Greystone Housing Impact Investors (GHI) 10-Q 3 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2019shares
Document And Entity Information [Abstract]
Entity Registrant Name	AMERICA FIRST MULTIFAMILY INVESTORS, L.P.
Entity Central Index Key	0001059142
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	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Trading Symbol	ATAX
Entity Common Stock, Units Outstanding	0

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 38,210,497	$ 32,001,925
Restricted cash	792,321	1,266,686
Interest receivable, net	7,675,314	7,011,839
Mortgage revenue bonds held in trust, at fair value (Note 6)	656,062,961	645,258,873
Mortgage revenue bonds, at fair value (Note 6)	82,984,880	86,894,562
Public housing capital fund trusts, at fair value (Note 7)	46,406,868	48,672,086
Real estate assets: (Note 8)
Land and improvements	4,971,665	4,971,665
Buildings and improvements	71,949,453	71,897,070
Real estate assets before accumulated depreciation	76,921,118	76,868,735
Accumulated depreciation	(13,088,741)	(12,272,387)
Net real estate assets	63,832,377	64,596,348
Investments in unconsolidated entities (Note 9)	84,684,982	76,534,306
Property loans, net of loan loss allowance (Note 10)	7,593,377	15,961,012
Other assets (Note 12)	4,954,602	4,515,609
Total Assets	993,198,179	982,713,246
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 13)	9,030,207	7,543,822
Distribution payable	8,393,271	7,576,167
Unsecured lines of credit (Note 14)	35,659,200	35,659,200
Debt financing, net (Note 15)	508,248,469	505,663,565
Mortgages payable and other secured financing, net (Note 16)	27,373,224	27,454,375
Total Liabilities	588,704,371	583,897,129
Commitments and Contingencies (Note 18)
Redeemable Series A Preferred Units, approximately $94.5 million redemption value, 9.5 million issued and outstanding, net (Note 19)	94,359,389	94,350,376
Partnersʼ Capital:
General Partner (Note 1)	401,277	344,590
Beneficial Unit Certificates ("BUCs," Note 1)	309,733,142	304,121,151
Total Partnersʼ Capital	310,134,419	304,465,741
Total Liabilities and Partnersʼ Capital	$ 993,198,179	$ 982,713,246

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Redeemable preferred units redemption value	$ 94.5	$ 94.5
Redeemable preferred units, issued	9.5	9.5
Redeemable preferred units, outstanding	9.5	9.5

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Revenues:
Property revenues	$ 1,993,629	$ 2,336,512
Investment income	12,407,876	13,378,486
Contingent interest income	3,012,102
Other interest income	222,238	743,036
Other income	28,753
Total revenues	17,664,598	16,458,034
Expenses:
Real estate operating (exclusive of items shown below)	1,176,818	1,395,493
Depreciation and amortization	820,808	906,315
Interest expense	6,394,920	5,347,077
General and administrative	2,778,591	2,811,845
Total expenses	11,171,137	10,460,730
Income before income taxes	6,493,461	5,997,304
Income tax expense (benefit)	41,648	(7,000)
Net income	6,451,813	6,004,304
Redeemable Series A Preferred Unit distributions and accretion	(717,763)	(717,763)
Net income available to Partners	5,734,050	5,286,541
Net income available to Partners allocated to:
General Partner	780,245	52,865
Net income available to Partners and noncontrolling interest	$ 5,734,050	$ 5,286,541
BUC holders' interest in net income per BUC, basic and diluted	$ 0.08	$ 0.09
Weighted average number of BUCs outstanding, basic	60,426,177	60,124,333
Weighted average number of BUCs outstanding, diluted	60,426,177	60,124,333
Beneficial Unit Certificate Holders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 4,920,644	$ 5,199,401
Restricted Unitholders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 33,161	$ 34,275

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Net income	$ 6,451,813	$ 6,004,304
Unrealized loss on bond purchase commitments		(975,067)
Comprehensive income (loss)	14,595,740	(16,845,639)
Accumulated Other Comprehensive Income (Loss) [Member]
Net income	6,451,813	6,004,304
Unrealized gain (loss) on securities	$ 8,143,927	(21,874,876)
Unrealized loss on bond purchase commitments		(975,067)
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized loss on bond purchase commitments		$ (975,067)

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]	BUCs - Restricted and Unrestricted [Member]	BUCs - Restricted and Unrestricted [Member]Tier 2 [Member]	Number of BUCs - Restricted and Unrestricted [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
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 ($0.125 per BUC):
Regular distribution	(7,632,945)		(76,329)		(7,556,616)
Net income allocable to Partners	5,286,541		52,865		5,233,676
Sale of Beneficial Unit Certificates, net of issuance costs, value	192,310				192,310
Sale of Beneficial Unit Certificates, net of issuance costs, unit							38,617
Repurchase of BUCs	(1,256,654)				(1,256,654)
Repurchase of BUCs							(198,465)
Restricted units awarded							239,102
Restricted unit compensation expense	206,636		2,066		204,570
Unrealized gain (loss) on securities	(21,874,876)		(218,749)		(21,656,127)			(21,874,876)
Unrealized loss on bondpurchase commitments	(975,067)		(9,751)		(965,316)			(975,067)
Balance at Mar. 31, 2018	287,569,267		185,189		287,384,078			52,773,887
Partners' Capital Account, Units at Mar. 31, 2018							60,452,928
Balance at Dec. 31, 2018	304,465,741		344,590		304,121,151			58,978,042
Partners' Capital Account, Units at Dec. 31, 2018							60,691,467
Cumulative effect of accounting change (Note 2) at Dec. 31, 2018	(212)		(2)		(210)
Distributions paid or accrued ($0.125 per BUC):
Regular distribution	(5,381,169)		(53,812)		(5,327,357)
Distribution of Tier 2 income (Note 3)		$ (3,012,102)		$ (753,025)		$ (2,259,077)
Net income allocable to Partners	5,734,050		780,245		4,953,805
Restricted unit compensation expense	184,184		1,842		182,342
Unrealized gain (loss) on securities	8,143,927		81,439		8,062,488			8,143,927
Balance at Mar. 31, 2019	$ 310,134,419		$ 401,277		$ 309,733,142			$ 67,121,969
Partners' Capital Account, Units at Mar. 31, 2019							60,691,467

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Mar. 31, 2019
Regular distributions paid or accrued	$ 0.125	$ 0.125
Tier 2 [Member]
Distributions paid or accrued of tier 2	$ 0.125	$ 0.125

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Cash flows from operating activities:
Net income	$ 6,451,813	$ 6,004,304
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	820,808	906,315
Contingent interest realized on investing activities	(3,012,102)
Loss (gain) on derivatives, net of cash paid	353,127	(1,082,333)
Restricted unit compensation expense	184,184	206,636
Bond premium/discount amortization	(52,456)	(17,041)
Amortization of deferred financing costs	361,305	464,772
Deferred income tax expense (benefit) & income tax payable/receivable	310,496	2,754
Change in preferred return receivable from unconsolidated entities, net	(1,556,390)	(877,995)
Changes in operating assets and liabilities
Increase in interest receivable	(663,475)	(1,656,144)
(Increase) decrease in other assets	722,938	(255,901)
Decrease in accounts payable and accrued expenses	(354,666)	(824,082)
Net cash provided by operating activities	3,565,582	2,871,285
Cash flows from investing activities:
Capital expenditures	(54,337)	(150,460)
Acquisition of mortgage revenue bonds	(6,050,000)
Contributions to unconsolidated entities	(6,594,286)	(9,725,034)
Principal payments received on taxable mortgage revenue bonds	1,954	2,732
Cash paid for land held for development and deposits on potential purchases		(2,560,244)
Advances on property loans		(66,651)
Principal payments received on property loans and contingent interest	11,379,737	150,000
Net cash provided by (used in) investing activities	8,281,471	(821,004)
Cash flows from financing activities:
Distributions paid	(8,284,917)	(9,116,720)
Repurchase of BUCs		(1,256,654)
Proceeds from the sale of BUCs		233,633
Payment of offering costs related to the sale of BUCs		(4,678)
Proceeds from debt financing	5,263,500
Principal payments on debt financing	(2,976,289)	(8,303,677)
Principal payments on mortgages payable	(104,685)	(113,308)
Increase (decrease) in security deposit liability related to restricted cash	(10,455)	3,449
Net cash used in financing activities	(6,112,846)	(18,557,955)
Net increase (decrease) in cash, cash equivalents and restricted cash	5,734,207	(16,507,674)
Cash, cash equivalents and restricted cash at beginning of period	33,268,611	71,583,329
Cash, cash equivalents and restricted cash at end of period	39,002,818	55,075,655
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	5,514,997	5,617,890
Cash paid during the period for income taxes		14,859
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner	8,393,271	7,632,945
Distributions declared but not paid for Series A Preferred Units	708,750	708,750
Land contributed as investment in an unconsolidated entity		2,597,784
Capital expenditures financed through accounts payable	850	54,581
Deferred financing costs financed through accounts payable	4,843	6,222
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Principal payments received	2,767,166	226,714
Mortgage Revenue Bonds [Member]
Cash flows from investing activities:
Principal payments received	$ 6,831,237	$ 11,301,939

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2019	Mar. 31, 2018
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 38,210,497	$ 53,959,775
Restricted cash	792,321	1,115,880
Total cash, cash equivalents and restricted cash	$ 39,002,818	$ 55,075,655

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Basis Of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation General America First Multifamily Investors, L.P. (the “Partnership”) was formed on April 2, 1998, under the Delaware Revised Uniform Limited Partnership Act for the purpose of acquiring, holding, selling and otherwise dealing with a portfolio of mortgage revenue bonds (“MRBs”) that provide construction and/or permanent financing for affordable multifamily and student housing residential properties (collectively “Residential Properties”) and commercial properties. The Partnership may also invest in other types of securities that may or may not be secured by real estate and may make property loans secured by multifamily residential properties which may or may not be financed by MRBs held by the Partnership. The Partnership may acquire real estate securing its MRBs or property loans through foreclosure in the event of a default or through the receipt of a fee simple deed in lieu of foreclosure. In addition, the Partnership may acquire interests in multifamily, student, and senior citizen residential properties (“MF Properties”) in order to position itself for future investments in MRBs that finance these properties or to operate the MF Properties until their “highest and best use” can be determined by management. The Partnership’s general partner is America First Capital Associates Limited Partnership Two (“AFCA 2” or “General Partner”). The general partner of AFCA 2 is Burlington Capital LLC (“Burlington”). The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partner interests to investors (“BUC holders”). The Partnership has issued non-cumulative, non-voting, non-convertible Series A Preferred Units (“Series A Preferred Units”) that represent limited partnership interests in the Partnership under the Partnership’s First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as further amended (the “Amended and Restated LP Agreement”). The holders of the BUCs and Series A Preferred Units are referred to herein as “Unitholders.”

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
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. As of March 31, 2019, the consolidated subsidiaries of the Partnership consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the M24 Tax Exempt Bond Securitization (“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 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 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 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. • One wholly-owned corporation (“the Greens Hold Co”). The Greens Hold Co owns 100% of The 50/50 MF Property and certain property loans. • Suites on Paseo, an MF Property, is owned directly by America First Multifamily Investors, L.P. The Partnership also consolidates variable interest entities (“VIEs”) for which it is deemed to be the primary beneficiary. See Note 5 for information regarding the Partnership’s consolidated VIEs. Lease Accounting On January 1, 2019, the Partnership adopted the lease guidance in Accounting Standards Codification (“ASC”) 842. The Partnership adopted ASC 842 at the required adoption date of January 1, 2019, using the transition method that allowed the Partnership to initially apply ASC 842 as of January 1, 2019 and recognize a cumulative-effect adjustment to the opening balance of partners’ capital in the period of adoption. No changes have been made to the condensed consolidated financial statements dated prior to the effective date related to the adoption of ASC 842. Lessee Operating Leases The Partnership’s only material lessee lease is a ground lease at The 50/50 MF Property. Upon adoption of ASC 842, the Partnership elected the package of practical expedients in Accounting Standards Update (“ASU”) 2016-11, elected to not to apply ASC 842 to short-term leases and elected to combine lease and non-lease components when accounting for these lease arrangements. On the date of adoption of ASC 842, the Partnership recognized operating lease right-of-use (“ROU”) assets of $1.7 million, lease liabilities of $2.2 million, and an immaterial cumulative adjustment to partners’ capital. The Partnership used a discount rate of 6.6% to calculate the ROU asset and lease liability related to the ground lease. The discount rate is based on the Partnership’s estimated incremental borrowing rate to borrow, on a fully collateralized basis, over a similar term for the amount of contractual lease payments. The incremental borrowing rate was estimated using market transactions adjusted for differences in the term and security. The Partnership’s lessee ROU assets are reflected in other assets on the Partnership’s condensed consolidated balance sheet (see Note 12). The Partnership’s lessee operating lease liabilities are reflected in accounts payable, accrued expenses and other liabilities on the Partnership’s condensed consolidated balance sheet (see Note 13). See Note 13 for additional information on the Partnership’s ground lease. Lessor Operating Leases The Partnership’s lessor leases consist of tenant leases related to real estate assets, specifically at the MF Properties. Tenant leases also contain terms for non-lease revenues related to operations at the MF Properties, such as parking and food service revenues. The Partnership has elected to combine the lease and non-lease components when accounting for the leases. The unit lease component of the tenant lease is considered the predominant component, so all components of the tenant lease are accounted for under ASC 842. Tenant leases are typically for terms of 12 months or less and do not include extension options. Lease revenue is recognized monthly and is reported within property revenues on the Partnership’s condensed consolidated statements of operations. ASC 842 did not have a material impact on the Partnership’s accounting for its lessor arrangements with tenants at the MF Properties. Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. In the three months ended March 31, 2019, the Partnership reported amortization of deferred financing costs within interest expense in the Partnership’s condensed consolidated statements of operations. Previously, “Amortization of deferred financing costs expense” had been reflected as a separate line item in the Partnership’s condensed consolidated statement of operations. Accordingly, for the three months ended March 31, 2018, the Partnership has included amortization of deferred financing costs expense within interest expense in conformity with the current reporting period presented herein. This reclassification has no effect on the Partnership’s reported net income or partners’ capital in the Partnership’s condensed consolidated financial statements for the periods presented. 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, 2018. These condensed consolidated financial statements and notes have been prepared consistently with the 2018 Form 10-K, with the exception of new accounting standards that were adopted and reclassifications that are discussed herein. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of March 31, 2019, 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 as of December 31, 2018, 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 June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326).” The ASU enhances the methodology of measuring expected credit losses for financial assets, to include the use of reasonable and supportable forward-looking information to better estimate credit losses. The ASU potentially impacts the Partnership’s accounting for receivables, property loans, financial guarantees and commitments. The ASU also makes changes to the impairment model for available-for-sale debt securities. These changes will potentially impact the Partnership’s impairment analysis for MRBs, PHC Certificates, taxable MRBs and bond purchase commitments. 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 evaluating the Partnership’s classes of financial instruments within the scope of the ASU and evaluating the impact of the ASU to such classes on the Partnership’s condensed consolidated financial statements.

Partnership Income, Expense and

Partnership Income, Expense and Cash Distributions	3 Months Ended
	Mar. 31, 2019
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income, Expenses and Cash Distributions	3. Partnership Income, Expenses and Cash Distributions The Amended and Restated LP Agreement of the Partnership contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds; for the allocation of income or loss from operations; and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments. Income and losses will be allocated to each Unitholder on a periodic basis, as determined by the General Partner, based on the number of Series A Preferred Units and 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 Series A Preferred Units and BUCs held by each Unitholder on that date. Cash distributions are currently made on a quarterly basis. The holders of the Series A Preferred Units are entitled to distributions at a fixed rate of 3.0% per annum prior to payment of distributions to other Unitholders. Net Interest Income (Tier 1) is allocated 99% to the limited partners and BUC holders as a class and 1% to the General Partner. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) are allocated 75% to the limited partners and BUC holders as a class and 25% to the General Partner. Net Interest Income (Tier 2) and Net Residual Proceeds (Tier 2) in excess of the maximum allowable amount as set forth in the Amended and Restated LP Agreement are considered Net Interest Income (Tier 3) and Net Residual Proceeds (Tier 3) and are allocated 100% to the limited partners and BUC holders as a class.

Net Income per BUC

Net Income per BUC	3 Months Ended
	Mar. 31, 2019
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 Partnership’s condensed consolidated statements of operations. The unvested Restricted Unit Awards (“RUAs”) issued under the Partnership’s 2015 Equity Incentive Plan (the “Plan”) are considered participating securities. There were no dilutive BUCs for the three months ended March 31, 2019 and 2018.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	5. Variable Interest Entities Consolidated VIEs The Partnership has determined the TOB, Term TOB, Term A/B and TEBS Financings are VIEs and the Partnership is the primary beneficiary. In determining the primary beneficiary of these specific VIEs, the Partnership considered which party has the power to control the activities of the VIEs which most significantly impact their financial performance, the risks that the entity was designed to create, and how each risk affects the VIE. The executed agreements related to the TOB, Term TOB, Term A/B and TEBS Financings stipulate the Partnership has the sole right to cause the trusts to sell the underlying assets. If they were sold, the extent to which the VIEs will be exposed to gains or losses would result from decisions made by the Partnership. As the primary beneficiary, the Partnership reports the TOB, Term TOB, Term A/B 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 the Term A/B Trusts and TEBS Financings as secured debt financings on the Partnership’s condensed consolidated balance sheets (see Note 15). The MRBs secured by the TOB, Term TOB, Term A/B and TEBS Financings are reported as assets on the Partnership’s condensed consolidated balance sheets (see Note 6). 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 financial statements of these VIEs in the Partnership’s condensed consolidated financial statements. The Partnership held variable interests in 15 and 17 non-consolidated VIEs as of March 31, 2019 and December 31, 2018, respectively. The following table summarizes the Partnership’s variable interests in these entities as of March 31, 2019 and December 31, 2018: Maximum Exposure to Loss March 31, 2019 December 31, 2018 Mortgage revenue bonds $ 33,781,805 $ 51,791,000 Property loans - 8,367,635 Investment in unconsolidated entities 84,684,982 76,534,306 $ 118,466,787 $ 136,692,941 The maximum exposure to loss for the MRBs as of March 31, 2019 and December 31, 2018 is equal to the cost adjusted for paydowns. The difference between an MRB’s carrying value on the Partnership’s 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 as of March 31, 2019 and December 31, 2018 is equal to the unpaid principal balance plus accrued interest. The difference between a property loan’s carrying value and the maximum exposure is the value of loan loss allowances, if any, that have been previously recorded against the property loan. The maximum exposure to loss for investments in unconsolidated entities as of March 31, 2019 and December 31, 2018 is equal to the Partnership’s carrying value.

