Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 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 |
Entity Small Business | true |
Entity Emerging Growth Company | false |
Document Type | 10-Q |
Document Period End Date | Sep. 30, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | false |
Trading Symbol | ATAX |
Entity Common Stock, Units Outstanding | 0 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 24,969,157 | $ 69,597,699 |
Restricted cash | 703,112 | 1,985,630 |
Interest receivable, net | 7,936,792 | 6,541,132 |
Mortgage revenue bonds held in trust, at fair value (Note 6) | 678,700,712 | 710,867,447 |
Mortgage revenue bonds, at fair value (Note 6) | 63,765,212 | 77,971,208 |
Public housing capital fund trusts, at fair value (Note 7) | 48,741,478 | 49,641,588 |
Real estate assets: (Note 8) | ||
Land and improvements | 4,974,417 | 7,319,235 |
Buildings and improvements | 71,819,902 | 78,953,488 |
Real estate assets before accumulated depreciation | 76,794,319 | 86,272,723 |
Accumulated depreciation | (11,457,254) | (9,580,531) |
Net real estate assets | 65,337,065 | 76,692,192 |
Investment in unconsolidated entities (Note 9) | 80,294,647 | 39,608,927 |
Property loans, net of loan loss allowance (Note 10) | 23,817,990 | 29,513,874 |
Other assets (Note 12) | 6,950,752 | 7,348,302 |
Total Assets | 1,001,216,917 | 1,069,767,999 |
Liabilities | ||
Accounts payable, accrued expenses and other liabilities | 7,831,188 | 8,494,227 |
Distribution payable | 9,652,968 | 8,423,803 |
Unsecured lines of credit (Note 13) | 28,465,600 | 50,000,000 |
Debt financing, net (Note 14) | 544,718,144 | 558,328,347 |
Mortgages payable and other secured financing, net (Note 15) | 27,681,596 | 35,540,174 |
Derivative swaps, at fair value (Note 16) | 26,798 | 826,852 |
Total Liabilities | 618,376,294 | 661,613,403 |
Commitments and Contingencies (Note 17) | ||
Redeemable Series A preferred units, approximately $94.5 million redemption value, 10.0 million authorized, 9.5 million issued and outstanding, net (Note 18) | 94,341,364 | 94,314,326 |
Partnersʼ Capital | ||
General Partner (Note 1) | 195,059 | 437,256 |
Beneficial Unit Certificate holders (Note 1) | 288,304,200 | 313,403,014 |
Total Partnersʼ Capital | 288,499,259 | 313,840,270 |
Total Liabilities and Partnersʼ Capital | $ 1,001,216,917 | $ 1,069,767,999 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Property revenues | $ 2,285,736 | $ 3,244,440 | $ 7,025,390 | $ 10,280,940 |
Investment income | 12,733,013 | 12,242,533 | 38,360,534 | 35,886,934 |
Contingent interest income | 4,246,094 | 4,246,094 | 219,217 | |
Other interest income | 5,217,741 | 735,123 | 7,019,465 | 2,047,056 |
Other income | 1,518,531 | 12,734 | 1,592,831 | 75,371 |
Total revenues | 26,001,115 | 16,234,830 | 58,244,314 | 48,509,518 |
Expenses: | ||||
Real estate operating (exclusive of items shown below) | 1,606,765 | 2,225,845 | 4,292,745 | 6,331,145 |
Impairment of securities | 309,958 | 1,141,020 | ||
Impairment charge on real estate assets | 150,000 | 150,000 | ||
Depreciation and amortization | 864,600 | 1,259,055 | 2,692,731 | 4,122,260 |
Amortization of deferred financing costs | 409,420 | 577,413 | 1,304,879 | 1,880,236 |
Interest expense | 5,985,263 | 5,714,181 | 16,786,435 | 16,997,761 |
General and administrative | 3,653,288 | 3,197,853 | 9,506,258 | 9,205,183 |
Total expenses | 12,979,294 | 12,974,347 | 35,874,068 | 38,536,585 |
Other Income: | ||||
Gain on sale of real estate assets, net | 4,051,429 | 4,051,429 | 7,152,512 | |
Income before income taxes | 17,073,250 | 3,260,483 | 26,421,675 | 17,125,445 |
Income tax expense (benefit) | (809,805) | (285,000) | (803,805) | 2,110,047 |
Net income | 17,883,055 | 3,545,483 | 27,225,480 | 15,015,398 |
Net income attributable to noncontrolling interest | 71,653 | |||
Partnership net income | 17,883,055 | 3,545,483 | 27,225,480 | 14,943,745 |
Redeemable Series A preferred unit distributions and accretion | (717,763) | (523,682) | (2,153,288) | (1,280,874) |
Net income available to Partners | 17,165,292 | 3,021,801 | 25,072,192 | 13,662,871 |
Net income available to Partners and noncontrolling interest allocated to: | ||||
General Partner | 2,163,058 | 30,218 | 2,242,127 | 1,212,429 |
Net income attributable to noncontrolling interest | 71,653 | |||
Net income available to Partners and noncontrolling interest | $ 17,165,292 | $ 3,021,801 | $ 25,072,192 | $ 13,734,524 |
Unitholders' interest in net income per Unit, basic and diluted | $ 0.25 | $ 0.05 | $ 0.38 | $ 0.21 |
Distributions declared, per Unit | $ 0.125 | $ 0.125 | $ 0.375 | $ 0.375 |
Weighted average number of Units outstanding, basic | 59,907,123 | 59,811,578 | 59,989,585 | 59,904,078 |
Weighted average number of Units outstanding, diluted | 59,907,123 | 59,811,578 | 59,989,585 | 59,904,078 |
Unitholders [Member] | ||||
Net income available to Partners and noncontrolling interest allocated to: | ||||
Limited Partners | $ 14,933,260 | $ 2,936,408 | $ 22,662,993 | $ 12,325,639 |
Restricted Unitholders [Member] | ||||
Net income available to Partners and noncontrolling interest allocated to: | ||||
Limited Partners | $ 68,974 | $ 55,175 | $ 167,072 | $ 124,803 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Net income | $ 17,883,055 | $ 3,545,483 | $ 27,225,480 | $ 15,015,398 |
Reversal of net unrealized losses on securities with other-than-temporary impairment | 525,446 | |||
Unrealized gain (loss) on bond purchase commitments | (1,956,095) | 955,598 | ||
Comprehensive income (loss) | 11,190,306 | 5,548,672 | 1,697,013 | 46,991,364 |
Comprehensive income allocated to noncontrolling interest | 71,653 | |||
Partnership comprehensive income (loss) | 11,190,306 | 5,548,672 | 1,697,013 | 46,919,711 |
Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Net income | 17,883,055 | 3,545,483 | 27,225,480 | 15,015,398 |
Reversal of net unrealized losses on securities with other-than-temporary impairment | 525,446 | |||
Unrealized gain (loss) on securities | (6,744,509) | 1,813,314 | (24,097,818) | 31,020,368 |
Unrealized gain (loss) on bond purchase commitments | (1,956,095) | 955,598 | ||
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Unrealized gain (loss) on bond purchase commitments | $ 51,760 | $ 189,875 | $ (1,956,095) | $ 955,598 |
Condensed Consolidated Statem_3
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 | (19,427,246) | (194,272) | (19,232,974) | ||||||
Distribution of Tier 2 income (Note 3) | $ (4,482,500) | $ (1,120,625) | $ (3,361,875) | ||||||
Net income allocable to Partners | 13,734,524 | 1,212,429 | 12,450,442 | $ 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 | 1,160,123 | 11,601 | 1,148,522 | ||||||
Unrealized gain (loss) on securities | 31,020,368 | 310,204 | 30,710,164 | 31,020,368 | |||||
Unrealized gain (loss) on bond purchase commitments | 955,598 | 9,556 | 946,042 | 955,598 | |||||
Balance at Sep. 30, 2017 | 301,552,197 | 331,429 | 301,220,768 | 70,871,450 | |||||
Partners' Capital Account, Units at Sep. 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 | (16,621,336) | (166,213) | (16,455,123) | ||||||
Distribution of Tier 2 income (Note 3) | $ (8,297,523) | $ (2,074,381) | $ (6,223,142) | ||||||
Net income allocable to Partners | 25,072,192 | 2,242,127 | 22,830,065 | ||||||
Sale of Beneficial Unit Certificates, net of issuance costs | 576,300 | 576,300 | |||||||
Sale of Beneficial Unit Certificates, net of issuance costs, Units | 105,950 | ||||||||
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 | 1,372,384 | 13,724 | 1,358,660 | ||||||
Unrealized gain (loss) on securities | (24,097,818) | (240,978) | (23,856,840) | (24,097,818) | |||||
Unrealized gain (loss) on bond purchase commitments | (1,956,095) | (19,561) | (1,936,534) | (1,956,095) | |||||
Reversal of net unrealized loss on securities with other-than-temporary impairment | 525,446 | 5,254 | 520,192 | 525,446 | |||||
Balance at Sep. 30, 2018 | $ 288,499,259 | $ 195,059 | $ 288,304,200 | $ 50,095,363 | |||||
Partners' Capital Account, Units at Sep. 30, 2018 | 60,520,261 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 27,225,480 | $ 15,015,398 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization expense | 2,692,731 | 4,122,260 |
Provision for loan loss | (55,000) | |
Gain on sale of real estate assets, net | (4,051,429) | (7,152,512) |
Contingent interest realized on investing activities | (4,246,094) | |
Impairment of securities | 1,141,020 | |
Impairment charge on real estate assets | 150,000 | |
Loss (gain) on derivatives, net of cash paid | (1,266,808) | 369,686 |
Restricted unit compensation expense | 1,372,384 | 1,160,123 |
Bond premium/discount amortization | (50,839) | (113,861) |
Amortization of deferred financing costs | 1,304,879 | 1,880,236 |
Deferred income tax expense (benefit) & income tax payable/receivable | (840,871) | (374,000) |
Change in preferred return receivable from unconsolidated entities | (2,642,634) | (2,176,131) |
Changes in operating assets and liabilities | ||
Increase in interest receivable | (1,395,660) | (336,710) |
Increase in other assets | (921,756) | (231,498) |
Increase (decrease) in accounts payable and accrued expenses | (473,415) | 1,058,638 |
Net cash provided by operating activities | 17,996,988 | 13,166,629 |
Cash flows from investing activities: | ||
Capital expenditures | (496,336) | (290,042) |
Proceeds from sale of MF Properties | 13,450,000 | 13,750,000 |
Proceeds from sale of land held for development | 3,000,000 | |
Acquisition of mortgage revenue bonds | (19,540,000) | (72,056,000) |
Contributions to unconsolidated entities | (35,153,613) | (9,569,227) |
Principal payments received on taxable mortgage revenue bonds | 33,384 | 31,930 |
Cash paid for land held for development and deposits on potential purchases | (2,764,403) | (168,693) |
Advances on property loans | (66,652) | (2,376,370) |
Principal payments received on property loans | 5,762,536 | 1,000,000 |
Net cash provided by (used in) investing activities | 7,453,523 | (60,223,772) |
Cash flows from financing activities: | ||
Distributions paid | (25,800,111) | (25,339,844) |
Proceeds from the sale of redeemable Series A Preferred Units | 36,131,000 | |
Payment of offering costs related to the sale of redeemable Series A Preferred Units | (668) | |
Acquisition of interest rate derivatives | (556,017) | |
Repurchase of Beneficial Unit Certificates | (1,697,613) | (1,466,222) |
Proceeds from the sale of Beneficial Unit Certificates | 626,033 | |
Payment of offering costs related to the sale of Beneficial Unit Certificates | (12,531) | |
Payment of tax withholding related to restricted unit awards | (153,306) | |
Distribution to noncontrolling interest | (76,316) | |
Proceeds from debt financing | 238,920,000 | 135,100,000 |
Principal payments on debt financing | (253,250,185) | (36,093,863) |
Principal payments on mortgages payable | (7,963,815) | (884,826) |
Principal borrowing on unsecured lines of credit | 30,540,000 | 43,031,000 |
Principal payments on unsecured and secured lines of credit | (52,074,400) | (90,560,000) |
Decrease in security deposit liability related to restricted cash | (23,243) | (105,320) |
Debt financing and other deferred costs | (625,706) | (1,469,234) |
Net cash provided by (used in) financing activities | (71,361,571) | 57,556,384 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (45,911,060) | 10,499,241 |
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 | 25,672,269 | 38,005,461 |
Supplemental disclosure of cash flow information: | ||
Cash paid during the period for interest | 17,571,617 | 16,158,444 |
Cash paid during the period for income taxes | 178,564 | 3,007,000 |
Supplemental disclosure of noncash investing and financing activities: | ||
Distributions declared but not paid for Beneficial Unit Certificates and general partner | 9,652,968 | 7,607,693 |
Distributions declared but not paid for Series A Preferred Units | 708,750 | 517,500 |
Land contributed as investment in an unconsolidated entity | 2,879,473 | 3,091,023 |
Capital expenditures financed through accounts payable | 5,898 | 76,064 |
Deferred financing costs financed through accounts payable | 12,836 | 1,887 |
Public housing capital fund trusts [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | 226,714 | 1,610,302 |
Mortgage Revenue Bonds and Contingent Interest [Member] | ||
Cash flows from investing activities: | ||
Principal payments received | $ 46,001,893 | $ 4,844,328 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 |
Statement Of Cash Flows [Abstract] | ||||
Cash and cash equivalents | $ 24,969,157 | $ 69,597,699 | $ 35,556,115 | |
Restricted cash | 703,112 | 1,985,630 | 2,449,346 | |
Total cash, cash equivalents and restricted cash | $ 25,672,269 | $ 71,583,329 | $ 38,005,461 | $ 27,506,220 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Sep. 30, 2018 | |
Basis Of Presentation [Abstract] | |
Basis of Presentation | 1. Basis of Presentation General America First Multifamily Investors, L.P. 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 Properties until the “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 Redeemable Series A Preferred Units which represent limited partnership interests in the Partnership. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 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., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. At September 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 the Federal Home Loan Mortgage Corporation (“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 TEBS IV, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the fourth TEBS Financing (“M45 TEBS Financing”), with Freddie Mac. • ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, committed to loan money and provide equity for the development of multifamily properties. • The 50/50, an MF Property, is owned by a wholly-owned corporation (“the Greens Hold Co”). • Suites on Paseo, an MF Property, 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 statements of cash flows in accordance with the adoption of Accounting Standards Update (“ASU”) 2016-18, effective for the Partnership as of January 1, 2018, with retrospective application required. Investments in Mortgage Revenue Bonds, Taxable Mortgage Revenue Bonds The Partnership owns certain MRBs that were purchased at a discount or premium. The Partnership adopted the provisions of ASU 2017-08 relating to premiums on purchased callable debt securities 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. Prior to January 1, 2018, the Partnership amortized premiums on callable debt securities as a yield adjustment to the stated maturity date. On January 1, 2018, the Partnership recorded a cumulative adjustment to partners’ capital of approximately $217,000. Results for periods prior to January 1, 2018 were not adjusted. The impact of the adoption of the ASU to net income for the three and nine months ended September 30, 2018 was a decrease in investment income of approximately $17,000 and $51,000, 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 of the security, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Any downgrade in the security’s rating by S&P, and • The 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 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 assets may not be realized. Any changes in the valuation allowance that result from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax assets are 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 Partnership’s 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. The 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 (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC 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 September 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 consolidated financial statements, but does not contain all the footnote disclosures from the annual consolidated financial statements. Recently Issued Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842)” that requires lessees to recognize the right-to-use assets and related lease liabilities on the balance sheet and disclose key information about leasing arrangements. Lessees will classify the leases as financing leases or operating leases, with the classification affecting the pattern and classification of expense recognition in the statement of operations. The ASU requires lessors to classify leases as sales-type leases, direct financing leases, or operating leases. In July 2018, the FASB issued ASUs 2018-10 and 2018-11 containing further implementation guidance. ASU 2018-11 allows the Partnership to apply the new lease requirements as of the effective date, January 1, 2019 and not apply the guidance retrospectively to comparative periods. The Partnership will adopt this adoption method and will continue to report comparative periods prior to adoption using the old lease accounting guidance. Furthermore, the Partnership anticipates adopting the “package” of practical expedients, electing to not apply new guidance to short-term leases, and electing to combine lease and non-lease components for lessor and lessee leases. The Partnership has performed a preliminary assessment of its lessor and lessee leasing arrangements. The accounting for lessor arrangements with tenants at the MF Properties, which have been determined to be operating leases, is not expected to be materially impacted by the new guidance. For the Partnership’s lessee leases, the Partnership has identified only operating leases for office equipment and the ground lease at The 50/50 MF Property. The Partnership estimates the right-of-use assets and lease liabilities for current leases will range between approximately $1.1 million and $2.6 million and expects the cumulative adjustment to partners’ capital on January 1, 2019 to be immaterial. The amounts and elections above are subject to change as the Partnership finalizes its assessment during the fourth quarter of 2018. 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 to be applied using a modified retrospective approach. The Partnership is currently assessing the impact of the adoption of this pronouncement on its condensed consolidated financial statements. |
Partnership Income, Expense and
Partnership Income, Expense and Cash Distributions | 9 Months Ended |
Sep. 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. The holders of the Partnership’s 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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2018 and 2017. |
Variable Interest Entities
Variable Interest Entities | 9 Months Ended |
Sep. 30, 2018 | |
Variable Interest Entities [Abstract] | |
Variable Interest Entities | 5. Variable Interest Entities Consolidated Variable Interest Entities (“VIEs”) The Partnership has 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 and PHCs 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: (i) which party has the power to control the activities of the VIEs which most significantly impact their financial performance, (ii) the risks that the entity was designed to create, and (iii) 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 sale of the securitized 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 September 30, 2018 and December 31, 2017, respectively. The following table summarizes the Partnerships variable interests in these entities at September 30, 2018 and December 31, 2017: Maximum Exposure to Loss September 30, 2018 December 31, 2017 Mortgage revenue bonds $ 66,358,000 $ 146,344,195 Property loans 15,524,613 15,824,613 Investment in unconsolidated entities 80,294,647 39,608,927 $ 162,177,260 $ 201,777,735 The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns at September 30, 2018 and December 31, 2017. The difference between an 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 September 30, 2018 and December 31, 2017 is equal to the unpaid principal balance and accrued interest. The difference between a property loan’s carrying value and the maximum exposure is the value of loan loss allowance, if any, that has been previously recorded against the property loan. |
Investments in Mortgage Revenue
Investments in Mortgage Revenue Bonds ("MRBs") | 9 Months Ended |
