Greystone Housing Impact Investors (GHI) 10-Q 4 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2020shares
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	Jun. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Units Outstanding	60,545,204
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	14301 FNB Parkway
Entity Address, Address Line Two	Suite 211
Entity Address, City or Town	Omaha
Entity Address, State or Province	NE
Entity Address, Postal Zip Code	68154
City Area Code	402
Local Phone Number	952-1235
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 ($)	Jun. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 36,143,639	$ 42,308,153
Restricted cash	981,082	877,828
Interest receivable, net	7,536,789	7,432,433
Mortgage revenue bonds held in trust, at fair value (Note 6)	744,663,143	743,587,715
Mortgage revenue bonds, at fair value (Note 6)	42,961,828	30,009,750
Governmental issuer loan (Note 7)	40,000,000
Public housing capital fund trust certificates, at fair value (Note 8)		43,349,357
Real estate assets: (Note 9)
Land and improvements	4,875,265	4,906,130
Buildings and improvements	72,060,565	72,011,533
Real estate assets before accumulated depreciation	76,935,830	76,917,663
Accumulated depreciation	(16,773,436)	(15,357,700)
Net real estate assets	60,162,394	61,559,963
Investments in unconsolidated entities (Note 10)	91,643,668	86,981,864
Property loans, net of loan loss allowance (Note 11)	9,666,870	7,999,094
Other assets (Note 13)	4,730,055	5,062,351
Total Assets	1,038,489,468	1,029,168,508
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 14)	8,475,675	9,036,167
Distribution payable	3,686,982	7,607,984
Unsecured lines of credit (Note 15)	18,695,000	13,200,000
Debt financing, net (Note 16)	538,948,049	536,197,421
Mortgages payable and other secured financing, net (Note 17)	26,391,908	26,802,246
Total Liabilities	596,197,614	592,843,818
Commitments and Contingencies (Note 19)
Redeemable Series A Preferred Units, approximately $94.5 million redemption value, 9.5 million issued and outstanding, net (Note 20)	94,404,452	94,386,427
Partnersʼ Capital:
General Partner (Note 1)	815,686	735,128
Beneficial Unit Certificates ("BUCs," Note 1)	347,071,716	341,203,135
Total Partnersʼ Capital	347,887,402	341,938,263
Total Liabilities and Partnersʼ Capital	$ 1,038,489,468	$ 1,029,168,508

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Jun. 30, 2020	Dec. 31, 2019
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Investment income	$ 12,401,819	$ 12,074,669	$ 23,945,242	$ 24,482,545
Property revenues	1,856,954	2,034,796	3,809,201	4,028,425
Contingent interest income		30,000	12,043	3,042,102
Other interest income	219,646	206,869	448,068	429,107
Other income				28,753
Total revenues	14,478,419	14,346,334	28,214,554	32,010,932
Expenses:
Real estate operating (exclusive of items shown below)	854,424	919,256	2,029,798	2,096,074
Provision for credit loss (Note 6)	464,675		1,822,356	0
Impairment charge on real estate assets	25,200		25,200
Depreciation and amortization	712,081	819,804	1,421,519	1,640,612
Interest expense	4,889,316	6,206,935	10,907,284	12,601,855
General and administrative	2,846,371	2,496,798	5,744,897	5,275,389
Total expenses	9,792,067	10,442,793	21,951,054	21,613,930
Other Income:
Gain on sale of securities			1,416,023
Income before income taxes	4,686,352	3,903,541	7,679,523	10,397,002
Income tax expense	98,004	17,351	109,418	58,999
Net income	4,588,348	3,886,190	7,570,105	10,338,003
Redeemable Series A Preferred Unit distributions and accretion	(717,762)	(717,763)	(1,435,525)	(1,435,526)
Net income available to Partners	3,870,586	3,168,427	6,134,580	8,902,477
Net income (loss) available to Partners allocated to:
General Partner	38,706	31,684	(14,698)	811,929
Net income available to Partners and noncontrolling interest	$ 3,870,586	$ 3,168,427	$ 6,134,580	$ 8,902,477
BUC holders' interest in net income per BUC, basic and diluted	$ 0.06	$ 0.05	$ 0.10	$ 0.13
Weighted average number of BUCs outstanding, basic	60,545,204	60,426,177	60,649,692	60,426,177
Weighted average number of BUCs outstanding, diluted	60,545,204	60,426,177	60,649,692	60,426,177
Beneficial Unit Certificate Holders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners	$ 3,806,395	$ 3,103,581	$ 6,118,611	$ 8,024,225
Restricted Unitholders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners	$ 25,485	$ 33,162	$ 30,667	$ 66,323

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Net income			$ 7,570,105	$ 10,338,003
Comprehensive income	$ 25,559,997	$ 18,806,271	20,447,383	33,402,011
Accumulated Other Comprehensive Income (Loss) [Member]
Net income	4,588,348	3,886,190	7,570,105	10,338,003
Reversal of net unrealized gains on sale of securities			(1,408,804)
Reversal of net unrealized loss on securities to provision for credit loss			372,169
Unrealized gain on securities	$ 20,971,649	$ 14,920,081	$ 13,913,913	$ 23,064,008

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($)	Total	Tier 2 [Member]	General Partner [Member]	General Partner [Member]Tier 2 [Member]	BUCs - Restricted and Unrestricted [Member]	BUCs - Restricted and Unrestricted [Member]Tier 2 [Member]	Number of BUCs - Restricted and Unrestricted [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 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 13)	(212)		(2)		(210)
Distributions paid or accrued:
Regular distribution	(5,381,169)		(53,812)		(5,327,357)
Distribution of Tier 2 loss (income) (Note 3)		$ (3,012,102)		$ (753,025)		$ (2,259,077)
Net income (loss) 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
Distributions paid or accrued:
Net income (loss) allocable to Partners	8,902,477
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
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:
Regular distribution	(7,663,064)		(76,631)		(7,586,433)
Net income (loss) 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
Balance at Dec. 31, 2019	341,938,263		735,128		341,203,135			99,308,677
Partners' Capital Account, Units at Dec. 31, 2019							60,835,204
Distributions paid or accrued:
Regular distribution	(8,050,119)		(80,501)		(7,969,618)
Distribution of Tier 2 loss (income) (Note 3)		$ 445,719		$ 80,501		$ 365,218
Net income (loss) allocable to Partners	2,263,994		(53,404)		2,317,398
Repurchase of BUCs, Value	(2,106,673)				(2,106,673)
Repurchase of BUCs, Units							(290,000)
Restricted units awarded							290,000
Restricted unit compensation expense	39,068		391		38,677
Unrealized gain (loss) on securities	(7,057,736)		(70,577)		(6,987,159)			(7,057,736)
Reversal of net unrealized gains on sale of securities	(1,408,804)		(14,088)		(1,394,716)			(1,408,804)
Reversal of net unrealized loss on securities to provision for credit loss	372,169		3,722		368,447			372,169
Balance at Mar. 31, 2020	326,435,881		601,172		325,834,709			91,214,306
Partners' Capital Account, Units at Mar. 31, 2020							60,835,204
Balance at Dec. 31, 2019	341,938,263		735,128		341,203,135			99,308,677
Partners' Capital Account, Units at Dec. 31, 2019							60,835,204
Distributions paid or accrued:
Net income (loss) allocable to Partners	6,134,580
Reversal of net unrealized loss on securities to provision for credit loss								372,169
Balance at Jun. 30, 2020	347,887,402		815,686		347,071,716			112,185,955
Partners' Capital Account, Units at Jun. 30, 2020							60,835,204
Balance at Mar. 31, 2020	326,435,881		601,172		325,834,709			91,214,306
Partners' Capital Account, Units at Mar. 31, 2020							60,835,204
Distributions paid or accrued:
Regular distribution	(3,686,982)		(36,870)		(3,650,112)
Net income (loss) allocable to Partners	3,870,586		38,706		3,831,880
Restricted unit compensation expense	296,268		2,962		293,306
Unrealized gain (loss) on securities	20,971,649		209,716		20,761,933			20,971,649
Balance at Jun. 30, 2020	$ 347,887,402		$ 815,686		$ 347,071,716			$ 112,185,955
Partners' Capital Account, Units at Jun. 30, 2020							60,835,204

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019
Statement Of Partners Capital [Abstract]
Regular distributions paid or accrued	$ 0.06	$ 0.125	$ 0.125	$ 0.125

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net income	$ 7,570,105	$ 10,338,003
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	1,421,519	1,640,612
Gain on sale of investment in securities	(1,416,023)
Provision for credit loss	1,822,356	0
Contingent interest realized on investing activities	(12,043)	(3,042,102)
Impairment charge on real estate assets	25,200
(Gain) loss on derivatives, net of cash paid	(18,915)	508,354
Restricted unit compensation expense	335,336	370,414
Bond premium/discount amortization	(48,021)	(67,657)
Debt premium amortization	(20,229)
Amortization of deferred financing costs	791,026	731,006
Deferred income tax expense & income tax payable/receivable	90,927	172,965
Change in preferred return receivable from unconsolidated entities, net	(1,260,261)	(3,005,017)
Changes in operating assets and liabilities
Increase in interest receivable	(104,356)	(207,986)
Decrease in other assets	362,468	734,903
Decrease in accounts payable and accrued expenses	(597,859)	(1,051,467)
Net cash provided by operating activities	8,941,230	7,122,028
Cash flows from investing activities:
Capital expenditures	(116,887)	(58,247)
Acquisition of mortgage revenue bonds	(7,489,950)	(19,250,000)
Advances on governmental issuer loan	(40,000,000)
Contributions to unconsolidated entities	(11,163,709)	(17,285,950)
Advances on property loans	(1,667,776)
Proceeds from sale of investment in an unconsolidated entity	7,762,166
Principal payments received on taxable mortgage revenue bonds	4,324	23,953
Principal payments received on property loans and contingent interest	12,043	11,409,737
Net cash used in investing activities	(3,406,388)	(8,051,556)
Cash flows from financing activities:
Distributions paid	(16,629,884)	(17,386,938)
Repurchase of BUCs	(2,106,673)
Proceeds from debt financing	91,386,000	18,430,500
Principal payments on debt financing	(88,985,375)	(5,271,169)
Principal payments on mortgages payable	(419,128)	(373,843)
Principal borrowing on unsecured lines of credit	7,475,000	23,200,000
Principal payments on unsecured lines of credit	(1,980,000)	(35,659,200)
Decrease in security deposit liability related to restricted cash	(50,617)	(26,397)
Debt financing and other deferred costs	(285,425)	(105,457)
Net cash used in financing activities	(11,596,102)	(17,192,504)
Net decrease in cash, cash equivalents and restricted cash	(6,061,260)	(18,122,032)
Cash, cash equivalents and restricted cash at beginning of period	43,185,981	33,268,611
Cash, cash equivalents and restricted cash at end of period	37,124,721	15,146,579
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	10,226,352	11,297,205
Cash paid during the period for income taxes	18,491	155,000
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner	3,686,982	7,663,064
Distributions declared but not paid for Series A Preferred Units	708,750	708,750
Capital expenditures financed through accounts payable		360
Deferred financing costs financed through accounts payable	55,557	35,969
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Principal payments received		2,767,166
Proceeds from sale of PHC Certificates	43,349,357
Mortgage Revenue Bonds [Member]
Cash flows from investing activities:
Principal payments received	$ 5,904,044	$ 14,341,785

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	Jun. 30, 2020	Jun. 30, 2019
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 36,143,639	$ 13,821,980
Restricted cash	981,082	1,324,599
Total cash, cash equivalents and restricted cash	$ 37,124,721	$ 15,146,579

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
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 have been issued to provide construction and/or permanent financing for affordable multifamily and student housing residential properties (collectively “Residential Properties”) and commercial properties. The Partnership expects and believes the interest earned on these MRBs is excludable from gross income for federal income tax purposes. 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, student and senior citizen residential properties (“MF Properties”) in order to position itself for future investments in MRBs that finance these properties or to operate the MF Properties until their “highest and best use” can be determined by management. The Partnership’s sole 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”), an affiliate of Greystone & Co., Inc. (collectively with its affiliates, “Greystone”). The Partnership has issued Beneficial Unit Certificates (“BUCs”) representing assigned limited partner interests to investors (“BUC holders”). The Partnership has also issued non-cumulative, non-voting, non-convertible Series A Preferred Units (“Series A Preferred Units”) that represent limited interests in the Partnership under the Partnership’s First Amended and Restated Agreement of Limited Partnership dated September 15, 2015, as further amended (the “Partnership Agreement”). The Series A Preferred Units are redeemable in the future and represent limited partnership interests in the Partnership pursuant to subscription agreements with five financial institutions (see Note 20). 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	6 Months Ended
	Jun. 30, 2020
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 (see Note 5). All intercompany transactions are eliminated. The consolidated subsidiaries of the Partnership for the periods presented 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 • The Suites on Paseo MF Property, a real estate asset, is owned directly by the Partnership. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary. Impairment of Mortgage Revenue Bonds The Partnership periodically reviews its MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including: • 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; • Adverse conditions specifically related to the security, its collateral, or both; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make scheduled interest or principal payments; • Failure of the issuer to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If a MRB’s estimated fair value is below amortized cost, and the Partnership has the intent to sell or may be required to sell the MRB prior to the time that its value recovers or until maturity, the Partnership will record an other-than-temporary impairment through earnings equal to the difference between the MRB’s carrying value and its fair value. If the Partnership does not expect to sell an other-than-temporarily impaired MRB, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income (loss). In determining the provision for credit loss, the Partnership compares the present value of cash flows expected to be collected to the MRB’s amortized cost basis. The recognition of other-than-temporary impairment, provision for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership’s condensed consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. During the six months ended June 30, 2020, there was a provision for credit loss reported by the Partnership related to one MRB (see Note 6). There were no other-than-temporary impairment charges or provision for credit loss reported during the six months ended June 30, 2019. Investment in Governmental Issuer Loan The Partnership accounts for its investment in a governmental issuer loan (“GIL”) under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investment in this instrument is classified as a held-to-maturity debt security and is reported at amortized cost. The Partnership periodically reviews its GIL for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including: • The duration and severity of the decline in fair value; • Adverse conditions specifically related to the security, its collateral, or both; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make scheduled interest or principal payments; • The failure of the borrower to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If the GIL’s estimated fair value is below amortized cost, and the Partnership does not expect to recover its entire amortized cost, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income (loss). The recognition of other-than-temporary impairment, provision for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership’s condensed consolidated financial statements. If the Partnership experiences deterioration in the value of its GIL , the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. During the three and six months ended June 30 , 2020, there was not a provision for credit loss or other-than-temporary impairment charges reported by the Partnership related to its GIL . 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 Partnership’s 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, 2019. These condensed consolidated financial statements and notes have been prepared consistently with the 2019 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of June 30, 2020, 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, 2019 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements. The business and economic uncertainty resulting from the COVID-19 pandemic has made estimates and assumptions more difficult to calculate . The extent of the impact of COVID-19 on the Partnership’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, the impact on the underlying borrowers of MRBs and the GIL, tenants at the MF Properties and operations of the Partnership’s investments in unconsolidated entities. In addition, market volatility may cause fluctuations in the valuation of the Partnership’s MRBs, taxable MRBs, GIL, MF Properties and investments in unconsolidated entities. The extent to which COVID-19 will impact the Partnership’s financial condition or results of operations in the future is uncertain and actual results and outcomes could differ from current estimates. Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326).” ASU 2016-13 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. ASU 2016-13 also includes changes to the impairment model for available-for-sale debt securities such as the Partnership’s MRBs and taxable MRBs. In November 2019, the FASB issued ASU 2019-10 which amended the mandatory effective dates of certain ASUs, including ASU 2016-13, based on an entity’s filing status. As a smaller reporting company, the Partnership’s mandatory effective date for ASU 2016-13 is now January 1, 2023, and the Partnership has elected to defer adoption until that date. The delay in implementing ASU 2016-13 will allow the Partnership to take advantage of any additional guidance that may come out from the FASB on implementing ASU 2016-13. The effective date may be sooner if the Partnership becomes an accelerated filer in the future. Prior to the issuance of ASU 2019-10, the Partnership completed an initial assessment and determined that its property loans, receivables reported within other assets, financial guarantees and commitments are within the scope of ASU 2016-13. Furthermore, the Partnership began developing data collection processes, assessment procedures and internal controls required to implement ASU 2016-13. The Partnership will continue to develop data collection processes, assessment procedures and internal controls that will be required when it does implement ASU 2016-13, and to evaluate the impact on the Partnership’s condensed consolidated financial statements.

Partnership Income, Expenses an

Partnership Income, Expenses and Cash Distributions	6 Months Ended
	Jun. 30, 2020
Partnership Income Expenses And Cash Distributions [Abstract]
Partnership Income, Expenses and Cash Distributions	3. Partnership Income, Expenses and Cash Distributions The Partnership Agreement contains provisions for the distribution of Net Interest Income, Net Residual Proceeds and Liquidation Proceeds, for the allocation of income or loss from operations, and for the allocation of income and loss arising from a repayment, sale, or liquidation of investments. Income and losses will be allocated to each Unitholder on a periodic basis, as determined by the General Partner, based on the number of 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. For purposes of the Partnership Agreement, income and cash received by the Partnership from its investments in MF Properties, investments in unconsolidated entities, and property loans will be included in the Partnership’s Net Interest Income, and cash distributions received by the Partnership from the sale or redemption of such investments will be included in the Partnership’s Net Residual Proceeds. 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 Partnership 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	6 Months Ended
	Jun. 30, 2020
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 “2015 Plan”) are considered participating securities. There were no dilutive BUCs for the three and six months ended June 30, 2020 and 2019.

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2020
Variable Interest Entities [Abstract]
Variable Interest Entities	5. Variable Interest Entities Consolidated Variable Interest Entities (“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 (see Note 16). 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 its 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 the 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 related to the TOB Financings, and the Class A Certificates related to the Term TOB, Term A/B and TEBS Financings as secured debt financings on the Partnership’s condensed consolidated balance sheets. The MRBs secured by the TOB, Term TOB, Term A/B and TEBS Financings, and the PHCs secured by the TOB Financings, are reported as assets on the Partnership’s condensed consolidated balance sheets (see Notes 6 and 8). Non-Consolidated VIEs The Partnership has variable interests in various entities in the form of MRBs, a GIL, 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 18 and 17 non-consolidated VIEs as of June 30, 2020 and December 31, 2019, respectively. The following table summarizes the Partnership’s variable interests in these entities as of June 30, 2020 and December 31, 2019: Maximum Exposure to Loss June 30, 2020 December 31, 2019 Mortgage revenue bonds $ 32,096,000 $ 30,455,000 Governmental issuer loan 40,000,000 - Property loans 1,667,776 - Investment in unconsolidated entities 91,643,668 86,981,864 $ 165,407,444 $ 117,436,864 The maximum exposure to loss for the MRBs 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 for the GIL, property loans and investments in unconsolidated entities is equal to the Partnership’s carrying value.

