Greystone Housing Impact Investors (GHI) 10-Q 1 Nov 19 2019 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2019shares
Cover [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	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Common Stock, Units Outstanding	60,835,204
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	000-24843
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-0810385
Entity Address, Address Line One	1004 Farnam Street
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68102
City Area Code	402
Local Phone Number	444-1630
Document Quarterly Report	true
Document Transition Report	false
Title of each class	Beneficial Unit Certificates representing assignments of limited partnership interests in America First Multifamily Investors, L.P.
Trading Symbol	ATAX
Name of each exchange on which registered	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents	$ 40,782,506	$ 32,001,925
Restricted cash	570,990	1,266,686
Interest receivable, net	7,927,509	7,011,839
Mortgage revenue bonds held in trust, at fair value (Note 6)	747,157,387	645,258,873
Mortgage revenue bonds, at fair value (Note 6)	30,125,333	86,894,562
Public housing capital fund trust certificates, at fair value (Note 7)	44,684,506	48,672,086
Real estate assets: (Note 8)
Land and improvements	4,900,465	4,971,665
Buildings and improvements	72,003,079	71,897,070
Real estate assets before accumulated depreciation	76,903,544	76,868,735
Accumulated depreciation	(14,650,397)	(12,272,387)
Net real estate assets	62,253,147	64,596,348
Investments in unconsolidated entities (Note 9)	87,059,995	76,534,306
Property loans, net of loan loss allowance (Note 10)	7,999,094	15,961,012
Other assets (Note 12)	4,940,703	4,515,609
Total Assets	1,033,501,170	982,713,246
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 13)	9,592,950	7,543,822
Distribution payable	8,869,350	7,576,167
Unsecured lines of credit (Note 14)	13,200,000	35,659,200
Debt financing, net (Note 15)	538,812,130	505,663,565
Mortgages payable and other secured financing, net (Note 16)	27,049,871	27,454,375
Total Liabilities	597,524,301	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)	94,377,414	94,350,376
Partnersʼ Capital:
General Partner (Note 1)	731,741	344,590
Beneficial Unit Certificates ("BUCs," Note 1)	340,867,714	304,121,151
Total Partnersʼ Capital	341,599,455	304,465,741
Total Liabilities and Partnersʼ Capital	$ 1,033,501,170	$ 982,713,246

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 30, 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenues:
Property revenues	$ 1,974,546	$ 2,285,736	$ 6,002,971	$ 7,025,390
Investment income	12,589,743	12,733,013	37,072,288	38,360,534
Contingent interest income	3,360	4,246,094	3,045,462	4,246,094
Other interest income	206,625	5,217,741	635,732	7,019,465
Other income	91,428	1,518,531	120,181	1,592,831
Total revenues	14,865,702	26,001,115	46,876,634	58,244,314
Expenses:
Real estate operating (exclusive of items shown below)	1,381,909	1,606,765	3,477,983	4,292,745
Impairment of securities		309,958		1,141,020
Impairment charge on real estate assets	75,000	150,000	75,000	150,000
Depreciation and amortization	743,503	864,600	2,384,115	2,692,731
Interest expense	6,509,021	6,394,683	19,110,876	18,091,314
General and administrative	6,992,528	3,653,288	12,267,917	9,506,258
Total expenses	15,701,961	12,979,294	37,315,891	35,874,068
Other Income:
Gain on sales of real estate assets, net		4,051,429		4,051,429
Gain on sale of investment in an unconsolidated entity	10,475,927		10,475,927
Income before income taxes	9,639,668	17,073,250	20,036,670	26,421,675
Income tax benefit	(68,235)	(809,805)	(9,236)	(803,805)
Net income	9,707,903	17,883,055	20,045,906	27,225,480
Redeemable Series A Preferred Unit distributions and accretion	(717,762)	(717,763)	(2,153,288)	(2,153,288)
Net income available to Partners	8,990,141	17,165,292	17,892,618	25,072,192
Net income available to Partners allocated to:
General Partner	1,266,157	2,163,058	2,078,086	2,242,127
Net income available to Partners and noncontrolling interest	$ 8,990,141	$ 17,165,292	$ 17,892,618	$ 25,072,192
BUC holders' interest in net income per BUC, basic and diluted	$ 0.13	$ 0.25	$ 0.26	$ 0.38
Weighted average number of BUCs outstanding, basic	60,519,542	59,907,123	60,457,299	59,989,585
Weighted average number of BUCs outstanding, diluted	60,519,542	59,907,123	60,457,299	59,989,585
Beneficial Unit Certificate Holders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 7,695,468	$ 14,933,260	$ 15,719,693	$ 22,662,993
Restricted Unitholders [Member]
Net income available to Partners allocated to:
Limited Partners	$ 28,516	$ 68,974	$ 94,839	$ 167,072

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Net income			$ 20,045,906	$ 27,225,480
Unrealized gain (loss) on bond purchase commitments		$ 51,760
Comprehensive income	$ 28,756,219	11,190,306	62,158,230	1,697,013
Accumulated Other Comprehensive Income (Loss) [Member]
Net income	9,707,903	17,883,055	20,045,906	27,225,480
Reversal of net unrealized losses on securities with other-than-temporary impairment				525,446
Unrealized gain (loss) on securities	$ 19,048,316	(6,744,509)	$ 42,112,324	(24,097,818)
Unrealized gain (loss) on bond purchase commitments		51,760
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized gain (loss) on bond purchase commitments		$ 51,760		$ (1,956,095)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($)	Total	Tier 3 [Member]	Tier 2 [Member]	General Partner [Member]	General Partner [Member]Tier 2 [Member]	BUCs - Restricted and Unrestricted [Member]	BUCs - Restricted and Unrestricted [Member]Tier 3 [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, Value	(1,256,654)					(1,256,654)
Repurchase of BUCs, Units									(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 gain (loss) on bond purchase 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, 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):
Net income allocable to Partners	25,072,192
Balance at Sep. 30, 2018	288,499,259			195,059		288,304,200				50,095,363
Partners' Capital Account, Units at Sep. 30, 2018									60,520,261
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
Distributions paid or accrued ($0.125 per BUC):
Regular distribution	(7,632,946)			(76,330)		(7,556,616)
Net income allocable to Partners	2,620,359			26,204		2,594,155
Repurchase of BUCs, Value	(440,959)					(440,959)
Repurchase of BUCs, Units									(70,110)
Restricted units awarded									70,110
Restricted unit compensation expense	543,521			5,436		538,085
Unrealized gain (loss) on securities	4,521,567			45,216		4,476,351				4,065,221
Unrealized gain (loss) on bond purchase commitments	(1,032,788)			(10,328)		(1,022,460)				(1,032,788)
Reversal of Net Unrealized Loss on Securities with Other Than Temporary Impairment	525,446			5,254		520,192				981,792
Balance at Jun. 30, 2018	286,673,467			180,641		286,492,826				56,788,112
Partners' Capital Account, Units at Jun. 30, 2018									60,452,928
Distributions paid or accrued ($0.125 per BUC):
Regular distribution	(1,355,445)			(13,554)		(1,341,891)
Distribution of Tier 2 and Tier 3 income (Note 3)			$ (8,297,523)		$ (2,074,381)			$ (6,223,142)
Net income allocable to Partners	17,165,292			2,163,058		15,002,234
Sale of Beneficial Unit Certificates, net of issuance costs, value	383,990					383,990
Sale of Beneficial Unit Certificates, net of issuance costs, unit									67,333
Restricted unit compensation expense	622,227			6,222		616,005
Unrealized gain (loss) on securities	(6,744,509)			(67,445)		(6,677,064)				(6,288,163)
Unrealized gain (loss) on bond purchase commitments	51,760			518		51,242				51,760
Reversal of Net Unrealized Loss on Securities with Other Than Temporary Impairment										(456,346)
Balance at Sep. 30, 2018	288,499,259			195,059		288,304,200				50,095,363
Partners' Capital Account, Units at Sep. 30, 2018									60,520,261
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 and Tier 3 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
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):
Net income allocable to Partners	17,892,618
Balance at Sep. 30, 2019	341,599,455			731,741		340,867,714				101,090,366
Partners' Capital Account, Units at Sep. 30, 2019									60,835,204
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
Distributions paid or accrued ($0.125 per BUC):
Regular distribution	(7,663,064)			(76,631)		(7,586,433)
Net income allocable to Partners	3,168,427			31,684		3,136,743
Restricted unit compensation expense	186,230			1,862		184,368
Unrealized gain (loss) on securities	14,920,081			149,201		14,770,880				14,920,081
Balance at Jun. 30, 2019	320,746,093			507,393		320,238,700				82,042,050
Partners' Capital Account, Units at Jun. 30, 2019									60,691,467
Distributions paid or accrued ($0.125 per BUC):
Distribution of Tier 2 and Tier 3 income (Note 3)		$ (3,809,553)	$ (5,059,796)		$ (1,264,949)		$ (3,809,553)	$ (3,794,847)
Net income allocable to Partners	8,990,141			1,266,157		7,723,984
Restricted units awarded									353,197
Restricted unit compensation expense	3,265,677			32,657		3,233,020
BUCs surrendered to pay tax withholding on vested restricted units	(1,581,423)					(1,581,423)
BUCs surrendered to pay tax withholding, units									(209,460)
Unrealized gain (loss) on securities	19,048,316			190,483		18,857,833				19,048,316
Balance at Sep. 30, 2019	$ 341,599,455			$ 731,741		$ 340,867,714				$ 101,090,366
Partners' Capital Account, Units at Sep. 30, 2019									60,835,204

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / shares	3 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2018
Regular distributions paid or accrued	$ 0.125	$ 0.125	$ 0.125	$ 0.125	$ 0.125	$ 0.125
Tier 2 [Member]
Distributions paid or accrued of tier 2 and tier 3	0.125	$ 0.125	$ 0.125
Tier 3 [Member]
Distributions paid or accrued of tier 2 and tier 3	$ 0.125

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 20,045,906	$ 27,225,480
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	2,384,115	2,692,731
Gain on sale of real estate assets, net		(4,051,429)
Gain on sale of investment in an unconsolidated entity	(10,475,927)
Contingent interest realized on investing activities	(3,045,462)	(4,246,094)
Impairment of securities		1,141,020
Impairment charge on real estate assets	75,000	150,000
Loss (gain) on derivatives, net of cash paid	574,028	(1,266,808)
Restricted unit compensation expense	3,636,091	1,372,384
Bond premium/discount amortization	(106,114)	(50,839)
Debt premium amortization	(8,410)
Amortization of deferred financing costs	1,476,463	1,304,879
Deferred income tax expense (benefit) & income tax payable/receivable	100,804	(840,871)
Change in preferred return receivable from unconsolidated entities, net	(1,935,286)	(2,642,634)
Changes in operating assets and liabilities
Increase in interest receivable	(915,670)	(1,395,660)
(Increase) decrease in other assets	694,925	(921,756)
Increase (decrease) in accounts payable and accrued expenses	327,188	(473,415)
Net cash provided by operating activities	12,827,651	17,996,988
Cash flows from investing activities:
Capital expenditures	(88,110)	(496,336)
Proceeds from sale of MF Properties		13,450,000
Proceeds from sale of investment in an unconsolidated entity	20,189,663
Acquisition of mortgage revenue bonds	(19,250,000)	(19,540,000)
Contributions to unconsolidated entities	(18,304,139)	(35,153,613)
Principal payments received on taxable mortgage revenue bonds	25,997	33,384
Cash paid for land held for development and deposits on potential purchases		(2,764,403)
Advances on property loans	(405,717)	(66,652)
Principal payments received on property loans and contingent interest	11,413,098	5,762,536
Net cash provided by investing activities	13,864,087	7,453,523
Cash flows from financing activities:
Distributions paid	(25,758,751)	(25,800,111)
Repurchase of BUCs		(1,697,613)
Proceeds from the sale of BUCs		626,033
Payment of offering costs related to the sale of BUCs		(12,531)
Payment of tax withholding related to restricted unit awards	(1,581,423)
Proceeds from debt financing	122,921,712	238,920,000
Principal payments on debt financing	(90,025,780)	(253,250,185)
Principal payments on mortgages payable	(474,391)	(7,963,815)
Principal borrowing on unsecured lines of credit	23,200,000	30,540,000
Principal payments on unsecured lines of credit	(45,659,200)	(52,074,400)
Decrease in security deposit liability related to restricted cash	(51,324)	(23,243)
Debt financing and other deferred costs	(1,177,696)	(625,706)
Net cash used in financing activities	(18,606,853)	(71,361,571)
Net increase (decrease) in cash, cash equivalents and restricted cash	8,084,885	(45,911,060)
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	41,353,496	25,672,269
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	16,874,341	17,571,617
Cash paid during the period for income taxes	155,000	178,564
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner	8,869,350	9,652,968
Distributions declared but not paid for Series A Preferred Units	708,750	708,750
Land contributed as investment in an unconsolidated entity		2,879,473
Capital expenditures financed through accounts payable	24,504	5,898
Deferred financing costs financed through accounts payable	15,000	12,836
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Principal payments received	4,775,103	226,714
Mortgage Revenue Bonds and Contingent Interest [Member]
Cash flows from investing activities:
Principal payments received	$ 15,508,192	$ 46,001,893

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2019	Sep. 30, 2018
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 40,782,506	$ 24,969,157
Restricted cash	570,990	703,112
Total cash, cash equivalents and restricted cash	$ 41,353,496	$ 25,672,269

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2019
Basis Of Presentation [Abstract]
Basis of Presentation	1. Basis of Presentation 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 to 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 and student 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 Greystone AF Manager LLC (“Greystone Manager”). The Partnership has previously issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partnership 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	9 Months Ended
	Sep. 30, 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 September 30, 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, which is committed to loan money or 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. 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 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, operating 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 lessor 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. PHC Certificate Impairment The Partnership periodically reviews the PHC Certificates for impairment. The Partnership evaluates whether declines in the fair value of the investments below amortized cost are other-than temporary. Factors considered include: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Potential changes in HUD appropriations to local housing authorities, • Downgrade in the security’s rating by Standard & Poor’s, and • Volatility of the fair value of the security. Real Estate Assets The Partnership reviews real estate assets for impairment at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value. Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. In the three and nine months ended September 30, 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 reported as a separate line item in the Partnership’s condensed consolidated statement of operations. Accordingly, for the three and nine months ended September 30, 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 September 30, 2019, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying 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 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. In October 2019, the FASB approved a delay in the effective date of this ASU for smaller reporting companies, such as the Partnership, and other non-SEC reporting entities. The FASB expects to issue two final ASUs relating to this matter in mid-November 2019. The new ASUs will delay the effective date for such entities to fiscal years beginning after December 31, 2022, including interim periods within those fiscal periods. As the Partnership is a smaller reporting company, it may elect to delay its effective date. The Partnership has completed an assessment of the items that are within the scope of the new ASU. The items include property loans, receivables reported within other assets, financial guarantees and commitments. Also within the scope of the ASU are changes to the impairment model for available-for-sale debt securities, which includes the Partnership’s MRBs, PHC Certificates, and taxable MRBs. The Partnership is currently developing data collection processes, assessment procedures and internal controls required to implement the ASU for such items in the Partnership’s condensed consolidated financial statements. The Partnership is continuing to evaluate whether to defer their implementation date of the ASU and will make a final determination in the fourth quarter of 2019. In July 2019, the FASB issued ASU 2019-07, “Codification Updates to SEC Sections” which amends the SEC Rules, Regulations and Interpretations section of various topics within the FASB Accounting Standards Codification. The amendments were made as the result of the SEC’s Final Rule Releases No. 33-10532, “Disclosure Update and Simplification”, No. 33-10231, “Investment Company Reporting Modernization”, and No. 33-10442, “Miscellaneous Update”. The Partnership’s condensed consolidated financial statements and notes to condensed consolidated financial statements are in compliance with the relevant Codification updates. There were no significant changes to the Partnership’s condensed consolidated financial statements as a result of the ASU.

Partnership Income, Expense and

Partnership Income, Expense and Cash Distributions	9 Months Ended
	Sep. 30, 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	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	5. Variable Interest Entities Consolidated VIEs The Partnership has determined the Tender Option Bond (“TOB”), Term TOB, Term A/B and TEBS Financings are VIEs and the Partnership is the primary beneficiary. In determining the primary beneficiary of each VIE, the Partnership considered which party has the power to control the activities of the VIE 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 underlying assets 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 Floater Certificates for the TOB Trusts and the Class A Certificates for the Term TOB, 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 Notes 6 and 7). 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 16 and 17 non-consolidated VIEs as of September 30, 2019 and December 31, 2018, respectively. The following table summarizes the Partnership’s variable interests in these entities as of September 30, 2019 and December 31, 2018: Maximum Exposure to Loss September 30, 2019 December 31, 2018 Mortgage revenue bonds $ 30,480,000 $ 51,791,000 Property loans - 8,367,635 Investment in unconsolidated entities 87,059,995 76,534,306 $ 117,539,995 $ 136,692,941 The maximum exposure to loss for the MRBs as of September 30, 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 September 30, 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 September 30, 2019 and December 31, 2018 is equal to the Partnership’s carrying value.