Investments in Mortgage Revenue

Investments in Mortgage Revenue Bonds	3 Months Ended
	Mar. 31, 2019
Investments In Mortgage Revenue Bonds [Abstract]
Investments in Mortgage Revenue Bonds	6. Investments in Mortgage Revenue Bonds MRBs owned by the Partnership provide construction and/or permanent financing for Residential Properties and commercial properties. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 15). The Partnership had the following investments in MRBs as of March 31, 2019 and December 31, 2018: March 31, 2019 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 $ 10,209,805 $ 1,025,161 $ - $ 11,234,966 Glenview Apartments - Series A (4) CA 4,570,194 620,788 - 5,190,982 Harmony Court Bakersfield - Series A (5) CA 3,722,637 338,911 - 4,061,548 Harmony Terrace - Series A (5) CA 6,890,938 728,422 - 7,619,360 Harden Ranch - Series A (3) CA 6,757,247 1,043,156 - 7,800,403 Las Palmas II - Series A (5) CA 1,689,400 160,770 - 1,850,170 Montclair Apartments - Series A (4) CA 2,475,929 317,695 - 2,793,624 Montecito at Williams Ranch Apartments - Series A (2) CA 7,690,000 1,090,812 - 8,780,812 San Vicente - Series A (5) CA 3,483,453 331,499 - 3,814,952 Santa Fe Apartments - Series A (4) CA 2,999,495 453,089 - 3,452,584 Seasons at Simi Valley - Series A (5) CA 4,315,002 744,437 - 5,059,439 Seasons Lakewood - Series A (5) CA 7,340,347 741,070 - 8,081,417 Seasons San Juan Capistrano - Series A (5) CA 12,358,748 1,247,720 - 13,606,468 Summerhill - Series A (5) CA 6,410,320 583,599 - 6,993,919 Sycamore Walk - Series A (5) CA 3,588,448 412,937 - 4,001,385 The Village at Madera - Series A (5) CA 3,078,910 280,306 - 3,359,216 Tyler Park Townhomes - Series A (3) CA 5,887,277 741,620 - 6,628,897 Vineyard Gardens - Series A (2) CA 3,995,000 576,050 - 4,571,050 Westside Village Market - Series A (3) CA 3,847,324 506,360 - 4,353,684 Brookstone (1) IL 7,426,398 2,012,819 - 9,439,217 Copper Gate Apartments (3) IN 5,055,000 668,044 - 5,723,044 Renaissance - Series A (4) LA 11,093,792 689,399 - 11,783,191 Live 929 Apartments (2) MD 40,178,782 2,117,538 - 42,296,320 Woodlynn Village (1) MN 4,221,000 9,297 - 4,230,297 Gateway Village (2) NC 2,600,000 314,632 - 2,914,632 Greens Property - Series A (3) NC 8,008,000 849,812 - 8,857,812 Lynnhaven Apartments (2) NC 3,450,000 345,712 - 3,795,712 Silver Moon - Series A (4) NM 7,807,824 1,052,122 - 8,859,946 Ohio Properties - Series A (1) OH 13,956,000 126,387 - 14,082,387 Bridle Ridge (1) SC 7,355,000 46,949 - 7,401,949 Columbia Gardens (5) SC 13,183,739 1,679,485 - 14,863,224 Companion at Thornhill Apartments (5) SC 11,266,464 1,217,491 - 12,483,955 Cross Creek (1) SC 6,144,636 2,555,884 - 8,700,520 The Palms at Premier Park Apartments (3) SC 18,994,280 2,237,230 - 21,231,510 Village at River's Edge (5) SC 9,921,985 1,617,627 - 11,539,612 Willow Run (5) SC 13,002,302 1,654,309 - 14,656,611 Arbors at Hickory Ridge (3) TN 11,160,966 1,522,332 - 12,683,298 Pro Nova 2014-1 (2) , (6) TN 10,026,148 - (414,148 ) 9,612,000 Avistar at Copperfield - Series A (2) TX 10,000,000 712,262 - 10,712,262 Avistar at the Crest - Series A (3) TX 9,331,681 1,161,915 - 10,493,596 Avistar at the Oaks - Series A (3) TX 7,538,088 819,089 - 8,357,177 Avistar at the Parkway - Series A (4) TX 13,083,475 1,518,227 - 14,601,702 Avistar at Wilcrest - Series A (2) TX 3,775,000 267,279 - 4,042,279 Avistar at Wood Hollow - Series A (2) TX 31,850,000 2,143,030 - 33,993,030 Avistar in 09 - Series A (3) TX 6,508,847 594,904 - 7,103,751 Avistar on the Boulevard - Series A (3) TX 15,897,526 1,842,731 - 17,740,257 Avistar on the Hills - Series A (3) TX 5,208,048 611,523 - 5,819,571 Bruton Apartments (5) TX 17,902,767 2,405,944 - 20,308,711 Concord at Gulfgate - Series A (5) TX 19,103,188 2,714,505 - 21,817,693 Concord at Little York - Series A (5) TX 13,382,687 1,962,505 - 15,345,192 Concord at Williamcrest - Series A (5) TX 20,731,216 2,945,843 - 23,677,059 Crossing at 1415 - Series A (5) TX 7,457,776 700,690 - 8,158,466 Decatur Angle (5) TX 22,587,594 2,411,568 - 24,999,162 Esperanza at Palo Alto (5) TX 19,455,730 2,803,114 - 22,258,844 Heights at 515 - Series A (5) TX 6,827,722 813,408 - 7,641,130 Heritage Square - Series A (4) TX 10,777,579 1,100,192 - 11,877,771 Oaks at Georgetown - Series A (5) TX 12,313,807 839,250 - 13,153,057 Runnymede (1) TX 10,040,000 135,058 - 10,175,058 Southpark (1) TX 11,642,321 2,436,045 - 14,078,366 15 West Apartments (5) WA 9,721,717 1,576,997 - 11,298,714 Mortgage revenue bonds held in trust $ 591,299,559 $ 65,177,550 $ (414,148 ) $ 656,062,961 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) (6) March 31, 2019 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 $ 251 $ - $ 6,228,251 Solano Vista - Series A & B CA 5,768,000 479,646 - 6,247,646 Greens Property - Series B NC 932,993 150,665 - 1,083,658 Village at Avalon - Series A NM 16,382,573 1,957,176 - 18,339,749 Ohio Properties - Series B OH 3,516,859 27,245 - 3,544,104 Rosewood Townhomes - Series A & B (1) SC 9,750,000 - (450,424 ) 9,299,576 South Pointe Apartments - Series A & B (1) SC 22,700,000 - (957,758 ) 21,742,242 Avistar at Copperfield - Series B TX 4,000,000 14,008 - 4,014,008 Avistar at the Crest - Series B TX 744,275 60,221 - 804,496 Avistar at the Oaks - Series B TX 544,560 34,073 - 578,633 Avistar at the Parkway - Series B TX 124,529 34,613 - 159,142 Avistar at Wilcrest - Series B TX 1,550,000 5,292 - 1,555,292 Avistar at Wood Hollow - Series B TX 8,410,000 30,947 - 8,440,947 Avistar in 09 - Series B TX 449,213 23,152 - 472,365 Avistar on the Boulevard - Series B TX 442,250 32,521 - 474,771 Mortgage revenue bonds held by the Partnership $ 81,543,252 $ 2,849,810 $ (1,408,182 ) $ 82,984,880 (1) As of the date presented, the MRB has been in a cumulative unrealized loss position for 12 months or longer. December 31, 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 $ 954,573 $ - $ 11,184,573 Glenview Apartments - Series A (4) CA 4,581,930 524,024 - 5,105,954 Harmony Court Bakersfield - Series A (5) CA 3,730,000 312,844 - 4,042,844 Harmony Terrace - Series A (5) CA 6,900,000 647,686 - 7,547,686 Harden Ranch - Series A (3) CA 6,775,508 1,007,557 - 7,783,065 Las Palmas II - Series A (5) CA 1,692,774 141,187 - 1,833,961 Montclair Apartments - Series A (4) CA 2,482,288 246,752 - 2,729,040 Montecito at Williams Ranch Apartments - Series A (2) CA 7,690,000 973,133 - 8,663,133 San Vicente - Series A (5) CA 3,490,410 291,121 - 3,781,531 Santa Fe Apartments - Series A (4) CA 3,007,198 401,203 - 3,408,401 Seasons at Simi Valley - Series A (5) CA 4,325,536 655,326 - 4,980,862 Seasons Lakewood - Series A (5) CA 7,350,000 654,929 - 8,004,929 Seasons San Juan Capistrano - Series A (5) CA 12,375,000 1,102,687 - 13,477,687 Summerhill - Series A (5) CA 6,423,000 508,639 - 6,931,639 Sycamore Walk - Series A (5) CA 3,598,006 363,405 - 3,961,411 The Village at Madera - Series A (5) CA 3,085,000 229,934 - 3,314,934 Tyler Park Townhomes - Series A (3) CA 5,903,368 731,073 - 6,634,441 Vineyard Gardens - Series A (2) CA 3,995,000 534,351 - 4,529,351 Westside Village Market - Series A (3) CA 3,857,839 483,436 - 4,341,275 Brookstone (1) IL 7,432,076 1,956,010 - 9,388,086 Copper Gate Apartments (3) IN 5,055,000 643,012 - 5,698,012 Renaissance - Series A (4) LA 11,123,800 1,383,680 - 12,507,480 Live 929 Apartments (2) MD 40,240,405 2,873,978 - 43,114,383 Woodlynn Village (1) MN 4,221,000 34,155 - 4,255,155 Greens Property - Series A (3) NC 8,032,000 818,686 - 8,850,686 Silver Moon - Series A (4) NM 7,822,610 778,940 - 8,601,550 Ohio Properties - Series A (1) OH 13,989,000 241,675 - 14,230,675 Bridle Ridge (1) SC 7,395,000 90,349 - 7,485,349 Columbia Gardens (5) SC 13,222,480 1,396,828 - 14,619,308 Companion at Thornhill Apartments (5) SC 11,294,928 1,148,219 - 12,443,147 Cross Creek (1) SC 6,143,919 2,540,949 - 8,684,868 The Palms at Premier Park Apartments (3) SC 19,044,617 2,194,791 - 21,239,408 Village at River's Edge (5) SC 9,938,059 1,421,114 - 11,359,173 Willow Run (5) SC 13,040,029 1,375,542 - 14,415,571 Arbors at Hickory Ridge (3) TN 11,194,690 1,399,461 - 12,594,151 Pro Nova 2014-1 (2) TN 10,027,413 19,710 - 10,047,123 Avistar at Copperfield - Series A (2) TX 10,000,000 589,196 - 10,589,196 Avistar at the Crest - Series A (3) TX 9,357,374 1,036,288 - 10,393,662 Avistar at the Oaks - Series A (3) TX 7,558,240 706,970 - 8,265,210 Avistar at the Parkway - Series A (4) TX 13,114,418 1,232,292 - 14,346,710 Avistar at Wilcrest - Series A (2) TX 3,775,000 206,263 - 3,981,263 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,624,687 - 33,474,687 Avistar in 09 - Series A (3) TX 6,526,247 525,939 - 7,052,186 Avistar on the Boulevard - Series A (3) TX 15,941,296 1,628,269 - 17,569,565 Avistar on the Hills - Series A (3) TX 5,221,971 557,084 - 5,779,055 Bruton Apartments (5) TX 17,933,482 2,046,056 - 19,979,538 Concord at Gulfgate - Series A (5) TX 19,144,400 2,222,555 - 21,366,955 Concord at Little York - Series A (5) TX 13,411,558 1,617,217 - 15,028,775 Concord at Williamcrest - Series A (5) TX 20,775,940 2,505,243 - 23,281,183 Crossing at 1415 - Series A (5) TX 7,474,716 600,738 - 8,075,454 Decatur Angle (5) TX 22,630,276 1,945,516 - 24,575,792 Esperanza at Palo Alto (5) TX 19,487,713 2,350,453 - 21,838,166 Heights at 515 - Series A (5) TX 6,843,232 722,522 - 7,565,754 Heritage Square - Series A (4) TX 10,958,661 893,881 - 11,852,542 Oaks at Georgetown - Series A (5) TX 12,330,000 693,579 - 13,023,579 Runnymede (1) TX 10,040,000 64,280 - 10,104,280 Southpark (1) TX 11,623,649 2,482,923 - 14,106,572 15 West Apartments (5) WA 9,737,418 1,480,489 - 11,217,907 Mortgage revenue bonds held in trust $ 586,445,474 $ 58,813,399 $ - $ 645,258,873 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) December 31, 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 $ 2,450 $ - $ 6,230,450 Seasons San Juan Capistrano - Series B (1) CA 5,574,000 - (1,078 ) 5,572,922 Solano Vista - Series A & B CA 5,768,000 - - 5,768,000 Greens Property - Series B NC 933,928 149,789 - 1,083,717 Village at Avalon - Series A NM 16,400,000 1,408,802 - 17,808,802 Ohio Properties - Series B OH 3,520,900 51,334 - 3,572,234 Rosewood Townhomes - Series A & B (1) SC 9,750,000 - (644,962 ) 9,105,038 South Pointe Apartments - Series A & B (1) SC 22,700,000 - (1,411,986 ) 21,288,014 Avistar at Copperfield - Series B TX 4,000,000 11,730 - 4,011,730 Avistar at the Crest - Series B TX 745,358 50,965 - 796,323 Avistar at the Oaks - Series B TX 545,321 28,738 - 574,059 Avistar at the Parkway - Series B TX 124,600 32,220 - 156,820 Avistar at Wilcrest - Series B TX 1,550,000 4,013 - 1,554,013 Avistar at Wood Hollow - Series B TX 8,410,000 23,940 - 8,433,940 Avistar in 09 - Series B TX 449,841 18,742 - 468,583 Avistar on the Boulevard - Series B TX 442,894 27,023 - 469,917 Mortgage revenue bonds held by the Partnership $ 87,142,842 $ 1,809,746 $ (2,058,026 ) $ 86,894,562 (1) As of the date presented, the MRB has been in a cumulative unrealized loss position for less than 12 months. See Note 22 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 Partnership’s 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. Cumulative unrealized loss positions on MRBs are not indicative of the amount of credit loss that would be recognized as of March 31, 2019. The cumulative unrealized losses are primarily related to operating results at the underlying properties during renovation and rehabilitation, which are expected to be temporary. MRB Activity in the First Three Months of 2019 Acquisitions: The following MRBs were acquired during the three months ended March 31, 2019: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Gateway Village February Durham, NC 64 4/1/2032 6.10 % $ 2,600,000 Lynnhaven Apartments February Durham, NC 75 4/1/2032 6.10 % 3,450,000 $ 6,050,000 Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2019: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Seasons San Juan Capistrano - Series B January San Juan Capistrano, CA 112 1/1/2019 8.00 % $ 5,574,000 MRB Activity in the First Three Months of 2018 Acquisitions: There were no MRBs acquired during the three months ended March 31, 2018. Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 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 $ 10,447,000

PHC Certificates

PHC Certificates	3 Months Ended
	Mar. 31, 2019
Public Housing Capital Fund Trusts [Abstract]
PHC Certificates	7. PHC Certificates The Partnership’s PHC Certificates are Residual Participation Receipts (“LIFERs”) in three tender option bond trusts (“PHC Trusts”). 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 as of March 31, 2019 and December 31, 2018: March 31, 2019 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 6.24 AA- 5.38% $ 24,575,777 $ 291,121 $ - $ 24,866,898 PHC Certificate Trust II 3.37 A+ 4.35% 6,346,788 329,477 - 6,676,265 PHC Certificate Trust III 6.51 BBB 5.30% 14,574,299 289,406 - 14,863,705 $ 45,496,864 $ 910,004 $ - $ 46,406,868 December 31, 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 6.49 AA- 5.33% $ 24,608,543 $ 285,984 $ - $ 24,894,527 PHC Certificate Trust II 5.56 A+ 4.35% 9,071,785 44,768 - 9,116,553 PHC Certificate Trust III 6.76 BBB 5.30% 14,566,975 94,031 - 14,661,006 $ 48,247,303 $ 424,783 $ - $ 48,672,086 See Note 22 for a description of the methodology and significant assumptions for determining the fair value of the PHC Certificates. Unrealized gains or losses on the PHC Certificates are recorded in the Partnership’s condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the PHC Certificates .

Real Estate Assets

Real Estate Assets	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Assets	8. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2019 and December 31, 2018: Real Estate Assets as of March 31, 2019 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,195,468 $ 39,012,096 $ 42,207,564 The 50/50 MF Property Lincoln, NE 475 - 32,937,357 32,937,357 Land held for development (1) (1) 1,776,197 - 1,776,197 $ 76,921,118 Less accumulated depreciation (13,088,741 ) Total real estate assets $ 63,832,377 (1) Real Estate Assets as of December 31, 2018 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,195,468 $ 38,961,163 $ 42,156,631 The 50/50 MF Property Lincoln, NE 475 - 32,935,907 32,935,907 Land held for development (2) (2) 1,776,197 - 1,776,197 $ 76,868,735 Less accumulated depreciation (12,272,387 ) Total real estate assets $ 64,596,348 (2) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE. Activity in the First Three Months of 2019 As of March 31, 2019, the land held for development in Omaha, NE and Gardner, KS were listed for sale. These parcels of land were originally listed for sale in May and October 2018, respectively. Activity in the First Three 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 was classified as “Land held for development.” 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 in September 2018 (Note 9).

