Greystone Housing Impact Investors (GHI) 10-Q 3 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 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	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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 ($)	Sep. 30, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 51,160,770	$ 42,308,153
Restricted cash	79,302,009	877,828
Interest receivable, net	8,355,119	7,432,433
Mortgage revenue bonds held in trust, at fair value (Note 6)	759,487,301	743,587,715
Mortgage revenue bonds, at fair value (Note 6)	37,049,300	30,009,750
Governmental issuer loans held in trust (Note 7)	62,085,000
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	72,290,734	72,011,533
Real estate assets before accumulated depreciation	77,165,999	76,917,663
Accumulated depreciation	(17,486,887)	(15,357,700)
Net real estate assets	59,679,112	61,559,963
Investments in unconsolidated entities (Note 10)	99,176,922	86,981,864
Property loans, net of loan loss allowance (Note 11)	12,920,719	7,999,094
Other assets (Note 13)	5,408,616	5,062,351
Total Assets	1,174,624,868	1,029,168,508
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 14)	9,997,214	9,036,167
Distribution payable	3,686,982	7,607,984
Unsecured lines of credit (Note 15)	11,843,000	13,200,000
Debt financing, net (Note 16)	667,248,701	536,197,421
Mortgages payable and other secured financing, net (Note 17)	26,275,890	26,802,246
Total Liabilities	719,051,787	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)	94,413,465	94,386,427
Partnersʼ Capital:
General Partner (Note 1)	948,408	735,128
Beneficial Unit Certificates ("BUCs," Note 1)	360,211,208	341,203,135
Total Partnersʼ Capital	361,159,616	341,938,263
Total Liabilities and Partnersʼ Capital	$ 1,174,624,868	$ 1,029,168,508

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Sep. 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Investment income	$ 12,043,313	$ 12,589,743	$ 35,988,555	$ 37,072,288
Property revenues	1,548,931	1,974,546	5,358,132	6,002,971
Contingent interest income		3,360	12,043	3,045,462
Other interest income	238,185	206,625	686,253	635,732
Other income	9,518	91,428	9,518	120,181
Total revenues	13,839,947	14,865,702	42,054,501	46,876,634
Expenses:
Real estate operating (exclusive of items shown below)	1,454,985	1,381,909	3,484,783	3,477,983
Provision for credit loss (Note 6)	3,463,253		5,285,609
Provision for loan loss (Note 11)	811,706		811,706
Impairment charge on real estate assets		75,000	25,200	75,000
Depreciation and amortization	719,783	743,503	2,141,302	2,384,115
Interest expense	5,105,432	6,509,021	16,012,716	19,110,876
General and administrative	3,513,024	6,992,528	9,257,921	12,267,917
Total expenses	15,068,183	15,701,961	37,019,237	37,315,891
Other Income:
Gain on sale of securities			1,416,023
Gain on sale of investments in unconsolidated entities		10,475,927		10,475,927
Income (loss) before income taxes	(1,228,236)	9,639,668	6,451,287	20,036,670
Income tax expense (benefit)	(68,219)	(68,235)	41,199	(9,236)
Net income (loss)	(1,160,017)	9,707,903	6,410,088	20,045,906
Redeemable Series A Preferred Unit distributions and accretion	(717,763)	(717,762)	(2,153,288)	(2,153,288)
Net income (loss) available to Partners	(1,877,780)	8,990,141	4,256,800	17,892,618
Net income (loss) available to Partners allocated to:
General Partner	(18,778)	1,266,157	(33,476)	2,078,086
Net income available to Partners and noncontrolling interest	$ (1,877,780)	$ 8,990,141	$ 4,256,800	$ 17,892,618
BUC holders' interest in net income (loss) per BUC, basic and diluted	$ 0.03	$ 0.13	$ 0.07	$ 0.26
Weighted average number of BUCs outstanding, basic	60,545,204	60,519,542	60,614,862	60,457,299
Weighted average number of BUCs outstanding, diluted	60,545,204	60,519,542	60,614,862	60,457,299
Beneficial Unit Certificate Holders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners	$ (1,879,096)	$ 7,695,468	$ 4,239,515	$ 15,719,693
Restricted Unitholders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners	$ 20,094	$ 28,516	$ 50,761	$ 94,839

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Net income (loss)	$ (1,160,017)	$ 9,707,903	$ 6,410,088	$ 20,045,906
Reversal of net unrealized loss on securities to provision for credit loss	280,711
Unrealized gain on bond purchase commitments	256,222
Comprehensive income	17,377,436	28,756,219	37,824,819	62,158,230
Accumulated Other Comprehensive Income (Loss) [Member]
Reversal of net unrealized gains on sale of securities			(1,408,804)
Reversal of net unrealized loss on securities to provision for credit loss	280,711		652,880
Unrealized gain on securities	18,000,520	$ 19,048,316	31,914,433	$ 42,112,324
Unrealized gain on bond purchase commitments	256,222
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized gain on bond purchase commitments	$ 256,222		$ 256,222

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($)	Total	Tier 2 [Member]	Tier 3 [Member]	General Partner [Member]	General Partner [Member]Tier 2 [Member]	BUCs - Restricted and Unrestricted [Member]	BUCs - Restricted and Unrestricted [Member]Tier 2 [Member]	BUCs - Restricted and Unrestricted [Member]Tier 3 [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 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	17,892,618
Balance at Sep. 30, 2019	341,599,455			731,741		340,867,714				101,090,366
Partners' Capital Account, Units at Sep. 30, 2019									60,835,204
Balance at Mar. 31, 2019	310,134,419			401,277		309,733,142				67,121,969
Partners' Capital Account, Units at Mar. 31, 2019									60,691,467
Distributions paid or accrued:
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
Distributions paid or accrued:
Distribution of loss (income) (Note 3)		(5,059,796)	$ (3,809,553)		(1,264,949)		(3,794,847)	$ (3,809,553)
Net income (loss) allocable to Partners	8,990,141			1,266,157		7,723,984
Restricted units awarded									353,197
Restricted unit compensation expense	3,265,677			32,657		3,233,020
BUCs surrendered to pay tax withholding on vested restricted units	(1,581,423)					(1,581,423)
BUCs surrendered to pay tax withholding, Units									(209,460)
Unrealized gain (loss) on securities	19,048,316			190,483		18,857,833				19,048,316
Balance at Sep. 30, 2019	341,599,455			731,741		340,867,714				101,090,366
Partners' Capital Account, Units at Sep. 30, 2019									60,835,204
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 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	4,256,800
Reversal of net unrealized loss on securities to provision for credit loss										652,880
Balance at Sep. 30, 2020	361,159,616			948,408		360,211,208				130,723,408
Partners' Capital Account, Units at Sep. 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
Distributions paid or accrued:
Regular distribution	(3,686,983)			(36,870)		(3,650,113)
Net income (loss) allocable to Partners	(1,877,780)			(18,778)		(1,859,002)
Restricted unit compensation expense	299,524			2,996		296,528
Unrealized gain (loss) on securities	18,000,520			180,005		17,820,515				18,000,520
Unrealized gain on bond purchase commitments	256,222			2,562		253,660				256,222
Reversal of net unrealized loss on securities to provision for credit loss	280,711			2,807		277,904				280,711
Balance at Sep. 30, 2020	$ 361,159,616			$ 948,408		$ 360,211,208				$ 130,723,408
Partners' Capital Account, Units at Sep. 30, 2020									60,835,204

Condensed Consolidated Statem_4

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

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ 6,410,088	$ 20,045,906
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	2,141,302	2,384,115
Provision for loan loss	811,706
Gain on sale of investment in securities	(1,416,023)
Provision for credit loss	5,285,609
Gain on sale of investment in an unconsolidated entity		(10,475,927)
Contingent interest realized on investing activities	(12,043)	(3,045,462)
Impairment charge on real estate assets	25,200	75,000
(Gain) loss on derivatives, net of cash paid	(144,546)	574,028
Restricted unit compensation expense	634,860	3,636,091
Bond premium/discount amortization	(82,975)	(106,114)
Debt premium amortization	(30,353)	(8,410)
Amortization of deferred financing costs	1,288,044	1,476,463
Deferred income tax expense & income tax payable/receivable	2,036	100,804
Change in preferred return receivable from unconsolidated entities, net	(2,414,759)	(1,935,286)
Changes in operating assets and liabilities
Increase in interest receivable	(922,686)	(915,670)
Decrease in other assets	327,508	694,925
Increase in accounts payable and accrued expenses	738,652	327,188
Net cash provided by operating activities	12,641,620	12,827,651
Cash flows from investing activities:
Capital expenditures	(319,757)	(88,110)
Acquisition of mortgage revenue bonds	(9,513,450)	(19,250,000)
Advances on governmental issuer loans	(62,085,000)
Contributions to unconsolidated entities	(17,542,465)	(18,304,139)
Advances on property loans	(5,733,331)	(405,717)
Proceeds from sale of investment in an unconsolidated entity	7,762,166	20,189,663
Principal payments received on taxable mortgage revenue bonds	6,560	25,997
Principal payments received on property loans and contingent interest	12,043	11,413,098
Net cash provided by (used in) investing activities	(30,227,871)	13,864,087
Cash flows from financing activities:
Distributions paid	(21,025,617)	(25,758,751)
Repurchase of BUCs	(2,106,673)
Payment of tax withholding related to restricted unit awards		(1,581,423)
Proceeds from debt financing	277,231,000	122,921,712
Principal payments on debt financing	(146,126,658)	(90,025,780)
Principal payments on mortgages payable	(535,233)	(474,391)
Principal borrowing on unsecured lines of credit	10,492,728	23,200,000
Principal payments on unsecured lines of credit	(11,849,728)	(45,659,200)
Decrease in security deposit liability related to restricted cash	(123,286)	(51,324)
Debt financing and other deferred costs	(1,093,484)	(1,177,696)
Net cash provided by (used in) financing activities	104,863,049	(18,606,853)
Net increase in cash, cash equivalents and restricted cash	87,276,798	8,084,885
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	130,462,779	41,353,496
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	14,481,578	16,874,341
Cash paid during the period for income taxes	36,927	155,000
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner	3,686,982	8,869,350
Distributions declared but not paid for Series A Preferred Units	708,750	708,750
Capital expenditures financed through accounts payable	60,572	24,504
Deferred financing costs financed through accounts payable	285,108	15,000
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Principal payments received		4,775,103
Proceeds from sale of PHC Certificates	43,349,357
Mortgage Revenue Bonds [Member]
Cash flows from investing activities:
Principal payments received	$ 13,836,006	$ 15,508,192

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	Sep. 30, 2020	Sep. 30, 2019
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 51,160,770	$ 40,782,506
Restricted cash	79,302,009	570,990
Total cash, cash equivalents and restricted cash	$ 130,462,779	$ 41,353,496

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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 has also invested in governmental issuer loans (“GILs”), which are similar to MRBs, to provide construction financing for affordable multifamily properties. The Partnership expects and believes the interest earned on these MRBs and GILs 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 or GILs held by the Partnership. The Partnership may acquire real estate securing its MRBs, GILs, 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 collectively as “Unitholders.”

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 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 TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, which has issued secured notes (“the Secured Notes”) to Mizuho Capital Markets LLC (“Mizuho”); • 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. Restricted Cash Restricted cash is legally restricted as to its use. The Partnership is required to maintain restricted cash collateral related to its two total return swap transactions (see Note 18). In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities, resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. Restricted cash is presented with cash and cash equivalents on the Partnership’s condensed consolidated statements of cash flows. 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, but not necessarily limited to, the following: • 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. Investment in Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investment in these instruments are classified as held-to-maturity debt securities and are reported at amortized cost. The Partnership periodically reviews its GILs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, but not necessarily limited to, the following: • 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 a GIL ’s estimated fair value is below amortized cost, and the Partnership does not expect to recover its entire amortiz ed 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 GILs, 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. Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily properties. Most of the property loans have been made to multifamily properties that secure MRBs and GILs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s condensed consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these property loans and accrued interest is dependent largely on the cash flows or proceeds upon sale or refinancing of the related property. The Partnership periodically evaluates these loans for potential impairment by estimating the fair value of the related property and comparing the fair value to the outstanding MRBs, GILs or other senior financing, plus the Partnership’s property loans. The Partnership utilizes a discounted cash flow model that considers varying assumptions. The discounted cash flow analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the related property, after deducting the amortized cost basis of the MRB, GIL or other senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment. 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 September 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. Risks and Uncertainties 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 future 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 GILs, 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, GILs, 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. As of September 30, 2020, the Partnership has yet to observe a significant decline in occupancy or operating results at properties securing its MRBs due to the COVID-19 pandemic, with the exception of the Pro Nova 2014-1 and Live 929 Apartments MRBs which are further discussed in Note 6. Furthermore, the Partnership has observed no material negative trends that potentially indicate impairment of The 50/50 MF Property or properties related to its GILs and investments in unconsolidated entities. The Partnership performed an impairment analysis for the Suites at Paseo MF Property due to a significant decline in occupancy as of September 30, 2020 as a result of COVID-19. The Partnership’s estimates of future undiscounted net cash flows expected to be generated from the use of the asset significantly exceeded the carrying value such that the property was not impaired. 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, the interest receivable on property loans, receivables reported within other assets, financial guarantees and commitments are within the scope of ASU 2016-13. The Partnership has also determined that the GILs and the interest receivable on GILs are within the scope of ASU 2016-13. Furthermore, the Partnership has begun 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. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited period meant to ease the potential burden in accounting for, or recognizing the effects of, reform to LIBOR and certain other reference rates. The standard is effective for all entities from March 12, 2020 through December 31, 2022. However, ASU 2020-04 is only applicable to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, and that were entered into or evaluated prior to January 1, 2023. The Partnership is currently evaluating the impact that the adoption of ASU 2020-04 will have on its condensed consolidated financial statements.