Investments in Mortgage Revenue

Investments in Mortgage Revenue Bonds	9 Months Ended
	Sep. 30, 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 a commercial property. 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 September 30, 2019 and December 31, 2018: September 30, 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 $ 10,168,651 $ 1,696,441 $ - $ 11,865,092 Glenview Apartments - Series A (4) CA 4,546,210 767,387 - 5,313,597 Harmony Court Bakersfield - Series A (5) CA 3,707,631 582,453 - 4,290,084 Harmony Terrace - Series A (5) CA 6,863,296 1,185,795 - 8,049,091 Harden Ranch - Series A (3) CA 6,719,931 1,207,559 - 7,927,490 Las Palmas II - Series A (5) CA 1,682,524 278,924 - 1,961,448 Montclair Apartments - Series A (4) CA 2,462,936 415,737 - 2,878,673 Montecito at Williams Ranch Apartments - Series A (7) CA 7,690,000 1,651,838 - 9,341,838 San Vicente - Series A (5) CA 3,469,276 558,315 - 4,027,591 Santa Fe Apartments - Series A (4) CA 2,983,755 548,485 - 3,532,240 Seasons at Simi Valley - Series A (5) CA 4,293,474 912,975 - 5,206,449 Seasons Lakewood - Series A (5) CA 7,310,902 1,191,125 - 8,502,027 Seasons San Juan Capistrano - Series A (5) CA 12,309,171 2,005,465 - 14,314,636 Summerhill - Series A (5) CA 6,384,482 972,132 - 7,356,614 Sycamore Walk - Series A (5) CA 3,568,952 590,916 - 4,159,868 The Village at Madera - Series A (5) CA 3,066,499 481,734 - 3,548,233 Tyler Park Townhomes - Series A (3) CA 5,854,394 859,781 - 6,714,175 Vineyard Gardens - Series A (7) CA 3,995,000 852,151 - 4,847,151 Westside Village Market - Series A (3) CA 3,825,835 601,208 - 4,427,043 Brookstone (1) IL 7,413,743 2,191,618 - 9,605,361 Copper Gate Apartments (3) IN 5,055,000 710,986 - 5,765,986 Renaissance - Series A (4) LA 11,032,412 1,899,144 - 12,931,556 Live 929 Apartments (7), (8) MD 40,055,592 - (149,095 ) 39,906,497 Woodlynn Village (1) MN 4,197,000 10,509 - 4,207,509 Gateway Village (2) NC 2,600,000 289,170 - 2,889,170 Greens Property - Series A (3) NC 7,960,000 844,249 - 8,804,249 Lynnhaven Apartments (2) NC 3,450,000 383,707 - 3,833,707 Silver Moon - Series A (4) NM 7,777,580 1,447,981 - 9,225,561 Village at Avalon - Series A (6) NM 16,329,272 3,275,151 - 19,604,423 Ohio Properties - Series A (1) OH 13,890,001 48,160 - 13,938,161 Bridle Ridge (1) SC 7,315,000 54,050 - 7,369,050 Columbia Gardens (5) SC 13,105,293 2,157,828 - 15,263,121 Companion at Thornhill Apartments (5) SC 11,208,284 1,729,367 - 12,937,651 Cross Creek (1) SC 6,144,672 2,520,743 - 8,665,415 Rosewood Townhomes - Series A (7) SC 9,280,000 114,365 - 9,394,365 South Pointe Apartments - Series A (7) SC 21,600,000 362,290 - 21,962,290 The Palms at Premier Park Apartments (3) SC 18,891,224 2,779,140 - 21,670,364 Village at River's Edge (5) SC 9,889,108 2,330,806 - 12,219,914 Willow Run (5) SC 12,923,882 2,126,087 - 15,049,969 Arbors at Hickory Ridge (3) TN 11,092,043 2,021,048 - 13,113,091 Pro Nova 2014-1 (2), (8) TN 10,023,617 - (347,124 ) 9,676,493 Avistar at Copperfield - Series A (2) TX 13,977,000 2,333,591 - 16,310,591 Avistar at the Crest - Series A (3) TX 9,279,129 1,772,133 - 11,051,262 Avistar at the Oaks - Series A (3) TX 7,496,870 1,407,554 - 8,904,424 Avistar at the Parkway - Series A (4) TX 13,020,181 2,117,134 - 15,137,315 Avistar at Wilcrest - Series A (2) TX 5,297,000 818,097 - 6,115,097 Avistar at Wood Hollow - Series A (2) TX 40,220,000 6,546,613 - 46,766,613 Avistar in 09 - Series A (3) TX 6,473,257 1,068,331 - 7,541,588 Avistar on the Boulevard - Series A (3) TX 15,807,997 2,738,122 - 18,546,119 Avistar on the Hills - Series A (3) TX 5,179,570 996,345 - 6,175,915 Bruton Apartments (5) TX 17,839,917 3,637,297 - 21,477,214 Concord at Gulfgate - Series A (5) TX 19,018,891 3,758,251 - 22,777,142 Concord at Little York - Series A (5) TX 13,323,633 2,757,400 - 16,081,033 Concord at Williamcrest - Series A (5) TX 20,639,734 4,174,795 - 24,814,529 Crossing at 1415 - Series A (5) TX 7,423,125 1,149,904 - 8,573,029 Decatur Angle (5) TX 22,500,338 3,869,765 - 26,370,103 Esperanza at Palo Alto (5) TX 19,390,360 4,290,792 - 23,681,152 Heights at 515 - Series A (5) TX 6,795,999 1,229,217 - 8,025,216 Heritage Square - Series A (4) TX 10,722,964 1,471,450 - 12,194,414 Oaks at Georgetown - Series A (5) TX 12,264,411 1,750,507 - 14,014,918 Runnymede (1) TX 9,985,000 154,466 - 10,139,466 Southpark (1) TX 11,679,665 2,411,352 - 14,091,017 15 West Apartments (5) WA 9,689,570 2,382,417 - 12,071,987 Mortgage revenue bonds held in trust $ 650,161,253 $ 97,492,353 $ (496,219 ) $ 747,157,387 (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) (7) (8) September 30, 2019 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montevista - Series A & B CA $ 13,200,000 $ 1,722,484 $ - $ 14,922,484 Solano Vista - Series A & B CA 5,768,000 650,549 - 6,418,549 Greens Property - Series B NC 931,038 145,428 - 1,076,466 Ohio Properties - Series B OH 3,508,510 10,480 - 3,518,990 Rosewood Townhomes - Series B SC 470,000 1,563 - 471,563 South Pointe Apartments - Series B SC 1,100,000 3,139 - 1,103,139 Avistar at the Crest - Series B TX 742,034 97,848 - 839,882 Avistar at the Oaks - Series B TX 542,984 69,234 - 612,218 Avistar at the Parkway - Series B TX 124,382 38,672 - 163,054 Avistar in 09 - Series B TX 447,913 55,370 - 503,283 Avistar on the Boulevard - Series B TX 440,919 54,786 - 495,705 Mortgage revenue bonds held by the Partnership $ 27,275,780 $ 2,849,553 $ - $ 30,125,333 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 had been in a cumulative unrealized loss position for less than 12 consecutive 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 considered credit losses as of September 30, 2019. The cumulative unrealized loss for the Pro Nova 2014-1 MRB, related to a commercial property, as of September 30, 2019, is a result of fluctuations in market interest rates and comparable trades of MRBs for similar commercial properties. Due to the historical volatility of the fair value of this MRB, the cumulative unrealized loss is considered temporary. The cumulative unrealized loss for the Live 929 Apartments MRB as of September 30, 2019, is due to recent operational results and debt service coverage declines. The Partnership has evaluated the operational results and loan-to-collateral value ratio for the property underlying this MRB and has determined that the cumulative unrealized loss is temporary. MRB Activity in the First Nine Months of 2019 Acquisitions: The following MRBs were acquired during the nine months ended September 30, 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 Montevista - Series A June San Pablo, CA 82 7/1/2036 5.75 % 6,720,000 Montevista - Series B June San Pablo, CA 82 7/1/2021 5.75 % 6,480,000 $ 19,250,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 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 Courtyard Apartments - Series B April Fullerton, CA 108 6/1/2019 8.00 % 6,228,000 $ 11,802,000 Restructurings: The following MRBs were restructured during the nine months ended September 30, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows: Property Name Month Restructured Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Avistar at Copperfield - Series B May Houston, TX 192 6/1/2054 12.00 % $ 4,000,000 Avistar at Wilcrest - Series B May Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series B May Austin, TX 409 6/1/2054 12.00 % 8,410,000 $ 13,960,000 MRB Activity in the First Nine Months of 2018 Acquisitions: The following MRB was acquired during the nine months ended September 30, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Esperanza at Palo Alto (1) May San Antonio, TX 322 7/1/2058 5.80 % $ 19,540,000 (1) Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2018: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Sycamore Walk - Series B January Bakersfield, CA 112 1/1/2018 8.00 % $ 1,815,000 Seasons Lakewood - Series B March Lakewood, CA 85 1/1/2019 8.00 % 5,260,000 Summerhill - Series B March Bakersfield, CA 128 12/1/2018 8.00 % 3,372,000 Oaks at Georgetown - Series B April Georgetown, TX 192 1/1/2019 8.00 % 5,512,000 Seasons at Simi Valley - Series B April Simi Valley, CA 69 9/1/2018 8.00 % 1,944,000 San Vicente - Series B May Soledad, CA 50 11/1/2018 8.00 % 1,825,000 The Village at Madera - Series B May Madera, CA 75 12/1/2018 8.00 % 1,719,000 Las Palmas - Series B July Coachella, CA 81 11/1/2018 8.00 % 1,770,000 Harmony Terrace - Series B August Simi Valley, CA 136 1/1/2019 8.00 % 7,400,000 Lake Forest September Daytona Beach, FL 240 12/1/2031 6.25 % 8,397,000 $ 39,014,000 Upon redemption of the Lake Forest MRB, the Partnership realized contingent interest income of approximately $4.2 million. The Partnership also realized additional income due to the early redemption of the MRB of approximately $1.5 million. The additional income is reported within other income on the condensed consolidated statements of operations.

Public Housing Capital Fund Tru

Public Housing Capital Fund Trust ("PHC") Certificates	9 Months Ended
	Sep. 30, 2019
Public Housing Capital Fund Trusts [Abstract]
Public Housing Capital Fund Trust ("PHC") Certificates	7. Public Housing Capital Fund Trust (“PHC”) Certificates The Partnership’s PHC Certificates represent beneficial interests in three 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 PHC Certificates are held in trust at Mizuho Capital Markets, LLC (“Mizuho”) in secured financing transactions as of September 30, 2019 (see Note 15). The Partnership had the following investments in the PHC Certificates as of September 30, 2019 and December 31, 2018: September 30, 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 5.73 AA- 5.37% $ 24,510,244 $ 483,113 $ - $ 24,993,357 PHC Certificate Trust II 4.09 AA- 4.38% 4,372,215 362,710 - 4,734,925 PHC Certificate Trust III 6.08 BBB 5.12% 14,588,947 367,277 - 14,956,224 $ 43,471,406 $ 1,213,100 $ - $ 44,684,506 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 . The Partnership recognized an impairment charge on the three PHC Certificates of approximately $310,000 and $1.1 million during the three and nine months ended September 30, 2018, respectively. See Note 2 for information considered in the Partnership’s evaluation of impairment of the PHC Certificates.

Real Estate Assets

Real Estate Assets	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018: Real Estate Assets as of September 30, 2019 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,065,722 $ 42,264,990 The 50/50 MF Property Lincoln, NE 475 - 32,937,357 32,937,357 Land held for development (1) (1) 1,701,197 - 1,701,197 $ 76,903,544 Less accumulated depreciation (14,650,397 ) Total real estate assets $ 62,253,147 (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 land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE. Activity in the First Nine Months of 2019 As of September 30, 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 2018 and October 2018, respectively. In September 2019, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded an impairment charge of $75,000 in the third quarter of 2019, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. Activity in the First Nine Months of 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). In September 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is considered Tier 2 income (Note 3). The Partnership determined the sale did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units Gross Proceeds Gain on Sale before Income Taxes Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429 In September 2018, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded an impairment charge of $150,000 in the third quarter of 2018, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 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. The carrying value of the equity investments represents 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 September 30, 2019 and December 31, 2018 and remaining equity investment commitment amounts as of September 30, 2019: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of September 30, 2019 Carrying Value as of December 31, 2018 Maximum Remaining Equity Commitment as of September 30, 2019 Vantage at Boerne Boerne, TX 288 August 2016 April 2018 $ 8,363,500 $ 8,830,000 $ 1,475,936 Vantage at Waco Waco, TX 288 August 2016 May 2018 9,337,166 9,337,166 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 July 2018 - 11,408,135 - Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 12,295,801 11,535,895 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,840,500 7,572,819 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 9,894,619 9,182,522 - Vantage at Germantown Germantown, TN 288 June 2018 N/A 11,456,353 7,033,398 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 13,184,069 6,254,104 - Vantage at Coventry Omaha, NE 288 September 2018 N/A 8,825,914 5,380,267 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 5,862,073 - 3,393,059 2,886 $ 87,059,995 $ 76,534,306 $ 6,461,034 Activity in the First Nine Months of 2019 In September 2019, the membership interests of Vantage at Panama City Beach were sold to an unrelated third party. The Partnership received cash of approximately $22.7 million upon sale. The Partnership recognized approximately $547,000 of investment income and approximately $10.5 million of gain on sale of investment in an unconsolidated entity associated with the sale. The Partnership may also be entitled to receive up to $325,000 of additional proceeds in the third quarter of 2020 if certain gain contingencies are satisfied. In April 2019, the Partnership executed a $9.0 million equity commitment to fund construction of the Vantage at Conroe multifamily property. Activity in the First Nine 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). In June 2018, the Partnership executed a $10.4 million equity commitment to fund construction of the Vantage at Germantown multifamily property. In September 2018, the Partnership executed equity commitments to fund construction of the Vantage at Coventry and Vantage at Murfreesboro multifamily properties of approximately $8.1 million and $12.2 million, respectively. The Partnership also entered into a guarantee agreement related to the construction loan for Vantage at Coventry (Note 18). The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Property Revenues $ 3,713,106 $ 2,824,019 $ 9,534,250 $ 5,687,214 Gain on sale of property $ 22,556,694 $ - $ 22,556,694 $ - Net income (loss) $ 21,606,621 $ (353,067 ) $ 20,918,176 $ (2,688,985 )

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018: September 30, 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 Live 929 Apartments 405,717 - 405,717 Total $ 15,392,908 $ (7,393,814 ) $ 7,999,094 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 and nine months ended September 30, 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 and nine months ended September 30, 2019 and 2018, interest to be earned on approximately $983,000 of property loan principal for the Ohio Properties and all principal for Live 929 Apartments was in nonaccrual status as, in management’s opinion, the interest was not considered collectible. Activity in the First Nine Months of 2019 In August 2019, the Partnership entered into a secured property loan with Live 929 Apartments. The property may request additional advances for the sole purpose of funding monthly operating shortfalls up to a total loan amount of $1.0 million. The property loan is subordinate to the MRBs associated with the property and has a stated maturity date of July 31, 2049. 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 of 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). Activity in the First Nine Months of 2018 In September 2018, the Lake Forest property was sold by its owner. Upon the sale, the Partnership received all outstanding principal and accrued interest on the Lake Forest property loans. The Partnership received approximately $5.1 million of principal and approximately $4.6 million of interest on the property loans at sale. The interest received was not previously recognized as income as the property loans were on nonaccrual status. The interest realized is reported within other interest income on the condensed consolidated statements of operations for the three and nine months ended September 30, 2018.

Income Tax Provision

Income Tax Provision	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Current income tax expense (benefit) $ 13,932 $ (809,805 ) $ 129,095 $ (837,805 ) Deferred income tax expense (benefit) (82,167 ) - (138,331 ) 34,000 Total income tax benefit $ (68,235 ) $ (809,805 ) $ (9,236 ) $ (803,805 ) 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 September 30, 2019 and December 31, 2018.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2019
Other Assets [Abstract]
Other Assets	12. Other Assets The following table summarizes the other assets as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Deferred financing costs, net $ 333,004 $ 397,823 Fair value of derivative instruments (Note 17) 52,605 626,633 Taxable mortgage revenue bonds, at fair value 1,427,336 1,409,895 Operating lease right-of-use assets, net 1,681,238 - Other assets 1,446,520 2,081,258 Total other assets $ 4,940,703 $ 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	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Accounts payable $ 182,099 $ 230,631 Accrued expenses 3,023,629 2,956,368 Accrued interest expense 2,572,279 2,270,348 Operating lease liabilities 2,137,792 - Other liabilities 1,677,151 2,086,475 Total accounts payable, accrued expenses and other liabilities $ 9,592,950 $ 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 September 30, 2019, the minimum aggregate annual payment due under the agreement is approximately $132,000. The minimum aggregate annual payment increases 2% annually until July 31, 2034 and increases 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 and $126,000 for the three and nine months ended September 30, 2019 and 2018 and are included within real estate operating expenses on the Partnership’s 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 $ 34,165 2020 135,812 2021 136,366 2022 139,091 2023 141,871 Thereafter 4,661,979 Total 5,249,284 Less: Amount representing interest (3,111,492 ) Total operating lease liabilities $ 2,137,792

Unsecured Lines of Credit

Unsecured Lines of Credit	9 Months Ended
	Sep. 30, 2019
Unsecured Lines of Credit	15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2019 and December 31, 2018: Outstanding Debt Financings as of September 30, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,792,062 $ 98,007 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,885,290 4,999 2014 July 2024 Weekly 1.61% 1.42% 3.03% Fixed - M33 31,638,938 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 218,030,897 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 October 2019 N/A N/A N/A 4.01% Fixed - Term A/B 5,256,054 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,404,644 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,645,347 - 2019 July 2020 Weekly 1.68% 1.17% 2.85% Variable - TOB 42,228,417 - 2019 August 2020 Weekly 1.68% 1.17% - 1.66% 2.85% - 3.34% Variable - TOB 35,841,489 - 2019 September 2020 Weekly 2.03% 1.12% 3.15% Morgan Stanley: Fixed - Term TOB 13,078,992 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,812,130 (1) Facility fees are variable. (2) 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 (1) $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (2) 80,418,505 181,626 2014 July 2019 Weekly 1.74% 1.49% 3.23% Variable - M33 (3) 31,262,039 58,002 2015 July 2020 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 Deutsche Bank: 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) In July 2019, the Partnership refinanced the M2 (2) In June 2019, the Partnership exercised its unilateral right to extend the financing for an additional five-year period through July 2024 . Facility fees are variable . (3) In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of September 2030 . (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. The TOB, Term TOB and Term A/B Trusts with Deutsche Bank are subject to a Master Trust Agreement 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 which would require the Partnership to purchase a portion or all of the senior SPEARS or Class A Certificates held by Deutsche Bank. 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 September 30, 2019. The TOB Trusts with Mizuho require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facility would be triggered which would require the Partnership to purchase a portion or all of the senior interests issued by each TOB Trust. The Partnership was in compliance with these covenants as of September 30, 2019. The Term TOB Trust with Morgan Stanley Bank, N.A. (“Morgan Stanley”) is subject to a Trust Agreement and other related agreements that contains covenants with which the Partnership is required to comply. If the Partnership is out of compliance with any of these covenants, a termination event of the financing facility would be triggered which would require the Partnership to purchase a portion or all of the Class A Certificates held by Morgan Stanley. The most restrictive covenant within the Trust Agreement and related agreements requires the maintenance of a debt service coverage ratio above a specified threshold and the Partnership’s net assets cannot decline by more than specific percentages over designated periods of time. The Partnership was in compliance with these covenants as of September 30, 2019. The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized asset. As of September 30, 2019 and December 31, 2018, the Partnership had posted restricted cash as contractually required under the terms of the four TEBS Financings. In addition, the Partnership has entered in interest rate cap agreements to mitigate its exposure to interest rate fluctuations on the variable-rate debt financings (Note 17). The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (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 Nine Months of 2019 New Debt Financings: In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000, which will be amortized using the effective interest method through the term of the agreement. During the third quarter of 2019, The Partnership entered into various TOB Trust financings with Mizuho secured by MRBs and PHC Certificates. Under each TOB Trust structure, the trustee issues senior Floater Certificates and Residual Certificates that represent beneficial interests in the securitized asset held by the TOB Trusts. The Floater Certificates are sold to unaffiliated investors and entitle the holder to cash flows from the securitized assets at a stated interest rate. The Floater Certificates are credit enhanced by Mizuho such that Mizuho will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Floater Certificate holders. The Partnership would then be required to reimburse Mizuho for any credit enhancement payments. The Residual Certificates are retained by the Partnership and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Floater Certificates and related trust fees, as well as certain other rights to the securitized assets. The TOB Trusts are considered VIEs (Note 5) because the Partnership’s rights are such that the Partnership is the primary beneficiary and the Partnership consolidates the TOB Trusts in its condensed consolidated financial statements. TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total Term TOB Trust Financing $ 104,056,000 In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley secured by an MRB. The following table summarizes the gross principal and terms of the Term TOB Trust: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 In February 2019, the Partnership entered into two Term A/B Trusts financings with Deutsche Bank 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 Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Redemptions: The following debt financing facilities 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 Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300 Debt Financing Activity in the First Nine Months of 2018 New Debt Financings: In August 2018, the Partnership and its newly created consolidated subsidiary, ATAX TEBS IV, LLC (the “2018 Sponsor”), entered into a long-term debt financing facility provided through the securitization of 25 MRBs, with an initial par value of approximately $260.6 million owned by the 2018 Sponsor pursuant to the M45 TEBS Financing. The M45 TEBS financing facility provides the Partnership with a long-term fixed-rate facility. Of the 25 MRBs securitized in the M45 TEBS Financings, 24 MRBs were in Term A/B Trusts that were collapsed prior to the closing of the M45 TEBS Financing. The collapse of the Term A/B Trusts and subsequent closing of the M45 TEBS Financing resulted in a debt modification for accounting purposes and the Partnership capitalized approximately $371,000 as deferred financing costs. In August 2018, the Partnership entered into four Term A/B Trusts financings secured by various MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000 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 Oaks at Georgetown - Series B Term A/B Trust April 2018 4,690,000 San Vicente - Series B Term A/B Trust May 2018 1,555,000 The Village at Madera - Series B Term A/B Trust May 2018 1,465,000 Las Palmas II - Series B Term A/B Trust July 2018 1,505,000 15 West Apartments (1) Term A/B Trust August 2018 8,300,012 Bruton Apartments (1) Term A/B Trust August 2018 15,279,403 Columbia Gardens (1) Term A/B Trust August 2018 10,222,680 Companion at Thornhill Apartments (1) Term A/B Trust August 2018 9,642,587 Concord at Gulfgate - Series A (1) Term A/B Trust August 2018 16,310,000 Concord at Little York - Series A (1) Term A/B Trust August 2018 11,425,000 Concord at Williamcrest - Series A (1) Term A/B Trust August 2018 17,695,000 Courtyard - Series A (1) Term A/B Trust August 2018 9,210,000 Courtyard - Series B Term A/B Trust August 2018 5,295,000 Crossing at 1415 - Series A (1) Term A/B Trust August 2018 6,370,877 Decatur Angle (1) Term A/B Trust August 2018 21,362,472 Harmony Court Bakersfield - Series A (1) Term A/B Trust August 2018 3,360,000 Harmony Terrace - Series A (1) Term A/B Trust August 2018 6,210,000 Harmony Terrace - Series B Term A/B Trust August 2018 6,290,000 Heights at 515 - Series A (1) Term A/B Trust August 2018 5,402,307 Las Palmas II - Series A (1) Term A/B Trust August 2018 1,530,000 Oaks at Georgetown - Series A (1) Term A/B Trust August 2018 11,100,000 San Vicente - Series A (1) Term A/B Trust August 2018 3,150,000 Seasons at Simi Valley - Series A (1) Term A/B Trust August 2018 3,688,843 Seasons Lakewood - Series A (1) Term A/B Trust August 2018 6,615,000 Seasons San Juan Capistrano - Series A (1) Term A/B Trust August 2018 11,140,000 Seasons San Juan Capistrano - Series B Term A/B Trust August 2018 5,590,000 Summerhill - Series A (1) Term A/B Trust August 2018 5,785,000 Sycamore Walk - Series A (1) Term A/B Trust August 2018 3,066,769 The Village at Madera - Series A (1) Term A/B Trust August 2018 2,780,000 Village at River's Edge (1) Term A/B Trust August 2018 8,963,207 Willow Run (1) Term A/B Trust August 2018 10,079,940 $ 242,424,098 (1) In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust. Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 9,445,353 2020 114,279,468 2021 5,328,914 2022 18,499,166 2023 5,899,262 Thereafter 387,921,886 Total 541,374,049 Unamortized deferred financing costs and debt premium (2,561,919 ) Total debt financing, net $ 538,812,130
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 September 30, 2019 and December 31, 2018: Unsecured Lines of Credit Outstanding as of September 30, 2019 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 13,200,000 $ 50,000,000 June 2021 Variable (1) Monthly 4.58 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 5.33 % Total unsecured lines of credit $ 13,200,000 $ 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 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. The outstanding balance of the non-operating LOC as of September 30, 2019 is due in March 2020. The Partnership can extend final repayment of the amount due by making partial repayments in accordance with the Credit Agreement to December 2020. The Partnership was in compliance with all covenants in the Credit Agreement as of September 30, 2019. The Partnership is required to make principal payments to reduce the operating LOC to zero for fifteen consecutive calendar days during each calendar quarter. The Partnership has fulfilled its prepayment obligation for all periods presented. In addition, the Partnership has fulfilled its fourth quarter of 2019 repayment obligation as it maintained a zero balance in the operating LOC for fifteen consecutive days during October 2019.

