financing, net $ 542,172,329 |
Mortgages payable [Member] | |
Schedule of Total Debt Financing | The following represents the Partnerships’ Mortgages payable and other secured financing, net of deferred financing costs, at June 30, 2018 and December 31, 2017: MF Property Mortgage Payables Outstanding Mortgage Payable at June 30, 2018, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate The 50/50 MF Property--TIF Loan $ 3,227,661 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,512,791 2013 March 2020 Variable Monthly 4.75 % (1) N/A 4.75 % Jade Park 7,472,337 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 35,212,789 4.55 % (1) MF Property Mortgage Payables Outstanding Mortgage Payable at December 31, 2017, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Facility Fees Period End Rate The 50/50 MF Property--TIF Loan $ 3,358,370 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,713,256 2013 March 2020 Variable Monthly 4.25 % (2) N/A 4.25 % Jade Park 7,468,548 2016 October 2021 Fixed N/A N/A N/A 3.85 % Total Mortgage Payable\Weighted Average Period End Rate $ 35,540,174 4.21 % (2) |
Schedule of Contractual Maturities of Borrowings | The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2018 $ 389,007 2019 3,917,772 2020 24,221,375 2021 6,858,994 2022 - Thereafter - Total 35,387,148 Deferred financing costs (174,359 ) Total mortgages payable and other secured financings, net $ 35,212,789 |
Interest Rate Derivative Agre44
Interest Rate Derivative Agreements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 2017: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of June 30, 2018 July 2014 $ 30,462,845 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ 30 July 2014 30,462,845 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 30 July 2014 30,462,845 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 30 July 2015 27,515,500 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 6,004 July 2015 27,515,500 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 6,004 July 2015 27,515,500 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 6,004 June 2017 91,388,535 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 252,431 June 2017 82,546,501 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 755,358 Sept 2017 59,530,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 1,085 $ 1,026,976 (1) For additional details, see Note 21 to the Partnership's condensed consolidated financial statements. Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (2) Counterparty Fair Value as of December 31, 2017 July 2014 $ 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ 169 July 2014 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 169 July 2014 30,652,294 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 169 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 3,213 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 3,213 July 2015 27,666,739 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 3,213 June 2017 91,956,883 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 160,174 June 2017 83,000,217 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 425,978 Sept 2017 59,935,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 923 $ 597,221 (2) For additional details, see Note 21 to the Partnership's condensed consolidated financial statements. |
Summary of Terms of Interest Rate Swaps | The following table summarizes the terms of the interest rate swaps at June 30, 2018 and December 31, 2017: Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty June 30, 2018 - Fair Value of Liability Sept 2014 $ 22,741,097 Oct 2016 Oct 2021 1.96 % 1.46 % 70% 30-day LIBOR Deutsche Bank $ (36,986 ) Sept 2014 17,993,528 April 2017 April 2022 2.06 % 1.46 % 70% 30-day LIBOR Deutsche Bank (92,032 ) $ (129,018 ) Purchase Date Notional Amount Effective Date Termination Date Fixed Rate Paid Period End Variable Rate Received Variable Rate & Index Counterparty December 31, 2017 - Fair Value of Liability Sept 2014 $ 22,821,429 Oct 2016 Oct 2021 1.96 % 1.08 % 70% 30-day LIBOR Deutsche Bank $ (402,261 ) Sept 2014 18,051,775 April 2017 April 2022 2.06 % 1.08 % 70% 30-day LIBOR Deutsche Bank (424,591 ) $ (826,852 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Bond Purchase Commitments | The following table represents the bond purchase commitments at June 30, 2018 and December 31, 2017: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at June 30, 2018 Fair Value at December 31, 2017 Esperanza at Palo Alto July 2015 $ - 5.80 % Q2 2018 $ - $ 1,616,143 Village at Avalon November 2015 16,400,000 5.80 % Q4 2018 994,685 1,386,397 Total $ 16,400,000 $ 994,685 $ 3,002,540 (1) The closing date for Esperanza at Palo Alto is actual and the closing date for Village at Avalon is estimated. |
Redeemable Series A Preferred46
Redeemable Series A Preferred Units (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 and December 31, 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 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Preferred Units at June 30, 2018 and December 31, 2017 9,450,000 $ 94,500,000 |
Restricted Unit Awards ("RUAs47
Restricted Unit Awards ("RUAs") (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Nonvested RUAs | The following table represents nonvested RUAs at and for the six months ended June 30, 2018 and the year ended December 31, 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 (199,281 ) 5.85 Nonvested at December 31, 2017 242,069 $ 5.83 Granted 309,212 6.31 Nonvested at June 30, 2018 551,281 $ 6.10 |
Transactions with Related Par48
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions With Related Parties | The following table summarizes transactions with related parties for the three and six months ended June 30, 2018 and 2017: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Partnership administrative fees to General Partner (1) $ 927,000 $ 905,000 $ 1,849,000 $ 1,770,000 MRB property administrative fees to General Partner (2) 18,000 37,000 43,000 52,000 Placement fees to General Partner (3) 530,000 - 1,598,000 938,000 Property management fees to an affiliate (4) 48,000 92,000 98,000 205,000 Origination fees to an affiliate (5) - - - 269,000 Consulting fees to an affiliate (6) - - - 921,000 Construction fees paid to an affiliate (7) - - - - (1) 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 disclosed amounts represent administrative fees paid or accrued during the period specified. (2) AFCA 2 receives administrative fees directly from the owners of properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees paid during the period specified. The administrative fees are not Partnership expenses. (3) AFCA 2 earns placement fees in connection with the acquisition of certain MRBs, equity investments in unconsolidated entities and certain 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. (4) An affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management services for the MF Properties (excluding Suites on Paseo). The property management fees are reflected as real estate operating expenses in the Partnership’s condensed consolidated statements of operations. Properties Management also provides services to eight of the properties collateralizing MRBs of the Partnership. The property management fees are not Partnership expenses but are paid by the owners of the respective properties. These 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, as applicable. (5) An affiliate of AFCA 2, Farnam Capital Advisors, LLC (“Farnam Cap”), acts as an origination advisor to the borrowers when MRBs, investments in unconsolidated entities, certain property loans, and financing facilities are acquired by the Partnership. These origination fees were paid by the borrower and are not Partnership expenses, so they have not been reflected in the accompanying condensed consolidated financial statements. (6) Fees are paid to Farnam Cap related to consulting services when certain debt financing facilities are acquired by the Partnership. (7) An affiliate of AFCA 2, Burlington Capital Construction Services, LLC, is the general contractor for certain rehabilitation services for the Jade Park MF Property. There were no payments to this affiliate during the periods presented, but there was an existing contract at June 30, 2017. |
Fair Value of Financial Instr49
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
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, 2018 are summarized as follows: Fair Value Measurements at June 30, 2018 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 $ 673,152,217 $ - $ - $ 673,152,217 Mortgage revenue bonds 94,477,120 - - 94,477,120 Bond purchase commitments (reported within other assets) 994,685 - - 994,685 PHC Certificates 49,070,710 - - 49,070,710 Taxable mortgage revenue bonds (reported within other assets) 2,357,952 - - 2,357,952 Derivative contracts (reported within other assets) 1,026,976 - - 1,026,976 Derivative swap liability (129,018 ) - - (129,018 ) Total Assets and Liabilities at Fair Value, net $ 820,950,642 $ - $ - $ 820,950,642 Assets and liabilities measured at fair value on a recurring basis at December 31, 2017 are summarized as follows: Fair Value Measurements at December 31, 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 $ 710,867,447 $ - $ - $ 710,867,447 Mortgage revenue bonds 77,971,208 - - 77,971,208 Bond purchase commitments (reported within other assets) 3,002,540 - - 3,002,540 PHC Certificates 49,641,588 - - 49,641,588 Taxable mortgage revenue bonds (reported within other assets) 2,422,459 - - 2,422,459 Derivative contracts (reported within other assets) 597,221 - - 597,221 Derivative swap liability (826,852 ) - - (826,852 ) Total Assets and Liabilities at Fair Value, net $ 843,675,611 $ - $ - $ 843,675,611 |
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, 2018: For the Three Months Ended June 30, 2018 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 April 1, 2018 $ 755,959,454 $ 2,027,473 $ 48,939,254 $ 2,397,825 $ 852,702 $ 810,176,708 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 36,221 - (850,336 ) - 6,386 (807,729 ) Included in other comprehensive (loss) income 4,077,300 (1,032,788 ) 981,792 (12,079 ) - 4,014,225 Purchases 19,540,000 - - - - 19,540,000 Settlements (11,983,638 ) - - (27,794 ) 38,870 (11,972,562 ) Ending Balance June 30, 2018 $ 767,629,337 $ 994,685 $ 49,070,710 $ 2,357,952 $ 897,958 $ 820,950,642 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2018 $ - $ - $ (831,062 ) $ - $ 6,386 $ (824,676 ) (1) (2) 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 Bonds (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) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. For the Six Months Ended June 30, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2018 $ 788,621,707 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,458,663 Total gains (losses) (realized/unrealized) Included in earnings (interest income, impairment of securities and interest expense) 72,535 - (869,610 ) - 996,381 199,306 Included in other comprehensive (loss) income (17,319,328 ) (2,007,855 ) 525,446 (33,981 ) - (18,835,718 ) Purchases 19,540,000 - - - - 19,540,000 Settlements (23,285,577 ) - (226,714 ) (30,526 ) 131,208 (23,411,609 ) Ending Balance June 30, 2018 $ 767,629,337 $ 994,685 $ 49,070,710 $ 2,357,952 $ 897,958 $ 820,950,642 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2018 $ - $ - $ (831,062 ) $ - $ 996,381 $ 165,319 (1) (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. 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 Mortgage Revenue 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) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities |
Summary of Fair Value of Partnership's Financial Liabilities | The table below summarizes the fair value of the financial liabilities at June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 591,712,329 $ 597,873,855 $ 608,328,347 $ 618,412,150 Mortgages payable and other secured financing 35,212,789 35,387,148 35,540,174 35,767,924 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Segment Reporting [Abstract] | |