Partnership Income, Expenses an

Partnership Income, Expenses and Cash Distributions	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019.

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 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 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, GILs, and property loans 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, 7, 8 and 11). Non-Consolidated VIEs The Partnership has variable interests in various entities in the form of MRBs, GILs, 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 20 and 17 non-consolidated VIEs as of September 30, 2020 and December 31, 2019, respectively. The following table summarizes the Partnership’s variable interests in these entities and maximum exposure to loss as of September 30, 2020 and December 31, 2019: Maximum Exposure to Loss September 30, 2020 December 31, 2019 Mortgage revenue bonds $ 20,879,500 $ 30,455,000 Governmental issuer loans 62,085,000 - Property loans 5,327,342 - Investment in unconsolidated entities 99,176,922 86,981,864 $ 187,468,764 $ 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 GILs, property loans and investments in unconsolidated entities is equal to the Partnership’s carrying value.

Investments in Mortgage Revenue

Investments in Mortgage Revenue Bonds	9 Months Ended
	Sep. 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 September 30, 2020. The Partnership had the following investments in MRBs as of September 30, 2020 and December 31, 2019: September 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 $ 10,083,199 $ 2,360,586 $ - $ 12,443,785 Glenview Apartments - Series A (3) CA 4,496,129 973,537 - 5,469,666 Harmony Court Bakersfield - Series A (4) CA 3,676,474 825,077 - 4,501,551 Harmony Terrace - Series A (4) CA 6,805,898 1,638,021 - 8,443,919 Harden Ranch - Series A (2) CA 6,642,011 1,515,729 - 8,157,740 Las Palmas II - Series A (4) CA 1,668,247 387,698 - 2,055,945 Montclair Apartments - Series A (3) CA 2,435,805 588,172 - 3,023,977 Montecito at Williams Ranch Apartments - Series A (6) CA 7,640,285 2,228,796 - 9,869,081 Ocotillo Springs - Series A (6) CA 2,023,500 136,002 - 2,159,502 San Vicente - Series A (4) CA 3,439,838 749,936 - 4,189,774 Santa Fe Apartments - Series A (3) CA 2,950,886 723,204 - 3,674,090 Seasons at Simi Valley - Series A (4) CA 4,248,522 1,148,131 - 5,396,653 Seasons Lakewood - Series A (4) CA 7,249,761 1,744,848 - 8,994,609 Seasons San Juan Capistrano - Series A (4) CA 12,206,230 2,817,981 - 15,024,211 Summerhill - Series A (4) CA 6,330,829 1,390,308 - 7,721,137 Sycamore Walk - Series A (4) CA 3,528,394 824,890 - 4,353,284 The Village at Madera - Series A (4) CA 3,040,730 682,403 - 3,723,133 Tyler Park Townhomes - Series A (2) CA 5,785,729 986,191 - 6,771,920 Vineyard Gardens - Series A (6) CA 3,976,346 1,160,591 - 5,136,937 Westside Village Market - Series A (2) CA 3,780,963 856,081 - 4,637,044 Brookstone (1) IL 7,383,072 2,247,992 - 9,631,064 Copper Gate Apartments (2) IN 5,005,000 683,989 - 5,688,989 Renaissance - Series A (3) LA 10,904,002 3,564,144 - 14,468,146 Live 929 Apartments (6) MD 36,291,223 - - 36,291,223 Woodlynn Village (1) MN 4,146,000 14,592 - 4,160,592 Gateway Village (6) NC 2,600,000 140,475 - 2,740,475 Greens Property - Series A (2) NC 7,856,000 756,805 - 8,612,805 Lynnhaven Apartments (6) NC 3,450,000 186,399 - 3,636,399 Silver Moon - Series A (3) NM 7,714,309 1,874,494 - 9,588,803 Village at Avalon - Series A (5) NM 16,217,931 4,567,604 - 20,785,535 Ohio Properties - Series A (1) OH 13,758,000 63,719 - 13,821,719 Bridle Ridge (1) SC 7,235,000 77,658 - 7,312,658 Columbia Gardens (4) SC 12,941,555 2,668,577 - 15,610,132 Companion at Thornhill Apartments (4) SC 11,086,752 2,194,358 - 13,281,110 Cross Creek (1) SC 6,138,945 2,383,041 - 8,521,986 Rosewood Townhomes - Series A (6) SC 9,266,171 1,987,546 - 11,253,717 South Pointe Apartments - Series A (6) SC 21,567,811 4,626,185 - 26,193,996 The Palms at Premier Park Apartments (2) SC 18,675,219 3,044,617 - 21,719,836 Village at River's Edge (4) SC 9,820,327 1,738,232 - 11,558,559 Willow Run (4) SC 12,762,198 2,451,637 - 15,213,835 Arbors at Hickory Ridge (2) TN 10,948,055 2,529,443 - 13,477,498 Avistar at Copperfield - Series A (6) TX 13,848,985 2,878,107 - 16,727,092 Avistar at the Crest - Series A (2) TX 9,169,185 2,197,370 - 11,366,555 Avistar at the Oaks - Series A (2) TX 7,410,639 1,774,121 - 9,184,760 Avistar at the Parkway - Series A (3) TX 12,755,020 2,772,972 - 15,527,992 Avistar at Wilcrest - Series A (6) TX 5,248,485 965,784 - 6,214,269 Avistar at Wood Hollow - Series A (6) TX 39,851,626 7,804,810 - 47,656,436 Avistar in 09 - Series A (2) TX 6,398,800 1,560,811 - 7,959,611 Avistar on the Boulevard - Series A (2) TX 15,620,696 3,472,860 - 19,093,556 Avistar on the Hills - Series A (2) TX 5,073,490 1,237,538 - 6,311,028 Bruton Apartments (4) TX 17,708,333 3,228,263 - 20,936,596 Concord at Gulfgate - Series A (4) TX 18,842,536 4,685,473 - 23,528,009 Concord at Little York - Series A (4) TX 13,200,088 3,403,013 - 16,603,101 Concord at Williamcrest - Series A (4) TX 20,448,350 5,178,003 - 25,626,353 Crossing at 1415 - Series A (4) TX 7,350,633 1,745,850 - 9,096,483 Decatur Angle (4) TX 22,318,001 5,321,998 - 27,639,999 Esperanza at Palo Alto (4) TX 19,253,807 5,564,002 - 24,817,809 Heights at 515 - Series A (4) TX 6,729,631 1,540,848 - 8,270,479 Heritage Square - Series A (3) TX 10,608,706 2,082,726 - 12,691,432 Oaks at Georgetown - Series A (4) TX 12,161,844 2,269,126 - 14,430,970 Runnymede (1) TX 9,865,000 212,185 - 10,077,185 Southpark (1) TX 11,603,714 2,079,073 - 13,682,787 15 West Apartments (4) WA 9,622,192 3,105,572 - 12,727,764 Mortgage revenue bonds held in trust $ 632,867,107 $ 126,620,194 $ - $ 759,487,301 (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 ) MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 1 6 ( 5 ) ( 6 ) September 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 CA $ 6,720,000 $ 2,263,726 $ - $ 8,983,726 Solano Vista - Series A CA 2,665,000 870,630 - 3,535,630 Greens Property - Series B NC 926,759 121,965 - 1,048,724 Arby Road Apartments - Series A NV 7,475,000 15,996 - 7,490,996 Ohio Properties - Series B OH 3,490,490 14,476 - 3,504,966 Rosewood Townhomes - Series B SC 469,855 2,694 - 472,549 South Pointe Apartments - Series B SC 1,099,660 6,305 - 1,105,965 Pro Nova 2014-1 TN 8,196,200 - - 8,196,200 Avistar at the Crest - Series B TX 737,241 133,980 - 871,221 Avistar at the Oaks - Series B TX 539,614 94,852 - 634,466 Avistar at the Parkway - Series B TX 124,059 42,955 - 167,014 Avistar in 09 - Series B TX 445,133 79,970 - 525,103 Avistar on the Boulevard - Series B TX 438,071 74,669 - 512,740 Mortgage revenue bonds held by the Partnership $ 33,327,082 $ 3,722,218 $ - $ 37,049,300 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 debt 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 debt financing transaction, see Note 16 (7) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, see Note 16 (8) As of the date presented, the MRB had been in a cumulative unrealized loss position 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 to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows. During the three months ended September 30, 2020, the Partnership recognized a provision for credit loss of approximately $3.5 million related to the Live 929 Apartments MRB in its condensed consolidated statements of operations. During the nine months ended September 30, 2020, the Partnership recognized a provision for credit loss of approximately $5.3 million related to the Live 929 Apartments MRB and 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 provision for credit loss of the MRBs. The provision for credit loss related to the Live 929 Apartments MRB was due to recent operational results, the borrower’s continued covenant forbearance, and a decline in debt service coverage. The change in operating results at the Live 929 Apartments was primarily driven by the impact of the COVID-19 pandemic, which has had a significant impact on the student housing industry. The provision for credit loss related to the Pro Nova 2014-1 MRB was due to 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 impacts of the COVID-19 pandemic. MRB Activity in the First Nine Months of 2020 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding plus accrued interest during the nine months ended September 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Principal Acquired 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 Ocotillo Springs - Series A (2) July Brawley, CA 75 8/1/2037 4.55% (3) 2,023,500 $ 9,498,500 (1) Both MRBs are part of the same series but have different interest rates and maturity dates. (2) The Partnership has committed to provide total funding of ( 3 ) The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25%, subject to a floor of 4.55%, during construction of the project until stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35%. Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2020: Property Name Month Redeemed Property Location Units Original Maturity Date Interest Rate Principal Outstanding at Date of Redemption Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 Montevista - Series B August San Pablo, CA 82 7/1/2021 8.00 % 6,480,000 $ 9,583,000 MRB Activity in the First Nine Months of 2019 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding during the nine months ended September 30, 2019: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Principal Outstanding at Date of Acquisition Gateway Village February Durham, NC 64 4/1/2032 6.10 % $ 2,600,000 Lynnhaven Apartments February Durham, NC 75 4/1/2032 6.10 % 3,450,000 Montevista - Series A June San Pablo, CA 82 7/1/2036 5.75 % 6,720,000 Montevista - Series B June San Pablo, CA 82 7/1/2021 5.75 % 6,480,000 $ 19,250,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2019: Property Name Month Redeemed Property Location Units Original Maturity Date 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 nine months ended September 30, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows: Property Name Month Restructured Property Location Units Maturity Date 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 Loans