Sep. 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 September 30, 2018 and December 31, 2017: September 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 (5) CA $ 10,230,000 $ 767,954 $ - $ 10,997,954 Glenview Apartments - Series A (4) CA 4,593,499 415,667 - 5,009,166 Harmony Court Bakersfield - Series A (5) CA 3,730,000 244,930 - 3,974,930 Harmony Terrace - Series A (5) CA 6,900,000 520,937 - 7,420,937 Harden Ranch - Series A (3) CA 6,793,508 816,778 - 7,610,286 Las Palmas II - Series A (5) CA 1,695,000 110,566 - 1,805,566 Montclair Apartments - Series A (4) CA 2,488,555 281,929 - 2,770,484 Montecito at Williams Ranch Apartments - Series A & B (2) CA 12,471,000 782,663 - 13,253,663 San Vicente - Series A (5) CA 3,495,000 211,792 - 3,706,792 Santa Fe Apartments - Series A (4) CA 3,014,791 353,169 - 3,367,960 Seasons at Simi Valley - Series A (5) CA 4,335,920 558,219 - 4,894,139 Seasons Lakewood - Series A (5) CA 7,350,000 520,052 - 7,870,052 Seasons San Juan Capistrano - Series A (5) CA 12,375,000 875,598 - 13,250,598 Summerhill - Series A (5) CA 6,423,000 391,809 - 6,814,809 Sycamore Walk - Series A (5) CA 3,607,439 294,702 - 3,902,141 The Village at Madera - Series A (5) CA 3,085,000 202,576 - 3,287,576 Tyler Park Townhomes - Series A (3) CA 5,919,230 669,130 - 6,588,360 Vineyard Gardens - Series A & B (2) CA 6,841,000 456,388 - 7,297,388 Westside Village Market - Series A (3) CA 3,868,205 392,487 - 4,260,692 Brookstone (1) IL 7,437,328 1,872,124 - 9,309,452 Copper Gate Apartments (3) IN 5,100,000 607,810 - 5,707,810 Renaissance - Series A (4) LA 11,153,363 700,482 - 11,853,845 Live 929 Apartments (2) MD 40,287,043 2,642,087 - 42,929,130 Woodlynn Village (1) MN 4,244,000 9,283 - 4,253,283 Greens Property - Series A (3) NC 8,056,000 811,822 - 8,867,822 Silver Moon - Series A (4) NM 7,837,176 647,038 - 8,484,214 Ohio Properties - Series A (1) OH 14,022,004 363,198 - 14,385,202 Bridle Ridge (1) SC 7,395,000 44,052 - 7,439,052 Columbia Gardens (5) SC 13,261,234 1,281,313 - 14,542,547 Companion at Thornhill Apartments (5) SC 11,322,984 967,595 - 12,290,579 Cross Creek (1) SC 6,142,746 2,519,386 - 8,662,132 The Palms at Premier Park Apartments (3) SC 19,094,174 1,989,068 - 21,083,242 Village at River's Edge (5) SC 9,953,893 1,134,923 - 11,088,816 Willow Run (5) SC 13,077,771 1,211,709 - 14,289,480 Arbors at Hickory Ridge (3) TN 11,227,931 1,221,790 - 12,449,721 Pro Nova 2014-1 (2) TN 10,028,678 - (136,577 ) 9,892,101 Avistar at Copperfield - Series A (2) TX 10,000,000 292,102 - 10,292,102 Avistar at the Crest - Series A (3) TX 9,382,685 782,054 - 10,164,739 Avistar at the Oaks - Series A (3) TX 7,578,091 582,108 - 8,160,199 Avistar at the Parkway - Series A (4) TX 13,144,902 1,033,223 - 14,178,125 Avistar at Wilcrest - Series A (2) TX 3,775,000 51,458 - 3,826,458 Avistar at Wood Hollow - Series A (2) TX 31,850,000 436,575 - 32,286,575 Avistar in 09 - Series A (3) TX 6,543,388 502,628 - 7,046,016 Avistar on the Boulevard - Series A (3) TX 15,984,416 1,196,940 - 17,181,356 Avistar on the Hills - Series A (3) TX 5,235,687 470,687 - 5,706,374 Bella Vista (1) TX 6,225,000 - - 6,225,000 Bruton Apartments (5) TX 17,963,733 1,567,441 - 19,531,174 Concord at Gulfgate - Series A (5) TX 19,185,000 1,903,863 - 21,088,863 Concord at Little York - Series A (5) TX 13,440,000 1,393,865 - 14,833,865 Concord at Williamcrest - Series A (5) TX 20,820,000 2,159,246 - 22,979,246 Crossing at 1415 - Series A (5) TX 7,491,405 557,093 - 8,048,498 Decatur Angle (5) TX 22,672,339 1,564,822 - 24,237,161 Esperanza at Palo Alto (5) TX 19,519,236 1,966,425 - 21,485,661 Heights at 515 - Series A (5) TX 6,858,511 596,685 - 7,455,196 Heritage Square - Series A (4) TX 10,985,341 723,148 - 11,708,489 Oaks at Georgetown - Series A (5) TX 12,330,000 469,808 - 12,799,808 Runnymede (1) TX 10,095,000 126,871 - 10,221,871 Southpark (1) TX 11,749,771 2,511,470 - 14,261,241 Vantage at Judson -Series B (4) TX 25,966,084 2,345,328 - 28,311,412 15 West Apartments (5) WA 9,752,876 1,306,486 - 11,059,362 Mortgage revenue bonds held in trust $ 627,405,937 $ 51,431,352 $ (136,577 ) $ 678,700,712 (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 (5) September 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 Courtyard - Series B CA $ 6,228,000 $ - $ (10,898 ) $ 6,217,102 Seasons San Juan Capistrano - Series B CA 6,574,000 - (8,214 ) 6,565,786 Greens Property - Series B NC 934,834 152,008 - 1,086,842 Ohio Properties - Series B OH 3,524,830 77,201 - 3,602,031 Rosewood Townhomes - Series A & B SC 9,750,000 - (805,122 ) 8,944,878 South Pointe Apartments - Series A & B SC 22,700,000 - (1,785,864 ) 20,914,136 Avistar at Copperfield - Series B TX 4,000,000 13,018 - 4,013,018 Avistar at the Crest - Series B TX 746,417 33,193 - 779,610 Avistar at the Oaks - Series B TX 546,066 20,764 - 566,830 Avistar at the Parkway - Series B TX 124,668 30,701 - 155,369 Avistar at Wilcrest - Series B TX 1,550,000 4,620 - 1,554,620 Avistar at Wood Hollow - Series B TX 8,410,000 27,370 - 8,437,370 Avistar in 09 - Series B TX 450,455 17,128 - 467,583 Avistar on the Boulevard - Series B TX 443,523 16,514 - 460,037 Mortgage revenue bonds held by the Partnership $ 65,982,793 $ 392,517 $ (2,610,098 ) $ 63,765,212 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 used in 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 Nine Months of 2018 The following MRB was acquired during the nine months ended September 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 an MRB in May 2018. The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 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 Las Palmas - Series B July Coachella, CA 81 11/1/2018 8.00 % 1,770,000 Harmony Terrace - Series B August Simi Valley, CA 136 1/1/2019 8.00 % 7,400,000 Lake Forest September Daytona Beach, FL 240 12/1/2031 6.25 % 8,397,000 $ 39,014,000 Upon redemption of the Lake Forest MRB, the Partnership realized contingent interest income of approximately $4.2 million. The Partnership also realized additional income due to the early redemption of the MRB of approximately $1.5 million. The additional income is reported within other income on the condensed consolidated statements of operations. Bond Activity in the First Nine Months of 2017 The following MRBs were acquired during the nine months ended September 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 Montecito at Williams Ranch Apartments - Series A September Salinas, CA 132 10/1/2034 5.50 % 7,690,000 Montecito at Williams Ranch Apartments - Series B September Salinas, CA 132 10/1/2019 5.50 % 4,781,000 $ 72,056,000 The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2017: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Harmony Court Bakersfield - Series B August Bakersfield, CA 96 12/1/2018 5.50 % $ 1,997,000 $ 1,997,000 |
PHC Certificates
PHC Certificates | 9 Months Ended |
Sep. 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 under the Department of Housing and Urban Development’s (“HUD”) 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 September 30, 2018 and December 31, 2017: September 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 6.75 AA- 5.33% $ 24,641,310 $ - $ - $ 24,641,310 PHC Certificate Trust II 5.82 A+ 4.34% 9,065,617 - - 9,065,617 PHC Certificate Trust III 7.06 BBB 5.29% 15,034,551 - - 15,034,551 $ 48,741,478 $ - $ - $ 48,741,478 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 used in 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 $310,000 and $1.1 million during the three and nine months ended September 30, 2018, respectively. See Note 2 for information considered in the Partnership’s evaluation of impairment of the PHC Certificates. |
Real Estate Assets
Real Estate Assets | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Abstract] | |
Real Estate Assets | 8. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets at September 30, 2018 and December 31, 2017: Real Estate Assets at September 30, 2018 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on September 30, 2018 Suites on Paseo San Diego, CA 384 $ 3,195,468 $ 38,886,126 $ 42,081,594 The 50/50 MF Property Lincoln, NE 475 - 32,933,776 32,933,776 Land held for development (1) (1) 1,778,949 - 1,778,949 $ 76,794,319 Less accumulated depreciation (11,457,254 ) Total real estate assets $ 65,337,065 (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 Nine 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 (Note 9). The remaining land is classified as “Land held for development” at September 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 Omaha, NE. The Purchase Agreement was assigned to Vantage at Coventry, LLC in September 2018 (Note 9). In September 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is considered Tier 2 income (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 Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429 In September, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded an impairment charge of $150,000 in the third quarter of 2018, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. Activity in the First Nine Months of 2017 In March 2017, the Partnership sold its 99% limited partner interest in the Northern View MF Property. The table below summarizes information related to the sale. The gain on sale, net of income taxes, is considered Tier 2 income (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 $ 7,174,183 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); the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties (sold in November 2017); and the Jade Park MF Property (sold in September 2018) for the three and nine months ended September 30, 2018 and 2017 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) $ 172,367 $ (660,824 ) $ 161,864 $ (813,867 ) |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 9 Months Ended |
Sep. 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 September 30, 2018 and December 31, 2017: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value at September 30, 2018 Carrying Value at December 31, 2017 Maximum Remaining Equity Commitment at September 30, 2018 Vantage at Corpus Christi Corpus Christi, TX 288 March 2016 August 2017 $ 8,610,674 $ 9,178,139 $ 1,550,000 Vantage at Boerne Boerne, TX 288 August 2016 December 2017 8,830,000 8,272,810 1,475,936 Vantage at Waco Waco, TX 288 August 2016 January 2018 9,337,166 8,748,091 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 June 2018 11,152,005 10,349,416 1,996,500 Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 11,252,239 3,060,471 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,386,856 - - Vantage at Bulverde Bulverde, TX 288 March 2018 N/A 8,956,732 - - Vantage at Germantown Germantown, TN 288 June 2018 N/A 4,402,208 - 6,119,505 Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 5,499,398 - 6,755,836 Vantage at Coventry Omaha, NE 288 September 2018 N/A 4,867,369 - 3,279,944 $ 80,294,647 $ 39,608,927 $ 22,769,760 Activity in the First Nine 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. In September 2018, the Partnership executed equity commitments to fund construction of the Vantage at Coventry and Vantage at Murfreesboro multifamily properties of approximately $8.1 million and $12.2 million, respectively. The Partnership also entered into a guarantee agreement related to the construction loan for Vantage at Coventry (Note 17). Activity in the First Nine 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 Allowance | 9 Months Ended |
Sep. 30, 2018 | |
Property Loan Net Of Loan Loss Allowances [Abstract] | |
Property Loans, Net of Loan Loss Allowance | 10. Property Loans, Net of Loan Loss Allowance The following tables summarize the Partnership’s property loans, net of loan loss allowance, at September 30, 2018 and December 31, 2017: September 30, 2018 Outstanding Balance Loan Loss Allowance 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 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,367,635 - 8,367,635 Vantage at New Braunfels, LLC 7,156,978 - 7,156,978 Winston Group, Inc 700,000 - 700,000 Total $ 31,211,804 $ (7,393,814 ) $ 23,817,990 December 31, 2017 Outstanding Balance Loan Loss Allowance 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 In September 2018, the Lake Forest property was sold by its owner. Upon the sale, the Partnership received all outstanding principal and accrued interest on the Lake Forest property loans. The Partnership received approximately $5.1 million of principal and $4.6 million of interest on the property loans at sale. The interest received was not previously recognized as income as the property loans were on nonaccrual status. The interest realized is reported within other interest income on the condensed consolidated statements of operations for the three and nine months ended September 30, 2018. During the three and nine months ended September 30, 2018, the interest to be earned on the Cross Creek property loans was in nonaccrual status. During the three and nine months ended September 30, 2017, the interest to be earned on the Ashley Square (sold in November 2017), Cross Creek, and the Lake Forest (sold in September 2018) 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 nine months ended September 30, 2018 and 2017, interest to be earned on approximately $983,000 of property loan principal 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 | 9 Months Ended |
Sep. 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 nine months ended September 30, 2018 and 2017 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Current income tax expense (benefit) $ (809,805 ) $ (276,000 ) $ (837,805 ) $ 2,484,047 Deferred income tax expense (benefit) - (9,000 ) 34,000 (374,000 ) Total income tax expense (benefit) $ (809,805 ) $ (285,000 ) $ (803,805 ) $ 2,110,047 The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable and recorded a valuation allowance of approximately $221,000 against its deferred income tax assets as of September 30, 2018. There was no valuation allowance recorded as of December 31, 2017. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2018 | |
Other Assets [Abstract] | |
Other Assets | 12. Other Assets The following represents the other assets at September 30, 2018 and December 31, 2017: September 30, 2018 December 31, 2017 Deferred financing costs, net $ 484,144 $ 383,133 Fair value of derivative instruments (Note 16) 1,063,975 597,221 Taxable mortgage revenue bonds, at fair market value 2,339,902 2,422,459 Bond purchase commitments, at fair market value (Note 17) 1,046,445 3,002,540 Other assets 2,016,286 942,949 Total other assets $ 6,950,752 $ 7,348,302 See Note 21 for a description of the methodology and significant assumptions for determining the fair value of 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 (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. |
Unsecured Lines of Credit
Unsecured Lines of Credit | 9 Months Ended |
Sep. 30, 2018 | |
Unsecured Lines of Credit | 14. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, at September 30, 2018 and December 31, 2017: Outstanding Debt Financings on September 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 $ 46,703,319 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 17,380,000 - 2018 November 2018 N/A N/A N/A 4.53% Fixed - Term A/B 38,446,498 - 2017 February 2027 N/A N/A N/A 4.46% Variable - TOB 37,965,000 23,422 2012 May 2019 Weekly 2.09 - 2.14% 1.67% 3.76 - 3.81% TEBS Financings Variable - M24 46,833,000 53,123 2010 September 2020 Weekly 1.61% 1.85% 3.46% Variable - M31 (1) 80,605,069 136,626 2014 July 2019 (2) Weekly 1.59% 1.46% 3.05% Variable - M33 (1) 57,234,019 56,867 2015 July 2020 (3) Weekly 1.59% 1.23% 2.82% Fixed - M45 (4) 219,551,239 5,000 2018 July 2034 N/A N/A N/A 3.82% Total Debt Financings $ 544,718,144 (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. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. 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 - M24 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - M31 (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - M33 (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 Trusts and Term A/B Trusts are subject to a Master Trust Agreement with Deutsche Bank 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 September 30, 2018. At September 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 four 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 Nine 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 during the nine months ended September 30, 2018: 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 Las Palmas II - Series B Term A/B Trust July 2018 1,505,000 15 West Apartments (1) Term A/B Trust August 2018 8,300,012 Bruton Apartments (1) Term A/B Trust August 2018 15,279,403 Columbia Gardens (1) Term A/B Trust August 2018 10,222,680 Companion at Thornhill Apartments (1) Term A/B Trust August 2018 9,642,587 Concord at Gulfgate - Series A (1) Term A/B Trust August 2018 16,310,000 Concord at Little York - Series A (1) Term A/B Trust August 2018 11,425,000 Concord at Williamcrest - Series A (1) Term A/B Trust August 2018 17,695,000 Courtyard - Series A (1) Term A/B Trust August 2018 9,210,000 Courtyard - Series B Term A/B Trust August 2018 5,295,000 Crossing at 1415 - Series A (1) Term A/B Trust August 2018 6,370,877 Decatur Angle (1) Term A/B Trust August 2018 21,362,472 Harmony Court Bakersfield - Series A (1) Term A/B Trust August 2018 3,360,000 Harmony Terrace - Series A (1) Term A/B Trust August 2018 6,210,000 Harmony Terrace - Series B Term A/B Trust August 2018 6,290,000 Heights at 515 - Series A (1) Term A/B Trust August 2018 5,402,307 Las Palmas II - Series A (1) Term A/B Trust August 2018 1,530,000 Oaks at Georgetown - Series A (1) Term A/B Trust August 2018 11,100,000 San Vicente - Series A (1) Term A/B Trust August 2018 3,150,000 Seasons at Simi Valley - Series A (1) Term A/B Trust August 2018 3,688,843 Seasons Lakewood - Series A (1) Term A/B Trust August 2018 6,615,000 Seasons San Juan Capistrano - Series A (1) Term A/B Trust August 2018 11,140,000 Seasons San Juan Capistrano - Series B Term A/B Trust August 2018 5,590,000 Summerhill - Series A (1) Term A/B Trust August 2018 5,785,000 Sycamore Walk - Series A (1) Term A/B Trust August 2018 3,066,769 The Village at Madera - Series A (1) Term A/B Trust August 2018 2,780,000 Village at River's Edge (1) Term A/B Trust August 2018 8,963,207 Willow Run (1) Term A/B Trust August 2018 10,079,940 242,424,098 (1) In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust. See below for further discussion. In April 2018, the maturity date of the Partnership’s variable TOB Trusts was extended to May 2019. In August 2018, the Partnership and its newly created consolidated subsidiary, ATAX TEBS IV, LLC (the “2018 Sponsor”), entered into a long-term debt financing facility provided through the securitization of 25 MRBs, with an initial par value of approximately $260.6 million owned by the 2018 Sponsor pursuant to the M45 TEBS Financing. The M45 TEBS financing facility provides the Partnership with a long-term fixed-rate facility. The M45 TEBS Financing is structured such that the Partnership transferred ownership of the 25 MRBs to Freddie Mac to be securitized into a TEBS Trust. Freddie Mac then issues Class A and Class B Freddie Mac Multifamily Fixed Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates were sold to an unaffiliated investor and have an aggregate initial par value of approximately $221.5 million. The Class A TEBS Certificates entitle the holder to cash flows from the securitized assets at a stated interest rate. The Class A TEBS Certificates are credit enhanced by Freddie Mac such that Freddie Mac will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Class A TEBS Certificate holders. The 2018 Sponsor or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A TEBS Certificates and related trust fees, as well as certain other rights to the securitized assets. The M45 TEBS Financing is considered a VIE (Note 5) because the Partnership’s rights are such that the Partnership is the primary beneficiary and the Partnership consolidates the M45 TEBS Financings in the condensed consolidated financial statements. Of the 25 MRBs securitized in the M45 TEBS Financings, 24 MRBs were in Term A/B Trusts that were collapsed prior to the closing of the M45 TEBS Financing. The collapse of the Term A/B Trusts and subsequent closing of the M45 TEBS Financing resulted in a debt modification for accounting purposes and the Partnership capitalized transaction costs totaling approximately $371,000 as deferred financing costs. In August 2018, the Partnership entered into four Term A/B Trusts financings secured by various MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 2018 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 2018 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 2018 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 2018 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000 Debt Financing Activity in the First Nine Months of 2017 In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized transaction 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 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) 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 (1) 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 debt modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing 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. In September 2017, ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, exercised its option to extend the maturity date of the M24 TEBS Financing to September 15, 2020. Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2018 $ 18,538,094 2019 168,792,140 2020 105,271,622 2021 2,456,696 2022 2,600,981 Thereafter 250,605,454 Total 548,264,987 Deferred financing costs (3,546,843 ) Total debt financing, net $ 544,718,144 |
Unsecured Lines of Credit [Member] | |
Unsecured Lines of Credit | 13. Unsecured Lines of Credit The following tables summarize the unsecured lines of credit (“LOC”) at September 30, 2018 and December 31, 2017: Unsecured Lines of Credit Outstanding on September 30, 2018 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 28,465,600 $ 50,000,000 June 2020 Variable (1) Monthly 5.12 % Bankers Trust operating - 10,000,000 June 2020 Variable (1) Monthly 5.37 % Total unsecured lines of credit $ 28,465,600 $ 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 non-operating $ 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 in December 2018, before consideration of the Partnership’s extension payment options. If all extension options are utilized, the balance is due in June 2019. The Partnership is required to make principal payments to reduce the 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 fourth quarter of 2018 repayment obligation as it maintained a zero balance in the operating LOC for the first fifteen days of October 2018. The Partnership is in compliance with all covenants at September 30, 2018. |
Debt Financing
Debt Financing | 9 Months Ended |
Sep. 30, 2018 | |
Debt Financing [Abstract] | |