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2019
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Entities	9. Investments in Unconsolidated Entities ATAX Vantage Holdings, LLC, a wholly-owned subsidiary of the Partnership, has equity investment commitments and has made equity investments in unconsolidated entities on the Partnership’s condensed consolidated balance sheets. The carrying value of the equity investments represent the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in the unconsolidated entities. An affiliate of the unconsolidated entities guarantees ATAX Vantage Holdings, LLC’s return on its investments through the second anniversary of construction completion The following table provides the details of the investments in unconsolidated entities as of March 31, 2019 and December 31, 2018 and remaining equity investment commitment amounts as of March 31, 2019: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of March 31, 2019 Carrying Value as of December 31, 2018 Maximum Remaining Equity Commitment as of March 31, 2019 Vantage at Boerne Boerne, TX 288 August 2016 December 2017 $ 8,830,000 $ 8,830,000 $ 1,475,936 Vantage at Waco Waco, TX 288 August 2016 January 2018 9,337,166 9,337,166 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 June 2018 11,695,722 11,408,135 1,996,500 Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 11,826,703 11,535,895 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,763,469 7,572,819 - Vantage at Bulverde Bulverde, TX 288 March 2018 N/A 9,414,003 9,182,522 - Vantage at Germantown Germantown, TN 288 June 2018 N/A 10,899,878 7,033,398 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 8,562,082 6,254,104 4,016,131 Vantage at Coventry Omaha, NE 288 September 2018 N/A 6,355,959 5,380,267 2,062,156 2,598 $ 84,684,982 $ 76,534,306 $ 11,142,762 Activity in the First Three Months of 2019: There was no significant activity during the three months ended March 31, 2019. Activity in the First Three Months of 2018: In March 2018, the Partnership committed to make equity investments in 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 18). The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for three months ended March 31, 2019 and 2018: 2019 2018 Property Revenues $ 2,717,268 $ 1,093,810 Net loss $ (117,063 ) $ (1,154,694 )

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances	3 Months Ended
	Mar. 31, 2019
Property Loans Net Of Loan Loss Allowance [Abstract]
Property Loans, Net of Loan Loss Allowances	10. Property Loans, Net of Loan Loss Allowances The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of March 31, 2019 and December 31, 2018: March 31, 2019 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 Total $ 14,987,191 $ (7,393,814 ) $ 7,593,377 December 31, 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 Total $ 23,354,826 $ (7,393,814 ) $ 15,961,012 During the three months ended March 31, 2019 and 2018, the interest to be earned on the Cross Creek 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 months ended March 31, 2019 and 2018, 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. In January 2019, the Vantage at Brooks property was sold by its owner. Upon sale, the Partnership received all outstanding principal and accrued interest on the Vantage at Brooks, LLC property loan. The Partnership received additional proceeds totaling approximately $3.0 million, which is recorded as contingent interest on the Partnership’s condensed consolidated statements of operations. The contingent interest recognized is considered Tier 2 income for purposes of distributions to the General Partner and BUC holders (see Note 3).

Income Tax Provision

Income Tax Provision	3 Months Ended
	Mar. 31, 2019
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 the Greens Hold Co, which owns The 50/50 MF Property and certain property loans. The following table summarizes income tax expense (benefit) for the three months ended March 31, 2019 and 2018: For the Three Months Ended March 31, 2019 2018 Current income tax expense (benefit) $ 82,340 $ (41,000 ) Deferred income tax expense (benefit) (40,692 ) 34,000 Total income tax expense (benefit) $ 41,648 $ (7,000 ) The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable. There was no valuation allowance recorded as of March 31, 2019 and December 31, 2018.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2019
Other Assets [Abstract]
Other Assets	12. Other Assets The following table summarizes the other assets as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Deferred financing costs, net $ 280,552 $ 397,823 Fair value of derivative instruments (Note 17) 273,506 626,633 Taxable mortgage revenue bonds, at fair value 1,426,733 1,409,895 Operating lease right-of-use assets, net 1,697,275 - Other assets 1,276,536 2,081,258 Total other assets $ 4,954,602 $ 4,515,609 See Note 2 for a discussion of the operating lease right-of-use lease assets, net, recorded pursuant to the adoption of ASC 842 effective January 1, 2019. See Note 22 for a description of the methodology and significant assumptions for determining the fair value of derivative instruments and taxable MRBs. 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.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2019
Payables And Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	13. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the accounts payable, accrued expenses and other liabilities as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Accounts payable $ 333,403 $ 230,631 Accrued expenses 2,189,697 2,956,368 Accrued interest expense 2,482,375 2,270,348 Operating lease liabilities 2,189,209 - Other liabilities 1,835,523 2,086,475 Total accounts payable, accrued expenses and other liabilities $ 9,030,207 $ 7,543,822 See Note 2 for discussion of the adoption of ASC 842 effective January 1, 2019. The 50/50 MF Property has a ground lease with the University of Nebraska-Lincoln with an initial lease term expiring in March 2038. The Partnership has an option to extend the lease for an additional five-year period, which has not been factored into the calculation of the ROU asset and lease liability. Annual lease payments are $100 per year. The Partnership is also required to make monthly payments, when cash is available at The 50/50 MF Property, to the University of Nebraska-Lincoln. Payment amounts are based on The 50/50 MF Property’s revenues, subject to an annual guaranteed minimum amount. As of March 31, 2019, the minimum aggregate annual payment due under the agreement is approximately $130,000. The minimum aggregate annual payment increases 2% annually until July 31, 2034 and increases of 3% annually thereafter. The 50/50 MF Property will be required to make additional payments under the agreement if its gross revenues exceed certain thresholds. The Partnership recognized expenses related to the ground lease of approximately $42,000 for the three months ended March 31, 2019 and 2018 and are included within real estate operating expenses on the condensed consolidated statements of operations. The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities: Remainder of 2019 $ 101,730 2020 135,812 2021 136,366 2022 139,091 2023 141,871 Thereafter 4,716,101 Total 5,370,971 Less: Amount representing interest (3,181,762 ) Total operating lease liabilities $ 2,189,209

Unsecured Lines of Credit

Unsecured Lines of Credit	3 Months Ended
	Mar. 31, 2019
Unsecured Lines of Credit	15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2019 and December 31, 2018: Outstanding Debt Financings as of March 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,354,000 $ 76,750 2010 September 2020 Weekly 1.55% 1.85% 3.40% Variable - M31 (1) 80,272,760 136,627 2014 July 2019 (2) Weekly 1.53% 1.47% 3.00% Variable - M33 (1) 31,253,900 59,137 2015 July 2020 (3) Weekly 1.53% 1.24% 2.77% Fixed - M45 (4) 218,865,197 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB 35,630,000 - 2012 May 2019 Weekly 2.00% 1.67% 3.67% Fixed - Term TOB 46,633,408 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 - 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 5,259,162 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,464,042 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 508,248,469 (1) Facility fees are variable . (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (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 informed the Partnership it will not 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 as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 38,455,221 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 505,663,565 (1) Facility fees are variable. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (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. As of March 31, 2019 and December 31, 2018, the Partnership had posted restricted cash 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 17). The TOB, Term TOB 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 was in compliance with these covenants as of March 31, 2019. The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (see Note 5). As the residual interest holder, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of PHCs or of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the underlying 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. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. Debt Financing Activity in the First Three Months of 2019 New Debt Financings: In February 2019, the Partnership entered into two Term A/B Trusts financings secured by 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 Gateway Village $ 2,262,000 2019 February 2020 4.53 % Lynnhaven Apartments 3,001,500 2019 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Debt Financing Activity in the First Three Months of 2018 Redemptions: The following Term A/B Trusts were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing 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 7,345,000 Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 175,674,806 2020 79,862,600 2021 2,456,696 2022 2,600,981 2023 2,751,089 Thereafter 247,854,364 Total 511,200,536 Deferred financing costs (2,952,067 ) Total debt financing, net $ 508,248,469
Unsecured Lines of Credit [Member]
Unsecured Lines of Credit	14. Unsecured Lines of Credit The following tables summarize the unsecured lines of credit (“LOC”) as of March 31, 2019 and December 31, 2018: Unsecured Lines of Credit Outstanding as of March 31, 2019 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 35,659,200 $ 50,000,000 June 2020 Variable (1) Monthly 4.98 % Bankers Trust operating - 10,000,000 June 2020 Variable (1) Monthly 5.73 % Total unsecured lines of credit $ 35,659,200 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 2018 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 35,659,200 $ 50,000,000 June 2020 Variable (2) Monthly 5.38 % Bankers Trust operating - 10,000,000 June 2020 Variable (2) Monthly 5.63 % Total unsecured lines of credit $ 35,659,200 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin. Of the outstanding balance of the non-operating LOC as of March 31, 2019, approximately $19.3 million is due in June 2019 and approximately $16.4 million is due in September 2019. The Partnership can extend final repayment of the amount due in September 2019 to June 2020 by making partial repayments in accordance with the Credit Agreement. The Partnership is in compliance with all covenants in the Credit Agreement as of March 31, 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 second quarter of 2019 repayment obligation as it maintained a zero balance in the operating LOC for the first fifteen days of April 2019.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2019
Debt Financing [Abstract]
Unsecured Lines of Credit	15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2019 and December 31, 2018: Outstanding Debt Financings as of March 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,354,000 $ 76,750 2010 September 2020 Weekly 1.55% 1.85% 3.40% Variable - M31 (1) 80,272,760 136,627 2014 July 2019 (2) Weekly 1.53% 1.47% 3.00% Variable - M33 (1) 31,253,900 59,137 2015 July 2020 (3) Weekly 1.53% 1.24% 2.77% Fixed - M45 (4) 218,865,197 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB 35,630,000 - 2012 May 2019 Weekly 2.00% 1.67% 3.67% Fixed - Term TOB 46,633,408 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 - 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 5,259,162 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,464,042 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 508,248,469 (1) Facility fees are variable . (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (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 informed the Partnership it will not 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 as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 38,455,221 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 505,663,565 (1) Facility fees are variable. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (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. As of March 31, 2019 and December 31, 2018, the Partnership had posted restricted cash 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 17). The TOB, Term TOB 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 was in compliance with these covenants as of March 31, 2019. The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (see Note 5). As the residual interest holder, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of PHCs or of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the underlying 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. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. Debt Financing Activity in the First Three Months of 2019 New Debt Financings: In February 2019, the Partnership entered into two Term A/B Trusts financings secured by 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 Gateway Village $ 2,262,000 2019 February 2020 4.53 % Lynnhaven Apartments 3,001,500 2019 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Debt Financing Activity in the First Three Months of 2018 Redemptions: The following Term A/B Trusts were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing 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 7,345,000 Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 175,674,806 2020 79,862,600 2021 2,456,696 2022 2,600,981 2023 2,751,089 Thereafter 247,854,364 Total 511,200,536 Deferred financing costs (2,952,067 ) Total debt financing, net $ 508,248,469

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing	3 Months Ended
	Mar. 31, 2019
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing	16. Mortgages Payable and Other Secured Financing The following tables summarize the Partnerships’ mortgages payable and other secured financing, net of deferred financing costs, as of March 31, 2019 and December 31, 2018: MF Property Mortgage Payables Outstanding Mortgage Payable as of March 31, 2019, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 3,133,875 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,239,349 2013 March 2020 Variable Monthly 5.00 % (1) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,373,224 4.96 % (1) MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2018, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 3,118,478 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,335,897 2013 March 2020 Variable Monthly 5.00 % (2) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,454,375 4.96 % (2) Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 3,503,323 2020 23,944,740 2021 - 2022 - 2023 - Thereafter - Total 27,448,063 Deferred financing costs (74,839 ) Total mortgages payable and other secured financings, net $ 27,373,224

Interest Rate Derivative Agreem

Interest Rate Derivative Agreements	3 Months Ended
	Mar. 31, 2019
Interest Rate Derivative Agreements [Abstract]
Interest Rate Derivative Agreements	17. Interest Rate Derivative Agreements The following tables summarize the Partnership’s interest rate derivatives as of March 31, 2019 and December 31, 2018: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of March 31, 2019 July 2014 $ 30,152,644 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ - July 2014 30,152,644 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada - July 2014 30,152,644 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc - July 2015 27,280,025 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 12 July 2015 27,280,025 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 12 July 2015 27,280,025 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 12 June 2017 90,457,933 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 47,303 June 2017 81,840,074 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 226,164 Sept 2017 58,878,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 3 $ 273,506 (1) See Note 22 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, 2018 July 2014 $ 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc - July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 536 June 2017 90,757,226 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 158,989 June 2017 82,079,066 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 465,983 Sept 2017 59,038,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 53 $ 626,633 (2) See Note 22 for additional details. During the three months ended March 31, 2018, the Partnership was a party to two interest rate swaps with Deutsche Bank, which were designated to mitigate interest rate risk for the variable-rate TOB Trusts secured by the Partnership’s PHC Certificates. The two interest rate swaps were terminated in September 2018 and October 2018. The Partnership’s interest rate derivatives 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 22 for a description of the methodology and significant assumptions for determining the fair value of the interest rate derivatives. The interest rate derivatives are presented within other assets on the condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies Legal Proceedings The Partnership, from time to time, may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable to occur, the estimated amount of the loss is accrued in the Partnership’s condensed consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, the Partnership believes the outcome of such matters will not have a material effect on the Partnership’s condensed consolidated financial statements. Construction Loan Guarantees The Partnership entered into guaranty agreements for construction loans related to certain investments in unconsolidated entities. The Partnership will only have to perform on the guarantees if a default by the borrower were to occur. All guarantees were initially for the entire amount of the respective construction loan and decrease based on the achievement of certain events or financial ratios, as defined by the respective construction loan agreement. The Partnership has not accrued any amount for these contingent liabilities because the likelihood of guarantee claims is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of March 31, 2019: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of March 31, 2019 Partnership's Maximum Exposure as of March 31, 2019 Guarantee Terms Vantage at Panama City Beach 2017 $ 25,600,000 $ 23,659,040 $ 5,914,760 (1) Vantage at Stone Creek 2018 30,824,000 14,155,000 14,155,000 (2) Vantage at Coventry 2018 31,500,000 - - (2) (1) The Partnership’s maximum exposure is 25% of the construction loan balance as of March 31, 2019. If the borrower’s debt service coverage ratio drops below a specific level, the Partnership’s maximum exposure will increase to 50% of the construction loan balance. The Partnership is also required to maintain minimum cash and net worth requirements, which were met as of March 31, 2019. (2) The Partnership’s maximum exposure will decrease to 50% and 25% of the construction loan balance when certain debt service coverage levels are achieved by the borrower. Other Guarantees The Partnership has entered into guarantee agreements with unaffiliated entities under which the Partnership has guaranteed certain obligations of the general partners of certain limited partnerships upon the occurrence of a “repurchase event.” Potential repurchase events include the delivery of LIHTCs, tax credit recapture and foreclosure. The Partnership’s maximum exposure is limited to 75% of the equity contributed by the limited partner to each limited partnership. No amount has been accrued for these guarantees because the likelihood of repurchase events is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of March 31, 2019: Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of March 31, 2019 Ohio Properties 2011 2026 $ 3,712,436 Greens of Pine Glen, LP 2012 2027 2,429,658

Redeemable Series A Preferred U

Redeemable Series A Preferred Units	3 Months Ended
	Mar. 31, 2019
Temporary Equity Disclosure [Abstract]
Redeemable Series A Preferred Units	19. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units via private placements to five financial institutions. The Series A Preferred Units represent limited partnership interests in the Partnership and are redeemable in the future. 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 as of March 31, 2019 : 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 Series A Preferred Units outstanding as of March 31, 2019 and December 31, 2018 9,450,000 $ 94,500,000

Restricted Unit Awards ("RUAs")