Debt Financing

Debt Financing	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018: Outstanding Debt Financings as of September 30, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,792,062 $ 98,007 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,885,290 4,999 2014 July 2024 Weekly 1.61% 1.42% 3.03% Fixed - M33 31,638,938 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 218,030,897 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 October 2019 N/A N/A N/A 4.01% Fixed - Term A/B 5,256,054 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,404,644 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,645,347 - 2019 July 2020 Weekly 1.68% 1.17% 2.85% Variable - TOB 42,228,417 - 2019 August 2020 Weekly 1.68% 1.17% - 1.66% 2.85% - 3.34% Variable - TOB 35,841,489 - 2019 September 2020 Weekly 2.03% 1.12% 3.15% Morgan Stanley: Fixed - Term TOB 13,078,992 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,812,130 (1) Facility fees are variable. (2) 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 (1) $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (2) 80,418,505 181,626 2014 July 2019 Weekly 1.74% 1.49% 3.23% Variable - M33 (3) 31,262,039 58,002 2015 July 2020 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 Deutsche Bank: 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) In July 2019, the Partnership refinanced the M2 (2) In June 2019, the Partnership exercised its unilateral right to extend the financing for an additional five-year period through July 2024 . Facility fees are variable . (3) In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of September 2030 . (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. The TOB, Term TOB and Term A/B Trusts with Deutsche Bank are subject to a Master Trust Agreement 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 which would require the Partnership to purchase a portion or all of the senior SPEARS or Class A Certificates held by Deutsche Bank. 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 September 30, 2019. The TOB Trusts with Mizuho require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facility would be triggered which would require the Partnership to purchase a portion or all of the senior interests issued by each TOB Trust. The Partnership was in compliance with these covenants as of September 30, 2019. The Term TOB Trust with Morgan Stanley Bank, N.A. (“Morgan Stanley”) is subject to a Trust Agreement and other related agreements that contains covenants with which the Partnership is required to comply. If the Partnership is out of compliance with any of these covenants, a termination event of the financing facility would be triggered which would require the Partnership to purchase a portion or all of the Class A Certificates held by Morgan Stanley. The most restrictive covenant within the Trust Agreement and related agreements requires the maintenance of a debt service coverage ratio above a specified threshold and the Partnership’s net assets cannot decline by more than specific percentages over designated periods of time. The Partnership was in compliance with these covenants as of September 30, 2019. The Partnership’s variable rate debt financing arrangements include maximum interest rate provisions that prevent the debt service on the debt financings from exceeding the cash flows from the underlying securitized asset. As of September 30, 2019 and December 31, 2018, the Partnership had posted restricted cash as contractually required under the terms of the four TEBS Financings. In addition, the Partnership has entered in interest rate cap agreements to mitigate its exposure to interest rate fluctuations on the variable-rate debt financings (Note 17). The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (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 Nine Months of 2019 New Debt Financings: In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000, which will be amortized using the effective interest method through the term of the agreement. During the third quarter of 2019, The Partnership entered into various TOB Trust financings with Mizuho secured by MRBs and PHC Certificates. Under each TOB Trust structure, the trustee issues senior Floater Certificates and Residual Certificates that represent beneficial interests in the securitized asset held by the TOB Trusts. The Floater Certificates are sold to unaffiliated investors and entitle the holder to cash flows from the securitized assets at a stated interest rate. The Floater Certificates are credit enhanced by Mizuho such that Mizuho will cover any shortfall if the cash flows from the securitized assets are less than the contractual principal and interest due to the Floater Certificate holders. The Partnership would then be required to reimburse Mizuho for any credit enhancement payments. The Residual Certificates are retained by the Partnership and grant the Partnership rights to certain cash flows from the securitized assets after payment to the Floater Certificates and related trust fees, as well as certain other rights to the securitized assets. The TOB Trusts are considered VIEs (Note 5) because the Partnership’s rights are such that the Partnership is the primary beneficiary and the Partnership consolidates the TOB Trusts in its condensed consolidated financial statements. TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total Term TOB Trust Financing $ 104,056,000 In May 2019, the Partnership entered into a Term TOB Trust financing with Morgan Stanley secured by an MRB. The following table summarizes the gross principal and terms of the Term TOB Trust: Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 In February 2019, the Partnership entered into two Term A/B Trusts financings with Deutsche Bank 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 Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Redemptions: The following debt financing facilities 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 Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300 Debt Financing Activity in the First Nine Months of 2018 New Debt Financings: In August 2018, the Partnership and its newly created consolidated subsidiary, ATAX TEBS IV, LLC (the “2018 Sponsor”), entered into a long-term debt financing facility provided through the securitization of 25 MRBs, with an initial par value of approximately $260.6 million owned by the 2018 Sponsor pursuant to the M45 TEBS Financing. The M45 TEBS financing facility provides the Partnership with a long-term fixed-rate facility. Of the 25 MRBs securitized in the M45 TEBS Financings, 24 MRBs were in Term A/B Trusts that were collapsed prior to the closing of the M45 TEBS Financing. The collapse of the Term A/B Trusts and subsequent closing of the M45 TEBS Financing resulted in a debt modification for accounting purposes and the Partnership capitalized approximately $371,000 as deferred financing costs. In August 2018, the Partnership entered into four Term A/B Trusts financings secured by various MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000 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 Oaks at Georgetown - Series B Term A/B Trust April 2018 4,690,000 San Vicente - Series B Term A/B Trust May 2018 1,555,000 The Village at Madera - Series B Term A/B Trust May 2018 1,465,000 Las Palmas II - Series B Term A/B Trust July 2018 1,505,000 15 West Apartments (1) Term A/B Trust August 2018 8,300,012 Bruton Apartments (1) Term A/B Trust August 2018 15,279,403 Columbia Gardens (1) Term A/B Trust August 2018 10,222,680 Companion at Thornhill Apartments (1) Term A/B Trust August 2018 9,642,587 Concord at Gulfgate - Series A (1) Term A/B Trust August 2018 16,310,000 Concord at Little York - Series A (1) Term A/B Trust August 2018 11,425,000 Concord at Williamcrest - Series A (1) Term A/B Trust August 2018 17,695,000 Courtyard - Series A (1) Term A/B Trust August 2018 9,210,000 Courtyard - Series B Term A/B Trust August 2018 5,295,000 Crossing at 1415 - Series A (1) Term A/B Trust August 2018 6,370,877 Decatur Angle (1) Term A/B Trust August 2018 21,362,472 Harmony Court Bakersfield - Series A (1) Term A/B Trust August 2018 3,360,000 Harmony Terrace - Series A (1) Term A/B Trust August 2018 6,210,000 Harmony Terrace - Series B Term A/B Trust August 2018 6,290,000 Heights at 515 - Series A (1) Term A/B Trust August 2018 5,402,307 Las Palmas II - Series A (1) Term A/B Trust August 2018 1,530,000 Oaks at Georgetown - Series A (1) Term A/B Trust August 2018 11,100,000 San Vicente - Series A (1) Term A/B Trust August 2018 3,150,000 Seasons at Simi Valley - Series A (1) Term A/B Trust August 2018 3,688,843 Seasons Lakewood - Series A (1) Term A/B Trust August 2018 6,615,000 Seasons San Juan Capistrano - Series A (1) Term A/B Trust August 2018 11,140,000 Seasons San Juan Capistrano - Series B Term A/B Trust August 2018 5,590,000 Summerhill - Series A (1) Term A/B Trust August 2018 5,785,000 Sycamore Walk - Series A (1) Term A/B Trust August 2018 3,066,769 The Village at Madera - Series A (1) Term A/B Trust August 2018 2,780,000 Village at River's Edge (1) Term A/B Trust August 2018 8,963,207 Willow Run (1) Term A/B Trust August 2018 10,079,940 $ 242,424,098 (1) In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust. Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 9,445,353 2020 114,279,468 2021 5,328,914 2022 18,499,166 2023 5,899,262 Thereafter 387,921,886 Total 541,374,049 Unamortized deferred financing costs and debt premium (2,561,919 ) Total debt financing, net $ 538,812,130

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing	9 Months Ended
	Sep. 30, 2019
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing	16. Mortgages Payable and Other Secured Financing The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of September 30, 2019 and December 31, 2018: MF Property Mortgage Payables Outstanding Mortgage Payable as of September 30, 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 $ 2,988,989 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,060,882 2013 March 2020 Variable Monthly 5.00 % (1) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,049,871 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) In September 2018, the Partnership sold the Jade Park MF Property. At the closing of the sale, the Partnership paid all outstanding principal and accrued interest on the related mortgage payable. Future Maturities The Partnership’s contractual maturities of borrowings for the twelve-month periods ending December 31 st Remainder of 2019 $ 3,133,103 2020 23,945,254 2021 - 2022 - 2023 - Thereafter - Total 27,078,357 Unamortized deferred financing costs (28,486 ) Total mortgages payable and other secured financings, net $ 27,049,871

Interest Rate Derivative Agreem

Interest Rate Derivative Agreements	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2019 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank 2 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada 2 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc 2 June 2017 81,351,277 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 45,274 Sept 2017 58,447,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC - Aug 2019 79,695,286 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 7,325 $ 52,605 (1) See Note 22 for additional details. Purchase Date Notional Amount Maturity Date Effective Capped Rate (2) 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. In August 2019, the Partnership purchased an interest rate derivative intended to cap the variable interest rate component of the M31 TEBS Financing at 4.5%. The Partnership paid approximately $30,000 for the interest rate derivative. During the nine months ended September 30, 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 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	9 Months Ended
	Sep. 30, 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 September 30, 2019: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of September 30, 2019 Partnership's Maximum Exposure as of September 30, 2019 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 24,826,510 $ 24,826,510 (1) Vantage at Coventry 2018 31,500,000 5,275,651 5,275,651 (1) (1) The Partnership’s maximum exposure will decrease to 50% of the construction loan balance upon receipt of the certificate of occupancy and to 25% of the construction loan balance when certain debt service coverage levels are achieved by the borrower. Other Guarantees and Commitments 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 September 30, 2019: Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of September 30, 2019 Ohio Properties 2011 2026 $ 3,712,436 Greens of Pine Glen, LP 2012 2027 2,429,658 The Partnership has agreed, in limited instances, to indemnify certain parties to the TOB Trusts related to the PHC Certificates for claims by the Floater Certificates holders related to the calculation of interest and principal payments. The maximum exposure for such claims is up to the total value of the Floater Certificates plus accrued interest. The Partnership has not accrued any amount for this commitment as of September 30, 2019 because the likelihood of a claim is remote. The maximum exposure was approximately $36.0 million as of September 30, 2019.

Redeemable Series A Preferred U

Redeemable Series A Preferred Units	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2019 and December 31, 2018 9,450,000 $ 94,500,000

Restricted Unit Awards ("RUAs")

Restricted Unit Awards ("RUAs")	9 Months Ended
	Sep. 30, 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 Greystone Manager, the Partnership, or any affiliate of either, and members of the Board of Managers of Greystone Manager 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 Greystone Manager; or death or disability of the participant. All of the restrictions applicable to the previously unvested RUAs lapsed and all such RUAs became immediately vested and nonforfeitable upon the closing of the previously disclosed acquisition of all of the issued and outstanding partnership interests in the General Partner from Burlington Capital LLC (“Burlington”) by Greystone Manager and Greystone AF Holdings, LLC (“Greystone Holdings,” and collectively with Greystone Manager, “Greystone”), which occurred on September 10, 2019. 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 $3,266,000 and $622,000 for the three months ended September 30, 2019 and 2018, respectively. The compensation expense for RUAs totaled approximately $3,636,000 and $1,372,000 for the nine months ended September 30, 2019 and 2018, respectively. Compensation expense is reported within general and administrative expenses in the Partnership’s condensed consolidated statements of operations. The following table summarizes the RUA activity as of and for the nine months ended September 30, 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 353,197 7.74 Vested (618,487 ) 7.05 Nonvested as of September 30, 2019 - $ - There was no unrecognized compensation expense related to nonvested RUAs granted under the Plan as of September 30, 2019.

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 30, 2019
Related Party Transactions [Abstract]
Transactions with Related Parties	21. Transactions with Related Parties Effective September 10, 2019, Greystone acquired all of the issued and outstanding partnership interests of AFCA 2, at which time Burlington and its affiliates ceased to be related parties of the Partnership. The disclosures herein related to Burlington and its affiliates only reflect transactions that occurred through September 9, 2019. The Partnership incurs costs for services and makes contractual payments to AFCA 2, the general partner of AFCA 2, 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 and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Partnership administrative fees paid to AFCA 2 (1) $ 914,000 $ 940,000 $ 2,714,000 $ 2,789,000 Property management fees paid to an affiliate (2) 28,000 49,000 101,000 147,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 12,000 - 44,000 - (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 receives 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 and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Non-Partnership property administrative fees received by AFCA 2 (1) 9,000 17,000 $ 27,000 $ 60,000 Investment/mortgage placement fees received by AFCA 2 (2) - 1,189,000 822,000 2,787,000 MRB redemption administrative fee received by AFCA 2 (3) - 114,000 - 114,000 (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. (3) AFCA 2 received a one-time administrative fee related to early redemption of the Lake Forest MRB from the property in September 2018. In addition, Properties Management provided 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. Properties Management ceased to be a related party effective September 10, 2019. The Partnership reported receivables due from unconsolidated entities and affiliates totaling approximately $29,000 and $77,000 as of September 30, 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 $599,000 and $330,000 as of September 30, 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	9 Months Ended
	Sep. 30, 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 The fair value of the Partnership’s investments in MRBs and taxable MRBs, as of September 30, 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 or 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 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 and 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 the Partnership. Due to the judgments involved, the fair value measurements of the Partnership’s investments in MRBs and taxable MRBs are categorized as a Level 3 input. As of September 30, 2019, the range of effective yields on the individual MRBs was 2.6% to 8.7% per annum, with a weighted average effective yield of 3.8% when weighted by the total principal outstanding of all MRBs as of the reporting date; and the range of effective yields on the individual taxable MRBs was 8.1% to 8.8% per annum, with a weighted average effective yield of 8.6% when weighted by the total principal outstanding of all taxable MRBs as of the reporting date. As of December 31, 2018, the range of effective yields on the individual MRBs was 3.3% to 9.1% per annum, with a weighted average effective yield of 4.6% when weighted by the total principal outstanding of all MRBs as of the reporting date; and 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 total principal outstanding of all taxable MRBs as of the reporting date. Investments in PHC Certificates The fair value of the Partnership’s investment in PHC Certificates as of September 30, 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 September 30, 2019, the range of effective yields on the PHC Certificates was 4.5% to 5.4% per annum, with a weighted average effective yield of 5.3% when weighted by the principal outstanding of all 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 all PHC Certificates 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, subject to performance by the counterparty, 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 September 30, 2019 are summarized as follows: Fair Value Measurements as of September 30, 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 $ 747,157,387 $ - $ - $ 747,157,387 Mortgage revenue bonds 30,125,333 - - 30,125,333 PHC Certificates 44,684,506 - - 44,684,506 Taxable mortgage revenue bonds (reported within other assets) 1,427,336 - - 1,427,336 Derivative instruments (reported within other assets) 52,605 - - 52,605 Total Assets at Fair Value, net $ 823,447,167 $ - $ - $ 823,447,167 The following tables summarize the activity related to Level 3 assets for the three and nine months ended September 30, 2019: For the Three Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance April 1, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,542 2,915 - (68,333 ) (29,876 ) Included in other comprehensive (loss) income 18,886,878 173,374 (11,936 ) - 19,048,316 Purchases - - - 29,527 29,527 Settlements (1,166,407 ) (2,007,937 ) (2,044 ) (26,868 ) (3,203,256 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (68,333 ) $ (68,333 ) (1) For the Nine Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives 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) 106,909 (795 ) - (458,141 ) (352,027 ) Included in other comprehensive income 41,280,568 788,318 43,438 - 42,112,324 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (15,508,192 ) (4,775,103 ) (25,997 ) (145,414 ) (20,454,706 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (458,141 ) $ (458,141 ) (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 and nine months ended September 30, 2018: For the Three Months Ended September 30, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance July 1, 2018 $ 767,629,337 $ 994,685 $ 49,070,710 $ 2,357,952 $ 897,958 $ 820,950,642 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 36,126 - (19,274 ) - 91,679 108,531 Included in earnings (impairment of securities) - - (309,958 ) - - (309,958 ) Included in other comprehensive (loss) income (6,729,317 ) 51,760 - (15,192 ) - (6,692,749 ) Purchases - - - - - - Settlements (18,470,222 ) - - (2,858 ) 47,540 (18,425,540 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2018 $ - $ - $ (309,958 ) $ - $ 91,679 $ (218,279 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities. For the Nine Months Ended September 30, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2018 $ 788,621,707 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,458,663 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 108,661 - (57,822 ) - 1,088,060 1,138,899 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive (loss) income (24,048,645 ) (1,956,095 ) 525,446 (49,173 ) - (25,528,467 ) Purchases 19,540,000 - - - - 19,540,000 Settlements (41,755,799 ) - (226,714 ) (33,384 ) 178,748 (41,837,149 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2018 $ - $ - $ (1,141,020 ) $ - $ 1,088,060 $ (52,960 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018. (2) Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities. Total gains and loss included in earnings for the interest rate derivatives are reported as interest expense in the condensed consolidated statements of operations. In September 2019 and 2018, the Partnership determined that the land held for development in Gardner, KS was impaired. The Partnership recorded impairment charges of $75,000 and $150,000 in the third quarter of 2019 and 2018, respectively. The impairment charges represent the difference between the Partnership’s carrying value and the estimated fair value of the land. As of September 30, 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 Financings are credit enhanced by Freddie Mac. The variable-rate TOB Trust financings are credit enhanced by either Deutsche Bank or Mizuho. The table below summarizes the fair value of the financial liabilities as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 552,012,130 $ 572,810,140 $ 541,322,765 $ 550,766,809 Mortgages payable and other secured financing 27,049,871 27,078,357 27,454,375 27,552,748