Unsecured Lines of Credit | 14. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, at September 30, 2018 and December 31, 2017: Outstanding Debt Financings on September 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 $ 46,703,319 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 17,380,000 - 2018 November 2018 N/A N/A N/A 4.53% Fixed - Term A/B 38,446,498 - 2017 February 2027 N/A N/A N/A 4.46% Variable - TOB 37,965,000 23,422 2012 May 2019 Weekly 2.09 - 2.14% 1.67% 3.76 - 3.81% TEBS Financings Variable - M24 46,833,000 53,123 2010 September 2020 Weekly 1.61% 1.85% 3.46% Variable - M31 (1) 80,605,069 136,626 2014 July 2019 (2) Weekly 1.59% 1.46% 3.05% Variable - M33 (1) 57,234,019 56,867 2015 July 2020 (3) Weekly 1.59% 1.23% 2.82% Fixed - M45 (4) 219,551,239 5,000 2018 July 2034 N/A N/A N/A 3.82% Total Debt Financings $ 544,718,144 (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. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. 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 - M24 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - M31 (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - M33 (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 Trusts and Term A/B Trusts are subject to a Master Trust Agreement with Deutsche Bank 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 September 30, 2018. At September 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 four 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 Nine 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 during the nine months ended September 30, 2018: 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 Las Palmas II - Series B Term A/B Trust July 2018 1,505,000 15 West Apartments (1) Term A/B Trust August 2018 8,300,012 Bruton Apartments (1) Term A/B Trust August 2018 15,279,403 Columbia Gardens (1) Term A/B Trust August 2018 10,222,680 Companion at Thornhill Apartments (1) Term A/B Trust August 2018 9,642,587 Concord at Gulfgate - Series A (1) Term A/B Trust August 2018 16,310,000 Concord at Little York - Series A (1) Term A/B Trust August 2018 11,425,000 Concord at Williamcrest - Series A (1) Term A/B Trust August 2018 17,695,000 Courtyard - Series A (1) Term A/B Trust August 2018 9,210,000 Courtyard - Series B Term A/B Trust August 2018 5,295,000 Crossing at 1415 - Series A (1) Term A/B Trust August 2018 6,370,877 Decatur Angle (1) Term A/B Trust August 2018 21,362,472 Harmony Court Bakersfield - Series A (1) Term A/B Trust August 2018 3,360,000 Harmony Terrace - Series A (1) Term A/B Trust August 2018 6,210,000 Harmony Terrace - Series B Term A/B Trust August 2018 6,290,000 Heights at 515 - Series A (1) Term A/B Trust August 2018 5,402,307 Las Palmas II - Series A (1) Term A/B Trust August 2018 1,530,000 Oaks at Georgetown - Series A (1) Term A/B Trust August 2018 11,100,000 San Vicente - Series A (1) Term A/B Trust August 2018 3,150,000 Seasons at Simi Valley - Series A (1) Term A/B Trust August 2018 3,688,843 Seasons Lakewood - Series A (1) Term A/B Trust August 2018 6,615,000 Seasons San Juan Capistrano - Series A (1) Term A/B Trust August 2018 11,140,000 Seasons San Juan Capistrano - Series B Term A/B Trust August 2018 5,590,000 Summerhill - Series A (1) Term A/B Trust August 2018 5,785,000 Sycamore Walk - Series A (1) Term A/B Trust August 2018 3,066,769 The Village at Madera - Series A (1) Term A/B Trust August 2018 2,780,000 Village at River's Edge (1) Term A/B Trust August 2018 8,963,207 Willow Run (1) Term A/B Trust August 2018 10,079,940 242,424,098 (1) In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust. See below for further discussion. In April 2018, the maturity date of the Partnership’s variable TOB Trusts was extended to May 2019. In August 2018, the Partnership and its newly created consolidated subsidiary, ATAX TEBS IV, LLC (the “2018 Sponsor”), entered into a long-term debt financing facility provided through the securitization of 25 MRBs, with an initial par value of approximately $260.6 million owned by the 2018 Sponsor pursuant to the M45 TEBS Financing. The M45 TEBS financing facility provides the Partnership with a long-term fixed-rate facility. The M45 TEBS Financing is structured such that the Partnership transferred ownership of the 25 MRBs to Freddie Mac to be securitized into a TEBS Trust. Freddie Mac then issues Class A and Class B Freddie Mac Multifamily Fixed Rate Certificates (collectively, the “TEBS Certificates”), which represent beneficial interests in the securitized assets. The Class A TEBS Certificates were sold to an unaffiliated investor and have an aggregate initial par value of approximately $221.5 million. The Class A TEBS Certificates entitle the holder to cash flows from the securitized assets at a stated interest rate. The Class A TEBS Certificates are credit enhanced by Freddie Mac such that Freddie Mac will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Class A TEBS Certificate holders. The 2018 Sponsor or Partnership would then be required to reimburse Freddie Mac for any credit enhancement payments. The Class B TEBS Certificates are retained by the Sponsors and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Class A TEBS Certificates and related trust fees, as well as certain other rights to the securitized assets. The M45 TEBS Financing is considered a VIE (Note 5) because the Partnership’s rights are such that the Partnership is the primary beneficiary and the Partnership consolidates the M45 TEBS Financings in the condensed consolidated financial statements. Of the 25 MRBs securitized in the M45 TEBS Financings, 24 MRBs were in Term A/B Trusts that were collapsed prior to the closing of the M45 TEBS Financing. The collapse of the Term A/B Trusts and subsequent closing of the M45 TEBS Financing resulted in a debt modification for accounting purposes and the Partnership capitalized transaction costs totaling approximately $371,000 as deferred financing costs. In August 2018, the Partnership entered into four Term A/B Trusts financings secured by various MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 2018 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 2018 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 2018 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 2018 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000 Debt Financing Activity in the First Nine Months of 2017 In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized transaction 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 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) 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 (1) 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 debt modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing 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. In September 2017, ATAX TEBS I, LLC, a wholly-owned subsidiary of the Partnership, exercised its option to extend the maturity date of the M24 TEBS Financing to September 15, 2020. Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2018 $ 18,538,094 2019 168,792,140 2020 105,271,622 2021 2,456,696 2022 2,600,981 Thereafter 250,605,454 Total 548,264,987 Deferred financing costs (3,546,843 ) Total debt financing, net $ 544,718,144 |
Mortgages Payable and Other Sec
Mortgages Payable and Other Secured Financing | 9 Months Ended |
Sep. 30, 2018 | |
Mortgages Payable [Abstract] | |
Mortgages Payable and Other Secured Financing | 15. Mortgages Payable and Other Secured Financing The following tables summarize the Partnerships’ Mortgages payable and other secured financing, net of deferred financing costs, at September 30, 2018 and December 31, 2017: MF Property Mortgage Payables Outstanding Mortgage Payable at September 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 $ 3,243,620 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,437,976 2013 March 2020 Variable Monthly 5.00 % (1) N/A 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,681,596 4.96 % (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) In September 2018, the Partnership sold the Jade Park MF Property. At the closing of the sale, the Partnership paid all outstanding principal and accrued interest on the related mortgage payable. Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2018 $ 250,817 2019 3,608,890 2020 23,944,402 2021 - 2022 - Thereafter - Total 27,804,109 Deferred financing costs (122,513 ) Total mortgages payable and other secured financings, net $ 27,681,596 |
Interest Rate Derivative Agreem
Interest Rate Derivative Agreements | 9 Months Ended |
Sep. 30, 2018 | |
Interest Rate Derivative Agreements [Abstract] | |
Interest Rate Derivative Agreements | 16. Interest Rate Derivative Agreements The following tables summarize the interest rate derivatives, excluding interest rate swaps, at September 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 September 30, 2018 July 2014 $ 30,365,801 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ 2 July 2014 30,365,801 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 2 July 2014 30,365,801 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 2 July 2015 27,438,175 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 4,033 July 2015 27,438,175 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 4,033 July 2015 27,438,175 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 4,033 June 2017 91,097,404 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 248,476 June 2017 82,314,524 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 803,283 Sept 2017 59,377,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 111 $ 1,063,975 (1) See Note 21 for additional details. 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) See Note 21 for additional details. The Partnership previously contracted for two interest rate swaps with Deutsche Bank. On a quarterly basis, the Partnership reassesses its interest rate swap positions. The Partnership has determined the interest rate swaps are intended to mitigate interest rate risk for the variable rate PHC TOB Trusts. One of the interest rate swaps was terminated in September 2018. The swap was net settled and no cash was exchanged between the Partnership and Deutsche Bank. The following table summarizes the terms of the interest rate swaps at September 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 September 30, 2018 - Fair Value of Liability Sept 2014 17,963,733 April 2017 April 2022 2.06 % 1.46 % 70% 30-day LIBOR Deutsche Bank $ (26,798 ) $ (26,798 ) 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 Deutsche Bank for an amount that approximates the fair value of the interest rate swaps. Such cash balances were approximately $23,000 and $850,000 at September 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 | 9 Months Ended |
Sep. 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 the Partnership has 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 the condensed consolidated statements of comprehensive income (loss). The following table represents the bond purchase commitments at September 30, 2018 and December 31, 2017: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at September 30, 2018 Fair Value at December 31, 2017 Esperanza at Palo Alto July 2015 $ - 5.80 % May 2018 $ - $ 1,616,143 Village at Avalon November 2015 16,400,000 5.80 % Q4 2018 1,046,445 1,386,397 Total $ 16,400,000 $ 1,046,445 $ 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, has 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 September 30, 2018. See Note 10 for disclosures related to these property loans. Other Guarantees & Commitments In September 2018, the Partnership entered into a guaranty agreement whereby the Partnership has guaranteed payment of the construction loan of Vantage at Coventry, LLC. The Partnership will only have to perform on the guarantee upon a default by Vantage at Coventry, 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% upon achievement of a specified debt service coverage ratio obtained by the borrower. The construction loan has a maximum available balance of $31.5 million. There was no outstanding balance on the construction loan and the Partnership had no exposure under the guarantee at September 30, 2018. 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% upon achievement of a specified debt service coverage ratio obtained by the borrower. The construction loan has a maximum available balance of $30.8 million. The outstanding balance on the construction loan was approximately $1.6 million at September 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. 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 $23.7 million at September 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 September 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 September 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 September 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 $130,000 at September 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 $106,000 and $125,000 at September 30, 2018 and December 31, 2017, respectively. The Partnership reported expenses related to the agreement of approximately $42,000 for the three months ended September 30, 2018 and 2017. The Partnership reported expenses related to the agreement of approximately $126,000 for the nine months ended September 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: (i) a downgrade in the investment rating of PHC Certificates held by the trust or of the senior securities issued by the trust, (ii) a ratings downgrade of the liquidity provider for the trust, (iii) increases in short term interest rates beyond pre-set maximums, (iv) an inability to re-market the senior securities or (v) an inability to obtain liquidity for the trust. In the case of the TEBS Financings, 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 $548.3 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 | 9 Months Ended |
Sep. 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 balance of Series A Preferred Units on the condensed consolidated balance sheet is presented net of issuance costs. The following table summarizes the outstanding Series A Preferred Units at September : 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 September 30, 2018 and December 31, 2017 9,450,000 $ 94,500,000 |
Restricted Unit Awards ("RUAs")
Restricted Unit Awards ("RUAs") | 9 Months Ended |
Sep. 30, 2018 | |
Restricted Unit Awards [Member] | |
Restricted Unit Awards ("RUAs") | 19. Restricted Unit Awards (“RUAs”) The Plan, as approved by the Unitholders, permits the grant of RUAs 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 and 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 $622,000 and $550,000 for the three months ended September 30, 2018 and 2017, respectively. The compensation expense for RUAs totaled approximately $1.4 million and $1.2 million for the nine months ended September 30, 2018 and 2017, respectively. The following table represents nonvested RUAs at and for the nine months ended September 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 September 30, 2018 551,281 $ 6.10 There was approximately $1.4 million of total unrecognized compensation expense related to nonvested RUAs granted under the Plan at September 30, 2018. The remaining expense is expected to be recognized over a weighted-average period of 0.8 years. The total intrinsic value of nonvested RUAs was approximately $3.1 million at September 30, 2018. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Sep. 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 nine months ended September 30, 2018 and 2017: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Partnership administrative fees to General Partner (1) $ 940,000 $ 909,000 $ 2,789,000 $ 2,679,000 MRB property administrative fees to General Partner (2) 17,000 22,000 60,000 74,000 Placement fees to General Partner (3) 1,189,000 125,000 2,787,000 1,063,000 Property management fees to an affiliate (4) 49,000 94,000 147,000 299,000 Origination fees to an affiliate (5) - 62,000 - 331,000 Consulting fees to an affiliate (6) - - - 921,000 Construction fees paid to an affiliate (7) - 6,000 - 6,000 MRB redemption administrative fee to General Partner (8) 114,000 - 114,000 - (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 periods specified and are reported within general and administrative expenses on the condensed consolidated statements of operations. (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 periods 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 paid by the owners of the respective properties, are not Partnership expenses, and are not reflected in the table above. 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. These fees were capitalized as deferred financing costs on the condensed consolidated balance sheets. (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. The Partnership paid approximately $6,000 for services under the contract during the three and nine months ended September 30, 2017. (8) AFCA 2 received a one-time administrative fee related to early redemption of the Lake Forest MRB from the property in September 2018. This administrative fee is not a Partnership expense. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 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 Partnership early adopted ASU 2018-13, “Fair Value Measurement (Topic 820),” that modified required disclosures related to fair value measurements effective September 30, 2018. The modified disclosures are incorporated in the disclosures within this note. The following are descriptions 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 September 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, collateral, seniority to other obligations, operating results of the underlying property, geographic location, and property quality. These characteristics are used to estimate an estimated effective yield for each MRB. The MRB fair value is estimated using a discounted cash flow and yield to maturity or call analysis by applying the effective yield to contractual cash flows. Significant increases (decreases) in the effective yield would have resulted in a significantly lower (higher) fair value estimate. Changes in fair value due to an increase or decrease in the effective yield do not impact the Partnership’s cash flows. The Partnership evaluates pricing data received from the third-party pricing service by evaluating consistency with 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 September 30, 2018, the range of effective yields on the individual MRBs was 3.5% to 9.3% per annum, with a weighted average effective yield of 4.9% when weighted by the principal outstanding of MRBs as of the reporting date. 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 September 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. The Partnership reviews the inputs used by the primary third-party pricing service by reviewing source information and reviews the methodology for reasonableness. The Partnership also engages a second third-party pricing service to confirm the values developed by the primary third-party pricing service. The valuation methodologies used by the third-party pricing services 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 September 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, collateral, subordination to other obligations, operating results of the underlying property, geographic location, and property quality. These characteristics are used to estimate an estimated effective yield for each MRB. The taxable MRB fair value is estimated using a discounted cash flow and yield to maturity or call analysis by applying the effective yield to contractual cash flows. Significant increases (decreases) in the effective yield would have resulted in a significantly lower (higher) fair value estimate. Changes in fair value due to an increase or decrease in the effective yield do not impact the Partnership’s cash flows. The Partnership evaluates pricing data received from the third-party pricing service by evaluating consistency with 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 September 30, 2018, the range of effective yields on the individual taxable MRBs was 8.3% to 9.5% per annum, with a weighted average effective yield of 9.1% when weighted by the principal outstanding of taxable MRBs as of the reporting date. 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 September 30, 2018 are summarized as follows: Fair Value Measurements at September 30, 2018 Description Assets (Liabilities) at Fair Value Quoted Prices in Active Markets for Identical Assets (Liabilities) (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and Liabilities Mortgage revenue bonds, held in trust $ 678,700,712 $ - $ - $ 678,700,712 Mortgage revenue bonds 63,765,212 - - 63,765,212 Bond purchase commitments (reported within other assets) 1,046,445 - - 1,046,445 PHC Certificates 48,741,478 - - 48,741,478 Taxable mortgage revenue bonds (reported within other assets) 2,339,902 - - 2,339,902 Derivative instruments (reported within other assets) 1,063,975 - - 1,063,975 Derivative swap liability (26,798 ) - - (26,798 ) Total Assets and Liabilities at Fair Value, net $ 795,630,926 $ - $ - $ 795,630,926 The following tables summarize the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2018: For the Three Months Ended September 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 July 1, 2018 $ 767,629,337 $ 994,685 $ 49,070,710 $ 2,357,952 $ 897,958 $ 820,950,642 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 36,126 - (19,274 ) - 91,679 108,531 Included in earnings (impairment of securities) - - (309,958 ) - - (309,958 ) Included in other comprehensive (loss) income (6,729,317 ) 51,760 - (15,192 ) - (6,692,749 ) Purchases - - - - - - Settlements (18,470,222 ) - - (2,858 ) 47,540 (18,425,540 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 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 September 30, 2018 $ - $ - $ (309,958 ) $ - $ 91,679 $ (218,279 ) (1) (2) For the Nine Months Ended September 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 and interest expense) 108,661 - (57,822 ) - 1,088,060 1,138,899 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive (loss) income (24,048,645 ) (1,956,095 ) 525,446 (49,173 ) - (25,528,467 ) Purchases 19,540,000 - - - - 19,540,000 Settlements (41,755,799 ) - (226,714 ) (33,384 ) 178,748 (41,837,149 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 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 September 30, 2018 $ - $ - $ (1,141,020 ) $ - $ 1,088,060 $ (52,960 ) (1) (2) Interest rate derivatives include derivative instruments 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 (Liabilities) at Fair Value Quoted Prices in Active Markets for Identical Assets (Liabilities) (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 instruments (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 summarize the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2017: For the Three Months Ended September 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 July 1, 2017 $ 768,129,658 $ 3,165,172 $ 55,791,371 $ 3,931,471 $ (761,648 ) $ 830,256,024 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 53,117 - (14,129 ) - (66,917 ) (27,929 ) Included in other comprehensive (loss) income 1,501,150 189,875 309,808 2,356 - 2,003,189 Purchases 12,471,000 - - - 59,217 12,530,217 Settlements (2,841,047 ) - (1,173,302 ) (4,066 ) - (4,018,415 ) Ending Balance September 30, 2017 $ 779,313,878 $ 3,355,047 $ 54,913,748 $ 3,929,761 $ (769,348 ) $ 840,743,086 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2017 $ - $ - $ - $ - $ (66,917 ) $ (66,917 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities. For the Nine Months Ended September 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) 159,707 - (45,846 ) - (369,686 ) (255,825 ) Included in other comprehensive (loss) income 31,731,448 955,598 (588,172 ) (122,908 ) - 31,975,966 Purchases 72,056,000 - - - 556,017 72,612,017 Settlements (4,844,328 ) - (1,610,302 ) (31,930 ) - (6,486,560 ) Ending Balance September 30, 2017 $ 779,313,878 $ 3,355,047 $ 54,913,748 $ 3,929,761 $ (769,348 ) $ 840,743,086 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2017 $ - $ - $ - $ - $ (369,686 ) $ (369,686 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities Total gains and loss included in earnings for the interest rate derivatives are reported as interest expense in the condensed consolidated statements of operations. In September 2018, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded an impairment charge of $150,000 in the third quarter of 2018, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. At September 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 Deutsche Bank, respectively. The table below summarizes the fair value of the financial liabilities at September 30, 2018 and December 31, 2017: September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 573,183,744 $ 578,207,938 $ 608,328,347 $ 618,412,150 Mortgages payable and other secured financing 27,681,596 27,804,110 35,540,174 35,767,924 |