Summary of Partnership Reportable Segment Information | The following table details certain key financial information for the Partnership’s reportable segments for the three and six months ended June 30, 2018 and 2017: For the Three Months Ended June 30, For the Six Months Ended June 30, 2018 2017 2018 2017 Total revenues Mortgage Revenue Bond Investments $ 11,098,140 $ 11,059,940 $ 23,168,696 $ 21,648,438 MF Properties 2,477,442 3,306,722 4,813,954 7,099,137 Public Housing Capital Fund Trust 622,961 719,182 1,243,067 1,427,968 Other Investments 1,586,622 1,148,456 3,017,482 2,099,145 Total revenues $ 15,785,165 $ 16,234,300 $ 32,243,199 $ 32,274,688 Interest expense Mortgage Revenue Bond Investments $ 5,265,140 $ 4,938,029 $ 9,782,760 $ 9,509,484 MF Properties 408,131 534,245 798,832 1,059,832 Public Housing Capital Fund Trust 245,596 369,053 219,580 714,264 Other Investments - - - - Total interest expense $ 5,918,867 $ 5,841,327 $ 10,801,172 $ 11,283,580 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 919,456 1,265,335 1,823,409 2,620,566 Public Housing Capital Fund Trust - - - - Other Investments - - - - Total depreciation expense $ 919,456 $ 1,265,335 $ 1,823,409 $ 2,620,566 Partnership net income (loss) Mortgage Revenue Bond Investments $ 2,308,290 $ 2,592,768 $ 6,607,885 $ 4,821,821 MF Properties (95,425 ) 18,047 (458,155 ) 3,763,592 Public Housing Capital Fund Trust (453,697 ) 350,129 192,425 713,704 Other Investments 1,578,953 1,148,456 3,000,270 2,099,145 Partnership net income $ 3,338,121 $ 4,109,400 $ 9,342,425 $ 11,398,262 The following table details total assets for the Partnership’s reportable segments at June 30, 2018 and December 31, 2017: June 30, 2018 December 31, 2017 Total assets Mortgage Revenue Bond Investments $ 892,881,652 $ 937,565,390 MF Properties 82,642,061 83,514,758 Public Housing Capital Fund Trust Certificates 49,344,607 49,918,434 Other Investments 76,199,168 55,573,834 Consolidation/eliminations (77,536,608 ) (56,804,417 ) Total assets $ 1,023,530,880 $ 1,069,767,999 |
Subsequent Events (Tables)
Subsequent Events (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Summary of Assets and Liabilities Expected to be Sold | The table below summarizes the assets and liabilities of the Jade Park MF Property expected to be sold and included in the Partnership’s condensed consolidated balance sheet at June 30, 2018: June 30, 2018 Cash and cash equivalents $ 237,516 Restricted cash 174,321 Land and improvements 2,292,035 Buildings and improvements 7,594,192 Real estate assets before accumulated depreciation 9,886,227 Accumulated depreciation (757,835 ) Net real estate assets 9,128,392 Other assets 24,782 Total assets held for sale $ 9,565,011 Accounts payable, accrued expenses and other liabilities $ 158,662 |
Summary of Significant Accoun52
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018USD ($)PropertyArrangementshares | Jun. 30, 2018USD ($)PropertyArrangementshares | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative adjustment to partners' capital | $ | $ (216,948) | |||
Number of lessee arrangements | Arrangement | 6 | 6 | ||
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 | 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 | |||
ASU 2017-08 [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative adjustment to partners' capital | $ | $ 217,000 | |||
Decrease in investment income | $ | $ 17,000 | $ 34,000 | ||
Greens Hold Co [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of Real Estate Properties | Property | 1 | 1 | ||
Jade Park [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of Real Estate Properties | Property | 1 | 1 | ||
Suites on Paseo [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of Real Estate Properties | Property | 1 | 1 |
Partnership Income, Expenses an
Partnership Income, Expenses and Cash Distributions - Additional Information (Details) | Jun. 30, 2018 |
Tier 2 [Member] | |
Penalty on Outstanding Contingent Interest | 0.90% |
Limited Partner [Member] | Tier 1 [Member] | |
Percent of Regular Distributions | 99.00% |
Limited Partner [Member] | Tier 2 [Member] | |
Special Distribution | 75.00% |
Limited Partner [Member] | Tier 3 [Member] | |
Special Distribution | 100.00% |
General Partner [Member] | Tier 1 [Member] | |
Percent of Regular Distributions | 1.00% |
General Partner [Member] | Tier 2 [Member] | |
Special Distribution | 25.00% |
Net Income per BUC (Details)
Net Income per BUC (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Dilutive Units | 0 | 0 | 0 | 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - Property | Jun. 30, 2018 | Dec. 31, 2017 |
Variable Interest Entities [Abstract] | ||
Number of Variable Interest Entities | 19 | 23 |
Variable Interest Entities - Va
Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 160,227,380 | $ 201,777,735 |
Mortgage Revenue Bonds [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 84,158,000 | 146,344,195 |
Property Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 15,574,613 | 15,824,613 |
Investment in Unconsolidated Entities [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 60,494,767 | $ 39,608,927 |
Investments in Mortgage Reven57
Investments in Mortgage Revenue Bonds ("MRBs") - Schedule of investments in MRBs (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | |
Mortgage Revenue Bonds Held In Trust [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | $ 619,782,276 | $ 639,438,294 | |
Cumulative Unrealized Gain | 53,430,000 | 71,429,153 | |
Cumulative Unrealized Loss | (60,059) | ||
Estimated Fair Value | 673,152,217 | 710,867,447 | |
Mortgage Revenue Bonds Held In Trust [Member] | Courtyard [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 16,458,000 | 16,458,000 |
Cumulative Unrealized Gain | [1] | 842,894 | 1,226,192 |
Estimated Fair Value | [1] | 17,300,894 | 17,684,192 |
Mortgage Revenue Bonds Held In Trust [Member] | Glenview Apartments [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 4,604,904 | 4,627,228 |
Cumulative Unrealized Gain | [2] | 386,744 | 523,464 |
Estimated Fair Value | [2] | 4,991,648 | 5,150,692 |
Mortgage Revenue Bonds Held In Trust [Member] | Harmony Court Bakersfield [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 3,730,000 | 3,730,000 |
Cumulative Unrealized Gain | [1] | 273,992 | 430,637 |
Estimated Fair Value | [1] | 4,003,992 | 4,160,637 |
Mortgage Revenue Bonds Held In Trust [Member] | Harmony Terrace [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 14,300,000 | 14,300,000 |
Cumulative Unrealized Gain | [1] | 571,942 | 871,221 |
Estimated Fair Value | [1] | 14,871,942 | 15,171,221 |
Mortgage Revenue Bonds Held In Trust [Member] | Harden Ranch [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 6,811,252 | 6,845,985 |
Cumulative Unrealized Gain | [3] | 868,874 | 1,182,914 |
Estimated Fair Value | [3] | 7,680,126 | 8,028,899 |
Mortgage Revenue Bonds Held In Trust [Member] | Las Palmas II [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 3,465,000 | 3,465,000 |
Cumulative Unrealized Gain | [1] | 121,498 | 193,418 |
Estimated Fair Value | [1] | 3,586,498 | 3,658,418 |
Mortgage Revenue Bonds Held In Trust [Member] | Montclair Apartments [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 2,494,734 | 2,506,828 |
Cumulative Unrealized Gain | [2] | 316,289 | 398,840 |
Estimated Fair Value | [2] | 2,811,023 | 2,905,668 |
Mortgage Revenue Bonds Held In Trust [Member] | San Vicente [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 5,320,000 | |
Cumulative Unrealized Gain | [1] | 309,038 | |
Estimated Fair Value | [1] | 5,629,038 | |
Mortgage Revenue Bonds Held In Trust [Member] | San Vicente [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 3,495,000 | |
Cumulative Unrealized Gain | [1] | 238,471 | |
Estimated Fair Value | [1] | 3,733,471 | |
Mortgage Revenue Bonds Held In Trust [Member] | Santa Fe Apartments [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 3,022,276 | 3,036,928 |
Cumulative Unrealized Gain | [2] | 407,346 | 535,673 |
Estimated Fair Value | [2] | 3,429,622 | 3,572,601 |
Mortgage Revenue Bonds Held In Trust [Member] | Seasons at Simi Valley [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 4,346,157 | 4,366,195 |
Cumulative Unrealized Gain | [1] | 639,914 | 807,864 |
Estimated Fair Value | [1] | 4,986,071 | 5,174,059 |
Mortgage Revenue Bonds Held In Trust [Member] | Seasons Lakewood [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 12,610,000 | |
Cumulative Unrealized Gain | [1] | 884,537 | |
Estimated Fair Value | [1] | 13,494,537 | |
Mortgage Revenue Bonds Held In Trust [Member] | Seasons Lakewood [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 7,350,000 | |
Cumulative Unrealized Gain | [1] | 578,452 | |
Estimated Fair Value | [1] | 7,928,452 | |
Mortgage Revenue Bonds Held In Trust [Member] | Seasons San Juan Capistrano [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 18,949,000 | 18,949,000 |
Cumulative Unrealized Gain | [1] | 906,168 | 1,233,570 |
Estimated Fair Value | [1] | 19,855,168 | 20,182,570 |
Mortgage Revenue Bonds Held In Trust [Member] | Summerhill [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 9,795,000 | |
Cumulative Unrealized Gain | [1] | 738,806 | |
Estimated Fair Value | [1] | 10,533,806 | |
Mortgage Revenue Bonds Held In Trust [Member] | Summerhill [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 6,423,000 | |
Cumulative Unrealized Gain | [1] | 410,548 | |
Estimated Fair Value | [1] | 6,833,548 | |
Mortgage Revenue Bonds Held In Trust [Member] | Sycamore Walk [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 3,616,750 | 3,632,000 |
Cumulative Unrealized Gain | [1] | 316,436 | 490,314 |
Estimated Fair Value | [1] | 3,933,186 | 4,122,314 |
Mortgage Revenue Bonds Held In Trust [Member] | The Village at Madera [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 4,804,000 | |
Cumulative Unrealized Gain | [1] | 355,303 | |
Estimated Fair Value | [1] | 5,159,303 | |
Mortgage Revenue Bonds Held In Trust [Member] | The Village at Madera [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 3,085,000 | |
Cumulative Unrealized Gain | [1] | 226,613 | |
Estimated Fair Value | [1] | 3,311,613 | |
Mortgage Revenue Bonds Held In Trust [Member] | Tyler Park Townhomes [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 5,934,866 | 5,965,475 |
Cumulative Unrealized Gain | [3] | 627,227 | 807,688 |
Estimated Fair Value | [3] | 6,562,093 | 6,773,163 |
Mortgage Revenue Bonds Held In Trust [Member] | Westside Village Market [Member] | Series A [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 3,878,423 | 3,898,427 |
Cumulative Unrealized Gain | [3] | 444,103 | 568,423 |
Estimated Fair Value | [3] | 4,322,526 | 4,466,850 |
Mortgage Revenue Bonds Held In Trust [Member] | Lake Forest [Member] | FL [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 8,433,000 | 8,505,000 |
Cumulative Unrealized Gain | [4] | 1,184,869 | 1,579,885 |
Estimated Fair Value | [4] | 9,617,869 | 10,084,885 |
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 7,442,163 | 7,450,595 |
Cumulative Unrealized Gain | [4] | 1,557,750 | 2,017,019 |
Estimated Fair Value | [4] | 8,999,913 | 9,467,614 |
Mortgage Revenue Bonds Held In Trust [Member] | Copper Gate Apartments [Member] | IN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 5,100,000 | 5,100,000 |
Cumulative Unrealized Gain | [3] | 606,607 | 778,339 |
Estimated Fair Value | [3] | 5,706,607 | 5,878,339 |
Mortgage Revenue Bonds Held In Trust [Member] | Renaissance [Member] | Series A [Member] | LA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 11,182,486 | 11,239,441 |
Cumulative Unrealized Gain | [2] | 1,498,700 | 2,096,328 |
Estimated Fair Value | [2] | 12,681,186 | 13,335,769 |
Mortgage Revenue Bonds Held In Trust [Member] | Live 929 Apartments [Member] | MD [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 40,333,693 | 40,573,347 |
Cumulative Unrealized Gain | [1] | 3,093,989 | 3,710,942 |