Segments

Segments	9 Months Ended
	Sep. 30, 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 September 30, 2019, the Partnership held 76 MRBs. The Residential Properties financed by MRBs contain a total of 10,871 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 September 30, 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 made property loans to certain multifamily housing properties (Note 10). The following tables detail certain key financial information for the Partnership’s reportable segments for the three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Total revenues Mortgage Revenue Bond Investments $ 10,383,867 $ 21,440,970 $ 31,074,582 $ 44,609,666 MF Properties 1,974,546 2,285,736 6,002,971 7,099,690 Public Housing Capital Fund Trusts 589,024 617,661 1,812,779 1,860,728 Other Investments 1,918,265 1,656,748 7,986,302 4,674,230 Total revenues $ 14,865,702 $ 26,001,115 $ 46,876,634 $ 58,244,314 Interest expense Mortgage Revenue Bond Investments $ 5,789,009 $ 5,583,512 $ 16,894,378 $ 16,208,340 MF Properties 365,995 472,796 1,096,016 1,325,019 Public Housing Capital Fund Trusts 354,017 338,375 1,120,482 557,955 Other Investments - - - - Total interest expense $ 6,509,021 $ 6,394,683 $ 19,110,876 $ 18,091,314 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 743,503 849,516 2,380,815 2,672,925 Public Housing Capital Fund Trusts - - - - Other Investments - - - - Total depreciation expense $ 743,503 $ 849,516 $ 2,380,815 $ 2,672,925 Net income (loss) Mortgage Revenue Bond Investments $ (2,492,643 ) $ 12,039,700 $ 1,836,196 $ 18,647,585 MF Properties (434,099 ) 4,228,494 (946,230 ) 3,770,339 Public Housing Capital Fund Trusts 235,007 (30,672 ) 692,297 161,753 Other Investments 12,399,638 1,645,533 18,463,643 4,645,803 Net income $ 9,707,903 $ 17,883,055 $ 20,045,906 $ 27,225,480 The following table details total assets for the Partnership’s reportable segments as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Total assets Mortgage Revenue Bond Investments $ 921,054,641 $ 864,311,647 MF Properties 71,013,626 71,120,280 Public Housing Capital Fund Trusts 45,014,774 48,942,334 Other Investments 87,089,136 85,048,514 Consolidation/eliminations (90,671,007 ) (86,709,529 ) Total assets $ 1,033,501,170 $ 982,713,246

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2019
Subsequent Events [Abstract]
Subsequent Events	24. Subsequent Events In October 2019, the Partnership executed a $7.4 million equity commitment to fund construction of the Vantage at O’Connor multifamily property in San Antonio, TX. In October 2019, the Partnership extended the maturity of the Term TOB Trust financing secured by the Pro Nova 2014-1 MRB from October 2019 to January 2020

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 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 September 30, 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, which is committed to loan money or 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. 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 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, operating 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 lessor 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.
PHC Certificate Impairment	PHC Certificate Impairment The Partnership periodically reviews the PHC Certificates for impairment. The Partnership evaluates whether declines in the fair value of the investments below amortized cost are other-than temporary. Factors considered include: • The duration and severity of the decline in fair value, • The Partnership’s intent to hold and the likelihood of it being required to sell the security before its value recovers, • Potential changes in HUD appropriations to local housing authorities, • Downgrade in the security’s rating by Standard & Poor’s, and • Volatility of the fair value of the security.
Real Estate Assets Impairment	Real Estate Assets The Partnership reviews real estate assets for impairment at least quarterly and whenever events or changes in circumstances indicate that the carrying value of a property may not be recoverable. When indicators of potential impairment suggest that the carrying value of a real estate asset may not be recoverable, the Partnership compares the carrying amount of the real estate asset to the undiscounted net cash flows expected to be generated from the use of the asset. If the carrying value exceeds the undiscounted net cash flows, an impairment loss is recorded to the extent that the carrying value of the property exceeds its estimated fair value.
Reclassification	Reclassification Certain prior year amounts have been reclassified for consistency with the current period presentation. In the three and nine months ended September 30, 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 reported as a separate line item in the Partnership’s condensed consolidated statement of operations. Accordingly, for the three and nine months ended September 30, 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 September 30, 2019, and the results of operations for the interim periods presented, have been made. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The accompanying 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 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. In October 2019, the FASB approved a delay in the effective date of this ASU for smaller reporting companies, such as the Partnership, and other non-SEC reporting entities. The FASB expects to issue two final ASUs relating to this matter in mid-November 2019. The new ASUs will delay the effective date for such entities to fiscal years beginning after December 31, 2022, including interim periods within those fiscal periods. As the Partnership is a smaller reporting company, it may elect to delay its effective date. The Partnership has completed an assessment of the items that are within the scope of the new ASU. The items include property loans, receivables reported within other assets, financial guarantees and commitments. Also within the scope of the ASU are changes to the impairment model for available-for-sale debt securities, which includes the Partnership’s MRBs, PHC Certificates, and taxable MRBs. The Partnership is currently developing data collection processes, assessment procedures and internal controls required to implement the ASU for such items in the Partnership’s condensed consolidated financial statements. The Partnership is continuing to evaluate whether to defer their implementation date of the ASU and will make a final determination in the fourth quarter of 2019. In July 2019, the FASB issued ASU 2019-07, “Codification Updates to SEC Sections” which amends the SEC Rules, Regulations and Interpretations section of various topics within the FASB Accounting Standards Codification. The amendments were made as the result of the SEC’s Final Rule Releases No. 33-10532, “Disclosure Update and Simplification”, No. 33-10231, “Investment Company Reporting Modernization”, and No. 33-10442, “Miscellaneous Update”. The Partnership’s condensed consolidated financial statements and notes to condensed consolidated financial statements are in compliance with the relevant Codification updates. There were no significant changes to the Partnership’s condensed consolidated financial statements as a result of the ASU.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018: Maximum Exposure to Loss September 30, 2019 December 31, 2018 Mortgage revenue bonds $ 30,480,000 $ 51,791,000 Property loans - 8,367,635 Investment in unconsolidated entities 87,059,995 76,534,306 $ 117,539,995 $ 136,692,941

Investments in Mortgage Reven_2

Investments in Mortgage Revenue Bonds (Tables)	9 Months Ended
	Sep. 30, 2019
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of investments in MRBs	The Partnership had the following investments in MRBs as of September 30, 2019 and December 31, 2018: September 30, 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 $ 10,168,651 $ 1,696,441 $ - $ 11,865,092 Glenview Apartments - Series A (4) CA 4,546,210 767,387 - 5,313,597 Harmony Court Bakersfield - Series A (5) CA 3,707,631 582,453 - 4,290,084 Harmony Terrace - Series A (5) CA 6,863,296 1,185,795 - 8,049,091 Harden Ranch - Series A (3) CA 6,719,931 1,207,559 - 7,927,490 Las Palmas II - Series A (5) CA 1,682,524 278,924 - 1,961,448 Montclair Apartments - Series A (4) CA 2,462,936 415,737 - 2,878,673 Montecito at Williams Ranch Apartments - Series A (7) CA 7,690,000 1,651,838 - 9,341,838 San Vicente - Series A (5) CA 3,469,276 558,315 - 4,027,591 Santa Fe Apartments - Series A (4) CA 2,983,755 548,485 - 3,532,240 Seasons at Simi Valley - Series A (5) CA 4,293,474 912,975 - 5,206,449 Seasons Lakewood - Series A (5) CA 7,310,902 1,191,125 - 8,502,027 Seasons San Juan Capistrano - Series A (5) CA 12,309,171 2,005,465 - 14,314,636 Summerhill - Series A (5) CA 6,384,482 972,132 - 7,356,614 Sycamore Walk - Series A (5) CA 3,568,952 590,916 - 4,159,868 The Village at Madera - Series A (5) CA 3,066,499 481,734 - 3,548,233 Tyler Park Townhomes - Series A (3) CA 5,854,394 859,781 - 6,714,175 Vineyard Gardens - Series A (7) CA 3,995,000 852,151 - 4,847,151 Westside Village Market - Series A (3) CA 3,825,835 601,208 - 4,427,043 Brookstone (1) IL 7,413,743 2,191,618 - 9,605,361 Copper Gate Apartments (3) IN 5,055,000 710,986 - 5,765,986 Renaissance - Series A (4) LA 11,032,412 1,899,144 - 12,931,556 Live 929 Apartments (7), (8) MD 40,055,592 - (149,095 ) 39,906,497 Woodlynn Village (1) MN 4,197,000 10,509 - 4,207,509 Gateway Village (2) NC 2,600,000 289,170 - 2,889,170 Greens Property - Series A (3) NC 7,960,000 844,249 - 8,804,249 Lynnhaven Apartments (2) NC 3,450,000 383,707 - 3,833,707 Silver Moon - Series A (4) NM 7,777,580 1,447,981 - 9,225,561 Village at Avalon - Series A (6) NM 16,329,272 3,275,151 - 19,604,423 Ohio Properties - Series A (1) OH 13,890,001 48,160 - 13,938,161 Bridle Ridge (1) SC 7,315,000 54,050 - 7,369,050 Columbia Gardens (5) SC 13,105,293 2,157,828 - 15,263,121 Companion at Thornhill Apartments (5) SC 11,208,284 1,729,367 - 12,937,651 Cross Creek (1) SC 6,144,672 2,520,743 - 8,665,415 Rosewood Townhomes - Series A (7) SC 9,280,000 114,365 - 9,394,365 South Pointe Apartments - Series A (7) SC 21,600,000 362,290 - 21,962,290 The Palms at Premier Park Apartments (3) SC 18,891,224 2,779,140 - 21,670,364 Village at River's Edge (5) SC 9,889,108 2,330,806 - 12,219,914 Willow Run (5) SC 12,923,882 2,126,087 - 15,049,969 Arbors at Hickory Ridge (3) TN 11,092,043 2,021,048 - 13,113,091 Pro Nova 2014-1 (2), (8) TN 10,023,617 - (347,124 ) 9,676,493 Avistar at Copperfield - Series A (2) TX 13,977,000 2,333,591 - 16,310,591 Avistar at the Crest - Series A (3) TX 9,279,129 1,772,133 - 11,051,262 Avistar at the Oaks - Series A (3) TX 7,496,870 1,407,554 - 8,904,424 Avistar at the Parkway - Series A (4) TX 13,020,181 2,117,134 - 15,137,315 Avistar at Wilcrest - Series A (2) TX 5,297,000 818,097 - 6,115,097 Avistar at Wood Hollow - Series A (2) TX 40,220,000 6,546,613 - 46,766,613 Avistar in 09 - Series A (3) TX 6,473,257 1,068,331 - 7,541,588 Avistar on the Boulevard - Series A (3) TX 15,807,997 2,738,122 - 18,546,119 Avistar on the Hills - Series A (3) TX 5,179,570 996,345 - 6,175,915 Bruton Apartments (5) TX 17,839,917 3,637,297 - 21,477,214 Concord at Gulfgate - Series A (5) TX 19,018,891 3,758,251 - 22,777,142 Concord at Little York - Series A (5) TX 13,323,633 2,757,400 - 16,081,033 Concord at Williamcrest - Series A (5) TX 20,639,734 4,174,795 - 24,814,529 Crossing at 1415 - Series A (5) TX 7,423,125 1,149,904 - 8,573,029 Decatur Angle (5) TX 22,500,338 3,869,765 - 26,370,103 Esperanza at Palo Alto (5) TX 19,390,360 4,290,792 - 23,681,152 Heights at 515 - Series A (5) TX 6,795,999 1,229,217 - 8,025,216 Heritage Square - Series A (4) TX 10,722,964 1,471,450 - 12,194,414 Oaks at Georgetown - Series A (5) TX 12,264,411 1,750,507 - 14,014,918 Runnymede (1) TX 9,985,000 154,466 - 10,139,466 Southpark (1) TX 11,679,665 2,411,352 - 14,091,017 15 West Apartments (5) WA 9,689,570 2,382,417 - 12,071,987 Mortgage revenue bonds held in trust $ 650,161,253 $ 97,492,353 $ (496,219 ) $ 747,157,387 (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) (7) (8) September 30, 2019 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montevista - Series A & B CA $ 13,200,000 $ 1,722,484 $ - $ 14,922,484 Solano Vista - Series A & B CA 5,768,000 650,549 - 6,418,549 Greens Property - Series B NC 931,038 145,428 - 1,076,466 Ohio Properties - Series B OH 3,508,510 10,480 - 3,518,990 Rosewood Townhomes - Series B SC 470,000 1,563 - 471,563 South Pointe Apartments - Series B SC 1,100,000 3,139 - 1,103,139 Avistar at the Crest - Series B TX 742,034 97,848 - 839,882 Avistar at the Oaks - Series B TX 542,984 69,234 - 612,218 Avistar at the Parkway - Series B TX 124,382 38,672 - 163,054 Avistar in 09 - Series B TX 447,913 55,370 - 503,283 Avistar on the Boulevard - Series B TX 440,919 54,786 - 495,705 Mortgage revenue bonds held by the Partnership $ 27,275,780 $ 2,849,553 $ - $ 30,125,333 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 had been in a cumulative unrealized loss position for less than 12 consecutive months.
Schedule of MRBs Acquisitions	Acquisitions: The following MRBs were acquired during the nine months ended September 30, 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 Montevista - Series A June San Pablo, CA 82 7/1/2036 5.75 % 6,720,000 Montevista - Series B June San Pablo, CA 82 7/1/2021 5.75 % 6,480,000 $ 19,250,000 Acquisitions: The following MRB was acquired during the nine months ended September 30, 2018: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Esperanza at Palo Alto (1) May San Antonio, TX 322 7/1/2058 5.80 % $ 19,540,000 (1)
Schedule of MRBs Redeemed	Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 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 Courtyard Apartments - Series B April Fullerton, CA 108 6/1/2019 8.00 % 6,228,000 $ 11,802,000 Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2018: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Sycamore Walk - Series B January Bakersfield, CA 112 1/1/2018 8.00 % $ 1,815,000 Seasons Lakewood - Series B March Lakewood, CA 85 1/1/2019 8.00 % 5,260,000 Summerhill - Series B March Bakersfield, CA 128 12/1/2018 8.00 % 3,372,000 Oaks at Georgetown - Series B April Georgetown, TX 192 1/1/2019 8.00 % 5,512,000 Seasons at Simi Valley - Series B April Simi Valley, CA 69 9/1/2018 8.00 % 1,944,000 San Vicente - Series B May Soledad, CA 50 11/1/2018 8.00 % 1,825,000 The Village at Madera - Series B May Madera, CA 75 12/1/2018 8.00 % 1,719,000 Las Palmas - Series B July Coachella, CA 81 11/1/2018 8.00 % 1,770,000 Harmony Terrace - Series B August Simi Valley, CA 136 1/1/2019 8.00 % 7,400,000 Lake Forest September Daytona Beach, FL 240 12/1/2031 6.25 % 8,397,000 $ 39,014,000
Term of Mortgage Revenue Bond After Restructuring	The following MRBs were restructured during the nine months ended September 30, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows: Property Name Month Restructured Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Restructuring Avistar at Copperfield - Series B May Houston, TX 192 6/1/2054 12.00 % $ 4,000,000 Avistar at Wilcrest - Series B May Houston, TX 88 6/1/2054 12.00 % 1,550,000 Avistar at Wood Hollow - Series B May Austin, TX 409 6/1/2054 12.00 % 8,410,000 $ 13,960,000

Public Housing Capital Fund T_2

Public Housing Capital Fund Trust ( "PHC") Certificates (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018: September 30, 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 5.73 AA- 5.37% $ 24,510,244 $ 483,113 $ - $ 24,993,357 PHC Certificate Trust II 4.09 AA- 4.38% 4,372,215 362,710 - 4,734,925 PHC Certificate Trust III 6.08 BBB 5.12% 14,588,947 367,277 - 14,956,224 $ 43,471,406 $ 1,213,100 $ - $ 44,684,506 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)	9 Months Ended
	Sep. 30, 2019
Real Estate [Line Items]
Real Estate Assets Owned by Partnership	The following tables summarize information regarding the Partnership’s real estate assets as of September 30, 2019 and December 31, 2018: Real Estate Assets as of September 30, 2019 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,065,722 $ 42,264,990 The 50/50 MF Property Lincoln, NE 475 - 32,937,357 32,937,357 Land held for development (1) (1) 1,701,197 - 1,701,197 $ 76,903,544 Less accumulated depreciation (14,650,397 ) Total real estate assets $ 62,253,147 (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 land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE.
MF Properties [Member]
Real Estate [Line Items]
Gains on Sale, Net of Income Taxes	In September 2018, the Partnership sold the Jade Park MF Property to an unrelated third party. The table below summarizes information related to the sale. The gain on sale is considered Tier 2 income (Note 3). The Partnership determined the sale did not meet the criteria for discontinued operations. Property Name Month Sold Property Location Units Gross Proceeds Gain on Sale before Income Taxes Jade Park September Daytona, FL 144 $ 13,450,000 $ 4,051,429

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018 and remaining equity investment commitment amounts as of September 30, 2019: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of September 30, 2019 Carrying Value as of December 31, 2018 Maximum Remaining Equity Commitment as of September 30, 2019 Vantage at Boerne Boerne, TX 288 August 2016 April 2018 $ 8,363,500 $ 8,830,000 $ 1,475,936 Vantage at Waco Waco, TX 288 August 2016 May 2018 9,337,166 9,337,166 1,592,039 Vantage at Panama City Beach Panama City Beach, FL 288 March 2017 July 2018 - 11,408,135 - Vantage at Powdersville Powdersville, SC 288 November 2017 N/A 12,295,801 11,535,895 - Vantage at Stone Creek Omaha, NE 294 March 2018 N/A 7,840,500 7,572,819 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 9,894,619 9,182,522 - Vantage at Germantown Germantown, TN 288 June 2018 N/A 11,456,353 7,033,398 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 13,184,069 6,254,104 - Vantage at Coventry Omaha, NE 288 September 2018 N/A 8,825,914 5,380,267 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 5,862,073 - 3,393,059 2,886 $ 87,059,995 $ 76,534,306 $ 6,461,034
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 and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Property Revenues $ 3,713,106 $ 2,824,019 $ 9,534,250 $ 5,687,214 Gain on sale of property $ 22,556,694 $ - $ 22,556,694 $ - Net income (loss) $ 21,606,621 $ (353,067 ) $ 20,918,176 $ (2,688,985 )

Property Loans, Net of Loan L_2

Property Loans, Net of Loan Loss Allowances (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018: September 30, 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 Live 929 Apartments 405,717 - 405,717 Total $ 15,392,908 $ (7,393,814 ) $ 7,999,094 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)	9 Months Ended
	Sep. 30, 2019
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	The following table summarizes income tax expense (benefit) for the three and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Current income tax expense (benefit) $ 13,932 $ (809,805 ) $ 129,095 $ (837,805 ) Deferred income tax expense (benefit) (82,167 ) - (138,331 ) 34,000 Total income tax benefit $ (68,235 ) $ (809,805 ) $ (9,236 ) $ (803,805 )