Investments in Mortgage Revenue

Investments in Mortgage Revenue Bonds	6 Months Ended
	Jun. 30, 2020
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 (see Note 16). All MRBs are current on contractual debt service as of June 30, 2020. The Partnership had the following investments in MRBs as of June 30, 2020 and December 31, 2019: June 30, 2020 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns and Allowances Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (4) CA $ 10,104,963 $ 1,828,130 $ - $ 11,933,093 Glenview Apartments - Series A (3) CA 4,508,920 848,201 - 5,357,121 Harmony Court Bakersfield - Series A (4) CA 3,684,410 632,035 - 4,316,445 Harmony Terrace - Series A (4) CA 6,820,517 1,274,532 - 8,095,049 Harden Ranch - Series A (2) CA 6,661,912 1,313,138 - 7,975,050 Las Palmas II - Series A (4) CA 1,671,884 322,393 - 1,994,277 Montclair Apartments - Series A (3) CA 2,442,734 511,677 - 2,954,411 Montecito at Williams Ranch Apartments - Series A (6) CA 7,654,093 1,873,968 - 9,528,061 San Vicente - Series A (4) CA 3,447,335 632,272 - 4,079,607 Santa Fe Apartments - Series A (3) CA 2,959,281 609,255 - 3,568,536 Seasons at Simi Valley - Series A (4) CA 4,260,003 994,172 - 5,254,175 Seasons Lakewood - Series A (4) CA 7,265,333 1,357,653 - 8,622,986 Seasons San Juan Capistrano - Series A (4) CA 12,232,449 2,169,826 - 14,402,275 Summerhill - Series A (4) CA 6,344,494 1,088,354 - 7,432,848 Sycamore Walk - Series A (4) CA 3,538,734 664,864 - 4,203,598 The Village at Madera - Series A (4) CA 3,047,293 536,986 - 3,584,279 Tyler Park Townhomes - Series A (2) CA 5,803,267 835,563 - 6,638,830 Vineyard Gardens - Series A (6) CA 3,983,421 900,633 - 4,884,054 Westside Village Market - Series A (2) CA 3,792,423 724,447 - 4,516,870 Brookstone (1) IL 7,391,425 2,226,656 - 9,618,081 Copper Gate Apartments (2) IN 5,005,000 677,901 - 5,682,901 Renaissance - Series A (3) LA 10,936,829 1,863,478 - 12,800,307 Live 929 Apartments (6), (7) MD 39,830,967 - (477,260 ) 39,353,707 Woodlynn Village (1) MN 4,146,000 53,964 - 4,199,964 Gateway Village (6) NC 2,600,000 153,039 - 2,753,039 Greens Property - Series A (2) NC 7,883,000 789,730 - 8,672,730 Lynnhaven Apartments (6) NC 3,450,000 203,071 - 3,653,071 Silver Moon - Series A (3) NM 7,730,484 1,696,898 - 9,427,382 Village at Avalon - Series A (5) NM 16,246,373 3,688,529 - 19,934,902 Ohio Properties - Series A (1) OH 13,791,000 60,063 - 13,851,063 Bridle Ridge (1) SC 7,275,000 144,792 - 7,419,792 Columbia Gardens (4) SC 12,983,220 2,304,405 - 15,287,625 Companion at Thornhill Apartments (4) SC 11,117,797 1,782,671 - 12,900,468 Cross Creek (1) SC 6,141,120 2,439,945 - 8,581,065 Rosewood Townhomes - Series A (6) SC 9,280,000 1,653,451 - 10,933,451 South Pointe Apartments - Series A (6) SC 21,600,000 4,071,774 - 25,671,774 The Palms at Premier Park Apartments (2) SC 18,730,489 2,713,107 - 21,443,596 Village at River's Edge (4) SC 9,837,910 2,068,508 - 11,906,418 Willow Run (4) SC 12,802,849 2,091,951 - 14,894,800 Arbors at Hickory Ridge (2) TN 10,984,840 1,952,655 - 12,937,495 Avistar at Copperfield - Series A (6) TX 13,881,681 2,506,209 - 16,387,890 Avistar at the Crest - Series A (2) TX 9,197,291 1,960,964 - 11,158,255 Avistar at the Oaks - Series A (2) TX 7,432,683 1,573,517 - 9,006,200 Avistar at the Parkway - Series A (3) TX 12,788,522 2,343,298 - 15,131,820 Avistar at Wilcrest - Series A (6) TX 5,260,876 845,705 - 6,106,581 Avistar at Wood Hollow - Series A (6) TX 39,945,710 6,893,766 - 46,839,476 Avistar in 09 - Series A (2) TX 6,417,834 1,358,671 - 7,776,505 Avistar on the Boulevard - Series A (2) TX 15,668,577 3,071,059 - 18,739,636 Avistar on the Hills - Series A (2) TX 5,088,582 1,100,068 - 6,188,650 Bruton Apartments (4) TX 17,741,983 3,729,856 - 21,471,839 Concord at Gulfgate - Series A (4) TX 18,887,619 4,174,496 - 23,062,115 Concord at Little York - Series A (4) TX 13,231,671 3,044,416 - 16,276,087 Concord at Williamcrest - Series A (4) TX 20,497,275 4,622,985 - 25,120,260 Crossing at 1415 - Series A (4) TX 7,369,164 1,473,173 - 8,842,337 Decatur Angle (4) TX 22,364,588 4,471,786 - 26,836,374 Esperanza at Palo Alto (4) TX 19,288,690 4,738,934 - 24,027,624 Heights at 515 - Series A (4) TX 6,746,597 1,377,255 - 8,123,852 Heritage Square - Series A (3) TX 10,637,915 1,699,021 - 12,336,936 Oaks at Georgetown - Series A (4) TX 12,187,967 1,810,989 - 13,998,956 Runnymede (1) TX 9,865,000 100,289 - 9,965,289 Southpark (1) TX 11,585,255 2,191,903 - 13,777,158 15 West Apartments (4) WA 9,639,432 2,584,675 - 12,224,107 Mortgage revenue bonds held in trust $ 635,712,681 $ 109,427,722 $ (477,260 ) $ 744,663,143 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 ( 2 ) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 ( 3 ) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 ( 4 ) ( 5 ) MRB held by Morgan Stanley in a secured financing transaction, Note 1 6 ( 6 ) ( 7 ) June 30, 2020 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 $ 1,885,539 $ - $ 15,085,539 Solano Vista - Series A CA 2,665,000 719,622 - 3,384,622 Greens Property - Series B NC 927,877 129,272 - 1,057,149 Arby Road Apartments - Series A NV 7,475,000 15,415 - 7,490,415 Ohio Properties - Series B OH 3,495,160 13,533 - 3,508,693 Rosewood Townhomes - Series B SC 470,000 2,606 - 472,606 South Pointe Apartments - Series B SC 1,100,000 6,099 - 1,106,099 Pro Nova 2014-1 TN 8,197,465 - - 8,197,465 Avistar at the Crest - Series B TX 738,480 116,511 - 854,991 Avistar at the Oaks - Series B TX 540,485 81,576 - 622,061 Avistar at the Parkway - Series B TX 124,144 40,059 - 164,203 Avistar in 09 - Series B TX 445,851 69,002 - 514,853 Avistar on the Boulevard - Series B TX 438,807 64,325 - 503,132 Mortgage revenue bonds held by the Partnership $ 39,818,269 $ 3,143,559 $ - $ 42,961,828 December 31, 2019 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (5) CA $ 10,147,686 $ 1,602,534 $ - $ 11,750,220 Glenview Apartments - Series A (4) CA 4,533,958 757,900 - 5,291,858 Harmony Court Bakersfield - Series A (5) CA 3,699,987 549,211 - 4,249,198 Harmony Terrace - Series A (5) CA 6,849,214 1,121,262 - 7,970,476 Harden Ranch - Series A (3) CA 6,700,868 1,281,980 - 7,982,848 Las Palmas II - Series A (5) CA 1,679,022 263,441 - 1,942,463 Montclair Apartments - Series A (4) CA 2,456,298 446,558 - 2,902,856 Montecito at Williams Ranch Apartments - Series A (7) CA 7,681,146 1,580,303 - 9,261,449 San Vicente - Series A (5) CA 3,462,053 510,593 - 3,972,646 Santa Fe Apartments - Series A (4) CA 2,975,713 540,988 - 3,516,701 Seasons at Simi Valley - Series A (5) CA 4,282,477 860,856 - 5,143,333 Seasons Lakewood - Series A (5) CA 7,295,901 1,124,372 - 8,420,273 Seasons San Juan Capistrano - Series A (5) CA 12,283,916 1,893,075 - 14,176,991 Summerhill - Series A (5) CA 6,371,318 797,228 - 7,168,546 Sycamore Walk - Series A (5) CA 3,559,011 567,713 - 4,126,724 The Village at Madera - Series A (5) CA 3,060,177 454,240 - 3,514,417 Tyler Park Townhomes - Series A (3) CA 5,837,595 864,894 - 6,702,489 Vineyard Gardens - Series A (7) CA 3,995,000 815,213 - 4,810,213 Westside Village Market - Series A (3) CA 3,814,857 594,361 - 4,409,218 Brookstone (1) IL 7,406,755 2,194,994 - 9,601,749 Copper Gate Apartments (3) IN 5,005,000 682,497 - 5,687,497 Renaissance - Series A (4) LA 11,001,027 1,775,086 - 12,776,113 Live 929 Apartments (7), (8) MD 39,984,026 - (280,711 ) 39,703,315 Woodlynn Village (1) MN 4,172,000 44,510 - 4,216,510 Gateway Village (2) NC 2,600,000 509,901 - 3,109,901 Greens Property - Series A (3) NC 7,936,000 845,678 - 8,781,678 Lynnhaven Apartments (2) NC 3,450,000 393,686 - 3,843,686 Silver Moon - Series A (4) NM 7,762,116 1,166,748 - 8,928,864 Village at Avalon - Series A (6) NM 16,302,038 3,131,843 - 19,433,881 Ohio Properties - Series A (1) OH 13,857,000 48,813 - 13,905,813 Bridle Ridge (1) SC 7,315,000 113,469 - 7,428,469 Columbia Gardens (5) SC 13,064,589 2,179,744 - 15,244,333 Companion at Thornhill Apartments (5) SC 11,178,557 1,709,040 - 12,887,597 Cross Creek (1) SC 6,143,976 2,507,072 - 8,651,048 Rosewood Townhomes - Series A (7) SC 9,280,000 316,916 - 9,596,916 South Pointe Apartments - Series A (7) SC 21,600,000 835,005 - 22,435,005 The Palms at Premier Park Apartments (3) SC 18,838,478 2,799,411 - 21,637,889 Village at River's Edge (5) SC 9,872,297 2,236,259 - 12,108,556 Willow Run (5) SC 12,884,191 2,100,598 - 14,984,789 Arbors at Hickory Ridge (3) TN 11,056,825 1,934,146 - 12,990,971 Pro Nova 2014-1 (2), (8) TN 10,022,352 - (372,169 ) 9,650,183 Avistar at Copperfield - Series A (2) TX 13,945,681 2,356,231 - 16,301,912 Avistar at the Crest - Series A (3) TX 9,252,257 1,715,456 - 10,967,713 Avistar at the Oaks - Series A (3) TX 7,475,794 1,336,580 - 8,812,374 Avistar at the Parkway - Series A (4) TX 12,854,039 2,065,468 - 14,919,507 Avistar at Wilcrest - Series A (2) TX 5,285,131 806,523 - 6,091,654 Avistar at Wood Hollow - Series A (2) TX 40,129,878 6,450,704 - 46,580,582 Avistar in 09 - Series A (3) TX 6,455,058 1,125,239 - 7,580,297 Avistar on the Boulevard - Series A (3) TX 15,762,217 2,648,781 - 18,410,998 Avistar on the Hills - Series A (3) TX 5,118,097 938,032 - 6,056,129 Bruton Apartments (5) TX 17,807,768 3,534,702 - 21,342,470 Concord at Gulfgate - Series A (5) TX 18,975,786 3,572,995 - 22,548,781 Concord at Little York - Series A (5) TX 13,293,436 2,624,054 - 15,917,490 Concord at Williamcrest - Series A (5) TX 20,592,957 3,971,001 - 24,563,958 Crossing at 1415 - Series A (5) TX 7,405,406 1,229,438 - 8,634,844 Decatur Angle (5) TX 22,455,747 4,198,200 - 26,653,947 Esperanza at Palo Alto (5) TX 19,356,959 4,111,518 - 23,468,477 Heights at 515 - Series A (5) TX 6,779,777 1,154,387 - 7,934,164 Heritage Square - Series A (4) TX 10,695,037 1,455,672 - 12,150,709 Oaks at Georgetown - Series A (5) TX 12,239,247 1,645,817 - 13,885,064 Runnymede (1) TX 9,925,000 80,343 - 10,005,343 Southpark (1) TX 11,548,337 2,334,262 - 13,882,599 15 West Apartments (5) WA 9,673,117 2,287,904 - 11,961,021 Mortgage revenue bonds held in trust $ 648,445,150 $ 95,795,445 $ (652,880 ) $ 743,587,715 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 16 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 1 6 (5) (6) MRB held by Morgan Stanley in a secured financing transaction, see Note 16 (7) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 16 (8) As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months. December 31, 2019 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montevista - Series A & B CA $ 13,200,000 $ 1,654,870 $ - $ 14,854,870 Solano Vista - Series A & B CA 5,768,000 625,235 - 6,393,235 Greens Property - Series B NC 930,016 142,265 - 1,072,281 Ohio Properties - Series B OH 3,504,171 10,363 - 3,514,534 Rosewood Townhomes - Series B SC 470,000 1,685 - 471,685 South Pointe Apartments - Series B SC 1,100,000 2,952 - 1,102,952 Avistar at the Crest - Series B TX 740,876 94,819 - 835,695 Avistar at the Oaks - Series B TX 542,170 65,455 - 607,625 Avistar at the Parkway - Series B TX 124,305 38,045 - 162,350 Avistar in 09 - Series B TX 447,241 53,995 - 501,236 Avistar on the Boulevard - Series B TX 440,231 53,056 - 493,287 Mortgage revenue bonds held by the Partnership $ 27,267,010 $ 2,742,740 $ - $ 30,009,750 See Note 23 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. During the three and six months ended June 30, 2020, the Partnership recognized a provision for credit loss of approximately $465,000 and $1.8 million, respectively, related to the Pro Nova 2014-1 MRB in its condensed consolidated statements of operations. See Note 2 for information considered in the Partnership’s evaluation of other-than-temporary impairment and credit loss of the MRBs. The credit loss related to the Pro Nova 2014-1 MRB was primarily driven by debt service shortfalls by the underlying commercial property, the borrower’s request for forbearance, and the general creditworthiness of proton therapy centers in the United States, including the impact on them of the COVID-19 pandemic. The cumulative unrealized loss for the Live 929 Apartments MRB as of June 30, 2020, is due to recent operational results and a decline in debt service coverage. The Partnership has evaluated the operational results and loan-to-collateral value ratio for the property underlying this MRB and believes that the cumulative unrealized loss is temporary. MRB Activity in the First Six Months of 2020 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Arby Road Apartments - Series A (1) June Las Vegas, NV 180 10/1/2027 5.35 % $ 1,690,000 Arby Road Apartments - Series A (1) June Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 $ 7,475,000 (1) Both MRBs are part of the same series but have different interest rates and maturity dates. Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2020: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 MRB Activity in the First Six Months of 2019 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding during the six months ended June 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 six months ended June 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 - 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 six months ended June 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 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

Governmental Issuer Loan

Governmental Issuer Loan	6 Months Ended
	Jun. 30, 2020
Governmental Issuer Loan [Abstract]
Governmental Issuer Loan	7. Governmental Issuer Loan The Partnership owns a governmental issuer loan (“GIL”) that was issued by a state governmental authority to provide construction financing for an affordable multifamily property. The Partnership expects and believes the interest earned on the GIL is excludable from gross income for federal income tax purposes. The GIL does not constitute an obligation of any state government, agency or authority and no state government, agency or authority is liable on it, nor is the taxing power of any state government pledged to the payment of principal or interest on the GIL. The GIL is secured by the borrower’s non-recourse obligation evidenced by a mortgage on all real and personal property associated with the underlying property. The sole source of the funds to pay principal and interest on the GIL is the net cash flow or the sale or refinancing proceeds from the propert y . The GIL shares a first mortgage lien position with a property loan also owned by the Partnership ( see Note 11). The GIL is held in trust in connection with a TOB Trust financing ( see Note 16). The terms of the Partnership’s GIL as of June 30, 2020 are as follows: Property Name Month Acquired Property Location Units Maturity Date Variable Interest Rate Amortized Cost Scharbauer Flats Apartments June Midland, TX 300 1/1/2023 (1) SIFMA + 3.10% $ 40,000,000 (1) The borrower may automatically extend the maturity to July 2023 and may further extend the maturity to January 2024 upon payment of a non-refundable extension fee. An affiliate of the Partnership has forward committed to purchase the GIL at maturity, if the property has reached stabilization and other conditions are met. See Note 22 for further information. Affiliates of the borrower have guaranteed payment of principal and accrued interest on the GIL of 100% at origination, decreasing to 50% upon receipt of the certificate of occupancy, and decreasing to 25% upon achievement of 90% occupancy for 30 consecutive days.

Public Housing Capital Fund Tru

Public Housing Capital Fund Trust ("PHC") Certificates	6 Months Ended
	Jun. 30, 2020
Public Housing Capital Fund Trusts [Abstract]
Public Housing Capital Fund Trust ("PHC") Certificates	8. Public Housing Capital Fund Trust (“PHC”) Certificates The Partnership’s PHC Certificates represented beneficial interests in three PHC Trusts that consisted of custodial receipts evidencing loans made to numerous local public housing authorities. Principal and interest on these loans were 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”). On January 30, 2020, the Partnership sold its PHC Certificates to an unrelated party for approximately $43.3 million, plus accrued interest, recognizing a gain on sale of securities of approximately $1.4 million. The PHC Certificates were held in trust at Mizuho Capital Markets, LLC (“Mizuho”) in secured TOB Trust financing transactions, which upon sale, were collapsed and all principal and interest were paid off in full (see Note 16). The Partnership had the following investments in the PHC Certificates as of December 31, 2019: December 31, 2019 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 5.47 AA- 5.33% $ 24,477,478 $ 435,659 $ - $ 24,913,137 PHC Certificate Trust II 4.58 AA- 4.41% 4,375,296 386,433 - 4,761,729 PHC Certificate Trust III 5.43 BBB 5.12% 13,087,779 586,712 - 13,674,491 $ 41,940,553 $ 1,408,804 $ - $ 43,349,357 See Note 23 for a description of the methodology and significant assumptions that were used for determining the fair value of the PHC Certificates. Unrealized gains or losses on the PHC Certificates were recorded in the Partnership’s condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the PHC Certificates .

Real Estate Assets

Real Estate Assets	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate Assets	9. Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of June 30, 2020 and December 31, 2019: Real Estate Assets as of June 30, 2020 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 $ 39,121,743 $ 42,321,011 The 50/50 MF Property Lincoln, NE 475 - 32,938,822 32,938,822 Land held for development (1) 1,675,997 - 1,675,997 $ 76,935,830 Less accumulated depreciation (16,773,436 ) Total real estate assets $ 60,162,394 (1) Real Estate Assets as of December 31, 2019 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,073,728 $ 42,272,996 The 50/50 MF Property Lincoln, NE 475 - 32,937,805 32,937,805 Land held for development (2) 1,706,862 - 1,706,862 $ 76,917,663 Less accumulated depreciation (15,357,700 ) Total real estate assets $ 61,559,963 (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 Six Months of 2020 As of June 30, 2020, the land held for development in Gardner, KS was under contract for sale. In June 2020, the Partnership determined that the land held for development in Gardner, Kansas was impaired. The Partnership recorded an impairment charge of $25,200 in the second quarter of 2020, 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	6 Months Ended
	Jun. 30, 2020
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Entities	10. 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 for a period of time ranging from two to three years after construction completion The following table provides the details of the investments in unconsolidated entities as of June 30, 2020 and December 31, 2019 and remaining equity commitment amounts as of June 30, 2020: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of June 30, 2020 Carrying Value as of December 31, 2019 Maximum Remaining Equity Commitment as of June 30, 2020 Vantage at Waco Waco, TX 288 August 2016 May 2018 $ - $ 9,337,166 $ - Vantage at Powdersville Powdersville, SC 288 November 2017 February 2020 12,295,801 12,295,801 - Vantage at Stone Creek Omaha, NE 294 March 2018 April 2020 7,840,500 7,840,500 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 10,570,000 10,144,052 - Vantage at Germantown Germantown, TN 288 June 2018 March 2020 12,344,784 11,745,155 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 14,206,483 13,516,425 - Vantage at Coventry Omaha, NE 294 September 2018 N/A 9,007,435 9,007,435 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 9,901,396 8,078,519 - Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 7,845,359 5,016,811 - Vantage at Westover Hills San Antonio, TX 288 January 2020 N/A 7,631,910 - - 2,892 $ 91,643,668 $ 86,981,864 $ - Activity in the First Six Months of 2020 In January 2020, the Partnership executed a $7.3 million equity commitment to fund construction of the Vantage at Westover Hills multifamily property. In June 2020, Vantage at Waco sold substantially all assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $10.3 million upon sale. The Partnership recognized approximately $931,000 of “Investment Income” associated with the sale. The Partnership may also be entitled to up to $586,000 of additional proceeds in 2020 if certain gain contingencies are satisfied. Activity in the First Six Months of 2019: In April 2019, the Partnership executed a $9.0 million equity commitment to fund construction of the Vantage at Conroe multifamily property. The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three and six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Property Revenues $ 2,987,106 $ 3,103,876 $ 5,470,711 $ 5,821,144 Gain on sale of property $ 6,262,992 $ - $ 6,262,992 $ - Net income (loss) $ 4,356,453 $ (571,382 ) $ 1,837,288 $ (688,445 )

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances	6 Months Ended
	Jun. 30, 2020
Property Loans Net Of Loan Loss Allowance [Abstract]
Property Loans, Net of Loan Loss Allowances	11. Property Loans, Net of Loan Loss Allowances The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of June 30, 2020 and December 31, 2019: June 30, 2020 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 Live 929 Apartments 405,717 - 405,717 Ohio Properties 2,390,446 - 2,390,446 Scharbauer Flats Apartments 1,667,776 - 1,667,776 Total $ 17,060,684 $ (7,393,814 ) $ 9,666,870 December 31, 2019 Outstanding Balance Loan Loss Allowance Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Live 929 Apartments 405,717 - 405,717 Ohio Properties 2,390,446 - 2,390,446 Total $ 15,392,908 $ (7,393,814 ) $ 7,999,094 During the three and six months ended June 30, 2020 and 2019, 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 six months ended June 30, 2020 and 2019, interest to be earned on approximately $983,000 of property loan principal for the Ohio Properties was in nonaccrual status as, in management’s opinion, the interest was not considered collectible. For the three and six months ended June 30, 2020, the outstanding property loan balance for Live 929 was in nonaccrual status as, in management’s opinion, the interest was not considered collectible. Activity in the First Six Months of 2020 In June 2020, in addition to its acquisition of the Partnership’s GIL, the Partnership committed to loan up to $24.2 million to fund construction of Scharbauer Flats Apartments in Midland, Texas. As of June 30, 2020, approximately $1.7 million of funds had been advanced under the property loan, with the remaining commitment to be advanced in future periods. The Scharbauer Flats Apartments property loan and GIL (see Note 7) are on parity and . The property loan has a stated repayment date of January 1, 2023, with two six-month Activity in the First Six Months of 2019 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 reported within “Contingent interest income” on the Partnership’s condensed consolidated statements of operations. The contingent interest recognized is considered Tier 2 income for purposes of distributions to the General Partner and BUC holders (see Note 3).

Income Tax Provision

Income Tax Provision	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Income Tax Provision	12. 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 six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Current income tax expense $ 98,964 $ 32,823 $ 141,299 $ 115,163 Deferred income tax benefit (960 ) (15,472 ) (31,881 ) (56,164 ) Total income tax expense $ 98,004 $ 17,351 $ 109,418 $ 58,999 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 June 30, 2020 and December 31, 2019.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2020
Other Assets [Abstract]
Other Assets	13. Other Assets The following table summarizes the other assets as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Deferred financing costs, net $ 282,840 $ 353,862 Fair value of derivative instruments (Note 18) 29,826 10,911 Taxable mortgage revenue bonds, at fair value 1,456,279 1,383,237 Operating lease right-of-use assets, net 1,657,904 1,673,242 Other assets 1,303,206 1,641,099 Total other assets $ 4,730,055 $ 5,062,351 As of June 30, 2020 and December 31, 2019, the operating lease right-of-use assets consisted primarily of a ground lease at the 50/50 MF Property (see Note 14). See Note 23 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 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 assets.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2020
Payables And Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	14. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the accounts payable, accrued expenses and other liabilities as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Accounts payable $ 307,830 $ 93,834 Accrued expenses 1,904,974 2,529,982 Accrued interest expense 2,698,830 2,690,076 Operating lease liabilities 2,141,312 2,138,783 Other liabilities 1,422,729 1,583,492 Total accounts payable, accrued expenses and other liabilities $ 8,475,675 $ 9,036,167 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 Partnership’s condensed consolidated financial statements dated prior to the effective date related to the adoption of ASC 842. The 50/50 MF Property has a ground lease with the University of Nebraska-Lincoln with an initial lease term expiring in March 2048. The Partnership has an option to extend the lease for an additional five-year The following table summarizes future contractual payments for the Partnership’s operating leases and a reconciliation to the carrying value of operating lease liabilities as of June 30, 2020: Remainder of 2020 $ 67,993 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,274 Total 5,147,301 Less: Amount representing interest (3,005,989 ) Total operating lease liabilities $ 2,141,312