Governmental Issuer Loans	9 Months Ended
	Sep. 30, 2020
Governmental Issuer Loans [Abstract]
Governmental Issuer Loans	7. Governmental Issuer Loans Governmental issuer loans (“GILs”) owned by the Partnership are issued by state governmental authorities to provide construction financing for affordable multifamily properties. The Partnership expects and believes the interest earned on the GILs is excludable from gross income for federal income tax purposes. The GILs do not constitute an obligation of any state government, agency or authority and no state government, agency or authority is liable for them , nor is the taxing power of any state government pledged to the payment of principal or interest on the GIL s . The GIL s are 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 s is the net cash flow or the sale or refinancing proceeds from the underlying propert y . The GIL s share a first mortgage lien position with the a ssociated property loan s also owned by the Partnership ( see Note 11). The GIL s are held in trust in connection with TOB Trust financing ( see Note 16). The Partnership has committed to provide total funding for certain GILs on a draw-down basis during construction. The Partnership had the following investments and remaining funding commitments related to its GIL s as of September 30, 2020: As of September 30, 2020 Property Name Date Acquired Property Location Units Maturity Date Variable Interest Rate Current Interest Rate Amortized Cost Maximum Remaining Commitment Scharbauer Flats Apartments June 2020 Midland, TX 300 1/1/2023 (1) SIFMA + 3.10% 3.22% $ 40,000,000 $ - Oasis at Twin Lakes July 2020 Roseville, MN 228 8/1/2023 (2) SIFMA + 3.25% (3), (4) 3.75% 12,410,000 21,590,000 Centennial Crossings August 2020 Centennial, CO 209 9/1/2023 (2) SIFMA + 2.75% (4) 3.25% 9,675,000 23,405,000 $ 62,085,000 $ 44,995,000 (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. (2) The borrower may extend the maturity date to for a period not to exceed six months upon payment of a non-refundable extension fee. (3) The variable rate decreases to SIFMA plus 2.25% upon completion of construction. (4) The SIFMA index interest rate component is subject to a floor of 0.50%. An affiliate of the Partnership has forward committed to purchase the GILs at maturity if the property has reached stabilization and other conditions are met (see Note 22). Affiliates of the borrower have guaranteed payment of principal and accrued interest on the GILs 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	9 Months Ended
	Sep. 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 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	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: Real Estate Assets as of September 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 $ 39,349,880 $ 42,549,148 The 50/50 MF Property Lincoln, NE 475 - 32,940,854 32,940,854 Land held for development (1) 1,675,997 - 1,675,997 $ 77,165,999 Less accumulated depreciation (17,486,887 ) Total real estate assets $ 59,679,112 (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 Nine Months of 2020 As of September 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 and recorded an impairment charge of $25,200, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land. Activity in the First Nine Months of 2019 In September 2019, the Partnership determined that the land held for development in Gardner, KS was impaired and recorded an impairment charge of $75,000, which represents the difference between the Partnership’s carrying value and the estimated fair value of the land.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	9 Months Ended
	Sep. 30, 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 approximating two to three years after construction completion The following table provides the details of the investments in unconsolidated entities as of September 30, 2020 and December 31, 2019 and remaining equity commitment amounts as of September 30, 2020: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of September 30, 2020 Carrying Value as of December 31, 2019 Maximum Remaining Equity Commitment as of September 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 12,425,000 11,745,155 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 14,564,613 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 10,151,000 8,078,519 - Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 8,043,132 5,016,811 - Vantage at Westover Hills San Antonio, TX 288 January 2020 N/A 7,824,302 - - Vantage at Tomball Tomball, TX 288 August 2020 N/A 6,455,139 - 4,056,333 3,180 $ 99,176,922 $ 86,981,864 $ 4,056,333 Activity in the First Nine 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 has received cash of approximately $10.6 million as a result of the sale. The Partnership recognized approximately $1.3 million of “Investment Income” associated with the sale. The Partnership may also be entitled to up to $213,000 of additional proceeds in 2020 if certain gain contingencies are satisfied. In August 2020, the Partnership executed a $10.4 million equity commitment to fund construction of the Vantage at Tomball multifamily property. Activity in the First Nine 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. In September 2019, the membership interests of Vantage at Panama City Beach were sold to an unrelated third party. The Partnership received cash of approximately $22.7 million upon sale. The Partnership recognized approximately $547,000 of investment income and approximately $10.5 million of gain on sale of investment in an unconsolidated entity associated with the sale. The Partnership may also be entitled to receive up to $325,000 of additional proceeds if certain gain contingencies are satisfied. The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Property Revenues $ 3,501,288 $ 3,713,106 $ 8,971,999 $ 9,534,250 Gain on sale of property $ 372,974 $ 22,556,694 $ 6,635,966 $ 22,556,694 Net income (loss) $ (1,495,383 ) $ 21,606,621 $ 341,905 $ 20,918,176

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 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 Centennial Crossings (1) 3,017,729 - 3,017,729 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Live 929 Apartments 811,706 (811,706 ) - Ohio Properties 2,390,446 - 2,390,446 Scharbauer Flats Apartments (1) 2,309,613 - 2,309,613 Total $ 21,126,239 $ (8,205,520 ) $ 12,920,719 (1) 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 The Partnership recognized a provision for loan loss and associated loan loss allowance of approximately $812,000 for the three and nine months ended September 30, 2020 related to Live 929 Apartments property loan as the Partnership determined it was probable the outstanding balance will not be collectible. The interest to be earned on the Live 929 Apartments and Cross Creek property loans was on nonaccrual status for the three and nine months ended September 30, 2020 and 2019. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest earned since inception was not probable. In addition, for the three and nine months ended September 30, 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. Activity in the First Nine Months of 2020 Concurrent with the acquisition of its GILs (see Note 7), the Partnership has committed to provide property loans for the construction of the underlying properties on a draw-down basis. The property loans and associated GILs are share a first mortgage lien position on all real and personal property associated with the underlying property Affiliates of the borrower have guaranteed payment of principal and accrued interest on the GILs 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. As of September 30, 2020 Property Name Date Committed Maturity Date Outstanding Balance Maximum Remaining Commitment Scharbauer Flats Apartments June 2020 1/1/2023 (1) $ 2,309,613 $ 21,850,387 Oasis at Twin Lakes July 2020 8/1/2023 (2) - 27,704,180 Centennial Crossings August 2020 9/1/2023 (2) 3,017,729 21,232,271 $ 5,327,342 $ 70,786,838 (1) (2) During the third quarter of 2020, the Partnership advanced Live 929 Apartments approximately $406,000 under the secured property loan entered into in August 2019. Activity in the First Nine 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 are reported as “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). In August 2019, the Partnership entered into a secured property loan with Live 929 Apartments. The property may request additional advances for the sole purpose of funding monthly operating shortfalls up to a total loan amount of $1.0 million. The property loan is subordinate to the MRBs associated with the property and has a stated maturity date of July 31, 2049.

Income Tax Provision

Income Tax Provision	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Current income tax expense (benefit) $ (33,618 ) $ 13,932 $ 107,681 $ 129,095 Deferred income tax benefit (34,601 ) (82,167 ) (66,482 ) (138,331 ) Total income tax expense (benefit) $ (68,219 ) $ (68,235 ) $ 41,199 $ (9,236 ) The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable. There was no valuation allowance recorded as of September 30, 2020 and December 31, 2019.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2020
Other Assets [Abstract]
Other Assets	13. Other Assets The following table summarizes the other assets as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Deferred financing costs, net $ 430,578 $ 353,862 Fair value of derivative instruments (Note 18) 155,457 10,911 Taxable mortgage revenue bonds, at fair value 1,486,883 1,383,237 Bond purchase commitments, at fair value (Note 19) 256,222 - Operating lease right-of-use assets, net 1,650,360 1,673,242 Other assets 1,429,116 1,641,099 Total other assets $ 5,408,616 $ 5,062,351 As of September 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 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. The following table includes details of the taxable MRB acquired during the nine months ended September 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Principal Acquired Ocotillo Springs - Series A-T July Brawley, CA 75 8/1/2022 4.91% (1) $ - (2) (1) The taxable MRB has a variable interest rate equal to the 1-month LIBOR plus 3.55%, subject to a floor of 4.91%. (2) The Partnership has committed to provide total funding of the taxable MRB up to $7.0 million during construction and lease-up of the property on a drawdown basis. No funds have been advanced as of September 30, 2020.

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Accounts payable $ 425,445 $ 93,834 Accrued expenses 2,950,430 2,529,982 Accrued interest expense 3,037,449 2,690,076 Operating lease liabilities 2,142,308 2,138,783 Other liabilities 1,441,582 1,583,492 Total accounts payable, accrued expenses and other liabilities $ 9,997,214 $ 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 September 30, 2020: Remainder of 2020 $ 33,785 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,274 Total 5,113,093 Less: Amount representing interest (2,970,785 ) Total operating lease liabilities $ 2,142,308

Unsecured Lines of Credit

Unsecured Lines of Credit	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: Outstanding Debt Financings as of September 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,134,588 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,624,164 4,999 2014 July 2024 Weekly SIFMA 0.15% 1.38% 1.53% Fixed - M33 30,941,969 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 216,280,562 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,135,193 78,729,063 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,756,362 - 2020 July 2022 Weekly SIFMA 0.37% 0.89% 1.26% Variable - TOB 122,881,252 - 2019 July 2023 Weekly SIFMA 0.32% - 0.54% 1.17% - 1.67% 1.49% - 2.21% Variable - TOB 60,477,672 - 2020 September 2023 (4) Weekly OBFR 0.37% 0.89% 1.26% Morgan Stanley: Fixed - Term TOB 13,016,939 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 667,248,701 (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) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2020. (4) Date represents the stated maturity date of the related liquidity and credit enhancement facilities which is the effective maturity of the TOB Trust financing. 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, Note 7 for information regarding the GILs securitized within each TOB Trust Financing, and Note 11 for information regarding the property loans securitized within each 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 September 30, 2020 and December 31, 2019, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. The restricted cash associated with the Secured Notes is collateral posted with Mizuho according to the terms of two total return swaps that have the Secured Notes as the reference security (see Note 18). 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, GILs and property loans in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of September 30, 2020 and December 31, 2019. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, GILs, and property loans. 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 all covenants as of September 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 all covenants as of September 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 Nine Months of 2020 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the first nine months of 2020: TOB Trusts Securitization 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% Ocotillo Springs - Series A 1,818,000 July 2022 Weekly SIFMA 0.89% Oasis at Twin Lakes GIL (1) 11,160,000 July 2023 Weekly SIFMA 0.89% Scharbauer Flats Apartments GIL (1) 36,000,000 July 2023 Weekly SIFMA 0.89% Centennial Crossings GIL (1) 8,707,000 August 2023 Weekly SIFMA 0.89% Scharbauer Flats, Twin Lakes, & Centennial Crossings GILs (1) 55,870,000 September 2023 Weekly OBFR 0.89% Scharbauer Flats & Centennial Crossings Property Loans 4,790,000 September 2023 Weekly OBFR 0.89% Total TOB Trust Financing $ 173,731,000 (1) In September 2020, ATAX TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, issued Secured Notes to Mizuho with an aggregate principal amount of $103.5 million. The Secured Notes Refinancing Activity: In July 2020, the Partnership extended the maturity dates of all Mizuho TOB Trust financings with stated maturity dates of 2021 to July 2023. There were no additional changes to terms or fees associated with the amendments. Redemptions: 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 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 and Term 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 Activity in the First Nine Months of 2019 New Debt Financings: In February 2019, the Partnership entered into two Term A/B Trusts financings secured by MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing 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 During the third quarter of 2019, The Partnership entered into various TOB Trust financings with Mizuho secured by MRBs and PHC Certificates. The following table summarizes the gross principal and terms of the TOB Trusts: TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total TOB Trust Financing $ 104,056,000 Refinancing Activity: In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000 , which will be amortized using the effective interest method through the term of the agreement. Redemptions: The following debt financing facilities were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300 Future Maturities The Partnership’s contractual maturities of borrowings as of September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 1,650,787 2021 6,129,456 2022 21,232,689 2023 187,223,816 2024 87,839,152 Thereafter 365,616,422 Total 669,692,322 Unamortized deferred financing costs and debt premium (2,443,621 ) Total debt financing, net $ 667,248,701
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 September 30, 2020 and December 31, 2019: Unsecured Lines of Credit Outstanding as of September 30, 2020 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 11,843,000 $ 50,000,000 June 2022 Variable (1) Monthly 2.66 % Bankers Trust operating - 10,000,000 June 2022 Variable (1) Monthly 3.41 % Total unsecured lines of credit $ 11,843,000 $ 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 September 30, 2020 are due in December 2020 and March 2021, though the Partnership may extend final repayment of the amounts due in March 2021 to December 2021 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 September 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 fourth quarter of 2020 repayment obligation as it maintained a zero balance in the operating LOC for fifteen consecutive days during October 2020.

Debt Financing

Debt Financing	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: Outstanding Debt Financings as of September 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,134,588 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,624,164 4,999 2014 July 2024 Weekly SIFMA 0.15% 1.38% 1.53% Fixed - M33 30,941,969 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 216,280,562 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,135,193 78,729,063 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,756,362 - 2020 July 2022 Weekly SIFMA 0.37% 0.89% 1.26% Variable - TOB 122,881,252 - 2019 July 2023 Weekly SIFMA 0.32% - 0.54% 1.17% - 1.67% 1.49% - 2.21% Variable - TOB 60,477,672 - 2020 September 2023 (4) Weekly OBFR 0.37% 0.89% 1.26% Morgan Stanley: Fixed - Term TOB 13,016,939 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 667,248,701 (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) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2020. (4) Date represents the stated maturity date of the related liquidity and credit enhancement facilities which is the effective maturity of the TOB Trust financing. 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, Note 7 for information regarding the GILs securitized within each TOB Trust Financing, and Note 11 for information regarding the property loans securitized within each 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 September 30, 2020 and December 31, 2019, the Partnership posted restricted cash as contractually required under the terms of the four TEBS Financings. The restricted cash associated with the Secured Notes is collateral posted with Mizuho according to the terms of two total return swaps that have the Secured Notes as the reference security (see Note 18). 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, GILs and property loans in relation to thresholds set by Mizuho. There was no requirement to post collateral for the TOB Trusts with Mizuho as of September 30, 2020 and December 31, 2019. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, GILs, and property loans. 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 all covenants as of September 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 all covenants as of September 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 Nine Months of 2020 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the first nine months of 2020: TOB Trusts Securitization 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% Ocotillo Springs - Series A 1,818,000 July 2022 Weekly SIFMA 0.89% Oasis at Twin Lakes GIL (1) 11,160,000 July 2023 Weekly SIFMA 0.89% Scharbauer Flats Apartments GIL (1) 36,000,000 July 2023 Weekly SIFMA 0.89% Centennial Crossings GIL (1) 8,707,000 August 2023 Weekly SIFMA 0.89% Scharbauer Flats, Twin Lakes, & Centennial Crossings GILs (1) 55,870,000 September 2023 Weekly OBFR 0.89% Scharbauer Flats & Centennial Crossings Property Loans 4,790,000 September 2023 Weekly OBFR 0.89% Total TOB Trust Financing $ 173,731,000 (1) In September 2020, ATAX TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, issued Secured Notes to Mizuho with an aggregate principal amount of $103.5 million. The Secured Notes Refinancing Activity: In July 2020, the Partnership extended the maturity dates of all Mizuho TOB Trust financings with stated maturity dates of 2021 to July 2023. There were no additional changes to terms or fees associated with the amendments. Redemptions: 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 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 and Term 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 Activity in the First Nine Months of 2019 New Debt Financings: In February 2019, the Partnership entered into two Term A/B Trusts financings secured by MRBs. The following table summarizes the gross principal and terms of the Term A/B Trusts: Term A/B Trusts Securitization Outstanding Term A/B Trust Financing 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 During the third quarter of 2019, The Partnership entered into various TOB Trust financings with Mizuho secured by MRBs and PHC Certificates. The following table summarizes the gross principal and terms of the TOB Trusts: TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total TOB Trust Financing $ 104,056,000 Refinancing Activity: In July 2019, the Partnership refinanced the M24 TEBS Financing with Freddie Mac. The M24 TEBS Financing was converted to a fixed interest rate of 3.05%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to May 2027. The refinancing was treated as an extinguishment for accounting purposes and the Partnership capitalized approximately $307,000 as deferred financing costs related to the refinancing. In July 2019, the Partnership refinanced the M33 TEBS Financing with Freddie Mac. The M33 TEBS Financing converted to a fixed interest rate of 3.24%, which is inclusive of credit enhancement and servicing fees, and the stated maturity was extended to September 2030. The refinancing was treated as an extinguishment for accounting purposes and the Partnership expensed approximately $496,000 of previously unamortized deferred financing costs associated with the M33 TEBS Financing. The Partnership capitalized approximately $265,000 as deferred financing costs related to the refinancing. The Partnership received premium proceeds upon refinancing of approximately $435,000 , which will be amortized using the effective interest method through the term of the agreement. Redemptions: The following debt financing facilities were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300 Future Maturities The Partnership’s contractual maturities of borrowings as of September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 1,650,787 2021 6,129,456 2022 21,232,689 2023 187,223,816 2024 87,839,152 Thereafter 365,616,422 Total 669,692,322 Unamortized deferred financing costs and debt premium (2,443,621 ) Total debt financing, net $ 667,248,701