Estimated Fair Value | [1] | 43,427,682 | 44,284,289 |
Mortgage Revenue Bonds Held In Trust [Member] | Woodlynn Village [Member] | MN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 4,244,000 | 4,267,000 |
Cumulative Unrealized Gain | [4] | 39,254 | 44,428 |
Estimated Fair Value | [4] | 4,283,254 | 4,311,428 |
Mortgage Revenue Bonds Held In Trust [Member] | Greens Property [Member] | Series A [Member] | NC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 8,080,000 | 8,126,000 |
Cumulative Unrealized Gain | [3] | 925,182 | 1,113,852 |
Estimated Fair Value | [3] | 9,005,182 | 9,239,852 |
Mortgage Revenue Bonds Held In Trust [Member] | Silver Moon [Member] | Series A [Member] | NM [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 7,851,526 | 7,879,590 |
Cumulative Unrealized Gain | [2] | 693,322 | 1,140,448 |
Estimated Fair Value | [2] | 8,544,848 | 9,020,038 |
Mortgage Revenue Bonds Held In Trust [Member] | Ohio Properties [Member] | Series A [Member] | OH [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 14,052,997 | 14,113,000 |
Cumulative Unrealized Gain | [4] | 516,691 | 788,199 |
Estimated Fair Value | [4] | 14,569,688 | 14,901,199 |
Mortgage Revenue Bonds Held In Trust [Member] | Bridle Ridge [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 7,430,000 | 7,465,000 |
Cumulative Unrealized Gain | [4] | 97,044 | 1,199 |
Estimated Fair Value | [4] | 7,527,044 | 7,466,199 |
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 13,299,000 | 13,396,856 |
Cumulative Unrealized Gain | [1] | 1,300,938 | 1,413,831 |
Estimated Fair Value | [1] | 14,599,938 | 14,810,687 |
Mortgage Revenue Bonds Held In Trust [Member] | Companion at Thornhill Apartments [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 11,350,638 | 11,404,758 |
Cumulative Unrealized Gain | [1] | 944,340 | 1,284,441 |
Estimated Fair Value | [1] | 12,294,978 | 12,689,199 |
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 6,141,122 | 6,136,553 |
Cumulative Unrealized Gain | [4] | 2,641,911 | 2,850,344 |
Estimated Fair Value | [4] | 8,783,033 | 8,986,897 |
Mortgage Revenue Bonds Held In Trust [Member] | The Palms at Premier Park [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 19,142,966 | 19,238,297 |
Cumulative Unrealized Gain | [3] | 1,903,361 | 2,712,429 |
Estimated Fair Value | [3] | 21,046,327 | 21,950,726 |
Mortgage Revenue Bonds Held In Trust [Member] | Village at River's Edge [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 9,969,493 | 10,000,000 |
Cumulative Unrealized Gain | [1] | 1,327,542 | 1,182,706 |
Estimated Fair Value | [1] | 11,297,035 | 11,182,706 |
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 13,115,524 | 13,212,587 |
Cumulative Unrealized Gain | [1] | 1,280,882 | 1,391,536 |
Estimated Fair Value | [1] | 14,396,406 | 14,604,123 |
Mortgage Revenue Bonds Held In Trust [Member] | Arbors at Hickory Ridge [Member] | TN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 11,260,696 | 11,342,234 |
Cumulative Unrealized Gain | [3] | 990,706 | 1,693,626 |
Estimated Fair Value | [3] | 12,251,402 | 13,035,860 |
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova 2014-1 [Member] | TN [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 10,029,943 | 10,038,889 |
Cumulative Unrealized Gain | [1] | 133,878 | |
Cumulative Unrealized Loss | [1] | (60,059) | |
Estimated Fair Value | [1] | 9,969,884 | 10,172,767 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Copperfield [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 10,000,000 | 10,000,000 |
Cumulative Unrealized Gain | [1] | 281,641 | 628,644 |
Estimated Fair Value | [1] | 10,281,641 | 10,628,644 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Crest [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 9,407,620 | 9,456,384 |
Cumulative Unrealized Gain | [3] | 878,039 | 1,187,142 |
Estimated Fair Value | [3] | 10,285,659 | 10,643,526 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Oaks [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 7,597,649 | 7,635,895 |
Cumulative Unrealized Gain | [3] | 693,141 | 938,465 |
Estimated Fair Value | [3] | 8,290,790 | 8,574,360 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Parkway [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 13,174,934 | 13,233,665 |
Cumulative Unrealized Gain | [2] | 1,076,277 | 932,753 |
Estimated Fair Value | [2] | 14,251,211 | 14,166,418 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Wilcrest [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 3,775,000 | 3,775,000 |
Cumulative Unrealized Gain | [1] | 76,010 | 125,170 |
Estimated Fair Value | [1] | 3,851,010 | 3,900,170 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at Wood Hollow [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 31,850,000 | 31,850,000 |
Cumulative Unrealized Gain | [1] | 519,528 | 1,865,826 |
Estimated Fair Value | [1] | 32,369,528 | 33,715,826 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar in 09 [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 6,560,275 | 6,593,300 |
Cumulative Unrealized Gain | [3] | 569,287 | 716,944 |
Estimated Fair Value | [3] | 7,129,562 | 7,310,244 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar on the Boulevard [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 16,026,896 | 16,109,972 |
Cumulative Unrealized Gain | [3] | 1,287,345 | 1,947,465 |
Estimated Fair Value | [3] | 17,314,241 | 18,057,437 |
Mortgage Revenue Bonds Held In Trust [Member] | Avistar on the Hills [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [3] | 5,249,199 | 5,275,623 |
Cumulative Unrealized Gain | [3] | 478,889 | 648,383 |
Estimated Fair Value | [3] | 5,728,088 | 5,924,006 |
Mortgage Revenue Bonds Held In Trust [Member] | Bella Vista [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 6,225,000 | 6,295,000 |
Cumulative Unrealized Gain | [4] | 36,768 | 42,718 |
Estimated Fair Value | [4] | 6,261,768 | 6,337,718 |
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apartments [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 17,993,528 | 18,051,775 |
Cumulative Unrealized Gain | [1] | 1,983,682 | 3,042,939 |
Estimated Fair Value | [1] | 19,977,210 | 21,094,714 |
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Gulfgate [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 19,185,000 | 19,185,000 |
Cumulative Unrealized Gain | [1] | 2,112,142 | 2,759,654 |
Estimated Fair Value | [1] | 21,297,142 | 21,944,654 |
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Little York [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 13,440,000 | 13,440,000 |
Cumulative Unrealized Gain | [1] | 1,603,710 | 1,999,572 |
Estimated Fair Value | [1] | 15,043,710 | 15,439,572 |
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Williamcrest [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 20,820,000 | 20,820,000 |
Cumulative Unrealized Gain | [1] | 2,387,983 | 2,994,839 |
Estimated Fair Value | [1] | 23,207,983 | 23,814,839 |
Mortgage Revenue Bonds Held In Trust [Member] | Crossing at 1415 [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 7,507,847 | 7,540,000 |
Cumulative Unrealized Gain | [1] | 535,422 | 634,091 |
Estimated Fair Value | [1] | 8,043,269 | 8,174,091 |
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 22,713,795 | 22,794,912 |
Cumulative Unrealized Gain | [1] | 2,035,876 | 2,985,955 |
Estimated Fair Value | [1] | 24,749,671 | 25,780,867 |
Mortgage Revenue Bonds Held In Trust [Member] | Heights at 515 [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 6,873,563 | 6,903,000 |
Cumulative Unrealized Gain | [1] | 607,666 | 580,522 |
Estimated Fair Value | [1] | 7,481,229 | 7,483,522 |
Mortgage Revenue Bonds Held In Trust [Member] | Heritage Square [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 11,011,625 | 11,063,027 |
Cumulative Unrealized Gain | [2] | 868,241 | 993,609 |
Estimated Fair Value | [2] | 11,879,866 | 12,056,636 |
Mortgage Revenue Bonds Held In Trust [Member] | Oaks at Georgetown [Member] | Series A and B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 17,842,000 | |
Cumulative Unrealized Gain | [1] | 915,705 | |
Estimated Fair Value | [1] | 18,757,705 | |
Mortgage Revenue Bonds Held In Trust [Member] | Oaks at Georgetown [Member] | Series A [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 12,330,000 | |
Cumulative Unrealized Gain | [1] | 388,294 | |
Estimated Fair Value | [1] | 12,718,294 | |
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 10,095,000 | 10,150,000 |
Cumulative Unrealized Gain | [4] | 71,494 | 79,514 |
Estimated Fair Value | [4] | 10,166,494 | 10,229,514 |
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [4] | 11,730,894 | 11,693,138 |
Cumulative Unrealized Gain | [4] | 2,681,471 | 2,960,294 |
Estimated Fair Value | [4] | 14,412,365 | 14,653,432 |
Mortgage Revenue Bonds Held In Trust [Member] | Vantage at Judson [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [2] | 26,022,746 | 26,133,557 |
Cumulative Unrealized Gain | [2] | 2,070,687 | 3,117,969 |
Estimated Fair Value | [2] | 28,093,433 | 29,251,526 |
Mortgage Revenue Bonds Held In Trust [Member] | 15 West Apartments [Member] | WA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | [1] | 9,768,096 | 9,797,833 |
Cumulative Unrealized Gain | [1] | 1,405,808 | 1,839,648 |
Estimated Fair Value | [1] | 11,173,904 | 11,637,481 |
Mortgage Revenue Bonds [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 92,040,549 | 76,274,522 | |
Cumulative Unrealized Gain | 3,924,804 | 1,697,303 | |
Cumulative Unrealized Loss | (1,488,233) | (617) | |
Estimated Fair Value | 94,477,120 | 77,971,208 | |
Mortgage Revenue Bonds [Member] | Seasons at Simi Valley [Member] | Series B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 1,944,000 | ||
Cumulative Unrealized Loss | (466) | ||
Estimated Fair Value | 1,943,534 | ||
Mortgage Revenue Bonds [Member] | Sycamore Walk [Member] | Series B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 1,815,000 | ||
Cumulative Unrealized Loss | (151) | ||
Estimated Fair Value | 1,814,849 | ||
Mortgage Revenue Bonds [Member] | Montecito at Williams Ranch Apartments [Member] | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 12,471,000 | 12,471,000 | |
Cumulative Unrealized Gain | 843,862 | 1,111,807 | |
Estimated Fair Value | 13,314,862 | 13,582,807 | |
Mortgage Revenue Bonds [Member] | Vineyard Gardens | Series A and B [Member] | CA [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 6,841,000 | 6,841,000 | |
Cumulative Unrealized Gain | 498,091 | ||
Estimated Fair Value | 7,339,091 | 6,841,000 | |
Mortgage Revenue Bonds [Member] | Greens Property [Member] | Series B [Member] | NC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 935,715 | 937,399 | |
Cumulative Unrealized Gain | 167,568 | 193,991 | |
Estimated Fair Value | 1,103,283 | 1,131,390 | |
Mortgage Revenue Bonds [Member] | Ohio Properties [Member] | Series B [Member] | OH [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 3,528,660 | 3,536,060 | |
Cumulative Unrealized Gain | 107,104 | 149,630 | |
Estimated Fair Value | 3,635,764 | 3,685,690 | |
Mortgage Revenue Bonds [Member] | Rosewood Townhomes [Member] | Series A and B [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 9,750,000 | 9,750,000 | |
Cumulative Unrealized Loss | (475,623) | ||
Estimated Fair Value | 9,274,377 | 9,750,000 | |
Mortgage Revenue Bonds [Member] | South Pointe Apartments [Member] | Series A and B [Member] | SC [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 22,700,000 | 22,700,000 | |
Cumulative Unrealized Loss | (1,012,610) | ||
Estimated Fair Value | 21,687,390 | 22,700,000 | |
Mortgage Revenue Bonds [Member] | Avistar at Copperfield [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 4,000,000 | 4,000,000 | |
Cumulative Unrealized Gain | 12,310 | 13,514 | |
Estimated Fair Value | 4,012,310 | 4,013,514 | |
Mortgage Revenue Bonds [Member] | Avistar at the Crest [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 747,452 | 749,455 | |
Cumulative Unrealized Gain | 33,663 | 58,871 | |