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the other assets as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Deferred financing costs, net $ 333,004 $ 397,823 Fair value of derivative instruments (Note 17) 52,605 626,633 Taxable mortgage revenue bonds, at fair value 1,427,336 1,409,895 Operating lease right-of-use assets, net 1,681,238 - Other assets 1,446,520 2,081,258 Total other assets $ 4,940,703 $ 4,515,609

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Accounts payable $ 182,099 $ 230,631 Accrued expenses 3,023,629 2,956,368 Accrued interest expense 2,572,279 2,270,348 Operating lease liabilities 2,137,792 - Other liabilities 1,677,151 2,086,475 Total accounts payable, accrued expenses and other liabilities $ 9,592,950 $ 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 $ 34,165 2020 135,812 2021 136,366 2022 139,091 2023 141,871 Thereafter 4,661,979 Total 5,249,284 Less: Amount representing interest (3,111,492 ) Total operating lease liabilities $ 2,137,792

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)	9 Months Ended
	Sep. 30, 2019
Unsecured Lines of Credit [Member]
Summary of Unsecured Lines of Credit	The following tables summarize the unsecured lines of credit (“LOC”) as of September 30, 2019 and December 31, 2018: Unsecured Lines of Credit Outstanding as of September 30, 2019 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 13,200,000 $ 50,000,000 June 2021 Variable (1) Monthly 4.58 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 5.33 % Total unsecured lines of credit $ 13,200,000 $ 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 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)	9 Months Ended
	Sep. 30, 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 September 30, 2019 and December 31, 2018: Outstanding Debt Financings as of September 30, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,792,062 $ 98,007 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,885,290 4,999 2014 July 2024 Weekly 1.61% 1.42% 3.03% Fixed - M33 31,638,938 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 218,030,897 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 October 2019 N/A N/A N/A 4.01% Fixed - Term A/B 5,256,054 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,404,644 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,645,347 - 2019 July 2020 Weekly 1.68% 1.17% 2.85% Variable - TOB 42,228,417 - 2019 August 2020 Weekly 1.68% 1.17% - 1.66% 2.85% - 3.34% Variable - TOB 35,841,489 - 2019 September 2020 Weekly 2.03% 1.12% 3.15% Morgan Stanley: Fixed - Term TOB 13,078,992 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,812,130 (1) Facility fees are variable. (2) 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 (1) $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (2) 80,418,505 181,626 2014 July 2019 Weekly 1.74% 1.49% 3.23% Variable - M33 (3) 31,262,039 58,002 2015 July 2020 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 Deutsche Bank: 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) In July 2019, the Partnership refinanced the M2 (2) In June 2019, the Partnership exercised its unilateral right to extend the financing for an additional five-year period through July 2024 . Facility fees are variable . (3) In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of September 2030 . (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. TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total Term TOB Trust Financing $ 104,056,000 Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000
Summary of Debt Financing Facilities and Term A/B Trust Collapsed and Redeemed Prices Partnership's Carrying Value Plus Accrued Interest	The following debt financing facilities 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 Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300 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 Oaks at Georgetown - Series B Term A/B Trust April 2018 4,690,000 San Vicente - Series B Term A/B Trust May 2018 1,555,000 The Village at Madera - Series B Term A/B Trust May 2018 1,465,000 Las Palmas II - Series B Term A/B Trust July 2018 1,505,000 15 West Apartments (1) Term A/B Trust August 2018 8,300,012 Bruton Apartments (1) Term A/B Trust August 2018 15,279,403 Columbia Gardens (1) Term A/B Trust August 2018 10,222,680 Companion at Thornhill Apartments (1) Term A/B Trust August 2018 9,642,587 Concord at Gulfgate - Series A (1) Term A/B Trust August 2018 16,310,000 Concord at Little York - Series A (1) Term A/B Trust August 2018 11,425,000 Concord at Williamcrest - Series A (1) Term A/B Trust August 2018 17,695,000 Courtyard - Series A (1) Term A/B Trust August 2018 9,210,000 Courtyard - Series B Term A/B Trust August 2018 5,295,000 Crossing at 1415 - Series A (1) Term A/B Trust August 2018 6,370,877 Decatur Angle (1) Term A/B Trust August 2018 21,362,472 Harmony Court Bakersfield - Series A (1) Term A/B Trust August 2018 3,360,000 Harmony Terrace - Series A (1) Term A/B Trust August 2018 6,210,000 Harmony Terrace - Series B Term A/B Trust August 2018 6,290,000 Heights at 515 - Series A (1) Term A/B Trust August 2018 5,402,307 Las Palmas II - Series A (1) Term A/B Trust August 2018 1,530,000 Oaks at Georgetown - Series A (1) Term A/B Trust August 2018 11,100,000 San Vicente - Series A (1) Term A/B Trust August 2018 3,150,000 Seasons at Simi Valley - Series A (1) Term A/B Trust August 2018 3,688,843 Seasons Lakewood - Series A (1) Term A/B Trust August 2018 6,615,000 Seasons San Juan Capistrano - Series A (1) Term A/B Trust August 2018 11,140,000 Seasons San Juan Capistrano - Series B Term A/B Trust August 2018 5,590,000 Summerhill - Series A (1) Term A/B Trust August 2018 5,785,000 Sycamore Walk - Series A (1) Term A/B Trust August 2018 3,066,769 The Village at Madera - Series A (1) Term A/B Trust August 2018 2,780,000 Village at River's Edge (1) Term A/B Trust August 2018 8,963,207 Willow Run (1) Term A/B Trust August 2018 10,079,940 $ 242,424,098 (1) In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust.
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 $ 9,445,353 2020 114,279,468 2021 5,328,914 2022 18,499,166 2023 5,899,262 Thereafter 387,921,886 Total 541,374,049 Unamortized deferred financing costs and debt premium (2,561,919 ) Total debt financing, net $ 538,812,130

Mortgages Payable and Other S_2

Mortgages Payable and Other Secured Financing (Tables)	9 Months Ended
	Sep. 30, 2019
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2019 and December 31, 2018: Outstanding Debt Financings as of September 30, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,792,062 $ 98,007 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,885,290 4,999 2014 July 2024 Weekly 1.61% 1.42% 3.03% Fixed - M33 31,638,938 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 218,030,897 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB & Term A/B Trusts Securitization Deutsche Bank: Fixed - Term TOB 8,010,000 - 2014 October 2019 N/A N/A N/A 4.01% Fixed - Term A/B 5,256,054 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,404,644 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,645,347 - 2019 July 2020 Weekly 1.68% 1.17% 2.85% Variable - TOB 42,228,417 - 2019 August 2020 Weekly 1.68% 1.17% - 1.66% 2.85% - 3.34% Variable - TOB 35,841,489 - 2019 September 2020 Weekly 2.03% 1.12% 3.15% Morgan Stanley: Fixed - Term TOB 13,078,992 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,812,130 (1) Facility fees are variable. (2) 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 (1) $ 41,466,000 $ 432,998 2010 September 2020 Weekly 1.76% 1.85% 3.61% Variable - M31 (2) 80,418,505 181,626 2014 July 2019 Weekly 1.74% 1.49% 3.23% Variable - M33 (3) 31,262,039 58,002 2015 July 2020 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 Deutsche Bank: 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) In July 2019, the Partnership refinanced the M2 (2) In June 2019, the Partnership exercised its unilateral right to extend the financing for an additional five-year period through July 2024 . Facility fees are variable . (3) In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of September 2030 . (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. TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total Term TOB Trust Financing $ 104,056,000 Term TOB Trusts Securitization Outstanding Term TOB Trust Financing Stated Maturity Fixed Interest Rate Village at Avalon $ 13,167,000 May 2022 3.53 % Total Term TOB Trust Financing $ 13,167,000 Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Gateway Village $ 2,262,000 February 2020 4.53 % Lynnhaven Apartments 3,001,500 February 2020 4.53 % Total Term A/B Trust Financing $ 5,263,500 Term A/B Trusts Securitization Outstanding Term A/B Trust Financing Stated Maturity Fixed Interest Rate Montecito at Williams Ranch - Series A $ 6,921,000 November 2018 4.53 % Montecito at Williams Ranch - Series B 4,303,000 November 2018 4.53 % Vineyard Gardens - Series A 3,595,000 November 2018 4.53 % Vineyard Gardens - Series B 2,561,000 November 2018 4.53 % Total Term A/B Trust Financing $ 17,380,000
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 $ 9,445,353 2020 114,279,468 2021 5,328,914 2022 18,499,166 2023 5,899,262 Thereafter 387,921,886 Total 541,374,049 Unamortized deferred financing costs and debt premium (2,561,919 ) Total debt financing, net $ 538,812,130
Mortgages payable [Member]
Schedule of Total Debt Financing	The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of September 30, 2019 and December 31, 2018: MF Property Mortgage Payables Outstanding Mortgage Payable as of September 30, 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 $ 2,988,989 2014 December 2019 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 24,060,882 2013 March 2020 Variable Monthly 5.00 % (1) 5.00 % Total Mortgage Payable\Weighted Average Period End Rate $ 27,049,871 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 $ 3,133,103 2020 23,945,254 2021 - 2022 - 2023 - Thereafter - Total 27,078,357 Unamortized deferred financing costs (28,486 ) Total mortgages payable and other secured financings, net $ 27,049,871

Interest Rate Derivative Agre_2

Interest Rate Derivative Agreements (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2019 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank 2 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada 2 July 2015 27,117,092 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc 2 June 2017 81,351,277 Aug 2020 1.5 % SIFMA M33 TEBS Barclays Bank PLC 45,274 Sept 2017 58,447,000 Sept 2020 4.0 % SIFMA M24 TEBS Barclays Bank PLC - Aug 2019 79,695,286 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 7,325 $ 52,605 (1) See Note 22 for additional details. Purchase Date Notional Amount Maturity Date Effective Capped Rate (2) 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)	9 Months Ended
	Sep. 30, 2019
Commitments And Contingencies Disclosure [Abstract]
Summary of Partnership's Maximum Exposure Under Guarantee Agreements	The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of September 30, 2019: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of September 30, 2019 Partnership's Maximum Exposure as of September 30, 2019 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 24,826,510 $ 24,826,510 (1) Vantage at Coventry 2018 31,500,000 5,275,651 5,275,651 (1) (1) The Partnership’s maximum exposure will decrease to 50% of the construction loan balance upon receipt of the certificate of occupancy and to 25% of the construction loan balance when certain debt service coverage levels are achieved by the borrower. Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of September 30, 2019 Ohio Properties 2011 2026 $ 3,712,436 Greens of Pine Glen, LP 2012 2027 2,429,658

Redeemable Series A Preferred_2

Redeemable Series A Preferred Units (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2019 and December 31, 2018 9,450,000 $ 94,500,000

Restricted Unit Awards ("RUAs_2

Restricted Unit Awards ("RUAs") (Tables)	9 Months Ended
	Sep. 30, 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 nine months ended September 30, 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 353,197 7.74 Vested (618,487 ) 7.05 Nonvested as of September 30, 2019 - $ -

Transactions with Related Par_2

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Partnership administrative fees paid to AFCA 2 (1) $ 914,000 $ 940,000 $ 2,714,000 $ 2,789,000 Property management fees paid to an affiliate (2) 28,000 49,000 101,000 147,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 12,000 - 44,000 - (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 and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Non-Partnership property administrative fees received by AFCA 2 (1) 9,000 17,000 $ 27,000 $ 60,000 Investment/mortgage placement fees received by AFCA 2 (2) - 1,189,000 822,000 2,787,000 MRB redemption administrative fee received by AFCA 2 (3) - 114,000 - 114,000 (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. (3) AFCA 2 received a one-time administrative fee related to early redemption of the Lake Forest MRB from the property in September 2018.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2019 are summarized as follows: Fair Value Measurements as of September 30, 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 $ 747,157,387 $ - $ - $ 747,157,387 Mortgage revenue bonds 30,125,333 - - 30,125,333 PHC Certificates 44,684,506 - - 44,684,506 Taxable mortgage revenue bonds (reported within other assets) 1,427,336 - - 1,427,336 Derivative instruments (reported within other assets) 52,605 - - 52,605 Total Assets at Fair Value, net $ 823,447,167 $ - $ - $ 823,447,167 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 and nine months ended September 30, 2019: For the Three Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance April 1, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,542 2,915 - (68,333 ) (29,876 ) Included in other comprehensive (loss) income 18,886,878 173,374 (11,936 ) - 19,048,316 Purchases - - - 29,527 29,527 Settlements (1,166,407 ) (2,007,937 ) (2,044 ) (26,868 ) (3,203,256 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (68,333 ) $ (68,333 ) (1) For the Nine Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives 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) 106,909 (795 ) - (458,141 ) (352,027 ) Included in other comprehensive income 41,280,568 788,318 43,438 - 42,112,324 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (15,508,192 ) (4,775,103 ) (25,997 ) (145,414 ) (20,454,706 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (458,141 ) $ (458,141 ) (1) The following tables summarize the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2018: For the Three Months Ended September 30, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Bonds Interest Rate Derivatives (2) Total Beginning Balance July 1, 2018 $ 767,629,337 $ 994,685 $ 49,070,710 $ 2,357,952 $ 897,958 $ 820,950,642 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 36,126 - (19,274 ) - 91,679 108,531 Included in earnings (impairment of securities) - - (309,958 ) - - (309,958 ) Included in other comprehensive (loss) income (6,729,317 ) 51,760 - (15,192 ) - (6,692,749 ) Purchases - - - - - - Settlements (18,470,222 ) - - (2,858 ) 47,540 (18,425,540 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2018 $ - $ - $ (309,958 ) $ - $ 91,679 $ (218,279 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. (2) Interest rate derivatives include derivative instruments reported in other assets as well as derivative swap liabilities. For the Nine Months Ended September 30, 2018 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives (2) Total Beginning Balance January 1, 2018 $ 788,621,707 $ 3,002,540 $ 49,641,588 $ 2,422,459 $ (229,631 ) $ 843,458,663 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 108,661 - (57,822 ) - 1,088,060 1,138,899 Included in earnings (impairment of securities) - - (1,141,020 ) - - (1,141,020 ) Included in other comprehensive (loss) income (24,048,645 ) (1,956,095 ) 525,446 (49,173 ) - (25,528,467 ) Purchases 19,540,000 - - - - 19,540,000 Settlements (41,755,799 ) - (226,714 ) (33,384 ) 178,748 (41,837,149 ) Ending Balance September 30, 2018 $ 742,465,924 $ 1,046,445 $ 48,741,478 $ 2,339,902 $ 1,037,177 $ 795,630,926 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2018 $ - $ - $ (1,141,020 ) $ - $ 1,088,060 $ (52,960 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. The beginning balance also includes the cumulative effect of accounting change related to the adoption of ASU 2017-08 effective January 1, 2018. (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 September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and LOCs $ 552,012,130 $ 572,810,140 $ 541,322,765 $ 550,766,809 Mortgages payable and other secured financing 27,049,871 27,078,357 27,454,375 27,552,748

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2019 and 2018: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2019 2018 2019 2018 Total revenues Mortgage Revenue Bond Investments $ 10,383,867 $ 21,440,970 $ 31,074,582 $ 44,609,666 MF Properties 1,974,546 2,285,736 6,002,971 7,099,690 Public Housing Capital Fund Trusts 589,024 617,661 1,812,779 1,860,728 Other Investments 1,918,265 1,656,748 7,986,302 4,674,230 Total revenues $ 14,865,702 $ 26,001,115 $ 46,876,634 $ 58,244,314 Interest expense Mortgage Revenue Bond Investments $ 5,789,009 $ 5,583,512 $ 16,894,378 $ 16,208,340 MF Properties 365,995 472,796 1,096,016 1,325,019 Public Housing Capital Fund Trusts 354,017 338,375 1,120,482 557,955 Other Investments - - - - Total interest expense $ 6,509,021 $ 6,394,683 $ 19,110,876 $ 18,091,314 Depreciation expense Mortgage Revenue Bond Investments $ - $ - $ - $ - MF Properties 743,503 849,516 2,380,815 2,672,925 Public Housing Capital Fund Trusts - - - - Other Investments - - - - Total depreciation expense $ 743,503 $ 849,516 $ 2,380,815 $ 2,672,925 Net income (loss) Mortgage Revenue Bond Investments $ (2,492,643 ) $ 12,039,700 $ 1,836,196 $ 18,647,585 MF Properties (434,099 ) 4,228,494 (946,230 ) 3,770,339 Public Housing Capital Fund Trusts 235,007 (30,672 ) 692,297 161,753 Other Investments 12,399,638 1,645,533 18,463,643 4,645,803 Net income $ 9,707,903 $ 17,883,055 $ 20,045,906 $ 27,225,480 The following table details total assets for the Partnership’s reportable segments as of September 30, 2019 and December 31, 2018: September 30, 2019 December 31, 2018 Total assets Mortgage Revenue Bond Investments $ 921,054,641 $ 864,311,647 MF Properties 71,013,626 71,120,280 Public Housing Capital Fund Trusts 45,014,774 48,942,334 Other Investments 87,089,136 85,048,514 Consolidation/eliminations (90,671,007 ) (86,709,529 ) Total assets $ 1,033,501,170 $ 982,713,246

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Sep. 30, 2019USD ($)Property	Jan. 01, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Operating leases, right-of-use assets	$ 1,681,238
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)	Sep. 30, 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Earnings Per Share [Abstract]
Dilutive BUCs	0	0	0	0

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - Property	Sep. 30, 2019	Dec. 31, 2018
Variable Interest Entities [Abstract]
Number of Variable Interest Entities	16	17

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 117,539,995	$ 136,692,941
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	30,480,000	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	$ 87,059,995	$ 76,534,306