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: MF Property Mortgage Payables Outstanding Mortgage Payable as of September 30, 2020, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Period End Rate The 50/50 MF Property--TIF Loan $ 2,680,639 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,595,251 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,275,890 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 Nine 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 September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 287,779 2021 832,032 2022 869,313 2023 908,265 2024 946,246 Thereafter 22,433,983 Total 26,277,618 Unamortized deferred financing costs (1,728 ) Total mortgages payable and other secured financings, net $ 26,275,890

Derivative Financial Instrument

Derivative Financial Instruments	9 Months Ended
	Sep. 30, 2020
Interest Rate Derivatives [Abstract]
Derivative Financial Instruments	18. Derivative Financial Instruments In September 2020, the Partnership entered into two total return swap transactions. The following table summarizes the terms of the Partnership’s total return swaps as of September 30, 2020: Purchase Date Notional Amount Effective Date Termination Date Period End Variable Rate Paid Period End Variable Rate Received Variable Rate Index Counterparty Fair Value as of September 30, 2020 Sept 2020 40,000,000 Sept 2020 Sept 2025 4.25% (1) 9.22% (3) 3-month LIBOR Mizuho Capital Markets $ 38,675 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00% (2) 9.22% (3) 3-month LIBOR Mizuho Capital Markets 101,525 $ 140,200 (1) (2) (3) Each of the total return swaps have the Partnership’s Secured Notes with Mizuho as the specified reference security (see Note 16). The combined notional amount of the total return swaps is $103.5 million, which is the same as the principal balance of the Secured Notes. The rate received on each total return swap is equal to the interest rate on the Secured Notes such that they offset one another, resulting in a net interest cost equal to the rate paid on each total return swap. Under the total return swaps, the Partnership is liable for any decline in the value of the Secured Notes. If the fair value of the underlying Secured Notes is less than the outstanding principal balance, the Partnership is required to post additional cash collateral equal to the amount of the deficit. Such a deficit will also be reflected in the fair value of the total return swaps. The Partnership was required to initially fund cash collateral with Mizuho for each total return swap. The total return swap with a notional amount of $40.0 million, requires the Partnership to maintain cash collateral equal to 35% of the notional amount, which was approximately $14.0 million as of September 30, 2020. The second total return swap with a notional amount of $63.5 million, requires the Partnership to maintain cash collateral equal to 100% of the notional amount, which was approximately $63.5 million as of September 30, 2020. Through March 2022, the Partnership has the option to allocate notional amounts from the second total return swap to the first total return swap, in minimum increments of $10.0 million, and receive net cash proceeds of approximately 65% of the reallocated notional amount. The second total return swap terminates in March 2022 and any remaining cash collateral will be used to pay down the principal balance of the Secured Notes. The following tables summarize the Partnership’s interest rate cap agreements as of September 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 September 30, 2020 Aug 2019 78,362,798 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 15,257 $ 15,257 (1) See Notes 16 and 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 Notes 16 and 23 for additional details. The Partnership’s derivative financial instruments are not designated as hedging instruments and are recorded at fair value. Changes in fair value are included in current period earnings as “Interest expense” on the Partnership’s condensed consolidated statements of operations. See Note 23 for a description of the methodology and significant assumptions for determining the fair value of the derivatives. The derivative financial instruments are presented within “Other assets” on the Partnership’s condensed consolidated balance sheets.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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. Bond Purchase Commitments As part of the Partnership’s strategy of acquiring MRBs, the Partnership will enter into bond purchase commitments related to MRBs to be issued and secured by properties under construction. Upon execution of the bond purchase commitment, the proceeds from the MRBs will be used to pay off the construction related debt. The Partnership bears no construction or stabilization risk during the commitment period. The Partnership accounts for its bond purchase commitments as available-for-sale securities and reports the asset or liability at fair value. Changes in the fair value of bond purchase commitments are recorded in other comprehensive income. The following table summarizes the Partnership’s bond purchase commitments as of September 30, 2020: Bond Purchase Commitments Commitment Date Maximum Committed Amounts Remaining Rate Estimated Closing Date Fair Value as of September 30, 2020 CCBA Senior Garden Apartments July 2020 $ 3,807,000 4.50 % Q3 2022 $ 256,222 Total $ 3,807,000 $ 256,222 Mortgage Revenue Bond and Taxable Mortgage Revenue Bond Commitments The Partnership has committed to fund additional proceeds related to the Ocotillo Springs Series A MRB (see Note 6) and Series A-T taxable MRB (see Note 13) while the property is under construction. The Partnership’s remaining maximum commitments related to the Series A MRB and Series A-T taxable MRB totaled $13.0 million and $7.0 million, respectively, as of September 30, 2020. Governmental Issuer Loan Commitments The Partnership has outstanding commitments to fund the proceeds related to its GILs while the property is under construction. See Note 7 for remaining commitments disclosures. Equity Investment Commitments ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, has outstanding commitments to contribute equity to unconsolidated entities. See Note 10 for additional information. Property Loan Commitments The Partnership has committed to fund additional proceeds related to property loans for Scharbauer Flats Apartments, Oasis at Twin Lakes Apartments and Centennial Crossings Senior Apartments while the properties are under construction. The Partnership’s remaining maximum commitments totaled approximately $70.8 million as of September 30, 2020. See Note 11 for disclosures related to the property loans. 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 September 30, 2020: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of September 30, 2020 Partnership's Maximum Exposure as of September 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 26,665,010 26,665,010 (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 September 30, 2020: Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of September 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	9 Months Ended
	Sep. 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 September 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 September 30, 2020 and December 31, 2019 9,450,000 $ 94,500,000

Restricted Unit Awards

Restricted Unit Awards	9 Months Ended
	Sep. 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. In September 2019, a ll of the restrictions applicable to the previously unvested RUAs lapsed and all such RUAs became immediately vested and nonforfeitable upon the closing of the acquisition of all of the issued and outstanding partnership interests in the General Partner from Burlington Capital LLC by Greystone. 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 $300,000 and $3.3 million for the three months ended September 30, 2020 and 2019, respectively. The compensation expense for RUAs totaled approximately $635,000 and $3.6 million for the nine months ended September 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 nine months ended September 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 September 30, 2020 290,000 $ 4.98 The unrecognized compensation expense related to nonvested RUAs granted under the Plan was $809,000 as of September 30, 2020. The remaining compensation expense is expected to be recognized over a weighted average period of 1.1 years. The total intrinsic value of unvested RUAs was approximately $1.2 million as of September 30, 2020.

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Partnership administrative fees paid to AFCA 2 (1) $ 922,000 $ 914,000 $ 2,653,000 $ 2,714,000 Property management fees paid to an affiliate (2) - 28,000 - 101,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 6,000 12,000 47,000 44,000 (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, GILs, 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, GILs and certain property loans 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, GILs and certain property loans and affiliates for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Non-Partnership property administrative fees received by AFCA 2 (1) 9,000 9,000 $ 27,000 $ 27,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,414,000 - 2,277,000 822,000 (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, GILs, property loans 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 nine months ended September 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 each of the Partnership’s GILs (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 GILs 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 $46,000 and $116,000 as of September 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 $379,000 and $301,000 as of September 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	9 Months Ended
	Sep. 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, Taxable MRBs and Bond Purchase Commitments The fair value of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of September 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 these securities, and price quotes for the securities are not available. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. The valuation methodology considers the underlying characteristics of each security 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 security. The security 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 , taxable MRBs and bond purchase commitments 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 , taxable MRBs and bond purchase commitments are categorized as a Level 3 input. The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of September 30, 2020 and December 31, 2019 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Mortgage revenue bonds 1.5% - 8.8% 2.4% - 8.5% 3.0 % 3.8 % Taxable mortgage revenue bonds 7.6% - 7.7% 8.7% - 8.9% 7.6 % 8.8 % Bond purchase commitments 3.9% N/A 3.9 % N/A (1) Weighted by the total principal outstanding of all the respective securities 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. The valuation methodology 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. Derivative Financial Instruments The effect of the Partnership’s interest rate caps 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 inputs in the interest rate cap agreement 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. The effect of the Partnership’s total return swaps is to lower the net interest rate related to the Partnership’s Secured Notes equal to the notional amount of the derivative instruments. The inputs in the total return swap valuation model include changes in the value of the Secured Notes and the associated changes in value of the underlying assets securing the Secured Notes, accrued and unpaid interest, and any potential gain share amounts. The fair value of the interest rate cap agreements and total return swaps are based on models whose inputs are not observable and therefore are categorized as a Level 3 input. Assets measured at fair value on a recurring basis as of September 30, 2020 are summarized as follows: Fair Value Measurements as of September 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 $ 759,487,301 $ - $ - $ 759,487,301 Mortgage revenue bonds 37,049,300 - - 37,049,300 Bond purchase commitments (reported within other assets) 256,222 - - 256,222 Taxable mortgage revenue bonds (reported within other assets) 1,486,883 - - 1,486,883 Derivative instruments (reported within other assets) 155,457 - - 155,457 Total Assets at Fair Value, net $ 798,435,163 $ - $ - $ 798,435,163 The following table summarizes the activity related to Level 3 assets for the three and nine months ended September 30, 2020: For the Three Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2020 $ 787,624,971 $ - $ - $ 1,456,279 $ 29,826 $ 789,111,076 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 34,954 - - - 125,631 160,585 Included in earnings (impairment of securities and provision for credit loss) (3,463,253 ) - - - - (3,463,253 ) Included in other comprehensive income 18,248,391 256,222 - 32,840 - 18,537,453 Purchases 2,023,500 - - - - 2,023,500 Settlements (7,931,962 ) - - (2,236 ) - (7,934,198 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2020 $ (3,463,253 ) $ - $ - $ - $ (14,569 ) $ (3,477,822 ) (1) For the Nine Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives 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) 90,194 - (7,219 ) - 244,479 327,454 Included in earnings (impairment of securities and provision for credit loss) (5,285,609 ) - - - - (5,285,609 ) Included in earnings (gain on sale of securities) - - 1,416,023 - - 1,416,023 Included in other comprehensive (loss) income 32,457,107 256,222 (1,408,804 ) 110,206 - 31,414,731 Purchases 9,513,450 - - - - 9,513,450 Sale of securities - - (43,349,357 ) - - (43,349,357 ) Settlements (13,836,006 ) - - (6,560 ) (99,933 ) (13,942,499 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2020 $ (5,285,609 ) $ - $ - $ - $ 104,279 $ (5,181,330 ) 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 nine months ended September 30, 2019: For the Three Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,542 2,915 - (68,333 ) (29,876 ) Included in other comprehensive (loss) income 18,886,878 173,374 (11,936 ) - 19,048,316 Purchases - - - 29,527 29,527 Settlements (1,166,407 ) (2,007,937 ) (2,044 ) (26,868 ) (3,203,256 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (68,333 ) $ (68,333 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Nine Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2019 $ 732,153,435 $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 106,909 (795 ) - (458,141 ) (352,027 ) Included in other comprehensive income 41,280,568 788,318 43,438 - 42,112,324 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (15,508,192 ) (4,775,103 ) (25,997 ) (145,414 ) (20,454,706 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (458,141 ) $ (458,141 ) Total gains and losses included in earnings for the derivative financial instruments are reported within “Interest expense” on the Partnership’s condensed consolidated statements of operations. As of September 30, 2020, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s GILs, which is an estimate of their market price. The valuation methodology of the Partnership’s third-party pricing service incorporates commonly used market pricing methods. The valuation methodology considers the underlying characteristics of the GILs as well as other quantitative and qualitative characteristics including, but not limited to, the progress of construction and operations of the underlying properties, the financial capacity of guarantors, and the probability that conditions to Greystone Servicing Company LLC’s commitments to purchase the GILs will be met. Due to the judgments involved, the fair value measurements of the Partnership’s GILs are categorized as a Level 3 input. The fair value of the GILs approximates amortized cost as of September 30, 2020. As of September 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. The valuation methodology 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 September 30 , 2020 and December 31, 201 9 : September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 679,091,701 $ 711,968,025 $ 549,397,421 $ 568,193,494 Mortgages payable and other secured financing 26,275,890 26,277,618 26,802,246 26,812,851