Estimated Fair Value | 781,115 | 808,326 | |
Mortgage Revenue Bonds [Member] | Avistar at the Oaks [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 546,794 | 548,202 | |
Cumulative Unrealized Gain | 23,084 | 41,286 | |
Estimated Fair Value | 569,878 | 589,488 | |
Mortgage Revenue Bonds [Member] | Avistar at the Parkway [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 124,734 | 124,861 | |
Cumulative Unrealized Gain | 31,430 | 30,715 | |
Estimated Fair Value | 156,164 | 155,576 | |
Mortgage Revenue Bonds [Member] | Avistar at Wilcrest [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 1,550,000 | 1,550,000 | |
Cumulative Unrealized Gain | 4,839 | 5,306 | |
Estimated Fair Value | 1,554,839 | 1,555,306 | |
Mortgage Revenue Bonds [Member] | Avistar at Wood Hollow [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 8,410,000 | 8,410,000 | |
Cumulative Unrealized Gain | 27,743 | 30,276 | |
Estimated Fair Value | 8,437,743 | 8,440,276 | |
Mortgage Revenue Bonds [Member] | Avistar in 09 [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 451,056 | 452,217 | |
Cumulative Unrealized Gain | 17,357 | 28,675 | |
Estimated Fair Value | 468,413 | 480,892 | |
Mortgage Revenue Bonds [Member] | Avistar on the Boulevard [Member] | Series B [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 444,138 | 445,328 | |
Cumulative Unrealized Gain | 18,371 | 33,232 | |
Estimated Fair Value | 462,509 | $ 478,560 | |
Mortgage Revenue Bonds [Member] | Esperanza at Palo Alto [Member] | TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cost Adjusted for Paydowns | 19,540,000 | ||
Cumulative Unrealized Gain | 2,139,382 | ||
Estimated Fair Value | $ 21,679,382 | ||
[1] | MRBs held by Deutsche Bank in a secured financing transaction, Note 14 | ||
[2] | MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 14 | ||
[3] | MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 14 | ||
[4] | MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 14 |
Investments in Mortgage Reven58
Investments in Mortgage Revenue Bonds ("MRBs") - Schedule of MRB Acquisitions (Details) | 6 Months Ended | ||
Jun. 30, 2018USD ($)Unit | Jun. 30, 2017USD ($)Unit | ||
Schedule Of Available For Sale Securities [Line Items] | |||
Principal Outstanding at Date of Acquisition | $ 19,540,000 | $ 59,585,000 | |
Esperanza at Palo Alto [Member] | San Antonio, TX [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | [1] | May | |
Units | Unit | [1] | 322 | |
Maturity Date | [1] | Jul. 1, 2058 | |
Base Interest Rate | [1] | 5.80% | |
Principal Outstanding at Date of Acquisition | [1] | $ 19,540,000 | |
Avistar at Copperfield [Member] | Houston, Texas [Member] | Series A [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units | Unit | 192 | ||
Maturity Date | May 1, 2054 | ||
Base Interest Rate | 5.75% | ||
Principal Outstanding at Date of Acquisition | $ 10,000,000 | ||
Avistar at Copperfield [Member] | Houston, Texas [Member] | Series B [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units | Unit | 192 | ||
Maturity Date | Jun. 1, 2054 | ||
Base Interest Rate | 12.00% | ||
Principal Outstanding at Date of Acquisition | $ 4,000,000 | ||
Avistar at Wilcrest [Member] | Houston, Texas [Member] | Series A [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units | Unit | 88 | ||
Maturity Date | May 1, 2054 | ||
Base Interest Rate | 5.75% | ||
Principal Outstanding at Date of Acquisition | $ 3,775,000 | ||
Avistar at Wilcrest [Member] | Houston, Texas [Member] | Series B [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units | Unit | 88 | ||
Maturity Date | Jun. 1, 2054 | ||
Base Interest Rate | 12.00% | ||
Principal Outstanding at Date of Acquisition | $ 1,550,000 | ||
Avistar at Wood Hollow [Member] | Austin, Texas [Member] | Series A [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units | Unit | 409 | ||
Maturity Date | May 1, 2054 | ||
Base Interest Rate | 5.75% | ||
Principal Outstanding at Date of Acquisition | $ 31,850,000 | ||
Avistar at Wood Hollow [Member] | Austin, Texas [Member] | Series B [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | February | ||
Units | Unit | 409 | ||
Maturity Date | Jun. 1, 2054 | ||
Base Interest Rate | 12.00% | ||
Principal Outstanding at Date of Acquisition | $ 8,410,000 | ||
[1] | Previously reported bond purchase commitment that converted to a MRB in May 2018. |
Investments in Mortgage Reven59
Investments in Mortgage Revenue Bonds ("MRBs") - Schedule of MRBs Redeemed (Details) - Mortgage Revenue Bonds [Member] | 6 Months Ended |
Jun. 30, 2018USD ($)Unit | |
Schedule Of Available For Sale Securities [Line Items] | |
Principal Outstanding at Date of Redemption | $ 21,447,000 |
Sycamore Walk [Member] | Series B [Member] | Bakersfield, California [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Month Redeemed | January |
Units | Unit | 112 |
Original Maturity Date | Jan. 1, 2018 |
Base Interest Rate | 8.00% |
Principal Outstanding at Date of Redemption | $ 1,815,000 |
Seasons Lakewood [Member] | Series B [Member] | Lakewood, California [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Month Redeemed | March |
Units | Unit | 85 |
Original Maturity Date | Jan. 1, 2019 |
Base Interest Rate | 8.00% |
Principal Outstanding at Date of Redemption | $ 5,260,000 |
Summerhill [Member] | Series B [Member] | Bakersfield, California [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Month Redeemed | March |
Units | Unit | 128 |
Original Maturity Date | Dec. 1, 2018 |
Base Interest Rate | 8.00% |
Principal Outstanding at Date of Redemption | $ 3,372,000 |
Oaks at Georgetown [Member] | Series B [Member] | Georgetown, Texas [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Month Redeemed | April |
Units | Unit | 192 |
Original Maturity Date | Jan. 1, 2019 |
Base Interest Rate | 8.00% |
Principal Outstanding at Date of Redemption | $ 5,512,000 |
Seasons at Simi Valley [Member] | Series B [Member] | Simi Valley, California [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Month Redeemed | April |
Units | Unit | 69 |
Original Maturity Date | Sep. 1, 2018 |
Base Interest Rate | 8.00% |
Principal Outstanding at Date of Redemption | $ 1,944,000 |
San Vicente [Member] | Series B [Member] | Soledad, California [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Month Redeemed | May |
Units | Unit | 50 |
Original Maturity Date | Nov. 1, 2018 |
Base Interest Rate | 8.00% |
Principal Outstanding at Date of Redemption | $ 1,825,000 |
The Village at Madera [Member] | Series B [Member] | Madera, California [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Month Redeemed | May |
Units | Unit | 75 |
Original Maturity Date | Dec. 1, 2018 |
Base Interest Rate | 8.00% |
Principal Outstanding at Date of Redemption | $ 1,719,000 |
PHC Certificates - Additional I
PHC Certificates - Additional Information (Details) | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018USD ($)Integer | Jun. 30, 2018USD ($)Integer | |
Schedule Of Available For Sale Securities [Line Items] | ||
Impairment charge | $ 831,062 | $ 831,062 |
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 | Integer | 3 | 3 |
Impairment charge | $ 831,000 | $ 831,000 |
PHC Certificates - Schedule of
PHC Certificates - Schedule of Investments in PHC Certificates (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value, held in trust | $ 94,477,120 | $ 77,971,208 |
Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 49,070,710 | 50,167,034 |
Cumulative Unrealized Loss, held in trust | (525,446) | |
Estimated Fair Value, held in trust | 49,070,710 | 49,641,588 |
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 | 24,815,777 | 25,109,305 |
Estimated Fair Value, held in trust | $ 24,815,777 | $ 25,109,305 |
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 | 7 years 3 months 21 days |
Investment Rating | AA- | AA- |
Weighted Average Interest Rate Over Life | 5.33% | 5.39% |
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 | $ 9,123,954 | $ 9,606,480 |
Cumulative Unrealized Loss, held in trust | (248,189) | |
Estimated Fair Value, held in trust | $ 9,123,954 | $ 9,358,291 |
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) | 6 years 25 days | 6 years 4 months 13 days |
Investment Rating | A+ | A+ |
Weighted Average Interest Rate Over Life | 4.34% | 4.32% |
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 | $ 15,130,979 | $ 15,451,249 |
Cumulative Unrealized Loss, held in trust | (277,257) | |
Estimated Fair Value, held in trust | $ 15,130,979 | $ 15,173,992 |
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) | 7 years 3 months 21 days | 7 years 7 months 9 days |
Investment Rating | BBB | BBB |
Weighted Average Interest Rate Over Life | 5.29% | 5.23% |
Real Estate Assets - Real Estat
Real Estate Assets - Real Estate Assets Owned by Partnership (Details) | Jun. 30, 2018USD ($)Unit | Dec. 31, 2017USD ($)Unit | |||
Real Estate [Line Items] | |||||
Land and Land Improvements | $ 7,518,727 | $ 7,319,235 | |||
Buildings and improvements | 79,378,136 | 78,953,488 | |||
Carrying Value | 86,896,863 | 86,272,723 | |||
Accumulated depreciation | (11,403,940) | (9,580,531) | |||
Net real estate assets | $ 75,492,923 | $ 76,692,192 | |||
Suites on Paseo [Member] | San Diego, CA [Member] | |||||
Real Estate [Line Items] | |||||
Number of Units | Unit | 393 | 394 | |||
Land and Land Improvements | $ 3,195,468 | $ 3,166,463 | |||
Buildings and improvements | 38,850,963 | 38,454,894 | |||
Carrying Value | $ 42,046,431 | $ 41,621,357 | |||
The 50/50 Student Housing--UNL [Member] | Lincoln, NE [Member] | |||||
Real Estate [Line Items] | |||||
Number of Units | Unit | 475 | 475 | |||
Buildings and improvements | $ 32,932,981 | $ 32,932,981 | |||
Carrying Value | $ 32,932,981 | $ 32,932,981 | |||
Jade Park [Member] | Daytona, FL [Member] | |||||
Real Estate [Line Items] | |||||
Number of Units | Unit | 144 | 144 | |||
Land and Land Improvements | $ 2,292,035 | $ 2,292,035 | |||
Buildings and improvements | 7,594,192 | 7,565,613 | |||
Carrying Value | $ 9,886,227 | 9,857,648 | |||
Land Held for Development [Member] | |||||
Real Estate [Line Items] | |||||
Number of Units | Unit | [1] | ||||
Land and Land Improvements | $ 2,031,224 | [1] | 1,860,737 | [2] | |
Carrying Value | $ 2,031,224 | [1] | $ 1,860,737 | [2] | |
[1] | Land held for development consists of parcels of land in Johnson County, KS and Richland County, SC and land development costs for two sites in Douglas County, NE. | ||||
[2] | 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 - Additional
Real Estate Assets - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Feb. 28, 2018USD ($)Land | May 31, 2017USD ($) | Mar. 31, 2017 | Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | |
Real Estate [Line Items] | |||||
Gain (loss) on sale of real estate assets, net | $ (16,075) | $ 7,152,512 | |||
Northern View [Member] | |||||
Real Estate [Line Items] | |||||
Percentage of limited partnership interest sold | 99.00% | ||||
Omaha, NE [Member] | |||||
Real Estate [Line Items] | |||||
Number of contiguous tracts of land acquired | Land | 2 | ||||
Purchase price of land | $ 2,700,000 | ||||
St. Petersburg, Florida [Member] | |||||
Real Estate [Line Items] | |||||
Gain (loss) on sale of real estate assets, net | $ (22,000) |
Real Estate Assets - Gains on S
Real Estate Assets - Gains on Sale, Net of Income Taxes (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Mar. 31, 2017USD ($)Unit | Jun. 30, 2017USD ($) | Jun. 30, 2017USD ($) | |
Real Estate [Line Items] | |||
Gain on Sale before Income Taxes | $ (16,075) | $ 7,152,512 | |
MF Properties [Member] | Northern View [Member] | Highland Heights, KY [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 294 | ||
Gross Proceeds | $ 13,750,000 | ||
Gain on Sale before Income Taxes | $ 7,152,512 |
Real Estate Assets - Net Income
Real Estate Assets - Net Income, Exclusive of the Gains on Sale (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
MF Properties [Member] | ||||
Real Estate [Line Items] | ||||
Net income (loss) | $ 2,854 | $ (90,191) | $ (10,503) | $ (153,043) |