Investments in Mortgage Reven_3

Investments in Mortgage Revenue Bonds - Schedule of investments in MRBs (Details) - USD ($)		Sep. 30, 2019		Dec. 31, 2018
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		$ 650,161,253		$ 586,445,474
Cumulative Unrealized Gain		97,492,353		58,813,399
Cumulative Unrealized Loss		(496,219)
Estimated Fair Value		747,157,387		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]	10,168,651		10,230,000
Cumulative Unrealized Gain	[1]	1,696,441		954,573
Estimated Fair Value	[1]	11,865,092		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]	4,546,210		4,581,930
Cumulative Unrealized Gain	[2]	767,387		524,024
Estimated Fair Value	[2]	5,313,597		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	[1]	3,707,631		3,730,000
Cumulative Unrealized Gain	[1]	582,453		312,844
Estimated Fair Value	[1]	4,290,084		4,042,844
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]	6,863,296		6,900,000
Cumulative Unrealized Gain	[1]	1,185,795		647,686
Estimated Fair Value	[1]	8,049,091		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	[3]	6,719,931		6,775,508
Cumulative Unrealized Gain	[3]	1,207,559		1,007,557
Estimated Fair Value	[3]	7,927,490		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]	1,682,524		1,692,774
Cumulative Unrealized Gain	[1]	278,924		141,187
Estimated Fair Value	[1]	1,961,448		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]	2,462,936		2,482,288
Cumulative Unrealized Gain	[2]	415,737		246,752
Estimated Fair Value	[2]	2,878,673		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		7,690,000	[4]	7,690,000	[5]
Cumulative Unrealized Gain		1,651,838	[4]	973,133	[5]
Estimated Fair Value		9,341,838	[4]	8,663,133	[5]
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]	3,469,276		3,490,410
Cumulative Unrealized Gain	[1]	558,315		291,121
Estimated Fair Value	[1]	4,027,591		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]	2,983,755		3,007,198
Cumulative Unrealized Gain	[2]	548,485		401,203
Estimated Fair Value	[2]	3,532,240		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	[1]	4,293,474		4,325,536
Cumulative Unrealized Gain	[1]	912,975		655,326
Estimated Fair Value	[1]	5,206,449		4,980,862
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]	7,310,902		7,350,000
Cumulative Unrealized Gain	[1]	1,191,125		654,929
Estimated Fair Value	[1]	8,502,027		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]	12,309,171		12,375,000
Cumulative Unrealized Gain	[1]	2,005,465		1,102,687
Estimated Fair Value	[1]	14,314,636		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]	6,384,482		6,423,000
Cumulative Unrealized Gain	[1]	972,132		508,639
Estimated Fair Value	[1]	7,356,614		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	[1]	3,568,952		3,598,006
Cumulative Unrealized Gain	[1]	590,916		363,405
Estimated Fair Value	[1]	4,159,868		3,961,411
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]	3,066,499		3,085,000
Cumulative Unrealized Gain	[1]	481,734		229,934
Estimated Fair Value	[1]	3,548,233		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	[3]	5,854,394		5,903,368
Cumulative Unrealized Gain	[3]	859,781		731,073
Estimated Fair Value	[3]	6,714,175		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		3,995,000	[4]	3,995,000	[5]
Cumulative Unrealized Gain		852,151	[4]	534,351	[5]
Estimated Fair Value		4,847,151	[4]	4,529,351	[5]
Mortgage Revenue Bonds Held In Trust [Member] | Westside Village Market [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[3]	3,825,835		3,857,839
Cumulative Unrealized Gain	[3]	601,208		483,436
Estimated Fair Value	[3]	4,427,043		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	[6]	7,413,743		7,432,076
Cumulative Unrealized Gain	[6]	2,191,618		1,956,010
Estimated Fair Value	[6]	9,605,361		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	[3]	5,055,000		5,055,000
Cumulative Unrealized Gain	[3]	710,986		643,012
Estimated Fair Value	[3]	5,765,986		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]	11,032,412		11,123,800
Cumulative Unrealized Gain	[2]	1,899,144		1,383,680
Estimated Fair Value	[2]	12,931,556		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		40,055,592	[4],[7]	40,240,405	[5]
Cumulative Unrealized Gain	[5]			2,873,978
Cumulative Unrealized Loss	[4],[7]	(149,095)
Estimated Fair Value		39,906,497	[4],[7]	43,114,383	[5]
Mortgage Revenue Bonds Held In Trust [Member] | Woodlynn Village [Member] | MN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[6]	4,197,000		4,221,000
Cumulative Unrealized Gain	[6]	10,509		34,155
Estimated Fair Value	[6]	4,207,509		4,255,155
Mortgage Revenue Bonds Held In Trust [Member] | Gateway Village [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	2,600,000
Cumulative Unrealized Gain	[5]	289,170
Estimated Fair Value	[5]	2,889,170
Mortgage Revenue Bonds Held In Trust [Member] | Greens Property [Member] | Series A [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[3]	7,960,000		8,032,000
Cumulative Unrealized Gain	[3]	844,249		818,686
Estimated Fair Value	[3]	8,804,249		8,850,686
Mortgage Revenue Bonds Held In Trust [Member] | Lynnhaven Apartments [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	3,450,000
Cumulative Unrealized Gain	[5]	383,707
Estimated Fair Value	[5]	3,833,707
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]	7,777,580		7,822,610
Cumulative Unrealized Gain	[2]	1,447,981		778,940
Estimated Fair Value	[2]	9,225,561		8,601,550
Mortgage Revenue Bonds Held In Trust [Member] | Village At Avalon [Member] | Series A [Member] | NM [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[8]	16,329,272
Cumulative Unrealized Gain	[8]	3,275,151
Estimated Fair Value	[8]	19,604,423
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	[6]	13,890,001		13,989,000
Cumulative Unrealized Gain	[6]	48,160		241,675
Estimated Fair Value	[6]	13,938,161		14,230,675
Mortgage Revenue Bonds Held In Trust [Member] | Bridle Ridge [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[6]	7,315,000		7,395,000
Cumulative Unrealized Gain	[6]	54,050		90,349
Estimated Fair Value	[6]	7,369,050		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	[1]	13,105,293		13,222,480
Cumulative Unrealized Gain	[1]	2,157,828		1,396,828
Estimated Fair Value	[1]	15,263,121		14,619,308
Mortgage Revenue Bonds Held In Trust [Member] | Companion at Thornhill Apartments [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	11,208,284		11,294,928
Cumulative Unrealized Gain	[1]	1,729,367		1,148,219
Estimated Fair Value	[1]	12,937,651		12,443,147
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[6]	6,144,672		6,143,919
Cumulative Unrealized Gain	[6]	2,520,743		2,540,949
Estimated Fair Value	[6]	8,665,415		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	[3]	18,891,224		19,044,617
Cumulative Unrealized Gain	[3]	2,779,140		2,194,791
Estimated Fair Value	[3]	21,670,364		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	[1]	9,889,108		9,938,059
Cumulative Unrealized Gain	[1]	2,330,806		1,421,114
Estimated Fair Value	[1]	12,219,914		11,359,173
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	12,923,882		13,040,029
Cumulative Unrealized Gain	[1]	2,126,087		1,375,542
Estimated Fair Value	[1]	15,049,969		14,415,571
Mortgage Revenue Bonds Held In Trust [Member] | Arbors at Hickory Ridge [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[3]	11,092,043		11,194,690
Cumulative Unrealized Gain	[3]	2,021,048		1,399,461
Estimated Fair Value	[3]	13,113,091		12,594,151
Mortgage Revenue Bonds Held In Trust [Member] | Rosewood Townhomes [Member] | Series A [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[4]	9,280,000
Cumulative Unrealized Gain	[4]	114,365
Estimated Fair Value	[4]	9,394,365
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[5]	10,023,617	[7]	10,027,413
Cumulative Unrealized Gain	[5]			19,710
Cumulative Unrealized Loss	[5],[7]	(347,124)
Estimated Fair Value	[5]	9,676,493	[7]	10,047,123
Mortgage Revenue Bonds Held In Trust [Member] | South Pointe Apartments [Member] | Series A [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[4]	21,600,000
Cumulative Unrealized Gain	[4]	362,290
Estimated Fair Value	[4]	21,962,290
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	[5]	13,977,000		10,000,000
Cumulative Unrealized Gain	[5]	2,333,591		589,196
Estimated Fair Value	[5]	16,310,591		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	[3]	9,279,129		9,357,374
Cumulative Unrealized Gain	[3]	1,772,133		1,036,288
Estimated Fair Value	[3]	11,051,262		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	[3]	7,496,870		7,558,240
Cumulative Unrealized Gain	[3]	1,407,554		706,970
Estimated Fair Value	[3]	8,904,424		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]	13,020,181		13,114,418
Cumulative Unrealized Gain	[2]	2,117,134		1,232,292
Estimated Fair Value	[2]	15,137,315		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	[5]	5,297,000		3,775,000
Cumulative Unrealized Gain	[5]	818,097		206,263
Estimated Fair Value	[5]	6,115,097		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	[5]	40,220,000		31,850,000
Cumulative Unrealized Gain	[5]	6,546,613		1,624,687
Estimated Fair Value	[5]	46,766,613		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	[3]	6,473,257		6,526,247
Cumulative Unrealized Gain	[3]	1,068,331		525,939
Estimated Fair Value	[3]	7,541,588		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	[3]	15,807,997		15,941,296
Cumulative Unrealized Gain	[3]	2,738,122		1,628,269
Estimated Fair Value	[3]	18,546,119		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	[3]	5,179,570		5,221,971
Cumulative Unrealized Gain	[3]	996,345		557,084
Estimated Fair Value	[3]	6,175,915		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	[1]	17,839,917		17,933,482
Cumulative Unrealized Gain	[1]	3,637,297		2,046,056
Estimated Fair Value	[1]	21,477,214		19,979,538
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Gulfgate [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	19,018,891		19,144,400
Cumulative Unrealized Gain	[1]	3,758,251		2,222,555
Estimated Fair Value	[1]	22,777,142		21,366,955
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Little York [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	13,323,633		13,411,558
Cumulative Unrealized Gain	[1]	2,757,400		1,617,217
Estimated Fair Value	[1]	16,081,033		15,028,775
Mortgage Revenue Bonds Held In Trust [Member] | Concord at Williamcrest [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	20,639,734		20,775,940
Cumulative Unrealized Gain	[1]	4,174,795		2,505,243
Estimated Fair Value	[1]	24,814,529		23,281,183
Mortgage Revenue Bonds Held In Trust [Member] | Crossing at 1415 [Member] | Series A [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	7,423,125		7,474,716
Cumulative Unrealized Gain	[1]	1,149,904		600,738
Estimated Fair Value	[1]	8,573,029		8,075,454
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[1]	22,500,338		22,630,276
Cumulative Unrealized Gain	[1]	3,869,765		1,945,516
Estimated Fair Value	[1]	26,370,103		24,575,792
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]	19,390,360		19,487,713
Cumulative Unrealized Gain	[1]	4,290,792		2,350,453
Estimated Fair Value	[1]	23,681,152		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	[1]	6,795,999		6,843,232
Cumulative Unrealized Gain	[1]	1,229,217		722,522
Estimated Fair Value	[1]	8,025,216		7,565,754
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]	10,722,964		10,958,661
Cumulative Unrealized Gain	[2]	1,471,450		893,881
Estimated Fair Value	[2]	12,194,414		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]	12,264,411		12,330,000
Cumulative Unrealized Gain	[1]	1,750,507		693,579
Estimated Fair Value	[1]	14,014,918		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	[6]	9,985,000		10,040,000
Cumulative Unrealized Gain	[6]	154,466		64,280
Estimated Fair Value	[6]	10,139,466		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	[6]	11,679,665		11,623,649
Cumulative Unrealized Gain	[6]	2,411,352		2,482,923
Estimated Fair Value	[6]	14,091,017		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	[1]	9,689,570		9,737,418
Cumulative Unrealized Gain	[1]	2,382,417		1,480,489
Estimated Fair Value	[1]	12,071,987		11,217,907
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		27,275,780		87,142,842
Cumulative Unrealized Gain		2,849,553		1,809,746
Cumulative Unrealized Loss				(2,058,026)
Estimated Fair Value		30,125,333		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
Cumulative Unrealized Gain				2,450
Estimated Fair Value				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	[9]			5,574,000
Cumulative Unrealized Loss	[9]			(1,078)
Estimated Fair Value	[9]			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		931,038		933,928
Cumulative Unrealized Gain		145,428		149,789
Estimated Fair Value		1,076,466		1,083,717
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				16,400,000
Cumulative Unrealized Gain				1,408,802
Estimated Fair Value				17,808,802
Mortgage Revenue Bonds [Member] | Ohio Properties [Member] | Series B [Member] | OH [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		3,508,510		3,520,900
Cumulative Unrealized Gain		10,480		51,334
Estimated Fair Value		3,518,990		3,572,234
Mortgage Revenue Bonds [Member] | Rosewood Townhomes [Member] | Series A and B [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[9]			9,750,000
Cumulative Unrealized Loss	[9]			(644,962)
Estimated Fair Value	[9]			9,105,038
Mortgage Revenue Bonds [Member] | Rosewood Townhomes [Member] | Series B [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		470,000
Cumulative Unrealized Gain		1,563
Estimated Fair Value		471,563
Mortgage Revenue Bonds [Member] | South Pointe Apartments [Member] | Series A and B [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns	[9]			22,700,000
Cumulative Unrealized Loss	[9]			(1,411,986)
Estimated Fair Value	[9]			21,288,014
Mortgage Revenue Bonds [Member] | South Pointe Apartments [Member] | Series B [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		1,100,000
Cumulative Unrealized Gain		3,139
Estimated Fair Value		1,103,139
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
Cumulative Unrealized Gain				11,730
Estimated Fair Value				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		742,034		745,358
Cumulative Unrealized Gain		97,848		50,965
Estimated Fair Value		839,882		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		542,984		545,321
Cumulative Unrealized Gain		69,234		28,738
Estimated Fair Value		612,218		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		124,382		124,600
Cumulative Unrealized Gain		38,672		32,220
Estimated Fair Value		163,054		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
Cumulative Unrealized Gain				4,013
Estimated Fair Value				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
Cumulative Unrealized Gain				23,940
Estimated Fair Value				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		447,913		449,841
Cumulative Unrealized Gain		55,370		18,742
Estimated Fair Value		503,283		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		440,919		442,894
Cumulative Unrealized Gain		54,786		27,023
Estimated Fair Value		495,705		469,917
Mortgage Revenue Bonds [Member] | Montevista [Member] | Series A and B [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns		13,200,000
Cumulative Unrealized Gain		1,722,484
Estimated Fair Value		14,922,484
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		650,549
Estimated Fair Value		$ 6,418,549		$ 5,768,000
[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 owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
[4]	MRBs held by Mizuho Capital Markets, LLC in a secured financing transaction, Note 15
[5]	MRBs held by Deutsche Bank in a secured financing transaction, Note 15
[6]	MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
[7]	As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months.
[8]	MRB held by Morgan Stanley in a secured financing transaction, Note 15
[9]	As of the date presented, the MRB had been in a cumulative unrealized loss position for less than 12 consecutive months.

Investments in Mortgage Reven_4

Investments in Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)		9 Months Ended
		Sep. 30, 2019USD ($)Unit	Sep. 30, 2018USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit		2,886
Principal Outstanding at Date of Acquisition | $		$ 19,250,000
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
Montevista [Member] | San Pablo, CA [Member] | Series A [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired		June
Units | Unit		82
Maturity Date		Jul. 1, 2036
Base Interest Rate		5.75%
Principal Outstanding at Date of Acquisition | $		$ 6,720,000
Montevista [Member] | San Pablo, CA [Member] | Series B [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired		June
Units | Unit		82
Maturity Date		Jul. 1, 2021
Base Interest Rate		5.75%
Principal Outstanding at Date of Acquisition | $		$ 6,480,000
Esperanza at Palo Alto [Member] | San Antonio, TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[1]		May
Units | Unit	[1]		322
Maturity Date	[1]		Jul. 1, 2058
Base Interest Rate	[1]		5.80%
Principal Outstanding at Date of Acquisition | $	[1]		$ 19,540,000
[1]	Previously reported bond purchase commitment that converted to an MRB in May 2018.

Investments in Mortgage Reven_5

Investments in Mortgage Revenue Bonds - Schedule of MRBs Redeemed (Details)	9 Months Ended
	Sep. 30, 2019USD ($)Unit	Sep. 30, 2018USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit	2,886
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption | $	$ 11,802,000	$ 39,014,000
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 | Unit	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] | Courtyard Apartments [Member] | Series B [Member] | Fullerton Califonia [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	April
Units | Unit	108
Original Maturity Date	Jun. 1, 2019
Base Interest Rate	8.00%
Principal Outstanding at Date of Redemption | $	$ 6,228,000
Mortgage Revenue Bonds [Member] | Sycamore Walk [Member] | Series B [Member] | Bakersfield, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		January
Units | Unit		112
Original Maturity Date		Jan. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption | $		$ 1,815,000
Mortgage Revenue Bonds [Member] | Seasons Lakewood [Member] | Series B [Member] | Lakewood, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		March
Units | Unit		85
Original Maturity Date		Jan. 1, 2019
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption | $		$ 5,260,000
Mortgage Revenue Bonds [Member] | Summerhill [Member] | Series B [Member] | Bakersfield, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		March
Units | Unit		128
Original Maturity Date		Dec. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption | $		$ 3,372,000
Mortgage Revenue Bonds [Member] | Oaks at Georgetown [Member] | Series B [Member] | Georgetown, Texas [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		April
Units | Unit		192
Original Maturity Date		Jan. 1, 2019
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption | $		$ 5,512,000
Mortgage Revenue Bonds [Member] | Seasons at Simi Valley [Member] | Series B [Member] | Simi Valley, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		April
Units | Unit		69
Original Maturity Date		Sep. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption | $		$ 1,944,000
Mortgage Revenue Bonds [Member] | San Vicente [Member] | Series B [Member] | Soledad, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		May
Units | Unit		50
Original Maturity Date		Nov. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption | $		$ 1,825,000
Mortgage Revenue Bonds [Member] | The Village at Madera [Member] | Series B [Member] | Madera, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		May
Units | Unit		75
Original Maturity Date		Dec. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption | $		$ 1,719,000
Mortgage Revenue Bonds [Member] | Las Palmas [Member] | Series B [Member] | Coachella, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		July
Units | Unit		81
Original Maturity Date		Nov. 1, 2018
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption | $		$ 1,770,000
Mortgage Revenue Bonds [Member] | Harmony Terrace [Member] | Series B [Member] | Simi Valley, California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		August
Units | Unit		136
Original Maturity Date		Jan. 1, 2019
Base Interest Rate		8.00%
Principal Outstanding at Date of Redemption | $		$ 7,400,000
Mortgage Revenue Bonds [Member] | Lake Forest [Member] | Daytona Beach, Florida [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		September
Units | Unit		240
Original Maturity Date		Dec. 1, 2031
Base Interest Rate		6.25%
Principal Outstanding at Date of Redemption | $		$ 8,397,000

Investments in Mortgage Reven_6

Investments in Mortgage Revenue Bonds - Schedule of MRBs Eliminated (Details)	9 Months Ended
	Sep. 30, 2019USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit	2,886
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Restructuring | $	$ 13,960,000
Mortgage Revenue Bonds [Member] | Avistar at Copperfield [Member] | Series B [Member] | Houston, TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Restructured	May
Units | Unit	192
Original Maturity Date	Jun. 1, 2054
Base Interest Rate	12.00%
Principal Outstanding at Date of Restructuring | $	$ 4,000,000
Mortgage Revenue Bonds [Member] | Avistar at Wilcrest [Member] | Series B [Member] | Houston, TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Restructured	May
Units | Unit	88
Original Maturity Date	Jun. 1, 2054
Base Interest Rate	12.00%
Principal Outstanding at Date of Restructuring | $	$ 1,550,000
Mortgage Revenue Bonds [Member] | Avistar at Wood Hollow [Member] | Series B [Member] | Austin,TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Restructured	May
Units | Unit	409
Original Maturity Date	Jun. 1, 2054
Base Interest Rate	12.00%
Principal Outstanding at Date of Restructuring | $	$ 8,410,000

Investments in Mortgage Reven_7

Investments in Mortgage Revenue Bonds - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Schedule Of Available For Sale Securities [Line Items]
Contingent interest income	$ 3,045,462	$ 4,246,094
Lake Forest [Member] | Daytona Florida [Member] | Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Contingent interest income		4,200,000
Lake Forest [Member] | Other Income [Member] | Daytona Florida [Member] | Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Gain on early redemption of mortgage revenue bonds		$ 1,500,000

Public Housing Capital Fund T_3

Public Housing Capital Fund Trust ("PHC") Certificates - Additional Information (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2018USD ($)Security	Sep. 30, 2018USD ($)Security	Sep. 30, 2019Option
Schedule Of Available For Sale Securities [Line Items]
Impairment of securities	$ 309,958	$ 1,141,020
Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Number of tender option bonds | Option			3
Impairment charge recognized for number of securities | Security	3	3
Impairment of securities	$ 310,000	$ 1,100,000

Public Housing Capital Fund T_4

Public Housing Capital Fund Trust ("PHC") Certificates - Schedule of Investments in PHC Certificates (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value, held in trust	$ 1,427,336	$ 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	43,471,406	48,247,303
Cumulative Unrealized Gain, held in trust	1,213,100	424,783
Estimated Fair Value, held in trust	44,684,506	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	24,510,244	24,608,543
Cumulative Unrealized Gain, held in trust	483,113	285,984
Estimated Fair Value, held in trust	$ 24,993,357	$ 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)	5 years 11 months 26 days	6 years 5 months 26 days
Investment Rating	AA-	AA-
Weighted Average Interest Rate Over Life	5.37%	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	$ 4,372,215	$ 9,071,785
Cumulative Unrealized Gain, held in trust	362,710	44,768
Estimated Fair Value, held in trust	$ 4,734,925	$ 9,116,553
Public Housing Capital Fund Trust II [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)	4 years 1 month 2 days
Investment Rating	AA-
Weighted Average Interest Rate Over Life	4.38%
Public Housing Capital Fund Trust II [Member] | Public housing capital fund trusts [Member] | Standard & Poor's, A+ Rating [Member]
Schedule Of Available For Sale Securities [Line Items]
Weighted Average Lives (Years)		5 years 6 months 21 days
Investment Rating		A+
Weighted Average Interest Rate Over Life		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	$ 14,588,947	$ 14,566,975
Cumulative Unrealized Gain, held in trust	367,277	94,031
Estimated Fair Value, held in trust	$ 14,956,224	$ 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 4 months 2 days	6 years 9 months 3 days
Investment Rating	BBB	BBB
Weighted Average Interest Rate Over Life	5.12%	5.30%

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Assets Owned by Partnership (Details)		Sep. 30, 2019USD ($)Unit	Dec. 31, 2018USD ($)Unit
Real Estate [Line Items]
Number of Units | Unit		2,886
Land and Land Improvements		$ 4,900,465	$ 4,971,665
Buildings and improvements		72,003,079	71,897,070
Carrying Value		76,903,544	76,868,735
Accumulated depreciation		(14,650,397)	(12,272,387)
Net real estate assets		$ 62,253,147	$ 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		$ 3,199,268	$ 3,195,468
Buildings and improvements		39,065,722	38,961,163
Carrying Value		$ 42,264,990	$ 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]	$ 1,701,197	1,776,197
Carrying Value	[1]	$ 1,701,197	$ 1,776,197
[1]	Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE.