Segments
Segments | 9 Months Ended |
Sep. 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 securities other than MRBs 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 securities other than MRBs 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 allowance, are reported as such on the Partnership’s condensed consolidated balance sheets. At September 30, 2018, the Partnership held 78 MRBs. The Residential Properties financed by MRBs contain a total of 10,746 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 (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 September 30, 2018, the segment includes two MF Properties comprised of a total of 859 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 property loans due from Vantage at Brooks, LLC and Vantage at New Braunfels, LLC (Note 10). The following tables detail certain key financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2018 and 2017: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Total revenues Mortgage Revenue Bond Investments $ 21,440,970 $ 11,035,530 $ 44,609,666 $ 32,683,968 MF Properties 2,285,736 3,257,174 7,099,690 10,356,311 Public Housing Capital Fund Trust 617,661 711,823 1,860,728 2,139,791 Other Investments 1,656,748 1,230,303 4,674,230 3,329,448 Total revenues $ 26,001,115 $ 16,234,830 $ 58,244,314 $ 48,509,518 Interest expense Mortgage Revenue Bond Investments $ 5,225,938 $ 4,786,151 $ 15,008,698 $ 14,295,635 MF Properties 420,950 556,200 1,219,782 1,616,032 Public Housing Capital Fund Trust 338,375 371,830 557,955 1,086,094 Other Investments - - - - Total interest expense $ 5,985,263 $ 5,714,181 $ 16,786,435 $ 16,997,761 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 849,516 1,256,202 2,672,925 3,876,768 Public Housing Capital Fund Trust - - - - Other Investments - - - - Total depreciation expense $ 849,516 $ 1,256,202 $ 2,672,925 $ 3,876,768 Partnership net income (loss) Mortgage Revenue Bond Investments $ 12,039,700 $ 2,604,989 $ 18,647,585 $ 7,426,810 MF Properties 4,228,494 (626,827 ) 3,770,339 3,136,765 Public Housing Capital Fund Trust (30,672 ) 339,993 161,753 1,053,697 Other Investments 1,645,533 1,227,328 4,645,803 3,326,473 Partnership net income $ 17,883,055 $ 3,545,483 $ 27,225,480 $ 14,943,745 The following table details total assets for the Partnership’s reportable segments at September 30, 2018 and December 31, 2017: September 30, 2018 December 31, 2017 Total assets Mortgage Revenue Bond Investments $ 882,106,195 $ 937,565,390 MF Properties 71,664,933 83,514,758 Public Housing Capital Fund Trust Certificates 49,099,991 49,918,434 Other Investments 95,948,632 55,573,834 Consolidation/eliminations (97,602,834 ) (56,804,417 ) Total assets $ 1,001,216,917 $ 1,069,767,999 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 23. Subsequent Events In October 2018, the Bella Vista MRB was redeemed by the borrower at a price of approximately $6.2 million, which is equal to the Partnership’s carrying value plus accrued interest. Approximately $5.1 million of the redemption proceeds were used to pay down the principal outstanding on the M24 TEBS Financing. In October 2018, the Partnership terminated its remaining interest rate swap with Deutsche Bank. The Partnership received approximately $7,000 upon settlement. In October 2018, the Partnership listed the land held for development in Gardner, KS for sale (Note 8). |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. At September 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 the Federal Home Loan Mortgage Corporation (“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 TEBS IV, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the fourth TEBS Financing (“M45 TEBS Financing”), with Freddie Mac. • ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, committed to loan money and provide equity for the development of multifamily properties. • The 50/50, an MF Property, is owned by a wholly-owned corporation (“the Greens Hold Co”). • Suites on Paseo, an MF Property, 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 statements of cash flows in accordance with the adoption of Accounting Standards Update (“ASU”) 2016-18, effective for the Partnership as of January 1, 2018, with retrospective application required. |
Investments in Mortgage Revenue Bonds, Taxable Mortgage Revenue Bonds | Investments in Mortgage Revenue Bonds, Taxable Mortgage Revenue Bonds The Partnership owns certain MRBs that were purchased at a discount or premium. The Partnership adopted the provisions of ASU 2017-08 relating to premiums on purchased callable debt securities 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. Prior to January 1, 2018, the Partnership amortized premiums on callable debt securities as a yield adjustment to the stated maturity date. On January 1, 2018, the Partnership recorded a cumulative adjustment to partners’ capital of approximately $217,000. Results for periods prior to January 1, 2018 were not adjusted. The impact of the adoption of the ASU to net income for the three and nine months ended September 30, 2018 was a decrease in investment income of approximately $17,000 and $51,000, 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 of the security, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Any downgrade in the security’s rating by S&P, and • The 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 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 assets may not be realized. Any changes in the valuation allowance that result from a change in circumstances that causes a change in the estimated ability to realize the related deferred income tax assets are 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 Partnership’s 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. The 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 (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted in accordance with such SEC 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 September 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 consolidated 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 Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, “Leases (Topic 842)” that requires lessees to recognize the right-to-use assets and related lease liabilities on the balance sheet and disclose key information about leasing arrangements. Lessees will classify the leases as financing leases or operating leases, with the classification affecting the pattern and classification of expense recognition in the statement of operations. The ASU requires lessors to classify leases as sales-type leases, direct financing leases, or operating leases. In July 2018, the FASB issued ASUs 2018-10 and 2018-11 containing further implementation guidance. ASU 2018-11 allows the Partnership to apply the new lease requirements as of the effective date, January 1, 2019 and not apply the guidance retrospectively to comparative periods. The Partnership will adopt this adoption method and will continue to report comparative periods prior to adoption using the old lease accounting guidance. Furthermore, the Partnership anticipates adopting the “package” of practical expedients, electing to not apply new guidance to short-term leases, and electing to combine lease and non-lease components for lessor and lessee leases. The Partnership has performed a preliminary assessment of its lessor and lessee leasing arrangements. The accounting for lessor arrangements with tenants at the MF Properties, which have been determined to be operating leases, is not expected to be materially impacted by the new guidance. For the Partnership’s lessee leases, the Partnership has identified only operating leases for office equipment and the ground lease at The 50/50 MF Property. The Partnership estimates the right-of-use assets and lease liabilities for current leases will range between approximately $1.1 million and $2.6 million and expects the cumulative adjustment to partners’ capital on January 1, 2019 to be immaterial. The amounts and elections above are subject to change as the Partnership finalizes its assessment during the fourth quarter of 2018. 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 to be applied using a modified retrospective approach. The Partnership is currently assessing the impact of the adoption of this pronouncement on its condensed consolidated financial statements. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 9 Months Ended |
Sep. 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 September 30, 2018 and December 31, 2017: Maximum Exposure to Loss September 30, 2018 December 31, 2017 Mortgage revenue bonds $ 66,358,000 $ 146,344,195 Property loans 15,524,613 15,824,613 Investment in unconsolidated entities 80,294,647 39,608,927 $ 162,177,260 $ 201,777,735 |
Investments in Mortgage Reven_2
Investments in Mortgage Revenue Bonds ("MRBs") (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Investments In Mortgage Revenue Bonds [Abstract] | |
Schedule of investments in MRBs | The Partnership had the following investments in MRBs at September 30, 2018 and December 31, 2017: September 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 (5) CA $ 10,230,000 $ 767,954 $ - $ 10,997,954 Glenview Apartments - Series A (4) CA 4,593,499 415,667 - 5,009,166 Harmony Court Bakersfield - Series A (5) CA 3,730,000 244,930 - 3,974,930 Harmony Terrace - Series A (5) CA 6,900,000 520,937 - 7,420,937 Harden Ranch - Series A (3) CA 6,793,508 816,778 - 7,610,286 Las Palmas II - Series A (5) CA 1,695,000 110,566 - 1,805,566 Montclair Apartments - Series A (4) CA 2,488,555 281,929 - 2,770,484 Montecito at Williams Ranch Apartments - Series A & B (2) CA 12,471,000 782,663 - 13,253,663 San Vicente - Series A (5) CA 3,495,000 211,792 - 3,706,792 Santa Fe Apartments - Series A (4) CA 3,014,791 353,169 - 3,367,960 Seasons at Simi Valley - Series A (5) CA 4,335,920 558,219 - 4,894,139 Seasons Lakewood - Series A (5) CA 7,350,000 520,052 - 7,870,052 Seasons San Juan Capistrano - Series A (5) CA 12,375,000 875,598 - 13,250,598 Summerhill - Series A (5) CA 6,423,000 391,809 - 6,814,809 Sycamore Walk - Series A (5) CA 3,607,439 294,702 - 3,902,141 The Village at Madera - Series A (5) CA 3,085,000 202,576 - 3,287,576 Tyler Park Townhomes - Series A (3) CA 5,919,230 669,130 - 6,588,360 Vineyard Gardens - Series A & B (2) CA 6,841,000 456,388 - 7,297,388 Westside Village Market - Series A (3) CA 3,868,205 392,487 - 4,260,692 Brookstone (1) IL 7,437,328 1,872,124 - 9,309,452 Copper Gate Apartments (3) IN 5,100,000 607,810 - 5,707,810 Renaissance - Series A (4) LA 11,153,363 700,482 - 11,853,845 Live 929 Apartments (2) MD 40,287,043 2,642,087 - 42,929,130 Woodlynn Village (1) MN 4,244,000 9,283 - 4,253,283 Greens Property - Series A (3) NC 8,056,000 811,822 - 8,867,822 Silver Moon - Series A (4) NM 7,837,176 647,038 - 8,484,214 Ohio Properties - Series A (1) OH 14,022,004 363,198 - 14,385,202 Bridle Ridge (1) SC 7,395,000 44,052 - 7,439,052 Columbia Gardens (5) SC 13,261,234 1,281,313 - 14,542,547 Companion at Thornhill Apartments (5) SC 11,322,984 967,595 - 12,290,579 Cross Creek (1) SC 6,142,746 2,519,386 - 8,662,132 The Palms at Premier Park Apartments (3) SC 19,094,174 1,989,068 - 21,083,242 Village at River's Edge (5) SC 9,953,893 1,134,923 - 11,088,816 Willow Run (5) SC 13,077,771 1,211,709 - 14,289,480 Arbors at Hickory Ridge (3) TN 11,227,931 1,221,790 - 12,449,721 Pro Nova 2014-1 (2) TN 10,028,678 - (136,577 ) 9,892,101 Avistar at Copperfield - Series A (2) TX 10,000,000 292,102 - 10,292,102 Avistar at the Crest - Series A (3) TX 9,382,685 782,054 - 10,164,739 Avistar at the Oaks - Series A (3) TX 7,578,091 582,108 - 8,160,199 Avistar at the Parkway - Series A (4) TX 13,144,902 1,033,223 - 14,178,125 Avistar at Wilcrest - Series A (2) TX 3,775,000 51,458 - 3,826,458 Avistar at Wood Hollow - Series A (2) TX 31,850,000 436,575 - 32,286,575 Avistar in 09 - Series A (3) TX 6,543,388 502,628 - 7,046,016 Avistar on the Boulevard - Series A (3) TX 15,984,416 1,196,940 - 17,181,356 Avistar on the Hills - Series A (3) TX 5,235,687 470,687 - 5,706,374 Bella Vista (1) TX 6,225,000 - - 6,225,000 Bruton Apartments (5) TX 17,963,733 1,567,441 - 19,531,174 Concord at Gulfgate - Series A (5) TX 19,185,000 1,903,863 - 21,088,863 Concord at Little York - Series A (5) TX 13,440,000 1,393,865 - 14,833,865 Concord at Williamcrest - Series A (5) TX 20,820,000 2,159,246 - 22,979,246 Crossing at 1415 - Series A (5) TX 7,491,405 557,093 - 8,048,498 Decatur Angle (5) TX 22,672,339 1,564,822 - 24,237,161 Esperanza at Palo Alto (5) TX 19,519,236 1,966,425 - 21,485,661 Heights at 515 - Series A (5) TX 6,858,511 596,685 - 7,455,196 Heritage Square - Series A (4) TX 10,985,341 723,148 - 11,708,489 Oaks at Georgetown - Series A (5) TX 12,330,000 469,808 - 12,799,808 Runnymede (1) TX 10,095,000 126,871 - 10,221,871 Southpark (1) TX 11,749,771 2,511,470 - 14,261,241 Vantage at Judson -Series B (4) TX 25,966,084 2,345,328 - 28,311,412 15 West Apartments (5) WA 9,752,876 1,306,486 - 11,059,362 Mortgage revenue bonds held in trust $ 627,405,937 $ 51,431,352 $ (136,577 ) $ 678,700,712 (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 (5) September 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 Courtyard - Series B CA $ 6,228,000 $ - $ (10,898 ) $ 6,217,102 Seasons San Juan Capistrano - Series B CA 6,574,000 - (8,214 ) 6,565,786 Greens Property - Series B NC 934,834 152,008 - 1,086,842 Ohio Properties - Series B OH 3,524,830 77,201 - 3,602,031 Rosewood Townhomes - Series A & B SC 9,750,000 - (805,122 ) 8,944,878 South Pointe Apartments - Series A & B SC 22,700,000 - (1,785,864 ) 20,914,136 Avistar at Copperfield - Series B TX 4,000,000 13,018 - 4,013,018 Avistar at the Crest - Series B TX 746,417 33,193 - 779,610 Avistar at the Oaks - Series B TX 546,066 20,764 - 566,830 Avistar at the Parkway - Series B TX 124,668 30,701 - 155,369 Avistar at Wilcrest - Series B TX 1,550,000 4,620 - 1,554,620 Avistar at Wood Hollow - Series B TX 8,410,000 27,370 - 8,437,370 Avistar in 09 - Series B TX 450,455 17,128 - 467,583 Avistar on the Boulevard - Series B TX 443,523 16,514 - 460,037 Mortgage revenue bonds held by the Partnership $ 65,982,793 $ 392,517 $ (2,610,098 ) $ 63,765,212 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 nine months ended September 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 an MRB in May 2018. The following MRBs were acquired during the nine months ended September 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 Montecito at Williams Ranch Apartments - Series A September Salinas, CA 132 10/1/2034 5.50 % 7,690,000 Montecito at Williams Ranch Apartments - Series B September Salinas, CA 132 10/1/2019 5.50 % 4,781,000 $ 72,056,000 |
Schedule of MRBs Redeemed | The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 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 Las Palmas - Series B July Coachella, CA 81 11/1/2018 8.00 % 1,770,000 Harmony Terrace - Series B August Simi Valley, CA 136 1/1/2019 8.00 % 7,400,000 Lake Forest September Daytona Beach, FL 240 12/1/2031 6.25 % 8,397,000 $ 39,014,000 The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2017: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Harmony Court Bakersfield - Series B August Bakersfield, CA 96 12/1/2018 5.50 % $ 1,997,000 $ 1,997,000 |
PHC Certificates (Tables)
PHC Certificates (Tables) | 9 Months Ended |
Sep. 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 September 30, 2018 and December 31, 2017: September 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 6.75 AA- 5.33% $ 24,641,310 $ - $ - $ 24,641,310 PHC Certificate Trust II 5.82 A+ 4.34% 9,065,617 - - 9,065,617 PHC Certificate Trust III 7.06 BBB 5.29% 15,034,551 - - 15,034,551 $ 48,741,478 $ - $ - $ 48,741,478 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) | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Line Items] | |
Real Estate Assets Owned by Partnership | The following tables summarize information regarding the Partnership’s real estate assets at September 30, 2018 and December 31, 2017: Real Estate Assets at September 30, 2018 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value on September 30, 2018 Suites on Paseo San Diego, CA 384 $ 3,195,468 $ 38,886,126 $ 42,081,594 The 50/50 MF Property Lincoln, NE 475 - 32,933,776 32,933,776 Land held for development (1) (1) 1,778,949 - 1,778,949 $ 76,794,319 Less accumulated depreciation (11,457,254 ) Total real estate assets $ 65,337,065 (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); the Eagle Village, Residences of DeCordova and Residences of Weatherford MF Properties (sold in November 2017); and the Jade Park MF Property (sold in September 2018) for the three and nine months ended September 30, 2018 and 2017 are as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Net income (loss) $ 172,367 $ (660,824 ) $ 161,864 $ (813,867 ) |
MF Properties [Member] | |
Real Estate [Line Items] | |
Gains on Sale, Net of Income Taxes | In September 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is considered Tier 2 income (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 Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429 In March 2017, the Partnership sold its 99% limited partner interest in the Northern View MF Property. The table below summarizes information related to the sale. The gain on sale, net of income taxes, is considered Tier 2 income (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 $ 7,174,183 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 9 Months Ended |
Sep. 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 September 30, 2018 and December 31, 2017: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value at September 30, 2018 Carrying Value at December 31, 2017 Maximum Remaining Equity Commitment at September 30, 2018 Vantage at Corpus Christi Corpus Christi, TX 288 March 2016 August 2017 $ 8,610,674 $ 9,178,139 $ 1,550,000 Vantage at Boerne Boerne, TX 288 August 2016 December 2017 8,830,000 8,272,810 1,475,936 Vantage at Waco Waco, TX 288 August 2016 January 2018 9,337,166 8,748,091 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 June 2018 11,152,005 10,349,416 1,996,500 Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 11,252,239 3,060,471 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,386,856 - - Vantage at Bulverde Bulverde, TX 288 March 2018 N/A 8,956,732 - - Vantage at Germantown Germantown, TN 288 June 2018 N/A 4,402,208 - 6,119,505 Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 5,499,398 - 6,755,836 Vantage at Coventry Omaha, NE 288 September 2018 N/A 4,867,369 - 3,279,944 $ 80,294,647 $ 39,608,927 $ 22,769,760 |
Property Loans, Net of Loan L_2
Property Loans, Net of Loan Loss Allowance (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Property Loan Net Of Loan Loss Allowances [Abstract] | |
Summary of Partnership's Property Loans, Net of Loan Loss Allowance | The following tables summarize the Partnership’s property loans, net of loan loss allowance, at September 30, 2018 and December 31, 2017: September 30, 2018 Outstanding Balance Loan Loss Allowance 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 Ohio Properties 2,390,446 - 2,390,446 Vantage at Brooks, LLC 8,367,635 - 8,367,635 Vantage at New Braunfels, LLC 7,156,978 - 7,156,978 Winston Group, Inc 700,000 - 700,000 Total $ 31,211,804 $ (7,393,814 ) $ 23,817,990 December 31, 2017 Outstanding Balance Loan Loss Allowance 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) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2018 and 2017 For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Current income tax expense (benefit) $ (809,805 ) $ (276,000 ) $ (837,805 ) $ 2,484,047 Deferred income tax expense (benefit) - (9,000 ) 34,000 (374,000 ) Total income tax expense (benefit) $ (809,805 ) $ (285,000 ) $ (803,805 ) $ 2,110,047 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following represents the other assets at September 30, 2018 and December 31, 2017: September 30, 2018 December 31, 2017 Deferred financing costs, net $ 484,144 $ 383,133 Fair value of derivative instruments (Note 16) 1,063,975 597,221 Taxable mortgage revenue bonds, at fair market value 2,339,902 2,422,459 Bond purchase commitments, at fair market value (Note 17) 1,046,445 3,002,540 Other assets 2,016,286 942,949 Total other assets $ 6,950,752 $ 7,348,302 |
Unsecured Lines of Credit (Tabl
Unsecured Lines of Credit (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Unsecured Lines of Credit [Member] | |