Unsecured Lines of Credit

Unsecured Lines of Credit	6 Months Ended
	Jun. 30, 2020
Unsecured Lines of Credit	16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2020 and December 31, 2019: Outstanding Debt Financings as of June 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,241,181 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 78,922,200 4,999 2014 July 2024 Weekly 0.16% 1.47% 1.63% Fixed - M33 31,085,748 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 216,728,152 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB (3) 55,219,902 - 2020 May 2021 Weekly 0.73% 1.67% 2.40% Variable - TOB (3) 25,722,461 - 2019 June 2021 Weekly 0.33% - 0.73% 1.17% 1.50% - 1.90% Variable - TOB (3) 42,121,543 - 2019 July 2021 Weekly 0.35% - 0.43% 1.17% - 1.66% 1.60% - 2.01% Variable - TOB 35,874,471 - 2020 July 2023 Weekly 0.63% 0.89% 1.52% Morgan Stanley: Fixed - Term TOB 13,032,391 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,948,049 (1) Facility fees have a variable component. (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. (3) In July 2020, the stated maturity of the TOB Trusts were extended to July 2023 . Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 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 January 2020 N/A N/A N/A 4.01% Fixed - Term A/B 5,260,756 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,300,456 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,680,070 - 2019 July 2020 Weekly 1.79% 1.17% 2.96% Variable - TOB 42,207,784 - 2019 August 2020 Weekly 1.79% 1.17% - 1.66% 2.96% - 3.45% Variable - TOB 34,703,935 - 2019 September 2020 Weekly 2.08% 1.12% 3.20% Morgan Stanley: Fixed - Term TOB 13,063,418 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (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 The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (see Note 5). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, Term TOB, Term A/B and TEBS Financings in the Partnership’s condensed consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TOB, Term TOB, Term A/B and TEBS Financing, and Note 7 for information regarding the GIL securitized within a TOB Trust Financing. 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 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. As of June 30, 2020 and December 31, 2019, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. The Partnership may also be required to post collateral, typically in cash, related to the TOB Trusts with Mizuho. The amount of collateral posting required is dependent on the valuation of the underlying MRBs and GIL in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of June 30, 2020 and December 31, 2019. The Partnership has entered into interest rate cap agreements to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS Financing and other variable rate TOB Trust financings (see Note 18). The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs and a GIL. The Mizuho TOB Trusts require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that it remains listed on the NASDAQ. 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 June 30, 2020. The Term TOB Trust with Morgan Stanley is subject to a Trust Agreement and other related agreements that contain covenants with which the Partnership or the underlying MRB are required to comply. The underlying property must maintain certain occupancy and debt service covenants. A termination event will occur if the Partnership’s net assets, as defined, decrease by 25% in one quarter or 35% over one year. If the underlying property or the Partnership, as applicable, 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 Partnership was in compliance with these covenants as of June 30, 2020. 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. Activity in the First Six Months of 2020 In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest were paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party (see Note 8). In April 2020, the Partnership extended the maturity dates of the Mizuho Term TOB Trust financings related to Rosewood Townhouses and South Point Apartments from July 1, 2020 to June 1, 2021 and related to Montecito at Williams Ranch, Vineyard Gardens and Live 929 from August 1, 2020 to July 1, 2021. In April 2020, the Partnership terminated its Master Trust Agreement and collapsed its Term TOB Trust and all Term A/B Trust financings with Deutsche Bank. As of the termination, the Partnership is no longer subject to the debt covenants in the Master Trust Agreement. All outstanding principal and interest related to the Term A/B Trust financings were paid off in full, and the Partnership paid a one-time fee of approximately $454,000 to terminate the trusts. The following is a summary of the Deutsche Bank Term A/B Trust and TOB Trust financings that were collapsed and paid off in April 2020: Debt Financing Debt Facility Month Paydown Applied Avistar at Copperfield - Series A Term A/B Trust April 2020 $ 8,417,739 Avistar at Wilcrest - Series A Term A/B Trust April 2020 3,162,435 Avistar at Wood Hollow - Series A Term A/B Trust April 2020 26,860,536 Gateway Village Term A/B Trust April 2020 2,262,000 Lynnhaven Term A/B Trust April 2020 3,001,500 Pro Nova 2014-1 Term TOB April 2020 8,010,000 $ 51,714,210 The following is a summary of the Mizuho TOB Trust financings that were entered into during the first six months of 2020: TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Avistar at Copperfield - Series A $ 11,818,000 May 2021 Weekly SIFMA 1.67% Avistar at Wilcrest - Series A 4,479,000 May 2021 Weekly SIFMA 1.67% Avistar at Wood Hollow - Series A 34,007,000 May 2021 Weekly SIFMA 1.67% Gateway Village 2,184,000 May 2021 Weekly SIFMA 1.67% Lynnhaven 2,898,000 May 2021 Weekly SIFMA 1.67% Scharbauer Flats Apartments 36,000,000 July 2023 Weekly SIFMA 0.89% Total TOB Trust Financing $ 91,386,000 Activity in the First Six Months of 2019 In February 2019, the Partnership entered into two Term A/B Trusts financings secured by MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing 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 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 Future Maturities The Partnership’s contractual maturities of borrowings as of June 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 2,836,611 2021 127,635,262 2022 17,970,010 2023 41,338,857 2024 87,405,308 Thereafter 263,802,556 Total 540,988,604 Unamortized deferred financing costs and debt premium (2,040,555 ) Total debt financing, net $ 538,948,049 As of June 30, 2020, certain TOB Trusts mature in the next twelve months. The Partnership has extended the maturity dates for its existing TOB Trusts with maturities in 2021 to July 2023. See Note 25 for additional information.
Unsecured Lines of Credit [Member]
Unsecured Lines of Credit	15. Unsecured Lines of Credit The following tables summarize the unsecured lines of credit (“LOC”) as of June 30, 2020 and December 31, 2019: Unsecured Lines of Credit Outstanding as of June 30, 2020 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 18,695,000 $ 50,000,000 June 2021 Variable (1) Monthly 2.68 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 3.43 % Total unsecured lines of credit $ 18,695,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 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 (2) Monthly 4.19 % Bankers Trust operating - 10,000,000 June 2021 Variable (2) Monthly 4.94 % Total unsecured lines of credit $ 13,200,000 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin. The principal amount of each acquisition advance is due on the 270th day following the advance date and may be extended for up to three additional 90-day periods by making partial repayments in accordance with the Credit Agreement. The outstanding balances of the non-operating LOC as of June 30, 2020 are due in September 2020 and March 2021, though the Partnership can extend final repayment of the amounts due to December 2020 and June 2021, respectively, by making partial repayments. The non-operating LOC contains a covenant, among others, that the Partnership’s ratio of the lender’s senior debt will not exceed 75% of the market value of the Partnership’s assets, as defined in the Credit Agreement. The Partnership was in compliance with all covenants in the Credit Agreement as of June 30, 2020. 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 third quarter of 2020 repayment obligation as it maintained a zero balance in the operating LOC for fifteen consecutive days during July 2020.

Debt Financing

Debt Financing	6 Months Ended
	Jun. 30, 2020
Debt Financing [Abstract]
Unsecured Lines of Credit	16. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2020 and December 31, 2019: Outstanding Debt Financings as of June 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,241,181 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 78,922,200 4,999 2014 July 2024 Weekly 0.16% 1.47% 1.63% Fixed - M33 31,085,748 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 216,728,152 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB (3) 55,219,902 - 2020 May 2021 Weekly 0.73% 1.67% 2.40% Variable - TOB (3) 25,722,461 - 2019 June 2021 Weekly 0.33% - 0.73% 1.17% 1.50% - 1.90% Variable - TOB (3) 42,121,543 - 2019 July 2021 Weekly 0.35% - 0.43% 1.17% - 1.66% 1.60% - 2.01% Variable - TOB 35,874,471 - 2020 July 2023 Weekly 0.63% 0.89% 1.52% Morgan Stanley: Fixed - Term TOB 13,032,391 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,948,049 (1) Facility fees have a variable component. (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. (3) In July 2020, the stated maturity of the TOB Trusts were extended to July 2023 . Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 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 January 2020 N/A N/A N/A 4.01% Fixed - Term A/B 5,260,756 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,300,456 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,680,070 - 2019 July 2020 Weekly 1.79% 1.17% 2.96% Variable - TOB 42,207,784 - 2019 August 2020 Weekly 1.79% 1.17% - 1.66% 2.96% - 3.45% Variable - TOB 34,703,935 - 2019 September 2020 Weekly 2.08% 1.12% 3.20% Morgan Stanley: Fixed - Term TOB 13,063,418 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (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 The TOB, Term TOB, Term A/B and TEBS Financing arrangements are consolidated VIE’s to the Partnership (see Note 5). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, Term TOB, Term A/B and TEBS Financings in the Partnership’s condensed consolidated financial statements. See Note 6 for information regarding the MRBs securitized within each TOB, Term TOB, Term A/B and TEBS Financing, and Note 7 for information regarding the GIL securitized within a TOB Trust Financing. 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 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. As of June 30, 2020 and December 31, 2019, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. The Partnership may also be required to post collateral, typically in cash, related to the TOB Trusts with Mizuho. The amount of collateral posting required is dependent on the valuation of the underlying MRBs and GIL in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of June 30, 2020 and December 31, 2019. The Partnership has entered into interest rate cap agreements to mitigate its exposure to interest rate fluctuations on the variable-rate M31 TEBS Financing and other variable rate TOB Trust financings (see Note 18). The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs and a GIL. The Mizuho TOB Trusts require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that it remains listed on the NASDAQ. 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 June 30, 2020. The Term TOB Trust with Morgan Stanley is subject to a Trust Agreement and other related agreements that contain covenants with which the Partnership or the underlying MRB are required to comply. The underlying property must maintain certain occupancy and debt service covenants. A termination event will occur if the Partnership’s net assets, as defined, decrease by 25% in one quarter or 35% over one year. If the underlying property or the Partnership, as applicable, 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 Partnership was in compliance with these covenants as of June 30, 2020. 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. Activity in the First Six Months of 2020 In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest were paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party (see Note 8). In April 2020, the Partnership extended the maturity dates of the Mizuho Term TOB Trust financings related to Rosewood Townhouses and South Point Apartments from July 1, 2020 to June 1, 2021 and related to Montecito at Williams Ranch, Vineyard Gardens and Live 929 from August 1, 2020 to July 1, 2021. In April 2020, the Partnership terminated its Master Trust Agreement and collapsed its Term TOB Trust and all Term A/B Trust financings with Deutsche Bank. As of the termination, the Partnership is no longer subject to the debt covenants in the Master Trust Agreement. All outstanding principal and interest related to the Term A/B Trust financings were paid off in full, and the Partnership paid a one-time fee of approximately $454,000 to terminate the trusts. The following is a summary of the Deutsche Bank Term A/B Trust and TOB Trust financings that were collapsed and paid off in April 2020: Debt Financing Debt Facility Month Paydown Applied Avistar at Copperfield - Series A Term A/B Trust April 2020 $ 8,417,739 Avistar at Wilcrest - Series A Term A/B Trust April 2020 3,162,435 Avistar at Wood Hollow - Series A Term A/B Trust April 2020 26,860,536 Gateway Village Term A/B Trust April 2020 2,262,000 Lynnhaven Term A/B Trust April 2020 3,001,500 Pro Nova 2014-1 Term TOB April 2020 8,010,000 $ 51,714,210 The following is a summary of the Mizuho TOB Trust financings that were entered into during the first six months of 2020: TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Avistar at Copperfield - Series A $ 11,818,000 May 2021 Weekly SIFMA 1.67% Avistar at Wilcrest - Series A 4,479,000 May 2021 Weekly SIFMA 1.67% Avistar at Wood Hollow - Series A 34,007,000 May 2021 Weekly SIFMA 1.67% Gateway Village 2,184,000 May 2021 Weekly SIFMA 1.67% Lynnhaven 2,898,000 May 2021 Weekly SIFMA 1.67% Scharbauer Flats Apartments 36,000,000 July 2023 Weekly SIFMA 0.89% Total TOB Trust Financing $ 91,386,000 Activity in the First Six Months of 2019 In February 2019, the Partnership entered into two Term A/B Trusts financings secured by MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing 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 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 Future Maturities The Partnership’s contractual maturities of borrowings as of June 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 2,836,611 2021 127,635,262 2022 17,970,010 2023 41,338,857 2024 87,405,308 Thereafter 263,802,556 Total 540,988,604 Unamortized deferred financing costs and debt premium (2,040,555 ) Total debt financing, net $ 538,948,049 As of June 30, 2020, certain TOB Trusts mature in the next twelve months. The Partnership has extended the maturity dates for its existing TOB Trusts with maturities in 2021 to July 2023. See Note 25 for additional information.

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing	6 Months Ended
	Jun. 30, 2020
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing	17. 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 June 30, 2020 and December 31, 2019: MF Property Mortgage Payables Outstanding Mortgage Payable as of June 30, 2020, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Period End Rate The 50/50 MF Property--TIF Loan $ 2,680,578 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,711,330 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,391,908 4.36 % MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2019, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 2,859,390 2014 March 2020 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 23,942,856 2013 March 2020 Variable Monthly 4.75 % (1) 4.75 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,802,246 4.74 % ( 1 ) Activity in the First Six Months of 20 20 I n February 2020, the Partnership refinanced The 50/50 MF Property Mortgage loan with its existing lender. The Mortgage loan maturity date was extended seven years to April 2027, and the interest rate decreased to a fixed interest rate of 4.35%. In February 2020, the Partnership refinanced The 50/50 MF Property TIF loan and the interest rate decreased to Future Maturities The Partnership’s contractual maturities of borrowings as of June 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 403,959 2021 832,035 2022 869,317 2023 908,269 2024 946,250 Thereafter 22,433,892 Total 26,393,722 Unamortized deferred financing costs (1,814 ) Total mortgages payable and other secured financings, net $ 26,391,908

Interest Rate Derivatives

Interest Rate Derivatives	6 Months Ended
	Jun. 30, 2020
Interest Rate Derivatives [Abstract]
Interest Rate Derivatives	18. Interest Rate Derivatives The following tables summarize the Partnership’s interest rate derivatives as of June 30, 2020 and December 31, 2019: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of June 30, 2020 July 2015 26,863,410 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank $ - July 2015 26,863,410 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada - July 2015 26,863,410 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc - June 2017 80,590,229 Aug 2020 1.5 % SIFMA TOB Trusts Barclays Bank PLC - Sept 2017 57,628,000 Sept 2020 4.0 % SIFMA TOB Trusts Barclays Bank PLC - Aug 2019 78,691,104 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 29,826 $ 29,826 (1) See Note 23 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, 2019 July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank $ - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc - June 2017 81,101,364 Aug 2020 1.5 % SIFMA TOB Trusts Barclays Bank PLC 4,090 Sept 2017 58,090,000 Sept 2020 4.0 % SIFMA TOB Trusts Barclays Bank PLC - Aug 2019 79,333,280 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 6,821 $ 10,911 (2) See Note 23 for additional details. 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 “I nterest expense ” on the Partnership’s condensed consolidated statements of operations. See Note 2 3 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 “O ther assets ” on the Partnership’s condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	19. 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. Property Loan Commitment The Partnership has committed to loan approximately $24.2 million to the owner of Scharbauer Flats in Midland, TX. The Partnership’s remaining maximum commitment totaled approximately $22.5 million as of June 30, 2020. See Note 11 for disclosures related to this property loan. 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 construction loans 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 June 30, 2020: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of June 30, 2020 Partnership's Maximum Exposure as of June 30, 2020 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 30,501,955 $ 15,250,978 (1) Vantage at Coventry 2018 31,500,000 23,637,802 23,637,802 (1) (1) The Partnership’s maximum exposure will decrease to 50% 25% 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 LIHTC 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 June 30, 2020: Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of June 30, 2020 Ohio Properties 2011 2026 $ 3,361,979 Greens of Pine Glen, LP 2012 2027 2,237,843

Redeemable Series A Preferred U

Redeemable Series A Preferred Units	6 Months Ended
	Jun. 30, 2020
Temporary Equity Disclosure [Abstract]
Redeemable Series A Preferred Units	20. Redeemable Series A Preferred Units The Partnership has issued Series A Preferred Units via a private placement to five financial institutions. The Series A Preferred Units represent limited partnership interests of the Partnership. Series A Preferred Units have no stated maturity, are not subject to any sinking fund requirements, and will remain outstanding indefinitely unless redeemed by the Partnership or by the holder. Upon the sixth anniversary of the closing of the sale of Series A Preferred Units to a subscriber, and upon each annual anniversary thereafter, the Partnership and each holder of Series A Preferred Units have the right to redeem, in whole or in part, the Series A Preferred Units held by such holder at a per unit redemption price equal to $10.00 per unit plus an amount equal to all declared and unpaid distributions through the date of the redemption. In the event of any liquidation, dissolution, or winding up of the Partnership, the holders of the Series A Preferred Units Series A Preferred Units Series A Preferred Units Series A Preferred Units The following table summarizes the outstanding Series A Preferred Units as of June 30, 2020 and December 31, 2019 Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding as of June 30, 2020 and December 31, 2019 9,450,000 $ 94,500,000

Restricted Unit Awards

Restricted Unit Awards	6 Months Ended
	Jun. 30, 2020
Restricted Unit Awards [Member]
Restricted Unit Awards	21. Restricted Unit Awards The Partnership’s 2015 Plan 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 have historically been granted with vesting conditions ranging from three months to up to three years. Unvested RUAs are typically entitled to receive distributions during the restriction period. The Plan provides for accelerated vesting of the RUAs if there is a change in control related to the Partnership, the General Partner, or the general partner of the General Partner, or upon death or disability of the Plan participant. The fair value of each RUA is estimated on the grant date based on the Partnership’s exchange-listed closing price of the BUCs. The Partnership recognizes compensation expense for the RUAs on a straight-line basis over the requisite vesting period. The compensation expense for RUAs totaled approximately $296,000 and $186,000 for the three months ended June 30, 2020 and 2019, respectively. The compensation expense for RUAs totaled approximately $335,000 and $370,000 for the six months ended June 30, 2020 and 2019, respectively. Compensation expense is reported within “General and administrative expenses” on the Partnership’s condensed consolidated statements of operations. The following table summarizes the RUA activity as of and for the six months ended June 30, 2020 and the year ended December 31, 2019: Restricted Units Awarded Weighted average Grant-date Fair Value Nonvested as of January 1, 2019 265,290 $ 6.14 Granted 353,197 7.74 Vested (618,487 ) 7.05 Nonvested as of December 31, 2019 - $ - Granted 290,000 4.98 Nonvested as of June 30, 2020 290,000 $ 4.98 The unrecognized compensation expense related to nonvested RUAs granted under the Plan was $1.1 million as of June 30, 2020. The remaining compensation expense is expected to be recognized over a weighted average period of 1.4 years. The total intrinsic value of unvested RUAs was approximately $1.2 million as of June 30, 2020.

Transactions with Related Parti

Transactions with Related Parties	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Transactions with Related Parties	22. Transactions with Related Parties Effective September 10, 2019, Greystone acquired all the issued and outstanding partnership interests of AFCA 2 from Burlington Capital LLC and an affiliate, at which time Burlington Capital LLC and its affiliates (collectively, “Burlington”) ceased to be related parties of the Partnership. The Partnership incurs costs for services and makes contractual payments to AFCA 2, AFCA 2’s general partner, 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 six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Partnership administrative fees paid to AFCA 2 (1) $ 866,000 $ 902,000 $ 1,731,000 $ 1,800,000 Property management fees paid to an affiliate (2) - 38,000 - 73,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 33,000 16,000 41,000 32,000 (1) 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) A former affiliate of AFCA 2, Burlington Capital Properties, LLC, provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). Burlington Capital Properties, LLC ceased to be a related party of the Partnership effective September 10, 2019. The disclosed amounts are only for property management fees earned during the periods that Burlington Capital Properties, LLC was considered a related party of the Partnership. The property management fees are “Real estate operating expenses” on 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. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s condensed consolidated statements of operations. 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 transactions. These fees were paid by the borrowers and are not reported on 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 six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Non-Partnership property administrative fees received by AFCA 2 (1) 9,000 9,000 $ 18,000 $ 18,000 Investment/mortgage placement fees received by AFCA 2 (2) 321,000 731,000 863,000 822,000 (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, the GIL and investments in unconsolidated entities. Burlington Capital Properties, LLC provided services to seven of the properties collateralizing MRBs and one of the Partnership’s investments in unconsolidated entities for the six months ended June 30, 2019. These property management fees were 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. Greystone Servicing Company LLC, an affiliate of the Partnership, has forward committed to purchase the GIL secured by Scharbauer Flats Apartments (see Note 7), once certain conditions are met, at a price equal to the outstanding principal plus accrued interest. Greystone Servicing Company LLC is committed to then immediately sell the GIL to Freddie Mac pursuant to a financing commitment between Greystone Servicing Company LLC and Freddie Mac. The Partnership reported receivables due from unconsolidated entities of approximately $40,000 and $116,000 as of June 30, 2020 and December 31, 2019, 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 $412,000 and $301,000 as of June 30, 2020 and December 31, 2019, 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	6 Months Ended
	Jun. 30, 2020
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments	23. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for the Partnership’s assets and liabilities measured at fair value on a recurring basis. Investments in MRBs and Taxable MRBs The fair value of the Partnership’s investments in MRBs and taxable MRBs, as of June 30, 2020 and December 31, 2019, is based upon prices obtained from a third-party pricing service, which are estimates 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, illiquidity, legal structure of the borrower, collateral, seniority to other obligations, operating results of the underlying property, geographic location, and property quality. These characteristics are used to estimate an effective yield for each MRB. The MRB fair value is estimated using a discounted cash flow and yield to maturity or call analysis by applying the effective yield to contractual cash flows. Significant increases (decreases) in the effective yield would have resulted in a significantly lower (higher) fair value estimate. Changes in fair value due to an increase or decrease in the effective yield do not impact the Partnership’s cash flows. The Partnership evaluates pricing data received from the third-party pricing service by evaluating consistency with information from either the third-party pricing service or public sources. The fair value estimates of the MRBs and taxable MRBs are based largely on unobservable inputs believed to be used by market participants and require s 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 June 30 , 2020 , the range of effective yields on the individual MRBs was % to 8.8 % per annum, with a weighted average effective yield of % 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 7.9% to 8.0% per annum, with a weighted average effective yield of 8.0% when weighted by the total principal outstanding of all taxable MRBs as of the reporting date . As of December 31, 201 9 , the range of effective yields on the individual MRBs was 2.4 % to 8.5 % 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 8.7 % to 8.9 % per annum, with a weighted average effective yield of 8.8 % when weighted by the total principal outstanding of all taxable MRBs as of the reporting date. Investments in PHC Certificates The Partnership sold its investments in the PHC Certificates in January 2020. The fair value of the Partnership’s investment in PHC Certificates as of December 31, 2019 was based upon prices obtained from a third-party pricing service, which were estimates of market prices. There was no active trading market for the PHC Certificates owned by the Partnership. The valuation methodology of the Partnership’s third-party pricing service incorporated commonly used market pricing methods. It considered the underlying characteristics of each PHC Certificate as well as other quantitative and qualitative characteristics including, but not limited to, market interest rates, illiquidity, security ratings from rating agencies, the impact of potential political and regulatory change, and other inputs. The Partnership reviewed the inputs used by the primary third-party pricing service by reviewing source information and reviewed the methodology for reasonableness. The Partnership also engaged 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 encompassed the use of judgment in their application. Due to the judgments involved, the fair value measurement of the Partnership’s investment in PHC Certificates was categorized as a Level 3 input. As of December 31, 2019, the range of effective yields on the PHC Certificates was 4.4% to 5.3% per annum, with a weighted average effective yield of 5.2% 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 of 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 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 June 30, 2020 are summarized as follows: Fair Value Measurements as of June 30, 2020 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 $ 744,663,143 $ - $ - $ 744,663,143 Mortgage revenue bonds 42,961,828 - - 42,961,828 Taxable mortgage revenue bonds (reported within other assets) 1,456,279 - - 1,456,279 Derivative instruments (reported within other assets) 29,826 - - 29,826 Total Assets at Fair Value, net $ 789,111,076 $ - $ - $ 789,111,076 The following table summarizes the activity related to Level 3 assets for the three and six months ended June 30, 2020: For the Three Months Ended June 30, 2020 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 April 1, 2020 $ 761,082,275 $ - $ 1,417,654 $ 36,112 $ 762,536,041 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 20,098 - - 93,647 113,745 Included in earnings (impairment of securities and provision for credit loss) (464,675 ) - - - (464,675 ) Included in other comprehensive (loss) income 20,930,838 - 40,811 - 20,971,649 Purchases 7,489,950 - - - 7,489,950 Settlements (1,433,515 ) - (2,186 ) (99,933 ) (1,535,634 ) Ending Balance June 30, 2020 $ 787,624,971 $ - $ 1,456,279 $ 29,826 $ 789,111,076 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2020 $ (464,675 ) $ - $ - $ 93,647 $ (371,028 ) (1) For the Six Months Ended June 30, 2020 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, 2020 $ 773,597,465 $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 55,240 (7,219 ) - 118,848 166,869 Included in earnings (impairment of securities and provision for credit loss) (1,822,356 ) - - - (1,822,356 ) Included in earnings (gain on sale of securities) - 1,416,023 - - 1,416,023 Included in other comprehensive income 14,208,716 (1,408,804 ) 77,366 - 12,877,278 Purchases 7,489,950 - - - 7,489,950 Sale of securities - (43,349,357 ) - - (43,349,357 ) Settlements (5,904,044 ) - (4,324 ) (99,933 ) (6,008,301 ) Ending Balance June 30, 2020 $ 787,624,971 $ - $ 1,456,279 $ 29,826 $ 789,111,076 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2020 $ (1,822,356 ) $ - $ - $ 118,848 $ (1,703,508 ) Assets measured at fair value on a recurring basis as of December 31, 2019 are summarized as follows: Fair Value Measurements as of December 31, 2019 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds, held in trust $ 743,587,715 $ - $ - $ 743,587,715 Mortgage revenue bonds 30,009,750 - - 30,009,750 PHC Certificates 43,349,357 - - 43,349,357 Taxable mortgage revenue bonds (reported within other assets) 1,383,237 - - 1,383,237 Derivative instruments (reported within other assets) 10,911 - - 10,911 Total Assets at Fair Value, net $ 818,340,970 $ - $ - $ 818,340,970 The following table summarizes the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2019: For the Three Months Ended June 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 $ 739,047,841 $ 46,406,868 $ 1,426,733 $ 273,506 $ 787,154,948 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,637 (20,436 ) - (83,217 ) (68,016 ) Included in other comprehensive income 14,753,777 129,722 36,582 - 14,920,081 Purchases 13,200,000 - - - 13,200,000 Settlements (7,510,548 ) - (21,999 ) (72,010 ) (7,604,557 ) Ending Balance June 30, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2019 $ - $ - $ - $ (83,217 ) $ (83,217 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Six Months Ended June 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) 71,367 (3,710 ) - (389,808 ) (322,151 ) Included in other comprehensive income 22,393,690 614,944 55,374 - 23,064,008 Purchases 19,250,000 - - - 19,250,000 Settlements (14,341,785 ) (2,767,166 ) (23,953 ) (118,546 ) (17,251,450 ) Ending Balance June 30, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2019 $ - $ - $ - $ (389,808 ) $ (389,808 ) Total gains and loss included in earnings for the interest rate derivatives are reported within “Interest expense” on the Partnership’s condensed consolidated statements of operations. As of June 30, 2020, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s GIL , which is an estimate of the market price. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. It considers the underlying characteristics of the GIL as well as other quantitative and qualitative characteristics including, but not limited to, the progress of construction and operations of the underlying property, the financial capacity of guarantors, and the probability that conditions to Greystone Servicing Company LLC’s commitment to purchase the GIL will be met . Due to the judgments involved, the fair value measurement of the Partnership’s GIL is categorized as a Level 3 input. T he fair value approximates amortized cost as of June 30, 2020. As of June 30, 2020 and December 31, 2019, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s financial liabilities, which are estimates 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 liability 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 TOB Trust financings are credit enhanced by Mizuho. The table below summarizes the fair value of the Partnership’s financial liabilities as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 557,643,049 $ 586,074,485 $ 549,397,421 $ 568,193,494 Mortgages payable and other secured financing 26,391,908 26,393,723 26,802,246 26,812,851