Segments

Segments	9 Months Ended
	Sep. 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, GILs 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 GILs 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 September 30, 2020, the Partnership reported 77 MRBs and three GILs. The Residential Properties financed by MRBs and GILs contain a total of 11,118 and 737 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 September 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 nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues Mortgage Revenue Bond Investments $ 10,763,544 $ 10,383,867 $ 31,216,575 $ 31,074,582 MF Properties 1,548,931 1,974,546 5,358,132 6,002,971 Public Housing Capital Fund Trusts - 589,024 174,470 1,812,779 Other Investments 1,527,472 1,918,265 5,305,324 7,986,302 Total revenues $ 13,839,947 $ 14,865,702 $ 42,054,501 $ 46,876,634 Interest expense Mortgage Revenue Bond Investments $ 4,813,114 $ 5,789,009 $ 14,908,641 $ 16,894,378 MF Properties 292,318 365,995 906,082 1,096,016 Public Housing Capital Fund Trusts - 354,017 197,993 1,120,482 Other Investments - - - - Total interest expense $ 5,105,432 $ 6,509,021 $ 16,012,716 $ 19,110,876 Depreciation expense Mortgage Revenue Bond Investments $ 4,688 $ - $ 10,471 $ - MF Properties 715,095 743,503 2,130,831 2,380,815 Public Housing Capital Fund Trusts - - - - Other Investments - - - - Total depreciation expense $ 719,783 $ 743,503 $ 2,141,302 $ 2,380,815 Net income (loss) Mortgage Revenue Bond Investments $ (1,852,974 ) $ (2,492,643 ) $ 888,856 $ 1,836,196 MF Properties (834,648 ) (434,099 ) (1,172,961 ) (946,230 ) Public Housing Capital Fund Trusts - 235,007 1,390,999 692,297 Other Investments 1,527,605 12,399,638 5,303,194 18,463,643 Net income (loss) $ (1,160,017 ) $ 9,707,903 $ 6,410,088 $ 20,045,906 The following table details total assets for the Partnership’s reportable segments as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Total assets Mortgage Revenue Bond Investments $ 1,111,594,864 $ 918,301,172 MF Properties 68,432,579 70,569,646 Public Housing Capital Fund Trusts - 43,591,048 Other Investments 99,223,160 87,098,315 Consolidation/eliminations (104,625,735 ) (90,391,673 ) Total assets $ 1,174,624,868 $ 1,029,168,508

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	25. Subsequent Events In October 2020, the Partnership executed an agreement with an affiliate of Greystone, in which the Greystone affiliate is entitled to receive a referral fee equal to 0.25% of the original principal amount of executed tax-exempt loan or tax-exempt bond transactions introduced to the Partnership by the Greystone affiliate.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 TEBS Holdings, LLC, a wholly owned subsidiary of the Partnership, which has issued secured notes (“the Secured Notes”) to Mizuho Capital Markets LLC (“Mizuho”); • 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.
Restricted Cash	Restricted Cash Restricted cash is legally restricted as to its use. The Partnership is required to maintain restricted cash collateral related to its two total return swap transactions (see Note 18). In addition, the Partnership is required to maintain restricted cash balances related to the TEBS Financing facilities, resident security deposits, required maintenance reserves, escrowed funds, and property rehabilitation. Restricted cash is presented with cash and cash equivalents on the Partnership’s condensed consolidated statements of cash flows.
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, but not necessarily limited to, the following: • 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.
Investment in Governmental Issuer Loans	Investment in Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) under the accounting guidance for certain investments in debt and equity securities. The Partnership’s investment in these instruments are classified as held-to-maturity debt securities and are reported at amortized cost. The Partnership periodically reviews its GILs for impairment. The Partnership evaluates whether unrealized losses are considered other-than-temporary impairments based on various factors including, but not necessarily limited to, the following: • 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 a GIL ’s estimated fair value is below amortized cost, and the Partnership does not expect to recover its entire amortiz ed 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 GILs, 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.
Property Loans Net of Loan Loss Allowance	Property Loans, Net of Loan Loss Allowance The Partnership invests in taxable property loans made to the owners of certain multifamily properties. Most of the property loans have been made to multifamily properties that secure MRBs and GILs owned by the Partnership. The Partnership recognizes interest income on the property loans as earned and the interest income is reported within “Other interest income” on the Partnership’s condensed consolidated statements of operations. Interest income is not recognized for property loans that are deemed to be in nonaccrual status. The repayment of these property loans and accrued interest is dependent largely on the cash flows or proceeds upon sale or refinancing of the related property. The Partnership periodically evaluates these loans for potential impairment by estimating the fair value of the related property and comparing the fair value to the outstanding MRBs, GILs or other senior financing, plus the Partnership’s property loans. The Partnership utilizes a discounted cash flow model that considers varying assumptions. The discounted cash flow analysis may assume multiple revenue and expense scenarios, various capitalization rates, and multiple discount rates. The Partnership may also consider other information such as independent appraisals in estimating a property’s fair value. If the estimated fair value of the related property, after deducting the amortized cost basis of the MRB, GIL or other senior financing, exceeds the principal balance of the taxable property loan then no potential loss is indicated and no allowance for loan loss is recorded. If a potential loss is indicated, an allowance for loan loss is recorded against the outstanding loan amount and a loss is realized. The determination of the need for an allowance for loan loss is subject to considerable judgment.
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 September 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.
Risks And Uncertainties	Risks and Uncertainties 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 future 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 GILs, 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, GILs, 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. As of September 30, 2020, the Partnership has yet to observe a significant decline in occupancy or operating results at properties securing its MRBs due to the COVID-19 pandemic, with the exception of the Pro Nova 2014-1 and Live 929 Apartments MRBs which are further discussed in Note 6. Furthermore, the Partnership has observed no material negative trends that potentially indicate impairment of The 50/50 MF Property or properties related to its GILs and investments in unconsolidated entities. The Partnership performed an impairment analysis for the Suites at Paseo MF Property due to a significant decline in occupancy as of September 30, 2020 as a result of COVID-19. The Partnership’s estimates of future undiscounted net cash flows expected to be generated from the use of the asset significantly exceeded the carrying value such that the property was not impaired.
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, the interest receivable on property loans, receivables reported within other assets, financial guarantees and commitments are within the scope of ASU 2016-13. The Partnership has also determined that the GILs and the interest receivable on GILs are within the scope of ASU 2016-13. Furthermore, the Partnership has begun 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. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform—Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”), which provides optional guidance for a limited period meant to ease the potential burden in accounting for, or recognizing the effects of, reform to LIBOR and certain other reference rates. The standard is effective for all entities from March 12, 2020 through December 31, 2022. However, ASU 2020-04 is only applicable to contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform, and that were entered into or evaluated prior to January 1, 2023. The Partnership is currently evaluating the impact that the adoption of ASU 2020-04 will have on its condensed consolidated financial statements.

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 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 and maximum exposure to loss as of September 30, 2020 and December 31, 2019: Maximum Exposure to Loss September 30, 2020 December 31, 2019 Mortgage revenue bonds $ 20,879,500 $ 30,455,000 Governmental issuer loans 62,085,000 - Property loans 5,327,342 - Investment in unconsolidated entities 99,176,922 86,981,864 $ 187,468,764 $ 117,436,864

Investments in Mortgage Reven_2

Investments in Mortgage Revenue Bonds (Tables)	9 Months Ended
	Sep. 30, 2020
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of investments in MRBs	The Partnership had the following investments in MRBs as of September 30, 2020 and December 31, 2019: September 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 $ 10,083,199 $ 2,360,586 $ - $ 12,443,785 Glenview Apartments - Series A (3) CA 4,496,129 973,537 - 5,469,666 Harmony Court Bakersfield - Series A (4) CA 3,676,474 825,077 - 4,501,551 Harmony Terrace - Series A (4) CA 6,805,898 1,638,021 - 8,443,919 Harden Ranch - Series A (2) CA 6,642,011 1,515,729 - 8,157,740 Las Palmas II - Series A (4) CA 1,668,247 387,698 - 2,055,945 Montclair Apartments - Series A (3) CA 2,435,805 588,172 - 3,023,977 Montecito at Williams Ranch Apartments - Series A (6) CA 7,640,285 2,228,796 - 9,869,081 Ocotillo Springs - Series A (6) CA 2,023,500 136,002 - 2,159,502 San Vicente - Series A (4) CA 3,439,838 749,936 - 4,189,774 Santa Fe Apartments - Series A (3) CA 2,950,886 723,204 - 3,674,090 Seasons at Simi Valley - Series A (4) CA 4,248,522 1,148,131 - 5,396,653 Seasons Lakewood - Series A (4) CA 7,249,761 1,744,848 - 8,994,609 Seasons San Juan Capistrano - Series A (4) CA 12,206,230 2,817,981 - 15,024,211 Summerhill - Series A (4) CA 6,330,829 1,390,308 - 7,721,137 Sycamore Walk - Series A (4) CA 3,528,394 824,890 - 4,353,284 The Village at Madera - Series A (4) CA 3,040,730 682,403 - 3,723,133 Tyler Park Townhomes - Series A (2) CA 5,785,729 986,191 - 6,771,920 Vineyard Gardens - Series A (6) CA 3,976,346 1,160,591 - 5,136,937 Westside Village Market - Series A (2) CA 3,780,963 856,081 - 4,637,044 Brookstone (1) IL 7,383,072 2,247,992 - 9,631,064 Copper Gate Apartments (2) IN 5,005,000 683,989 - 5,688,989 Renaissance - Series A (3) LA 10,904,002 3,564,144 - 14,468,146 Live 929 Apartments (6) MD 36,291,223 - - 36,291,223 Woodlynn Village (1) MN 4,146,000 14,592 - 4,160,592 Gateway Village (6) NC 2,600,000 140,475 - 2,740,475 Greens Property - Series A (2) NC 7,856,000 756,805 - 8,612,805 Lynnhaven Apartments (6) NC 3,450,000 186,399 - 3,636,399 Silver Moon - Series A (3) NM 7,714,309 1,874,494 - 9,588,803 Village at Avalon - Series A (5) NM 16,217,931 4,567,604 - 20,785,535 Ohio Properties - Series A (1) OH 13,758,000 63,719 - 13,821,719 Bridle Ridge (1) SC 7,235,000 77,658 - 7,312,658 Columbia Gardens (4) SC 12,941,555 2,668,577 - 15,610,132 Companion at Thornhill Apartments (4) SC 11,086,752 2,194,358 - 13,281,110 Cross Creek (1) SC 6,138,945 2,383,041 - 8,521,986 Rosewood Townhomes - Series A (6) SC 9,266,171 1,987,546 - 11,253,717 South Pointe Apartments - Series A (6) SC 21,567,811 4,626,185 - 26,193,996 The Palms at Premier Park Apartments (2) SC 18,675,219 3,044,617 - 21,719,836 Village at River's Edge (4) SC 9,820,327 1,738,232 - 11,558,559 Willow Run (4) SC 12,762,198 2,451,637 - 15,213,835 Arbors at Hickory Ridge (2) TN 10,948,055 2,529,443 - 13,477,498 Avistar at Copperfield - Series A (6) TX 13,848,985 2,878,107 - 16,727,092 Avistar at the Crest - Series A (2) TX 9,169,185 2,197,370 - 11,366,555 Avistar at the Oaks - Series A (2) TX 7,410,639 1,774,121 - 9,184,760 Avistar at the Parkway - Series A (3) TX 12,755,020 2,772,972 - 15,527,992 Avistar at Wilcrest - Series A (6) TX 5,248,485 965,784 - 6,214,269 Avistar at Wood Hollow - Series A (6) TX 39,851,626 7,804,810 - 47,656,436 Avistar in 09 - Series A (2) TX 6,398,800 1,560,811 - 7,959,611 Avistar on the Boulevard - Series A (2) TX 15,620,696 3,472,860 - 19,093,556 Avistar on the Hills - Series A (2) TX 5,073,490 1,237,538 - 6,311,028 Bruton Apartments (4) TX 17,708,333 3,228,263 - 20,936,596 Concord at Gulfgate - Series A (4) TX 18,842,536 4,685,473 - 23,528,009 Concord at Little York - Series A (4) TX 13,200,088 3,403,013 - 16,603,101 Concord at Williamcrest - Series A (4) TX 20,448,350 5,178,003 - 25,626,353 Crossing at 1415 - Series A (4) TX 7,350,633 1,745,850 - 9,096,483 Decatur Angle (4) TX 22,318,001 5,321,998 - 27,639,999 Esperanza at Palo Alto (4) TX 19,253,807 5,564,002 - 24,817,809 Heights at 515 - Series A (4) TX 6,729,631 1,540,848 - 8,270,479 Heritage Square - Series A (3) TX 10,608,706 2,082,726 - 12,691,432 Oaks at Georgetown - Series A (4) TX 12,161,844 2,269,126 - 14,430,970 Runnymede (1) TX 9,865,000 212,185 - 10,077,185 Southpark (1) TX 11,603,714 2,079,073 - 13,682,787 15 West Apartments (4) WA 9,622,192 3,105,572 - 12,727,764 Mortgage revenue bonds held in trust $ 632,867,107 $ 126,620,194 $ - $ 759,487,301 (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 ) MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 1 6 ( 5 ) ( 6 ) September 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 CA $ 6,720,000 $ 2,263,726 $ - $ 8,983,726 Solano Vista - Series A CA 2,665,000 870,630 - 3,535,630 Greens Property - Series B NC 926,759 121,965 - 1,048,724 Arby Road Apartments - Series A NV 7,475,000 15,996 - 7,490,996 Ohio Properties - Series B OH 3,490,490 14,476 - 3,504,966 Rosewood Townhomes - Series B SC 469,855 2,694 - 472,549 South Pointe Apartments - Series B SC 1,099,660 6,305 - 1,105,965 Pro Nova 2014-1 TN 8,196,200 - - 8,196,200 Avistar at the Crest - Series B TX 737,241 133,980 - 871,221 Avistar at the Oaks - Series B TX 539,614 94,852 - 634,466 Avistar at the Parkway - Series B TX 124,059 42,955 - 167,014 Avistar in 09 - Series B TX 445,133 79,970 - 525,103 Avistar on the Boulevard - Series B TX 438,071 74,669 - 512,740 Mortgage revenue bonds held by the Partnership $ 33,327,082 $ 3,722,218 $ - $ 37,049,300 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 debt 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 debt financing transaction, see Note 16 (7) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, see Note 16 (8) As of the date presented, the MRB had been in a cumulative unrealized loss position 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 nine months ended September 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Principal Acquired 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 Ocotillo Springs - Series A (2) July Brawley, CA 75 8/1/2037 4.55% (3) 2,023,500 $ 9,498,500 Acquisitions: The following MRBs were acquired at prices that approximated the principal outstanding during the nine months ended September 30, 2019: Property Name Month Acquired Property Location Units Maturity Date 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 MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2020: Property Name Month Redeemed Property Location Units Original Maturity Date Interest Rate Principal Outstanding at Date of Redemption Solano Vista - Series B January Vallejo, CA 96 1/1/2021 5.85 % $ 3,103,000 Montevista - Series B August San Pablo, CA 82 7/1/2021 8.00 % 6,480,000 $ 9,583,000 Redemptions: The following MRBs were redeemed at prices that approximated the Partnership’s carrying value plus accrued interest during the nine months ended September 30, 2019: Property Name Month Redeemed Property Location Units Original Maturity Date 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 nine months ended September 30, 2019. The principal outstanding on the Series B MRBs were collapsed into the principal outstanding on the associated Series A MRBs and the Series B MRBs were eliminated. No cash was paid or received on restructuring. The terms of the Series B MRBs that were eliminated are as follows: Property Name Month Restructured Property Location Units Maturity Date 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 Loans (Tabl