Summary of Unsecured Lines of Credit | The following tables summarize the unsecured lines of credit (“LOC”) at September 30, 2018 and December 31, 2017: Unsecured Lines of Credit Outstanding on September 30, 2018 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 28,465,600 $ 50,000,000 June 2020 Variable (1) Monthly 5.12 % Bankers Trust operating - 10,000,000 June 2020 Variable (1) Monthly 5.37 % Total unsecured lines of credit $ 28,465,600 $ 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 non-operating $ 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) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Financing [Abstract] | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, at September 30, 2018 and December 31, 2017: Outstanding Debt Financings on September 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 $ 46,703,319 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 17,380,000 - 2018 November 2018 N/A N/A N/A 4.53% Fixed - Term A/B 38,446,498 - 2017 February 2027 N/A N/A N/A 4.46% Variable - TOB 37,965,000 23,422 2012 May 2019 Weekly 2.09 - 2.14% 1.67% 3.76 - 3.81% TEBS Financings Variable - M24 46,833,000 53,123 2010 September 2020 Weekly 1.61% 1.85% 3.46% Variable - M31 (1) 80,605,069 136,626 2014 July 2019 (2) Weekly 1.59% 1.46% 3.05% Variable - M33 (1) 57,234,019 56,867 2015 July 2020 (3) Weekly 1.59% 1.23% 2.82% Fixed - M45 (4) 219,551,239 5,000 2018 July 2034 N/A N/A N/A 3.82% Total Debt Financings $ 544,718,144 (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. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. 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 - M24 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - M31 (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - M33 (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 August 2018, the Partnership entered into four Term A/B Trusts financings secured by various MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 2018 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 2018 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 2018 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 2018 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000 In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized transaction 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 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) 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 (1) 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 debt modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing 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 during the nine months ended September 30, 2018: 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 Las Palmas II - Series B Term A/B Trust July 2018 1,505,000 15 West Apartments (1) Term A/B Trust August 2018 8,300,012 Bruton Apartments (1) Term A/B Trust August 2018 15,279,403 Columbia Gardens (1) Term A/B Trust August 2018 10,222,680 Companion at Thornhill Apartments (1) Term A/B Trust August 2018 9,642,587 Concord at Gulfgate - Series A (1) Term A/B Trust August 2018 16,310,000 Concord at Little York - Series A (1) Term A/B Trust August 2018 11,425,000 Concord at Williamcrest - Series A (1) Term A/B Trust August 2018 17,695,000 Courtyard - Series A (1) Term A/B Trust August 2018 9,210,000 Courtyard - Series B Term A/B Trust August 2018 5,295,000 Crossing at 1415 - Series A (1) Term A/B Trust August 2018 6,370,877 Decatur Angle (1) Term A/B Trust August 2018 21,362,472 Harmony Court Bakersfield - Series A (1) Term A/B Trust August 2018 3,360,000 Harmony Terrace - Series A (1) Term A/B Trust August 2018 6,210,000 Harmony Terrace - Series B Term A/B Trust August 2018 6,290,000 Heights at 515 - Series A (1) Term A/B Trust August 2018 5,402,307 Las Palmas II - Series A (1) Term A/B Trust August 2018 1,530,000 Oaks at Georgetown - Series A (1) Term A/B Trust August 2018 11,100,000 San Vicente - Series A (1) Term A/B Trust August 2018 3,150,000 Seasons at Simi Valley - Series A (1) Term A/B Trust August 2018 3,688,843 Seasons Lakewood - Series A (1) Term A/B Trust August 2018 6,615,000 Seasons San Juan Capistrano - Series A (1) Term A/B Trust August 2018 11,140,000 Seasons San Juan Capistrano - Series B Term A/B Trust August 2018 5,590,000 Summerhill - Series A (1) Term A/B Trust August 2018 5,785,000 Sycamore Walk - Series A (1) Term A/B Trust August 2018 3,066,769 The Village at Madera - Series A (1) Term A/B Trust August 2018 2,780,000 Village at River's Edge (1) Term A/B Trust August 2018 8,963,207 Willow Run (1) Term A/B Trust August 2018 10,079,940 242,424,098 (1) In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust. See below for further discussion. |
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 $ 18,538,094 2019 168,792,140 2020 105,271,622 2021 2,456,696 2022 2,600,981 Thereafter 250,605,454 Total 548,264,987 Deferred financing costs (3,546,843 ) Total debt financing, net $ 544,718,144 |
Mortgages Payable and Other S_2
Mortgages Payable and Other Secured Financing (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Schedule of Total Debt Financing | The following tables summarize the Partnership’s debt financings, net of deferred financing costs, at September 30, 2018 and December 31, 2017: Outstanding Debt Financings on September 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 $ 46,703,319 $ - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 17,380,000 - 2018 November 2018 N/A N/A N/A 4.53% Fixed - Term A/B 38,446,498 - 2017 February 2027 N/A N/A N/A 4.46% Variable - TOB 37,965,000 23,422 2012 May 2019 Weekly 2.09 - 2.14% 1.67% 3.76 - 3.81% TEBS Financings Variable - M24 46,833,000 53,123 2010 September 2020 Weekly 1.61% 1.85% 3.46% Variable - M31 (1) 80,605,069 136,626 2014 July 2019 (2) Weekly 1.59% 1.46% 3.05% Variable - M33 (1) 57,234,019 56,867 2015 July 2020 (3) Weekly 1.59% 1.23% 2.82% Fixed - M45 (4) 219,551,239 5,000 2018 July 2034 N/A N/A N/A 3.82% Total Debt Financings $ 544,718,144 (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. (4) The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. 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 - M24 55,468,000 372,222 2010 September 2020 Weekly 1.79% 1.85% 3.64% Variable - M31 (1) 81,003,688 176,685 2014 July 2019 (2) Weekly 1.77% 1.39% 3.16% Variable - M33 (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 August 2018, the Partnership entered into four Term A/B Trusts financings secured by various MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 2018 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 2018 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 2018 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 2018 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000 In February 2017, the Partnership entered into 19 new Term A/B Trust financings secured by various MRBs. The Partnership capitalized transaction 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 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) 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 (1) 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 debt modification, with approximately $47,000 capitalized as deferred financing costs. The following table summarizes the terms of the new Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing 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 $ 18,538,094 2019 168,792,140 2020 105,271,622 2021 2,456,696 2022 2,600,981 Thereafter 250,605,454 Total 548,264,987 Deferred financing costs (3,546,843 ) Total debt financing, net $ 544,718,144 |
Mortgages payable [Member] | |
Schedule of Total Debt Financing | The following tables summarize the Partnerships’ Mortgages payable and other secured financing, net of deferred financing costs, at September 30, 2018 and December 31, 2017: MF Property Mortgage Payables Outstanding Mortgage Payable at September 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 $ 3,243,620 2014 December 2019 Fixed N/A N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,437,976 2013 March 2020 Variable Monthly 5.00 % (1) N/A 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,681,596 4.96 % (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 $ 250,817 2019 3,608,890 2020 23,944,402 2021 - 2022 - Thereafter - Total 27,804,109 Deferred financing costs (122,513 ) Total mortgages payable and other secured financings, net $ 27,681,596 |
Interest Rate Derivative Agre_2
Interest Rate Derivative Agreements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Interest Rate Derivative Agreements [Abstract] | |
Summary of Interest Rate Derivatives, Excluding Interest Rate Swaps | The following tables summarize the interest rate derivatives, excluding interest rate swaps, at September 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 September 30, 2018 July 2014 $ 30,365,801 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ 2 July 2014 30,365,801 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada 2 July 2014 30,365,801 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc 2 July 2015 27,438,175 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 4,033 July 2015 27,438,175 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 4,033 July 2015 27,438,175 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 4,033 June 2017 91,097,404 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 248,476 June 2017 82,314,524 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 803,283 Sept 2017 59,377,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 111 $ 1,063,975 (1) See Note 21 for additional details. 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) See Note 21 for additional details. |
Summary of Terms of Interest Rate Swaps | The following table summarizes the terms of the interest rate swaps at September 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 September 30, 2018 - Fair Value of Liability Sept 2014 17,963,733 April 2017 April 2022 2.06 % 1.46 % 70% 30-day LIBOR Deutsche Bank $ (26,798 ) $ (26,798 ) 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) | 9 Months Ended |
Sep. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Bond Purchase Commitments | The following table represents the bond purchase commitments at September 30, 2018 and December 31, 2017: Bond Purchase Commitments Commitment Date Maximum Committed Amounts for 2018 Rate Closing Date (1) Fair Value at September 30, 2018 Fair Value at December 31, 2017 Esperanza at Palo Alto July 2015 $ - 5.80 % May 2018 $ - $ 1,616,143 Village at Avalon November 2015 16,400,000 5.80 % Q4 2018 1,046,445 1,386,397 Total $ 16,400,000 $ 1,046,445 $ 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 Preferred_2
Redeemable Series A Preferred Units (Tables) | 9 Months Ended |
Sep. 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 September 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 September 30, 2018 and December 31, 2017 9,450,000 $ 94,500,000 |
Restricted Unit Awards ("RUAs_2
Restricted Unit Awards ("RUAs") (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Nonvested RUAs | The following table represents nonvested RUAs at and for the nine months ended September 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 September 30, 2018 551,281 $ 6.10 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 9 Months Ended |
Sep. 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 nine months ended September 30, 2018 and 2017: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Partnership administrative fees to General Partner (1) $ 940,000 $ 909,000 $ 2,789,000 $ 2,679,000 MRB property administrative fees to General Partner (2) 17,000 22,000 60,000 74,000 Placement fees to General Partner (3) 1,189,000 125,000 2,787,000 1,063,000 Property management fees to an affiliate (4) 49,000 94,000 147,000 299,000 Origination fees to an affiliate (5) - 62,000 - 331,000 Consulting fees to an affiliate (6) - - - 921,000 Construction fees paid to an affiliate (7) - 6,000 - 6,000 MRB redemption administrative fee to General Partner (8) 114,000 - 114,000 - (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 periods specified and are reported within general and administrative expenses on the condensed consolidated statements of operations. (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 periods 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 paid by the owners of the respective properties, are not Partnership expenses, and are not reflected in the table above. 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. These fees were capitalized as deferred financing costs on the condensed consolidated balance sheets. (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. The Partnership paid approximately $6,000 for services under the contract during the three and nine months ended September 30, 2017. (8) AFCA 2 received a one-time administrative fee related to early redemption of the Lake Forest MRB from the property in September 2018. This administrative fee is not a Partnership expense. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 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 September 30, 2018 are summarized as follows: Fair Value Measurements at September 30, 2018 Description Assets (Liabilities) at Fair Value Quoted Prices in Active Markets for Identical Assets (Liabilities) (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets and Liabilities Mortgage revenue bonds, held in trust $ 678,700,712 $ - $ - $ 678,700,712 Mortgage revenue bonds 63,765,212 - - 63,765,212 Bond purchase commitments (reported within other assets) 1,046,445 - - 1,046,445 PHC Certificates 48,741,478 - - 48,741,478 Taxable mortgage revenue bonds (reported within other assets) 2,339,902 - - 2,339,902 Derivative instruments (reported within other assets) 1,063,975 - - 1,063,975 Derivative swap liability (26,798 ) - - (26,798 ) Total Assets and Liabilities at Fair Value, net $ 795,630,926 $ - $ - $ 795,630,926 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 (Liabilities) at Fair Value Quoted Prices in Active Markets for Identical Assets (Liabilities) (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 instruments (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 summarize the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2018: For the Three Months Ended September 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 July 1, 2018 $ 767,629,337 $ 994,685 $ 49,070,710 $ 2,357,952 $ 897,958 $ 820,950,642 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 36,126 - (19,274 ) - 91,679 108,531 Included in earnings (impairment of securities) - - (309,958 ) - - (309,958 ) Included in other comprehensive (loss) income (6,729,317 ) 51,760 - (15,192 ) - (6,692,749 ) Purchases - - - - - - Settlements (18,470,222 ) - - (2,858 ) 47,540 (18,425,540 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 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 September 30, 2018 $ - $ - $ (309,958 ) $ - $ 91,679 $ (218,279 ) (1) (2) For the Nine Months Ended September 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 and interest expense) 108,661 - (57,822 ) - 1,088,060 1,138,899 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive (loss) income (24,048,645 ) (1,956,095 ) 525,446 (49,173 ) - (25,528,467 ) Purchases 19,540,000 - - - - 19,540,000 Settlements (41,755,799 ) - (226,714 ) (33,384 ) 178,748 (41,837,149 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 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 September 30, 2018 $ - $ - $ (1,141,020 ) $ - $ 1,088,060 $ (52,960 ) (1) (2) Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities. The following tables summarize the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2017: For the Three Months Ended September 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 July 1, 2017 $ 768,129,658 $ 3,165,172 $ 55,791,371 $ 3,931,471 $ (761,648 ) $ 830,256,024 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 53,117 - (14,129 ) - (66,917 ) (27,929 ) Included in other comprehensive (loss) income 1,501,150 189,875 309,808 2,356 - 2,003,189 Purchases 12,471,000 - - - 59,217 12,530,217 Settlements (2,841,047 ) - (1,173,302 ) (4,066 ) - (4,018,415 ) Ending Balance September 30, 2017 $ 779,313,878 $ 3,355,047 $ 54,913,748 $ 3,929,761 $ (769,348 ) $ 840,743,086 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2017 $ - $ - $ - $ - $ (66,917 ) $ (66,917 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities. For the Nine Months Ended September 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) 159,707 - (45,846 ) - (369,686 ) (255,825 ) Included in other comprehensive (loss) income 31,731,448 955,598 (588,172 ) (122,908 ) - 31,975,966 Purchases 72,056,000 - - - 556,017 72,612,017 Settlements (4,844,328 ) - (1,610,302 ) (31,930 ) - (6,486,560 ) Ending Balance September 30, 2017 $ 779,313,878 $ 3,355,047 $ 54,913,748 $ 3,929,761 $ (769,348 ) $ 840,743,086 Total amount of losses for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2017 $ - $ - $ - $ - $ (369,686 ) $ (369,686 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative instruments 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 September 30, 2018 and December 31, 2017: September 30, 2018 December 31, 2017 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 573,183,744 $ 578,207,938 $ 608,328,347 $ 618,412,150 Mortgages payable and other secured financing 27,681,596 27,804,110 35,540,174 35,767,924 |
Segments (Tables)
Segments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Segment Reporting [Abstract] | |
Summary of Partnership Reportable Segment Information | The following tables detail certain key financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2018 and 2017: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Total revenues Mortgage Revenue Bond Investments $ 21,440,970 $ 11,035,530 $ 44,609,666 $ 32,683,968 MF Properties 2,285,736 3,257,174 7,099,690 10,356,311 Public Housing Capital Fund Trust 617,661 711,823 1,860,728 2,139,791 Other Investments 1,656,748 1,230,303 4,674,230 3,329,448 Total revenues $ 26,001,115 $ 16,234,830 $ 58,244,314 $ 48,509,518 Interest expense Mortgage Revenue Bond Investments $ 5,225,938 $ 4,786,151 $ 15,008,698 $ 14,295,635 MF Properties 420,950 556,200 1,219,782 1,616,032 Public Housing Capital Fund Trust 338,375 371,830 557,955 1,086,094 Other Investments - - - - Total interest expense $ 5,985,263 $ 5,714,181 $ 16,786,435 $ 16,997,761 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 849,516 1,256,202 2,672,925 3,876,768 Public Housing Capital Fund Trust - - - - Other Investments - - - - Total depreciation expense $ 849,516 $ 1,256,202 $ 2,672,925 $ 3,876,768 Partnership net income (loss) Mortgage Revenue Bond Investments $ 12,039,700 $ 2,604,989 $ 18,647,585 $ 7,426,810 MF Properties 4,228,494 (626,827 ) 3,770,339 3,136,765 Public Housing Capital Fund Trust (30,672 ) 339,993 161,753 1,053,697 Other Investments 1,645,533 1,227,328 4,645,803 3,326,473 Partnership net income $ 17,883,055 $ 3,545,483 $ 27,225,480 $ 14,943,745 The following table details total assets for the Partnership’s reportable segments at September 30, 2018 and December 31, 2017: September 30, 2018 December 31, 2017 Total assets Mortgage Revenue Bond Investments $ 882,106,195 $ 937,565,390 MF Properties 71,664,933 83,514,758 Public Housing Capital Fund Trust Certificates 49,099,991 49,918,434 Other Investments 95,948,632 55,573,834 Consolidation/eliminations (97,602,834 ) (56,804,417 ) Total assets $ 1,001,216,917 $ 1,069,767,999 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Cumulative adjustment to partners' capital | $ (216,948) | |||
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 | 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 | $ 51,000 | ||
ASU 2016-02 [Member] | Maximum [Member] | Greens Hold Co [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating leases, right-of-use assets | 2,600,000 | 2,600,000 | ||
Operating leases, liabilities for current leases | 2,600,000 | 2,600,000 | ||
ASU 2016-02 [Member] | Minimum [Member] | Greens Hold Co [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Operating leases, right-of-use assets | 1,100,000 | 1,100,000 | ||
Operating leases, liabilities for current leases | $ 1,100,000 | $ 1,100,000 |
Partnership Income, Expenses an
Partnership Income, Expenses and Cash Distributions - Additional Information (Details) | Sep. 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 | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Earnings Per Share [Abstract] | ||||
Dilutive Units | 0 | 0 | 0 | 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Details) - Property | Sep. 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 ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | $ 162,177,260 | $ 201,777,735 |
Mortgage Revenue Bonds [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 66,358,000 | 146,344,195 |
Property Loan [Member] | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Available for Sale Security and Property Loan Receivable, Maximum Exposure | 15,524,613 | 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 | $ 80,294,647 | $ 39,608,927 |
Investments in Mortgage Reven_3
Investments in Mortgage Revenue Bonds ("MRBs") - Schedule of investments in MRBs (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 | |||
Mortgage Revenue Bonds Held In Trust [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | $ 627,405,937 | $ 639,438,294 | |||
Cumulative Unrealized Gain | 51,431,352 | 71,429,153 | |||
Cumulative Unrealized Loss | (136,577) | ||||
Estimated Fair Value | 678,700,712 | 710,867,447 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Courtyard [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 10,230,000 | |||
Cumulative Unrealized Gain | [1] | 767,954 | |||
Estimated Fair Value | [1] | 10,997,954 | |||
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 | [2] | 16,458,000 | |||
Cumulative Unrealized Gain | [2] | 1,226,192 | |||
Estimated Fair Value | [2] | 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 | [3] | 4,593,499 | 4,627,228 | ||
Cumulative Unrealized Gain | [3] | 415,667 | 523,464 | ||
Estimated Fair Value | [3] | 5,009,166 | 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 | 3,730,000 | [1] | 3,730,000 | [2] | |
Cumulative Unrealized Gain | 244,930 | [1] | 430,637 | [2] | |
Estimated Fair Value | 3,974,930 | [1] | 4,160,637 | [2] | |
Mortgage Revenue Bonds Held In Trust [Member] | Harmony Terrace [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 6,900,000 | |||
Cumulative Unrealized Gain | [1] | 520,937 | |||
Estimated Fair Value | [1] | 7,420,937 | |||
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 | [2] | 14,300,000 | |||
Cumulative Unrealized Gain | [2] | 871,221 | |||
Estimated Fair Value | [2] | 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 | [4] | 6,793,508 | 6,845,985 | ||
Cumulative Unrealized Gain | [4] | 816,778 | 1,182,914 | ||
Estimated Fair Value | [4] | 7,610,286 | 8,028,899 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Las Palmas II [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 1,695,000 | |||
Cumulative Unrealized Gain | [1] | 110,566 | |||
Estimated Fair Value | [1] | 1,805,566 | |||