Investment in Unconsolidated 66
Investment in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) | 6 Months Ended | |||
Jun. 30, 2018USD ($)Unit | Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Mar. 31, 2017USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 60,494,767 | $ 39,608,927 | ||
Maximum Remaining Equity Commitment | $ 21,335,067 | |||
Vantage at Corpus Christi [Member] | Corpus Christi T X [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Month Commitment Executed | March 2,016 | |||
Construction Completion Date | 2017-08 | |||
Carrying Value | $ 9,035,674 | 9,178,139 | ||
Maximum Remaining Equity Commitment | $ 1,550,000 | |||
Vantage At Waco [Member] | Waco T X [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Month Commitment Executed | August 2,016 | |||
Construction Completion Date | 2018-01 | |||
Carrying Value | $ 9,194,710 | 8,748,091 | ||
Maximum Remaining Equity Commitment | $ 1,592,039 | |||
Vantage At Boerne [Member] | Boerne T X [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Month Commitment Executed | August 2,016 | |||
Construction Completion Date | 2017-12 | |||
Carrying Value | $ 8,695,165 | 8,272,810 | ||
Maximum Remaining Equity Commitment | $ 1,475,936 | |||
Vantage At Panama City Beach [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 11,700,000 | |||
Vantage At Panama City Beach [Member] | Panama City Beach F L [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Month Commitment Executed | March 2,017 | |||
Construction Completion Date | 2018-06 | |||
Carrying Value | $ 10,877,788 | 10,349,416 | ||
Maximum Remaining Equity Commitment | $ 1,996,500 | |||
Vantage At Powdersville [Member] | Powdersville S C [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Month Commitment Executed | November 2,017 | |||
Carrying Value | $ 7,488,224 | $ 3,060,471 | ||
Maximum Remaining Equity Commitment | $ 3,534,815 | |||
Vantage At Stone Creek [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 7,100,000 | |||
Vantage At Stone Creek [Member] | Omaha, NE [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 294 | |||
Month Commitment Executed | March 2,018 | |||
Carrying Value | $ 5,226,898 | |||
Maximum Remaining Equity Commitment | $ 1,984,179 | |||
Vantage At Bulverde [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 8,600,000 | |||
Vantage At Bulverde [Member] | Bulverde T X [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Month Commitment Executed | March 2,018 | |||
Carrying Value | $ 6,790,825 | |||
Maximum Remaining Equity Commitment | 1,959,428 | |||
Vantage at Germantown [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Carrying Value | $ 10,400,000 | |||
Vantage at Germantown [Member] | Germantown, TN [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Units | Unit | 288 | |||
Month Commitment Executed | June 2,018 | |||
Carrying Value | $ 3,185,483 | |||
Maximum Remaining Equity Commitment | $ 7,242,170 |
Investment in Unconsolidated 67
Investment in Unconsolidated Entities - Additional Information (Details) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 |
Schedule Of Equity Method Investments [Line Items] | ||||
Partnership's investment in an unconsolidated entity | $ 60,494,767 | $ 39,608,927 | ||
Vantage At Panama City Beach [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partnership's investment in an unconsolidated entity | $ 11,700,000 | |||
Vantage At Stone Creek [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partnership's investment in an unconsolidated entity | $ 7,100,000 | |||
Vantage At Bulverde [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partnership's investment in an unconsolidated entity | $ 8,600,000 | |||
Vantage at Germantown [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Partnership's investment in an unconsolidated entity | $ 10,400,000 |
Property Loans, Net of Loan L68
Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | $ 36,324,339 | $ 36,907,688 |
Loan Loss Allowances | (7,393,814) | (7,393,814) |
Property Loan Principal, net of allowance | 28,930,525 | 29,513,874 |
Arbors at Hickory Ridge [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 191,264 | 191,264 |
Property Loan Principal, net of allowance | 191,264 | 191,264 |
Avistar (February 2013 Portfolio) [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 201,972 | 201,972 |
Property Loan Principal, net of allowance | 201,972 | 201,972 |
Avistar (June 2013 Portfolio) [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 251,622 | 251,622 |
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 | 11,101,887 | 11,101,887 |
Loan Loss Allowances | (7,393,814) | (7,393,814) |
Property Loan Principal, net of allowance | 3,708,073 | 3,708,073 |
Greens Property [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 850,000 | 850,000 |
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 | 5,062,535 | 4,995,884 |
Property Loan Principal, net of allowance | 5,062,535 | 4,995,884 |
Ohio Properties [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 2,390,446 | 2,390,446 |
Property Loan Principal, net of allowance | 2,390,446 | 2,390,446 |
Vantage at New Braunfels, LLC [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 7,206,978 | 7,406,978 |
Property Loan Principal, net of allowance | 7,206,978 | 7,406,978 |
Vantage at Brooks LLC [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 8,367,635 | 8,417,635 |
Property Loan Principal, net of allowance | 8,367,635 | 8,417,635 |
Winston Group, Inc [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | 700,000 | 1,100,000 |
Property Loan Principal, net of allowance | $ 700,000 | $ 1,100,000 |
Property Loans, Net of Loan L69
Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Ohio Properties [Member] | ||||
Property Loan Net Of Loan Loss Allowances [Line Items] | ||||
Interest earned on property loans | $ 983,000 | $ 983,000 | $ 983,000 | $ 983,000 |
Income Tax Provision - Summary
Income Tax Provision - Summary of Income Tax Expense (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Provision [Line Items] | ||||
Total income tax expense (benefit) | $ 13,000 | $ (63,000) | $ 6,000 | $ 2,395,047 |
Greens Hold Co [Member] | ||||
Income Tax Provision [Line Items] | ||||
Current income tax expense (benefit) | 13,000 | 138,000 | (28,000) | 2,760,047 |
Deferred income tax expense (benefit) | (201,000) | 34,000 | (365,000) | |
Total income tax expense (benefit) | $ 13,000 | $ (63,000) | $ 6,000 | $ 2,395,047 |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 110,000 | $ 0 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Other Assets [Abstract] | ||
Deferred financing costs - net | $ 296,157 | $ 383,133 |
Fair value of derivative instruments (Note 16) | 1,026,976 | 597,221 |
Taxable mortgage revenue bonds at fair market value | 2,357,952 | 2,422,459 |
Bond purchase commitments - fair value (Note 17) | 994,685 | 3,002,540 |
Other assets | 1,732,476 | 942,949 |
Total other assets | $ 6,408,246 | $ 7,348,302 |
Unsecured Lines of Credit - Sum
Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | ||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 49,540,000 | $ 50,000,000 | |
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 | 49,540,000 | 50,000,000 | |
Line of credit facility maximum borrowing capacity | 60,000,000 | 60,000,000 | |
Unsecured Lines of Credit [Member] | 5.00% Interest Bearing Line of Credit [Member] | Bankers Trust [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 49,540,000 | ||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||
Debt instrument, maturity date | May 31, 2019 | ||
Variable / Fixed | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 5.00% | ||
Unsecured Lines of Credit [Member] | 5.34% 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 | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 5.34% | ||
Unsecured Lines of Credit [Member] | 4.38% Interest Bearing Line of Credit [Member] | Bankers Trust [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 50,000,000 | ||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||
Debt instrument, maturity date | May 31, 2019 | ||
Variable / Fixed | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 4.38% | ||
Unsecured Lines of Credit [Member] | 4.62% 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 | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 4.62% | ||
[1] | The variable rate is indexed to LIBOR plus an applicable margin. |
Unsecured Lines of Credit Narra
Unsecured Lines of Credit Narrative (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 49,540,000 | $ 50,000,000 | |
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 |
Debt Financing - Schedule of To
Debt Financing - Schedule of Total Debt Financing (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | ||
Short Term Debt [Line Items] | |||
Debt financing | $ 542,172,329 | $ 558,328,347 | |
Period End Rates | 4.55% | 4.21% | |
Variable - TEBS II [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2024-07 | 2024-07 | |
Variable - TEBS III [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2025-07 | 2025-07 | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 46,731,225 | $ 46,787,036 | |
Year Acquired | 2,014 | 2,014 | |
Stated Maturities | 2019-10 | 2019-10 | |
Reset Frequency | N/A | N/A | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
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] | |||
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 | $ 18,671,135 | $ 33,612,154 | |
Year Acquired | 2,017 | 2,017 | |
Reset Frequency | N/A | N/A | |
Period End Rates | 3.76% | 3.76% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2018-08 | 2018-06 | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2018-11 | 2018-08 | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 60,491,635 | $ 60,441,915 | |
Year Acquired | 2,017 | 2,017 | |
Reset Frequency | N/A | N/A | |
Period End Rates | 3.89% | 3.89% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2022-02 | 2022-02 | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2022-03 | 2022-03 | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 37,965,000 | $ 38,130,000 | |
Restricted Cash | $ 161,976 | $ 850,327 | |
Year Acquired | 2,012 | 2,012 | |
Stated Maturities | 2019-05 | 2018-05 | |
Reset Frequency | Weekly | Weekly | |
Facility Fees | 1.67% | 1.67% | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
SIFMA Based Rates | 2.04% | 2.24% | |
Period End Rates | 3.71% | 3.91% | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
SIFMA Based Rates | 2.09% | 2.29% | |
Period End Rates | 3.76% | 3.96% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 137,779,522 | $ 138,065,482 | |
Year Acquired | 2,016 | 2,016 | |
Reset Frequency | N/A | N/A | |
Period End Rates | 3.64% | 3.64% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2026-09 | 2026-09 | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2026-12 | 2026-12 | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B IV [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 47,403,860 | $ 47,414,014 | |
Year Acquired | 2,017 | 2,017 | |
Reset Frequency | N/A | N/A | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B IV [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2027-02 | 2027-02 | |
Period End Rates | 4.46% | 4.46% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B IV [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2027-11 | 2027-11 | |
Period End Rates | 4.52% | 4.52% | |
TEBS Financings [Member] | Variable - TEBS I [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 55,093,000 | $ 55,468,000 | |
Restricted Cash | $ 399,815 | $ 372,222 | |
Year Acquired | 2,010 | 2,010 | |
Stated Maturities | 2020-09 | 2020-09 | |
Reset Frequency | Weekly | Weekly | |
SIFMA Based Rates | 1.55% | 1.79% | |
Facility Fees | 1.85% | 1.85% | |
Period End Rates | 3.40% | 3.64% | |
TEBS Financings [Member] | Variable - TEBS II [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | [1] | $ 80,742,583 | $ 81,003,688 |
Restricted Cash | [1] | $ 136,626 | $ 176,685 |