Segments

Segments	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Segments	24. Segments The Partnership has four reportable segments - Mortgage Revenue Bond Investments, MF Properties, Public Housing Capital Fund Trusts, and Other Investments. The Partnership separately reports its consolidation and elimination information because it does not allocate certain items to the segments. The Partnership 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 Partnership Agreement also allows the Partnership to invest in other securities whose interest may be taxable for federal income tax purposes. Total tax-exempt and other investments cannot exceed 25% of the Partnership’s total assets at the time of acquisition as required under the Partnership Agreement. Tax-exempt and other investments consist of the PHC Certificates, taxable MRBs, real estate assets and investments in unconsolidated entities. 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. Mortgage Revenue Bond Investments Segment The Mortgage Revenue Bond Investments segment consists of the Partnership’s portfolio of MRBs, a GIL and related property loans that have been issued to provide construction and/or permanent financing for Residential Properties, multifamily properties and commercial properties in their market areas. Such MRBs and the GIL are held as investments and the related property loans, net of loan loss allowances, are reported as such on the Partnership’s condensed consolidated balance sheets. As of June 30, 2020, the Partnership held 77 MRBs and one GIL. The Residential Properties financed by MRBs and the GIL contain a total of 11,047 and 300 rental units, respectively. In addition, one MRB (Pro Nova 2014-1) is collateralized by commercial real estate. All “General and administrative expenses” on the Partnership’s 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 (see Note 9). 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 June 30, 2020, the Partnership owned two MF Properties containing 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 (see Note 8) and the related TOB Trust financings. In January 2020, the Partnership sold the PHC Certificates to an unrelated party, and the related TOB Trust financings were collapsed and all principal and interest was paid in full. As a result, the Public Housing Capital Fund Trusts segment has no activity after January 2020. Other Investments Segment The Other Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (see Note 10) and property loans to certain multifamily housing properties (see Note 11). The following tables detail certain key financial information for the Partnership’s reportable segments for the three and six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Total revenues Mortgage Revenue Bond Investments $ 10,247,228 $ 10,247,302 $ 20,453,031 $ 20,690,715 MF Properties 1,856,954 2,034,796 3,809,201 4,028,425 Public Housing Capital Fund Trusts - 585,609 174,470 1,223,755 Other Investments 2,374,237 1,478,627 3,777,852 6,068,037 Total revenues $ 14,478,419 $ 14,346,334 $ 28,214,554 $ 32,010,932 Interest expense Mortgage Revenue Bond Investments $ 4,597,328 $ 5,456,801 $ 10,095,527 $ 11,105,369 MF Properties 291,988 365,632 613,764 730,021 Public Housing Capital Fund Trusts - 384,502 197,993 766,465 Other Investments - - - - Total interest expense $ 4,889,316 $ 6,206,935 $ 10,907,284 $ 12,601,855 Depreciation expense Mortgage Revenue Bond Investments $ 3,359 $ - $ 5,783 $ - MF Properties 708,722 818,154 1,415,736 1,637,312 Public Housing Capital Fund Trusts - - - - Other Investments - - - - Total depreciation expense $ 712,081 $ 818,154 $ 1,421,519 $ 1,637,312 Net income (loss) Mortgage Revenue Bond Investments $ 2,301,494 $ 2,285,485 $ 2,741,830 $ 4,328,839 MF Properties (85,583 ) (74,997 ) (338,313 ) (512,131 ) Public Housing Capital Fund Trusts - 201,107 1,390,999 457,290 Other Investments 2,372,437 1,474,595 3,775,589 6,064,005 Net income $ 4,588,348 $ 3,886,190 $ 7,570,105 $ 10,338,003 The following table details total assets for the Partnership’s reportable segments as of June 30 , 2020 and December 31, 201 9 : June 30, 2020 December 31, 2019 Total assets Mortgage Revenue Bond Investments $ 973,941,784 $ 918,301,172 MF Properties 69,044,411 70,569,646 Public Housing Capital Fund Trusts - 43,591,048 Other Investments 91,683,948 87,098,315 Consolidation/eliminations (96,180,675 ) (90,391,673 ) Total assets $ 1,038,489,468 $ 1,029,168,508

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	25. Subsequent Events In July 2020, the Partnership extended the maturity date of all Mizuho TOB Trust financings with stated maturities in 2021 to July 2023. There were no additional changes to terms or fees associated with the amendment. In July 2020, the Partnership extended the maturity of the unsecured operating and non-operating lines of credit to June 2022. In July 2020, the Partnership committed to fund a GIL and a property loan for the construction of an affordable multifamily property. At closing, the Partnership advanced approximately $11.6 million of the GIL commitment and no funds were advanced for the property loan, with the remaining commitments to be funded as construction progresses. Both the GIL and the property loan share a first mortgage lien position on the property. The following table summarizes the terms of the Partnership’s GIL and property loan commitments: Commitment Month Acquired Property Location Units Maturity Date Variable Interest Rate Maximum Commitment Oasis at Twin Lakes - GIL July Roseville, MN 228 8/1/2023 (1) SIFMA + 3.25% (2) $ 34,000,000 Oasis at Twin Lakes - Property Loan July Roseville, MN 228 8/1/2023 (1) LIBOR + 2.50% (3) 27,704,180 (1) The borrower has the option to extend the maturity up to six months. (2) The SIFMA-based component has a floor of 50 basis points. In addition, the spread decreases from 3.25% to 2.25% upon construction completion. (3) The LIBOR-based component has a floor of 50 basis points. In July 2020, the Partnership committed to fund an MRB and a taxable MRB for the construction and permanent financing of an affordable multifamily property. At closing, the Partnership advanced $300,000 of the MRB commitment and no funds under the taxable MRB commitment. The remaining commitments will be advanced as construction progresses. The following table summarizes the terms of the Partnership’s MRB and taxable MRB commitments: Commitment Month Acquired Property Location Units Maturity Date Variable Interest Rate Maximum Commitment (1) Ocotillo Springs - MRB July Brawley, CA 75 8/1/2037 LIBOR + 3.25% (2) $ 15,000,000 Ocotillo Springs - taxable MRB July Brawley, CA 75 8/1/2022 LIBOR + 3.55% (3) 7,000,000 (1) Upon stabilization of the property, the MRB will be partially repaid and the taxable MRB will be redeemed in full. The maximum balance of the MRB after stabilization is approximately $3.5 million. (2) The variable interest rate is subject to a floor of 4.55% during construction and stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35%. (3) The variable interest rate is subject to a floor of 4.91%. In July 2020, the Partnership executed a forward bond purchase commitment for an MRB to be issued and secured by a senior housing property under rehabilitation. The following table summarizes the terms of the forward bond purchase commitment: Bond Purchase Commitment Commitment Date Property Location Units Interest Rate Estimated Closing Date Maximum Commitment CCBA Senior Garden Apartments July 2020 San Diego, CA 45 4.50% Q3 2022 $ 3,807,000 In July 2020, the Partnership entered into TOB Trust financings with Mizuho to securitize the Oasis at Twin Lakes GIL and Ocotillo Springs MRB discussed above. The TOB Trust financings allow for additional borrowings as the Partnership makes additional advances on the Oasis at Twin Lakes GIL and Ocotillo Springs MRB funding commitments. The following table summarizes the initial terms of the TOB Trust financings: TOB Trusts Securitization Initial TOB Trust Financing Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Initial Interest Rate Oasis at Twin Lakes - GIL $ 10,440,000 July 2023 Weekly 0.59% 0.89% 1.48% Ocotillo Springs - MRB 100,000 July 2022 Weekly 0.68% 0.89% 1.57%

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2020
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 (see Note 5). All intercompany transactions are eliminated. The consolidated subsidiaries of the Partnership for the periods presented 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 • The Suites on Paseo MF Property, a real estate asset, is owned directly by the Partnership. The Partnership also consolidates variable interest entities (“VIEs”) in which the Partnership is deemed to be the primary beneficiary.
Impairment of Mortgage Revenue Bonds	Impairment of Mortgage Revenue Bonds The Partnership periodically reviews its MRBs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including: • 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; • Adverse conditions specifically related to the security, its collateral, or both; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make scheduled interest or principal payments; • Failure of the issuer to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If a MRB’s estimated fair value is below amortized cost, and the Partnership has the intent to sell or may be required to sell the MRB prior to the time that its value recovers or until maturity, the Partnership will record an other-than-temporary impairment through earnings equal to the difference between the MRB’s carrying value and its fair value. If the Partnership does not expect to sell an other-than-temporarily impaired MRB, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income (loss). In determining the provision for credit loss, the Partnership compares the present value of cash flows expected to be collected to the MRB’s amortized cost basis. The recognition of other-than-temporary impairment, provision for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership’s condensed consolidated financial statements. If the Partnership experiences deterioration in the values of its MRB portfolio, the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. During the six months ended June 30, 2020, there was a provision for credit loss reported by the Partnership related to one MRB (see Note 6). There were no other-than-temporary impairment charges or provision for credit loss reported during the six months ended June 30, 2019.
Investment in Governmental Issuer Loan	Investment in Governmental Issuer Loan The Partnership accounts for its investment in a governmental issuer loan (“GIL”) under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investment in this instrument is classified as a held-to-maturity debt security and is reported at amortized cost. The Partnership periodically reviews its GIL for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including: • The duration and severity of the decline in fair value; • Adverse conditions specifically related to the security, its collateral, or both; • Volatility of the fair value of the security; • The likelihood of the borrower being able to make scheduled interest or principal payments; • The failure of the borrower to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If the GIL’s estimated fair value is below amortized cost, and the Partnership does not expect to recover its entire amortized cost, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income (loss). The recognition of other-than-temporary impairment, provision for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership’s condensed consolidated financial statements. If the Partnership experiences deterioration in the value of its GIL , the Partnership may incur other-than-temporary impairments or provision for credit losses that could negatively impact the Partnership’s financial condition, cash flows, and reported earnings. During the three and six months ended June 30 , 2020, there was not a provision for credit loss or other-than-temporary impairment charges reported by the Partnership related to its GIL .
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 Partnership’s 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, 2019. These condensed consolidated financial statements and notes have been prepared consistently with the 2019 Form 10-K. In the opinion of management, all adjustments (consisting of normal and recurring accruals) necessary to present fairly the Partnership’s financial position as of June 30, 2020, 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, 2019 was derived from the audited annual consolidated financial statements but does not contain all the footnote disclosures from the annual consolidated financial statements. The business and economic uncertainty resulting from the COVID-19 pandemic has made estimates and assumptions more difficult to calculate . The extent of the impact of COVID-19 on the Partnership’s operational and financial performance will depend on certain developments, including the duration and spread of the outbreak, the impact on the underlying borrowers of MRBs and the GIL, tenants at the MF Properties and operations of the Partnership’s investments in unconsolidated entities. In addition, market volatility may cause fluctuations in the valuation of the Partnership’s MRBs, taxable MRBs, GIL, MF Properties and investments in unconsolidated entities. The extent to which COVID-19 will impact the Partnership’s financial condition or results of operations in the future is uncertain and actual results and outcomes could differ from current estimates.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments – Credit Losses (Topic 326).” ASU 2016-13 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. ASU 2016-13 also includes changes to the impairment model for available-for-sale debt securities such as the Partnership’s MRBs and taxable MRBs. In November 2019, the FASB issued ASU 2019-10 which amended the mandatory effective dates of certain ASUs, including ASU 2016-13, based on an entity’s filing status. As a smaller reporting company, the Partnership’s mandatory effective date for ASU 2016-13 is now January 1, 2023, and the Partnership has elected to defer adoption until that date. The delay in implementing ASU 2016-13 will allow the Partnership to take advantage of any additional guidance that may come out from the FASB on implementing ASU 2016-13. The effective date may be sooner if the Partnership becomes an accelerated filer in the future. Prior to the issuance of ASU 2019-10, the Partnership completed an initial assessment and determined that its property loans, receivables reported within other assets, financial guarantees and commitments are within the scope of ASU 2016-13. Furthermore, the Partnership began developing data collection processes, assessment procedures and internal controls required to implement ASU 2016-13. The Partnership will continue to develop data collection processes, assessment procedures and internal controls that will be required when it does implement ASU 2016-13, and to evaluate the impact on the Partnership’s condensed consolidated financial statements.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019: Maximum Exposure to Loss June 30, 2020 December 31, 2019 Mortgage revenue bonds $ 32,096,000 $ 30,455,000 Governmental issuer loan 40,000,000 - Property loans 1,667,776 - Investment in unconsolidated entities 91,643,668 86,981,864 $ 165,407,444 $ 117,436,864

Investments in Mortgage Reven_2

Investments in Mortgage Revenue Bonds (Tables)	6 Months Ended
	Jun. 30, 2020
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of investments in MRBs	The Partnership had the following investments in MRBs as of June 30, 2020 and December 31, 2019: June 30, 2020 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns and Allowances Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (4) CA $ 10,104,963 $ 1,828,130 $ - $ 11,933,093 Glenview Apartments - Series A (3) CA 4,508,920 848,201 - 5,357,121 Harmony Court Bakersfield - Series A (4) CA 3,684,410 632,035 - 4,316,445 Harmony Terrace - Series A (4) CA 6,820,517 1,274,532 - 8,095,049 Harden Ranch - Series A (2) CA 6,661,912 1,313,138 - 7,975,050 Las Palmas II - Series A (4) CA 1,671,884 322,393 - 1,994,277 Montclair Apartments - Series A (3) CA 2,442,734 511,677 - 2,954,411 Montecito at Williams Ranch Apartments - Series A (6) CA 7,654,093 1,873,968 - 9,528,061 San Vicente - Series A (4) CA 3,447,335 632,272 - 4,079,607 Santa Fe Apartments - Series A (3) CA 2,959,281 609,255 - 3,568,536 Seasons at Simi Valley - Series A (4) CA 4,260,003 994,172 - 5,254,175 Seasons Lakewood - Series A (4) CA 7,265,333 1,357,653 - 8,622,986 Seasons San Juan Capistrano - Series A (4) CA 12,232,449 2,169,826 - 14,402,275 Summerhill - Series A (4) CA 6,344,494 1,088,354 - 7,432,848 Sycamore Walk - Series A (4) CA 3,538,734 664,864 - 4,203,598 The Village at Madera - Series A (4) CA 3,047,293 536,986 - 3,584,279 Tyler Park Townhomes - Series A (2) CA 5,803,267 835,563 - 6,638,830 Vineyard Gardens - Series A (6) CA 3,983,421 900,633 - 4,884,054 Westside Village Market - Series A (2) CA 3,792,423 724,447 - 4,516,870 Brookstone (1) IL 7,391,425 2,226,656 - 9,618,081 Copper Gate Apartments (2) IN 5,005,000 677,901 - 5,682,901 Renaissance - Series A (3) LA 10,936,829 1,863,478 - 12,800,307 Live 929 Apartments (6), (7) MD 39,830,967 - (477,260 ) 39,353,707 Woodlynn Village (1) MN 4,146,000 53,964 - 4,199,964 Gateway Village (6) NC 2,600,000 153,039 - 2,753,039 Greens Property - Series A (2) NC 7,883,000 789,730 - 8,672,730 Lynnhaven Apartments (6) NC 3,450,000 203,071 - 3,653,071 Silver Moon - Series A (3) NM 7,730,484 1,696,898 - 9,427,382 Village at Avalon - Series A (5) NM 16,246,373 3,688,529 - 19,934,902 Ohio Properties - Series A (1) OH 13,791,000 60,063 - 13,851,063 Bridle Ridge (1) SC 7,275,000 144,792 - 7,419,792 Columbia Gardens (4) SC 12,983,220 2,304,405 - 15,287,625 Companion at Thornhill Apartments (4) SC 11,117,797 1,782,671 - 12,900,468 Cross Creek (1) SC 6,141,120 2,439,945 - 8,581,065 Rosewood Townhomes - Series A (6) SC 9,280,000 1,653,451 - 10,933,451 South Pointe Apartments - Series A (6) SC 21,600,000 4,071,774 - 25,671,774 The Palms at Premier Park Apartments (2) SC 18,730,489 2,713,107 - 21,443,596 Village at River's Edge (4) SC 9,837,910 2,068,508 - 11,906,418 Willow Run (4) SC 12,802,849 2,091,951 - 14,894,800 Arbors at Hickory Ridge (2) TN 10,984,840 1,952,655 - 12,937,495 Avistar at Copperfield - Series A (6) TX 13,881,681 2,506,209 - 16,387,890 Avistar at the Crest - Series A (2) TX 9,197,291 1,960,964 - 11,158,255 Avistar at the Oaks - Series A (2) TX 7,432,683 1,573,517 - 9,006,200 Avistar at the Parkway - Series A (3) TX 12,788,522 2,343,298 - 15,131,820 Avistar at Wilcrest - Series A (6) TX 5,260,876 845,705 - 6,106,581 Avistar at Wood Hollow - Series A (6) TX 39,945,710 6,893,766 - 46,839,476 Avistar in 09 - Series A (2) TX 6,417,834 1,358,671 - 7,776,505 Avistar on the Boulevard - Series A (2) TX 15,668,577 3,071,059 - 18,739,636 Avistar on the Hills - Series A (2) TX 5,088,582 1,100,068 - 6,188,650 Bruton Apartments (4) TX 17,741,983 3,729,856 - 21,471,839 Concord at Gulfgate - Series A (4) TX 18,887,619 4,174,496 - 23,062,115 Concord at Little York - Series A (4) TX 13,231,671 3,044,416 - 16,276,087 Concord at Williamcrest - Series A (4) TX 20,497,275 4,622,985 - 25,120,260 Crossing at 1415 - Series A (4) TX 7,369,164 1,473,173 - 8,842,337 Decatur Angle (4) TX 22,364,588 4,471,786 - 26,836,374 Esperanza at Palo Alto (4) TX 19,288,690 4,738,934 - 24,027,624 Heights at 515 - Series A (4) TX 6,746,597 1,377,255 - 8,123,852 Heritage Square - Series A (3) TX 10,637,915 1,699,021 - 12,336,936 Oaks at Georgetown - Series A (4) TX 12,187,967 1,810,989 - 13,998,956 Runnymede (1) TX 9,865,000 100,289 - 9,965,289 Southpark (1) TX 11,585,255 2,191,903 - 13,777,158 15 West Apartments (4) WA 9,639,432 2,584,675 - 12,224,107 Mortgage revenue bonds held in trust $ 635,712,681 $ 109,427,722 $ (477,260 ) $ 744,663,143 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 ( 2 ) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 ( 3 ) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 16 ( 4 ) ( 5 ) MRB held by Morgan Stanley in a secured financing transaction, Note 1 6 ( 6 ) ( 7 ) June 30, 2020 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 $ 1,885,539 $ - $ 15,085,539 Solano Vista - Series A CA 2,665,000 719,622 - 3,384,622 Greens Property - Series B NC 927,877 129,272 - 1,057,149 Arby Road Apartments - Series A NV 7,475,000 15,415 - 7,490,415 Ohio Properties - Series B OH 3,495,160 13,533 - 3,508,693 Rosewood Townhomes - Series B SC 470,000 2,606 - 472,606 South Pointe Apartments - Series B SC 1,100,000 6,099 - 1,106,099 Pro Nova 2014-1 TN 8,197,465 - - 8,197,465 Avistar at the Crest - Series B TX 738,480 116,511 - 854,991 Avistar at the Oaks - Series B TX 540,485 81,576 - 622,061 Avistar at the Parkway - Series B TX 124,144 40,059 - 164,203 Avistar in 09 - Series B TX 445,851 69,002 - 514,853 Avistar on the Boulevard - Series B TX 438,807 64,325 - 503,132 Mortgage revenue bonds held by the Partnership $ 39,818,269 $ 3,143,559 $ - $ 42,961,828 December 31, 2019 Description of Mortgage Revenue Bonds Held in Trust State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Courtyard - Series A (5) CA $ 10,147,686 $ 1,602,534 $ - $ 11,750,220 Glenview Apartments - Series A (4) CA 4,533,958 757,900 - 5,291,858 Harmony Court Bakersfield - Series A (5) CA 3,699,987 549,211 - 4,249,198 Harmony Terrace - Series A (5) CA 6,849,214 1,121,262 - 7,970,476 Harden Ranch - Series A (3) CA 6,700,868 1,281,980 - 7,982,848 Las Palmas II - Series A (5) CA 1,679,022 263,441 - 1,942,463 Montclair Apartments - Series A (4) CA 2,456,298 446,558 - 2,902,856 Montecito at Williams Ranch Apartments - Series A (7) CA 7,681,146 1,580,303 - 9,261,449 San Vicente - Series A (5) CA 3,462,053 510,593 - 3,972,646 Santa Fe Apartments - Series A (4) CA 2,975,713 540,988 - 3,516,701 Seasons at Simi Valley - Series A (5) CA 4,282,477 860,856 - 5,143,333 Seasons Lakewood - Series A (5) CA 7,295,901 1,124,372 - 8,420,273 Seasons San Juan Capistrano - Series A (5) CA 12,283,916 1,893,075 - 14,176,991 Summerhill - Series A (5) CA 6,371,318 797,228 - 7,168,546 Sycamore Walk - Series A (5) CA 3,559,011 567,713 - 4,126,724 The Village at Madera - Series A (5) CA 3,060,177 454,240 - 3,514,417 Tyler Park Townhomes - Series A (3) CA 5,837,595 864,894 - 6,702,489 Vineyard Gardens - Series A (7) CA 3,995,000 815,213 - 4,810,213 Westside Village Market - Series A (3) CA 3,814,857 594,361 - 4,409,218 Brookstone (1) IL 7,406,755 2,194,994 - 9,601,749 Copper Gate Apartments (3) IN 5,005,000 682,497 - 5,687,497 Renaissance - Series A (4) LA 11,001,027 1,775,086 - 12,776,113 Live 929 Apartments (7), (8) MD 39,984,026 - (280,711 ) 39,703,315 Woodlynn Village (1) MN 4,172,000 44,510 - 4,216,510 Gateway Village (2) NC 2,600,000 509,901 - 3,109,901 Greens Property - Series A (3) NC 7,936,000 845,678 - 8,781,678 Lynnhaven Apartments (2) NC 3,450,000 393,686 - 3,843,686 Silver Moon - Series A (4) NM 7,762,116 1,166,748 - 8,928,864 Village at Avalon - Series A (6) NM 16,302,038 3,131,843 - 19,433,881 Ohio Properties - Series A (1) OH 13,857,000 48,813 - 13,905,813 Bridle Ridge (1) SC 7,315,000 113,469 - 7,428,469 Columbia Gardens (5) SC 13,064,589 2,179,744 - 15,244,333 Companion at Thornhill Apartments (5) SC 11,178,557 1,709,040 - 12,887,597 Cross Creek (1) SC 6,143,976 2,507,072 - 8,651,048 Rosewood Townhomes - Series A (7) SC 9,280,000 316,916 - 9,596,916 South Pointe Apartments - Series A (7) SC 21,600,000 835,005 - 22,435,005 The Palms at Premier Park Apartments (3) SC 18,838,478 2,799,411 - 21,637,889 Village at River's Edge (5) SC 9,872,297 2,236,259 - 12,108,556 Willow Run (5) SC 12,884,191 2,100,598 - 14,984,789 Arbors at Hickory Ridge (3) TN 11,056,825 1,934,146 - 12,990,971 Pro Nova 2014-1 (2), (8) TN 10,022,352 - (372,169 ) 9,650,183 Avistar at Copperfield - Series A (2) TX 13,945,681 2,356,231 - 16,301,912 Avistar at the Crest - Series A (3) TX 9,252,257 1,715,456 - 10,967,713 Avistar at the Oaks - Series A (3) TX 7,475,794 1,336,580 - 8,812,374 Avistar at the Parkway - Series A (4) TX 12,854,039 2,065,468 - 14,919,507 Avistar at Wilcrest - Series A (2) TX 5,285,131 806,523 - 6,091,654 Avistar at Wood Hollow - Series A (2) TX 40,129,878 6,450,704 - 46,580,582 Avistar in 09 - Series A (3) TX 6,455,058 1,125,239 - 7,580,297 Avistar on the Boulevard - Series A (3) TX 15,762,217 2,648,781 - 18,410,998 Avistar on the Hills - Series A (3) TX 5,118,097 938,032 - 6,056,129 Bruton Apartments (5) TX 17,807,768 3,534,702 - 21,342,470 Concord at Gulfgate - Series A (5) TX 18,975,786 3,572,995 - 22,548,781 Concord at Little York - Series A (5) TX 13,293,436 2,624,054 - 15,917,490 Concord at Williamcrest - Series A (5) TX 20,592,957 3,971,001 - 24,563,958 Crossing at 1415 - Series A (5) TX 7,405,406 1,229,438 - 8,634,844 Decatur Angle (5) TX 22,455,747 4,198,200 - 26,653,947 Esperanza at Palo Alto (5) TX 19,356,959 4,111,518 - 23,468,477 Heights at 515 - Series A (5) TX 6,779,777 1,154,387 - 7,934,164 Heritage Square - Series A (4) TX 10,695,037 1,455,672 - 12,150,709 Oaks at Georgetown - Series A (5) TX 12,239,247 1,645,817 - 13,885,064 Runnymede (1) TX 9,925,000 80,343 - 10,005,343 Southpark (1) TX 11,548,337 2,334,262 - 13,882,599 15 West Apartments (5) WA 9,673,117 2,287,904 - 11,961,021 Mortgage revenue bonds held in trust $ 648,445,150 $ 95,795,445 $ (652,880 ) $ 743,587,715 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 16 (2) MRBs held by Deutsche Bank in a secured financing transaction, Note 16 (3) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16 (4) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 1 6 (5) (6) MRB held by Morgan Stanley in a secured financing transaction, see Note 16 (7) MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 16 (8) As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months. December 31, 2019 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Montevista - Series A & B CA $ 13,200,000 $ 1,654,870 $ - $ 14,854,870 Solano Vista - Series A & B CA 5,768,000 625,235 - 6,393,235 Greens Property - Series B NC 930,016 142,265 - 1,072,281 Ohio Properties - Series B OH 3,504,171 10,363 - 3,514,534 Rosewood Townhomes - Series B SC 470,000 1,685 - 471,685 South Pointe Apartments - Series B SC 1,100,000 2,952 - 1,102,952 Avistar at the Crest - Series B TX 740,876 94,819 - 835,695 Avistar at the Oaks - Series B TX 542,170 65,455 - 607,625 Avistar at the Parkway - Series B TX 124,305 38,045 - 162,350 Avistar in 09 - Series B TX 447,241 53,995 - 501,236 Avistar on the Boulevard - Series B TX 440,231 53,056 - 493,287 Mortgage revenue bonds held by the Partnership $ 27,267,010 $ 2,742,740 $ - $ 30,009,750
Schedule of MRBs Acquisitions	Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the six months ended June 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Base Interest Rate Principal Outstanding at Date of Acquisition Arby Road Apartments - Series A (1) June Las Vegas, NV 180 10/1/2027 5.35 % $ 1,690,000 Arby Road Apartments - Series A (1) June Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 $ 7,475,000 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding during the six months ended June 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
Schedule of MRB Redeemed	Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 30, 2020: Property Name Month Redeemed Property Location Units Original Maturity Date Base Interest Rate Principal Outstanding at Date of Redemption Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the six months ended June 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 - Series B April Fullerton, CA 108 6/1/2019 8.00 % 6,228,000 $ 11,802,000
Term of Mortgage Revenue Bond After Restructuring	The following MRBs were restructured during the six months ended June 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 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