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 | [2] | 3,465,000 | |||
Cumulative Unrealized Gain | [2] | 193,418 | |||
Estimated Fair Value | [2] | 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 | [3] | 2,488,555 | 2,506,828 | ||
Cumulative Unrealized Gain | [3] | 281,929 | 398,840 | ||
Estimated Fair Value | [3] | 2,770,484 | 2,905,668 | ||
Mortgage Revenue Bonds Held In Trust [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 | [2] | 12,471,000 | |||
Cumulative Unrealized Gain | [2] | 782,663 | |||
Estimated Fair Value | [2] | 13,253,663 | |||
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] | 211,792 | |||
Estimated Fair Value | [1] | 3,706,792 | |||
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 | [2] | 5,320,000 | |||
Cumulative Unrealized Gain | [2] | 309,038 | |||
Estimated Fair Value | [2] | 5,629,038 | |||
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 | [3] | 3,014,791 | 3,036,928 | ||
Cumulative Unrealized Gain | [3] | 353,169 | 535,673 | ||
Estimated Fair Value | [3] | 3,367,960 | 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 | 4,335,920 | [1] | 4,366,195 | [2] | |
Cumulative Unrealized Gain | 558,219 | [1] | 807,864 | [2] | |
Estimated Fair Value | 4,894,139 | [1] | 5,174,059 | [2] | |
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] | 520,052 | |||
Estimated Fair Value | [1] | 7,870,052 | |||
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 | [2] | 12,610,000 | |||
Cumulative Unrealized Gain | [2] | 884,537 | |||
Estimated Fair Value | [2] | 13,494,537 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Seasons San Juan Capistrano [Member] | Series A [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 12,375,000 | |||
Cumulative Unrealized Gain | [1] | 875,598 | |||
Estimated Fair Value | [1] | 13,250,598 | |||
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 | [2] | 18,949,000 | |||
Cumulative Unrealized Gain | [2] | 1,233,570 | |||
Estimated Fair Value | [2] | 20,182,570 | |||
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] | 391,809 | |||
Estimated Fair Value | [1] | 6,814,809 | |||
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 | [2] | 9,795,000 | |||
Cumulative Unrealized Gain | [2] | 738,806 | |||
Estimated Fair Value | [2] | 10,533,806 | |||
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 | 3,607,439 | [1] | 3,632,000 | [2] | |
Cumulative Unrealized Gain | 294,702 | [1] | 490,314 | [2] | |
Estimated Fair Value | 3,902,141 | [1] | 4,122,314 | [2] | |
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] | 202,576 | |||
Estimated Fair Value | [1] | 3,287,576 | |||
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 | [2] | 4,804,000 | |||
Cumulative Unrealized Gain | [2] | 355,303 | |||
Estimated Fair Value | [2] | 5,159,303 | |||
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 | [4] | 5,919,230 | 5,965,475 | ||
Cumulative Unrealized Gain | [4] | 669,130 | 807,688 | ||
Estimated Fair Value | [4] | 6,588,360 | 6,773,163 | ||
Mortgage Revenue Bonds Held In Trust [Member] | Vineyard Gardens | Series A and B [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [2] | 6,841,000 | |||
Cumulative Unrealized Gain | [2] | 456,388 | |||
Estimated Fair Value | [2] | 7,297,388 | |||
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 | [4] | 3,868,205 | 3,898,427 | ||
Cumulative Unrealized Gain | [4] | 392,487 | 568,423 | ||
Estimated Fair Value | [4] | 4,260,692 | 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 | [5] | 8,505,000 | |||
Cumulative Unrealized Gain | [5] | 1,579,885 | |||
Estimated Fair Value | [5] | 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 | [5] | 7,437,328 | 7,450,595 | ||
Cumulative Unrealized Gain | [5] | 1,872,124 | 2,017,019 | ||
Estimated Fair Value | [5] | 9,309,452 | 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 | [4] | 5,100,000 | 5,100,000 | ||
Cumulative Unrealized Gain | [4] | 607,810 | 778,339 | ||
Estimated Fair Value | [4] | 5,707,810 | 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 | [3] | 11,153,363 | 11,239,441 | ||
Cumulative Unrealized Gain | [3] | 700,482 | 2,096,328 | ||
Estimated Fair Value | [3] | 11,853,845 | 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 | [2] | 40,287,043 | 40,573,347 | ||
Cumulative Unrealized Gain | [2] | 2,642,087 | 3,710,942 | ||
Estimated Fair Value | [2] | 42,929,130 | 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 | [5] | 4,244,000 | 4,267,000 | ||
Cumulative Unrealized Gain | [5] | 9,283 | 44,428 | ||
Estimated Fair Value | [5] | 4,253,283 | 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 | [4] | 8,056,000 | 8,126,000 | ||
Cumulative Unrealized Gain | [4] | 811,822 | 1,113,852 | ||
Estimated Fair Value | [4] | 8,867,822 | 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 | [3] | 7,837,176 | 7,879,590 | ||
Cumulative Unrealized Gain | [3] | 647,038 | 1,140,448 | ||
Estimated Fair Value | [3] | 8,484,214 | 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 | [5] | 14,022,004 | 14,113,000 | ||
Cumulative Unrealized Gain | [5] | 363,198 | 788,199 | ||
Estimated Fair Value | [5] | 14,385,202 | 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 | [5] | 7,395,000 | 7,465,000 | ||
Cumulative Unrealized Gain | [5] | 44,052 | 1,199 | ||
Estimated Fair Value | [5] | 7,439,052 | 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 | 13,261,234 | [1] | 13,396,856 | [2] | |
Cumulative Unrealized Gain | 1,281,313 | [1] | 1,413,831 | [2] | |
Estimated Fair Value | 14,542,547 | [1] | 14,810,687 | [2] | |
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 | 11,322,984 | [1] | 11,404,758 | [2] | |
Cumulative Unrealized Gain | 967,595 | [1] | 1,284,441 | [2] | |
Estimated Fair Value | 12,290,579 | [1] | 12,689,199 | [2] | |
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 6,142,746 | 6,136,553 | ||
Cumulative Unrealized Gain | [5] | 2,519,386 | 2,850,344 | ||
Estimated Fair Value | [5] | 8,662,132 | 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 | [4] | 19,094,174 | 19,238,297 | ||
Cumulative Unrealized Gain | [4] | 1,989,068 | 2,712,429 | ||
Estimated Fair Value | [4] | 21,083,242 | 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 | 9,953,893 | [1] | 10,000,000 | [2] | |
Cumulative Unrealized Gain | 1,134,923 | [1] | 1,182,706 | [2] | |
Estimated Fair Value | 11,088,816 | [1] | 11,182,706 | [2] | |
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 13,077,771 | [1] | 13,212,587 | [2] | |
Cumulative Unrealized Gain | 1,211,709 | [1] | 1,391,536 | [2] | |
Estimated Fair Value | 14,289,480 | [1] | 14,604,123 | [2] | |
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 | [4] | 11,227,931 | 11,342,234 | ||
Cumulative Unrealized Gain | [4] | 1,221,790 | 1,693,626 | ||
Estimated Fair Value | [4] | 12,449,721 | 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 | [2] | 10,028,678 | 10,038,889 | ||
Cumulative Unrealized Gain | [2] | 133,878 | |||
Cumulative Unrealized Loss | [2] | (136,577) | |||
Estimated Fair Value | [2] | 9,892,101 | 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 | [2] | 10,000,000 | 10,000,000 | ||
Cumulative Unrealized Gain | [2] | 292,102 | 628,644 | ||
Estimated Fair Value | [2] | 10,292,102 | 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 | [4] | 9,382,685 | 9,456,384 | ||
Cumulative Unrealized Gain | [4] | 782,054 | 1,187,142 | ||
Estimated Fair Value | [4] | 10,164,739 | 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 | [4] | 7,578,091 | 7,635,895 | ||
Cumulative Unrealized Gain | [4] | 582,108 | 938,465 | ||
Estimated Fair Value | [4] | 8,160,199 | 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 | [3] | 13,144,902 | 13,233,665 | ||
Cumulative Unrealized Gain | [3] | 1,033,223 | 932,753 | ||
Estimated Fair Value | [3] | 14,178,125 | 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 | [2] | 3,775,000 | 3,775,000 | ||
Cumulative Unrealized Gain | [2] | 51,458 | 125,170 | ||
Estimated Fair Value | [2] | 3,826,458 | 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 | [2] | 31,850,000 | 31,850,000 | ||
Cumulative Unrealized Gain | [2] | 436,575 | 1,865,826 | ||
Estimated Fair Value | [2] | 32,286,575 | 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 | [4] | 6,543,388 | 6,593,300 | ||
Cumulative Unrealized Gain | [4] | 502,628 | 716,944 | ||
Estimated Fair Value | [4] | 7,046,016 | 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 | [4] | 15,984,416 | 16,109,972 | ||
Cumulative Unrealized Gain | [4] | 1,196,940 | 1,947,465 | ||
Estimated Fair Value | [4] | 17,181,356 | 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 | [4] | 5,235,687 | 5,275,623 | ||
Cumulative Unrealized Gain | [4] | 470,687 | 648,383 | ||
Estimated Fair Value | [4] | 5,706,374 | 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 | [5] | 6,225,000 | 6,295,000 | ||
Cumulative Unrealized Gain | [5] | 42,718 | |||
Estimated Fair Value | [5] | 6,225,000 | 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 | 17,963,733 | [1] | 18,051,775 | [2] | |
Cumulative Unrealized Gain | 1,567,441 | [1] | 3,042,939 | [2] | |
Estimated Fair Value | 19,531,174 | [1] | 21,094,714 | [2] | |
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 | 19,185,000 | [1] | 19,185,000 | [2] | |
Cumulative Unrealized Gain | 1,903,863 | [1] | 2,759,654 | [2] | |
Estimated Fair Value | 21,088,863 | [1] | 21,944,654 | [2] | |
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 | 13,440,000 | [1] | 13,440,000 | [2] | |
Cumulative Unrealized Gain | 1,393,865 | [1] | 1,999,572 | [2] | |
Estimated Fair Value | 14,833,865 | [1] | 15,439,572 | [2] | |
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 | 20,820,000 | [1] | 20,820,000 | [2] | |
Cumulative Unrealized Gain | 2,159,246 | [1] | 2,994,839 | [2] | |
Estimated Fair Value | 22,979,246 | [1] | 23,814,839 | [2] | |
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 | 7,491,405 | [1] | 7,540,000 | [2] | |
Cumulative Unrealized Gain | 557,093 | [1] | 634,091 | [2] | |
Estimated Fair Value | 8,048,498 | [1] | 8,174,091 | [2] | |
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 22,672,339 | [1] | 22,794,912 | [2] | |
Cumulative Unrealized Gain | 1,564,822 | [1] | 2,985,955 | [2] | |
Estimated Fair Value | 24,237,161 | [1] | 25,780,867 | [2] | |
Mortgage Revenue Bonds Held In Trust [Member] | Esperanza at Palo Alto [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [1] | 19,519,236 | |||
Cumulative Unrealized Gain | [1] | 1,966,425 | |||
Estimated Fair Value | [1] | 21,485,661 | |||
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 | 6,858,511 | [1] | 6,903,000 | [2] | |
Cumulative Unrealized Gain | 596,685 | [1] | 580,522 | [2] | |
Estimated Fair Value | 7,455,196 | [1] | 7,483,522 | [2] | |
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 | [3] | 10,985,341 | 11,063,027 | ||
Cumulative Unrealized Gain | [3] | 723,148 | 993,609 | ||
Estimated Fair Value | [3] | 11,708,489 | 12,056,636 | ||
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] | 469,808 | |||
Estimated Fair Value | [1] | 12,799,808 | |||
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 | [2] | 17,842,000 | |||
Cumulative Unrealized Gain | [2] | 915,705 | |||
Estimated Fair Value | [2] | 18,757,705 | |||
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | [5] | 10,095,000 | 10,150,000 | ||
Cumulative Unrealized Gain | [5] | 126,871 | 79,514 | ||
Estimated Fair Value | [5] | 10,221,871 | 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 | [5] | 11,749,771 | 11,693,138 | ||
Cumulative Unrealized Gain | [5] | 2,511,470 | 2,960,294 | ||
Estimated Fair Value | [5] | 14,261,241 | 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 | [3] | 25,966,084 | 26,133,557 | ||
Cumulative Unrealized Gain | [3] | 2,345,328 | 3,117,969 | ||
Estimated Fair Value | [3] | 28,311,412 | 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 | 9,752,876 | [1] | 9,797,833 | [2] | |
Cumulative Unrealized Gain | 1,306,486 | [1] | 1,839,648 | [2] | |
Estimated Fair Value | 11,059,362 | [1] | 11,637,481 | [2] | |
Mortgage Revenue Bonds [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 65,982,793 | 76,274,522 | |||
Cumulative Unrealized Gain | 392,517 | 1,697,303 | |||
Cumulative Unrealized Loss | (2,610,098) | (617) | |||
Estimated Fair Value | 63,765,212 | 77,971,208 | |||
Mortgage Revenue Bonds [Member] | Courtyard [Member] | Series B [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 6,228,000 | ||||
Cumulative Unrealized Loss | (10,898) | ||||
Estimated Fair Value | 6,217,102 | ||||
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 | ||||
Cumulative Unrealized Gain | 1,111,807 | ||||
Estimated Fair Value | 13,582,807 | ||||
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] | Seasons San Juan Capistrano [Member] | Series B [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 6,574,000 | ||||
Cumulative Unrealized Loss | (8,214) | ||||
Estimated Fair Value | 6,565,786 | ||||
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] | Vineyard Gardens | Series A and B [Member] | CA [Member] | |||||
Schedule Of Available For Sale Securities [Line Items] | |||||
Cost Adjusted for Paydowns | 6,841,000 | ||||
Estimated Fair Value | 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 | 934,834 | 937,399 | |||
Cumulative Unrealized Gain | 152,008 | 193,991 | |||
Estimated Fair Value | 1,086,842 | 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 | 3,524,830 | 3,536,060 | |||
Cumulative Unrealized Gain | 77,201 | 149,630 | |||
Estimated Fair Value | 3,602,031 | 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 | (805,122) | ||||
Estimated Fair Value | 8,944,878 | 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 | (1,785,864) | ||||
Estimated Fair Value | 20,914,136 | 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 | 13,018 | 13,514 | |||
Estimated Fair Value | 4,013,018 | 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 | 746,417 | 749,455 | |||
Cumulative Unrealized Gain | 33,193 | 58,871 | |||
Estimated Fair Value | 779,610 | 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 | 546,066 | 548,202 | |||
Cumulative Unrealized Gain | 20,764 | 41,286 | |||
Estimated Fair Value | 566,830 | 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 | 124,668 | 124,861 | |||
Cumulative Unrealized Gain | 30,701 | 30,715 | |||
Estimated Fair Value | 155,369 | 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 | 4,620 | 5,306 | |||
Estimated Fair Value | 1,554,620 | 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 | 27,370 | 30,276 | |||
Estimated Fair Value | 8,437,370 | 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 | 450,455 | 452,217 | |||
Cumulative Unrealized Gain | 17,128 | 28,675 | |||
Estimated Fair Value | 467,583 | 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 | 443,523 | 445,328 | |||
Cumulative Unrealized Gain | 16,514 | 33,232 | |||
Estimated Fair Value | $ 460,037 | $ 478,560 | |||
[1] | MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 14 | ||||
[2] | MRBs held by Deutsche Bank in a secured financing transaction, Note 14 | ||||
[3] | MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 14 | ||||
[4] | MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 14 | ||||
[5] | MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 14 |
Investments in Mortgage Reven_4
Investments in Mortgage Revenue Bonds ("MRBs") - Schedule of MRB Acquisitions (Details) | 9 Months Ended | ||
Sep. 30, 2018USD ($)Unit | Sep. 30, 2017USD ($)Unit | ||
Schedule Of Available For Sale Securities [Line Items] | |||
Principal Outstanding at Date of Acquisition | $ 19,540,000 | $ 72,056,000 | |
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 | ||
Montecito at Williams Ranch Apartments [Member] | Salinas, California [Member] | Series A [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | September | ||
Units | Unit | 132 | ||
Maturity Date | Oct. 1, 2034 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 7,690,000 | ||
Montecito at Williams Ranch Apartments [Member] | Salinas, California [Member] | Series B [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Month Acquired | September | ||
Units | Unit | 132 | ||
Maturity Date | Oct. 1, 2019 | ||
Base Interest Rate | 5.50% | ||
Principal Outstanding at Date of Acquisition | $ 4,781,000 | ||
[1] | Previously reported bond purchase commitment that converted to an MRB in May 2018. |
Investments in Mortgage Reven_5
Investments in Mortgage Revenue Bonds ("MRBs") - Schedule of MRBs Redeemed (Details) | 9 Months Ended | |
Sep. 30, 2018USD ($)Unit | Sep. 30, 2017USD ($)Unit | |
Schedule Of Available For Sale Securities [Line Items] | ||
Principal Outstanding at Date of Redemption | $ 1,997,000 | |
Harmony Court Bakersfield [Member] | Series B [Member] | Bakersfield, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | August | |
Units | Unit | 96 | |
Original Maturity Date | Dec. 1, 2018 | |
Base Interest Rate | 5.50% | |
Principal Outstanding at Date of Redemption | $ 1,997,000 | |
Mortgage Revenue Bonds [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Principal Outstanding at Date of Redemption | $ 39,014,000 | |
Mortgage Revenue Bonds [Member] | 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 | |
Mortgage Revenue Bonds [Member] | 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 | |
Mortgage Revenue Bonds [Member] | 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 | |
Mortgage Revenue Bonds [Member] | 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 | |
Mortgage Revenue Bonds [Member] | 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 | |
Mortgage Revenue Bonds [Member] | 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 | |
Mortgage Revenue Bonds [Member] | 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 | |
Mortgage Revenue Bonds [Member] | Las Palmas Series B [Member] | Series B [Member] | Coachella, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | July | |
Units | Unit | 81 | |
Original Maturity Date | Nov. 1, 2018 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ 1,770,000 | |
Mortgage Revenue Bonds [Member] | Harmony Terrace - Series B [Member] | Series B [Member] | Simi Valley, California [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | August | |
Units | Unit | 136 | |
Original Maturity Date | Jan. 1, 2019 | |
Base Interest Rate | 8.00% | |
Principal Outstanding at Date of Redemption | $ 7,400,000 | |
Mortgage Revenue Bonds [Member] | Lake Forest [Member] | Daytona Florida [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Month Redeemed | September | |
Units | Unit | 240 | |
Original Maturity Date | Dec. 1, 2031 | |
Base Interest Rate | 6.25% | |
Principal Outstanding at Date of Redemption | $ 8,397,000 |
Investments in Mortgage Reven_6
Investments in Mortgage Revenue Bonds ("MRBs") - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Schedule Of Available For Sale Securities [Line Items] | |
Contingent interest income | $ 4,246,094 |
Mortgage Revenue Bonds [Member] | Lake Forest [Member] | Daytona Florida [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Contingent interest income | 4,200,000 |
Mortgage Revenue Bonds [Member] | Lake Forest [Member] | Daytona Florida [Member] | Other Income [Member] | |
Schedule Of Available For Sale Securities [Line Items] | |
Gain on early redemption of mortgage revenue bonds | $ 1,500,000 |
PHC Certificates - Additional I
PHC Certificates - Additional Information (Details) | 3 Months Ended | 9 Months Ended |
Sep. 30, 2018USD ($)OptionSecurity | Sep. 30, 2018USD ($)OptionSecurity | |
Schedule Of Available For Sale Securities [Line Items] | ||
Impairment charge | $ 309,958 | $ 1,141,020 |
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 tender option bonds | Option | 3 | 3 |
Impairment charge | $ 310,000 | $ 1,100,000 |
Impairment charge recognized for number of securities | Security | 3 | 3 |
PHC Certificates - Schedule of
PHC Certificates - Schedule of Investments in PHC Certificates (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Estimated Fair Value, held in trust | $ 2,339,902 | $ 2,422,459 |
Public housing capital fund trusts [Member] | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis, Held in Trust | 48,741,478 | 50,167,034 |
Cumulative Unrealized Loss, held in trust | (525,446) | |
Estimated Fair Value, held in trust | 48,741,478 | 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 | 24,641,310 | 25,109,305 |
Estimated Fair Value, held in trust | $ 24,641,310 | $ 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) | 6 years 9 months | 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 | $ 9,065,617 | $ 9,606,480 |
Cumulative Unrealized Loss, held in trust | (248,189) | |
Estimated Fair Value, held in trust | $ 9,065,617 | $ 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) | 5 years 9 months 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 | $ 15,034,551 | $ 15,451,249 |
Cumulative Unrealized Loss, held in trust | (277,257) | |
Estimated Fair Value, held in trust | $ 15,034,551 | $ 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 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) | Sep. 30, 2018USD ($)Unit | Dec. 31, 2017USD ($)Unit | |
Real Estate [Line Items] | |||
Land and Land Improvements | $ 4,974,417 | $ 7,319,235 | |
Buildings and improvements | 71,819,902 | 78,953,488 | |
Carrying Value | 76,794,319 | 86,272,723 | |
Accumulated depreciation | (11,457,254) | (9,580,531) | |
Net real estate assets | $ 65,337,065 | $ 76,692,192 | |
Suites on Paseo [Member] | San Diego, CA [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 384 | 394 | |
Land and Land Improvements | $ 3,195,468 | $ 3,166,463 | |
Buildings and improvements | 38,886,126 | 38,454,894 | |
Carrying Value | $ 42,081,594 | $ 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 | $ 32,933,776 | $ 32,932,981 | |
Carrying Value | $ 32,933,776 | 32,932,981 | |
Land Held for Development [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | [1] | ||
Land and Land Improvements | [1] | $ 1,778,949 | 1,860,737 |
Carrying Value | [1] | $ 1,778,949 | $ 1,860,737 |
Jade Park [Member] | Daytona, FL [Member] | |||
Real Estate [Line Items] | |||
Number of Units | Unit | 144 | ||
Land and Land Improvements | $ 2,292,035 | ||
Buildings and improvements | 7,565,613 | ||
Carrying Value | $ 9,857,648 | ||
[1] | Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for one site in Omaha, NE. |
Real Estate Assets - Real Est_2
Real Estate Assets - Real Estate Assets Owned by Partnership (Parenthetical) (Details) - Site | Sep. 30, 2018 | Dec. 31, 2017 |