Real Estate Assets - Additional

Real Estate Assets - Additional Information (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	Feb. 28, 2018USD ($)Land	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)
Real Estate [Line Items]
Impairment charge		$ 75,000	$ 150,000	$ 75,000	$ 150,000
Omaha, NE [Member]
Real Estate [Line Items]
Number of contiguous tracts of land acquired | Land	2
Purchase price of land	$ 2,700,000
Gardner, KS [Member]
Real Estate [Line Items]
Impairment charge		$ 75,000	$ 150,000

Real Estate Assets - Gains on S

Real Estate Assets - Gains on Sale, Net of Income Taxes (Details)	3 Months Ended	9 Months Ended
	Sep. 30, 2018USD ($)Unit	Sep. 30, 2018USD ($)Unit	Sep. 30, 2019Unit
Real Estate [Line Items]
Number of Units | Unit			2,886
Gain on Sale before Income Taxes	$ 4,051,429	$ 4,051,429
Jade Park [Member] | Daytona Beach, Florida [Member] | MF Properties [Member]
Real Estate [Line Items]
Number of Units | Unit	144	144
Gross Proceeds		$ 13,450,000
Gain on Sale before Income Taxes		$ 4,051,429

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details)	9 Months Ended
	Sep. 30, 2019USD ($)Unit	Dec. 31, 2018USD ($)
Schedule Of Equity Method Investments [Line Items]
Units | Unit	2,886
Carrying Value	$ 87,059,995	$ 76,534,306
Maximum Remaining Equity Commitment	$ 6,461,034
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	2018-04
Carrying Value	$ 8,363,500	8,830,000
Maximum Remaining Equity Commitment	$ 1,475,936
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	2018-05
Carrying Value	$ 9,337,166	9,337,166
Maximum Remaining Equity Commitment	$ 1,592,039
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	2018-07
Carrying Value		11,408,135
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	$ 12,295,801	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	$ 7,840,500	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
Construction Completion Date	2019-08
Carrying Value	$ 9,894,619	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	$ 11,456,353	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	$ 13,184,069	6,254,104
Vantage At Coventry [Member] | Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	September 2018
Carrying Value	$ 8,825,914	$ 5,380,267
Vantage At Conroe [Member] | Conroe T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	April 2019
Carrying Value	$ 5,862,073
Maximum Remaining Equity Commitment	$ 3,393,059

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended			9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Apr. 30, 2019	Jun. 30, 2018
Schedule Of Equity Method Investments [Line Items]
Income on sale of properties						$ 4,051,429		$ 4,051,429
Gain on sale of investment					$ 10,475,927		$ 10,475,927
Vantage At Panama City Beach [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received	$ 22,700,000
Income on sale of properties	547,000
Gain on sale of investment	$ 10,500,000
Vantage At Panama City Beach [Member] | Maximum [Member] | Scenario Forecast [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received				$ 325,000
Vantage At Conroe [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction									$ 9,000,000
Vantage At Stone Creek [Member]
Schedule Of Equity Method Investments [Line Items]
Payments to equity commitments			$ 7,100,000
Vantage At Bulverde [Member]
Schedule Of Equity Method Investments [Line Items]
Payments to equity commitments			$ 8,600,000
Vantage At Germantown [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction										$ 10,400,000
Vantage At Coventry [Member]
Schedule Of Equity Method Investments [Line Items]
Payments to equity commitments		$ 8,100,000
Vantage At Murfreesboro [Member]
Schedule Of Equity Method Investments [Line Items]
Payments to equity commitments		$ 12,200,000

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Equity Method Investments And Joint Ventures [Abstract]
Property Revenues	$ 3,713,106	$ 2,824,019	$ 9,534,250	$ 5,687,214
Gain on sale of property	22,556,694		22,556,694
Net income (loss)	$ 21,606,621	$ (353,067)	$ 20,918,176	$ (2,688,985)

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 ($)	Sep. 30, 2019	Dec. 31, 2018
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	$ 15,392,908	$ 23,354,826
Loan Loss Allowance	(7,393,814)	(7,393,814)
Property Loan Principal, net of allowance	7,999,094	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
Live 929 Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	405,717
Property Loan Principal, net of allowance	$ 405,717

Property Loans, Net of Loan L_4

Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended		9 Months Ended
	Aug. 31, 2019	Jan. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Property Loans Net Of Loan Loss Allowance [Line Items]
Contingent Interest				$ 3,360	$ 4,246,094	$ 3,045,462	$ 4,246,094
Ohio Properties [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Interest earned on property loan principal				$ 983,000	$ 983,000	$ 983,000	$ 983,000
Live 929 Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Total property loan amount	$ 1,000,000
Property loan stated maturity date	Jul. 31, 2049
Vantage at Brooks LLC [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Contingent Interest		$ 3,000,000
Lake Forest [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Principal received from property loans			$ 5,100,000
Interest received from property loans			$ 4,600,000

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Tax Provision [Line Items]
Total income tax benefit	$ (68,235)	$ (809,805)	$ (9,236)	$ (803,805)
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense (benefit)	13,932	(809,805)	129,095	(837,805)
Deferred income tax expense (benefit)	(82,167)		(138,331)	34,000
Total income tax benefit	$ (68,235)	$ (809,805)	$ (9,236)	$ (803,805)

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) - USD ($)	Sep. 30, 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 ($)	Sep. 30, 2019	Dec. 31, 2018
Other Assets [Abstract]
Deferred financing costs, net	$ 333,004	$ 397,823
Fair value of derivative instruments (Note 17)	52,605	626,633
Taxable mortgage revenue bonds, at fair value	1,427,336	1,409,895
Operating lease right-of-use assets, net	1,681,238
Other assets	1,446,520	2,081,258
Total other assets	$ 4,940,703	$ 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 ($)	Sep. 30, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Accounts payable	$ 182,099	$ 230,631
Accrued expenses	3,023,629	2,956,368
Accrued interest expense	2,572,279	2,270,348
Operating lease liabilities	2,137,792
Other liabilities	1,677,151	2,086,475
Total accounts payable, accrued expenses and other liabilities	$ 9,592,950	$ 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 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			$ 132,000
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	$ 126,000	$ 126,000

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)	Sep. 30, 2019USD ($)
Payables And Accruals [Abstract]
Remainder of 2019	$ 34,165
2020	135,812
2021	136,366
2022	139,091
2023	141,871
Thereafter	4,661,979
Total	5,249,284
Less: Amount representing interest	(3,111,492)
Total operating lease liabilities	$ 2,137,792

Unsecured Lines of Credit - Sum

Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Line Of Credit Facility [Line Items]
Lines of credit		$ 13,200,000	$ 35,659,200
Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Debt instrument, maturity date		Mar. 31, 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		13,200,000	35,659,200
Line of credit facility maximum borrowing capacity		60,000,000	60,000,000
Unsecured Lines of Credit [Member] | 4.93% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit		13,200,000
Line of credit facility maximum borrowing capacity		$ 50,000,000
Debt instrument, maturity date		Jun. 30, 2021
Variable / Fixed	[1]	Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		4.58%
Unsecured Lines of Credit [Member] | 5.68% 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, 2021
Variable / Fixed	[1]	Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		5.33%
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 ($)	9 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Line Of Credit Facility [Line Items]
Lines of credit	$ 13,200,000	$ 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	Mar. 31, 2020
Debt instrument, maturity date, description	The outstanding balance of the non-operating LOC as of September 30, 2019 is due in March 2020. The Partnership can extend final repayment of the amount due by making partial repayments in accordance with the Credit Agreement to December 2020.

Debt Financing - Schedule of To

Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)		9 Months Ended		12 Months Ended
		Sep. 30, 2019		Dec. 31, 2018
Debt Instrument [Line Items]
Debt financing		$ 538,812,130		$ 505,663,565
Period End Rates		4.96%		4.96%
Variable - M31 [Member]
Debt Instrument [Line Items]
Stated Maturities				2024-07
Variable - M33 [Member]
Debt Instrument [Line Items]
Stated Maturities		2030-09		2030-09
Variable - M24 [Member]
Debt Instrument [Line Items]
Stated Maturities		2027-05		2027-05
TEBS Financings [Member] | Fixed - M24 [Member]
Debt Instrument [Line Items]
Debt financing		$ 40,792,062
Restricted Cash		$ 98,007
Year Acquired		2010
Stated Maturities		2027-05
Reset Frequency		N/A
Period End Rates		3.05%
TEBS Financings [Member] | Fixed - M45 [Member]
Debt Instrument [Line Items]
Debt financing	[1]	$ 218,030,897		$ 219,250,387
Restricted Cash	[1]	$ 5,000		$ 5,000
Year Acquired	[1]	2018		2018
Stated Maturities	[1]	2034-07		2034-07
Reset Frequency	[1]	N/A		N/A
Period End Rates	[1]	3.82%		3.82%
TEBS Financings [Member] | Variable - M31 [Member]
Debt Instrument [Line Items]
Debt financing		$ 79,885,290	[2]	$ 80,418,505	[3]
Restricted Cash		$ 4,999	[2]	$ 181,626	[3]
Year Acquired		2014	[2]	2014	[3]
Stated Maturities		2024-07	[2]	2019-07	[3]
Reset Frequency		Weekly	[2]	Weekly	[3]
SIFMA Based Rates		1.61%	[2]	1.74%	[3]
Facility Fees		1.42%	[2]	1.49%	[3]
Period End Rates		3.03%	[2]	3.23%	[3]
TEBS Financings [Member] | Fixed - M33 [Member]
Debt Instrument [Line Items]
Debt financing		$ 31,638,938
Restricted Cash		$ 2,606
Year Acquired		2015
Stated Maturities		2030-09
Reset Frequency		N/A
Period End Rates		3.24%
TEBS Financings [Member] | Variable - M33 [Member]
Debt Instrument [Line Items]
Debt financing	[4]			$ 31,262,039
Restricted Cash	[4]			$ 58,002
Year Acquired	[4]			2015
Stated Maturities	[4]			2020-07
Reset Frequency	[4]			Weekly
SIFMA Based Rates	[4]			1.74%
Facility Fees	[4]			1.26%
Period End Rates	[4]			3.00%
TEBS Financings [Member] | Variable - M24 [Member]
Debt Instrument [Line Items]
Debt financing	[5]			$ 41,466,000
Restricted Cash	[5]			$ 432,998
Year Acquired	[5]			2010
Stated Maturities	[5]			2020-09
Reset Frequency	[5]			Weekly
SIFMA Based Rates	[5]			1.76%
Facility Fees	[5]			1.85%
Period End Rates	[5]			3.61%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt financing		$ 8,010,000		$ 46,675,413
Year Acquired		2014		2014
Stated Maturities		2019-10		2019-10
Reset Frequency		N/A		N/A
Period End Rates		4.01%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Deutsche Bank [Member] | Minimum [Member]
Debt Instrument [Line Items]
Period End Rates				4.01%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Deutsche Bank [Member] | Maximum [Member]
Debt Instrument [Line Items]
Period End Rates				4.39%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Debt financing		$ 13,078,992
Year Acquired		2019
Stated Maturities		2022-05
Reset Frequency		N/A
Period End Rates		3.53%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt financing		$ 5,256,054		$ 10,516,000
Year Acquired		2019		2018
Stated Maturities		2020-02		2019-05
Reset Frequency		N/A		N/A
Period End Rates		4.53%		4.53%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 25,645,347
Year Acquired		2019
Stated Maturities		2020-07
Reset Frequency		Weekly
SIFMA Based Rates		1.68%
Facility Fees		1.17%
Period End Rates		2.85%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B II [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt financing		$ 38,404,644		$ 38,455,221
Year Acquired		2017		2017
Stated Maturities		2027-02		2027-02
Reset Frequency		N/A		N/A
Period End Rates		4.46%		4.46%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 42,228,417
Year Acquired		2019
Stated Maturities		2020-08
Reset Frequency		Weekly
SIFMA Based Rates		1.68%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Minimum [Member]
Debt Instrument [Line Items]
Facility Fees		1.17%
Period End Rates		2.85%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Maximum [Member]
Debt Instrument [Line Items]
Facility Fees		1.66%
Period End Rates		3.34%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 35,841,489
Year Acquired		2019
Stated Maturities		2020-09
Reset Frequency		Weekly
SIFMA Based Rates		2.03%
Facility Fees		1.12%
Period End Rates		3.15%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt financing				$ 37,620,000
Year Acquired				2012
Stated Maturities				2019-05
Reset Frequency				Weekly
SIFMA Based Rates				2.21%
Facility Fees				1.67%
Period End Rates				3.88%
[1]	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.
[2]	Facility fees are variable.
[3]	In June 2019, the Partnership exercised its unilateral right to extend the financing for an additional five-year period through July 2024. Facility fees are variable.
[4]	In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of  September 2030.
[5]	In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. After refinancing, the M24 TEBS Financing has a fixed interest rate of 3.05% and a stated maturity of  May 2027.

Debt Financing - Schedule of _2

Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Fixed - M45 [Member] | Interest Rate Through July 31, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	3.82%	3.82%
Fixed - M45 [Member] | Interest Rate from August 1, 2023 [Member]
Debt Instrument [Line Items]
Interest rate	4.39%	4.39%
Variable - M24 [Member]
Debt Instrument [Line Items]
Interest rate	3.05%	3.05%
Stated Maturities	2027-05	2027-05
Variable - M31 [Member]
Debt Instrument [Line Items]
Stated Maturities		2024-07
Debt instrument extend period		5 years
Variable - M33 [Member]
Debt Instrument [Line Items]
Interest rate	3.24%	3.24%
Stated Maturities	2030-09	2030-09

Debt Financing - Additional Inf

Debt Financing - Additional Information (Details)		1 Months Ended			9 Months Ended		12 Months Ended
		Jul. 31, 2019USD ($)	Feb. 28, 2019Agreement	Aug. 31, 2018USD ($)Security	Sep. 30, 2019USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018
Debt Instrument [Line Items]
Amortization of deferred financing costs					$ 1,476,463	$ 1,304,879
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member]
Debt Instrument [Line Items]
Deferred financing costs - net				$ 371,000
Mortgage Revenue Bonds [Member] | Term A/B Trust [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Number of new agreements | Agreement			2
Variable - M24 [Member]
Debt Instrument [Line Items]
Interest rate					3.05%		3.05%
Stated Maturities					2027-05		2027-05
Deferred financing costs - net		$ 307,000
Variable - M24 [Member] | TEBS Financings [Member]
Debt Instrument [Line Items]
Stated Maturities	[1]						2020-09
Variable - M33 [Member]
Debt Instrument [Line Items]
Interest rate					3.24%		3.24%
Stated Maturities					2030-09		2030-09
Deferred financing costs - net		265,000
Amortization of deferred financing costs		496,000
Premium received upon refinancing of debt		$ 435,000
Variable - M33 [Member] | TEBS Financings [Member]
Debt Instrument [Line Items]
Stated Maturities	[2]						2020-07
Fixed - M45 [Member] | TEBS Financings [Member]
Debt Instrument [Line Items]
Stated Maturities	[3]				2034-07		2034-07
Fixed - M45 [Member] | Mortgage Revenue Bonds [Member] | Term A/B Trust [Member]
Debt Instrument [Line Items]
Number of securities collapsed prior to closing of financing | Security				24
Fixed - M45 [Member] | Mortgage Revenue Bonds [Member] | TEBS Financings [Member] | ATAX TEBS IV, LLC [Member]
Debt Instrument [Line Items]
Number of securities provided for long-term debt financing facility | Security				25
Long-term debt financing facility par value				$ 260,600,000
[1]	In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. After refinancing, the M24 TEBS Financing has a fixed interest rate of 3.05% and a stated maturity of  May 2027.
[2]	In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. After refinancing, the M33 TEBS Financing has a fixed interest rate of 3.24% and a stated maturity of  September 2030.
[3]	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 - Summary of Gro

Debt Financing - Summary of Gross Principal and Term TOB Trust Financings (Details) - USD ($)	1 Months Ended	3 Months Ended
	May 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt financing		$ 538,812,130	$ 505,663,565
TOB Trust [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		104,056,000
TOB Trust [Member] | Mizuho Capital Markets [Member] | Rosewood Townhomes [Member]
Debt Instrument [Line Items]
Debt financing		$ 7,715,000
Stated Maturities		2020-07
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Facility Fees		1.17%
TOB Trust [Member] | Mizuho Capital Markets [Member] | South Pointe Apartments [Member]
Debt Instrument [Line Items]
Debt financing		$ 18,035,000
Stated Maturities		2020-07
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Facility Fees		1.17%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Live 929 Apartments [Member]
Debt Instrument [Line Items]
Debt financing		$ 31,800,000
Stated Maturities		2020-08
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Facility Fees		1.66%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Montecito at Williams Ranch [Member]
Debt Instrument [Line Items]
Debt financing		$ 6,925,000
Stated Maturities		2020-08
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Facility Fees		1.17%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Vineyard Gardens
Debt Instrument [Line Items]
Debt financing		$ 3,595,000
Stated Maturities		2020-08
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Facility Fees		1.17%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust I [Member]
Debt Instrument [Line Items]
Debt financing		$ 20,121,000
Stated Maturities		2020-09
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Facility Fees		1.12%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust II [Member]
Debt Instrument [Line Items]
Debt financing		$ 3,803,000
Stated Maturities		2020-09
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Facility Fees		1.12%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust III [Member]
Debt Instrument [Line Items]
Debt financing		$ 12,062,000
Stated Maturities		2020-09
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Facility Fees		1.12%
TOB Trust [Member] | Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Debt financing	$ 13,167,000
TOB Trust [Member] | Morgan Stanley Bank [Member] | Village At Avalon [Member]
Debt Instrument [Line Items]
Debt financing	$ 13,167,000
Stated Maturities	2022-05
Fixed Interest Rate	3.53%