Governmental Issuer Loans (Tables)	9 Months Ended
	Sep. 30, 2020
Governmental Issuer Loans [Abstract]
Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans	The Partnership had the following investments and remaining funding commitments related to its GIL s as of September 30, 2020: As of September 30, 2020 Property Name Date Acquired Property Location Units Maturity Date Variable Interest Rate Current Interest Rate Amortized Cost Maximum Remaining Commitment Scharbauer Flats Apartments June 2020 Midland, TX 300 1/1/2023 (1) SIFMA + 3.10% 3.22% $ 40,000,000 $ - Oasis at Twin Lakes July 2020 Roseville, MN 228 8/1/2023 (2) SIFMA + 3.25% (3), (4) 3.75% 12,410,000 21,590,000 Centennial Crossings August 2020 Centennial, CO 209 9/1/2023 (2) SIFMA + 2.75% (4) 3.25% 9,675,000 23,405,000 $ 62,085,000 $ 44,995,000 (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. (2) The borrower may extend the maturity date to for a period not to exceed six months upon payment of a non-refundable extension fee. (3) The variable rate decreases to SIFMA plus 2.25% upon completion of construction. (4) The SIFMA index interest rate component is subject to a floor of 0.50%.

Public Housing Capital Fund T_2

Public Housing Capital Fund Trust ( "PHC") Certificates (Tables)	9 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: Real Estate Assets as of September 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 $ 39,349,880 $ 42,549,148 The 50/50 MF Property Lincoln, NE 475 - 32,940,854 32,940,854 Land held for development (1) 1,675,997 - 1,675,997 $ 77,165,999 Less accumulated depreciation (17,486,887 ) Total real estate assets $ 59,679,112 (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)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019 and remaining equity commitment amounts as of September 30, 2020: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of September 30, 2020 Carrying Value as of December 31, 2019 Maximum Remaining Equity Commitment as of September 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 12,425,000 11,745,155 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 N/A 14,564,613 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 10,151,000 8,078,519 - Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 8,043,132 5,016,811 - Vantage at Westover Hills San Antonio, TX 288 January 2020 N/A 7,824,302 - - Vantage at Tomball Tomball, TX 288 August 2020 N/A 6,455,139 - 4,056,333 3,180 $ 99,176,922 $ 86,981,864 $ 4,056,333
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 nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Property Revenues $ 3,501,288 $ 3,713,106 $ 8,971,999 $ 9,534,250 Gain on sale of property $ 372,974 $ 22,556,694 $ 6,635,966 $ 22,556,694 Net income (loss) $ (1,495,383 ) $ 21,606,621 $ 341,905 $ 20,918,176

Property Loans, Net of Loan L_2

Property Loans, Net of Loan Loss Allowances (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 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 Centennial Crossings (1) 3,017,729 - 3,017,729 Cross Creek 11,101,887 (7,393,814 ) 3,708,073 Greens Property 850,000 - 850,000 Live 929 Apartments 811,706 (811,706 ) - Ohio Properties 2,390,446 - 2,390,446 Scharbauer Flats Apartments (1) 2,309,613 - 2,309,613 Total $ 21,126,239 $ (8,205,520 ) $ 12,920,719 (1) 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
Summary of Property Loans and Remaining Funding Commitments	The following is a summary of property loans, and the remaining funding commitments, that were entered into during the first nine months of 2020 As of September 30, 2020 Property Name Date Committed Maturity Date Outstanding Balance Maximum Remaining Commitment Scharbauer Flats Apartments June 2020 1/1/2023 (1) $ 2,309,613 $ 21,850,387 Oasis at Twin Lakes July 2020 8/1/2023 (2) - 27,704,180 Centennial Crossings August 2020 9/1/2023 (2) 3,017,729 21,232,271 $ 5,327,342 $ 70,786,838 (1) (2)

Income Tax Provision (Tables)

Income Tax Provision (Tables)	9 Months Ended
	Sep. 30, 2020
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	The following table summarizes income tax expense (benefit) for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Current income tax expense (benefit) $ (33,618 ) $ 13,932 $ 107,681 $ 129,095 Deferred income tax benefit (34,601 ) (82,167 ) (66,482 ) (138,331 ) Total income tax expense (benefit) $ (68,219 ) $ (68,235 ) $ 41,199 $ (9,236 )

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2020
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the other assets as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Deferred financing costs, net $ 430,578 $ 353,862 Fair value of derivative instruments (Note 18) 155,457 10,911 Taxable mortgage revenue bonds, at fair value 1,486,883 1,383,237 Bond purchase commitments, at fair value (Note 19) 256,222 - Operating lease right-of-use assets, net 1,650,360 1,673,242 Other assets 1,429,116 1,641,099 Total other assets $ 5,408,616 $ 5,062,351
Summary of Taxable MRB Acquired	The following table includes details of the taxable MRB acquired during the nine months ended September 30, 2020: Property Name Month Acquired Property Location Units Maturity Date Interest Rate Principal Acquired Ocotillo Springs - Series A-T July Brawley, CA 75 8/1/2022 4.91% (1) $ - (2) (1) The taxable MRB has a variable interest rate equal to the 1-month LIBOR plus 3.55%, subject to a floor of 4.91%. (2) The Partnership has committed to provide total funding of the taxable MRB up to $7.0 million during construction and lease-up of the property on a drawdown basis. No funds have been advanced as of September 30, 2020.

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Accounts payable $ 425,445 $ 93,834 Accrued expenses 2,950,430 2,529,982 Accrued interest expense 3,037,449 2,690,076 Operating lease liabilities 2,142,308 2,138,783 Other liabilities 1,441,582 1,583,492 Total accounts payable, accrued expenses and other liabilities $ 9,997,214 $ 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 September 30, 2020: Remainder of 2020 $ 33,785 2021 136,366 2022 139,091 2023 141,871 2024 144,706 Thereafter 4,517,274 Total 5,113,093 Less: Amount representing interest (2,970,785 ) Total operating lease liabilities $ 2,142,308

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: Unsecured Lines of Credit Outstanding as of September 30, 2020 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 11,843,000 $ 50,000,000 June 2022 Variable (1) Monthly 2.66 % Bankers Trust operating - 10,000,000 June 2022 Variable (1) Monthly 3.41 % Total unsecured lines of credit $ 11,843,000 $ 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)	9 Months Ended
	Sep. 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 September 30, 2020 and December 31, 2019: Outstanding Debt Financings as of September 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,134,588 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,624,164 4,999 2014 July 2024 Weekly SIFMA 0.15% 1.38% 1.53% Fixed - M33 30,941,969 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 216,280,562 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,135,193 78,729,063 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,756,362 - 2020 July 2022 Weekly SIFMA 0.37% 0.89% 1.26% Variable - TOB 122,881,252 - 2019 July 2023 Weekly SIFMA 0.32% - 0.54% 1.17% - 1.67% 1.49% - 2.21% Variable - TOB 60,477,672 - 2020 September 2023 (4) Weekly OBFR 0.37% 0.89% 1.26% Morgan Stanley: Fixed - Term TOB 13,016,939 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 667,248,701 (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) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2020. (4) Date represents the stated maturity date of the related liquidity and credit enhancement facilities which is the effective maturity of the TOB Trust financing. 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 Mizuho TOB Trust Financings	The following is a summary of the Mizuho TOB Trust financings that were entered into during the first nine months of 2020: TOB Trusts Securitization 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% Ocotillo Springs - Series A 1,818,000 July 2022 Weekly SIFMA 0.89% Oasis at Twin Lakes GIL (1) 11,160,000 July 2023 Weekly SIFMA 0.89% Scharbauer Flats Apartments GIL (1) 36,000,000 July 2023 Weekly SIFMA 0.89% Centennial Crossings GIL (1) 8,707,000 August 2023 Weekly SIFMA 0.89% Scharbauer Flats, Twin Lakes, & Centennial Crossings GILs (1) 55,870,000 September 2023 Weekly OBFR 0.89% Scharbauer Flats & Centennial Crossings Property Loans 4,790,000 September 2023 Weekly OBFR 0.89% Total TOB Trust Financing $ 173,731,000 (1) TOB Trusts Securitization Outstanding TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees Rosewood Townhomes $ 7,715,000 July 2020 Weekly SIFMA 1.17% South Pointe Apartments 18,035,000 July 2020 Weekly SIFMA 1.17% Live 929 Apartments 31,800,000 August 2020 Weekly SIFMA 1.66% Montecito at Williams Ranch 6,925,000 August 2020 Weekly SIFMA 1.17% Vineyard Gardens 3,595,000 August 2020 Weekly SIFMA 1.17% PHC Trust I 20,121,000 September 2020 Weekly SIFMA 1.12% PHC Trust II 3,803,000 September 2020 Weekly SIFMA 1.12% PHC Trust III 12,062,000 September 2020 Weekly SIFMA 1.12% Total TOB Trust Financing $ 104,056,000
Summary of Deutsche Bank Term A/B and Term TOB Trust Financings and Debt Financing Facilities Collapsed and Paid Off or Redeemed	The following is a summary of the Deutsche Bank Term A/B and Term 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 debt financing facilities were collapsed and redeemed in full at prices that approximated the Partnership’s carrying value plus accrued interest: Debt Financing Debt Facility Month Paydown Applied Live 929 Apartments Term TOB Trust August 2019 $ 37,553,300 Montecito at Williams Ranch Term A/B Trust August 2019 6,921,000 Vineyard Gardens Term A/B Trust August 2019 3,595,000 PHC Trust I TOB Trust September 2019 19,755,000 PHC Trust II TOB Trust September 2019 3,430,000 PHC Trust III TOB Trust September 2019 11,000,000 $ 82,254,300
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings as of September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 1,650,787 2021 6,129,456 2022 21,232,689 2023 187,223,816 2024 87,839,152 Thereafter 365,616,422 Total 669,692,322 Unamortized deferred financing costs and debt premium (2,443,621 ) Total debt financing, net $ 667,248,701