Restricted Unit Awards ("RUAs")	3 Months Ended
	Mar. 31, 2019
Restricted Unit Awards [Member]
Restricted Unit Awards ("RUAs")	20. Restricted Unit Awards (“RUAs”) The Plan, as approved by the BUC holders, 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. Unvested RUAs are entitled to receive distributions during the restriction period. The RUAs provide for accelerated vesting if there is a change in control related to the Partnership, the General Partner, or Burlington, 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 $184,000 and $207,000 for the three months ended March 31, 2019 and 2018, respectively. The following table summarizes the RUA activity as of and for the three months ended March 31, 2019 and the year ended December 31, 2018: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested as of January 1, 2018 242,069 $ 5.83 Granted 309,212 6.31 Vested (279,034 ) 6.06 Forfeited (6,957 ) 6.31 Nonvested as of December 31, 2018 265,290 $ 6.14 Granted - - Vested - - Nonvested as of March 31, 2019 265,290 $ 6.14 There was approximately $718,000 of total unrecognized compensation expense related to nonvested RUAs granted under the Plan as of March 31, 2019. The remaining expense is expected to be recognized over a weighted-average period of 1.0 years. The total intrinsic value of nonvested RUAs was approximately $1.8 million as of March 31, 2019.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Transactions with Related Parties	21. Transactions with Related Parties The Partnership incurs costs for services and makes contractual payments to AFCA 2, Burlington and their affiliates. The costs are reported either as expenses or capitalized costs depending on the nature of each item. The following table summarizes transactions with related parties that are reflected in the Partnership’s condensed consolidated financial statements for the three months ended March 31, 2019 and 2018: For the Three Months Ended March 31, 2019 2018 Partnership administrative fees paid to AFCA 2 (1) $ 898,000 $ 922,000 Property management fees paid to an affiliate (2) 35,000 50,000 Reimbursement of franchise margin taxes paid on behalf of unconsolidated entities (3) 16,000 - (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 Partnership’s condensed consolidated statements of operations. (2) An affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). The property management fees are reported within real estate operating expenses in the Partnership’s condensed consolidated statements of operations. (3) The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. The Partnership is then reimbursed for franchise margin taxes paid on behalf of the unconsolidated entities. AFCA 2, Burlington and their affiliates receive fees from the borrowers of the Partnership’s MRBs for services provided to the borrower and based on the occurrence of certain investment and debt financing transactions. These fees were paid by the borrowers and are not reflected in the Partnership’s condensed consolidated financial statements. The following table summarizes transactions between borrowers of the Partnership’s MRBs and affiliates for the three months ended March 31, 2019 and 2018: For the Three Months Ended March 31, 2019 2018 Non-Partnership property administrative fees received by AFCA 2 (1) $ 9,000 $ 25,000 Investment/mortgage placement fees received by AFCA 2 (2) 91,000 1,068,000 (1) AFCA 2 received administrative fees directly from the owners of certain 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. These amounts represent administrative fees received by AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs and investments in unconsolidated entities. In addition, Properties Management provides services to seven of the properties collateralizing MRBs of the Partnership and one of the Partnership’s investments in unconsolidated entities. 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, and the construction loan for the unconsolidated entity. The Partnership reported receivables due from unconsolidated entities of approximately $93,000 and $77,000 as of March 31, 2019 and December 31, 2018, respectively. These amounts are reported within other assets on the Partnership’s condensed consolidated balance sheets. The Partnership had outstanding liabilities due to related parties totaling approximately $571,000 and $330,000 as of March 31, 2019 and December 31, 2018, respectively. These amounts are reported within accounts payable, accrued expenses and other liabilities on the Partnership’s condensed consolidated balance sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2019
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments	22. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. 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 as of March 31, 2019 and December 31, 2018 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 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 require 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. As of March 31, 2019, the range of effective yields on the individual MRBs was 3.1% to 9.1% per annum, with a weighted average effective yield of 4.5% when weighted by the principal outstanding of MRBs as of the reporting date. As of December 31, 2018, the range of effective yields on the individual MRBs and bond purchase commitments was 3.3% to 9.1% per annum, with a weighted average effective yield of 4.6% when weighted by the principal outstanding of MRBs as of the reporting date. Investments in PHC Certificates The fair value of the Partnership’s investment in PHC Certificates as of March 31, 2019 and December 31, 2018 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. As of March 31, 2019, the range of effective yields on the PHC Certificates was 4.8% to 5.7% per annum, with a weighted average effective yield of 5.4% when weighted by the principal outstanding of PHC Certificates as of the reporting date. As of December 31, 2018, the range of effective yields on the PHC Certificates was 5.3% to 6.0% per annum, with a weighted average effective yield of 5.5% when weighted by the principal outstanding of PHC Certificates as of the reporting date. Taxable MRBs The fair value of the Partnership’s taxable MRBs as of March 31, 2019 and December 31, 2018 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 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 require 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. As of March 31, 2019, the range of effective yields on the individual taxable MRBs was 8.1% to 9.1% per annum, with a weighted average effective yield of 8.9% when weighted by the principal outstanding of taxable MRBs as of the reporting date. As of December 31, 2018, the range of effective yields on the individual taxable MRBs was 8.3% to 9.3% 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. 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 measured at fair value on a recurring basis as of March 31, 2019 are summarized as follows: Fair Value Measurements as of March 31, 2019 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds, held in trust $ 656,062,961 $ - $ - $ 656,062,961 Mortgage revenue bonds 82,984,880 - - 82,984,880 PHC Certificates 46,406,868 - - 46,406,868 Taxable mortgage revenue bonds (reported within other assets) 1,426,733 - - 1,426,733 Derivative instruments (reported within other assets) 273,506 - - 273,506 Total Assets at Fair Value, net $ 787,154,948 $ - $ - $ 787,154,948 The following tables summarize the activity related to Level 3 assets for the three months ended March 31, 2019: For the Three Months Ended March 31, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2019 $ 732,153,435 $ - $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,730 - 16,726 - (306,591 ) (254,135 ) Included in other comprehensive (loss) income 7,639,913 - 485,222 18,792 - 8,143,927 Purchases 6,050,000 - - - - 6,050,000 Settlements (6,831,237 ) - (2,767,166 ) (1,954 ) (46,536 ) (9,646,893 ) Ending Balance March 31, 2019 $ 739,047,841 $ - $ 46,406,868 $ 1,426,733 $ 273,506 $ 787,154,948 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 March 31, 2019 $ - $ - $ - $ - $ (306,591 ) $ (306,591 ) (1) Assets measured at fair value on a recurring basis as of December 31, 2018 are summarized as follows: Fair Value Measurements as of December 31, 2018 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds, held in trust $ 645,258,873 $ - $ - $ 645,258,873 Mortgage revenue bonds 86,894,562 - - 86,894,562 PHC Certificates 48,672,086 - - 48,672,086 Taxable mortgage revenue bonds (reported within other assets) 1,409,895 - - 1,409,895 Derivative instruments (reported within other assets) 626,633 - - 626,633 Total Assets at Fair Value, net $ 782,862,049 $ - $ - $ 782,862,049 The following tables summarize the activity related to Level 3 assets and liabilities for the three months ended March 31, 2018: For the Three Months Ended March 31, 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 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) 36,314 - (19,274 ) - 989,995 1,007,035 Included in other comprehensive (loss) income (21,396,628 ) (975,067 ) (456,346 ) (21,902 ) - (22,849,943 ) Purchases - - - - - - Settlements (11,301,939 ) - (226,714 ) (2,732 ) 92,338 (11,439,047 ) Ending Balance March 31, 2018 $ 755,959,454 $ 2,027,473 $ 48,939,254 $ 2,397,825 $ 852,702 $ 810,176,708 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 March 31, 2018 $ - $ - $ - $ - $ 989,995 $ 989,995 (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. As of March 31, 2019 and December 31, 2018, 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 require 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 Trust financings are credit enhanced by Freddie Mac and Deutsche Bank, respectively. The table below summarizes the fair value of the financial liabilities as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 543,907,669 $ 559,147,356 $ 541,322,765 $ 550,766,809 Mortgages payable and other secured financing 27,373,224 27,448,063 27,454,375 27,552,748

Segments

Segments	3 Months Ended
	Mar. 31, 2019
Segment Reporting [Abstract]
Segments	23. Segments The Partnership has four reportable segments - Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. In addition to the four reportable segments, the Partnership also separately reports its consolidation and elimination information because it does not allocate certain items to the segments. 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. As of March 31, 2019, the Partnership held 78 MRBs. The Residential Properties financed by MRBs contain a total of 10,789 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. MF Properties Segment The MF Properties segment consists of multifamily and student housing 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. As of March 31, 2019, 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. Public Housing Capital Fund Trusts Segment The Public Housing Capital Fund Trusts segment consists of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates (Note 7) and the related debt financings. Other Investments Segment The Other Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (Note 9) and makes property loans to certain multifamily housing projects (Note 10). The following tables detail certain key financial information for the Partnership’s reportable segments for the three months ended March 31, 2019 and 2018: For the Three Months Ended March 31, 2019 2018 Total revenues Mortgage Revenue Bond Investments $ 10,443,413 $ 12,070,556 MF Properties 1,993,629 2,336,512 Public Housing Capital Fund Trusts 638,146 620,106 Other Investments 4,589,410 1,430,860 Total revenues $ 17,664,598 $ 16,458,034 Interest expense Mortgage Revenue Bond Investments $ 5,648,568 $ 4,955,695 MF Properties 364,389 417,398 Public Housing Capital Fund Trusts 381,963 (26,016 ) Other Investments - - Total interest expense $ 6,394,920 $ 5,347,077 Depreciation expense Mortgage Revenue Bond Investments $ - $ - MF Properties 819,158 903,953 Public Housing Capital Fund Trusts - - Other Investments - - Total depreciation expense $ 819,158 $ 903,953 Net income (loss) Mortgage Revenue Bond Investments $ 2,043,354 $ 4,299,595 MF Properties (437,134 ) (362,730 ) Public Housing Capital Fund Trusts 256,183 646,122 Other Investments 4,589,410 1,421,317 Net income $ 6,451,813 $ 6,004,304 The following table details total assets for the Partnership’s reportable segments as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Total assets Mortgage Revenue Bond Investments $ 876,784,459 $ 864,311,647 MF Properties 71,770,308 71,120,280 Public Housing Capital Fund Trusts 46,749,321 48,942,334 Other Investments 84,778,149 85,048,514 Consolidation/eliminations (86,884,058 ) (86,709,529 ) Total assets $ 993,198,179 $ 982,713,246

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events	24. Subsequent Events In April 2019, the Courtyard Series B MRB was redeemed at a price equal to the Partnership’s carrying value plus accrued interest. In April 2019, the Partnership executed an $9.0 million equity investment commitment to the Vantage at Conroe multifamily property. The Partnership made an equity contribution of approximately $4.1 million at execution. In April 2019, the Partnership extended the maturity date of the variable rate TOB Trusts to April 2020.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2019
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. As of March 31, 2019, the consolidated subsidiaries of the Partnership consist of: • ATAX TEBS I, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the M24 Tax Exempt Bond Securitization (“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 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 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 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. • One wholly-owned corporation (“the Greens Hold Co”). The Greens Hold Co owns 100% of The 50/50 MF Property and certain property loans. • Suites on Paseo, an MF Property, is owned directly by America First Multifamily Investors, L.P. The Partnership also consolidates variable interest entities (“VIEs”) for which it is deemed to be the primary beneficiary. See Note 5 for information regarding the Partnership’s consolidated VIEs.
Lease Accounting	Lease Accounting On January 1, 2019, the Partnership adopted the lease guidance in Accounting Standards Codification (“ASC”) 842. The Partnership adopted ASC 842 at the required adoption date of January 1, 2019, using the transition method that allowed the Partnership to initially apply ASC 842 as of January 1, 2019 and recognize a cumulative-effect adjustment to the opening balance of partners’ capital in the period of adoption. No changes have been made to the condensed consolidated financial statements dated prior to the effective date related to the adoption of ASC 842. Lessee Operating Leases The Partnership’s only material lessee lease is a ground lease at The 50/50 MF Property. Upon adoption of ASC 842, the Partnership elected the package of practical expedients in Accounting Standards Update (“ASU”) 2016-11, elected to not to apply ASC 842 to short-term leases and elected to combine lease and non-lease components when accounting for these lease arrangements. On the date of adoption of ASC 842, the Partnership recognized operating lease right-of-use (“ROU”) assets of $1.7 million, lease liabilities of $2.2 million, and an immaterial cumulative adjustment to partners’ capital. The Partnership used a discount rate of 6.6% to calculate the ROU asset and lease liability related to the ground lease. The discount rate is based on the Partnership’s estimated incremental borrowing rate to borrow, on a fully collateralized basis, over a similar term for the amount of contractual lease payments. The incremental borrowing rate was estimated using market transactions adjusted for differences in the term and security. The Partnership’s lessee ROU assets are reflected in other assets on the Partnership’s condensed consolidated balance sheet (see Note 12). The Partnership’s lessee operating lease liabilities are reflected in accounts payable, accrued expenses and other liabilities on the Partnership’s condensed consolidated balance sheet (see Note 13). See Note 13 for additional information on the Partnership’s ground lease. Lessor Operating Leases The Partnership’s lessor leases consist of tenant leases related to real estate assets, specifically at the MF Properties. Tenant leases also contain terms for non-lease revenues related to operations at the MF Properties, such as parking and food service revenues. The Partnership has elected to combine the lease and non-lease components when accounting for the leases. The unit lease component of the tenant lease is considered the predominant component, so all components of the tenant lease are accounted for under ASC 842. Tenant leases are typically for terms of 12 months or less and do not include extension options. Lease revenue is recognized monthly and is reported within property revenues on the Partnership’s condensed consolidated statements of operations. ASC 842 did not have a material impact on the Partnership’s accounting for its lessor arrangements with tenants at the MF Properties.
Reclassification	Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. In the three months ended March 31, 2019, the Partnership reported amortization of deferred financing costs within interest expense in the Partnership’s condensed consolidated statements of operations. Previously, “Amortization of deferred financing costs expense” had been reflected as a separate line item in the Partnership’s condensed consolidated statement of operations. Accordingly, for the three months ended March 31, 2018, the Partnership has included amortization of deferred financing costs expense within interest expense in conformity with the current reporting period presented herein. This reclassification has no effect on the Partnership’s reported net income or partners’ capital in the Partnership’s condensed consolidated financial statements for the periods presented.
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, 2018. These condensed consolidated financial statements and notes have been prepared consistently with the 2018 Form 10-K, with the exception of new accounting standards that were adopted and reclassifications that are discussed herein. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of March 31, 2019, 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 as of December 31, 2018, 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 June 2016, the FASB issued ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326).” The ASU enhances the methodology of measuring expected credit losses for financial assets, to include the use of reasonable and supportable forward-looking information to better estimate credit losses. The ASU potentially impacts the Partnership’s accounting for receivables, property loans, financial guarantees and commitments. The ASU also makes changes to the impairment model for available-for-sale debt securities. These changes will potentially impact the Partnership’s impairment analysis for MRBs, PHC Certificates, taxable MRBs and bond purchase commitments. 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 evaluating the Partnership’s classes of financial instruments within the scope of the ASU and evaluating the impact of the ASU to such classes on the Partnership’s condensed consolidated financial statements.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities Property Asset Carrying Value and Maximum Exposure	The following table summarizes the Partnership’s variable interests in these entities as of March 31, 2019 and December 31, 2018: Maximum Exposure to Loss March 31, 2019 December 31, 2018 Mortgage revenue bonds $ 33,781,805 $ 51,791,000 Property loans - 8,367,635 Investment in unconsolidated entities 84,684,982 76,534,306 $ 118,466,787 $ 136,692,941