Gardner, KS and Richland County, SC [Member] | Omaha, NE [Member] | ||
Real Estate [Line Items] | ||
Land development costs, consisted for number of sites | 1 | 1 |
Real Estate Assets - Additional
Real Estate Assets - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2018USD ($)Land | May 31, 2017USD ($) | Mar. 31, 2017 | Sep. 30, 2018USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | |
Real Estate [Line Items] | ||||||
Impairment charge | $ 150,000 | $ 150,000 | ||||
Loss on sale of properties | 4,051,429 | $ 4,051,429 | $ 7,152,512 | |||
Gardner, KS [Member] | ||||||
Real Estate [Line Items] | ||||||
Impairment charge | $ 150,000 | |||||
Northern View [Member] | MF Properties [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] | ||||||
Loss on sale of properties | $ (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 | 9 Months Ended | |||
Sep. 30, 2018USD ($)Unit | Mar. 31, 2017USD ($)Unit | Sep. 30, 2018USD ($)Unit | Sep. 30, 2018USD ($)Unit | Sep. 30, 2017USD ($) | Dec. 31, 2017Unit | |
Real Estate [Line Items] | ||||||
Gain on Sale | $ 4,051,429 | $ 4,051,429 | $ 7,152,512 | |||
Jade Park [Member] | Daytona, FL [Member] | ||||||
Real Estate [Line Items] | ||||||
Number of Units | Unit | 144 | |||||
Jade Park [Member] | Daytona, FL [Member] | MF Properties [Member] | ||||||
Real Estate [Line Items] | ||||||
Number of Units | Unit | 144 | 144 | 144 | |||
Gross Proceeds | $ 13,450,000 | |||||
Gain on Sale | $ 4,051,429 | |||||
Northern View [Member] | Highland Heights, KY [Member] | MF Properties [Member] | ||||||
Real Estate [Line Items] | ||||||
Number of Units | Unit | 294 | |||||
Gross Proceeds | $ 13,750,000 | |||||
Gain on Sale | $ 7,174,183 |
Real Estate Assets - Net Income
Real Estate Assets - Net Income, Exclusive of the Gains on Sale (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
MF Properties [Member] | ||||
Real Estate [Line Items] | ||||
Net income (loss) | $ 172,367 | $ (660,824) | $ 161,864 | $ (813,867) |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details) | 9 Months Ended | |
Sep. 30, 2018USD ($)Unit | Dec. 31, 2017USD ($) | |
Schedule Of Equity Method Investments [Line Items] | ||
Carrying Value | $ 80,294,647 | $ 39,608,927 |
Maximum Remaining Equity Commitment | $ 22,769,760 | |
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 | $ 8,610,674 | 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 | $ 9,337,166 | 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 | $ 8,830,000 | 8,272,810 |
Maximum Remaining Equity Commitment | $ 1,475,936 | |
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 | $ 11,152,005 | 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 | $ 11,252,239 | $ 3,060,471 |
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 | $ 7,386,856 | |
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 | $ 8,956,732 | |
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 | $ 4,402,208 | |
Maximum Remaining Equity Commitment | $ 6,119,505 | |
Vantage At Murfreesboro [Member] | Murfreesboro, TN [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | September 2,018 | |
Carrying Value | $ 5,499,398 | |
Maximum Remaining Equity Commitment | $ 6,755,836 | |
Vantage At Coventry [Member] | Omaha, NE [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Units | Unit | 288 | |
Month Commitment Executed | September 2,018 | |
Carrying Value | $ 4,867,369 | |
Maximum Remaining Equity Commitment | $ 3,279,944 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities - Additional Information (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | |
Vantage At Panama City Beach [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from equity commitments | $ 11.7 | |||
Vantage At Stone Creek [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from equity commitments | $ 7.1 | |||
Vantage At Bulverde [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from equity commitments | $ 8.6 | |||
Vantage at Germantown [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from equity commitments | $ 10.4 | |||
Vantage At Coventry [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from equity commitments | $ 8.1 | |||
Vantage At Murfreesboro [Member] | ||||
Schedule Of Equity Method Investments [Line Items] | ||||
Proceeds from equity commitments | $ 12.2 |
Property Loans, Net of Loan L_3
Property Loans, Net of Loan Loss Allowance - Summary of Partnership's Property Loans, Net of Loan Loss Allowance (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Accounts Notes And Loans Receivable [Line Items] | ||
Property loan receivable, outstanding balance | $ 31,211,804 | $ 36,907,688 |
Loan Loss Allowance | (7,393,814) | (7,393,814) |
Property Loan Principal, net of allowance | 23,817,990 | 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 Allowance | (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 | 4,995,884 | |
Property Loan Principal, net of allowance | 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 | 7,156,978 | 7,406,978 |
Property Loan Principal, net of allowance | 7,156,978 | 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 L_4
Property Loans, Net of Loan Loss Allowance - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Ohio Properties [Member] | |||||
Property Loan Net Of Loan Loss Allowances [Line Items] | |||||
Interest earned on property loan principal | $ 983,000 | $ 983,000 | $ 983,000 | $ 983,000 | |
Lake Forest [Member] | |||||
Property Loan Net Of Loan Loss Allowances [Line Items] | |||||
Principal received from property loans | $ 5,100,000 | ||||
Interest received from property loans | $ 4,600,000 |
Income Tax Provision - Summary
Income Tax Provision - Summary of Income Tax Expense (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Income Tax Provision [Line Items] | ||||
Total income tax expense (benefit) | $ (809,805) | $ (285,000) | $ (803,805) | $ 2,110,047 |
Greens Hold Co [Member] | ||||
Income Tax Provision [Line Items] | ||||
Current income tax expense (benefit) | (809,805) | (276,000) | (837,805) | 2,484,047 |
Deferred income tax expense (benefit) | (9,000) | 34,000 | (374,000) | |
Total income tax expense (benefit) | $ (809,805) | $ (285,000) | $ (803,805) | $ 2,110,047 |
Income Tax Provision - Addition
Income Tax Provision - Additional Information (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 221,000 | $ 0 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Other Assets [Abstract] | ||
Deferred financing costs, net | $ 484,144 | $ 383,133 |
Fair value of derivative instruments (Note 16) | 1,063,975 | 597,221 |
Taxable mortgage revenue bonds, at fair market value | 2,339,902 | 2,422,459 |
Bond purchase commitments, at fair market value (Note 17) | 1,046,445 | 3,002,540 |
Other assets | 2,016,286 | 942,949 |
Total other assets | $ 6,950,752 | $ 7,348,302 |
Unsecured Lines of Credit - Sum
Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | ||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 28,465,600 | $ 50,000,000 | |
Unsecured Lines of Credit [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 28,465,600 | 50,000,000 | |
Line of credit facility maximum borrowing capacity | 60,000,000 | 60,000,000 | |
Unsecured Lines of Credit [Member] | 5.12% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | 28,465,600 | ||
Line of credit facility maximum borrowing capacity | $ 50,000,000 | ||
Debt instrument, maturity date | Jun. 30, 2020 | ||
Variable / Fixed | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 5.12% | ||
Unsecured Lines of Credit [Member] | 5.37% 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 | Jun. 30, 2020 | ||
Variable / Fixed | [1] | Variable | |
Reset Frequency | Monthly | ||
Line of credit facility, interest rate during period | 5.37% | ||
Unsecured Lines of Credit [Member] | 4.38% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [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 - Add
Unsecured Lines of Credit - Additional Information (Details) - USD ($) | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 |
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 28,465,600 | $ 50,000,000 | |
Operating [Member] | |||
Line Of Credit Facility [Line Items] | |||
Lines of credit | $ 0 | ||
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 ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | ||
Short Term Debt [Line Items] | |||
Debt financing | $ 544,718,144 | $ 558,328,347 | |
Period End Rates | 4.96% | 4.21% | |
Variable - M31 [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2024-07 | 2024-07 | |
Variable - M33 [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 | $ 46,703,319 | $ 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 | $ 17,380,000 | $ 33,612,154 | |
Year Acquired | 2,018 | 2,017 | |
Stated Maturities | 2018-11 | ||
Reset Frequency | N/A | N/A | |
Period End Rates | 4.53% | 3.76% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Minimum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2018-06 | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2018-08 | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 38,446,498 | $ 60,441,915 | |
Year Acquired | 2,017 | 2,017 | |
Stated Maturities | 2027-02 | ||
Reset Frequency | N/A | N/A | |
Period End Rates | 4.46% | 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 | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 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 | $ 23,422 | $ 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 | 2.09% | 2.24% | |
Period End Rates | 3.76% | 3.91% | |
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
SIFMA Based Rates | 2.14% | 2.29% | |
Period End Rates | 3.81% | 3.96% | |
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 138,065,482 | ||
Year Acquired | 2,016 | ||
Reset Frequency | N/A | ||
Period End Rates | 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 | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member] | Maximum [Member] | |||
Short Term Debt [Line Items] | |||
Stated Maturities | 2026-12 | ||
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B IV [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 47,414,014 | ||
Year Acquired | 2,017 | ||
Reset Frequency | 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 | ||
Period End Rates | 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 | ||
Period End Rates | 4.52% | ||
TEBS Financings [Member] | Variable - M24 [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | $ 46,833,000 | $ 55,468,000 | |
Restricted Cash | $ 53,123 | $ 372,222 | |
Year Acquired | 2,010 | 2,010 | |
Stated Maturities | 2020-09 | 2020-09 | |
Reset Frequency | Weekly | Weekly | |
SIFMA Based Rates | 1.61% | 1.79% | |
Facility Fees | 1.85% | 1.85% | |
Period End Rates | 3.46% | 3.64% | |
TEBS Financings [Member] | Variable - M31 [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | [1] | $ 80,605,069 | $ 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] | 1.59% | 1.77% |
Facility Fees | [1] | 1.46% | 1.39% |
Period End Rates | [1] | 3.05% | 3.16% |
TEBS Financings [Member] | Variable - M33 [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | [1] | $ 57,234,019 | $ 57,406,058 |
Restricted Cash | [1] | $ 56,867 | $ 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] | 1.59% | 1.77% |
Facility Fees | [1] | 1.23% | 1.16% |
Period End Rates | [1] | 2.82% | 2.93% |
TEBS Financings [Member] | Fixed - M45 [Member] | |||
Short Term Debt [Line Items] | |||
Debt financing | [4] | $ 219,551,239 | |
Restricted Cash | [4] | $ 5,000 | |
Year Acquired | [4] | 2,018 | |
Stated Maturities | [4] | 2034-07 | |
Reset Frequency | [4] | N/A | |
Period End Rates | [4] | 3.82% | |
[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. | ||
[4] | The M45 TEBS has an initial interest rate of 3.82% through July 31, 2023. From August 1, 2023 through the stated maturity date, the interest rate is 4.39%. These rates are inclusive of credit enhancement fees payable to Freddie Mac. |
Debt Financing - Schedule of _2
Debt Financing - Schedule of Total Debt Financing Disclosure - Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Variable - M31 [Member] | ||
Short Term Debt [Line Items] | ||
Debt instrument extend period | 5 years | 5 years |
Stated Maturities | 2024-07 | 2024-07 |
Variable - M33 [Member] | ||
Short Term Debt [Line Items] | ||
Debt instrument extend period | 5 years | 5 years |
Stated Maturities | 2025-07 | 2025-07 |
Fixed - M45 [Member] | Interest Rate Through July 31, 2023 [Member] | ||
Short Term Debt [Line Items] | ||
Interest rate | 3.82% | |
Fixed - M45 [Member] | Interest Rate from August 1, 2023 [Member] | ||
Short Term Debt [Line Items] | ||
Interest rate | 4.39% |
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] | 9 Months Ended | |
Sep. 30, 2018USD ($) | ||
Short Term Debt [Line Items] | ||
Paydown Applied | $ 242,424,098 | |
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 | |
Las Palmas II - Series B [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 1,505,000 | |
15 West Apartments [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 8,300,012 | [1] |
Bruton Apartments [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 15,279,403 | [1] |
Columbia Gardens [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 10,222,680 | [1] |
Companion at Thornhill Apartments [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 9,642,587 | [1] |
Concord at Gulfgate - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 16,310,000 | [1] |
Concord at Little York - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 11,425,000 | [1] |
Concord at Williamcrest - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 17,695,000 | [1] |
Courtyard - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 9,210,000 | [1] |
Courtyard - Series B [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 5,295,000 | [1] |
Crossing at 1415 - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 6,370,877 | [1] |
Decatur-Angle [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 21,362,472 | [1] |
Harmony Court Bakersfield - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 3,360,000 | [1] |
Harmony Terrace - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 6,210,000 | [1] |
Harmony Terrace - Series B [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 6,290,000 | [1] |
Heights at 515 - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 5,402,307 | [1] |
Las Palmas II - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 1,530,000 | [1] |
Oaks at Georgetown - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 11,100,000 | [1] |
San Vicente - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 3,150,000 | [1] |
Seasons at Simi Valley - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 3,688,843 | [1] |
Seasons Lakewood - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 6,615,000 | [1] |
Seasons San Juan Capistrano - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 11,140,000 | [1] |
Seasons San Juan Capistrano - Series B [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 5,590,000 | [1] |
Summerhill - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 5,785,000 | [1] |
Sycamore Walk - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 3,066,769 | [1] |
The Village at Madera - Series A [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 2,780,000 | [1] |
Village at River's Edge [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | 8,963,207 | [1] |
Willow Run [Member] | ||
Short Term Debt [Line Items] | ||
Paydown Applied | $ 10,079,940 | [1] |
[1] | In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust. See below for further discussion. |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Details) | 1 Months Ended | 9 Months Ended | |||||||
Aug. 31, 2018USD ($)Security | Apr. 30, 2018 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017USD ($)Trust | Feb. 28, 2017USD ($)Agreement | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | ||
Debt Instrument [Line Items] | |||||||||
Deferred financing costs - net | $ 3,546,843 | ||||||||
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 | |||||||
Fixed - M45 [Member] | Mortgage Revenue Bonds [Member] | TEBS Financings [Member] | ATAX TEBS IV, LLC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt financing facility par value | $ 260,600,000 | ||||||||
Number of securities provided for long-term debt financing facility | Security | 25 | ||||||||
Fixed - M45 [Member] | Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of securities collapsed prior to closing of financing | Security | 24 | ||||||||
Deferred financing costs - net | $ 371,000 | ||||||||
Fixed - M45 [Member] | Class A TEBS Certificates [Member] | TEBS Financings [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Long-term debt financing facility par value | $ 221,500,000 | ||||||||
Variable - M24 [Member] | TEBS Financings [Member] | ATAX TEBS IV, LLC [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument extended maturity date | Sep. 15, 2020 | ||||||||
[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 ($) | 1 Months Ended | 9 Months Ended | ||
Aug. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | ||
Short Term Debt [Line Items] | ||||
Debt financing | $ 544,718,144 | $ 558,328,347 | ||
Term A/B Trust [Member] | ||||
Short Term Debt [Line Items] | ||||
Debt financing | $ 17,380,000 | 106,810,000 | ||
Term A/B Trust [Member] | Montecito at Williams Ranch Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Debt financing | $ 6,921,000 | |||
Year Acquired | 2,018 | |||
Stated Maturities | 2018-11 | |||
Fixed Interest Rate | 4.53% | |||
Term A/B Trust [Member] | Montecito at Williams Ranch Series B [Member] | ||||
Short Term Debt [Line Items] | ||||
Debt financing | $ 4,303,000 | |||
Year Acquired | 2,018 | |||
Stated Maturities | 2018-11 | |||
Fixed Interest Rate | 4.53% | |||
Term A/B Trust [Member] | Vineyard Gardens Series A [Member] | ||||
Short Term Debt [Line Items] | ||||
Debt financing | $ 3,595,000 | |||
Year Acquired | 2,018 | |||
Stated Maturities | 2018-11 | |||
Fixed Interest Rate | 4.53% | |||
Term A/B Trust [Member] | Vineyard Gardens Series B [Member] | ||||
Short Term Debt [Line Items] | ||||
Debt financing | $ 2,561,000 | |||
Year Acquired | 2,018 | |||
Stated Maturities | 2018-11 | |||
Fixed Interest Rate | 4.53% | |||
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] | $ 1,700,000 | ||
Year Acquired | [1] | 2,017 | ||
Stated Maturities | [1] | 2018-07 | ||
Fixed Interest Rate | [1] | 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% | |||
[1] | In August 2017, the Term A/B Trust financing for the Harmony Court Bakersfield – Series B MRB was collapsed and paid off in full. The Partnership paid approximately $1.7 million at settlement, which approximated the outstanding principal plus accrued interest. |
Debt Financing - Summary Of G_2
Debt Financing - Summary Of Gross Principal and Term A/B Trust Financings (Parenthetical) (Details) $ in Millions | 1 Months Ended |
Aug. 31, 2017USD ($) | |
Term A/B Trust [Member] | Harmony Court Bakers field Series B [Member] | |
Short Term Debt [Line Items] | |
Payments for debt financing liabilities | $ 1.7 |
Debt Financing - Schedule of Co
Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Financing [Abstract] | ||
Remainder of 2018 | $ 18,538,094 | |
2,019 | 168,792,140 | |
2,020 | 105,271,622 | |
2,021 | 2,456,696 | |
2,022 | 2,600,981 | |
Thereafter | 250,605,454 | |
Total | 548,264,987 | |
Deferred financing costs | (3,546,843) | |
Total debt financing, net | $ 544,718,144 | $ 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 ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | ||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 27,681,596 | $ 35,540,174 | |
Period End Rate | 4.96% | 4.21% | |
Real Estate [Member] | Jade Park [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Outstanding Mortgage Payable, net | $ 7,468,548 | ||
Year Acquired | 2,016 | ||
Stated Maturity | Oct. 1, 2021 | ||
Variable / Fixed | Fixed | ||
Reset Frequency | N/A | ||
Period End Rate | 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 | $ 3,243,620 | $ 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 | $ 24,437,976 | $ 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] | 5.00% | 4.25% |
Period End Rate | 5.00% | 4.25% | |
[1] | Variable rate is based on the Wall Street Journal Prime Rate, but not to exceed 5.0%. |
Mortgage Payable and Other Se_2
Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Parenthetical) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Wall Street Journal Prime Rate [Member] | Maximum [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Variable Based Rate | 5.00% | 5.00% |
Mortgage Payable and Other Se_3
Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Mortgage Loans on Real Estate [Line Items] | ||
Deferred financing costs | $ (3,546,843) | |
Total mortgages payable and other secured financings, net | 27,681,596 | $ 35,540,174 |
Mortgages Payable and Other Secured Financing [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
Remainder of 2018 | 250,817 | |
2,019 | 3,608,890 | |
2,020 | 23,944,402 | |
Total | 27,804,109 | |
Deferred financing costs | (122,513) | |
Total mortgages payable and other secured financings, net | $ 27,681,596 |
Interest Rate Derivative Agre_3
Interest Rate Derivative Agreements - Summary of Interest Rate Derivatives, Excluding Interest Rate Swaps (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | ||
Derivative [Line Items] | |||
Derivative, Fair Value - Asset (Liability) | $ 1,063,975 | $ 597,221 | |
Barclays Bank PLC 1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2014-07 | 2014-07 | |
Derivative, Notional Amount | $ 30,365,801 | $ 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) | $ 2 | $ 169 | |
Royal Bank of Canada-1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2014-07 | 2014-07 | |
Derivative, Notional Amount | $ 30,365,801 | $ 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) | $ 2 | $ 169 | |
SMBC Capital Markets, Inc-1 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2014-07 | 2014-07 | |
Derivative, Notional Amount | $ 30,365,801 | $ 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) | $ 2 | $ 169 | |
Wells Fargo Bank [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | 2015-07 | |
Derivative, Notional Amount | $ 27,438,175 | $ 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) | $ 4,033 | $ 3,213 | |
Royal Bank of Canada-2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | 2015-07 | |