Year Acquired | [1] | 2,014 | 2,014 |
Stated Maturities | [1],[2] | 2019-07 | 2019-07 |
Reset Frequency | [1] | Weekly | Weekly |
SIFMA Based Rates | [1] | 1.53% | 1.77% |
Facility Fees | [1] | 1.62% | 1.39% |
Period End Rates | [1] | 3.15% | 3.16% |
TEBS Financings [Member] | Variable - TEBS III [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | [1] | $ 57,294,369 | $ 57,406,058 |
Restricted Cash | [1] | $ 56,111 | $ 57,364 |
Year Acquired | [1] | 2,015 | 2,015 |
Stated Maturities | [1],[3] | 2020-07 | 2020-07 |
Reset Frequency | [1] | Weekly | Weekly |
SIFMA Based Rates | [1] | 1.53% | 1.77% |
Facility Fees | [1] | 1.39% | 1.16% |
Period End Rates | [1] | 2.92% | 2.93% |
[1] | Facility fees are variable | ||
[2] | The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. | ||
[3] | The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2025. If the Partnership exercises its extension option, Freddie Mac has the option to adjust components of the Facility Fees. |
Debt Financing - Schedule of 76
Debt Financing - Schedule of Total Debt Financing Disclosure - Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Variable - TEBS II [Member] | ||
Short Term Debt [Line Items] | ||
Debt instrument extend period | 5 years | 5 years |
Stated Maturities | 2024-07 | 2024-07 |
Variable - TEBS III [Member] | ||
Short Term Debt [Line Items] | ||
Debt instrument extend period | 5 years | 5 years |
Stated Maturities | 2025-07 | 2025-07 |
Debt Financing - Summary of Ter
Debt Financing - Summary of Term A/B Trust Collapsed and Paid Off Partnership's Carrying Value Plus Accrued Interest (Details) - Mortgage Revenue Bonds [Member] - Term A/B Trust [Member] | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Seasons Lakewood Series B [Member] | |
Short Term Debt [Line Items] | |
Paydown Applied | $ 4,475,000 |
Summerhill Series B [Member] | |
Short Term Debt [Line Items] | |
Paydown Applied | 2,870,000 |
Oaks at Georgetown Series B [Member] | |
Short Term Debt [Line Items] | |
Paydown Applied | 4,690,000 |
San Vicente Series B [Member] | |
Short Term Debt [Line Items] | |
Paydown Applied | 1,555,000 |
The Village At Madera Series B [Member] | |
Short Term Debt [Line Items] | |
Paydown Applied | $ 1,465,000 |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Details) | 1 Months Ended | 6 Months Ended | |||||
Apr. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2017USD ($)Trust | Feb. 28, 2017USD ($)Agreement | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | ||
Debt Instrument [Line Items] | |||||||
Deferred financing costs - net | $ 3,498,661 | ||||||
Farnam Capital Advisors, LLC [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Consulting fees | [1] | $ 921,000 | |||||
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 | ||||||
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of new agreements | Agreement | 19 | ||||||
Variable - TOB [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument extended maturity period | 2019-05 | 2018-05 | |||||
[1] | Fees are paid to Farnam Cap related to consulting services when certain debt financing facilities are acquired by the Partnership. |
Debt Financing - Summary Of Gro
Debt Financing - Summary Of Gross Principal and Term A/B Trust Financings (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Short Term Debt [Line Items] | ||
Debt financing | $ 542,172,329 | $ 558,328,347 |
Term A/B Trust [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | 106,810,000 | |
Term A/B Trust [Member] | San Vicente Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 3,150,000 | |
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 | $ 1,555,000 | |
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 | $ 1,530,000 | |
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 | $ 1,505,000 | |
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 | $ 2,780,000 | |
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 | $ 1,465,000 | |
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 | $ 3,360,000 | |
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 | $ 1,700,000 | |
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 | $ 5,785,000 | |
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 | $ 2,870,000 | |
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 | $ 9,210,000 | |
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 | $ 5,295,000 | |
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 | $ 6,615,000 | |
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 | $ 4,475,000 | |
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 | $ 11,140,000 | |
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 | $ 5,590,000 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-08 | |
Fixed Interest Rate | 3.76% | |
Term A/B Trust [Member] | Avistar at Wood Hollow - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 27,075,000 | |
Year Acquired | 2,017 | |
Stated Maturities | 2027-02 | |
Fixed Interest Rate | 4.46% | |
Term A/B Trust [Member] | Avistar at Wilcrest - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 3,210,000 | |
Year Acquired | 2,017 | |
Stated Maturities | 2027-02 | |
Fixed Interest Rate | 4.46% | |
Term A/B Trust [Member] | Avistar at Copperfield - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 8,500,000 | |
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 | $ 28,290,000 | |
Term A/B Trust [Member] | Oaks at Georgetown - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Debt financing | $ 11,100,000 | |
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 | $ 4,690,000 | |
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 | $ 6,210,000 | |
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 | $ 6,290,000 | |
Year Acquired | 2,017 | |
Stated Maturities | 2018-08 | |
Fixed Interest Rate | 3.76% |
Debt Financing - Schedule of Co
Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Debt Financing [Abstract] | ||
Remainder of 2018 | $ 20,670,553 | |
2,019 | 168,839,558 | |
2,020 | 113,138,107 | |
2,021 | 2,361,722 | |
2,022 | 61,286,487 | |
Thereafter | 179,374,563 | |
Total | 545,670,990 | |
Deferred financing costs | (3,498,661) | |
Total debt financing, net | $ 542,172,329 | $ 558,328,347 |
Mortgage Payable and Other Secu
Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | ||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 35,212,789 | $ 35,540,174 | |
Period End Rate | 4.55% | 4.21% | |
Real Estate [Member] | Jade Park [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 7,472,337 | $ 7,468,548 | |
Year Acquired | 2,016 | 2,016 | |
Stated Maturity | 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 | $ 3,227,661 | $ 3,358,370 | |
Year Acquired | 2,014 | 2,014 | |
Stated Maturity | 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 | $ 24,512,791 | $ 24,713,256 | |
Year Acquired | 2,013 | 2,013 | |
Stated Maturity | Mar. 1, 2020 | Mar. 1, 2020 | |
Variable / Fixed | Variable | Variable | |
Reset Frequency | Monthly | Monthly | |
Variable Based Rate | [1] | 4.75% | 4.25% |
Period End Rate | 4.75% | 4.25% | |
[1] | Variable rate is based on the Wall Street Journal Prime Rate |
Mortgage Payable and Other Se82
Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Mortgage Loans on Real Estate [Line Items] | ||
Deferred financing costs | $ (3,498,661) | |
Total mortgages payable and other secured financings, net | 35,212,789 | $ 35,540,174 |
Mortgages Payable and Other Secured Financing [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Remainder of 2018 | 389,007 | |
2,019 | 3,917,772 | |
2,020 | 24,221,375 | |
2,021 | 6,858,994 | |
Total | 35,387,148 | |
Deferred financing costs | (174,359) | |
Total mortgages payable and other secured financings, net | $ 35,212,789 |
Interest Rate Derivative Agre83
Interest Rate Derivative Agreements - Summary of Interest Rate Derivatives, Excluding Interest Rate Swaps (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | ||
Derivative [Line Items] | |||
Derivative, Fair Value - Asset (Liability) | $ 1,026,976 | $ 597,221 | |
Barclays Bank PLC 1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2014-07 | 2014-07 | |
Derivative, Notional Amount | $ 30,462,845 | $ 30,652,294 | |
Derivative, Maturity Date | 2019-08 | 2019-08 | |
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | M31 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 30 | $ 169 | |
Royal Bank of Canada-1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2014-07 | 2014-07 | |
Derivative, Notional Amount | $ 30,462,845 | $ 30,652,294 | |
Derivative, Maturity Date | 2019-08 | 2019-08 | |
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | M31 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 30 | $ 169 | |
SMBC Capital Markets, Inc-1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2014-07 | 2014-07 | |
Derivative, Notional Amount | $ 30,462,845 | $ 30,652,294 | |
Derivative, Maturity Date | 2019-08 | 2019-08 | |
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | M31 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 30 | $ 169 | |
Wells Fargo Bank [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | 2015-07 | |
Derivative, Notional Amount | $ 27,515,500 | $ 27,666,739 | |
Derivative, Maturity Date | 2020-08 | 2020-08 | |
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | M33 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 6,004 | $ 3,213 | |
Royal Bank of Canada-2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | 2015-07 | |
Derivative, Notional Amount | $ 27,515,500 | $ 27,666,739 | |
Derivative, Maturity Date | 2020-08 | 2020-08 | |
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | M33 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 6,004 | $ 3,213 | |
SMBC Capital Markets, Inc-2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | 2015-07 | |
Derivative, Notional Amount | $ 27,515,500 | $ 27,666,739 | |
Derivative, Maturity Date | 2020-08 | 2020-08 | |
Derivative, Effective Capped Rate | [1] | 3.00% | 3.00% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | M33 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 6,004 | $ 3,213 | |
Barclays Bank PLC 2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2017-06 | 2017-06 | |
Derivative, Notional Amount | $ 91,388,535 | $ 91,956,883 | |
Derivative, Maturity Date | 2019-08 | 2019-08 | |
Derivative, Effective Capped Rate | [1] | 1.50% | 1.50% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | M31 TEBS | M31 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 252,431 | $ 160,174 | |
Barclays Bank PLC 3 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2017-06 | 2017-06 | |
Derivative, Notional Amount | $ 82,546,501 | $ 83,000,217 | |
Derivative, Maturity Date | 2020-08 | 2020-08 | |
Derivative, Effective Capped Rate | [1] | 1.50% | 1.50% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | M33 TEBS | M33 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 755,358 | $ 425,978 | |
Barclays Bank PLC 4 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2017-09 | 2017-09 | |
Derivative, Notional Amount | $ 59,530,000 | $ 59,935,000 | |
Derivative, Maturity Date | 2020-09 | 2020-09 | |
Derivative, Effective Capped Rate | [1] | 4.00% | 4.00% |
Derivative, Index | SIFMA | SIFMA | |
Derivative, Variable Debt Financing Facility Hedged | [1] | M24 TEBS | M24 TEBS |
Derivative, Fair Value - Asset (Liability) | $ 1,085 | $ 923 | |
[1] | For additional details, see Note 21 to the Partnership's condensed consolidated financial statements. |
Interest Rate Derivative Agre84
Interest Rate Derivative Agreements - Summary of Terms of Interest Rate Swaps (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Fair Value of Liability | $ (129,018) | $ (826,852) |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Fair Value of Liability | $ (129,018) | $ (826,852) |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur-Angle Apartments [Member] | ||
Derivative [Line Items] | ||
Purchase Date | 2014-09 | 2014-09 |
Notional Amount | $ 22,741,097 | $ 22,821,429 |
Effective Date | 2016-10 | 2016-10 |
Termination Date | 2021-10 | 2021-10 |