Governmental Issuer Loan (Table

Governmental Issuer Loan (Tables)	6 Months Ended
	Jun. 30, 2020
Governmental Issuer Loan [Abstract]
Summary of Partnership's Governmental Issuer Loan	The terms of the Partnership’s GIL as of June 30, 2020 are as follows: Property Name Month Acquired Property Location Units Maturity Date Variable Interest Rate Amortized Cost Scharbauer Flats Apartments June Midland, TX 300 1/1/2023 (1) SIFMA + 3.10% $ 40,000,000 (1) The borrower may automatically extend the maturity to July 2023 and may further extend the maturity to January 2024 upon payment of a non-refundable extension fee.

Public Housing Capital Fund T_2

Public Housing Capital Fund Trust ( "PHC") Certificates (Tables)	6 Months Ended
	Jun. 30, 2020
Public Housing Capital Fund Trusts [Abstract]
Schedule of Investments in PHC Certificates	The Partnership had the following investments in the PHC Certificates as of December 31, 2019: December 31, 2019 Description of PHC Certificates Weighted Average Lives (Years) Investment Rating Weighted Average Interest Rate Over Life Cost Adjusted for Paydowns and Impairment Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value PHC Certificate Trust I 5.47 AA- 5.33% $ 24,477,478 $ 435,659 $ - $ 24,913,137 PHC Certificate Trust II 4.58 AA- 4.41% 4,375,296 386,433 - 4,761,729 PHC Certificate Trust III 5.43 BBB 5.12% 13,087,779 586,712 - 13,674,491 $ 41,940,553 $ 1,408,804 $ - $ 43,349,357

Real Estate Assets (Tables)

Real Estate Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Real Estate [Abstract]
Real Estate Assets Owned by Partnership	The following tables summarize information regarding the Partnership’s real estate assets as of June 30, 2020 and December 31, 2019: Real Estate Assets as of June 30, 2020 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 $ 39,121,743 $ 42,321,011 The 50/50 MF Property Lincoln, NE 475 - 32,938,822 32,938,822 Land held for development (1) 1,675,997 - 1,675,997 $ 76,935,830 Less accumulated depreciation (16,773,436 ) Total real estate assets $ 60,162,394 (1) Real Estate Assets as of December 31, 2019 Property Name Location Number of Units Land and Land Improvements Buildings and Improvements Carrying Value Suites on Paseo San Diego, CA 384 $ 3,199,268 $ 39,073,728 $ 42,272,996 The 50/50 MF Property Lincoln, NE 475 - 32,937,805 32,937,805 Land held for development (2) 1,706,862 - 1,706,862 $ 76,917,663 Less accumulated depreciation (15,357,700 ) Total real estate assets $ 61,559,963 (2) Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE.

Investments in Unconsolidated_2

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019 and remaining equity commitment amounts as of June 30, 2020: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of June 30, 2020 Carrying Value as of December 31, 2019 Maximum Remaining Equity Commitment as of June 30, 2020 Vantage at Waco Waco, TX 288 August 2016 May 2018 $ - $ 9,337,166 $ - Vantage at Powdersville Powdersville, SC 288 November 2017 February 2020 12,295,801 12,295,801 - Vantage at Stone Creek Omaha, NE 294 March 2018 April 2020 7,840,500 7,840,500 - Vantage at Bulverde Bulverde, TX 288 March 2018 August 2019 10,570,000 10,144,052 - Vantage at Germantown Germantown, TN 288 June 2018 March 2020 12,344,784 11,745,155 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 14,206,483 13,516,425 - Vantage at Coventry Omaha, NE 294 September 2018 N/A 9,007,435 9,007,435 - Vantage at Conroe Conroe, TX 288 April 2019 N/A 9,901,396 8,078,519 - Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 7,845,359 5,016,811 - Vantage at Westover Hills San Antonio, TX 288 January 2020 N/A 7,631,910 - - 2,892 $ 91,643,668 $ 86,981,864 $ -
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 the three and six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Property Revenues $ 2,987,106 $ 3,103,876 $ 5,470,711 $ 5,821,144 Gain on sale of property $ 6,262,992 $ - $ 6,262,992 $ - Net income (loss) $ 4,356,453 $ (571,382 ) $ 1,837,288 $ (688,445 )

Property Loans, Net of Loan L_2

Property Loans, Net of Loan Loss Allowances (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019: June 30, 2020 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 Live 929 Apartments 405,717 - 405,717 Ohio Properties 2,390,446 - 2,390,446 Scharbauer Flats Apartments 1,667,776 - 1,667,776 Total $ 17,060,684 $ (7,393,814 ) $ 9,666,870 December 31, 2019 Outstanding Balance Loan Loss Allowance Property Loan Principal, net of allowance Arbors at Hickory Ridge $ 191,264 $ - $ 191,264 Avistar (February 2013 portfolio) 201,972 - 201,972 Avistar (June 2013 portfolio) 251,622 - 251,622 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Live 929 Apartments 405,717 - 405,717 Ohio Properties 2,390,446 - 2,390,446 Total $ 15,392,908 $ (7,393,814 ) $ 7,999,094

Income Tax Provision (Tables)

Income Tax Provision (Tables)	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	The following table summarizes income tax expense (benefit) for the three and six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Current income tax expense $ 98,964 $ 32,823 $ 141,299 $ 115,163 Deferred income tax benefit (960 ) (15,472 ) (31,881 ) (56,164 ) Total income tax expense $ 98,004 $ 17,351 $ 109,418 $ 58,999

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2020
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the other assets as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Deferred financing costs, net $ 282,840 $ 353,862 Fair value of derivative instruments (Note 18) 29,826 10,911 Taxable mortgage revenue bonds, at fair value 1,456,279 1,383,237 Operating lease right-of-use assets, net 1,657,904 1,673,242 Other assets 1,303,206 1,641,099 Total other assets $ 4,730,055 $ 5,062,351

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Accounts payable $ 307,830 $ 93,834 Accrued expenses 1,904,974 2,529,982 Accrued interest expense 2,698,830 2,690,076 Operating lease liabilities 2,141,312 2,138,783 Other liabilities 1,422,729 1,583,492 Total accounts payable, accrued expenses and other liabilities $ 8,475,675 $ 9,036,167
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 as of June 30, 2020: Remainder of 2020 $ 67,993 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,274 Total 5,147,301 Less: Amount representing interest (3,005,989 ) Total operating lease liabilities $ 2,141,312

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)	6 Months Ended
	Jun. 30, 2020
Unsecured Lines of Credit [Member]
Summary of Unsecured Lines of Credit	The following tables summarize the unsecured lines of credit (“LOC”) as of June 30, 2020 and December 31, 2019: Unsecured Lines of Credit Outstanding as of June 30, 2020 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 18,695,000 $ 50,000,000 June 2021 Variable (1) Monthly 2.68 % Bankers Trust operating - 10,000,000 June 2021 Variable (1) Monthly 3.43 % Total unsecured lines of credit $ 18,695,000 $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 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 (2) Monthly 4.19 % Bankers Trust operating - 10,000,000 June 2021 Variable (2) Monthly 4.94 % Total unsecured lines of credit $ 13,200,000 $ 60,000,000 (2) The variable rate is indexed to LIBOR plus an applicable margin.

Debt Financing (Tables)

Debt Financing (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Financing [Abstract]
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2020 and December 31, 2019: Outstanding Debt Financings as of June 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,241,181 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 78,922,200 4,999 2014 July 2024 Weekly 0.16% 1.47% 1.63% Fixed - M33 31,085,748 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 216,728,152 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB (3) 55,219,902 - 2020 May 2021 Weekly 0.73% 1.67% 2.40% Variable - TOB (3) 25,722,461 - 2019 June 2021 Weekly 0.33% - 0.73% 1.17% 1.50% - 1.90% Variable - TOB (3) 42,121,543 - 2019 July 2021 Weekly 0.35% - 0.43% 1.17% - 1.66% 1.60% - 2.01% Variable - TOB 35,874,471 - 2020 July 2023 Weekly 0.63% 0.89% 1.52% Morgan Stanley: Fixed - Term TOB 13,032,391 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,948,049 (1) Facility fees have a variable component. (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. (3) In July 2020, the stated maturity of the TOB Trusts were extended to July 2023 . Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 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 January 2020 N/A N/A N/A 4.01% Fixed - Term A/B 5,260,756 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,300,456 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,680,070 - 2019 July 2020 Weekly 1.79% 1.17% 2.96% Variable - TOB 42,207,784 - 2019 August 2020 Weekly 1.79% 1.17% - 1.66% 2.96% - 3.45% Variable - TOB 34,703,935 - 2019 September 2020 Weekly 2.08% 1.12% 3.20% Morgan Stanley: Fixed - Term TOB 13,063,418 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (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 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 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
Summary of Deutsche Bank Term A/B Trust and TOB Trust Financings Collapsed and Paid Off	The following is a summary of the Deutsche Bank Term A/B Trust and TOB Trust financings that were collapsed and paid off in April 2020: Debt Financing Debt Facility Month Paydown Applied Avistar at Copperfield - Series A Term A/B Trust April 2020 $ 8,417,739 Avistar at Wilcrest - Series A Term A/B Trust April 2020 3,162,435 Avistar at Wood Hollow - Series A Term A/B Trust April 2020 26,860,536 Gateway Village Term A/B Trust April 2020 2,262,000 Lynnhaven Term A/B Trust April 2020 3,001,500 Pro Nova 2014-1 Term TOB April 2020 8,010,000 $ 51,714,210
Summary of Mizuho TOB Trust Financings	The following is a summary of the Mizuho TOB Trust financings that were entered into during the first six months of 2020: TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Avistar at Copperfield - Series A $ 11,818,000 May 2021 Weekly SIFMA 1.67% Avistar at Wilcrest - Series A 4,479,000 May 2021 Weekly SIFMA 1.67% Avistar at Wood Hollow - Series A 34,007,000 May 2021 Weekly SIFMA 1.67% Gateway Village 2,184,000 May 2021 Weekly SIFMA 1.67% Lynnhaven 2,898,000 May 2021 Weekly SIFMA 1.67% Scharbauer Flats Apartments 36,000,000 July 2023 Weekly SIFMA 0.89% Total TOB Trust Financing $ 91,386,000
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings as of June 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 2,836,611 2021 127,635,262 2022 17,970,010 2023 41,338,857 2024 87,405,308 Thereafter 263,802,556 Total 540,988,604 Unamortized deferred financing costs and debt premium (2,040,555 ) Total debt financing, net $ 538,948,049

Mortgages Payable and Other S_2

Mortgages Payable and Other Secured Financing (Tables)	6 Months Ended
	Jun. 30, 2020
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of June 30, 2020 and December 31, 2019: Outstanding Debt Financings as of June 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,241,181 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 78,922,200 4,999 2014 July 2024 Weekly 0.16% 1.47% 1.63% Fixed - M33 31,085,748 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 216,728,152 5,000 2018 July 2034 N/A N/A N/A 3.82% TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB (3) 55,219,902 - 2020 May 2021 Weekly 0.73% 1.67% 2.40% Variable - TOB (3) 25,722,461 - 2019 June 2021 Weekly 0.33% - 0.73% 1.17% 1.50% - 1.90% Variable - TOB (3) 42,121,543 - 2019 July 2021 Weekly 0.35% - 0.43% 1.17% - 1.66% 1.60% - 2.01% Variable - TOB 35,874,471 - 2020 July 2023 Weekly 0.63% 0.89% 1.52% Morgan Stanley: Fixed - Term TOB 13,032,391 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 538,948,049 (1) Facility fees have a variable component. (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. (3) In July 2020, the stated maturity of the TOB Trusts were extended to July 2023 . Outstanding Debt Financings as of December 31, 2019, net Restricted Cash Year Acquired Stated Maturities Reset Frequency SIFMA Based Rates Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,495,442 $ 204,000 2010 May 2027 N/A N/A N/A 3.05% Variable - M31 (1) 79,505,180 4,999 2014 July 2024 Weekly 1.64% 1.54% 3.18% Fixed - M33 31,367,147 2,606 2015 September 2030 N/A N/A N/A 3.24% Fixed - M45 (2) 217,603,233 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 January 2020 N/A N/A N/A 4.01% Fixed - Term A/B 5,260,756 - 2019 February 2020 N/A N/A N/A 4.53% Fixed - Term A/B 38,300,456 - 2017 February 2027 N/A N/A N/A 4.46% Mizuho Capital Markets: Variable - TOB 25,680,070 - 2019 July 2020 Weekly 1.79% 1.17% 2.96% Variable - TOB 42,207,784 - 2019 August 2020 Weekly 1.79% 1.17% - 1.66% 2.96% - 3.45% Variable - TOB 34,703,935 - 2019 September 2020 Weekly 2.08% 1.12% 3.20% Morgan Stanley: Fixed - Term TOB 13,063,418 - 2019 May 2022 N/A N/A N/A 3.53% Total Debt Financings $ 536,197,421 (1) Facility fees have a variable component. (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 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 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
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings as of June 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 2,836,611 2021 127,635,262 2022 17,970,010 2023 41,338,857 2024 87,405,308 Thereafter 263,802,556 Total 540,988,604 Unamortized deferred financing costs and debt premium (2,040,555 ) Total debt financing, net $ 538,948,049
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 June 30, 2020 and December 31, 2019: MF Property Mortgage Payables Outstanding Mortgage Payable as of June 30, 2020, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Period End Rate The 50/50 MF Property--TIF Loan $ 2,680,578 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,711,330 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,391,908 4.36 % MF Property Mortgage Payables Outstanding Mortgage Payable as of December 31, 2019, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Reset Frequency Variable Based Rate Period End Rate The 50/50 MF Property--TIF Loan $ 2,859,390 2014 March 2020 Fixed N/A N/A 4.65 % The 50/50 MF Property--Mortgage 23,942,856 2013 March 2020 Variable Monthly 4.75 % (1) 4.75 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,802,246 4.74 % ( 1 )
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings as of June 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 403,959 2021 832,035 2022 869,317 2023 908,269 2024 946,250 Thereafter 22,433,892 Total 26,393,722 Unamortized deferred financing costs (1,814 ) Total mortgages payable and other secured financings, net $ 26,391,908

Interest Rate Derivatives (Tabl

Interest Rate Derivatives (Tables)	6 Months Ended
	Jun. 30, 2020
Interest Rate Derivatives [Abstract]
Summary of Partnership's Interest Rate Derivatives	The following tables summarize the Partnership’s interest rate derivatives as of June 30, 2020 and December 31, 2019: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of June 30, 2020 July 2015 26,863,410 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank $ - July 2015 26,863,410 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada - July 2015 26,863,410 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc - June 2017 80,590,229 Aug 2020 1.5 % SIFMA TOB Trusts Barclays Bank PLC - Sept 2017 57,628,000 Sept 2020 4.0 % SIFMA TOB Trusts Barclays Bank PLC - Aug 2019 78,691,104 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 29,826 $ 29,826 (1) See Note 23 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, 2019 July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Wells Fargo Bank $ - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts Royal Bank of Canada - July 2015 27,033,788 Aug 2020 3.0 % SIFMA TOB Trusts SMBC Capital Markets, Inc - June 2017 81,101,364 Aug 2020 1.5 % SIFMA TOB Trusts Barclays Bank PLC 4,090 Sept 2017 58,090,000 Sept 2020 4.0 % SIFMA TOB Trusts Barclays Bank PLC - Aug 2019 79,333,280 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC 6,821 $ 10,911 (2) See Note 23 for additional details.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of June 30, 2020 Partnership's Maximum Exposure as of June 30, 2020 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 30,501,955 $ 15,250,978 (1) Vantage at Coventry 2018 31,500,000 23,637,802 23,637,802 (1) (1) The Partnership’s maximum exposure will decrease to 50% 25% Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of June 30, 2020 Ohio Properties 2011 2026 $ 3,361,979 Greens of Pine Glen, LP 2012 2027 2,237,843

Redeemable Series A Preferred_2

Redeemable Series A Preferred Units (Tables)	6 Months Ended
	Jun. 30, 2020
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Series A Preferred Units	The following table summarizes the outstanding Series A Preferred Units as of June 30, 2020 and December 31, 2019 Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding as of June 30, 2020 and December 31, 2019 9,450,000 $ 94,500,000

Restricted Unit Awards (Tables)

Restricted Unit Awards (Tables)	6 Months Ended
	Jun. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of RUA Activity	The following table summarizes the RUA activity as of and for the six months ended June 30, 2020 and the year ended December 31, 2019: Restricted Units Awarded Weighted average Grant-date Fair Value Nonvested as of January 1, 2019 265,290 $ 6.14 Granted 353,197 7.74 Vested (618,487 ) 7.05 Nonvested as of December 31, 2019 - $ - Granted 290,000 4.98 Nonvested as of June 30, 2020 290,000 $ 4.98