Investments in Mortgage Reven_2

Investments in Mortgage Revenue Bonds (Tables)	3 Months Ended
	Mar. 31, 2019
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of investments in MRBs	The Partnership had the following investments in MRBs as of March 31, 2019 and December 31, 2018: March 31, 2019 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 $ 10,209,805 $ 1,025,161 $ - $ 11,234,966 Glenview Apartments - Series A (4) CA 4,570,194 620,788 - 5,190,982 Harmony Court Bakersfield - Series A (5) CA 3,722,637 338,911 - 4,061,548 Harmony Terrace - Series A (5) CA 6,890,938 728,422 - 7,619,360 Harden Ranch - Series A (3) CA 6,757,247 1,043,156 - 7,800,403 Las Palmas II - Series A (5) CA 1,689,400 160,770 - 1,850,170 Montclair Apartments - Series A (4) CA 2,475,929 317,695 - 2,793,624 Montecito at Williams Ranch Apartments - Series A (2) CA 7,690,000 1,090,812 - 8,780,812 San Vicente - Series A (5) CA 3,483,453 331,499 - 3,814,952 Santa Fe Apartments - Series A (4) CA 2,999,495 453,089 - 3,452,584 Seasons at Simi Valley - Series A (5) CA 4,315,002 744,437 - 5,059,439 Seasons Lakewood - Series A (5) CA 7,340,347 741,070 - 8,081,417 Seasons San Juan Capistrano - Series A (5) CA 12,358,748 1,247,720 - 13,606,468 Summerhill - Series A (5) CA 6,410,320 583,599 - 6,993,919 Sycamore Walk - Series A (5) CA 3,588,448 412,937 - 4,001,385 The Village at Madera - Series A (5) CA 3,078,910 280,306 - 3,359,216 Tyler Park Townhomes - Series A (3) CA 5,887,277 741,620 - 6,628,897 Vineyard Gardens - Series A (2) CA 3,995,000 576,050 - 4,571,050 Westside Village Market - Series A (3) CA 3,847,324 506,360 - 4,353,684 Brookstone (1) IL 7,426,398 2,012,819 - 9,439,217 Copper Gate Apartments (3) IN 5,055,000 668,044 - 5,723,044 Renaissance - Series A (4) LA 11,093,792 689,399 - 11,783,191 Live 929 Apartments (2) MD 40,178,782 2,117,538 - 42,296,320 Woodlynn Village (1) MN 4,221,000 9,297 - 4,230,297 Gateway Village (2) NC 2,600,000 314,632 - 2,914,632 Greens Property - Series A (3) NC 8,008,000 849,812 - 8,857,812 Lynnhaven Apartments (2) NC 3,450,000 345,712 - 3,795,712 Silver Moon - Series A (4) NM 7,807,824 1,052,122 - 8,859,946 Ohio Properties - Series A (1) OH 13,956,000 126,387 - 14,082,387 Bridle Ridge (1) SC 7,355,000 46,949 - 7,401,949 Columbia Gardens (5) SC 13,183,739 1,679,485 - 14,863,224 Companion at Thornhill Apartments (5) SC 11,266,464 1,217,491 - 12,483,955 Cross Creek (1) SC 6,144,636 2,555,884 - 8,700,520 The Palms at Premier Park Apartments (3) SC 18,994,280 2,237,230 - 21,231,510 Village at River's Edge (5) SC 9,921,985 1,617,627 - 11,539,612 Willow Run (5) SC 13,002,302 1,654,309 - 14,656,611 Arbors at Hickory Ridge (3) TN 11,160,966 1,522,332 - 12,683,298 Pro Nova 2014-1 (2) , (6) TN 10,026,148 - (414,148 ) 9,612,000 Avistar at Copperfield - Series A (2) TX 10,000,000 712,262 - 10,712,262 Avistar at the Crest - Series A (3) TX 9,331,681 1,161,915 - 10,493,596 Avistar at the Oaks - Series A (3) TX 7,538,088 819,089 - 8,357,177 Avistar at the Parkway - Series A (4) TX 13,083,475 1,518,227 - 14,601,702 Avistar at Wilcrest - Series A (2) TX 3,775,000 267,279 - 4,042,279 Avistar at Wood Hollow - Series A (2) TX 31,850,000 2,143,030 - 33,993,030 Avistar in 09 - Series A (3) TX 6,508,847 594,904 - 7,103,751 Avistar on the Boulevard - Series A (3) TX 15,897,526 1,842,731 - 17,740,257 Avistar on the Hills - Series A (3) TX 5,208,048 611,523 - 5,819,571 Bruton Apartments (5) TX 17,902,767 2,405,944 - 20,308,711 Concord at Gulfgate - Series A (5) TX 19,103,188 2,714,505 - 21,817,693 Concord at Little York - Series A (5) TX 13,382,687 1,962,505 - 15,345,192 Concord at Williamcrest - Series A (5) TX 20,731,216 2,945,843 - 23,677,059 Crossing at 1415 - Series A (5) TX 7,457,776 700,690 - 8,158,466 Decatur Angle (5) TX 22,587,594 2,411,568 - 24,999,162 Esperanza at Palo Alto (5) TX 19,455,730 2,803,114 - 22,258,844 Heights at 515 - Series A (5) TX 6,827,722 813,408 - 7,641,130 Heritage Square - Series A (4) TX 10,777,579 1,100,192 - 11,877,771 Oaks at Georgetown - Series A (5) TX 12,313,807 839,250 - 13,153,057 Runnymede (1) TX 10,040,000 135,058 - 10,175,058 Southpark (1) TX 11,642,321 2,436,045 - 14,078,366 15 West Apartments (5) WA 9,721,717 1,576,997 - 11,298,714 Mortgage revenue bonds held in trust $ 591,299,559 $ 65,177,550 $ (414,148 ) $ 656,062,961 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) (6) March 31, 2019 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 $ 251 $ - $ 6,228,251 Solano Vista - Series A & B CA 5,768,000 479,646 - 6,247,646 Greens Property - Series B NC 932,993 150,665 - 1,083,658 Village at Avalon - Series A NM 16,382,573 1,957,176 - 18,339,749 Ohio Properties - Series B OH 3,516,859 27,245 - 3,544,104 Rosewood Townhomes - Series A & B (1) SC 9,750,000 - (450,424 ) 9,299,576 South Pointe Apartments - Series A & B (1) SC 22,700,000 - (957,758 ) 21,742,242 Avistar at Copperfield - Series B TX 4,000,000 14,008 - 4,014,008 Avistar at the Crest - Series B TX 744,275 60,221 - 804,496 Avistar at the Oaks - Series B TX 544,560 34,073 - 578,633 Avistar at the Parkway - Series B TX 124,529 34,613 - 159,142 Avistar at Wilcrest - Series B TX 1,550,000 5,292 - 1,555,292 Avistar at Wood Hollow - Series B TX 8,410,000 30,947 - 8,440,947 Avistar in 09 - Series B TX 449,213 23,152 - 472,365 Avistar on the Boulevard - Series B TX 442,250 32,521 - 474,771 Mortgage revenue bonds held by the Partnership $ 81,543,252 $ 2,849,810 $ (1,408,182 ) $ 82,984,880 (1) As of the date presented, the MRB has been in a cumulative unrealized loss position for 12 months or longer. December 31, 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 $ 954,573 $ - $ 11,184,573 Glenview Apartments - Series A (4) CA 4,581,930 524,024 - 5,105,954 Harmony Court Bakersfield - Series A (5) CA 3,730,000 312,844 - 4,042,844 Harmony Terrace - Series A (5) CA 6,900,000 647,686 - 7,547,686 Harden Ranch - Series A (3) CA 6,775,508 1,007,557 - 7,783,065 Las Palmas II - Series A (5) CA 1,692,774 141,187 - 1,833,961 Montclair Apartments - Series A (4) CA 2,482,288 246,752 - 2,729,040 Montecito at Williams Ranch Apartments - Series A (2) CA 7,690,000 973,133 - 8,663,133 San Vicente - Series A (5) CA 3,490,410 291,121 - 3,781,531 Santa Fe Apartments - Series A (4) CA 3,007,198 401,203 - 3,408,401 Seasons at Simi Valley - Series A (5) CA 4,325,536 655,326 - 4,980,862 Seasons Lakewood - Series A (5) CA 7,350,000 654,929 - 8,004,929 Seasons San Juan Capistrano - Series A (5) CA 12,375,000 1,102,687 - 13,477,687 Summerhill - Series A (5) CA 6,423,000 508,639 - 6,931,639 Sycamore Walk - Series A (5) CA 3,598,006 363,405 - 3,961,411 The Village at Madera - Series A (5) CA 3,085,000 229,934 - 3,314,934 Tyler Park Townhomes - Series A (3) CA 5,903,368 731,073 - 6,634,441 Vineyard Gardens - Series A (2) CA 3,995,000 534,351 - 4,529,351 Westside Village Market - Series A (3) CA 3,857,839 483,436 - 4,341,275 Brookstone (1) IL 7,432,076 1,956,010 - 9,388,086 Copper Gate Apartments (3) IN 5,055,000 643,012 - 5,698,012 Renaissance - Series A (4) LA 11,123,800 1,383,680 - 12,507,480 Live 929 Apartments (2) MD 40,240,405 2,873,978 - 43,114,383 Woodlynn Village (1) MN 4,221,000 34,155 - 4,255,155 Greens Property - Series A (3) NC 8,032,000 818,686 - 8,850,686 Silver Moon - Series A (4) NM 7,822,610 778,940 - 8,601,550 Ohio Properties - Series A (1) OH 13,989,000 241,675 - 14,230,675 Bridle Ridge (1) SC 7,395,000 90,349 - 7,485,349 Columbia Gardens (5) SC 13,222,480 1,396,828 - 14,619,308 Companion at Thornhill Apartments (5) SC 11,294,928 1,148,219 - 12,443,147 Cross Creek (1) SC 6,143,919 2,540,949 - 8,684,868 The Palms at Premier Park Apartments (3) SC 19,044,617 2,194,791 - 21,239,408 Village at River's Edge (5) SC 9,938,059 1,421,114 - 11,359,173 Willow Run (5) SC 13,040,029 1,375,542 - 14,415,571 Arbors at Hickory Ridge (3) TN 11,194,690 1,399,461 - 12,594,151 Pro Nova 2014-1 (2) TN 10,027,413 19,710 - 10,047,123 Avistar at Copperfield - Series A (2) TX 10,000,000 589,196 - 10,589,196 Avistar at the Crest - Series A (3) TX 9,357,374 1,036,288 - 10,393,662 Avistar at the Oaks - Series A (3) TX 7,558,240 706,970 - 8,265,210 Avistar at the Parkway - Series A (4) TX 13,114,418 1,232,292 - 14,346,710 Avistar at Wilcrest - Series A (2) TX 3,775,000 206,263 - 3,981,263 Avistar at Wood Hollow - Series A (2) TX 31,850,000 1,624,687 - 33,474,687 Avistar in 09 - Series A (3) TX 6,526,247 525,939 - 7,052,186 Avistar on the Boulevard - Series A (3) TX 15,941,296 1,628,269 - 17,569,565 Avistar on the Hills - Series A (3) TX 5,221,971 557,084 - 5,779,055 Bruton Apartments (5) TX 17,933,482 2,046,056 - 19,979,538 Concord at Gulfgate - Series A (5) TX 19,144,400 2,222,555 - 21,366,955 Concord at Little York - Series A (5) TX 13,411,558 1,617,217 - 15,028,775 Concord at Williamcrest - Series A (5) TX 20,775,940 2,505,243 - 23,281,183 Crossing at 1415 - Series A (5) TX 7,474,716 600,738 - 8,075,454 Decatur Angle (5) TX 22,630,276 1,945,516 - 24,575,792 Esperanza at Palo Alto (5) TX 19,487,713 2,350,453 - 21,838,166 Heights at 515 - Series A (5) TX 6,843,232 722,522 - 7,565,754 Heritage Square - Series A (4) TX 10,958,661 893,881 - 11,852,542 Oaks at Georgetown - Series A (5) TX 12,330,000 693,579 - 13,023,579 Runnymede (1) TX 10,040,000 64,280 - 10,104,280 Southpark (1) TX 11,623,649 2,482,923 - 14,106,572 15 West Apartments (5) WA 9,737,418 1,480,489 - 11,217,907 Mortgage revenue bonds held in trust $ 586,445,474 $ 58,813,399 $ - $ 645,258,873 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 15 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 (5) December 31, 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 $ 2,450 $ - $ 6,230,450 Seasons San Juan Capistrano - Series B (1) CA 5,574,000 - (1,078 ) 5,572,922 Solano Vista - Series A & B CA 5,768,000 - - 5,768,000 Greens Property - Series B NC 933,928 149,789 - 1,083,717 Village at Avalon - Series A NM 16,400,000 1,408,802 - 17,808,802 Ohio Properties - Series B OH 3,520,900 51,334 - 3,572,234 Rosewood Townhomes - Series A & B (1) SC 9,750,000 - (644,962 ) 9,105,038 South Pointe Apartments - Series A & B (1) SC 22,700,000 - (1,411,986 ) 21,288,014 Avistar at Copperfield - Series B TX 4,000,000 11,730 - 4,011,730 Avistar at the Crest - Series B TX 745,358 50,965 - 796,323 Avistar at the Oaks - Series B TX 545,321 28,738 - 574,059 Avistar at the Parkway - Series B TX 124,600 32,220 - 156,820 Avistar at Wilcrest - Series B TX 1,550,000 4,013 - 1,554,013 Avistar at Wood Hollow - Series B TX 8,410,000 23,940 - 8,433,940 Avistar in 09 - Series B TX 449,841 18,742 - 468,583 Avistar on the Boulevard - Series B TX 442,894 27,023 - 469,917 Mortgage revenue bonds held by the Partnership $ 87,142,842 $ 1,809,746 $ (2,058,026 ) $ 86,894,562 (1) As of the date presented, the MRB has been in a cumulative unrealized loss position for less than 12 months.
Schedule of MRBs Acquisitions	Acquisitions: The following MRBs were acquired during the three months ended March 31, 2019: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Gateway Village February Durham, NC 64 4/1/2032 6.10 % $ 2,600,000 Lynnhaven Apartments February Durham, NC 75 4/1/2032 6.10 % 3,450,000 $ 6,050,000
Schedule of MRBs Redeemed	Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2019: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Seasons San Juan Capistrano - Series B January San Juan Capistrano, CA 112 1/1/2019 8.00 % $ 5,574,000 Acquisitions: There were no MRBs acquired during the three months ended March 31, 2018. Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 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 $ 10,447,000

PHC Certificates (Tables)

PHC Certificates (Tables)	3 Months Ended
	Mar. 31, 2019
Public Housing Capital Fund Trusts [Abstract]
Schedule of Investments in PHC Certificates	The Partnership had the following investments in the PHC Certificates as of March 31, 2019 and December 31, 2018: March 31, 2019 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 6.24 AA- 5.38% $ 24,575,777 $ 291,121 $ - $ 24,866,898 PHC Certificate Trust II 3.37 A+ 4.35% 6,346,788 329,477 - 6,676,265 PHC Certificate Trust III 6.51 BBB 5.30% 14,574,299 289,406 - 14,863,705 $ 45,496,864 $ 910,004 $ - $ 46,406,868 December 31, 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 6.49 AA- 5.33% $ 24,608,543 $ 285,984 $ - $ 24,894,527 PHC Certificate Trust II 5.56 A+ 4.35% 9,071,785 44,768 - 9,116,553 PHC Certificate Trust III 6.76 BBB 5.30% 14,566,975 94,031 - 14,661,006 $ 48,247,303 $ 424,783 $ - $ 48,672,086

Real Estate Assets (Tables)

Real Estate Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Assets Owned by Partnership	The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2019 and December 31, 2018: Real Estate Assets as of March 31, 2019 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,195,468 $ 39,012,096 $ 42,207,564 The 50/50 MF Property Lincoln, NE 475 - 32,937,357 32,937,357 Land held for development (1) (1) 1,776,197 - 1,776,197 $ 76,921,118 Less accumulated depreciation (13,088,741 ) Total real estate assets $ 63,832,377 (1) Real Estate Assets as of December 31, 2018 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,195,468 $ 38,961,163 $ 42,156,631 The 50/50 MF Property Lincoln, NE 475 - 32,935,907 32,935,907 Land held for development (2) (2) 1,776,197 - 1,776,197 $ 76,868,735 Less accumulated depreciation (12,272,387 ) Total real estate assets $ 64,596,348 (2) Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE.

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	3 Months Ended
	Mar. 31, 2019
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 as of March 31, 2019 and December 31, 2018 and remaining equity investment commitment amounts as of March 31, 2019: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of March 31, 2019 Carrying Value as of December 31, 2018 Maximum Remaining Equity Commitment as of March 31, 2019 Vantage at Boerne Boerne, TX 288 August 2016 December 2017 $ 8,830,000 $ 8,830,000 $ 1,475,936 Vantage at Waco Waco, TX 288 August 2016 January 2018 9,337,166 9,337,166 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 June 2018 11,695,722 11,408,135 1,996,500 Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 11,826,703 11,535,895 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,763,469 7,572,819 - Vantage at Bulverde Bulverde, TX 288 March 2018 N/A 9,414,003 9,182,522 - Vantage at Germantown Germantown, TN 288 June 2018 N/A 10,899,878 7,033,398 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 8,562,082 6,254,104 4,016,131 Vantage at Coventry Omaha, NE 288 September 2018 N/A 6,355,959 5,380,267 2,062,156 2,598 $ 84,684,982 $ 76,534,306 $ 11,142,762
Summary of Partnership's Investments in Unconsolidated Entities	The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for three months ended March 31, 2019 and 2018: 2019 2018 Property Revenues $ 2,717,268 $ 1,093,810 Net loss $ (117,063 ) $ (1,154,694 )

Property Loans, Net of Loan L_2

Property Loans, Net of Loan Loss Allowances (Tables)	3 Months Ended
	Mar. 31, 2019
Property Loans Net Of Loan Loss Allowance [Abstract]
Summary of Partnership's Property Loans, Net of Loan Loss Allowances	The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of March 31, 2019 and December 31, 2018: March 31, 2019 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 Total $ 14,987,191 $ (7,393,814 ) $ 7,593,377 December 31, 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 Total $ 23,354,826 $ (7,393,814 ) $ 15,961,012

Income Tax Provision (Tables)

Income Tax Provision (Tables)	3 Months Ended
	Mar. 31, 2019
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	The following table summarizes income tax expense (benefit) for the three months ended March 31, 2019 and 2018: For the Three Months Ended March 31, 2019 2018 Current income tax expense (benefit) $ 82,340 $ (41,000 ) Deferred income tax expense (benefit) (40,692 ) 34,000 Total income tax expense (benefit) $ 41,648 $ (7,000 )

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the other assets as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Deferred financing costs, net $ 280,552 $ 397,823 Fair value of derivative instruments (Note 17) 273,506 626,633 Taxable mortgage revenue bonds, at fair value 1,426,733 1,409,895 Operating lease right-of-use assets, net 1,697,275 - Other assets 1,276,536 2,081,258 Total other assets $ 4,954,602 $ 4,515,609

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Payables And Accruals [Abstract]
Summary of Accounts Payable, Accrued Expenses and Other Liabilities	The following table summarizes the accounts payable, accrued expenses and other liabilities as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Accounts payable $ 333,403 $ 230,631 Accrued expenses 2,189,697 2,956,368 Accrued interest expense 2,482,375 2,270,348 Operating lease liabilities 2,189,209 - Other liabilities 1,835,523 2,086,475 Total accounts payable, accrued expenses and other liabilities $ 9,030,207 $ 7,543,822
Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities	The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities: Remainder of 2019 $ 101,730 2020 135,812 2021 136,366 2022 139,091 2023 141,871 Thereafter 4,716,101 Total 5,370,971 Less: Amount representing interest (3,181,762 ) Total operating lease liabilities $ 2,189,209

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)	3 Months Ended
	Mar. 31, 2019
Unsecured Lines of Credit [Member]
Summary of Unsecured Lines of Credit	The following tables summarize the unsecured lines of credit (“LOC”) as of March 31, 2019 and December 31, 2018: Unsecured Lines of Credit Outstanding as of March 31, 2019 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 35,659,200 $ 50,000,000 June 2020 Variable (1) Monthly 4.98 % Bankers Trust operating - 10,000,000 June 2020 Variable (1) Monthly 5.73 % Total unsecured lines of credit $ 35,659,200 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 2018 Total Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 35,659,200 $ 50,000,000 June 2020 Variable (2) Monthly 5.38 % Bankers Trust operating - 10,000,000 June 2020 Variable (2) Monthly 5.63 % Total unsecured lines of credit $ 35,659,200 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin.

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Financing [Abstract]
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2019 and December 31, 2018: Outstanding Debt Financings as of March 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,354,000 $ 76,750 2010 September 2020 Weekly 1.55% 1.85% 3.40% Variable - M31 (1) 80,272,760 136,627 2014 July 2019 (2) Weekly 1.53% 1.47% 3.00% Variable - M33 (1) 31,253,900 59,137 2015 July 2020 (3) Weekly 1.53% 1.24% 2.77% Fixed - M45 (4) 218,865,197 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB 35,630,000 - 2012 May 2019 Weekly 2.00% 1.67% 3.67% Fixed - Term TOB 46,633,408 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 - 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 5,259,162 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,464,042 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 508,248,469 (1) Facility fees are variable . (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (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 informed the Partnership it will not 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 as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 38,455,221 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 505,663,565 (1) Facility fees are variable. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (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. Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 2019 February 2020 4.53 % Lynnhaven Apartments 3,001,500 2019 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500
Summary of Term A/B Trust Collapsed and Redeemed Prices Partnership's Carrying Value Plus Accrued Interest	The following Term A/B Trusts were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing 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 7,345,000
Schedule of Contractual Maturities of Borrowings	Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 175,674,806 2020 79,862,600 2021 2,456,696 2022 2,600,981 2023 2,751,089 Thereafter 247,854,364 Total 511,200,536 Deferred financing costs (2,952,067 ) Total debt financing, net $ 508,248,469

Mortgages Payable and Other S_2

Mortgages Payable and Other Secured Financing (Tables)	3 Months Ended
	Mar. 31, 2019
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2019 and December 31, 2018: Outstanding Debt Financings as of March 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,354,000 $ 76,750 2010 September 2020 Weekly 1.55% 1.85% 3.40% Variable - M31 (1) 80,272,760 136,627 2014 July 2019 (2) Weekly 1.53% 1.47% 3.00% Variable - M33 (1) 31,253,900 59,137 2015 July 2020 (3) Weekly 1.53% 1.24% 2.77% Fixed - M45 (4) 218,865,197 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB 35,630,000 - 2012 May 2019 Weekly 2.00% 1.67% 3.67% Fixed - Term TOB 46,633,408 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 - 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 5,259,162 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,464,042 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 508,248,469 (1) Facility fees are variable . (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (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 informed the Partnership it will not 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 as of December 31, 2018, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Variable - M24 $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (1) 80,418,505 181,626 2014 July 2019 (2) Weekly 1.74% 1.49% 3.23% Variable - M33 (1) 31,262,039 58,002 2015 July 2020 (3) Weekly 1.74% 1.26% 3.00% Fixed - M45 (4) 219,250,387 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Variable - TOB 37,620,000 - 2012 May 2019 Weekly 2.21% 1.67% 3.88% Fixed - Term TOB 46,675,413 - 2014 October 2019 N/A N/A N/A 4.01% - 4.39% Fixed - Term A/B 10,516,000 2018 May 2019 N/A N/A N/A 4.53% Fixed - Term A/B 38,455,221 - 2017 February 2027 N/A N/A N/A 4.46% Total Debt Financings $ 505,663,565 (1) Facility fees are variable. (2) The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024 . (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. Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Year Acquired Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 2019 February 2020 4.53 % Lynnhaven Apartments 3,001,500 2019 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500
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 2019 $ 175,674,806 2020 79,862,600 2021 2,456,696 2022 2,600,981 2023 2,751,089 Thereafter 247,854,364 Total 511,200,536 Deferred financing costs (2,952,067 ) Total debt financing, net $ 508,248,469
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, as of March 31, 2019 and December 31, 2018: MF Property Mortgage Payables Outstanding Mortgage Payable as of March 31, 2019, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 3,133,875 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,239,349 2013 March 2020 Variable Monthly 5.00 % (1) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,373,224 4.96 % (1) MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2018, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 3,118,478 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,335,897 2013 March 2020 Variable Monthly 5.00 % (2) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,454,375 4.96 % (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 2019 $ 3,503,323 2020 23,944,740 2021 - 2022 - 2023 - Thereafter - Total 27,448,063 Deferred financing costs (74,839 ) Total mortgages payable and other secured financings, net $ 27,373,224

Interest Rate Derivative Agre_2

Interest Rate Derivative Agreements (Tables)	3 Months Ended
	Mar. 31, 2019
Interest Rate Derivative Agreements [Abstract]
Summary of Partnership's Interest Rate Derivatives	The following tables summarize the Partnership’s interest rate derivatives as of March 31, 2019 and December 31, 2018: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of March 31, 2019 July 2014 $ 30,152,644 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ - July 2014 30,152,644 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada - July 2014 30,152,644 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc - July 2015 27,280,025 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 12 July 2015 27,280,025 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 12 July 2015 27,280,025 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 12 June 2017 90,457,933 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 47,303 June 2017 81,840,074 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 226,164 Sept 2017 58,878,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 3 $ 273,506 (1) See Note 22 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, 2018 July 2014 $ 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Barclays Bank PLC $ - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS Royal Bank of Canada - July 2014 30,252,409 Aug 2019 3.0 % SIFMA M31 TEBS SMBC Capital Markets, Inc - July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Wells Fargo Bank 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS Royal Bank of Canada 536 July 2015 27,359,689 Aug 2020 3.0 % SIFMA M33 TEBS SMBC Capital Markets, Inc 536 June 2017 90,757,226 Aug 2019 1.5 % SIFMA M31 TEBS Barclays Bank PLC 158,989 June 2017 82,079,066 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 465,983 Sept 2017 59,038,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC 53 $ 626,633 (2) See Note 22 for additional details.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2019
Commitments And Contingencies Disclosure [Abstract]
Summary of Partnership's Maximum Exposure Under Guarantee Agreements	Error extracting Word contentThe following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of March 31, 2019: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of March 31, 2019 Partnership's Maximum Exposure as of March 31, 2019 Guarantee Terms Vantage at Panama City Beach 2017 $ 25,600,000 $ 23,659,040 $ 5,914,760 (1) Vantage at Stone Creek 2018 30,824,000 14,155,000 14,155,000 (2) Vantage at Coventry 2018 31,500,000 - - (2) (1) The Partnership’s maximum exposure is 25% of the construction loan balance as of March 31, 2019. If the borrower’s debt service coverage ratio drops below a specific level, the Partnership’s maximum exposure will increase to 50% of the construction loan balance. The Partnership is also required to maintain minimum cash and net worth requirements, which were met as of March 31, 2019. (2) The Partnership’s maximum exposure will decrease to 50% and 25% of the construction loan balance when certain debt service coverage levels are achieved by the borrower.