Fixed Rate Paid | 1.96% | 1.96% |
Period End Variable Rate Received | 1.46% | 1.08% |
Fair Value of Liability | $ (36,986) | $ (402,261) |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur-Angle Apartments [Member] | London Interbank Offered Rate [Member] | ||
Derivative [Line Items] | ||
Variable Based Rate | 70.00% | 70.00% |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Bruton Apts [Member] | ||
Derivative [Line Items] | ||
Purchase Date | 2014-09 | 2014-09 |
Notional Amount | $ 17,993,528 | $ 18,051,775 |
Effective Date | 2017-04 | 2017-04 |
Termination Date | 2022-04 | 2022-04 |
Fixed Rate Paid | 2.06% | 2.06% |
Period End Variable Rate Received | 1.46% | 1.08% |
Fair Value of Liability | $ (92,032) | $ (424,591) |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Bruton Apts [Member] | London Interbank Offered Rate [Member] | ||
Derivative [Line Items] | ||
Variable Based Rate | 70.00% | 70.00% |
Interest Rate Derivative Agre85
Interest Rate Derivative Agreements - Additional Information (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Deutsche Bank [Member] | Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Cash collateral balances | $ 162,000 | $ 850,000 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Bond Purchase Commitments (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Long-term Purchase Commitment [Line Items] | ||
Bond Purchase Commitments, Fair Value | $ 994,685 | $ 3,002,540 |
Bond Purchase Commitments, Maximum Committed Amounts for 2018 | $ 16,400,000 | |
Esperanza at Palo Alto [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Bond Purchase Commitments, Commitment Date | Jul. 31, 2015 | |
Bond Purchase Commitments, Rate | 5.80% | |
Bond Purchase Commitments, Fair Value | 1,616,143 | |
Village at Avalon [Member] | ||
Long-term Purchase Commitment [Line Items] | ||
Bond Purchase Commitments, Commitment Date | Nov. 30, 2015 | |
Bond Purchase Commitments, Rate | 5.80% | |
Bond Purchase Commitments, Fair Value | $ 994,685 | $ 1,386,397 |
Bond Purchase Commitments, Maximum Committed Amounts for 2018 | $ 16,400,000 |
Commitments and Contingencies87
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2018USD ($)Unit | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)Unit | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Commitments And Other Guarantees [Line Items] | |||||||
Property loans receivable | $ 36,324,339 | $ 36,324,339 | $ 36,907,688 | ||||
Concentration risk, credit risk, financial instrument, maximum exposure | 545,700,000 | ||||||
Greens of Pine Glen [Member] | |||||||
Commitments And Other Guarantees [Line Items] | |||||||
Guarantor obligations, maximum exposure, undiscounted | $ 2,600,000 | $ 2,600,000 | |||||
Percentage of loss contingency, range of possible loss, maximum | 75.00% | 75.00% | |||||
Year of guarantee agreement term ending | 2,027 | ||||||
Ohio Properties [Member] | |||||||
Commitments And Other Guarantees [Line Items] | |||||||
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% | |||||
Year of guarantee agreement term ending | 2,026 | ||||||
Loss contingency, range of possible loss, maximum | $ 4,100,000 | $ 4,100,000 | |||||
The 50/50 Student Housing--UNL [Member] | |||||||
Commitments And Other Guarantees [Line Items] | |||||||
Initial lease term expiration period | 2038-03 | ||||||
Lease agreement extend term | 5 years | ||||||
Annual lease payments | $ 100 | ||||||
Minimum monthly rentals under lease agreement | $ 127,000 | ||||||
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 | 84,000 | $ 84,000 | $ 125,000 | ||||
Expenses related to the agreement | 42,000 | $ 42,000 | 84,000 | $ 84,000 | |||
Vantage at Brooks and Vantage at New Braunfels [Member] | |||||||
Commitments And Other Guarantees [Line Items] | |||||||
Property loans receivable | $ 17,000,000 | $ 17,000,000 | |||||
Number of units in real estate property | Unit | 2 | 2 | |||||
Remaining maximum amount committed | $ 1,200,000 | $ 1,200,000 | |||||
Vantage At Stone Creek [Member] | |||||||
Commitments And Other Guarantees [Line Items] | |||||||
Construction loan maximum available amount | $ 30,800,000 | ||||||
Outstanding construction loan amount | 0 | 0 | |||||
Guarantor obligations, maximum exposure, undiscounted | 0 | 0 | |||||
Vantage At Stone Creek [Member] | Maximum [Member] | |||||||
Commitments And Other Guarantees [Line Items] | |||||||
Construction loan guarantee percentage on debt service coverage levels | 50.00% | ||||||
Vantage At Stone Creek [Member] | Minimum [Member] | |||||||
Commitments And Other Guarantees [Line Items] | |||||||
Construction loan guarantee percentage on debt service coverage levels | 25.00% | ||||||
Vantage At Panama City Beach [Member] | |||||||
Commitments And Other Guarantees [Line Items] | |||||||
Construction loan maximum available amount | $ 25,600,000 | ||||||
Outstanding construction loan amount | $ 21,600,000 | $ 21,600,000 | |||||
Vantage At Panama City Beach [Member] | Maximum [Member] | |||||||
Commitments And Other Guarantees [Line Items] | |||||||
Construction loan guarantee percentage on debt service coverage levels | 50.00% | ||||||
Vantage At Panama City Beach [Member] | Minimum [Member] | |||||||
Commitments And Other Guarantees [Line Items] | |||||||
Construction loan guarantee percentage on debt service coverage levels | 25.00% |
Redeemable Series A Preferred88
Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2017 | Aug. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | May 31, 2016 | Mar. 31, 2016 | Jun. 30, 2018 | Dec. 31, 2017 | |
Temporary Equity Disclosure [Abstract] | |||||||||
Issuance of preferred units through private placements | 1,750,000 | 2,000,000 | 1,613,100 | 700,000 | 1,000,000 | 1,386,900 | 1,000,000 | 9,450,000 | 9,450,000 |
Purchase Price | $ 17,500,000 | $ 20,000,000 | $ 16,131,000 | $ 7,000,000 | $ 10,000,000 | $ 13,869,000 | $ 10,000,000 | $ 94,500,000 | $ 94,500,000 |
Distribution Rate | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | ||
Redemption Price per Unit | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | $ 10 | ||
Earliest Redemption Date | 2023-10 | 2023-08 | 2023-03 | 2022-12 | 2022-09 | 2022-05 | 2022-03 |
Restricted Unit Awards ("RUAs89
Restricted Unit Awards ("RUAs") - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 544,000 | $ 439,000 | $ 750,000 | $ 610,000 |
Unrecognized compensation expense related to nonvested RUAs granted | $ 2,000,000 | $ 2,000,000 | ||
Remaining expense expected to be recognized over a weighted-average period | 1 year 1 month 6 days | |||
Intrinsic value of nonvested RUAs | $ 3,500,000 | |||
Burlington [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Approved grant of restricted units and other awards to employees | 3,000,000 | 3,000,000 | ||
RUAs granted with vesting range | 3 years | |||
Burlington [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
RUAs granted with vesting range | 3 months |
Restricted Unit Awards ("RUAs90
Restricted Unit Awards ("RUAs") - Summary of RUA activity (Details) - Restricted Unit Awards [Member] - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Restricted Units Awarded | ||
Beginning Balance | 242,069 | 158,304 |
Granted | 309,212 | 283,046 |
Vested | (199,281) | |
Ending Balance | 551,281 | 242,069 |
Weighted-average Grant-Date Fair Value | ||
Beginning Balance | $ 5.83 | $ 6.03 |
Granted | 6.31 | 5.74 |
Vested | 5.85 | |
Ending Balance | $ 6.10 | $ 5.83 |
Transactions with Related Par91
Transactions with Related Parties - Schedule of Related Party Transactions With Related Parties (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | ||
Jade Park MF Property [Member] | |||||
Construction fees paid to an affiliate | $ 0 | ||||
General Partner [Member] | |||||
Administrative fees | [1] | $ 927,000 | $ 905,000 | 1,849,000 | $ 1,770,000 |
Placement fees | [2] | 530,000 | 1,598,000 | 938,000 | |
General Partner [Member] | Mortgage Revenue Bonds [Member] | |||||
Administrative fees | [3] | 18,000 | 37,000 | 43,000 | 52,000 |
Burlington Capital Properties, LLC [Member] | MF Properties Managed [Member] | |||||
Property management fees to an affiliate | [4] | $ 48,000 | $ 92,000 | $ 98,000 | 205,000 |
Farnam Capital Advisors, LLC [Member] | |||||
Origination fees to an affiliate | [5] | 269,000 | |||
Consulting fees | [6] | $ 921,000 | |||
[1] | 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 disclosed amounts represent administrative fees paid or accrued during the period specified. | ||||
[2] | AFCA 2 earns placement fees in connection with the acquisition of certain MRBs, equity investments in unconsolidated entities and certain 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 | ||||
[3] | AFCA 2 receives administrative fees directly from the owners of properties financed by certain MRBs held by the Partnership. These administrative fees equal 0.45% per annum of the outstanding principal balance of the MRBs. The disclosed amounts represent administrative fees paid during the period specified. The administrative fees are not Partnership expenses | ||||
[4] | An affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management services for the MF Properties (excluding Suites on Paseo). The property management fees are reflected as real estate operating expenses in the Partnership’s condensed consolidated statements of operations. Properties Management also provides services to eight of the properties collateralizing MRBs of the Partnership. The property management fees are not Partnership expenses but are paid by the owners of the respective properties. These 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, as applicable. | ||||
[5] | An affiliate of AFCA 2, Farnam Capital Advisors, LLC (“Farnam Cap”), acts as an origination advisor to the borrowers when MRBs, investments in unconsolidated entities, certain property loans, and financing facilities are acquired by the Partnership. These origination fees were paid by the borrower and are not Partnership expenses, so they have not been reflected in the accompanying condensed consolidated financial statements. | ||||
[6] | Fees are paid to Farnam Cap related to consulting services when certain debt financing facilities are acquired by the Partnership. |
Transactions with Related Par92
Transactions with Related Parties - Schedule of Related Party Transactions With Related Parties (Parenthetical) (Details) | 6 Months Ended |
Jun. 30, 2018USD ($)Property | |
Rate for administration fees receivable | 0.45% |
MF Properties Managed [Member] | |
Number of Real Estate Properties | Property | 8 |
Jade Park MF Property [Member] | |
Construction payment to affiliate | $ | $ 0 |
Fair Value of Financial Instr93
Fair Value of Financial Instruments - Additional Information (Details) | Jun. 30, 2018 | Dec. 31, 2017 |
Effective rate - minimum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 8.10% | 7.90% |
Effective rate - minimum [Member] | MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 3.20% | 2.90% |
Effective rate - maximum [Member] | Taxable Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 9.30% | 9.20% |
Effective rate - maximum [Member] | MRBs and Bond Purchase Commitments [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Effective rate | 8.50% | 8.80% |
Fair Value of Financial Instr94
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | $ 820,950,642 | $ 843,675,611 | ||||
Bond Purchase Commitments (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 994,685 | 3,002,540 | ||||
Public housing capital fund trusts [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 49,070,710 | 49,641,588 | ||||
Taxable Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 2,357,952 | 2,422,459 | ||||
Derivative Contracts (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 1,026,976 | 597,221 | ||||
Derivative Swap Liability [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Liabilities at fair value | (129,018) | (826,852) | ||||
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 | 820,950,642 | $ 810,176,708 | 843,675,611 | $ 830,256,024 | $ 820,480,265 | $ 742,897,488 |