Transactions with Related Par_2

Transactions with Related Parties (Tables)	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Partnership administrative fees paid to AFCA 2 (1) $ 866,000 $ 902,000 $ 1,731,000 $ 1,800,000 Property management fees paid to an affiliate (2) - 38,000 - 73,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 33,000 16,000 41,000 32,000 (1) 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) A former affiliate of AFCA 2, Burlington Capital Properties, LLC, provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). Burlington Capital Properties, LLC ceased to be a related party of the Partnership effective September 10, 2019. The disclosed amounts are only for property management fees earned during the periods that Burlington Capital Properties, LLC was considered a related party of the Partnership. The property management fees are “Real estate operating expenses” on 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. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s condensed consolidated statements of operations.
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 six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Non-Partnership property administrative fees received by AFCA 2 (1) 9,000 9,000 $ 18,000 $ 18,000 Investment/mortgage placement fees received by AFCA 2 (2) 321,000 731,000 863,000 822,000 (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, the GIL and investments in unconsolidated entities.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2020
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 June 30, 2020 are summarized as follows: Fair Value Measurements as of June 30, 2020 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 $ 744,663,143 $ - $ - $ 744,663,143 Mortgage revenue bonds 42,961,828 - - 42,961,828 Taxable mortgage revenue bonds (reported within other assets) 1,456,279 - - 1,456,279 Derivative instruments (reported within other assets) 29,826 - - 29,826 Total Assets at Fair Value, net $ 789,111,076 $ - $ - $ 789,111,076 Assets measured at fair value on a recurring basis as of December 31, 2019 are summarized as follows: Fair Value Measurements as of December 31, 2019 Description Assets at Fair Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets Mortgage revenue bonds, held in trust $ 743,587,715 $ - $ - $ 743,587,715 Mortgage revenue bonds 30,009,750 - - 30,009,750 PHC Certificates 43,349,357 - - 43,349,357 Taxable mortgage revenue bonds (reported within other assets) 1,383,237 - - 1,383,237 Derivative instruments (reported within other assets) 10,911 - - 10,911 Total Assets at Fair Value, net $ 818,340,970 $ - $ - $ 818,340,970
Summary of Activity Related to Level 3 Assets and Liabilities	The following table summarizes the activity related to Level 3 assets for the three and six months ended June 30, 2020: For the Three Months Ended June 30, 2020 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 April 1, 2020 $ 761,082,275 $ - $ 1,417,654 $ 36,112 $ 762,536,041 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 20,098 - - 93,647 113,745 Included in earnings (impairment of securities and provision for credit loss) (464,675 ) - - - (464,675 ) Included in other comprehensive (loss) income 20,930,838 - 40,811 - 20,971,649 Purchases 7,489,950 - - - 7,489,950 Settlements (1,433,515 ) - (2,186 ) (99,933 ) (1,535,634 ) Ending Balance June 30, 2020 $ 787,624,971 $ - $ 1,456,279 $ 29,826 $ 789,111,076 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2020 $ (464,675 ) $ - $ - $ 93,647 $ (371,028 ) (1) For the Six Months Ended June 30, 2020 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, 2020 $ 773,597,465 $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 55,240 (7,219 ) - 118,848 166,869 Included in earnings (impairment of securities and provision for credit loss) (1,822,356 ) - - - (1,822,356 ) Included in earnings (gain on sale of securities) - 1,416,023 - - 1,416,023 Included in other comprehensive income 14,208,716 (1,408,804 ) 77,366 - 12,877,278 Purchases 7,489,950 - - - 7,489,950 Sale of securities - (43,349,357 ) - - (43,349,357 ) Settlements (5,904,044 ) - (4,324 ) (99,933 ) (6,008,301 ) Ending Balance June 30, 2020 $ 787,624,971 $ - $ 1,456,279 $ 29,826 $ 789,111,076 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on June 30, 2020 $ (1,822,356 ) $ - $ - $ 118,848 $ (1,703,508 ) The following table summarizes the activity related to Level 3 assets and liabilities for the three and six months ended June 30, 2019: For the Three Months Ended June 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 $ 739,047,841 $ 46,406,868 $ 1,426,733 $ 273,506 $ 787,154,948 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,637 (20,436 ) - (83,217 ) (68,016 ) Included in other comprehensive income 14,753,777 129,722 36,582 - 14,920,081 Purchases 13,200,000 - - - 13,200,000 Settlements (7,510,548 ) - (21,999 ) (72,010 ) (7,604,557 ) Ending Balance June 30, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2019 $ - $ - $ - $ (83,217 ) $ (83,217 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Six Months Ended June 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) 71,367 (3,710 ) - (389,808 ) (322,151 ) Included in other comprehensive income 22,393,690 614,944 55,374 - 23,064,008 Purchases 19,250,000 - - - 19,250,000 Settlements (14,341,785 ) (2,767,166 ) (23,953 ) (118,546 ) (17,251,450 ) Ending Balance June 30, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on June 30, 2019 $ - $ - $ - $ (389,808 ) $ (389,808 )
Summary of Fair Value of Partnership's Financial Liabilities	The table below summarizes the fair value of the Partnership’s financial liabilities as of June 30, 2020 and December 31, 2019: June 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 557,643,049 $ 586,074,485 $ 549,397,421 $ 568,193,494 Mortgages payable and other secured financing 26,391,908 26,393,723 26,802,246 26,812,851

Segments (Tables)

Segments (Tables)	6 Months Ended
	Jun. 30, 2020
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 six months ended June 30, 2020 and 2019: For the Three Months Ended June 30, For the Six Months Ended June 30, 2020 2019 2020 2019 Total revenues Mortgage Revenue Bond Investments $ 10,247,228 $ 10,247,302 $ 20,453,031 $ 20,690,715 MF Properties 1,856,954 2,034,796 3,809,201 4,028,425 Public Housing Capital Fund Trusts - 585,609 174,470 1,223,755 Other Investments 2,374,237 1,478,627 3,777,852 6,068,037 Total revenues $ 14,478,419 $ 14,346,334 $ 28,214,554 $ 32,010,932 Interest expense Mortgage Revenue Bond Investments $ 4,597,328 $ 5,456,801 $ 10,095,527 $ 11,105,369 MF Properties 291,988 365,632 613,764 730,021 Public Housing Capital Fund Trusts - 384,502 197,993 766,465 Other Investments - - - - Total interest expense $ 4,889,316 $ 6,206,935 $ 10,907,284 $ 12,601,855 Depreciation expense Mortgage Revenue Bond Investments $ 3,359 $ - $ 5,783 $ - MF Properties 708,722 818,154 1,415,736 1,637,312 Public Housing Capital Fund Trusts - - - - Other Investments - - - - Total depreciation expense $ 712,081 $ 818,154 $ 1,421,519 $ 1,637,312 Net income (loss) Mortgage Revenue Bond Investments $ 2,301,494 $ 2,285,485 $ 2,741,830 $ 4,328,839 MF Properties (85,583 ) (74,997 ) (338,313 ) (512,131 ) Public Housing Capital Fund Trusts - 201,107 1,390,999 457,290 Other Investments 2,372,437 1,474,595 3,775,589 6,064,005 Net income $ 4,588,348 $ 3,886,190 $ 7,570,105 $ 10,338,003 The following table details total assets for the Partnership’s reportable segments as of June 30 , 2020 and December 31, 201 9 : June 30, 2020 December 31, 2019 Total assets Mortgage Revenue Bond Investments $ 973,941,784 $ 918,301,172 MF Properties 69,044,411 70,569,646 Public Housing Capital Fund Trusts - 43,591,048 Other Investments 91,683,948 87,098,315 Consolidation/eliminations (96,180,675 ) (90,391,673 ) Total assets $ 1,038,489,468 $ 1,029,168,508

Subsequent Events (Tables)

Subsequent Events (Tables)	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Summary of Partnership's GIL and Property Loan Commitments	The following table summarizes the terms of the Partnership’s GIL and property loan commitments: Commitment Month Acquired Property Location Units Maturity Date Variable Interest Rate Maximum Commitment Oasis at Twin Lakes - GIL July Roseville, MN 228 8/1/2023 (1) SIFMA + 3.25% (2) $ 34,000,000 Oasis at Twin Lakes - Property Loan July Roseville, MN 228 8/1/2023 (1) LIBOR + 2.50% (3) 27,704,180 (1) The borrower has the option to extend the maturity up to six months. (2) The SIFMA-based component has a floor of 50 basis points. In addition, the spread decreases from 3.25% to 2.25% upon construction completion. (3) The LIBOR-based component has a floor of 50 basis points.
Summary of Partnership's MRB and Taxable MRB Commitments	The following table summarizes the terms of the Partnership’s MRB and taxable MRB commitments: Commitment Month Acquired Property Location Units Maturity Date Variable Interest Rate Maximum Commitment (1) Ocotillo Springs - MRB July Brawley, CA 75 8/1/2037 LIBOR + 3.25% (2) $ 15,000,000 Ocotillo Springs - taxable MRB July Brawley, CA 75 8/1/2022 LIBOR + 3.55% (3) 7,000,000 (1) Upon stabilization of the property, the MRB will be partially repaid and the taxable MRB will be redeemed in full. The maximum balance of the MRB after stabilization is approximately $3.5 million. (2) The variable interest rate is subject to a floor of 4.55% during construction and stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35%. (3) The variable interest rate is subject to a floor of 4.91%.
Summary of Terms of Forward Bond Purchase Commitment	In July 2020, the Partnership executed a forward bond purchase commitment for an MRB to be issued and secured by a senior housing property under rehabilitation. The following table summarizes the terms of the forward bond purchase commitment: Bond Purchase Commitment Commitment Date Property Location Units Interest Rate Estimated Closing Date Maximum Commitment CCBA Senior Garden Apartments July 2020 San Diego, CA 45 4.50% Q3 2022 $ 3,807,000
Summary of Initial Terms of TOB Trusts Financings	The following table summarizes the initial terms of the TOB Trust financings: TOB Trusts Securitization Initial TOB Trust Financing Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Initial Interest Rate Oasis at Twin Lakes - GIL $ 10,440,000 July 2023 Weekly 0.59% 0.89% 1.48% Ocotillo Springs - MRB 100,000 July 2022 Weekly 0.68% 0.89% 1.57%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)Property	Jun. 30, 2020USD ($)Property	Jun. 30, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Other-than-temporary impairment charges			$ 0
Provision for credit loss	$ 464,675	$ 1,822,356	$ 0
Greens Hold Co [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties | Property	1	1
Ownership interest percentage in MF property	100.00%	100.00%

Partnership Income, Expenses _2

Partnership Income, Expenses and Cash Distributions - Additional Information (Details)	Jun. 30, 2020
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Dilutive BUCs	0	0	0	0

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - Property	Jun. 30, 2020	Dec. 31, 2019
Variable Interest Entities [Abstract]
Number of Variable Interest Entities	18	17

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 165,407,444	$ 117,436,864
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	32,096,000	30,455,000
Governmental Issuer Loan
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	40,000,000
Property Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	1,667,776
Investment in Unconsolidated Entities [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 91,643,668	$ 86,981,864

Investments in Mortgage Reven_3

Investments in Mortgage Revenue Bonds - Schedule of investments in MRBs (Details) - USD ($)		Jun. 30, 2020		Dec. 31, 2019
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		$ 635,712,681		$ 648,445,150
Cumulative Unrealized Gain		109,427,722		95,795,445
Cumulative Unrealized Loss		(477,260)		(652,880)
Estimated Fair Value		744,663,143		743,587,715
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 and Allowances	[1]	10,104,963		10,147,686
Cumulative Unrealized Gain	[1]	1,828,130		1,602,534
Estimated Fair Value	[1]	11,933,093		11,750,220
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 and Allowances	[2]	4,508,920		4,533,958
Cumulative Unrealized Gain	[2]	848,201		757,900
Estimated Fair Value	[2]	5,357,121		5,291,858
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 and Allowances	[1]	3,684,410		3,699,987
Cumulative Unrealized Gain	[1]	632,035		549,211
Estimated Fair Value	[1]	4,316,445		4,249,198
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 and Allowances	[1]	6,820,517		6,849,214
Cumulative Unrealized Gain	[1]	1,274,532		1,121,262
Estimated Fair Value	[1]	8,095,049		7,970,476
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 and Allowances	[3]	6,661,912		6,700,868
Cumulative Unrealized Gain	[3]	1,313,138		1,281,980
Estimated Fair Value	[3]	7,975,050		7,982,848
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 and Allowances	[1]	1,671,884		1,679,022
Cumulative Unrealized Gain	[1]	322,393		263,441
Estimated Fair Value	[1]	1,994,277		1,942,463
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 and Allowances	[2]	2,442,734		2,456,298
Cumulative Unrealized Gain	[2]	511,677		446,558
Estimated Fair Value	[2]	2,954,411		2,902,856
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 and Allowances		7,654,093	[4]	7,681,146	[5]
Cumulative Unrealized Gain		1,873,968	[4]	1,580,303	[5]
Estimated Fair Value		9,528,061	[4]	9,261,449	[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 and Allowances	[1]	3,447,335		3,462,053
Cumulative Unrealized Gain	[1]	632,272		510,593
Estimated Fair Value	[1]	4,079,607		3,972,646
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 and Allowances	[2]	2,959,281		2,975,713
Cumulative Unrealized Gain	[2]	609,255		540,988
Estimated Fair Value	[2]	3,568,536		3,516,701
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 and Allowances	[1]	4,260,003		4,282,477
Cumulative Unrealized Gain	[1]	994,172		860,856
Estimated Fair Value	[1]	5,254,175		5,143,333
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 and Allowances	[1]	7,265,333		7,295,901
Cumulative Unrealized Gain	[1]	1,357,653		1,124,372
Estimated Fair Value	[1]	8,622,986		8,420,273
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 and Allowances	[1]	12,232,449		12,283,916
Cumulative Unrealized Gain	[1]	2,169,826		1,893,075
Estimated Fair Value	[1]	14,402,275		14,176,991
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 and Allowances	[1]	6,344,494		6,371,318
Cumulative Unrealized Gain	[1]	1,088,354		797,228
Estimated Fair Value	[1]	7,432,848		7,168,546
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 and Allowances	[1]	3,538,734		3,559,011
Cumulative Unrealized Gain	[1]	664,864		567,713
Estimated Fair Value	[1]	4,203,598		4,126,724
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 and Allowances	[1]	3,047,293		3,060,177
Cumulative Unrealized Gain	[1]	536,986		454,240
Estimated Fair Value	[1]	3,584,279		3,514,417
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 and Allowances	[3]	5,803,267		5,837,595
Cumulative Unrealized Gain	[3]	835,563		864,894
Estimated Fair Value	[3]	6,638,830		6,702,489
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 and Allowances		3,983,421	[4]	3,995,000	[5]
Cumulative Unrealized Gain		900,633	[4]	815,213	[5]
Estimated Fair Value		4,884,054	[4]	4,810,213	[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 and Allowances	[3]	3,792,423		3,814,857
Cumulative Unrealized Gain	[3]	724,447		594,361
Estimated Fair Value	[3]	4,516,870		4,409,218
Mortgage Revenue Bonds Held In Trust [Member] | Brookstone [Member] | IL [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[6]	7,391,425		7,406,755
Cumulative Unrealized Gain	[6]	2,226,656		2,194,994
Estimated Fair Value	[6]	9,618,081		9,601,749
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 and Allowances	[3]	5,005,000		5,005,000
Cumulative Unrealized Gain	[3]	677,901		682,497
Estimated Fair Value	[3]	5,682,901		5,687,497
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 and Allowances	[2]	10,936,829		11,001,027
Cumulative Unrealized Gain	[2]	1,863,478		1,775,086
Estimated Fair Value	[2]	12,800,307		12,776,113
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 and Allowances		39,830,967	[4],[7]	39,984,026	[5],[8]
Cumulative Unrealized Loss		(477,260)	[4],[7]	(280,711)	[5],[8]
Estimated Fair Value		39,353,707	[4],[7]	39,703,315	[5],[8]
Mortgage Revenue Bonds Held In Trust [Member] | Woodlynn Village [Member] | MN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[6]	4,146,000		4,172,000
Cumulative Unrealized Gain	[6]	53,964		44,510
Estimated Fair Value	[6]	4,199,964		4,216,510
Mortgage Revenue Bonds Held In Trust [Member] | Gateway Village [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		2,600,000	[5]	2,600,000	[9]
Cumulative Unrealized Gain		153,039	[5]	509,901	[9]
Estimated Fair Value		2,753,039	[5]	3,109,901	[9]
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 and Allowances	[3]	7,883,000		7,936,000
Cumulative Unrealized Gain	[3]	789,730		845,678
Estimated Fair Value	[3]	8,672,730		8,781,678
Mortgage Revenue Bonds Held In Trust [Member] | Lynnhaven Apartments [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		3,450,000	[5]	3,450,000	[9]
Cumulative Unrealized Gain		203,071	[5]	393,686	[9]
Estimated Fair Value		3,653,071	[5]	3,843,686	[9]
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 and Allowances	[2]	7,730,484		7,762,116
Cumulative Unrealized Gain	[2]	1,696,898		1,166,748
Estimated Fair Value	[2]	9,427,382		8,928,864
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 and Allowances		16,246,373	[10]	16,302,038	[11]
Cumulative Unrealized Gain		3,688,529	[10]	3,131,843	[11]
Estimated Fair Value		19,934,902	[10]	19,433,881	[11]
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 and Allowances	[6]	13,791,000		13,857,000
Cumulative Unrealized Gain	[6]	60,063		48,813
Estimated Fair Value	[6]	13,851,063		13,905,813
Mortgage Revenue Bonds Held In Trust [Member] | Bridle Ridge [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[6]	7,275,000		7,315,000
Cumulative Unrealized Gain	[6]	144,792		113,469
Estimated Fair Value	[6]	7,419,792		7,428,469
Mortgage Revenue Bonds Held In Trust [Member] | Columbia Gardens [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	12,983,220		13,064,589
Cumulative Unrealized Gain	[1]	2,304,405		2,179,744
Estimated Fair Value	[1]	15,287,625		15,244,333
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 and Allowances	[1]	11,117,797		11,178,557
Cumulative Unrealized Gain	[1]	1,782,671		1,709,040
Estimated Fair Value	[1]	12,900,468		12,887,597
Mortgage Revenue Bonds Held In Trust [Member] | Cross Creek [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[6]	6,141,120		6,143,976
Cumulative Unrealized Gain	[6]	2,439,945		2,507,072
Estimated Fair Value	[6]	8,581,065		8,651,048
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 and Allowances	[3]	18,730,489		18,838,478
Cumulative Unrealized Gain	[3]	2,713,107		2,799,411
Estimated Fair Value	[3]	21,443,596		21,637,889
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 and Allowances	[1]	9,837,910		9,872,297
Cumulative Unrealized Gain	[1]	2,068,508		2,236,259
Estimated Fair Value	[1]	11,906,418		12,108,556
Mortgage Revenue Bonds Held In Trust [Member] | Willow Run [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	12,802,849		12,884,191
Cumulative Unrealized Gain	[1]	2,091,951		2,100,598
Estimated Fair Value	[1]	14,894,800		14,984,789
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 and Allowances	[3]	10,984,840		11,056,825
Cumulative Unrealized Gain	[3]	1,952,655		1,934,146
Estimated Fair Value	[3]	12,937,495		12,990,971
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 and Allowances		9,280,000	[4]	9,280,000	[5]
Cumulative Unrealized Gain		1,653,451	[4]	316,916	[5]
Estimated Fair Value		10,933,451	[4]	9,596,916	[5]
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 and Allowances		21,600,000	[4]	21,600,000	[5]
Cumulative Unrealized Gain		4,071,774	[4]	835,005	[5]
Estimated Fair Value		25,671,774	[4]	22,435,005	[5]
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 and Allowances		13,881,681	[5]	13,945,681	[9]
Cumulative Unrealized Gain		2,506,209	[5]	2,356,231	[9]
Estimated Fair Value		16,387,890	[5]	16,301,912	[9]
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 and Allowances	[3]	9,197,291		9,252,257
Cumulative Unrealized Gain	[3]	1,960,964		1,715,456
Estimated Fair Value	[3]	11,158,255		10,967,713
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 and Allowances	[3]	7,432,683		7,475,794
Cumulative Unrealized Gain	[3]	1,573,517		1,336,580
Estimated Fair Value	[3]	9,006,200		8,812,374
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 and Allowances	[2]	12,788,522		12,854,039
Cumulative Unrealized Gain	[2]	2,343,298		2,065,468
Estimated Fair Value	[2]	15,131,820		14,919,507
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 and Allowances		5,260,876	[5]	5,285,131	[9]
Cumulative Unrealized Gain		845,705	[5]	806,523	[9]
Estimated Fair Value		6,106,581	[5]	6,091,654	[9]
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 and Allowances		39,945,710	[5]	40,129,878	[9]
Cumulative Unrealized Gain		6,893,766	[5]	6,450,704	[9]
Estimated Fair Value		46,839,476	[5]	46,580,582	[9]
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 and Allowances	[3]	6,417,834		6,455,058
Cumulative Unrealized Gain	[3]	1,358,671		1,125,239
Estimated Fair Value	[3]	7,776,505		7,580,297
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 and Allowances	[3]	15,668,577		15,762,217
Cumulative Unrealized Gain	[3]	3,071,059		2,648,781
Estimated Fair Value	[3]	18,739,636		18,410,998
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 and Allowances	[3]	5,088,582		5,118,097
Cumulative Unrealized Gain	[3]	1,100,068		938,032
Estimated Fair Value	[3]	6,188,650		6,056,129
Mortgage Revenue Bonds Held In Trust [Member] | Bruton Apartments [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	17,741,983		17,807,768
Cumulative Unrealized Gain	[1]	3,729,856		3,534,702
Estimated Fair Value	[1]	21,471,839		21,342,470
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 and Allowances	[1]	18,887,619		18,975,786
Cumulative Unrealized Gain	[1]	4,174,496		3,572,995
Estimated Fair Value	[1]	23,062,115		22,548,781
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 and Allowances	[1]	13,231,671		13,293,436
Cumulative Unrealized Gain	[1]	3,044,416		2,624,054
Estimated Fair Value	[1]	16,276,087		15,917,490
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 and Allowances	[1]	20,497,275		20,592,957
Cumulative Unrealized Gain	[1]	4,622,985		3,971,001
Estimated Fair Value	[1]	25,120,260		24,563,958
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 and Allowances	[1]	7,369,164		7,405,406
Cumulative Unrealized Gain	[1]	1,473,173		1,229,438
Estimated Fair Value	[1]	8,842,337		8,634,844
Mortgage Revenue Bonds Held In Trust [Member] | Decatur-Angle [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[1]	22,364,588		22,455,747
Cumulative Unrealized Gain	[1]	4,471,786		4,198,200
Estimated Fair Value	[1]	26,836,374		26,653,947
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 and Allowances	[1]	19,288,690		19,356,959
Cumulative Unrealized Gain	[1]	4,738,934		4,111,518
Estimated Fair Value	[1]	24,027,624		23,468,477
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 and Allowances	[1]	6,746,597		6,779,777
Cumulative Unrealized Gain	[1]	1,377,255		1,154,387
Estimated Fair Value	[1]	8,123,852		7,934,164
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 and Allowances	[2]	10,637,915		10,695,037
Cumulative Unrealized Gain	[2]	1,699,021		1,455,672
Estimated Fair Value	[2]	12,336,936		12,150,709
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 and Allowances	[1]	12,187,967		12,239,247
Cumulative Unrealized Gain	[1]	1,810,989		1,645,817
Estimated Fair Value	[1]	13,998,956		13,885,064
Mortgage Revenue Bonds Held In Trust [Member] | Runnymede [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[6]	9,865,000		9,925,000
Cumulative Unrealized Gain	[6]	100,289		80,343
Estimated Fair Value	[6]	9,965,289		10,005,343
Mortgage Revenue Bonds Held In Trust [Member] | Southpark [Member] | TX [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[6]	11,585,255		11,548,337
Cumulative Unrealized Gain	[6]	2,191,903		2,334,262
Estimated Fair Value	[6]	13,777,158		13,882,599
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 and Allowances	[1]	9,639,432		9,673,117
Cumulative Unrealized Gain	[1]	2,584,675		2,287,904
Estimated Fair Value	[1]	12,224,107		11,961,021
Mortgage Revenue Bonds Held In Trust [Member] | Pro Nova [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[8],[9]			10,022,352
Cumulative Unrealized Loss	[8],[9]			(372,169)
Estimated Fair Value	[8],[9]			9,650,183
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		39,818,269		27,267,010
Cumulative Unrealized Gain		3,143,559		2,742,740
Estimated Fair Value		42,961,828		30,009,750
Mortgage Revenue Bonds [Member] | Greens Property [Member] | Series B [Member] | NC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		927,877		930,016
Cumulative Unrealized Gain		129,272		142,265
Estimated Fair Value		1,057,149		1,072,281
Mortgage Revenue Bonds [Member] | Ohio Properties [Member] | Series B [Member] | OH [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		3,495,160		3,504,171
Cumulative Unrealized Gain		13,533		10,363
Estimated Fair Value		3,508,693		3,514,534
Mortgage Revenue Bonds [Member] | Rosewood Townhomes [Member] | Series B [Member] | SC [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		470,000		470,000
Cumulative Unrealized Gain		2,606		1,685
Estimated Fair Value		472,606		471,685
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 and Allowances		1,100,000		1,100,000
Cumulative Unrealized Gain		6,099		2,952
Estimated Fair Value		1,106,099		1,102,952
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 and Allowances		738,480		740,876
Cumulative Unrealized Gain		116,511		94,819
Estimated Fair Value		854,991		835,695
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 and Allowances		540,485		542,170
Cumulative Unrealized Gain		81,576		65,455
Estimated Fair Value		622,061		607,625
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 and Allowances		124,144		124,305
Cumulative Unrealized Gain		40,059		38,045
Estimated Fair Value		164,203		162,350
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 and Allowances		445,851		447,241
Cumulative Unrealized Gain		69,002		53,995
Estimated Fair Value		514,853		501,236
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 and Allowances		438,807		440,231
Cumulative Unrealized Gain		64,325		53,056
Estimated Fair Value		503,132		493,287
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 and Allowances		13,200,000		13,200,000
Cumulative Unrealized Gain		1,885,539		1,654,870
Estimated Fair Value		15,085,539		14,854,870
Mortgage Revenue Bonds [Member] | Solano Vista [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		2,665,000
Cumulative Unrealized Gain		719,622
Estimated Fair Value		3,384,622
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 and Allowances				5,768,000
Cumulative Unrealized Gain				625,235
Estimated Fair Value				$ 6,393,235
Mortgage Revenue Bonds [Member] | Arby Road Apartments [Member] | Series A [Member] | NEVADA
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		7,475,000
Cumulative Unrealized Gain		15,415
Estimated Fair Value		7,490,415
Mortgage Revenue Bonds [Member] | Pro Nova 2014-1 [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		8,197,465
Estimated Fair Value		$ 8,197,465
[1]	MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 16
[2]	MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 16
[3]	MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 16
[4]	MRBs held by Mizuho Capital Markets, LLC in a secured financing transaction, Note 16
[5]	MRB held by Mizuho Capital Markets, LLC in a secured financing transaction, see Note 16
[6]	MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 16
[7]	As of the date presented, the MRB has been in a cumulative unrealized loss for 12 consecutive months.
[8]	As of the date presented, the MRB had been in a cumulative unrealized loss for less than 12 consecutive months.
[9]	MRBs held by Deutsche Bank in a secured financing transaction, Note 16
[10]	MRB held by Morgan Stanley in a secured financing transaction, Note 1 6
[11]	MRB held by Morgan Stanley in a secured financing transaction, see Note 16

Investments in Mortgage Reven_4

Investments in Mortgage Revenue Bonds - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Schedule Of Available For Sale Securities [Line Items]
Provision for credit loss	$ 464,675	$ 1,822,356	$ 0
Pro Nova [Member]
Schedule Of Available For Sale Securities [Line Items]
Provision for credit loss	$ 465,000	$ 1,800,000

Investments in Mortgage Reven_5

Investments in Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)		6 Months Ended
		Jun. 30, 2020USD ($)Unit	Jun. 30, 2019USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit		2,892
Principal Outstanding at Date of Acquisition | $		$ 7,475,000	$ 19,250,000
Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[1]	June
Units | Unit	[1]	180
Maturity Date	[1]	Oct. 1, 2027
Base Interest Rate	[1]	5.35%
Principal Outstanding at Date of Acquisition | $	[1]	$ 1,690,000
Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[1]	June
Units | Unit	[1]	180
Maturity Date	[1]	Apr. 1, 2041
Base Interest Rate	[1]	5.50%
Principal Outstanding at Date of Acquisition | $	[1]	$ 5,785,000
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] | Series A [Member] | San Pablo, CA [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] | Series B [Member] | San Pablo, CA [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
[1]	Both MRBs are part of the same series but have different interest rates and maturity dates.