Redeemable Series A Preferred_2

Redeemable Series A Preferred Units (Tables)	3 Months Ended
	Mar. 31, 2019
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Series A Preferred Units	The following table summarizes the outstanding Series A Preferred Units as of March 31, 2019 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 Series A Preferred Units outstanding as of March 31, 2019 and December 31, 2018 9,450,000 $ 94,500,000

Restricted Unit Awards ("RUAs_2

Restricted Unit Awards ("RUAs") (Tables)	3 Months Ended
	Mar. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of RUA Activity	The following table summarizes the RUA activity as of and for the three months ended March 31, 2019 and the year ended December 31, 2018: Restricted Units Awarded Weighted-average Grant-date Fair Value Nonvested as of January 1, 2018 242,069 $ 5.83 Granted 309,212 6.31 Vested (279,034 ) 6.06 Forfeited (6,957 ) 6.31 Nonvested as of December 31, 2018 265,290 $ 6.14 Granted - - Vested - - Nonvested as of March 31, 2019 265,290 $ 6.14

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements	The following table summarizes transactions with related parties that are reflected in the Partnership’s condensed consolidated financial statements for the three months ended March 31, 2019 and 2018: For the Three Months Ended March 31, 2019 2018 Partnership administrative fees paid to AFCA 2 (1) $ 898,000 $ 922,000 Property management fees paid to an affiliate (2) 35,000 50,000 Reimbursement of franchise margin taxes paid on behalf of unconsolidated entities (3) 16,000 - (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 Partnership’s condensed consolidated statements of operations. (2) An affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). The property management fees are reported within real estate operating expenses in the Partnership’s condensed consolidated statements of operations. (3) The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. The Partnership is then reimbursed for franchise margin taxes paid on behalf of the unconsolidated entities.
Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates	. The following table summarizes transactions between borrowers of the Partnership’s MRBs and affiliates for the three months ended March 31, 2019 and 2018: For the Three Months Ended March 31, 2019 2018 Non-Partnership property administrative fees received by AFCA 2 (1) $ 9,000 $ 25,000 Investment/mortgage placement fees received by AFCA 2 (2) 91,000 1,068,000 (1) AFCA 2 received administrative fees directly from the owners of certain 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. These amounts represent administrative fees received by AFCA 2 during the periods specified. (2) AFCA 2 received placement fees in connection with the acquisition of certain MRBs and investments in unconsolidated entities.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Measurements [Abstract]
Summary of Assets Measured at Fair Value on Recurring Basis	Assets measured at fair value on a recurring basis as of March 31, 2019 are summarized as follows: Fair Value Measurements as of March 31, 2019 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds, held in trust $ 656,062,961 $ - $ - $ 656,062,961 Mortgage revenue bonds 82,984,880 - - 82,984,880 PHC Certificates 46,406,868 - - 46,406,868 Taxable mortgage revenue bonds (reported within other assets) 1,426,733 - - 1,426,733 Derivative instruments (reported within other assets) 273,506 - - 273,506 Total Assets at Fair Value, net $ 787,154,948 $ - $ - $ 787,154,948 Assets measured at fair value on a recurring basis as of December 31, 2018 are summarized as follows: Fair Value Measurements as of December 31, 2018 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds, held in trust $ 645,258,873 $ - $ - $ 645,258,873 Mortgage revenue bonds 86,894,562 - - 86,894,562 PHC Certificates 48,672,086 - - 48,672,086 Taxable mortgage revenue bonds (reported within other assets) 1,409,895 - - 1,409,895 Derivative instruments (reported within other assets) 626,633 - - 626,633 Total Assets at Fair Value, net $ 782,862,049 $ - $ - $ 782,862,049
Summary of Activity Related to Level 3 Assets and Liabilities	The following tables summarize the activity related to Level 3 assets for the three months ended March 31, 2019: For the Three Months Ended March 31, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2019 $ 732,153,435 $ - $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,730 - 16,726 - (306,591 ) (254,135 ) Included in other comprehensive (loss) income 7,639,913 - 485,222 18,792 - 8,143,927 Purchases 6,050,000 - - - - 6,050,000 Settlements (6,831,237 ) - (2,767,166 ) (1,954 ) (46,536 ) (9,646,893 ) Ending Balance March 31, 2019 $ 739,047,841 $ - $ 46,406,868 $ 1,426,733 $ 273,506 $ 787,154,948 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 March 31, 2019 $ - $ - $ - $ - $ (306,591 ) $ (306,591 ) (1) The following tables summarize the activity related to Level 3 assets and liabilities for the three months ended March 31, 2018: For the Three Months Ended March 31, 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 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) 36,314 - (19,274 ) - 989,995 1,007,035 Included in other comprehensive (loss) income (21,396,628 ) (975,067 ) (456,346 ) (21,902 ) - (22,849,943 ) Purchases - - - - - - Settlements (11,301,939 ) - (226,714 ) (2,732 ) 92,338 (11,439,047 ) Ending Balance March 31, 2018 $ 755,959,454 $ 2,027,473 $ 48,939,254 $ 2,397,825 $ 852,702 $ 810,176,708 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 March 31, 2018 $ - $ - $ - $ - $ 989,995 $ 989,995 (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 as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 543,907,669 $ 559,147,356 $ 541,322,765 $ 550,766,809 Mortgages payable and other secured financing 27,373,224 27,448,063 27,454,375 27,552,748

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2019
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 months ended March 31, 2019 and 2018: For the Three Months Ended March 31, 2019 2018 Total revenues Mortgage Revenue Bond Investments $ 10,443,413 $ 12,070,556 MF Properties 1,993,629 2,336,512 Public Housing Capital Fund Trusts 638,146 620,106 Other Investments 4,589,410 1,430,860 Total revenues $ 17,664,598 $ 16,458,034 Interest expense Mortgage Revenue Bond Investments $ 5,648,568 $ 4,955,695 MF Properties 364,389 417,398 Public Housing Capital Fund Trusts 381,963 (26,016 ) Other Investments - - Total interest expense $ 6,394,920 $ 5,347,077 Depreciation expense Mortgage Revenue Bond Investments $ - $ - MF Properties 819,158 903,953 Public Housing Capital Fund Trusts - - Other Investments - - Total depreciation expense $ 819,158 $ 903,953 Net income (loss) Mortgage Revenue Bond Investments $ 2,043,354 $ 4,299,595 MF Properties (437,134 ) (362,730 ) Public Housing Capital Fund Trusts 256,183 646,122 Other Investments 4,589,410 1,421,317 Net income $ 6,451,813 $ 6,004,304 The following table details total assets for the Partnership’s reportable segments as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Total assets Mortgage Revenue Bond Investments $ 876,784,459 $ 864,311,647 MF Properties 71,770,308 71,120,280 Public Housing Capital Fund Trusts 46,749,321 48,942,334 Other Investments 84,778,149 85,048,514 Consolidation/eliminations (86,884,058 ) (86,709,529 ) Total assets $ 993,198,179 $ 982,713,246

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Mar. 31, 2019USD ($)Property	Jan. 01, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Operating leases, right-of-use assets	$ 1,697,275
ASU 2016-02 [Member] | The 5050 MF Property [Member]
Summary Of Significant Accounting Policies [Line Items]
Operating leases, right-of-use assets		$ 1,700,000
Operating leases, liabilities for current leases		$ 2,200,000
Lessee operating lease discount rate		6.60%
Greens Hold Co [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties | Property	1
Ownership interest percentage in MF property	100.00%

Partnership Income, Expenses an

Partnership Income, Expenses and Cash Distributions - Additional Information (Details)	Mar. 31, 2019
Partners capital account, fixed rate	3.00%
Tier 1 [Member] | Limited Partner [Member]
Percent of regular allocations	99.00%
Tier 1 [Member] | General Partner [Member]
Percent of regular allocations	1.00%
Tier 2 [Member] | Limited Partner [Member]
Percent of special allocations	75.00%
Tier 2 [Member] | General Partner [Member]
Percent of special allocations	25.00%
Tier 3 [Member] | Limited Partner [Member]
Percent of special allocations	100.00%

Net Income per BUC (Details)

Net Income per BUC (Details) - shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Dilutive BUCs	0	0

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - Property	Mar. 31, 2019	Dec. 31, 2018
Variable Interest Entities [Abstract]
Number of Variable Interest Entities	15	17

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 118,466,787	$ 136,692,941
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	33,781,805	51,791,000
Property Loan [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure		8,367,635
Investment in Unconsolidated Entities [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 84,684,982	$ 76,534,306

Investments in Mortgage Reven_3

Investments in Mortgage Revenue Bonds - Schedule of investments in MRBs (Details) - USD ($)		Mar. 31, 2019		Dec. 31, 2018
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		$ 591,299,559		$ 586,445,474
Cumulative Unrealized Gain		65,177,550		58,813,399
Cumulative Unrealized Loss		(414,148)
Estimated Fair Value		656,062,961		645,258,873
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]	10,209,805		10,230,000
Cumulative Unrealized Gain	[1]	1,025,161		954,573
Estimated Fair Value	[1]	11,234,966		11,184,573
Mortgage Revenue Bonds Held In Trust [Member] | Glenview Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[2]	4,570,194		4,581,930
Cumulative Unrealized Gain	[2]	620,788		524,024
Estimated Fair Value	[2]	5,190,982		5,105,954
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		3,722,637	[1]	3,730,000	[3]
Cumulative Unrealized Gain		338,911	[1]	312,844	[3]
Estimated Fair Value		4,061,548	[1]	4,042,844	[3]
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]	6,890,938		6,900,000
Cumulative Unrealized Gain	[1]	728,422		647,686
Estimated Fair Value	[1]	7,619,360		7,547,686
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]	6,757,247		6,775,508
Cumulative Unrealized Gain	[4]	1,043,156		1,007,557
Estimated Fair Value	[4]	7,800,403		7,783,065
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]	1,689,400		1,692,774
Cumulative Unrealized Gain	[1]	160,770		141,187
Estimated Fair Value	[1]	1,850,170		1,833,961
Mortgage Revenue Bonds Held In Trust [Member] | Montclair Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[2]	2,475,929		2,482,288
Cumulative Unrealized Gain	[2]	317,695		246,752
Estimated Fair Value	[2]	2,793,624		2,729,040
Mortgage Revenue Bonds Held In Trust [Member] | Montecito at Williams Ranch Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[3]	7,690,000		7,690,000
Cumulative Unrealized Gain	[3]	1,090,812		973,133
Estimated Fair Value	[3]	8,780,812		8,663,133
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]	3,483,453		3,490,410
Cumulative Unrealized Gain	[1]	331,499		291,121
Estimated Fair Value	[1]	3,814,952		3,781,531
Mortgage Revenue Bonds Held In Trust [Member] | Santa Fe Apartments [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[2]	2,999,495		3,007,198
Cumulative Unrealized Gain	[2]	453,089		401,203
Estimated Fair Value	[2]	3,452,584		3,408,401
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		4,315,002	[1]	4,325,536	[3]
Cumulative Unrealized Gain		744,437	[1]	655,326	[3]
Estimated Fair Value		5,059,439	[1]	4,980,862	[3]
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]	7,340,347		7,350,000
Cumulative Unrealized Gain	[1]	741,070		654,929
Estimated Fair Value	[1]	8,081,417		8,004,929
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]	12,358,748		12,375,000
Cumulative Unrealized Gain	[1]	1,247,720		1,102,687
Estimated Fair Value	[1]	13,606,468		13,477,687
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]	6,410,320		6,423,000
Cumulative Unrealized Gain	[1]	583,599		508,639
Estimated Fair Value	[1]	6,993,919		6,931,639
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		3,588,448	[1]	3,598,006	[3]
Cumulative Unrealized Gain		412,937	[1]	363,405	[3]
Estimated Fair Value		4,001,385	[1]	3,961,411	[3]
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]	3,078,910		3,085,000
Cumulative Unrealized Gain	[1]	280,306		229,934
Estimated Fair Value	[1]	3,359,216		3,314,934
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]	5,887,277		5,903,368
Cumulative Unrealized Gain	[4]	741,620		731,073
Estimated Fair Value	[4]	6,628,897		6,634,441
Mortgage Revenue Bonds Held In Trust [Member] | Vineyard Gardens | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[3]	3,995,000		3,995,000
Cumulative Unrealized Gain	[3]	576,050		534,351
Estimated Fair Value	[3]	4,571,050		4,529,351
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]	3,847,324		3,857,839
Cumulative Unrealized Gain	[4]	506,360		483,436
Estimated Fair Value	[4]	4,353,684		4,341,275
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	7,426,398		7,432,076
Cumulative Unrealized Gain	[5]	2,012,819		1,956,010
Estimated Fair Value	[5]	9,439,217		9,388,086
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]	5,055,000		5,055,000
Cumulative Unrealized Gain	[4]	668,044		643,012
Estimated Fair Value	[4]	5,723,044		5,698,012
Mortgage Revenue Bonds Held In Trust [Member] | Renaissance [Member] | Series A [Member] | LA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[2]	11,093,792		11,123,800
Cumulative Unrealized Gain	[2]	689,399		1,383,680
Estimated Fair Value	[2]	11,783,191		12,507,480
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	[3]	40,178,782		40,240,405
Cumulative Unrealized Gain	[3]	2,117,538		2,873,978
Estimated Fair Value	[3]	42,296,320		43,114,383
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]	4,221,000		4,221,000
Cumulative Unrealized Gain	[5]	9,297		34,155
Estimated Fair Value	[5]	4,230,297		4,255,155
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]	8,008,000		8,032,000
Cumulative Unrealized Gain	[4]	849,812		818,686
Estimated Fair Value	[4]	8,857,812		8,850,686
Mortgage Revenue Bonds Held In Trust [Member] | Silver Moon [Member] | Series A [Member] | NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[2]	7,807,824		7,822,610
Cumulative Unrealized Gain	[2]	1,052,122		778,940
Estimated Fair Value	[2]	8,859,946		8,601,550
Mortgage Revenue Bonds Held In Trust [Member] | Gateway Village [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[3]	2,600,000
Cumulative Unrealized Gain	[3]	314,632
Estimated Fair Value	[3]	2,914,632
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]	13,956,000		13,989,000
Cumulative Unrealized Gain	[5]	126,387		241,675
Estimated Fair Value	[5]	14,082,387		14,230,675
Mortgage Revenue Bonds Held In Trust [Member] | Lynnhaven Apartments [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[3]	3,450,000
Cumulative Unrealized Gain	[3]	345,712
Estimated Fair Value	[3]	3,795,712
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]	7,355,000		7,395,000
Cumulative Unrealized Gain	[5]	46,949		90,349
Estimated Fair Value	[5]	7,401,949		7,485,349
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		13,183,739	[1]	13,222,480	[3]
Cumulative Unrealized Gain		1,679,485	[1]	1,396,828	[3]
Estimated Fair Value		14,863,224	[1]	14,619,308	[3]
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		11,266,464	[1]	11,294,928	[3]
Cumulative Unrealized Gain		1,217,491	[1]	1,148,219	[3]
Estimated Fair Value		12,483,955	[1]	12,443,147	[3]
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]	6,144,636		6,143,919
Cumulative Unrealized Gain	[5]	2,555,884		2,540,949
Estimated Fair Value	[5]	8,700,520		8,684,868
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]	18,994,280		19,044,617
Cumulative Unrealized Gain	[4]	2,237,230		2,194,791
Estimated Fair Value	[4]	21,231,510		21,239,408
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		9,921,985	[1]	9,938,059	[3]
Cumulative Unrealized Gain		1,617,627	[1]	1,421,114	[3]
Estimated Fair Value		11,539,612	[1]	11,359,173	[3]
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		13,002,302	[1]	13,040,029	[3]
Cumulative Unrealized Gain		1,654,309	[1]	1,375,542	[3]
Estimated Fair Value		14,656,611	[1]	14,415,571	[3]
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]	11,160,966		11,194,690
Cumulative Unrealized Gain	[4]	1,522,332		1,399,461
Estimated Fair Value	[4]	12,683,298		12,594,151
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[3]	10,026,148	[6]	10,027,413
Cumulative Unrealized Gain	[3]			19,710
Cumulative Unrealized Loss	[3],[6]	(414,148)
Estimated Fair Value	[3]	9,612,000	[6]	10,047,123
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	[3]	10,000,000		10,000,000
Cumulative Unrealized Gain	[3]	712,262		589,196
Estimated Fair Value	[3]	10,712,262		10,589,196
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]	9,331,681		9,357,374
Cumulative Unrealized Gain	[4]	1,161,915		1,036,288
Estimated Fair Value	[4]	10,493,596		10,393,662
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]	7,538,088		7,558,240
Cumulative Unrealized Gain	[4]	819,089		706,970
Estimated Fair Value	[4]	8,357,177		8,265,210
Mortgage Revenue Bonds Held In Trust [Member] | Avistar at the Parkway [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[2]	13,083,475		13,114,418
Cumulative Unrealized Gain	[2]	1,518,227		1,232,292
Estimated Fair Value	[2]	14,601,702		14,346,710
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	[3]	3,775,000		3,775,000
Cumulative Unrealized Gain	[3]	267,279		206,263
Estimated Fair Value	[3]	4,042,279		3,981,263
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	[3]	31,850,000		31,850,000
Cumulative Unrealized Gain	[3]	2,143,030		1,624,687
Estimated Fair Value	[3]	33,993,030		33,474,687
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]	6,508,847		6,526,247
Cumulative Unrealized Gain	[4]	594,904		525,939
Estimated Fair Value	[4]	7,103,751		7,052,186
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]	15,897,526		15,941,296
Cumulative Unrealized Gain	[4]	1,842,731		1,628,269
Estimated Fair Value	[4]	17,740,257		17,569,565
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]	5,208,048		5,221,971
Cumulative Unrealized Gain	[4]	611,523		557,084
Estimated Fair Value	[4]	5,819,571		5,779,055
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apartments [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		17,902,767	[1]	17,933,482	[3]
Cumulative Unrealized Gain		2,405,944	[1]	2,046,056	[3]
Estimated Fair Value		20,308,711	[1]	19,979,538	[3]
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		19,103,188	[1]	19,144,400	[3]
Cumulative Unrealized Gain		2,714,505	[1]	2,222,555	[3]
Estimated Fair Value		21,817,693	[1]	21,366,955	[3]
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		13,382,687	[1]	13,411,558	[3]
Cumulative Unrealized Gain		1,962,505	[1]	1,617,217	[3]
Estimated Fair Value		15,345,192	[1]	15,028,775	[3]
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		20,731,216	[1]	20,775,940	[3]
Cumulative Unrealized Gain		2,945,843	[1]	2,505,243	[3]
Estimated Fair Value		23,677,059	[1]	23,281,183	[3]
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		7,457,776	[1]	7,474,716	[3]
Cumulative Unrealized Gain		700,690	[1]	600,738	[3]
Estimated Fair Value		8,158,466	[1]	8,075,454	[3]
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		22,587,594	[1]	22,630,276	[3]
Cumulative Unrealized Gain		2,411,568	[1]	1,945,516	[3]
Estimated Fair Value		24,999,162	[1]	24,575,792	[3]
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]	19,455,730		19,487,713
Cumulative Unrealized Gain	[1]	2,803,114		2,350,453
Estimated Fair Value	[1]	22,258,844		21,838,166
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		6,827,722	[1]	6,843,232	[3]
Cumulative Unrealized Gain		813,408	[1]	722,522	[3]
Estimated Fair Value		7,641,130	[1]	7,565,754	[3]
Mortgage Revenue Bonds Held In Trust [Member] | Heritage Square [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[2]	10,777,579		10,958,661
Cumulative Unrealized Gain	[2]	1,100,192		893,881
Estimated Fair Value	[2]	11,877,771		11,852,542
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]	12,313,807		12,330,000
Cumulative Unrealized Gain	[1]	839,250		693,579
Estimated Fair Value	[1]	13,153,057		13,023,579
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	10,040,000		10,040,000
Cumulative Unrealized Gain	[5]	135,058		64,280
Estimated Fair Value	[5]	10,175,058		10,104,280
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	11,642,321		11,623,649
Cumulative Unrealized Gain	[5]	2,436,045		2,482,923
Estimated Fair Value	[5]	14,078,366		14,106,572
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		9,721,717	[1]	9,737,418	[3]
Cumulative Unrealized Gain		1,576,997	[1]	1,480,489	[3]
Estimated Fair Value		11,298,714	[1]	11,217,907	[3]
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		81,543,252		87,142,842
Cumulative Unrealized Gain		2,849,810		1,809,746
Cumulative Unrealized Loss		(1,408,182)		(2,058,026)
Estimated Fair Value		82,984,880		86,894,562
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		6,228,000
Cumulative Unrealized Gain		251		2,450
Estimated Fair Value		6,228,251		6,230,450
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	[7]			5,574,000
Cumulative Unrealized Loss	[7]			(1,078)
Estimated Fair Value	[7]			5,572,922
Mortgage Revenue Bonds [Member] | Greens Property [Member] | Series B [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		932,993		933,928
Cumulative Unrealized Gain		150,665		149,789
Estimated Fair Value		1,083,658		1,083,717
Mortgage Revenue Bonds [Member] | Ohio Properties [Member] | Series B [Member] | OH [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		3,516,859		3,520,900
Cumulative Unrealized Gain		27,245		51,334
Estimated Fair Value		3,544,104		3,572,234
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		14,008		11,730
Estimated Fair Value		4,014,008		4,011,730
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		744,275		745,358
Cumulative Unrealized Gain		60,221		50,965
Estimated Fair Value		804,496		796,323
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		544,560		545,321
Cumulative Unrealized Gain		34,073		28,738
Estimated Fair Value		578,633		574,059
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		124,529		124,600
Cumulative Unrealized Gain		34,613		32,220
Estimated Fair Value		159,142		156,820
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		5,292		4,013
Estimated Fair Value		1,555,292		1,554,013
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		30,947		23,940
Estimated Fair Value		8,440,947		8,433,940
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		449,213		449,841
Cumulative Unrealized Gain		23,152		18,742
Estimated Fair Value		472,365		468,583
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		442,250		442,894
Cumulative Unrealized Gain		32,521		27,023
Estimated Fair Value		474,771		469,917
Mortgage Revenue Bonds [Member] | Solano Vista [Member] | Series A and B [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		5,768,000		5,768,000
Cumulative Unrealized Gain		479,646
Estimated Fair Value		6,247,646		5,768,000
Mortgage Revenue Bonds [Member] | Village At Avalon [Member] | Series A [Member] | NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		16,382,573		16,400,000
Cumulative Unrealized Gain		1,957,176		1,408,802
Estimated Fair Value		18,339,749		17,808,802
Mortgage Revenue Bonds [Member] | Rosewood Townhomes | Series A and B [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[7]	9,750,000		9,750,000
Cumulative Unrealized Loss	[7]	(450,424)		(644,962)
Estimated Fair Value	[7]	9,299,576		9,105,038
Mortgage Revenue Bonds [Member] | South Pointe Apartments | Series A and B [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[7]	22,700,000		22,700,000
Cumulative Unrealized Loss	[7]	(957,758)		(1,411,986)
Estimated Fair Value	[7]	$ 21,742,242		$ 21,288,014
[1]	MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15
[2]	MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
[3]	MRBs held by Deutsche Bank in a secured financing transaction, Note 15
[4]	MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
[5]	MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
[6]	As of the date presented, the MRB has been in a cumulative unrealized loss for less than 12 months.
[7]	As of the date presented, the MRB has been in a cumulative unrealized loss position for 12 months or longer.