Mortgages Payable and Other S_2

Mortgages Payable and Other Secured Financing (Tables)	9 Months Ended
	Sep. 30, 2020
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of September 30, 2020 and December 31, 2019: Outstanding Debt Financings as of September 30, 2020, net Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 40,134,588 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,624,164 4,999 2014 July 2024 Weekly SIFMA 0.15% 1.38% 1.53% Fixed - M33 30,941,969 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 216,280,562 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,135,193 78,729,063 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,756,362 - 2020 July 2022 Weekly SIFMA 0.37% 0.89% 1.26% Variable - TOB 122,881,252 - 2019 July 2023 Weekly SIFMA 0.32% - 0.54% 1.17% - 1.67% 1.49% - 2.21% Variable - TOB 60,477,672 - 2020 September 2023 (4) Weekly OBFR 0.37% 0.89% 1.26% Morgan Stanley: Fixed - Term TOB 13,016,939 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 667,248,701 (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) The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2020. (4) Date represents the stated maturity date of the related liquidity and credit enhancement facilities which is the effective maturity of the TOB Trust financing. 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 September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 1,650,787 2021 6,129,456 2022 21,232,689 2023 187,223,816 2024 87,839,152 Thereafter 365,616,422 Total 669,692,322 Unamortized deferred financing costs and debt premium (2,443,621 ) Total debt financing, net $ 667,248,701
Mortgages payable [Member]
Schedule of Total Debt Financing	The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of September 30, 2020 and December 31, 2019: MF Property Mortgage Payables Outstanding Mortgage Payable as of September 30, 2020, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Period End Rate The 50/50 MF Property--TIF Loan $ 2,680,639 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,595,251 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 26,275,890 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 September 30, 2020 for the twelve-month periods ending December 31 st Remainder of 2020 $ 287,779 2021 832,032 2022 869,313 2023 908,265 2024 946,246 Thereafter 22,433,983 Total 26,277,618 Unamortized deferred financing costs (1,728 ) Total mortgages payable and other secured financings, net $ 26,275,890

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Total Return Swaps [Member]
Summary of Partnership's Derivative Instruments	The following table summarizes the terms of the Partnership’s total return swaps as of September 30, 2020: Purchase Date Notional Amount Effective Date Termination Date Period End Variable Rate Paid Period End Variable Rate Received Variable Rate Index Counterparty Fair Value as of September 30, 2020 Sept 2020 40,000,000 Sept 2020 Sept 2025 4.25% (1) 9.22% (3) 3-month LIBOR Mizuho Capital Markets $ 38,675 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00% (2) 9.22% (3) 3-month LIBOR Mizuho Capital Markets 101,525 $ 140,200 (1) (2) (3)
Interest Rate Cap Agreements [Member]
Summary of Partnership's Derivative Instruments	The following tables summarize the Partnership’s interest rate cap agreements as of September 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 September 30, 2020 Aug 2019 78,362,798 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 15,257 $ 15,257 (1) See Notes 16 and 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 Notes 16 and 23 for additional details.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments And Contingencies Disclosure [Abstract]
Summary of Partnership's Bond Purchase Commitments	The following table summarizes the Partnership’s bond purchase commitments as of September 30, 2020: Bond Purchase Commitments Commitment Date Maximum Committed Amounts Remaining Rate Estimated Closing Date Fair Value as of September 30, 2020 CCBA Senior Garden Apartments July 2020 $ 3,807,000 4.50 % Q3 2022 $ 256,222 Total $ 3,807,000 $ 256,222
Summary of Partnership's Maximum Exposure Under Guarantee Agreements	The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of September 30, 2020: Borrower Year the Guarantee was Executed Maximum Balance Available on Construction Loan Construction Loan Balance as of September 30, 2020 Partnership's Maximum Exposure as of September 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 26,665,010 26,665,010 (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 September 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)	9 Months Ended
	Sep. 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 September 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 September 30, 2020 and December 31, 2019 9,450,000 $ 94,500,000

Restricted Unit Awards (Tables)

Restricted Unit Awards (Tables)	9 Months Ended
	Sep. 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 nine months ended September 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 September 30, 2020 290,000 $ 4.98

Transactions with Related Par_2

Transactions with Related Parties (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Partnership administrative fees paid to AFCA 2 (1) $ 922,000 $ 914,000 $ 2,653,000 $ 2,714,000 Property management fees paid to an affiliate (2) - 28,000 - 101,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (3) 6,000 12,000 47,000 44,000 (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, GILs, 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, GILs and certain property loans and affiliates for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Non-Partnership property administrative fees received by AFCA 2 (1) 9,000 9,000 $ 27,000 $ 27,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,414,000 - 2,277,000 822,000 (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, GILs, property loans and investments in unconsolidated entities.

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Measurements [Abstract]
Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments	The range of effective yields and weighted average effective yields of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments as of September 30, 2020 and December 31, 2019 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type September 30, 2020 December 31, 2019 September 30, 2020 December 31, 2019 Mortgage revenue bonds 1.5% - 8.8% 2.4% - 8.5% 3.0 % 3.8 % Taxable mortgage revenue bonds 7.6% - 7.7% 8.7% - 8.9% 7.6 % 8.8 % Bond purchase commitments 3.9% N/A 3.9 % N/A (1) Weighted by the total principal outstanding of all the respective securities as of the reporting date
Summary of Assets Measured at Fair Value on Recurring Basis	Assets measured at fair value on a recurring basis as of September 30, 2020 are summarized as follows: Fair Value Measurements as of September 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 $ 759,487,301 $ - $ - $ 759,487,301 Mortgage revenue bonds 37,049,300 - - 37,049,300 Bond purchase commitments (reported within other assets) 256,222 - - 256,222 Taxable mortgage revenue bonds (reported within other assets) 1,486,883 - - 1,486,883 Derivative instruments (reported within other assets) 155,457 - - 155,457 Total Assets at Fair Value, net $ 798,435,163 $ - $ - $ 798,435,163 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 nine months ended September 30, 2020: For the Three Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2020 $ 787,624,971 $ - $ - $ 1,456,279 $ 29,826 $ 789,111,076 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 34,954 - - - 125,631 160,585 Included in earnings (impairment of securities and provision for credit loss) (3,463,253 ) - - - - (3,463,253 ) Included in other comprehensive income 18,248,391 256,222 - 32,840 - 18,537,453 Purchases 2,023,500 - - - - 2,023,500 Settlements (7,931,962 ) - - (2,236 ) - (7,934,198 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of losses for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2020 $ (3,463,253 ) $ - $ - $ - $ (14,569 ) $ (3,477,822 ) (1) For the Nine Months Ended September 30, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives 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) 90,194 - (7,219 ) - 244,479 327,454 Included in earnings (impairment of securities and provision for credit loss) (5,285,609 ) - - - - (5,285,609 ) Included in earnings (gain on sale of securities) - - 1,416,023 - - 1,416,023 Included in other comprehensive (loss) income 32,457,107 256,222 (1,408,804 ) 110,206 - 31,414,731 Purchases 9,513,450 - - - - 9,513,450 Sale of securities - - (43,349,357 ) - - (43,349,357 ) Settlements (13,836,006 ) - - (6,560 ) (99,933 ) (13,942,499 ) Ending Balance September 30, 2020 $ 796,536,601 $ 256,222 $ - $ 1,486,883 $ 155,457 $ 798,435,163 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on September 30, 2020 $ (5,285,609 ) $ - $ - $ - $ 104,279 $ (5,181,330 ) The following table summarizes the activity related to Level 3 assets and liabilities for the three and nine months ended September 30, 2019: For the Three Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Bonds Interest Rate Derivatives Total Beginning Balance July 1, 2019 $ 759,526,707 $ 46,516,154 $ 1,441,316 $ 118,279 $ 807,602,456 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,542 2,915 - (68,333 ) (29,876 ) Included in other comprehensive (loss) income 18,886,878 173,374 (11,936 ) - 19,048,316 Purchases - - - 29,527 29,527 Settlements (1,166,407 ) (2,007,937 ) (2,044 ) (26,868 ) (3,203,256 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (68,333 ) $ (68,333 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. For the Nine Months Ended September 30, 2019 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2019 $ 732,153,435 $ 48,672,086 $ 1,409,895 $ 626,633 $ 782,862,049 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 106,909 (795 ) - (458,141 ) (352,027 ) Included in other comprehensive income 41,280,568 788,318 43,438 - 42,112,324 Purchases 19,250,000 - - 29,527 19,279,527 Settlements (15,508,192 ) (4,775,103 ) (25,997 ) (145,414 ) (20,454,706 ) Ending Balance September 30, 2019 $ 777,282,720 $ 44,684,506 $ 1,427,336 $ 52,605 $ 823,447,167 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on September 30, 2019 $ - $ - $ - $ (458,141 ) $ (458,141 )
Summary of Fair Value of Partnership's Financial Liabilities	The table below summarizes the fair value of the Partnership’s financial liabilities as of September 30 , 2020 and December 31, 201 9 : September 30, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing and lines of credit $ 679,091,701 $ 711,968,025 $ 549,397,421 $ 568,193,494 Mortgages payable and other secured financing 26,275,890 26,277,618 26,802,246 26,812,851

Segments (Tables)

Segments (Tables)	9 Months Ended
	Sep. 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 nine months ended September 30, 2020 and 2019: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2020 2019 2020 2019 Total revenues Mortgage Revenue Bond Investments $ 10,763,544 $ 10,383,867 $ 31,216,575 $ 31,074,582 MF Properties 1,548,931 1,974,546 5,358,132 6,002,971 Public Housing Capital Fund Trusts - 589,024 174,470 1,812,779 Other Investments 1,527,472 1,918,265 5,305,324 7,986,302 Total revenues $ 13,839,947 $ 14,865,702 $ 42,054,501 $ 46,876,634 Interest expense Mortgage Revenue Bond Investments $ 4,813,114 $ 5,789,009 $ 14,908,641 $ 16,894,378 MF Properties 292,318 365,995 906,082 1,096,016 Public Housing Capital Fund Trusts - 354,017 197,993 1,120,482 Other Investments - - - - Total interest expense $ 5,105,432 $ 6,509,021 $ 16,012,716 $ 19,110,876 Depreciation expense Mortgage Revenue Bond Investments $ 4,688 $ - $ 10,471 $ - MF Properties 715,095 743,503 2,130,831 2,380,815 Public Housing Capital Fund Trusts - - - - Other Investments - - - - Total depreciation expense $ 719,783 $ 743,503 $ 2,141,302 $ 2,380,815 Net income (loss) Mortgage Revenue Bond Investments $ (1,852,974 ) $ (2,492,643 ) $ 888,856 $ 1,836,196 MF Properties (834,648 ) (434,099 ) (1,172,961 ) (946,230 ) Public Housing Capital Fund Trusts - 235,007 1,390,999 692,297 Other Investments 1,527,605 12,399,638 5,303,194 18,463,643 Net income (loss) $ (1,160,017 ) $ 9,707,903 $ 6,410,088 $ 20,045,906 The following table details total assets for the Partnership’s reportable segments as of September 30, 2020 and December 31, 2019: September 30, 2020 December 31, 2019 Total assets Mortgage Revenue Bond Investments $ 1,111,594,864 $ 918,301,172 MF Properties 68,432,579 70,569,646 Public Housing Capital Fund Trusts - 43,591,048 Other Investments 99,223,160 87,098,315 Consolidation/eliminations (104,625,735 ) (90,391,673 ) Total assets $ 1,174,624,868 $ 1,029,168,508

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details)	Sep. 30, 2020USD ($)Property	Dec. 31, 2019USD ($)
Summary Of Significant Accounting Policies [Line Items]
Allowance for loan loss	$ 8,205,520	$ 7,393,814
Property Loans [Member]
Summary Of Significant Accounting Policies [Line Items]
Allowance for potential loss	0
Allowance for loan loss	$ 0
Greens Hold Co [Member]
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties | Property	1
Ownership interest percentage in MF property	100.00%

Partnership Income, Expenses _2

Partnership Income, Expenses and Cash Distributions - Additional Information (Details)	Sep. 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Dilutive BUCs	0	0	0	0

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - Property	Sep. 30, 2020	Dec. 31, 2019
Variable Interest Entities [Abstract]
Number of Variable Interest Entities	20	17

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 187,468,764	$ 117,436,864
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	20,879,500	30,455,000
Governmental Issuer Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	62,085,000
Property Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	5,327,342
Investment in Unconsolidated Entities [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 99,176,922	$ 86,981,864