Investments in Mortgage Reven_6

Investments in Mortgage Revenue Bonds - Schedule of MRB Redeemed (Details)	6 Months Ended
	Jun. 30, 2020USD ($)Unit	Jun. 30, 2019USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit	2,892
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption | $		$ 11,802,000
Mortgage Revenue Bonds [Member] | Solano Vista [Member] | Series B [Member] | Vallejo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	January
Units | Unit	96
Original Maturity Date	Jan. 1, 2021
Base Interest Rate	5.85%
Principal Outstanding at Date of Redemption | $	$ 3,103,000
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 [Member] | Series B [Member] | Fullerton, CA [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

Investments in Mortgage Reven_7

Investments in Mortgage Revenue Bonds - Schedule of MRBs Eliminated (Details)	6 Months Ended
	Jun. 30, 2019USD ($)Unit	Jun. 30, 2020Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit		2,892
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

Governmental Issuer Loan - Summ

Governmental Issuer Loan - Summary of Partnership's Governmental Issuer Loan (Details)	6 Months Ended
	Jun. 30, 2020USD ($)Unit
Governmental Issuer Loan [Line Items]
Units | Unit	2,892
Amortized Cost | $	$ 40,000,000
Governmental Issuer Loan | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | Midland, TX [Member]
Governmental Issuer Loan [Line Items]
Month Acquired	June
Units | Unit	300
Maturity Date	Jan. 1, 2023	[1]
Amortized Cost | $	$ 40,000,000
Governmental Issuer Loan | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | SIFMA [Member] | Midland, TX [Member]
Governmental Issuer Loan [Line Items]
Variable Interest Rate	3.10%
[1]	The borrower may automatically extend the maturity to July 2023 and may further extend the maturity to January 2024 upon payment of a non-refundable extension fee.

Governmental Issuer Loan - Su_2

Governmental Issuer Loan - Summary of Partnership's Governmental Issuer Loan (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2020
Governmental Issuer Loan [Abstract]
Construction financing, extended maturity month and year	2023-07
Construction financing, extended maturity month and year upon payment of non-refundable extension fee	2024-01

Governmental Issuer Loan - Addi

Governmental Issuer Loan - Additional Information (Details) - Scharbauer Flats Apartments [Member]	6 Months Ended
	Jun. 30, 2020
Governmental Issuer Loan [Line Items]
Percentage of payment of principal and accrued interest on governmental issuer loan at origination	100.00%
Percentage of decrease in principal and interest payment upon receipt of the certificate of occupancy	50.00%
Percentage of decrease in principal and interest payment upon achievement of 90% occupancy	25.00%

Public Housing Capital Fund T_3

Public Housing Capital Fund Trust ("PHC") Certificates - Additional Information (Details)	Jan. 30, 2020USD ($)	Jun. 30, 2020USD ($)Option
Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Number of tender option bonds | Option		3
Proceeds from sale of certificates		$ 43,349,357
PHC Certificates [Member]
Schedule Of Available For Sale Securities [Line Items]
Proceeds from sale of certificates	$ 43,300,000
Gain on sale of securities	$ 1,400,000

Public Housing Capital Fund T_4

Public Housing Capital Fund Trust ("PHC") Certificates - Schedule of Investments in PHC Certificates (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Jun. 30, 2020
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value, held in trust	$ 1,383,237	$ 1,456,279
Public housing capital fund trusts [Member]
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale Securities, Amortized Cost Basis, Held in Trust	41,940,553
Cumulative Unrealized Gain, held in trust	1,408,804
Estimated Fair Value, held in trust	43,349,357
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	24,477,478
Cumulative Unrealized Gain, held in trust	435,659
Estimated Fair Value, held in trust	$ 24,913,137
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 5 months 19 days
Investment Rating	AA-
Weighted Average Interest Rate Over Life	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	$ 4,375,296
Cumulative Unrealized Gain, held in trust	386,433
Estimated Fair Value, held in trust	$ 4,761,729
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 6 months 29 days
Investment Rating	AA-
Weighted Average Interest Rate Over Life	4.41%
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	$ 13,087,779
Cumulative Unrealized Gain, held in trust	586,712
Estimated Fair Value, held in trust	$ 13,674,491
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)	5 years 5 months 4 days
Investment Rating	BBB
Weighted Average Interest Rate Over Life	5.12%

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Assets Owned by Partnership (Details)		Jun. 30, 2020USD ($)Unit	Dec. 31, 2019USD ($)Unit
Real Estate [Line Items]
Number of Units | Unit		2,892
Land and Land Improvements		$ 4,875,265	$ 4,906,130
Buildings and improvements		72,060,565	72,011,533
Carrying Value		76,935,830	76,917,663
Accumulated depreciation		(16,773,436)	(15,357,700)
Net real estate assets		$ 60,162,394	$ 61,559,963
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	$ 3,199,268
Buildings and improvements		39,121,743	39,073,728
Carrying Value		$ 42,321,011	$ 42,272,996
The 50/50 Student Housing--UNL [Member] | Lincoln, NE [Member]
Real Estate [Line Items]
Number of Units | Unit		475	475
Buildings and improvements		$ 32,938,822	$ 32,937,805
Carrying Value		32,938,822	32,937,805
Land Held for Development [Member]
Real Estate [Line Items]
Land and Land Improvements	[1]	1,675,997	1,706,862
Carrying Value	[1]	$ 1,675,997	$ 1,706,862
[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) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020
Real Estate [Line Items]
Impairment charge on real estate assets	$ 25,200	$ 25,200
Gardner, KS [Member]
Real Estate [Line Items]
Impairment charge on real estate assets	$ 25,200

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Details) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Jan. 31, 2020	Apr. 30, 2019
Vantage At Westover Hills [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction				$ 7,300,000
Vantage At Waco [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received	$ 10,300,000
Income on sale of properties	$ 931,000
Vantage At Conroe [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction					$ 9,000,000
Minimum [Member] | ATAX Vantage Holdings, LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Return on investment period		2 years
Maximum [Member] | Vantage At Waco [Member] | Scenario Forecast [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received			$ 586,000
Maximum [Member] | ATAX Vantage Holdings, LLC [Member]
Schedule Of Equity Method Investments [Line Items]
Return on investment period		3 years

Investments in Unconsolidated_4

Investments in Unconsolidated Entities - Summary of Investments in Unconsolidated Entities (Details)	6 Months Ended
	Jun. 30, 2020USD ($)Unit	Dec. 31, 2019USD ($)
Schedule Of Equity Method Investments [Line Items]
Units | Unit	2,892
Carrying Value | $	$ 91,643,668	$ 86,981,864
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
Vantage At Powdersville [Member] | Powdersville S C [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	November 2017
Construction Completion Date	2020-02
Carrying Value | $	$ 12,295,801	12,295,801
Vantage At Stone Creek [Member] | Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	294
Month Commitment Executed	March 2018
Construction Completion Date	2020-04
Carrying Value | $	$ 7,840,500	7,840,500
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 | $	$ 10,570,000	10,144,052
Vantage At Germantown [Member] | Germantown, TN [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	June 2018
Construction Completion Date	2020-03
Carrying Value | $	$ 12,344,784	11,745,155
Vantage At Murfreesboro [Member] | Murfreesboro, TN [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	September 2018
Carrying Value | $	$ 14,206,483	13,516,425
Vantage At Coventry [Member] | Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	294
Month Commitment Executed	September 2018
Carrying Value | $	$ 9,007,435	9,007,435
Vantage At O'Connor [Member] | San Antonio, TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	October 2019
Carrying Value | $	$ 7,845,359	5,016,811
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 | $	$ 9,901,396	$ 8,078,519
Vantage At Westover Hills [Member] | San Antonio, TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	January 2020
Carrying Value | $	$ 7,631,910

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Equity Method Investments And Joint Ventures [Abstract]
Property Revenues	$ 2,987,106	$ 3,103,876	$ 5,470,711	$ 5,821,144
Gain on sale of property	6,262,992		6,262,992
Net income (loss)	$ 4,356,453	$ (571,382)	$ 1,837,288	$ (688,445)

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 ($)	Jun. 30, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	$ 17,060,684	$ 15,392,908
Loan Loss Allowance	(7,393,814)	(7,393,814)
Property Loan Principal, net of allowance	9,666,870	7,999,094
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
Live 929 Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	405,717	405,717
Property Loan Principal, net of allowance	405,717	405,717
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
Scharbauer Flats Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	1,667,776
Property Loan Principal, net of allowance	$ 1,667,776

Property Loans, Net of Loan L_4

Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Jan. 31, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Property Loans Net Of Loan Loss Allowance [Line Items]
Loan commitment to fund construction, amount		$ 9,666,870		$ 9,666,870		$ 7,999,094
Funds advanced under property loan				1,667,776
Contingent interest income			$ 30,000	12,043	$ 3,042,102
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
Loan commitment to fund construction, amount		2,390,446		2,390,446		$ 2,390,446
Scharbauer Flats Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Loan commitment to fund construction, amount		$ 1,667,776		1,667,776
Funds advanced under property loan				$ 1,700,000
Percentage of payment of principal and accrued interest on GIL at origination				100.00%
Percentage of decrease in principal and interest payment upon receipt of the certificate of occupancy				50.00%
Percentage of decrease in principal and interest payment upon achievement of 90% occupancy				25.00%
Property loan stated repayment date		Jan. 1, 2023		Jan. 1, 2023
Property loan repayment extension options		6 months		6 months
Scharbauer Flats Apartments [Member] | Maximum [Member] | TX [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Loan commitment to fund construction, amount		$ 24,200,000		$ 24,200,000
Vantage at Brooks LLC [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Contingent interest income	$ 3,000,000

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Provision [Line Items]
Total income tax expense	$ 98,004	$ 17,351	$ 109,418	$ 58,999
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense	98,964	32,823	141,299	115,163
Deferred income tax benefit	(960)	(15,472)	(31,881)	(56,164)
Total income tax expense	$ 98,004	$ 17,351	$ 109,418	$ 58,999

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Valuation allowance	$ 0	$ 0

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Other Assets [Abstract]
Deferred financing costs, net	$ 282,840	$ 353,862
Fair value of derivative instruments (Note 18)	29,826	10,911
Taxable mortgage revenue bonds, at fair value	1,456,279	1,383,237
Operating lease right-of-use assets, net	1,657,904	1,673,242
Other assets	1,303,206	1,641,099
Total other assets	$ 4,730,055	$ 5,062,351

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Accounts payable	$ 307,830	$ 93,834
Accrued expenses	1,904,974	2,529,982
Accrued interest expense	2,698,830	2,690,076
Operating lease liabilities	2,141,312	2,138,783
Other liabilities	1,422,729	1,583,492
Total accounts payable, accrued expenses and other liabilities	$ 8,475,675	$ 9,036,167

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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Lessee Lease Description [Line Items]
Initial lease term expiration period			2048-03
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	$ 84,000	$ 84,000

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) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Remainder of 2020	$ 67,993
2021	136,366
2022	139,091
2023	141,871
2024	144,706
Thereafter	4,517,274
Total	5,147,301
Less: Amount representing interest	(3,005,989)
Total operating lease liabilities	$ 2,141,312	$ 2,138,783

Unsecured Lines of Credit - Sum

Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2020	Dec. 31, 2019
Line Of Credit Facility [Line Items]
Lines of credit		$ 18,695,000	$ 13,200,000
Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit		0
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit		18,695,000	13,200,000
Line of credit facility maximum borrowing capacity		60,000,000	60,000,000
Unsecured Lines of Credit [Member] | 2.68% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit		18,695,000
Line of credit facility maximum borrowing capacity		$ 50,000,000
Commitment Maturity		2021-06
Variable / Fixed	[1]	Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		2.68%
Unsecured Lines of Credit [Member] | 3.43% 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
Commitment Maturity		2021-06
Variable / Fixed	[1]	Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		3.43%
Unsecured Lines of Credit [Member] | 4.19% 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
Commitment Maturity			2021-06
Variable / Fixed	[1]		Variable
Reset Frequency			Monthly
Line of credit facility, interest rate during period			4.19%
Unsecured Lines of Credit [Member] | 4.94% 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
Commitment Maturity			2021-06
Variable / Fixed	[1]		Variable
Reset Frequency			Monthly
Line of credit facility, interest rate during period			4.94%
[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 ($)	6 Months Ended
	Jun. 30, 2020	Jul. 31, 2020	Dec. 31, 2019
Line Of Credit Facility [Line Items]
Lines of credit	$ 18,695,000		$ 13,200,000
Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit	$ 0
Bankers Trust Operating [Member] | Subsequent Event [Member]
Line Of Credit Facility [Line Items]
Lines of credit		$ 0
Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Debt instrument, maturity date one	2020-09
Debt instrument, maturity date two	2021-03
Debt instrument, maturity date, description	The outstanding balances of the non-operating LOC as of June 30, 2020 are due in September 2020 and March 2021, though the Partnership can extend final repayment of the amounts due to December 2020 and June 2021, respectively, by making partial repayments.
Partnerships ratio of lenders senior debt maximum percentage	75.00%

Debt Financing - Schedule of To

Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)		6 Months Ended		12 Months Ended
		Jun. 30, 2020		Dec. 31, 2019
Debt Instrument [Line Items]
Debt financing		$ 538,948,049		$ 536,197,421
Period End Rates		4.36%		4.74%
TEBS Financings [Member] | Fixed - M24 [Member]
Debt Instrument [Line Items]
Debt financing		$ 40,241,181		$ 40,495,442
Restricted Cash		$ 204,000		$ 204,000
Year Acquired		2010		2010
Stated Maturities		2027-05		2027-05
Reset Frequency		N/A		N/A
Period End Rates		3.05%		3.05%
TEBS Financings [Member] | Fixed - M45 [Member]
Debt Instrument [Line Items]
Debt financing		$ 216,728,152	[1]	$ 217,603,233	[2]
Restricted Cash		$ 5,000	[1]	$ 5,000	[2]
Year Acquired		2018	[1]	2018	[2]
Stated Maturities		2034-07	[1]	2034-07	[2]
Reset Frequency		N/A	[1]	N/A	[2]
Period End Rates		3.82%	[1]	3.82%	[2]
TEBS Financings [Member] | Variable - M31 [Member]
Debt Instrument [Line Items]
Debt financing	[3]	$ 78,922,200		$ 79,505,180
Restricted Cash	[3]	$ 4,999		$ 4,999
Year Acquired	[3]	2014		2014
Stated Maturities	[3]	2024-07		2024-07
Reset Frequency	[3]	Weekly		Weekly
SIFMA Based Rates	[3]	0.16%		1.64%
Facility Fees	[3]	1.47%		1.54%
Period End Rates	[3]	1.63%		3.18%
TEBS Financings [Member] | Fixed - M33 [Member]
Debt Instrument [Line Items]
Debt financing		$ 31,085,748		$ 31,367,147
Restricted Cash		$ 2,606		$ 2,606
Year Acquired		2015		2015
Stated Maturities		2030-09		2030-09
Reset Frequency		N/A		N/A
Period End Rates		3.24%		3.24%
TOB Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing	[4]	$ 55,219,902
Year Acquired	[4]	2020
Stated Maturities	[4]	2021-05
Reset Frequency	[4]	Weekly
SIFMA Based Rates	[4]	0.73%
Facility Fees	[4]	1.67%
Period End Rates	[4]	2.40%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing	[4]	$ 25,722,461
Year Acquired	[4]	2019
Stated Maturities	[4]	2021-06
Reset Frequency	[4]	Weekly
Facility Fees	[4]	1.17%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Minimum [Member]
Debt Instrument [Line Items]
SIFMA Based Rates	[4]	0.33%
Period End Rates	[4]	1.50%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Maximum [Member]
Debt Instrument [Line Items]
SIFMA Based Rates	[4]	0.73%
Period End Rates	[4]	1.90%
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing	[4]	$ 42,121,543
Year Acquired	[4]	2019
Stated Maturities	[4]	2021-07
Reset Frequency	[4]	Weekly
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | Minimum [Member]
Debt Instrument [Line Items]
SIFMA Based Rates	[4]	0.35%
Facility Fees	[4]	1.17%
Period End Rates	[4]	1.60%
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | Maximum [Member]
Debt Instrument [Line Items]
SIFMA Based Rates	[4]	0.43%
Facility Fees	[4]	1.66%
Period End Rates	[4]	2.01%
TOB Trusts Securitization [Member] | Variable - TOB Ⅳ [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 35,874,471
Year Acquired		2020
Stated Maturities		2023-07
Reset Frequency		Weekly
SIFMA Based Rates		0.63%
Facility Fees		0.89%
Period End Rates		1.52%
TOB Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Debt financing		$ 13,032,391
Year Acquired		2019
Stated Maturities		2022-05
Reset Frequency		N/A
Period End Rates		3.53%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing				$ 25,680,070
Year Acquired				2019
Stated Maturities				2020-07
Reset Frequency				Weekly
SIFMA Based Rates				1.79%
Facility Fees				1.17%
Period End Rates				2.96%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing				$ 42,207,784
Year Acquired				2019
Stated Maturities				2020-08
Reset Frequency				Weekly
SIFMA Based Rates				1.79%
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				2.96%
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				3.45%
TOB & Term A/B Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing				$ 34,703,935
Year Acquired				2019
Stated Maturities				2020-09
Reset Frequency				Weekly
SIFMA Based Rates				2.08%
Facility Fees				1.12%
Period End Rates				3.20%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Debt financing				$ 13,063,418
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 TOB [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt financing				$ 8,010,000
Year Acquired				2014
Stated Maturities				2020-01
Reset Frequency				N/A
Period End Rates				4.01%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B I [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt financing				$ 5,260,756
Year Acquired				2019
Stated Maturities				2020-02
Reset Frequency				N/A
Period End Rates				4.53%
TOB & Term A/B Trusts Securitization [Member] | Fixed - Term A/B II [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt financing				$ 38,300,456
Year Acquired				2017
Stated Maturities				2027-02
Reset Frequency				N/A
Period End Rates				4.46%
[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]	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
[3]	Facility fees have a variable component
[4]	In July 2020, the stated maturity of the TOB Trusts were extended to July 2023 .