Derivative, Notional Amount | $ 27,438,175 | $ 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) | $ 4,033 | $ 3,213 | |
SMBC Capital Markets, Inc-2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2015-07 | 2015-07 | |
Derivative, Notional Amount | $ 27,438,175 | $ 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) | $ 4,033 | $ 3,213 | |
Barclays Bank PLC 2 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2017-06 | 2017-06 | |
Derivative, Notional Amount | $ 91,097,404 | $ 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) | $ 248,476 | $ 160,174 | |
Barclays Bank PLC 3 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2017-06 | 2017-06 | |
Derivative, Notional Amount | $ 82,314,524 | $ 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) | $ 803,283 | $ 425,978 | |
Barclays Bank PLC 4 [Member] | |||
Derivative [Line Items] | |||
Derivative, Purchase Date | 2017-09 | 2017-09 | |
Derivative, Notional Amount | $ 59,377,000 | $ 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) | $ 111 | $ 923 | |
[1] | See Note 21 for additional details. |
Interest Rate Derivative Agre_4
Interest Rate Derivative Agreements - Additional Information (Details) - Interest Rate Swaps [Member] - Deutsche Bank [Member] - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Termination date | 2018-09 | |
Net cash received paid at settlements of derivative instruments | $ 0 | |
Cash collateral balances | $ 23,000 | $ 850,000 |
Interest Rate Derivative Agre_5
Interest Rate Derivative Agreements - Summary of Terms of Interest Rate Swaps (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Derivative [Line Items] | ||
Fair Value of Liability | $ (26,798) | $ (826,852) |
Interest Rate Swaps [Member] | ||
Derivative [Line Items] | ||
Fair Value of Liability | $ (26,798) | $ (826,852) |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | ||
Derivative [Line Items] | ||
Termination Date | 2018-09 | |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Decatur-Angle Apartments [Member] | ||
Derivative [Line Items] | ||
Purchase Date | 2014-09 | 2014-09 |
Notional Amount | $ 17,963,733 | $ 22,821,429 |
Effective Date | 2017-04 | 2016-10 |
Termination Date | 2022-04 | 2021-10 |
Fixed Rate Paid | 2.06% | 1.96% |
Period End Variable Rate Received | 1.46% | 1.08% |
Fair Value of Liability | $ (26,798) | $ (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 Apartments [Member] | ||
Derivative [Line Items] | ||
Purchase Date | 2014-09 | |
Notional Amount | $ 18,051,775 | |
Effective Date | 2017-04 | |
Termination Date | 2022-04 | |
Fixed Rate Paid | 2.06% | |
Period End Variable Rate Received | 1.08% | |
Fair Value of Liability | $ (424,591) | |
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Bruton Apartments [Member] | London Interbank Offered Rate [Member] | ||
Derivative [Line Items] | ||
Variable Based Rate | 70.00% |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Bond Purchase Commitments (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Long-term Purchase Commitment [Line Items] | ||
Bond Purchase Commitments, Fair Value | $ 1,046,445 | $ 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 | $ 1,046,445 | $ 1,386,397 |
Bond Purchase Commitments, Maximum Committed Amounts for 2018 | $ 16,400,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2018USD ($)Unit | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2018USD ($)Unit | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)Unit | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | |
Commitments And Other Guarantees [Line Items] | ||||||||
Property loans receivable | $ 31,211,804 | $ 31,211,804 | $ 31,211,804 | $ 36,907,688 | ||||
Concentration risk, credit risk, financial instrument, maximum exposure | 548,300,000 | |||||||
Greens of Pine Glen [Member] | ||||||||
Commitments And Other Guarantees [Line Items] | ||||||||
Guarantor obligations, maximum exposure, undiscounted | $ 2,600,000 | $ 2,600,000 | $ 2,600,000 | |||||
Percentage of loss contingency, range of possible loss, maximum | 75.00% | 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 | 2,390,446 | ||||
Percentage of loss contingency, range of possible loss, maximum | 75.00% | 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 | $ 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 | $ 130,000 | |||||||
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 | 106,000 | 106,000 | $ 106,000 | $ 125,000 | ||||
Expenses related to the agreement | 42,000 | $ 42,000 | 126,000 | $ 126,000 | ||||
Vantage at Brooks and Vantage at New Braunfels [Member] | ||||||||
Commitments And Other Guarantees [Line Items] | ||||||||
Property loans receivable | $ 17,000,000 | $ 17,000,000 | $ 17,000,000 | |||||
Number of units in real estate property | Unit | 2 | 2 | 2 | |||||
Remaining maximum amount committed | $ 1,200,000 | $ 1,200,000 | $ 1,200,000 | |||||
Vantage At Coventry [Member] | ||||||||
Commitments And Other Guarantees [Line Items] | ||||||||
Construction loan maximum available amount | 31,500,000 | 31,500,000 | 31,500,000 | |||||
Outstanding construction loan amount | 0 | 0 | 0 | |||||
Guarantor obligations, maximum exposure, undiscounted | $ 0 | 0 | 0 | |||||
Vantage At Coventry [Member] | Maximum [Member] | ||||||||
Commitments And Other Guarantees [Line Items] | ||||||||
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 50.00% | |||||||
Vantage At Coventry [Member] | Minimum [Member] | ||||||||
Commitments And Other Guarantees [Line Items] | ||||||||
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 25.00% | |||||||
Vantage At Stone Creek [Member] | ||||||||
Commitments And Other Guarantees [Line Items] | ||||||||
Construction loan maximum available amount | $ 30,800,000 | |||||||
Outstanding construction loan amount | $ 1,600,000 | 1,600,000 | 1,600,000 | |||||
Vantage At Stone Creek [Member] | Maximum [Member] | ||||||||
Commitments And Other Guarantees [Line Items] | ||||||||
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 50.00% | |||||||
Vantage At Stone Creek [Member] | Minimum [Member] | ||||||||
Commitments And Other Guarantees [Line Items] | ||||||||
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 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 | $ 23,700,000 | $ 23,700,000 | $ 23,700,000 | |||||
Vantage At Panama City Beach [Member] | Maximum [Member] | ||||||||
Commitments And Other Guarantees [Line Items] | ||||||||
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 50.00% | |||||||
Vantage At Panama City Beach [Member] | Minimum [Member] | ||||||||
Commitments And Other Guarantees [Line Items] | ||||||||
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio | 25.00% |
Redeemable Series A Preferred_3
Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($) | 1 Months Ended | 9 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 | Sep. 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 ("RUAs_3
Restricted Unit Awards ("RUAs") - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Compensation expense | $ 622,000 | $ 550,000 | $ 1,400,000 | $ 1,200,000 |
Unrecognized compensation expense related to nonvested RUAs granted | $ 1,400,000 | $ 1,400,000 | ||
Remaining expense expected to be recognized over a weighted-average period | 9 months 18 days | |||
Intrinsic value of nonvested RUAs | $ 3,100,000 | |||
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 ("RUAs_4
Restricted Unit Awards ("RUAs") - Summary of RUA activity (Details) - Restricted Unit Awards [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 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 Par_3
Transactions with Related Parties - Schedule of Related Party Transactions With Related Parties (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | ||
General Partner [Member] | |||||
Administrative fees | [1] | $ 940,000 | $ 909,000 | $ 2,789,000 | $ 2,679,000 |
Placement fees | [2] | 1,189,000 | 125,000 | 2,787,000 | 1,063,000 |
General Partner [Member] | Mortgage Revenue Bonds [Member] | |||||
Administrative fees | [3] | 17,000 | 22,000 | 60,000 | 74,000 |
General Partner [Member] | Mortgage Revenue Bonds Redemption [Member] | |||||
Administrative fees | [4] | 114,000 | 114,000 | ||
Burlington Capital Properties, LLC [Member] | MF Properties Managed [Member] | |||||
Property management fees to an affiliate | [5] | $ 49,000 | 94,000 | $ 147,000 | 299,000 |
Burlington Capital Properties, LLC [Member] | Jade Park MF Property [Member] | |||||
Construction fees paid to an affiliate | [6] | 6,000 | 6,000 | ||
Farnam Capital Advisors, LLC [Member] | |||||
Origination fees to an affiliate | [7] | $ 62,000 | 331,000 | ||
Consulting fees | [8] | $ 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 periods specified and are reported within general and administrative expenses on the condensed consolidated statements of operations. | ||||
[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 periods specified. The administrative fees are not Partnership expenses | ||||
[4] | AFCA 2 received a one-time administrative fee related to early redemption of the Lake Forest MRB from the property in September 2018. This administrative fee is not a Partnership expense. | ||||
[5] | 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 paid by the owners of the respective properties, are not Partnership expenses, and are not reflected in the table above. 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. | ||||
[6] | An affiliate of AFCA 2, Burlington Capital Construction Services, LLC, is the general contractor for certain rehabilitation services for the Jade Park MF Property. The Partnership paid approximately $6,000 for services under the contract during the three and nine months ended September 30, 2017. | ||||
[7] | An affiliate of AFCA 2, Farnam Capital Advisors, LLC (“Farnam Cap”), acts as an origination advisor to the borrowers when MRBs, investments in unconsolidated entities, certain property loans, and financing facilities are acquired by the Partnership. These origination fees were paid by the borrower and are not Partnership expenses, so they have not been reflected in the accompanying condensed consolidated financial statements. | ||||
[8] | Fees are paid to Farnam Cap related to consulting services when certain debt financing facilities are acquired by the Partnership. |
Transactions with Related Par_4
Transactions with Related Parties - Schedule of Related Party Transactions With Related Parties (Parenthetical) (Details) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2017USD ($) | Sep. 30, 2018Property | Sep. 30, 2017USD ($) | |
Rate for administration fees receivable | 0.45% | ||
MF Properties Managed [Member] | |||
Number of Real Estate Properties | Property | 8 | ||
Jade Park MF Property [Member] | |||
Exterior rehabilitation services received | $ | $ 6,000 | $ 6,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment charge | $ 150,000 | $ 150,000 | |
Gardner, KS [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Impairment charge | $ 150,000 | ||
Taxable Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 9.10% | 9.10% | |
MRBs and Bond Purchase Commitments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Weighted average effective yield | 4.90% | 4.90% | |
Effective rate - minimum [Member] | Taxable Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Effective rate | 8.30% | 8.30% | 7.90% |
Effective rate - minimum [Member] | MRBs and Bond Purchase Commitments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Effective rate | 3.50% | 3.50% | 2.90% |
Effective rate - maximum [Member] | Taxable Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Effective rate | 9.50% | 9.50% | 9.20% |
Effective rate - maximum [Member] | MRBs and Bond Purchase Commitments [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Effective rate | 9.30% | 9.30% | 8.80% |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | $ 795,630,926 | $ 843,675,611 | ||||
Bond Purchase Commitments (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 1,046,445 | 3,002,540 | ||||
Public housing capital fund trusts [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 48,741,478 | 49,641,588 | ||||
Taxable Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 2,339,902 | 2,422,459 | ||||
Derivative Instruments (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 1,063,975 | 597,221 | ||||
Derivative Swap Liability [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Liabilities at fair value | (26,798) | (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 | 795,630,926 | $ 820,950,642 | 843,675,611 | $ 840,743,086 | $ 830,256,024 | $ 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 | 1,046,445 | 994,685 | 3,002,540 | 3,355,047 | 3,165,172 | 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 | 48,741,478 | 49,070,710 | 49,641,588 | 54,913,748 | 55,791,371 | 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 | 2,339,902 | $ 2,357,952 | 2,422,459 | $ 3,929,761 | $ 3,931,471 | $ 4,084,599 |
Fair Value, Inputs, Level 3 [Member] | Derivative Instruments (Reported within Other Assets) [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 1,063,975 | 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 | (26,798) | (826,852) | ||||
Mortgage Revenue Bonds [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 63,765,212 | 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 | 63,765,212 | 77,971,208 | ||||
Mortgage Revenue Bonds Held In Trust [Member] | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Assets at Fair Value | 678,700,712 | 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 | $ 678,700,712 | $ 710,867,447 |
Fair Value of Financial Instr_5
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 | 9 Months Ended | ||||||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Jan. 01, 2018 | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Assets at Fair Value, beginning balance | $ 820,950,642 | $ 830,256,024 | $ 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) | 108,531 | (27,929) | 1,138,899 | (255,825) | ||||||
Total gain (losses) included in earnings (impairment of securities ) | (309,958) | (1,141,020) | ||||||||
Total gain (losses) included in other comprehensive (loss) income | (6,692,749) | 2,003,189 | (25,528,467) | 31,975,966 | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 12,530,217 | 19,540,000 | 72,612,017 | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (18,425,540) | (4,018,415) | (41,837,149) | (6,486,560) | ||||||
Assets at Fair Value, ending balance | 795,630,926 | 840,743,086 | 795,630,926 | 840,743,086 | ||||||
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 | (218,279) | (66,917) | (52,960) | (369,686) | ||||||
Interest rate derivatives [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Liabilities at Fair value, beginning balance | 897,958 | [1] | (761,648) | [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) | 91,679 | [1] | (66,917) | [1] | 1,088,060 | [1] | (369,686) | [2] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 59,217 | [1] | 556,017 | [2] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | [1] | 47,540 | 178,748 | |||||||
Liabilities at Fair value, ending balance | [1] | 1,037,177 | (769,348) | [2] | 1,037,177 | (769,348) | [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 | 91,679 | [1] | (66,917) | [1] | 1,088,060 | [1] | (369,686) | [2] | ||
Taxable Mortgage Revenue Bonds [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Assets at Fair Value, beginning balance | 2,357,952 | 3,931,471 | 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 | (15,192) | 2,356 | (49,173) | (122,908) | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (2,858) | (4,066) | (33,384) | (31,930) | ||||||
Assets at Fair Value, ending balance | 2,339,902 | 3,929,761 | 2,339,902 | 3,929,761 | ||||||
Bond Purchase Commitment [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Assets at Fair Value, beginning balance | 994,685 | 3,165,172 | 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 | 51,760 | 189,875 | (1,956,095) | 955,598 | ||||||
Assets at Fair Value, ending balance | 1,046,445 | 3,355,047 | 1,046,445 | 3,355,047 | ||||||
Public housing capital fund trusts [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Assets at Fair Value, beginning balance | 49,070,710 | 55,791,371 | 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) | (19,274) | (14,129) | (57,822) | (45,846) | ||||||
Total gain (losses) included in earnings (impairment of securities ) | (309,958) | (1,141,020) | ||||||||
Total gain (losses) included in other comprehensive (loss) income | 309,808 | 525,446 | (588,172) | |||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1,173,302) | (226,714) | (1,610,302) | |||||||
Assets at Fair Value, ending balance | 48,741,478 | 54,913,748 | 48,741,478 | 54,913,748 | ||||||
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 | (309,958) | (1,141,020) | ||||||||
Mortgage Revenue Bonds [Member] | ||||||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||||||
Assets at Fair Value, beginning balance | [3] | 767,629,337 | 768,129,658 | 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) | 36,126 | [3] | 53,117 | [3] | 108,661 | [4] | 159,707 | [3] | ||
Total gain (losses) included in other comprehensive (loss) income | (6,729,317) | [3] | 1,501,150 | [3] | (24,048,645) | [4] | 31,731,448 | [3] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases | 12,471,000 | [3] | 19,540,000 | [4] | 72,056,000 | [3] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (18,470,222) | [3] | (2,841,047) | [3] | (41,755,799) | [4] | (4,844,328) | [3] | ||
Assets at Fair Value, ending balance | [3] | $ 742,465,924 | [4] | $ 779,313,878 | $ 742,465,924 | [4] | $ 779,313,878 | |||
[1] | Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities. | |||||||||
[2] | Interest rate derivatives include derivative instruments 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 Instr_6
Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($) | Sep. 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 | $ 27,681,596 | $ 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 | 573,183,744 | 608,328,347 |
Mortgages payable and other secured financing | 27,681,596 | 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 | 578,207,938 | 618,412,150 |
Mortgages payable and other secured financing | $ 27,804,110 | $ 35,767,924 |
Segments - Additional Informati
Segments - Additional Information (Details) | 9 Months Ended |
Sep. 30, 2018PropertyUnitSecuritySegmentRating | |
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 | 78 |
Real Estate [Member] | |
Segment Reporting Information [Line Items] | |
Number of Real Estate Properties | Property | 2 |
Number of rental units under MF properties segment. | Unit | 859 |
Residential Mortgage | Mortgage Revenue Bond Investments Segment [Member] | |
Segment Reporting Information [Line Items] | |
Number of rental units financed by mortgage revenue bonds | Unit | 10,746 |
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 |
TaxExempt Securities Other Than MRBs 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 | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Total revenues | |||||
Total revenues | $ 26,001,115 | $ 16,234,830 | $ 58,244,314 | $ 48,509,518 | |
Interest expense | |||||
Interest expense | 5,985,263 | 5,714,181 | 16,786,435 | 16,997,761 | |
Depreciation expense | |||||
Depreciation expense | 849,516 | 1,256,202 | 2,672,925 | 3,876,768 | |
Partnership net income (loss) | |||||
Partnership net income (loss) | 17,883,055 | 3,545,483 | 27,225,480 | 14,943,745 | |
Total assets | |||||
Total assets | 1,001,216,917 | 1,001,216,917 | $ 1,069,767,999 | ||
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member] | |||||
Total revenues | |||||
Total revenues | 21,440,970 | 11,035,530 | 44,609,666 | 32,683,968 | |
Interest expense | |||||
Interest expense | 5,225,938 | 4,786,151 | 15,008,698 | 14,295,635 | |
Partnership net income (loss) | |||||
Partnership net income (loss) | 12,039,700 | 2,604,989 | 18,647,585 | 7,426,810 | |
Total assets | |||||
Total assets | 882,106,195 | 882,106,195 | 937,565,390 | ||
Operating Segments [Member] | MF Properties [Member] | |||||
Total revenues | |||||
Total revenues | 2,285,736 | 3,257,174 | 7,099,690 | 10,356,311 | |
Interest expense | |||||
Interest expense | 420,950 | 556,200 | 1,219,782 | 1,616,032 | |
Depreciation expense | |||||
Depreciation expense | 849,516 | 1,256,202 | 2,672,925 | 3,876,768 | |
Partnership net income (loss) | |||||
Partnership net income (loss) | 4,228,494 | (626,827) | 3,770,339 | 3,136,765 | |
Total assets | |||||
Total assets | 71,664,933 | 71,664,933 | 83,514,758 | ||
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member] | |||||
Total revenues | |||||
Total revenues | 617,661 | 711,823 | 1,860,728 | 2,139,791 | |
Interest expense | |||||
Interest expense | 338,375 | 371,830 | 557,955 | 1,086,094 | |
Partnership net income (loss) | |||||
Partnership net income (loss) | (30,672) | 339,993 | 161,753 | 1,053,697 | |
Total assets | |||||
Total assets | 49,099,991 | 49,099,991 | 49,918,434 | ||
Operating Segments [Member] | Other Investments [Member] | |||||
Total revenues | |||||
Total revenues | 1,656,748 | 1,230,303 | 4,674,230 | 3,329,448 | |
Partnership net income (loss) | |||||
Partnership net income (loss) | 1,645,533 | $ 1,227,328 | 4,645,803 | $ 3,326,473 | |
Total assets | |||||
Total assets | 95,948,632 | 95,948,632 | 55,573,834 | ||
Consolidation, Eliminations [Member] | |||||
Total assets | |||||
Total assets | $ (97,602,834) | $ (97,602,834) | $ (56,804,417) |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) | 1 Months Ended | ||
Oct. 31, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | |
Subsequent Event [Line Items] | |||
Principal outstanding at date of redemption | $ 1,997,000 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Cash received upon interest rate swap termination settlement | $ 7,000 | ||
Mortgage Revenue Bonds [Member] | |||
Subsequent Event [Line Items] | |||
Principal outstanding at date of redemption | $ 39,014,000 | ||
Bella Vista [Member] | Mortgage Revenue Bonds [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Principal outstanding at date of redemption | 6,200,000 | ||
Bella Vista [Member] | Mortgage Revenue Bonds [Member] | Subsequent Event [Member] | TEBS Financings [Member] | Variable - M24 [Member] | |||
Subsequent Event [Line Items] | |||
Paydown principal outstanding | $ 5,100,000 |