Investments in Mortgage Reven_4

Investments in Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)	3 Months Ended
	Mar. 31, 2019USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit	2,598
Principal Outstanding at Date of Acquisition | $	$ 6,050,000
Gateway Village [Member] | Durham NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	February
Units | Unit	64
Maturity Date	Apr. 1, 2032
Base Interest Rate	6.10%
Principal Outstanding at Date of Acquisition | $	$ 2,600,000
Lynnhaven Apartments [Member] | Durham NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	February
Units | Unit	75
Maturity Date	Apr. 1, 2032
Base Interest Rate	6.10%
Principal Outstanding at Date of Acquisition | $	$ 3,450,000

Investments in Mortgage Reven_5

Investments in Mortgage Revenue Bonds - Schedule of MRBs Redeemed (Details)	3 Months Ended
	Mar. 31, 2019USD ($)Unit	Mar. 31, 2018USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units	2,598
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Units		0
Principal Outstanding at Date of Redemption | $		$ 10,447,000
Mortgage Revenue Bonds [Member] | Seasons San Juan Capistrano [Member] | Series B [Member] | San Juan Capistrano California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	January
Units	112
Original Maturity Date	Jan. 1, 2019
Base Interest Rate	8.00%
Principal Outstanding at Date of Redemption | $	$ 5,574,000
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		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		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		128
Original Maturity Date		Dec. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption | $		$ 3,372,000

Investments in Mortgage Reven_6

Investments in Mortgage Revenue Bonds - Additional Information (Details) - Unit	Mar. 31, 2019	Mar. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Number of units acquired	2,598
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Number of units acquired		0

PHC Certificates - Additional I

PHC Certificates - Additional Information (Details)	Mar. 31, 2019Option
Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Number of tender option bonds	3

PHC Certificates - Schedule of

PHC Certificates - Schedule of Investments in PHC Certificates (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value, held in trust	$ 1,426,733	$ 1,409,895
Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	45,496,864	48,247,303
Cumulative Unrealized Gain, held in trust	910,004	424,783
Estimated Fair Value, held in trust	46,406,868	48,672,086
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	24,575,777	24,608,543
Cumulative Unrealized Gain, held in trust	291,121	285,984
Estimated Fair Value, held in trust	$ 24,866,898	$ 24,894,527
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 2 months 27 days	6 years 5 months 26 days
Investment Rating	AA-	AA-
Weighted Average Interest Rate Over Life	5.38%	5.33%
Public Housing Capital Fund Trust II [Member] | Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	$ 6,346,788	$ 9,071,785
Cumulative Unrealized Gain, held in trust	329,477	44,768
Estimated Fair Value, held in trust	$ 6,676,265	$ 9,116,553
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)	3 years 4 months 13 days	5 years 6 months 21 days
Investment Rating	A+	A+
Weighted Average Interest Rate Over Life	4.35%	4.35%
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	$ 14,574,299	$ 14,566,975
Cumulative Unrealized Gain, held in trust	289,406	94,031
Estimated Fair Value, held in trust	$ 14,863,705	$ 14,661,006
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)	6 years 6 months 3 days	6 years 9 months 3 days
Investment Rating	BBB	BBB
Weighted Average Interest Rate Over Life	5.30%	5.30%

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Assets Owned by Partnership (Details)		Mar. 31, 2019USD ($)Unit	Dec. 31, 2018USD ($)Unit
Real Estate [Line Items]
Number of Units | Unit		2,598
Land and Land Improvements		$ 4,971,665	$ 4,971,665
Buildings and improvements		71,949,453	71,897,070
Carrying Value		76,921,118	76,868,735
Accumulated depreciation		(13,088,741)	(12,272,387)
Net real estate assets		$ 63,832,377	$ 64,596,348
Suites on Paseo [Member] | San Diego, CA [Member]
Real Estate [Line Items]
Number of Units | Unit		384	384
Land and Land Improvements		$ 3,195,468	$ 3,195,468
Buildings and improvements		39,012,096	38,961,163
Carrying Value		$ 42,207,564	$ 42,156,631
The 50/50 Student Housing--UNL [Member] | Lincoln, NE [Member]
Real Estate [Line Items]
Number of Units | Unit		475	475
Buildings and improvements		$ 32,937,357	$ 32,935,907
Carrying Value		$ 32,937,357	32,935,907
Land Held for Development [Member]
Real Estate [Line Items]
Number of Units | Unit	[1]
Land and Land Improvements	[1]	$ 1,776,197	1,776,197
Carrying Value	[1]	$ 1,776,197	$ 1,776,197
[1]	Land held for development consists of parcels of land in Gardner, KS and Richland County, SC and land development costs for a site in Omaha, NE.

Real Estate Assets - Real Est_2

Real Estate Assets - Real Estate Assets Owned by Partnership (Parenthetical) (Details) - Site	Mar. 31, 2019	Dec. 31, 2018
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) - Omaha, NE [Member] $ in Millions	1 Months Ended
	Feb. 28, 2018USD ($)Land
Real Estate [Line Items]
Number of contiguous tracts of land acquired | Land	2
Purchase price of land | $	$ 2.7

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details)	3 Months Ended
	Mar. 31, 2019USD ($)Unit	Dec. 31, 2018USD ($)
Schedule Of Equity Method Investments [Line Items]
Units | Unit	2,598
Carrying Value	$ 84,684,982	$ 76,534,306
Maximum Remaining Equity Commitment	$ 11,142,762
Vantage At Waco [Member] | Waco T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	August 2016
Construction Completion Date	2018-01
Carrying Value	$ 9,337,166	9,337,166
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 2016
Construction Completion Date	2017-12
Carrying Value	$ 8,830,000	8,830,000
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 2017
Construction Completion Date	2018-06
Carrying Value	$ 11,695,722	11,408,135
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 2017
Carrying Value	$ 11,826,703	11,535,895
Vantage At Stone Creek [Member] | Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	294
Month Commitment Executed	March 2018
Carrying Value	$ 7,763,469	7,572,819
Vantage At Bulverde [Member] | Bulverde T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	March 2018
Carrying Value	$ 9,414,003	9,182,522
Vantage at Germantown [Member] | Germantown, TN [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	June 2018
Carrying Value	$ 10,899,878	7,033,398
Vantage At Murfreesboro [Member] | Murfreesboro, TN [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	September 2018
Carrying Value	$ 8,562,082	6,254,104
Maximum Remaining Equity Commitment	$ 4,016,131
Vantage At Coventry [Member] | Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	September 2018
Carrying Value	$ 6,355,959	$ 5,380,267
Maximum Remaining Equity Commitment	$ 2,062,156

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Additional Information (Details) $ in Millions	1 Months Ended
	Mar. 31, 2018USD ($)
Vantage At Stone Creek [Member]
Schedule Of Equity Method Investments [Line Items]
Payments to equity commitments	$ 7.1
Vantage At Bulverde [Member]
Schedule Of Equity Method Investments [Line Items]
Payments to equity commitments	$ 8.6

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity Method Investments And Joint Ventures [Abstract]
Property Revenues	$ 2,717,268	$ 1,093,810
Net loss	$ (117,063)	$ (1,154,694)

Property Loans, Net of Loan L_3

Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	$ 14,987,191	$ 23,354,826
Loan Loss Allowance	(7,393,814)	(7,393,814)
Property Loan Principal, net of allowance	7,593,377	15,961,012
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
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 Brooks LLC [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		8,367,635
Property Loan Principal, net of allowance		$ 8,367,635

Property Loans, Net of Loan L_4

Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Jan. 31, 2019	Mar. 31, 2019	Mar. 31, 2018
Property Loans Net Of Loan Loss Allowance [Line Items]
Contingent Interest		$ 3,012,102
Ohio Properties [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Interest earned on property loan principal		$ 983,000	$ 983,000
Vantage at Brooks LLC [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Contingent Interest	$ 3,000,000

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Tax Provision [Line Items]
Total income tax expense (benefit)	$ 41,648	$ (7,000)
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense (benefit)	82,340	(41,000)
Deferred income tax expense (benefit)	(40,692)	34,000
Total income tax expense (benefit)	$ 41,648	$ (7,000)

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Income Tax Disclosure [Abstract]
Valuation allowance	$ 0	$ 0

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Other Assets [Abstract]
Deferred financing costs, net	$ 280,552	$ 397,823
Fair value of derivative instruments (Note 17)	273,506	626,633
Taxable mortgage revenue bonds, at fair value	1,426,733	1,409,895
Operating lease right-of-use assets, net	1,697,275
Other assets	1,276,536	2,081,258
Total other assets	$ 4,954,602	$ 4,515,609

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Accounts payable	$ 333,403	$ 230,631
Accrued expenses	2,189,697	2,956,368
Accrued interest expense	2,482,375	2,270,348
Operating lease liabilities	2,189,209
Other liabilities	1,835,523	2,086,475
Total accounts payable, accrued expenses and other liabilities	$ 9,030,207	$ 7,543,822

Accounts Payable, Accrued Exp_4

Accounts Payable, Accrued Expenses and Other Liabilities - Additional Information (Details) - The 50/50 Student Housing--UNL [Member] - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lessee Lease Description [Line Items]
Initial lease term expiration period	2038-03
Lease agreement extend term	5 years
Annual lease payments	$ 100
Minimum annual rentals under lease agreement	$ 130,000
Annual increment percentage in lease rent	2.00%
Lease agreement annual renewable increase percentage after july 31,2034	3.00%
Expenses related to the agreement	$ 42,000	$ 42,000

Accounts Payable, Accrued Exp_5

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities (Details)	Mar. 31, 2019USD ($)
Payables And Accruals [Abstract]
Remainder of 2019	$ 101,730
2020	135,812
2021	136,366
2022	139,091
2023	141,871
Thereafter	4,716,101
Total	5,370,971
Less: Amount representing interest	(3,181,762)
Total operating lease liabilities	$ 2,189,209

Unsecured Lines of Credit - Sum

Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Line Of Credit Facility [Line Items]
Lines of credit		$ 35,659,200	$ 35,659,200
Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Debt instrument, maturity date		Jun. 30, 2020
Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit		$ 0	0
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit		35,659,200	35,659,200
Line of credit facility maximum borrowing capacity		60,000,000	60,000,000
Unsecured Lines of Credit [Member] | 4.98% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit		35,659,200
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		4.98%
Unsecured Lines of Credit [Member] | 5.73% 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		5.73%
Unsecured Lines of Credit [Member] | 5.38% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit			35,659,200
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			5.38%
Unsecured Lines of Credit [Member] | 5.63% 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			5.63%
[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 ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Line Of Credit Facility [Line Items]
Lines of credit	$ 35,659,200	$ 35,659,200
Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit	$ 0	$ 0
Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Debt instrument, maturity date	Jun. 30, 2020
Bankers Trust Non-operating [Member] | Unsecured Lines of Credit Due June 2019
Line Of Credit Facility [Line Items]
Lines of credit	$ 19,300,000
Bankers Trust Non-operating [Member] | Unsecured Lines of Credit Due September 2019
Line Of Credit Facility [Line Items]
Lines of credit	$ 16,400,000