Debt Financing - Schedule of _2

Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details)	1 Months Ended
	Jul. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Variable - TOB [Member] | TOB Trusts Securitization [Member] | Mizuho Capital Markets [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Extended maturity month and year	2023-07
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%

Debt Financing - Additional Inf

Debt Financing - Additional Information (Details)	1 Months Ended			6 Months Ended	12 Months Ended
	Jul. 31, 2020	Apr. 30, 2020USD ($)	Feb. 28, 2019Agreement	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Termination occur percentage decrease by partners net assets in one quarter				25.00%
Termination occur percentage decrease by partners net assets in over one year				35.00%
TOB Trusts Securitization [Member] | Mizuho Capital Markets [Member] | Variable - TOB [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Extended maturity month and year	2023-07
TOB Trusts Securitization [Member] | Mizuho Capital Markets [Member] | Rosewood Townhouses and South Point Apartments [Member]
Debt Instrument [Line Items]
Stated Maturities		2021-06			2020-07
TOB Trusts Securitization [Member] | Mizuho Capital Markets [Member] | Montecito at Williams Ranch, Vineyard Gardens and Live 929 Apartment [Member]
Debt Instrument [Line Items]
Stated Maturities		2021-07			2020-08
Term A/B Trust [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt instrument, one-time fee | $		$ 454,000
Number of new agreements | Agreement			2

Debt Financing - Summary of Deu

Debt Financing - Summary of Deutsche Bank Term A/B Trust and TOB Trust Financings Collapsed and Paid Off (Details) - Deutsche Bank [Member]	1 Months Ended
	Apr. 30, 2020USD ($)
Debt Instrument Redemption [Line Items]
Paydown Applied	$ 51,714,210
Term A/B Trust [Member] | Avistar at Copperfield - Series A [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	8,417,739
Term A/B Trust [Member] | Avistar at Wilcrest - Series A [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	3,162,435
Term A/B Trust [Member] | Avistar at Wood Hollow - Series A [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	26,860,536
Term A/B Trust [Member] | Gateway Village [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	2,262,000
Term A/B Trust [Member] | Lynnhaven [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	3,001,500
Term TOB Trust [Member] | Pro Nova 2014-1 [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	$ 8,010,000

Debt Financing - Summary of Miz

Debt Financing - Summary of Mizuho TOB Trust Financings (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt financing	$ 538,948,049	$ 536,197,421
TOB Trust [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing	91,386,000
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Copperfield - Series A [Member]
Debt Instrument [Line Items]
Debt financing	$ 11,818,000
Stated Maturities	2021-05
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.67%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Wilcrest - Series A [Member]
Debt Instrument [Line Items]
Debt financing	$ 4,479,000
Stated Maturities	2021-05
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.67%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Avistar at Wood Hollow - Series A [Member]
Debt Instrument [Line Items]
Debt financing	$ 34,007,000
Stated Maturities	2021-05
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.67%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Gateway Village [Member]
Debt Instrument [Line Items]
Debt financing	$ 2,184,000
Stated Maturities	2021-05
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.67%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Lynnhaven [Member]
Debt Instrument [Line Items]
Debt financing	$ 2,898,000
Stated Maturities	2021-05
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.67%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Scharbauer Flats Apartments [Member]
Debt Instrument [Line Items]
Debt financing	$ 36,000,000
Stated Maturities	2023-07
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	0.89%

Debt Financing - Summary Of Gro

Debt Financing - Summary Of Gross Principal and Term A/B Trust Financings (Details) - USD ($)	1 Months Ended
	Feb. 28, 2019	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt financing		$ 538,948,049	$ 536,197,421
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%

Debt Financing - Summary Of G_2

Debt Financing - Summary Of Gross Principal and Term TOB Trust Financings (Details) - USD ($)	1 Months Ended
	May 31, 2019	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt financing		$ 538,948,049	$ 536,197,421
Term TOB Trust [Member] | Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Debt financing	$ 13,167,000
Term TOB Trust [Member] | Village at Avalon [Member] | Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Debt financing	$ 13,167,000
Stated Maturities	2022-05
Fixed Interest Rate	3.53%

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Debt Financing [Abstract]
Remainder of 2020	$ 2,836,611
2021	127,635,262
2022	17,970,010
2023	41,338,857
2024	87,405,308
Thereafter	263,802,556
Total	540,988,604
Unamortized deferred financing costs and debt premium	(2,040,555)
Total debt financing, net	$ 538,948,049	$ 536,197,421

Mortgage Payable and Other Secu

Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 26,391,908	$ 26,802,246
Period End Rate		4.36%	4.74%
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		$ 2,680,578	$ 2,859,390
Year Acquired		2020	2014
Stated Maturity		2025-03	2020-03
Variable / Fixed		Fixed	Fixed
Period End Rate		4.40%	4.65%
Reset Frequency			N/A
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 23,711,330	$ 23,942,856
Year Acquired		2020	2013
Stated Maturity		2027-04	2020-03
Variable / Fixed		Fixed	Variable
Period End Rate		4.35%	4.75%
Reset Frequency			Monthly
Variable Based Rate	[1]		4.75%
[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)	12 Months Ended
	Dec. 31, 2019
Wall Street Journal Prime Rate [Member] | Maximum [Member]
Mortgage Loans on Real Estate [Line Items]
Variable Based Rate	5.00%

Mortgage Payable and Other Se_3

Mortgage Payable and Other Secured Financing - Additional Information (Details) - Real Estate [Member] - The 50/50 Student Housing--UNL [Member]	1 Months Ended
	Feb. 29, 2020
Tax Increment Financing [Member]
Mortgage Loans on Real Estate [Line Items]
Debt instrument extended maturity period	5 years
Stated Maturities	2025-03
Debt instrument, interest rate, decrease to fixed rate.	4.40%
Mortgages payable [Member]
Mortgage Loans on Real Estate [Line Items]
Debt instrument extended maturity period	7 years
Stated Maturities	2027-04
Debt instrument, interest rate, decrease to fixed rate.	4.35%

Mortgage Payable and Other Se_4

Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Mortgage Loans on Real Estate [Line Items]
Total mortgages payable and other secured financings, net	$ 26,391,908	$ 26,802,246
Mortgages Payable and Other Secured Financing [Member]
Mortgage Loans on Real Estate [Line Items]
Remainder of 2020	403,959
2021	832,035
2022	869,317
2023	908,269
2024	946,250
Thereafter	22,433,892
Total	26,393,722
Unamortized deferred financing costs	(1,814)
Total mortgages payable and other secured financings, net	$ 26,391,908

Interest Rate Derivatives - Sum

Interest Rate Derivatives - Summary of Partnership's Interest Rate Derivatives (Details) - USD ($)		6 Months Ended	12 Months Ended
		Jun. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability)		$ 29,826	$ 10,911
Wells Fargo Bank [Member]
Derivative [Line Items]
Derivative, Purchase Date		2015-07	2015-07
Derivative, Notional Amount		$ 26,863,410	$ 27,033,788
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	TOB Trusts
Royal Bank of Canada-1 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2015-07	2015-07
Derivative, Notional Amount		$ 26,863,410	$ 27,033,788
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	TOB Trusts
SMBC Capital Markets, Inc-1 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2015-07	2015-07
Derivative, Notional Amount		$ 26,863,410	$ 27,033,788
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	TOB Trusts
Barclays Bank PLC 1 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2017-06	2017-06
Derivative, Notional Amount		$ 80,590,229	$ 81,101,364
Derivative, Maturity Date		2020-08	2020-08
Derivative, Effective Capped Rate	[1]	1.50%	1.50%
Derivative, Index		SIFMA	SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]	TOB Trusts	TOB Trusts
Derivative, Fair Value - Asset (Liability)			$ 4,090
Barclays Bank PLC 3 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2019-08	2019-08
Derivative, Notional Amount		$ 78,691,104	$ 79,333,280
Derivative, Maturity Date		2024-08	2024-08
Derivative, Effective Capped Rate	[1]	4.50%	4.50%
Derivative, Index		SIFMA	SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]	M31 TEBS	M31 TEBS
Derivative, Fair Value - Asset (Liability)		$ 29,826	$ 6,821
Barclays Bank PLC 2 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2017-09	2017-09
Derivative, Notional Amount		$ 57,628,000	$ 58,090,000
Derivative, Maturity Date		2020-09	2020-09
Derivative, Effective Capped Rate	[1]	4.00%	4.00%
Derivative, Index		SIFMA	SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]	TOB Trusts	TOB Trusts
[1]	See Note 23 for additional details.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Details) $ in Millions	Jun. 30, 2020USD ($)
Greens of Pine Glen [Member]
Commitments And Other Guarantees [Line Items]
Percentage of loss contingency, range of possible loss, maximum	75.00%
Midland, TX [Member] | Scharbauer Flats Apartments [Member]
Commitments And Other Guarantees [Line Items]
Property loan commitment	$ 24.2
Property loan remaining maximum commitment	$ 22.5

Commitments and Contingencies_2

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details)	6 Months Ended
	Jun. 30, 2020USD ($)
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 June 30, 2020	30,501,955
Partnership's Maximum Exposure as of June 30, 2020	$ 15,250,978
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 June 30, 2020	23,637,802
Partnership's Maximum Exposure as of June 30, 2020	$ 23,637,802
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 June 30, 2020	$ 3,361,979
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 June 30, 2020	$ 2,237,843
End of Guarantee Period	2027

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2020
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%

Redeemable Series A Preferred_3

Redeemable Series A Preferred Units - Additional Information (Details) - $ / shares	Jun. 30, 2020	Oct. 31, 2017	Aug. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016	Mar. 31, 2016
Redemption Price per Unit		$ 10	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10
Series A Preferred Units [Member]
Redemption Price per Unit	$ 10

Redeemable Series A Preferred_4

Redeemable Series A Preferred Units - Summary of Issuances of Series A Preferred Units (Details) - USD ($)	1 Months Ended							6 Months Ended	12 Months Ended
	Oct. 31, 2017	Aug. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016	Mar. 31, 2016	Jun. 30, 2020	Dec. 31, 2019
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 - Additi

Restricted Unit Awards - Additional Information (Details) - Restricted Unit Awards [Member] - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested RUAs granted	$ 1,100,000		$ 1,100,000
Remaining compensation expense expected to be recognized over a weighted-average period			1 year 4 months 24 days
Intrinsic value of unvested RUAs			$ 1,200,000
General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense	$ 296,000	$ 186,000	$ 335,000	$ 370,000
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 - Schedu

Restricted Unit Awards - Schedule of RUA Activity (Details) - Restricted Unit Awards [Member] - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Restricted Units Awarded
Beginning Balance	0	265,290
Granted	290,000	353,197
Vested		(618,487)
Ending Balance	290,000	0
Weighted-average Grant-Date Fair Value
Beginning Balance	$ 0	$ 6.14
Granted	4.98	7.74
Vested		7.05
Ending Balance	$ 4.98	$ 0

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		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Related Party Transaction [Line Items]
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities	[1]	$ 33,000	$ 16,000	$ 41,000	$ 32,000
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees	[2]	$ 866,000	902,000	$ 1,731,000	1,800,000
Burlington Capital Properties, LLC [Member] | MF Properties Managed [Member]
Related Party Transaction [Line Items]
Property management fees to an affiliate	[3]		$ 38,000		$ 73,000
[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. Since the Partnership is reimbursed for the franchise margin taxes paid on behalf of the unconsolidated entities, these taxes are not reported on the Partnership’s condensed consolidated statements of operations.
[2]	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]	A former affiliate of AFCA 2, Burlington Capital Properties, LLC, provides property management, administrative and marketing services for the MF Properties (excluding Suites on Paseo). Burlington Capital Properties, LLC ceased to be a related party of the Partnership effective September 10, 2019. The disclosed amounts are only for property management fees earned during the periods that Burlington Capital Properties, LLC was considered a related party of the Partnership. The property management fees are “Real estate operating expenses” on 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)	6 Months Ended
	Jun. 30, 2020
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		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Non-partnership property administrative fee received	[1]	$ 9,000	$ 9,000	$ 18,000	$ 18,000
Investment/mortgage fees received	[2]	$ 321,000	$ 731,000	$ 863,000	$ 822,000
[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, the GIL and investments in unconsolidated entities.

Transactions with Related Par_6

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Parenthetical) (Details)	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%

Transactions with Related Par_7

Transactions with Related Parties - Additional Information (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Receivables due from unconsolidated entities	$ 40,000	$ 116,000
Outstanding liabilities due to related parties	$ 412,000	$ 301,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Additional Information (Details)	Jun. 30, 2020	Dec. 31, 2019
Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield		5.20%
Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	8.00%	8.80%
MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Weighted average effective yield	3.40%	3.80%
Effective rate - minimum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate		4.40%
Effective rate - minimum [Member] | Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	7.90%	8.70%
Effective rate - minimum [Member] | MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	1.80%	2.40%
Effective rate - maximum [Member] | Public housing capital fund trusts [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate		5.30%
Effective rate - maximum [Member] | Taxable Bonds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	8.00%	8.90%
Effective rate - maximum [Member] | MRBs and Bond Purchase Commitments [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Effective rate	8.80%	8.50%

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 789,111,076		$ 818,340,970
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	789,111,076	$ 762,536,041	818,340,970	$ 807,602,456	$ 787,154,948	$ 782,862,049
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	1,456,279		1,383,237
Taxable 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	1,456,279	$ 1,417,654	1,383,237	1,441,316	1,426,733	1,409,895
Derivative Instruments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	29,826		10,911
Derivative Instruments (Reported within Other Assets) [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	29,826		10,911
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value			43,349,357
Public housing capital fund trusts [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			43,349,357	$ 46,516,154	$ 46,406,868	$ 48,672,086
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	744,663,143		743,587,715
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	744,663,143		743,587,715
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	42,961,828		30,009,750
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	$ 42,961,828		$ 30,009,750

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
		Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		$ 762,536,041	$ 787,154,948	$ 818,340,970	$ 782,862,049
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		113,745	(68,016)	166,869	(322,151)
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)		(464,675)		(1,822,356)
Total gain (losses) Included in earnings (gain on sale of securities)				1,416,023
Total gain (losses) included in other comprehensive (loss) income		20,971,649	14,920,081	12,877,278	23,064,008
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		7,489,950	13,200,000	7,489,950	19,250,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities				43,349,357
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(1,535,634)	(7,604,557)	(6,008,301)	(17,251,450)
Assets at Fair Value, ending balance		789,111,076	807,602,456	789,111,076	807,602,456
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		(371,028)	(83,217)	(1,703,508)	(389,808)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities				(43,349,357)
Interest rate derivatives [Member]
Schedule of Available-for-sale Securities [Line Items]
Derivative Assets (Liabilities) at Fair Value, beginning balance		36,112	273,506	10,911	626,633
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		93,647	(83,217)	118,848	(389,808)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements		(99,933)	(72,010)	(99,933)	(118,546)
Derivative Assets (Liabilities) at Fair Value, beginning balance		29,826	118,279	29,826	118,279
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		93,647	(83,217)	118,848	(389,808)
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance			46,406,868	43,349,357	48,672,086
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)			(20,436)	(7,219)	(3,710)
Total gain (losses) Included in earnings (gain on sale of securities)				1,416,023
Total gain (losses) included in other comprehensive (loss) income			129,722	(1,408,804)	614,944
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities				43,349,357
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements					(2,767,166)
Assets at Fair Value, ending balance			46,516,154		46,516,154
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sale of securities				(43,349,357)
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		1,417,654	1,426,733	1,383,237	1,409,895
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		40,811	36,582	77,366	55,374
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(2,186)	(21,999)	(4,324)	(23,953)
Assets at Fair Value, ending balance		1,456,279	1,441,316	1,456,279	1,441,316
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance	[1]	761,082,275	739,047,841	773,597,465	732,153,435
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)	[1]	20,098	35,637	55,240	71,367
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)	[1]	(464,675)		(1,822,356)
Total gain (losses) included in other comprehensive (loss) income	[1]	20,930,838	14,753,777	14,208,716	22,393,690
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	7,489,950	13,200,000	7,489,950	19,250,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	(1,433,515)	(7,510,548)	(5,904,044)	(14,341,785)
Assets at Fair Value, ending balance	[1]	787,624,971	$ 759,526,707	787,624,971	$ 759,526,707
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	[1]	$ (464,675)		$ (1,822,356)
[1]	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 ($)	Jun. 30, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Mortgages payable and other secured financing	$ 26,391,908	$ 26,802,246
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 lines of credit	557,643,049	549,397,421
Mortgages payable and other secured financing	26,391,908	26,802,246
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 lines of credit	586,074,485	568,193,494
Mortgages payable and other secured financing	$ 26,393,723	$ 26,812,851

Segments - Additional Informati

Segments - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020PropertyUnitSegmentRatingSecurity
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	77
Number of available for sale securities in tax-exempt loan | Security	1
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	11,047
Number of rental units financed by tax-exempt loan | Unit	300
Commercial Real Estate [Member] | Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of collateralized securities | Security	1
Minimum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds | Rating	1
Maximum [Member]
Segment Reporting Information [Line Items]
Required rating for tax exempted investments other than mortgage revenue bonds | Rating	4
Tax-exempt and Other Investments [Member]
Segment Reporting Information [Line Items]
Assets percentage	25.00%

Segments - Summary of Partnersh

Segments - Summary of Partnership Reportable Segment Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Total revenues
Total revenues	$ 14,478,419	$ 14,346,334	$ 28,214,554	$ 32,010,932
Interest expense
Interest expense	4,889,316	6,206,935	10,907,284	12,601,855
Depreciation expense
Depreciation expense	712,081	818,154	1,421,519	1,637,312
Net income (loss)
Net income	4,588,348	3,886,190	7,570,105	10,338,003
Total assets
Total assets	1,038,489,468		1,038,489,468		$ 1,029,168,508
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member]
Total revenues
Total revenues	10,247,228	10,247,302	20,453,031	20,690,715
Interest expense
Interest expense	4,597,328	5,456,801	10,095,527	11,105,369
Depreciation expense
Depreciation expense	3,359		5,783
Net income (loss)
Net income	2,301,494	2,285,485	2,741,830	4,328,839
Total assets
Total assets	973,941,784		973,941,784		918,301,172
Operating Segments [Member] | MF Properties [Member]
Total revenues
Total revenues	1,856,954	2,034,796	3,809,201	4,028,425
Interest expense
Interest expense	291,988	365,632	613,764	730,021
Depreciation expense
Depreciation expense	708,722	818,154	1,415,736	1,637,312
Net income (loss)
Net income	(85,583)	(74,997)	(338,313)	(512,131)
Total assets
Total assets	69,044,411		69,044,411		70,569,646
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member]
Total revenues
Total revenues		585,609	174,470	1,223,755
Interest expense
Interest expense		384,502	197,993	766,465
Net income (loss)
Net income		201,107	1,390,999	457,290
Total assets
Total assets					43,591,048
Operating Segments [Member] | Other Investments [Member]
Total revenues
Total revenues	2,374,237	1,478,627	3,777,852	6,068,037
Net income (loss)
Net income	2,372,437	$ 1,474,595	3,775,589	$ 6,064,005
Total assets
Total assets	91,683,948		91,683,948		87,098,315
Consolidation, Eliminations [Member]
Total assets
Total assets	$ (96,180,675)		$ (96,180,675)		$ (90,391,673)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - Subsequent Event [Member]	1 Months Ended
	Jul. 31, 2020USD ($)
Subsequent Event [Line Items]
Governmental issuer loan advance amount	$ 11,600,000
Property loan advance amount	0
MRB commitment advance amount	300,000
Funds advanced for taxable MRB	$ 0
TOB Trust [Member] | Mizuho Capital Markets [Member]
Subsequent Event [Line Items]
Extended maturity period, Beginning	2021
Extended maturity period, end	2023-07
Unsecured Lines of Credit [Member]
Subsequent Event [Line Items]
Commitment Maturity	2022-06

Subsequent Events - Summary of

Subsequent Events - Summary of Partnership's GIL and Property Loan Commitments (Details)		1 Months Ended
		Jul. 31, 2020USD ($)Unit	Jun. 30, 2020Unit
Loans Financing Tax Exempt [Line Items]
Units			2,892
Governmental Issuer Loan | Oasis at Twin Lakes [Member] | Subsequent Event [Member] | Roseville, MN [Member]
Loans Financing Tax Exempt [Line Items]
Month Acquired		July
Units		228
Maturity Date	[1]	Aug. 1, 2023
Maximum Commitment | $		$ 34,000,000
Governmental Issuer Loan | Oasis at Twin Lakes [Member] | Subsequent Event [Member] | SIFMA [Member] | Roseville, MN [Member]
Loans Financing Tax Exempt [Line Items]
Variable Interest Rate	[2]	3.25%
Property Loans [Member] | Oasis at Twin Lakes [Member] | Subsequent Event [Member] | Roseville, MN [Member]
Loans Financing Tax Exempt [Line Items]
Month Acquired		July
Units		228
Maturity Date	[1]	Aug. 1, 2023
Maximum Commitment | $		$ 27,704,180
Property Loans [Member] | Oasis at Twin Lakes [Member] | Subsequent Event [Member] | LIBOR [Member] | Roseville, MN [Member]
Loans Financing Tax Exempt [Line Items]
Variable Interest Rate	[3]	2.50%
[1]	The borrower has the option to extend the maturity up to six months.
[2]	The SIFMA-based component has a floor of 50 basis points. In addition, the spread decreases from 3.25% to 2.25% upon construction completion.
[3]	The LIBOR-based component has a floor of 50 basis points.

Subsequent Events - Summary o_2

Subsequent Events - Summary of Partnership's GIL and Property Loan Commitments (Parenthetical) (Details) - Oasis at Twin Lakes [Member]	1 Months Ended
	Jul. 31, 2020	Aug. 01, 2023
Subsequent Event [Member]
Loans Financing Tax Exempt [Line Items]
Option to extend maturity period	6 months
SIFMA [Member] | Scenario Forecast [Member]
Loans Financing Tax Exempt [Line Items]
Variable interest rate		2.25%
SIFMA [Member] | Subsequent Event [Member]
Loans Financing Tax Exempt [Line Items]
Variable interest spread rate	0.50%
Variable interest rate	3.25%
LIBOR [Member] | Subsequent Event [Member]
Loans Financing Tax Exempt [Line Items]
Variable interest spread rate	0.50%

Subsequent Events - Summary o_3

Subsequent Events - Summary of Partnership's MRB and Taxable MRB Commitments (Details)		1 Months Ended
		Jul. 31, 2020USD ($)Unit	Jun. 30, 2020Unit
Mortgage Revenue Bonds And Taxable Mortgage Revenue Bonds Commitments [Line Items]
Units			2,892
Mortgage Revenue Bonds [Member] | Ocotillo Springs [Member] | Subsequent Event [Member] | Brawley, CA [Member]
Mortgage Revenue Bonds And Taxable Mortgage Revenue Bonds Commitments [Line Items]
Month Acquired		July
Units		75
Maturity Date		Aug. 1, 2037
Maximum Commitment (1) | $	[1]	$ 15,000,000
Mortgage Revenue Bonds [Member] | Ocotillo Springs [Member] | Subsequent Event [Member] | LIBOR [Member] | Brawley, CA [Member]
Mortgage Revenue Bonds And Taxable Mortgage Revenue Bonds Commitments [Line Items]
Variable Interest Rate	[2]	3.25%
Taxable MRB [Member] | Ocotillo Springs [Member] | Subsequent Event [Member] | Brawley, CA [Member]
Mortgage Revenue Bonds And Taxable Mortgage Revenue Bonds Commitments [Line Items]
Month Acquired		July
Units		75
Maturity Date		Aug. 1, 2022
Maximum Commitment (1) | $	[1]	$ 7,000,000
Taxable MRB [Member] | Ocotillo Springs [Member] | Subsequent Event [Member] | LIBOR [Member] | Brawley, CA [Member]
Mortgage Revenue Bonds And Taxable Mortgage Revenue Bonds Commitments [Line Items]
Variable Interest Rate	[3]	3.55%
[1]	Upon stabilization of the property, the MRB will be partially repaid and the taxable MRB will be redeemed in full. The maximum balance of the MRB after stabilization is approximately $3.5 million.
[2]	The variable interest rate is subject to a floor of 4.55% during construction and stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35%.
[3]	The variable interest rate is subject to a floor of 4.91%.

Subsequent Events - Summary o_4

Subsequent Events - Summary of Partnership's MRB and Taxable MRB Commitments (Parenthetical) (Details) $ in Millions	Jul. 31, 2020USD ($)
Mortgage Revenue Bonds [Member]
Mortgage Revenue Bonds And Taxable Mortgage Revenue Bonds Commitments [Line Items]
Maximum balance of MRB after stabilization	$ 3.5
Mortgage Revenue Bonds [Member] | LIBOR [Member]
Mortgage Revenue Bonds And Taxable Mortgage Revenue Bonds Commitments [Line Items]
Variable interest Floor rate, percentage	4.55%
Fixed interest rate percentage	4.35%
Taxable MRB [Member] | LIBOR [Member]
Mortgage Revenue Bonds And Taxable Mortgage Revenue Bonds Commitments [Line Items]
Variable interest Floor rate, percentage	4.91%

Subsequent Events - Summary o_5

Subsequent Events - Summary of Terms of Forward Bond Purchase Commitment (Details)	1 Months Ended
	Jul. 31, 2020USD ($)Unit	Jun. 30, 2020Unit
Forward Bond Purchase Commitment [Line Items]
Units		2,892
Bond Purchase Commitment [Member] | CCBA Senior Garden Apartments [Member] | Subsequent Event [Member] | San Diego, CA [Member]
Forward Bond Purchase Commitment [Line Items]
Commitment Date	2020-07
Units	45
Interest Rate	4.50%
Estimated Closing Date	Q3 2022
Maximum Commitment | $	$ 3,807,000

Subsequent Events - Summary o_6

Subsequent Events - Summary of Initial Terms of TOB Trusts Financings (Details) - USD ($)	1 Months Ended
	Jul. 31, 2020	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Initial TOB Trust Financing		$ 538,948,049	$ 536,197,421
TOB Trust [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Initial TOB Trust Financing		$ 91,386,000
TOB Trust [Member] | Mizuho Capital Markets [Member] | Oasis at Twin Lakes - GIL [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Initial TOB Trust Financing	$ 10,440,000
Stated Maturity	2023-07
Reset Frequency	Weekly
SIFMA Based Rates	0.59%
Facility Fees	0.89%
Interest rate	1.48%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Ocotillo Springs - MRB [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Initial TOB Trust Financing	$ 100,000
Stated Maturity	2022-07
Reset Frequency	Weekly
SIFMA Based Rates	0.68%
Facility Fees	0.89%
Interest rate	1.57%