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 | 994,685 | 2,027,473 | 3,002,540 | 3,165,172 | 2,620,393 | 2,399,449 |
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 | 49,070,710 | 48,939,254 | 49,641,588 | 55,791,371 | 55,851,799 | 57,158,068 |
Fair Value, Inputs, Level 3 [Member] | Taxable Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 2,357,952 | $ 2,397,825 | 2,422,459 | $ 3,931,471 | $ 4,179,205 | $ 4,084,599 |
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 | 1,026,976 | 597,221 | ||||
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 | (129,018) | (826,852) | ||||
Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 94,477,120 | 77,971,208 | ||||
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 | 94,477,120 | 77,971,208 | ||||
Mortgage Revenue Bonds Held In Trust [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 673,152,217 | 710,867,447 | ||||
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 | $ 673,152,217 | $ 710,867,447 |
Fair Value of Financial Instr95
Fair Value of Financial Instruments - 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, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jan. 01, 2018 | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Assets at Fair Value, beginning balance | $ 810,176,708 | $ 820,480,265 | $ 843,675,611 | $ 742,897,488 | ||||||
Assets at Fair Value, Adjusted balance | $ 843,458,663 | |||||||||
Total gains (losses) (realized/unrealized) [Abstract] | ||||||||||
Total gain (losses) included in earnings (interest income and interest expense) | (807,729) | (142,314) | 199,306 | (227,896) | ||||||
Total gain (losses) included in other comprehensive (loss) income | 4,014,225 | 10,771,467 | (18,835,718) | 29,972,777 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 19,540,000 | 496,800 | 19,540,000 | 60,081,800 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (11,972,562) | (1,350,194) | (23,411,609) | (2,468,145) | ||||||
Assets at Fair Value, ending balance | 820,950,642 | 830,256,024 | 820,950,642 | 830,256,024 | ||||||
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | (824,676) | (181,420) | 165,319 | (302,769) | ||||||
Interest rate derivatives [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Liabilities at Fair value, beginning balance | 852,702 | [1] | (1,077,028) | [1] | (955,679) | [2] | ||||
Liabilities at Fair value, Adjusted balance | [1] | (229,631) | ||||||||
Total gains (losses) (realized/unrealized) [Abstract] | ||||||||||
Total gain (losses) included in earnings (interest income and interest expense) | 6,386 | [1] | (181,420) | [1] | 996,381 | [1] | (302,769) | [2] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 496,800 | [1] | 496,800 | [2] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 38,870 | 131,208 | |||||||
Liabilities at Fair value, ending balance | [1] | 897,958 | (761,648) | [2] | 897,958 | (761,648) | [2] | |||
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | 6,386 | [1] | (181,420) | [1] | 996,381 | [1] | (302,769) | [2] | ||
Bond Purchase Commitment [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Assets at Fair Value, beginning balance | 2,027,473 | 2,620,393 | 3,002,540 | 2,399,449 | ||||||
Assets at Fair Value, Adjusted balance | 3,002,540 | |||||||||
Total gains (losses) (realized/unrealized) [Abstract] | ||||||||||
Total gain (losses) included in other comprehensive (loss) income | (1,032,788) | 544,779 | (2,007,855) | 765,723 | ||||||
Assets at Fair Value, ending balance | 994,685 | 3,165,172 | 994,685 | 3,165,172 | ||||||
Public housing capital fund trusts [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Assets at Fair Value, beginning balance | 48,939,254 | 55,851,799 | 49,641,588 | 57,158,068 | ||||||
Assets at Fair Value, Adjusted balance | 49,641,588 | |||||||||
Total gains (losses) (realized/unrealized) [Abstract] | ||||||||||
Total gain (losses) included in earnings (interest income and interest expense) | (850,336) | (14,129) | (869,610) | (31,717) | ||||||
Total gain (losses) included in other comprehensive (loss) income | 981,792 | 390,701 | 525,446 | (897,980) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (437,000) | (226,714) | (437,000) | |||||||
Assets at Fair Value, ending balance | 49,070,710 | 55,791,371 | 49,070,710 | 55,791,371 | ||||||
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held | (831,062) | (831,062) | ||||||||
Taxable Mortgage Revenue Bonds [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Assets at Fair Value, beginning balance | 2,397,825 | 4,179,205 | 2,422,459 | 4,084,599 | ||||||
Assets at Fair Value, Adjusted balance | 2,422,459 | |||||||||
Total gains (losses) (realized/unrealized) [Abstract] | ||||||||||
Total gain (losses) included in other comprehensive (loss) income | (12,079) | (223,758) | (33,981) | (125,264) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (27,794) | (23,976) | (30,526) | (27,864) | ||||||
Assets at Fair Value, ending balance | 2,357,952 | 3,931,471 | 2,357,952 | 3,931,471 | ||||||
Mortgage Revenue Bonds [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Assets at Fair Value, beginning balance | [3] | 755,959,454 | 758,905,896 | 680,211,051 | ||||||
Assets at Fair Value, Adjusted balance | [4] | $ 788,621,707 | ||||||||
Total gains (losses) (realized/unrealized) [Abstract] | ||||||||||
Total gain (losses) included in earnings (interest income and interest expense) | 36,221 | [3] | 53,235 | [3] | 72,535 | [4] | 106,590 | [3] | ||
Total gain (losses) included in other comprehensive (loss) income | 4,077,300 | [3] | 10,059,745 | [3] | (17,319,328) | [4] | 30,230,298 | [3] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 19,540,000 | [3] | 19,540,000 | [4] | 59,585,000 | [3] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (11,983,638) | [3] | (889,218) | [3] | (23,285,577) | [4] | (2,003,281) | [3] | ||
Assets at Fair Value, ending balance | [3] | $ 767,629,337 | [4] | $ 768,129,658 | $ 767,629,337 | [4] | $ 768,129,658 | |||
[1] | Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities. | |||||||||
[2] | Interest rate derivatives include derivative contracts reported in other assets as well as derivative swap liabilities | |||||||||
[3] | Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. | |||||||||
[4] | Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. The beginning balance also in includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018. |
Fair Value of Financial Instr96
Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Mortgages payable and other secured financing | $ 35,212,789 | $ 35,540,174 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt financing and LOCs | 591,712,329 | 608,328,347 |
Mortgages payable and other secured financing | 35,212,789 | 35,540,174 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Debt financing and LOCs | 597,873,855 | 618,412,150 |
Mortgages payable and other secured financing | $ 35,387,148 | $ 35,767,924 |
Segments - Additional Informati
Segments - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2018PropertyUnitSegmentRatingSecurity | |
Segment Reporting Information [Line Items] | |
Number of Reportable Segments | Segment | 4 |
Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of Available for Sale Securities | Security | 81 |
Real Estate [Member] | |
Segment Reporting Information [Line Items] | |
Number of Real Estate Properties | Property | 3 |
Number of rental units under MF properties segment. | Unit | 1,012 |
Residential Properties [Member] | Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of rental units financed by mortgage revenue bonds | Unit | 10,988 |
Commercial Real Estate [Member] | Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of collateralized securities | Security | 1 |
Minimum [Member] | |
Segment Reporting Information [Line Items] | |
Required rating for tax exempted investments other than mortgage revenue bonds | Rating | 1 |
Maximum [Member] | |
Segment Reporting Information [Line Items] | |
Required rating for tax exempted investments other than mortgage revenue bonds | Rating | 4 |
Tax-exempt and Other Investments [Member] | |
Segment Reporting Information [Line Items] | |
Assets percentage | 25.00% |
Segments - Summary of Partnersh
Segments - Summary of Partnership Reportable Segment Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Total revenues | |||||
Total revenues | $ 15,785,165 | $ 16,234,300 | $ 32,243,199 | $ 32,274,688 | |
Interest expense | |||||
Interest expense | 5,918,867 | 5,841,327 | 10,801,172 | 11,283,580 | |
Depreciation expense | |||||
Depreciation expense | 919,456 | 1,265,335 | 1,823,409 | 2,620,566 | |
Partnership net income (loss) | |||||
Partnership net income (loss) | 3,338,121 | 4,109,400 | 9,342,425 | 11,398,262 | |
Total assets | |||||
Total assets | 1,023,530,880 | 1,023,530,880 | $ 1,069,767,999 | ||
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member] | |||||
Total revenues | |||||
Total revenues | 11,098,140 | 11,059,940 | 23,168,696 | 21,648,438 | |
Interest expense | |||||
Interest expense | 5,265,140 | 4,938,029 | 9,782,760 | 9,509,484 | |
Partnership net income (loss) | |||||
Partnership net income (loss) | 2,308,290 | 2,592,768 | 6,607,885 | 4,821,821 | |
Total assets | |||||
Total assets | 892,881,652 | 892,881,652 | 937,565,390 | ||
Operating Segments [Member] | MF Properties [Member] | |||||
Total revenues | |||||
Total revenues | 2,477,442 | 3,306,722 | 4,813,954 | 7,099,137 | |
Interest expense | |||||
Interest expense | 408,131 | 534,245 | 798,832 | 1,059,832 | |
Depreciation expense | |||||
Depreciation expense | 919,456 | 1,265,335 | 1,823,409 | 2,620,566 | |
Partnership net income (loss) | |||||
Partnership net income (loss) | (95,425) | 18,047 | (458,155) | 3,763,592 | |
Total assets | |||||
Total assets | 82,642,061 | 82,642,061 | 83,514,758 | ||
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member] | |||||
Total revenues | |||||
Total revenues | 622,961 | 719,182 | 1,243,067 | 1,427,968 | |
Interest expense | |||||
Interest expense | 245,596 | 369,053 | 219,580 | 714,264 | |
Partnership net income (loss) | |||||
Partnership net income (loss) | (453,697) | 350,129 | 192,425 | 713,704 | |
Total assets | |||||
Total assets | 49,344,607 | 49,344,607 | 49,918,434 | ||
Operating Segments [Member] | Other Investments [Member] | |||||
Total revenues | |||||
Total revenues | 1,586,622 | 1,148,456 | 3,017,482 | 2,099,145 | |
Partnership net income (loss) | |||||
Partnership net income (loss) | 1,578,953 | $ 1,148,456 | 3,000,270 | $ 2,099,145 | |
Total assets | |||||
Total assets | 76,199,168 | 76,199,168 | 55,573,834 | ||
Consolidation, Eliminations [Member] | |||||
Total assets | |||||
Total assets | $ (77,536,608) | $ (77,536,608) | $ (56,804,417) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event | 1 Months Ended | |
Jul. 31, 2018Agreement | Aug. 06, 2018USD ($) | |
Subsequent Event [Line Items] | ||
Number of lines of credit | Agreement | 2 | |
Line of credit extended maturity date | Jun. 30, 2020 | |
BUC [Member] | Capital on Demand Sales Agreement [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Aggregate offering price | $ | $ 75,000,000 | |
Term A/B Trust [Member] | Courtyard Series B [Member] | ||
Subsequent Event [Line Items] | ||
Debt instrument extended maturity period | 2018-08 |
Subsequent Events - Summary of
Subsequent Events - Summary of Assets and Liabilities Expected to be Sold (Details) - Jade Park MF Property [Member] - Held for Sale [Member] | Jun. 30, 2018USD ($) |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Cash and cash equivalents | $ 237,516 |
Restricted cash | 174,321 |
Land and improvements | 2,292,035 |
Buildings and improvements | 7,594,192 |
Real estate assets before accumulated depreciation | 9,886,227 |
Accumulated depreciation | (757,835) |
Net real estate assets | 9,128,392 |
Other assets | 24,782 |
Total assets held for sale | 9,565,011 |
Accounts payable, accrued expenses and other liabilities | $ 158,662 |