Debt Financing - Schedule of To

Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)		3 Months Ended		12 Months Ended
		Mar. 31, 2019		Dec. 31, 2018
Short Term Debt [Line Items]
Debt financing		$ 508,248,469		$ 505,663,565
Period End Rates		4.96%		4.96%
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
TEBS Financings [Member] | Variable - M24 [Member]
Short Term Debt [Line Items]
Debt financing		$ 41,354,000		$ 41,466,000
Restricted Cash		$ 76,750		$ 432,998
Year Acquired		2010		2010
Stated Maturities		2020-09		2020-09
Reset Frequency		Weekly		Weekly
SIFMA Based Rates		1.55%		1.76%
Facility Fees		1.85%		1.85%
Period End Rates		3.40%		3.61%
TEBS Financings [Member] | Variable - M31 [Member]
Short Term Debt [Line Items]
Debt financing	[1]	$ 80,272,760		$ 80,418,505
Restricted Cash	[1]	$ 136,627		$ 181,626
Year Acquired	[1]	2014		2014
Stated Maturities	[1]	2019-07	[2]	2019-07
Reset Frequency	[1]	Weekly		Weekly
SIFMA Based Rates	[1]	1.53%		1.74%
Facility Fees	[1]	1.47%		1.49%
Period End Rates	[1]	3.00%		3.23%
TEBS Financings [Member] | Variable - M33 [Member]
Short Term Debt [Line Items]
Debt financing	[1]	$ 31,253,900		$ 31,262,039
Restricted Cash	[1]	$ 59,137		$ 58,002
Year Acquired	[1]	2015		2015
Stated Maturities	[1]	2020-07	[3]	2020-07
Reset Frequency	[1]	Weekly		Weekly
SIFMA Based Rates	[1]	1.53%		1.74%
Facility Fees	[1]	1.24%		1.26%
Period End Rates	[1]	2.77%		3.00%
TEBS Financings [Member] | Fixed - M45 [Member]
Short Term Debt [Line Items]
Debt financing	[4]	$ 218,865,197		$ 219,250,387
Restricted Cash	[4]	$ 5,000		$ 5,000
Year Acquired	[4]	2018		2018
Stated Maturities	[4]	2034-07		2034-07
Reset Frequency	[4]	N/A		N/A
Period End Rates	[4]	3.82%		3.82%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member]
Short Term Debt [Line Items]
Debt financing		$ 46,633,408		$ 46,675,413
Year Acquired		2014		2014
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		$ 10,516,000		$ 10,516,000
Year Acquired		2018		2018
Stated Maturities		2019-05		2019-05
Reset Frequency		N/A		N/A
Period End Rates		4.53%		4.53%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member]
Short Term Debt [Line Items]
Debt financing		$ 35,630,000		$ 37,620,000
Year Acquired		2012		2012
Stated Maturities		2019-05		2019-05
Reset Frequency		Weekly		Weekly
SIFMA Based Rates		2.00%		2.21%
Facility Fees		1.67%		1.67%
Period End Rates		3.67%		3.88%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B II [Member]
Short Term Debt [Line Items]
Debt financing		$ 5,259,162		$ 38,455,221
Year Acquired		2019		2017
Stated Maturities		2020-02		2027-02
Reset Frequency		N/A		N/A
Period End Rates		4.53%		4.46%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B III [Member]
Short Term Debt [Line Items]
Debt financing		$ 38,464,042
Year Acquired		2017
Stated Maturities		2027-02
Reset Frequency		N/A
Period End Rates		4.46%
[1]	Facility fees are variable.
[2]	The Partnership may unilaterally elect to extend the financing for an additional five-year period through July 2024.
[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 informed the Partnership it will not 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 (Parenthetical) (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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%	3.82%
Fixed - M45 [Member] | Interest Rate from August 1, 2023 [Member]
Short Term Debt [Line Items]
Interest rate	4.39%	4.39%

Debt Financing - Additional Inf

Debt Financing - Additional Information (Details)	1 Months Ended
	Feb. 28, 2019Agreement
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member]
Debt Instrument [Line Items]
Number of new agreements	2

Debt Financing - Summary Of Gro

Debt Financing - Summary Of Gross Principal and Term A/B Trust Financings (Details) - USD ($)	1 Months Ended
	Feb. 28, 2019	Mar. 31, 2019	Dec. 31, 2018
Short Term Debt [Line Items]
Debt financing		$ 508,248,469	$ 505,663,565
Term A/B Trust [Member]
Short Term Debt [Line Items]
Debt financing	$ 5,263,500
Term A/B Trust [Member] | Gateway Village [Member]
Short Term Debt [Line Items]
Debt financing	$ 2,262,000
Year Acquired	2019
Stated Maturities	2020-02
Fixed Interest Rate	4.53%
Term A/B Trust [Member] | Lynnhaven Apartments [Member]
Short Term Debt [Line Items]
Debt financing	$ 3,001,500
Year Acquired	2019
Stated Maturities	2020-02
Fixed Interest Rate	4.53%

Debt Financing - Summary of Ter

Debt Financing - Summary of Term A/B Trust Collapsed and Redeemed Prices Partnership's Carrying Value Plus Accrued Interest (Details) - Term A/B Trust [Member]	3 Months Ended
	Mar. 31, 2019USD ($)
Short Term Debt [Line Items]
Paydown Applied	$ 7,345,000
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

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Debt Financing [Abstract]
Remainder of 2019	$ 175,674,806
2020	79,862,600
2021	2,456,696
2022	2,600,981
2023	2,751,089
Thereafter	247,854,364
Total	511,200,536
Deferred financing costs	(2,952,067)
Total debt financing, net	$ 508,248,469	$ 505,663,565

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 ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 27,373,224	$ 27,454,375
Period End Rate		4.96%	4.96%
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		$ 3,133,875	$ 3,118,478
Year Acquired		2014	2014
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		$ 24,239,349	$ 24,335,897
Year Acquired		2013	2013
Stated Maturity		Mar. 1, 2020	Mar. 1, 2020
Variable / Fixed		Variable	Variable
Reset Frequency		Monthly	Monthly
Variable Based Rate	[1]	5.00%	5.00%
Period End Rate		5.00%	5.00%
[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)	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
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 ($)	Mar. 31, 2019	Dec. 31, 2018
Mortgage Loans on Real Estate [Line Items]
Deferred financing costs	$ (2,952,067)
Total mortgages payable and other secured financings, net	27,373,224	$ 27,454,375
Mortgages Payable and Other Secured Financing [Member]
Mortgage Loans on Real Estate [Line Items]
Remainder of 2019	3,503,323
2020	23,944,740
Total	27,448,063
Deferred financing costs	(74,839)
Total mortgages payable and other secured financings, net	$ 27,373,224

Interest Rate Derivative Agre_3

Interest Rate Derivative Agreements - Summary of Partnership's Interest Rate Derivatives (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2019	Dec. 31, 2018
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability)		$ 273,506	$ 626,633
Barclays Bank PLC 1 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2014-07	2014-07
Derivative, Notional Amount		$ 30,152,644	$ 30,252,409
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
Royal Bank of Canada-1 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2014-07	2014-07
Derivative, Notional Amount		$ 30,152,644	$ 30,252,409
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
SMBC Capital Markets, Inc-1 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2014-07	2014-07
Derivative, Notional Amount		$ 30,152,644	$ 30,252,409
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
Wells Fargo Bank [Member]
Derivative [Line Items]
Derivative, Purchase Date		2015-07	2015-07
Derivative, Notional Amount		$ 27,280,025	$ 27,359,689
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)		$ 12	$ 536
Royal Bank of Canada-2 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2015-07	2015-07
Derivative, Notional Amount		$ 27,280,025	$ 27,359,689
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)		$ 12	$ 536
SMBC Capital Markets, Inc-2 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2015-07	2015-07
Derivative, Notional Amount		$ 27,280,025	$ 27,359,689
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)		$ 12	$ 536
Barclays Bank PLC 2 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2017-06	2017-06
Derivative, Notional Amount		$ 90,457,933	$ 90,757,226
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)		$ 47,303	$ 158,989
Barclays Bank PLC 3 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2017-06	2017-06
Derivative, Notional Amount		$ 81,840,074	$ 82,079,066
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)		$ 226,164	$ 465,983
Barclays Bank PLC 4 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2017-09	2017-09
Derivative, Notional Amount		$ 58,878,000	$ 59,038,000
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)		$ 3	$ 53
[1]	See Note 22 for additional details.

Interest Rate Derivative Agre_4

Interest Rate Derivative Agreements - Additional Information (Details) - Interest Rate Swaps [Member] - Deutsche Bank [Member]	3 Months Ended
	Mar. 31, 2019
Swap One [Member]
Derivative [Line Items]
Termination date	2018-09
Swap Two [Member]
Derivative [Line Items]
Termination date	2018-10

Commitments and Contingencies -

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details)	3 Months Ended
	Mar. 31, 2019USD ($)
Vantage At Panama City Beach [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2017
Maximum Balance Available on Construction Loan	$ 25,600,000
Construction Loan Balance as of March 31, 2019	23,659,040
Partnership's Maximum Exposure as of March 31, 2019	$ 5,914,760
Guarantee Terms	1 year
Vantage At Stone Creek [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2018
Maximum Balance Available on Construction Loan	$ 30,824,000
Construction Loan Balance as of March 31, 2019	14,155,000
Partnership's Maximum Exposure as of March 31, 2019	$ 14,155,000
Guarantee Terms	2 years
Vantage At Coventry [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2018
Maximum Balance Available on Construction Loan	$ 31,500,000
Guarantee Terms	2 years
Ohio Properties [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2011
Partnership's Maximum Exposure as of March 31, 2019	$ 3,712,436
End of Guarantee Period	2026
Greens of Pine Glen [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2012
Partnership's Maximum Exposure as of March 31, 2019	$ 2,429,658
End of Guarantee Period	2027

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2019
Vantage At Panama City Beach [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio	25.00%
Maximum [Member] | Vantage At Panama City Beach [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio	50.00%
Maximum [Member] | Vantage At Stone Creek [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio	50.00%
Maximum [Member] | Vantage At Coventry [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio	50.00%
Minimum [Member] | Vantage At Stone Creek [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio	25.00%
Minimum [Member] | Vantage At Coventry [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio	25.00%

Commitments and Contingencies_3

Commitments and Contingencies - Additional Information (Details)	Mar. 31, 2019
Greens of Pine Glen [Member]
Commitments And Other Guarantees [Line Items]
Percentage of loss contingency, range of possible loss, maximum	75.00%

Redeemable Series A Preferred_3

Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($)	1 Months Ended							3 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	Mar. 31, 2019	Dec. 31, 2018
Temporary Equity Disclosure [Abstract]
Series A Preferred Units outstanding	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
	Mar. 31, 2019	Mar. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 184,000	$ 207,000
Unrecognized compensation expense related to nonvested RUAs granted	$ 718,000
Remaining expense expected to be recognized over a weighted-average period	1 year
Intrinsic value of nonvested RUAs	$ 1,800,000
Burlington [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Approved grant of restricted units and other awards to employees	3,000,000
RUAs granted with vesting range	3 years
Burlington [Member] | Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
RUAs granted with vesting range	3 months

Restricted Unit Awards ("RUAs_4

Restricted Unit Awards ("RUAs") - Schedule of RUA Activity (Details) - Restricted Unit Awards [Member] - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Restricted Units Awarded
Beginning Balance	265,290	242,069
Granted	0	309,212
Vested	0	(279,034)
Forfeited		(6,957)
Ending Balance	265,290	265,290
Weighted-average Grant-Date Fair Value
Beginning Balance	$ 6.14	$ 5.83
Granted	0	6.31
Vested	0	6.06
Forfeited		6.31
Ending Balance	$ 6.14	$ 6.14

Transactions with Related Par_3

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Details) - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Related Party Transaction [Line Items]
Reimbursement of franchise margin taxes paid on behalf of unconsolidated entities	[1]	$ 16,000
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees	[2]	898,000	$ 922,000
Burlington Capital Properties, LLC [Member] | MF Properties Managed [Member]
Related Party Transaction [Line Items]
Property management fees to an affiliate	[3]	$ 35,000	$ 50,000
[1]	The Partnership pays franchise margin taxes on revenues in Texas related to its investments in unconsolidated entities. Such taxes are paid by the Partnership as the unconsolidated entities are required by tax regulations to be included in the Partnership’s group tax return. The Partnership is then reimbursed for franchise margin taxes paid on behalf of the unconsolidated entities.
[2]	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 Partnership’s condensed consolidated statements of operations.
[3]	An affiliate of AFCA 2, Burlington Capital Properties, LLC (“Properties Management”), provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). The property management fees are reported within real estate operating expenses in the Partnership’s condensed consolidated statements of operations.

Transactions with Related Par_4

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%

Transactions with Related Par_5

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - General Partner [Member] - USD ($)		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018
Non-partnership property administrative fee received	[1]	$ 9,000	$ 25,000
Investment/mortgage fees received	[2]	$ 91,000	$ 1,068,000
[1]	AFCA 2 received administrative fees directly from the owners of certain 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. These amounts represent administrative fees received by AFCA 2 during the periods specified.
[2]	AFCA 2 received placement fees in connection with the acquisition of certain MRBs and investments in unconsolidated entities.

Transactions with Related Par_6

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%

Transactions with Related Par_7

Transactions with Related Parties - Additional Information (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Rreceivables due from unconsolidated entities	$ 93,000	$ 77,000
Outstanding liabilities due to related parties	$ 571,000	$ 330,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details)	Mar. 31, 2019	Dec. 31, 2018
Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	8.90%	9.10%
Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.40%	5.50%
MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	4.50%	4.60%
Effective rate - minimum [Member] | Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	8.10%	8.30%
Effective rate - minimum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	4.80%	5.30%
Effective rate - minimum [Member] | MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	3.10%	3.30%
Effective rate - maximum [Member] | Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	9.10%	9.30%
Effective rate - maximum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	5.70%	6.00%
Effective rate - maximum [Member] | MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	9.10%	9.10%

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 787,154,948	$ 782,862,049
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	46,406,868	48,672,086
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	1,426,733	1,409,895
Derivative Instruments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	273,506	626,633
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	787,154,948	782,862,049	$ 810,176,708	$ 843,458,663
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	46,406,868	48,672,086	48,939,254	49,641,588
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	1,426,733	1,409,895	$ 2,397,825	$ 2,422,459
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	273,506	626,633
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	82,984,880	86,894,562
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	82,984,880	86,894,562
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	656,062,961	645,258,873
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	$ 656,062,961	$ 645,258,873

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
		Mar. 31, 2019	Mar. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		$ 782,862,049	$ 843,458,663
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(254,135)	1,007,035
Total gain (losses) included in other comprehensive (loss) income		8,143,927	(22,849,943)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		6,050,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(9,646,893)	(11,439,047)
Assets at Fair Value, ending balance		787,154,948	810,176,708
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		(306,591)	989,995
Interest rate derivatives [Member]
Schedule of Available-for-sale Securities [Line Items]
Liabilities at Fair value, beginning balance		626,633	(229,631)	[1]
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(306,591)	989,995	[1]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(46,536)	92,338	[1]
Liabilities at Fair value, ending balance		273,506	852,702	[1]
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		(306,591)	989,995	[1]
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance			3,002,540
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income			(975,067)
Assets at Fair Value, ending balance			2,027,473
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		48,672,086	49,641,588
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		16,726	(19,274)
Total gain (losses) included in other comprehensive (loss) income		485,222	(456,346)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(2,767,166)	(226,714)
Assets at Fair Value, ending balance		46,406,868	48,939,254
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		1,409,895	2,422,459
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		18,792	(21,902)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(1,954)	(2,732)
Assets at Fair Value, ending balance		1,426,733	2,397,825
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance	[2]	732,153,435	788,621,707
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)	[2]	35,730	36,314
Total gain (losses) included in other comprehensive (loss) income	[2]	7,639,913	(21,396,628)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[2]	6,050,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[2]	(6,831,237)	(11,301,939)
Assets at Fair Value, ending balance	[2]	$ 739,047,841	$ 755,959,454
[1]	Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities.
[2]	Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Mortgages payable and other secured financing	$ 27,373,224	$ 27,454,375
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	543,907,669	541,322,765
Mortgages payable and other secured financing	27,373,224	27,454,375
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	559,147,356	550,766,809
Mortgages payable and other secured financing	$ 27,448,063	$ 27,552,748

Segments - Additional Informati

Segments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2019PropertyUnitSegmentRatingSecurity
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 Properties [Member] | Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of rental units financed by mortgage revenue bonds | Unit	10,789
Commercial Real Estate [Member] | Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of collateralized securities | Security	1
Minimum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds | Rating	1
Maximum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds | Rating	4
Tax-exempt 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
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Total revenues
Total revenues	$ 17,664,598	$ 16,458,034
Interest expense
Interest expense	6,394,920	5,347,077
Depreciation expense
Depreciation expense	819,158	903,953
Net income (loss)
Net income	6,451,813	6,004,304
Total assets
Total assets	993,198,179		$ 982,713,246
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member]
Total revenues
Total revenues	10,443,413	12,070,556
Interest expense
Interest expense	5,648,568	4,955,695
Net income (loss)
Net income	2,043,354	4,299,595
Total assets
Total assets	876,784,459		864,311,647
Operating Segments [Member] | MF Properties [Member]
Total revenues
Total revenues	1,993,629	2,336,512
Interest expense
Interest expense	364,389	417,398
Depreciation expense
Depreciation expense	819,158	903,953
Net income (loss)
Net income	(437,134)	(362,730)
Total assets
Total assets	71,770,308		71,120,280
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member]
Total revenues
Total revenues	638,146	620,106
Interest expense
Interest expense	381,963	(26,016)
Net income (loss)
Net income	256,183	646,122
Total assets
Total assets	46,749,321		48,942,334
Operating Segments [Member] | Other Investments [Member]
Total revenues
Total revenues	4,589,410	1,430,860
Net income (loss)
Net income	4,589,410	$ 1,421,317
Total assets
Total assets	84,778,149		85,048,514
Consolidation, Eliminations [Member]
Total assets
Total assets	$ (86,884,058)		$ (86,709,529)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event [Member] $ in Millions	1 Months Ended
	Apr. 30, 2019USD ($)
Subsequent Event [Line Items]
Equity investment amount	$ 4.1
Variable - TOB [Member]
Subsequent Event [Line Items]
Debt instrument extended maturity period	2020-04
Vantage at Conroe [Member]
Subsequent Event [Line Items]
Equity investment commitment	$ 9