Debt Financing - Summary Of G_2

Debt Financing - Summary Of Gross Principal and Term A/B Trust Financings (Details) - USD ($)	1 Months Ended
	Feb. 28, 2019	Aug. 31, 2018	Sep. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt financing			$ 538,812,130	$ 505,663,565
Term A/B Trust [Member] | Mortgage Revenue Bonds [Member]
Debt Instrument [Line Items]
Debt financing		$ 17,380,000
Term A/B Trust [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt financing	$ 5,263,500
Term A/B Trust [Member] | Gateway Village [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt financing	$ 2,262,000
Stated Maturities	2020-02
Fixed Interest Rate	4.53%
Term A/B Trust [Member] | Lynnhaven Apartments [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt financing	$ 3,001,500
Stated Maturities	2020-02
Fixed Interest Rate	4.53%
Term A/B Trust [Member] | Montecito at Williams Ranch - Series A [Member] | Mortgage Revenue Bonds [Member]
Debt Instrument [Line Items]
Debt financing		$ 6,921,000
Stated Maturities		2018-11
Fixed Interest Rate		4.53%
Term A/B Trust [Member] | Montecito at Williams Ranch - Series B [Member] | Mortgage Revenue Bonds [Member]
Debt Instrument [Line Items]
Debt financing		$ 4,303,000
Stated Maturities		2018-11
Fixed Interest Rate		4.53%
Term A/B Trust [Member] | Vineyard Gardens - Series A [Member] | Mortgage Revenue Bonds [Member]
Debt Instrument [Line Items]
Debt financing		$ 3,595,000
Stated Maturities		2018-11
Fixed Interest Rate		4.53%
Term A/B Trust [Member] | Vineyard Gardens - Series B [Member] | Mortgage Revenue Bonds [Member]
Debt Instrument [Line Items]
Debt financing		$ 2,561,000
Stated Maturities		2018-11
Fixed Interest Rate		4.53%

Debt Financing - Summary of Deb

Debt Financing - Summary of Debt Financing Facilities Collapsed and Redeemed Prices Partnership's Carrying Value Plus Accrued Interest (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
Debt Instrument Redemption [Line Items]
Paydown Applied	$ 82,254,300
Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	242,424,098
Live 929 Apartments [Member] | Term TOB Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	37,553,300
Montecito at Williams Ranch [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	6,921,000
Vineyard Gardens | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	3,595,000
PHC Trust I [Member] | TOB Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	19,755,000
Public Housing Capital Fund Trust II [Member] | TOB Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	3,430,000
Public Housing Capital Fund Trust III [Member] | TOB Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	11,000,000
Seasons Lakewood Series B [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	4,475,000
Summerhill Series B [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	2,870,000
Oaks at Georgetown Series B [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	4,690,000
San Vicente Series B [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	1,555,000
The Village at Madera Series B [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	1,465,000
Las Palmas II - Series B [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	1,505,000
15 West Apartments [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	8,300,012	[1]
Bruton Apartments [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	15,279,403	[1]
Columbia Gardens [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	10,222,680	[1]
Companion at Thornhill Apartments [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	9,642,587	[1]
Concord at Gulfgate - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	16,310,000	[1]
Concord at Little York - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	11,425,000	[1]
Concord at Williamcrest - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	17,695,000	[1]
Courtyard - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	9,210,000	[1]
Courtyard - Series B [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	5,295,000
Crossing at 1415 - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	6,370,877	[1]
Decatur-Angle [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	21,362,472	[1]
Harmony Court Bakersfield - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	3,360,000	[1]
Harmony Terrace - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	6,210,000	[1]
Harmony Terrace - Series B [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	6,290,000
Heights at 515 - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	5,402,307	[1]
Las Palmas II - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	1,530,000	[1]
Oaks at Georgetown - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	11,100,000	[1]
San Vicente - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	3,150,000	[1]
Seasons at Simi Valley - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	3,688,843	[1]
Seasons Lakewood - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	6,615,000	[1]
Seasons San Juan Capistrano - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	11,140,000	[1]
Seasons San Juan Capistrano - Series B [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	5,590,000
Summerhill - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	5,785,000	[1]
Sycamore Walk - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	3,066,769	[1]
The Village at Madera - Series A [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	2,780,000	[1]
Village at River's Edge [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	8,963,207	[1]
Willow Run [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	$ 10,079,940	[1]
[1]	In August 2018, the MRB was transferred to the M45 TEBS Financing upon collapsing of the Term A/B Trust.

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($)	Sep. 30, 2019	Dec. 31, 2018
Debt Financing [Abstract]
Remainder of 2019	$ 9,445,353
2020	114,279,468
2021	5,328,914
2022	18,499,166
2023	5,899,262
Thereafter	387,921,886
Total	541,374,049
Unamortized deferred financing costs and debt premium	(2,561,919)
Total debt financing, net	$ 538,812,130	$ 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 ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2019	Dec. 31, 2018
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 27,049,871	$ 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		$ 2,988,989	$ 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		$ 24,060,882	$ 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)	9 Months Ended	12 Months Ended
	Sep. 30, 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 ($)	Sep. 30, 2019	Dec. 31, 2018
Mortgage Loans on Real Estate [Line Items]
Total mortgages payable and other secured financings, net	$ 27,049,871	$ 27,454,375
Mortgages Payable and Other Secured Financing [Member]
Mortgage Loans on Real Estate [Line Items]
Remainder of 2019	3,133,103
2020	23,945,254
Total	27,078,357
Unamortized deferred financing costs	(28,486)
Total mortgages payable and other secured financings, net	$ 27,049,871

Interest Rate Derivative Agre_3

Interest Rate Derivative Agreements - Summary of Partnership's Interest Rate Derivatives (Details) - USD ($)		1 Months Ended	9 Months Ended		12 Months Ended
		Aug. 31, 2019	Sep. 30, 2019		Dec. 31, 2018
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability)			$ 52,605		$ 626,633
Wells Fargo Bank [Member]
Derivative [Line Items]
Derivative, Purchase Date			2015-07		2015-07
Derivative, Notional Amount			$ 27,117,092		$ 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]		TOB Trusts		M33 TEBS
Derivative, Fair Value - Asset (Liability)			$ 2		$ 536
Royal Bank of Canada-1 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2015-07		2014-07
Derivative, Notional Amount			$ 27,117,092		$ 30,252,409
Derivative, Maturity Date			2020-08		2019-08
Derivative, Effective Capped Rate	[1]		3.00%		3.00%
Derivative, Index			SIFMA		SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts		M31 TEBS
Derivative, Fair Value - Asset (Liability)			$ 2
SMBC Capital Markets, Inc-1 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2015-07		2014-07
Derivative, Notional Amount			$ 27,117,092		$ 30,252,409
Derivative, Maturity Date			2020-08		2019-08
Derivative, Effective Capped Rate	[1]		3.00%		3.00%
Derivative, Index			SIFMA		SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts		M31 TEBS
Derivative, Fair Value - Asset (Liability)			$ 2
Barclays Bank PLC 1 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2017-06		2014-07
Derivative, Notional Amount			$ 81,351,277		$ 30,252,409
Derivative, Maturity Date			2020-08		2019-08
Derivative, Effective Capped Rate	[1]		1.50%		3.00%
Derivative, Index			SIFMA		SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		M33 TEBS		M31 TEBS
Derivative, Fair Value - Asset (Liability)			$ 45,274
Barclays Bank PLC 3 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2019-08	2019-08		2017-06
Derivative, Notional Amount			$ 79,695,286		$ 82,079,066
Derivative, Maturity Date			2024-08		2020-08
Derivative, Effective Capped Rate	[1]		4.50%		1.50%
Derivative, Index			SIFMA		SIFMA
Derivative, Variable Debt Financing Facility Hedged		M31 TEBS	M31 TEBS	[1]	M33 TEBS	[1]
Derivative, Fair Value - Asset (Liability)			$ 7,325		$ 465,983
Barclays Bank PLC 2 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2017-09		2017-06
Derivative, Notional Amount			$ 58,447,000		$ 90,757,226
Derivative, Maturity Date			2020-09		2019-08
Derivative, Effective Capped Rate	[1]		4.00%		1.50%
Derivative, Index			SIFMA		SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		M24 TEBS		M31 TEBS
Derivative, Fair Value - Asset (Liability)					$ 158,989
Royal Bank of Canada-2 [Member]
Derivative [Line Items]
Derivative, Purchase Date					2015-07
Derivative, Notional Amount					$ 27,359,689
Derivative, Maturity Date					2020-08
Derivative, Effective Capped Rate	[1]				3.00%
Derivative, Index					SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]				M33 TEBS
Derivative, Fair Value - Asset (Liability)					$ 536
SMBC Capital Markets, Inc-2 [Member]
Derivative [Line Items]
Derivative, Purchase Date					2015-07
Derivative, Notional Amount					$ 27,359,689
Derivative, Maturity Date					2020-08
Derivative, Effective Capped Rate	[1]				3.00%
Derivative, Index					SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]				M33 TEBS
Derivative, Fair Value - Asset (Liability)					$ 536
Barclays Bank PLC4 [Member]
Derivative [Line Items]
Derivative, Purchase Date					2017-09
Derivative, Notional Amount					$ 59,038,000
Derivative, Maturity Date					2020-09
Derivative, Effective Capped Rate	[1]				4.00%
Derivative, Index					SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]				M24 TEBS
Derivative, Fair Value - Asset (Liability)					$ 53
[1]	See Note 22 for additional details.

Interest Rate Derivative Agre_4

Interest Rate Derivative Agreements - Additional Information (Details) - USD ($)	1 Months Ended	9 Months Ended		12 Months Ended
	Aug. 31, 2019	Sep. 30, 2019		Dec. 31, 2018
Barclays Bank PLC 3 [Member]
Derivative [Line Items]
Derivative, variable interest rate	4.50%
Derivative, purchase price	$ 30,000
Derivative, Variable Debt Financing Facility Hedged	M31 TEBS	M31 TEBS	[1]	M33 TEBS	[1]
Derivative, Purchase Date	2019-08	2019-08		2017-06
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Swap One [Member]
Derivative [Line Items]
Termination date		2018-09
Interest Rate Swaps [Member] | Deutsche Bank [Member] | Swap Two [Member]
Derivative [Line Items]
Termination date		2018-10
[1]	See Note 22 for additional details.

Commitments and Contingencies -

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details)	9 Months Ended
	Sep. 30, 2019USD ($)
Long-term Purchase Commitment [Line Items]
Partnership's Maximum Exposure as of September 30, 2019	$ 36,000,000
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 September 30, 2019	24,826,510
Partnership's Maximum Exposure as of September 30, 2019	$ 24,826,510
Guarantee Terms	1 year
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
Construction Loan Balance as of September 30, 2019	5,275,651
Partnership's Maximum Exposure as of September 30, 2019	$ 5,275,651
Guarantee Terms	1 year
Ohio Properties [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2011
Partnership's Maximum Exposure as of September 30, 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 September 30, 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)	9 Months Ended
	Sep. 30, 2019
Vantage At Stone Creek [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon receipt of certificate of occupancy	50.00%
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio	25.00%
Vantage At Coventry [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon receipt of certificate of occupancy	50.00%
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)	Sep. 30, 2019USD ($)
Commitments And Other Guarantees [Line Items]
Maximum exposure	$ 36,000,000
Greens of Pine Glen [Member]
Commitments And Other Guarantees [Line Items]
Percentage of loss contingency, range of possible loss, maximum	75.00%
Maximum exposure	$ 2,429,658

Redeemable Series A Preferred_3

Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($)	1 Months Ended							9 Months Ended	12 Months Ended
	Oct. 31, 2017	Aug. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016	Mar. 31, 2016	Sep. 30, 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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested RUAs granted	$ 0		$ 0
General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 3,266,000	$ 622,000	$ 3,636,000	$ 1,372,000
Greystone Manager [Member] | Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Approved grant of restricted units and other awards to employees	3,000,000		3,000,000
RUAs granted with vesting range			3 years
Greystone Manager [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	9 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2018
Restricted Units Awarded
Beginning Balance	265,290	242,069
Granted	353,197	309,212
Vested	(618,487)	(279,034)
Forfeited		(6,957)
Ending Balance	0	265,290
Weighted-average Grant-Date Fair Value
Beginning Balance	$ 6.14	$ 5.83
Granted	7.74	6.31
Vested	7.05	6.06
Forfeited		6.31
Ending Balance	$ 0	$ 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		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Related Party Transaction [Line Items]
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities	[1]	$ 12,000		$ 44,000
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees	[2]	914,000	$ 940,000	2,714,000	$ 2,789,000
Burlington Capital Properties, LLC [Member] | MF Properties Managed [Member]
Related Party Transaction [Line Items]
Property management fees to an affiliate	[3]	$ 28,000	$ 49,000	$ 101,000	$ 147,000
[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)	9 Months Ended
	Sep. 30, 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		9 Months Ended
		Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Non-partnership property administrative fee received	[1]	$ 9,000	$ 17,000	$ 27,000	$ 60,000
Investment/mortgage fees received	[2]		1,189,000	$ 822,000	2,787,000
Mortgage Revenue Bonds [Member]
Redemption administrative fee	[3]		$ 114,000		$ 114,000
[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.
[3]	AFCA 2 received a one-time administrative fee related to early redemption of the Lake Forest MRB from the property in September 2018.

Transactions with Related Par_6

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 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 ($)	Sep. 30, 2019	Dec. 31, 2018
Related Party Transactions [Abstract]
Receivables due from unconsolidated entities	$ 29,000	$ 77,000
Outstanding liabilities due to related parties	$ 599,000	$ 330,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment charge	$ 75,000	$ 150,000	$ 75,000	$ 150,000
Gardner, KS [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Impairment charge	$ 75,000	$ 150,000
Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	5.30%		5.30%		5.50%
Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	8.60%		8.60%		9.10%
MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	3.80%		3.80%		4.60%
Effective rate - minimum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	4.50%		4.50%		5.30%
Effective rate - minimum [Member] | Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	8.10%		8.10%		8.30%
Effective rate - minimum [Member] | MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	2.60%		2.60%		3.30%
Effective rate - maximum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	5.40%		5.40%		6.00%
Effective rate - maximum [Member] | Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	8.80%		8.80%		9.30%
Effective rate - maximum [Member] | MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	8.70%		8.70%		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 ($)	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 823,447,167		$ 782,862,049
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	44,684,506		48,672,086
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	1,427,336		1,409,895
Derivative Instruments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	52,605		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	823,447,167	$ 807,602,456	782,862,049	$ 795,630,926	$ 820,950,642	$ 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	44,684,506	46,516,154	48,672,086	48,741,478	49,070,710	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	1,427,336	$ 1,441,316	1,409,895	$ 2,339,902	$ 2,357,952	$ 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	52,605		626,633
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	30,125,333		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	30,125,333		86,894,562
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	747,157,387		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	$ 747,157,387		$ 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		6 Months Ended	9 Months Ended
		Sep. 30, 2018		Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		$ 820,950,642		$ 807,602,456	$ 782,862,049	$ 843,458,663
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		108,531		(29,876)	(352,027)	1,138,899
Total gain (losses) included in earnings (impairment of securities )		(309,958)				(1,141,020)
Total gain (losses) included in other comprehensive (loss) income		(6,692,749)		19,048,316	42,112,324	(25,528,467)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases				29,527	19,279,527	19,540,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(18,425,540)		(3,203,256)	(20,454,706)	(41,837,149)
Assets at Fair Value, ending balance		795,630,926		823,447,167	823,447,167	795,630,926
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held		(218,279)		(68,333)	(458,141)	(52,960)
Interest rate derivatives [Member]
Schedule of Available-for-sale Securities [Line Items]
Derivative Assets (Liabilities) at Fair Value, beginning balance		897,958	[1]	118,279	626,633	(229,631)	[1]
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		91,679	[1]	(68,333)	(458,141)	1,088,060	[1]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases				29,527	29,527
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements		47,540	[1]	(26,868)	(145,414)	178,748	[1]
Derivative Assets (Liabilities) at Fair Value, beginning balance		1,037,177	[1]	52,605	52,605	1,037,177	[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		91,679	[1]	(68,333)	(458,141)	1,088,060	[1]
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		994,685				3,002,540
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		51,760				(1,956,095)
Assets at Fair Value, ending balance		1,046,445				1,046,445
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		49,070,710		46,516,154	48,672,086	49,641,588
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		(19,274)		2,915	(795)	(57,822)
Total gain (losses) included in earnings (impairment of securities )		(309,958)				(1,141,020)
Total gain (losses) included in other comprehensive (loss) income				173,374	788,318	525,446
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements				(2,007,937)	(4,775,103)	(226,714)
Assets at Fair Value, ending balance		48,741,478		44,684,506	44,684,506	48,741,478
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held		(309,958)				(1,141,020)
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		2,357,952		1,441,316	1,409,895	2,422,459
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		(15,192)		(11,936)	43,438	(49,173)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(2,858)		(2,044)	(25,997)	(33,384)
Assets at Fair Value, ending balance		2,339,902		1,427,336	1,427,336	2,339,902
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance	[2]	767,629,337		759,526,707	732,153,435	788,621,707
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)	[2]	36,126		35,542	106,909	108,661
Total gain (losses) included in other comprehensive (loss) income	[2]	(6,729,317)		18,886,878	41,280,568	(24,048,645)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[2]				19,250,000	19,540,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[2]	(18,470,222)		(1,166,407)	(15,508,192)	(41,755,799)
Assets at Fair Value, ending balance	[2]	$ 742,465,924		$ 777,282,720	$ 777,282,720	$ 742,465,924
[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 ($)	Sep. 30, 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	$ 27,049,871	$ 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	552,012,130	541,322,765
Mortgages payable and other secured financing	27,049,871	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	572,810,140	550,766,809
Mortgages payable and other secured financing	$ 27,078,357	$ 27,552,748

Segments - Additional Informati

Segments - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019PropertyUnitSecuritySegmentRating
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	76
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	10,871
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		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Total revenues
Total revenues	$ 14,865,702	$ 26,001,115	$ 46,876,634	$ 58,244,314
Interest expense
Interest expense	6,509,021	6,394,683	19,110,876	18,091,314
Depreciation expense
Depreciation expense	743,503	849,516	2,380,815	2,672,925
Net income (loss)
Net income	9,707,903	17,883,055	20,045,906	27,225,480
Total assets
Total assets	1,033,501,170		1,033,501,170		$ 982,713,246
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member]
Total revenues
Total revenues	10,383,867	21,440,970	31,074,582	44,609,666
Interest expense
Interest expense	5,789,009	5,583,512	16,894,378	16,208,340
Net income (loss)
Net income	(2,492,643)	12,039,700	1,836,196	18,647,585
Total assets
Total assets	921,054,641		921,054,641		864,311,647
Operating Segments [Member] | MF Properties [Member]
Total revenues
Total revenues	1,974,546	2,285,736	6,002,971	7,099,690
Interest expense
Interest expense	365,995	472,796	1,096,016	1,325,019
Depreciation expense
Depreciation expense	743,503	849,516	2,380,815	2,672,925
Net income (loss)
Net income	(434,099)	4,228,494	(946,230)	3,770,339
Total assets
Total assets	71,013,626		71,013,626		71,120,280
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member]
Total revenues
Total revenues	589,024	617,661	1,812,779	1,860,728
Interest expense
Interest expense	354,017	338,375	1,120,482	557,955
Net income (loss)
Net income	235,007	(30,672)	692,297	161,753
Total assets
Total assets	45,014,774		45,014,774		48,942,334
Operating Segments [Member] | Other Investments [Member]
Total revenues
Total revenues	1,918,265	1,656,748	7,986,302	4,674,230
Net income (loss)
Net income	12,399,638	$ 1,645,533	18,463,643	$ 4,645,803
Total assets
Total assets	87,089,136		87,089,136		85,048,514
Consolidation, Eliminations [Member]
Total assets
Total assets	$ (90,671,007)		$ (90,671,007)		$ (86,709,529)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2019	Sep. 30, 2019
Subsequent Event [Member] | Vantage at O'Connor [Member]
Subsequent Event [Line Items]
Equity commitment of fund construction	$ 7.4
TOB Trust [Member] | Pro Nova [Member]
Subsequent Event [Line Items]
Stated Maturities		2019-10
TOB Trust [Member] | Subsequent Event [Member] | Pro Nova [Member]
Subsequent Event [Line Items]
Stated Maturities	2020-01