Investments in Mortgage Reven_3

Investments in Mortgage Revenue Bonds - Schedule of investments in MRBs (Details) - USD ($)		Sep. 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		$ 632,867,107		$ 648,445,150
Cumulative Unrealized Gain		126,620,194		95,795,445
Cumulative Unrealized Loss				(652,880)
Estimated Fair Value		759,487,301		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]	10,083,199		10,147,686
Cumulative Unrealized Gain	[1]	2,360,586		1,602,534
Estimated Fair Value	[1]	12,443,785		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]	4,496,129		4,533,958
Cumulative Unrealized Gain	[2]	973,537		757,900
Estimated Fair Value	[2]	5,469,666		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]	3,676,474		3,699,987
Cumulative Unrealized Gain	[1]	825,077		549,211
Estimated Fair Value	[1]	4,501,551		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]	6,805,898		6,849,214
Cumulative Unrealized Gain	[1]	1,638,021		1,121,262
Estimated Fair Value	[1]	8,443,919		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]	6,642,011		6,700,868
Cumulative Unrealized Gain	[3]	1,515,729		1,281,980
Estimated Fair Value	[3]	8,157,740		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]	1,668,247		1,679,022
Cumulative Unrealized Gain	[1]	387,698		263,441
Estimated Fair Value	[1]	2,055,945		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]	2,435,805		2,456,298
Cumulative Unrealized Gain	[2]	588,172		446,558
Estimated Fair Value	[2]	3,023,977		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		7,640,285	[4]	7,681,146	[5]
Cumulative Unrealized Gain		2,228,796	[4]	1,580,303	[5]
Estimated Fair Value		9,869,081	[4]	9,261,449	[5]
Mortgage Revenue Bonds Held In Trust [Member] | Ocotillo Springs [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	2,023,500
Cumulative Unrealized Gain	[4]	136,002
Estimated Fair Value	[4]	2,159,502
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]	3,439,838		3,462,053
Cumulative Unrealized Gain	[1]	749,936		510,593
Estimated Fair Value	[1]	4,189,774		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]	2,950,886		2,975,713
Cumulative Unrealized Gain	[2]	723,204		540,988
Estimated Fair Value	[2]	3,674,090		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]	4,248,522		4,282,477
Cumulative Unrealized Gain	[1]	1,148,131		860,856
Estimated Fair Value	[1]	5,396,653		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]	7,249,761		7,295,901
Cumulative Unrealized Gain	[1]	1,744,848		1,124,372
Estimated Fair Value	[1]	8,994,609		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]	12,206,230		12,283,916
Cumulative Unrealized Gain	[1]	2,817,981		1,893,075
Estimated Fair Value	[1]	15,024,211		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]	6,330,829		6,371,318
Cumulative Unrealized Gain	[1]	1,390,308		797,228
Estimated Fair Value	[1]	7,721,137		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]	3,528,394		3,559,011
Cumulative Unrealized Gain	[1]	824,890		567,713
Estimated Fair Value	[1]	4,353,284		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]	3,040,730		3,060,177
Cumulative Unrealized Gain	[1]	682,403		454,240
Estimated Fair Value	[1]	3,723,133		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]	5,785,729		5,837,595
Cumulative Unrealized Gain	[3]	986,191		864,894
Estimated Fair Value	[3]	6,771,920		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		3,976,346	[4]	3,995,000	[5]
Cumulative Unrealized Gain		1,160,591	[4]	815,213	[5]
Estimated Fair Value		5,136,937	[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]	3,780,963		3,814,857
Cumulative Unrealized Gain	[3]	856,081		594,361
Estimated Fair Value	[3]	4,637,044		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]	7,383,072		7,406,755
Cumulative Unrealized Gain	[6]	2,247,992		2,194,994
Estimated Fair Value	[6]	9,631,064		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]	683,989		682,497
Estimated Fair Value	[3]	5,688,989		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]	10,904,002		11,001,027
Cumulative Unrealized Gain	[2]	3,564,144		1,775,086
Estimated Fair Value	[2]	14,468,146		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		36,291,223	[4]	39,984,026	[5],[7]
Cumulative Unrealized Loss	[5],[7]			(280,711)
Estimated Fair Value		36,291,223	[4]	39,703,315	[5],[7]
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]	14,592		44,510
Estimated Fair Value	[6]	4,160,592		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	[8]
Cumulative Unrealized Gain		140,475	[5]	509,901	[8]
Estimated Fair Value		2,740,475	[5]	3,109,901	[8]
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]	7,856,000		7,936,000
Cumulative Unrealized Gain	[3]	756,805		845,678
Estimated Fair Value	[3]	8,612,805		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	[8]
Cumulative Unrealized Gain		186,399	[5]	393,686	[8]
Estimated Fair Value		3,636,399	[5]	3,843,686	[8]
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]	7,714,309		7,762,116
Cumulative Unrealized Gain	[2]	1,874,494		1,166,748
Estimated Fair Value	[2]	9,588,803		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		16,217,931	[9]	16,302,038	[10]
Cumulative Unrealized Gain		4,567,604	[9]	3,131,843	[10]
Estimated Fair Value		20,785,535	[9]	19,433,881	[10]
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]	13,758,000		13,857,000
Cumulative Unrealized Gain	[6]	63,719		48,813
Estimated Fair Value	[6]	13,821,719		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]	7,235,000		7,315,000
Cumulative Unrealized Gain	[6]	77,658		113,469
Estimated Fair Value	[6]	7,312,658		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]	12,941,555		13,064,589
Cumulative Unrealized Gain	[1]	2,668,577		2,179,744
Estimated Fair Value	[1]	15,610,132		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]	11,086,752		11,178,557
Cumulative Unrealized Gain	[1]	2,194,358		1,709,040
Estimated Fair Value	[1]	13,281,110		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]	6,138,945		6,143,976
Cumulative Unrealized Gain	[6]	2,383,041		2,507,072
Estimated Fair Value	[6]	8,521,986		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]	18,675,219		18,838,478
Cumulative Unrealized Gain	[3]	3,044,617		2,799,411
Estimated Fair Value	[3]	21,719,836		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]	9,820,327		9,872,297
Cumulative Unrealized Gain	[1]	1,738,232		2,236,259
Estimated Fair Value	[1]	11,558,559		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]	12,762,198		12,884,191
Cumulative Unrealized Gain	[1]	2,451,637		2,100,598
Estimated Fair Value	[1]	15,213,835		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]	10,948,055		11,056,825
Cumulative Unrealized Gain	[3]	2,529,443		1,934,146
Estimated Fair Value	[3]	13,477,498		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		9,266,171	[4]	9,280,000	[5]
Cumulative Unrealized Gain		1,987,546	[4]	316,916	[5]
Estimated Fair Value		11,253,717	[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		21,567,811	[4]	21,600,000	[5]
Cumulative Unrealized Gain		4,626,185	[4]	835,005	[5]
Estimated Fair Value		26,193,996	[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		13,848,985	[5]	13,945,681	[8]
Cumulative Unrealized Gain		2,878,107	[5]	2,356,231	[8]
Estimated Fair Value		16,727,092	[5]	16,301,912	[8]
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]	9,169,185		9,252,257
Cumulative Unrealized Gain	[3]	2,197,370		1,715,456
Estimated Fair Value	[3]	11,366,555		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]	7,410,639		7,475,794
Cumulative Unrealized Gain	[3]	1,774,121		1,336,580
Estimated Fair Value	[3]	9,184,760		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]	12,755,020		12,854,039
Cumulative Unrealized Gain	[2]	2,772,972		2,065,468
Estimated Fair Value	[2]	15,527,992		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		5,248,485	[5]	5,285,131	[8]
Cumulative Unrealized Gain		965,784	[5]	806,523	[8]
Estimated Fair Value		6,214,269	[5]	6,091,654	[8]
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		39,851,626	[5]	40,129,878	[8]
Cumulative Unrealized Gain		7,804,810	[5]	6,450,704	[8]
Estimated Fair Value		47,656,436	[5]	46,580,582	[8]
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]	6,398,800		6,455,058
Cumulative Unrealized Gain	[3]	1,560,811		1,125,239
Estimated Fair Value	[3]	7,959,611		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]	15,620,696		15,762,217
Cumulative Unrealized Gain	[3]	3,472,860		2,648,781
Estimated Fair Value	[3]	19,093,556		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]	5,073,490		5,118,097
Cumulative Unrealized Gain	[3]	1,237,538		938,032
Estimated Fair Value	[3]	6,311,028		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]	17,708,333		17,807,768
Cumulative Unrealized Gain	[1]	3,228,263		3,534,702
Estimated Fair Value	[1]	20,936,596		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]	18,842,536		18,975,786
Cumulative Unrealized Gain	[1]	4,685,473		3,572,995
Estimated Fair Value	[1]	23,528,009		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]	13,200,088		13,293,436
Cumulative Unrealized Gain	[1]	3,403,013		2,624,054
Estimated Fair Value	[1]	16,603,101		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]	20,448,350		20,592,957
Cumulative Unrealized Gain	[1]	5,178,003		3,971,001
Estimated Fair Value	[1]	25,626,353		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]	7,350,633		7,405,406
Cumulative Unrealized Gain	[1]	1,745,850		1,229,438
Estimated Fair Value	[1]	9,096,483		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]	22,318,001		22,455,747
Cumulative Unrealized Gain	[1]	5,321,998		4,198,200
Estimated Fair Value	[1]	27,639,999		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]	19,253,807		19,356,959
Cumulative Unrealized Gain	[1]	5,564,002		4,111,518
Estimated Fair Value	[1]	24,817,809		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]	6,729,631		6,779,777
Cumulative Unrealized Gain	[1]	1,540,848		1,154,387
Estimated Fair Value	[1]	8,270,479		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]	10,608,706		10,695,037
Cumulative Unrealized Gain	[2]	2,082,726		1,455,672
Estimated Fair Value	[2]	12,691,432		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]	12,161,844		12,239,247
Cumulative Unrealized Gain	[1]	2,269,126		1,645,817
Estimated Fair Value	[1]	14,430,970		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]	212,185		80,343
Estimated Fair Value	[6]	10,077,185		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]	11,603,714		11,548,337
Cumulative Unrealized Gain	[6]	2,079,073		2,334,262
Estimated Fair Value	[6]	13,682,787		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]	9,622,192		9,673,117
Cumulative Unrealized Gain	[1]	3,105,572		2,287,904
Estimated Fair Value	[1]	12,727,764		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	[7],[8]			10,022,352
Cumulative Unrealized Loss	[7],[8]			(372,169)
Estimated Fair Value	[7],[8]			9,650,183
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		33,327,082		27,267,010
Cumulative Unrealized Gain		3,722,218		2,742,740
Estimated Fair Value		37,049,300		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		926,759		930,016
Cumulative Unrealized Gain		121,965		142,265
Estimated Fair Value		1,048,724		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		3,490,490		3,504,171
Cumulative Unrealized Gain		14,476		10,363
Estimated Fair Value		3,504,966		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		469,855		470,000
Cumulative Unrealized Gain		2,694		1,685
Estimated Fair Value		472,549		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		1,099,660		1,100,000
Cumulative Unrealized Gain		6,305		2,952
Estimated Fair Value		1,105,965		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		737,241		740,876
Cumulative Unrealized Gain		133,980		94,819
Estimated Fair Value		871,221		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		539,614		542,170
Cumulative Unrealized Gain		94,852		65,455
Estimated Fair Value		634,466		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		124,059		124,305
Cumulative Unrealized Gain		42,955		38,045
Estimated Fair Value		167,014		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		445,133		447,241
Cumulative Unrealized Gain		79,970		53,995
Estimated Fair Value		525,103		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		438,071		440,231
Cumulative Unrealized Gain		74,669		53,056
Estimated Fair Value		512,740		493,287
Mortgage Revenue Bonds [Member] | Montevista [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		6,720,000
Cumulative Unrealized Gain		2,263,726
Estimated Fair Value		8,983,726
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
Cumulative Unrealized Gain				1,654,870
Estimated Fair Value				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		870,630
Estimated Fair Value		3,535,630
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		15,996
Estimated Fair Value		7,490,996
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		8,196,200
Estimated Fair Value		$ 8,196,200
[1]	MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 1 6
[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 debt financing transaction, Note 16
[5]	MRB held by Mizuho Capital Markets, LLC in a debt 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 had been in a cumulative unrealized loss position for less than 12 consecutive months.
[8]	MRBs held by Deutsche Bank in a debt financing transaction, Note 16
[9]	MRB held by Morgan Stanley in a debt financing transaction, Note 16
[10]	MRB held by Morgan Stanley in a debt financing transaction, see Note 16

Investments in Mortgage Reven_4

Investments in Mortgage Revenue Bonds - Additional Information (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Schedule Of Available For Sale Securities [Line Items]
Provision for credit loss	$ 3,463,253	$ 5,285,609
Live 929 Apartments and Pro Nova 2014-1 [Member]
Schedule Of Available For Sale Securities [Line Items]
Provision for credit loss		$ 5,300,000
Live 929 Apartments [Member]
Schedule Of Available For Sale Securities [Line Items]
Provision for credit loss	$ 3,500,000

Investments in Mortgage Reven_5

Investments in Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Details)		9 Months Ended
		Sep. 30, 2020USD ($)Unit	Sep. 30, 2019USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit		3,180
Principal Acquired | $		$ 9,498,500	$ 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
Interest Rate	[1]	5.35%
Principal Acquired | $	[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
Interest Rate	[1]	5.50%
Principal Acquired | $	[1]	$ 5,785,000
Ocotillo Springs [Member] | Series A [Member] | Brawley, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Acquired	[2]	July
Units | Unit	[2]	75
Maturity Date	[2]	Aug. 1, 2037
Interest Rate	[2],[3]	4.55%
Principal Acquired | $	[2]	$ 2,023,500
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
Interest Rate			6.10%
Principal Acquired | $			$ 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
Interest Rate			6.10%
Principal Acquired | $			$ 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
Interest Rate			5.75%
Principal Acquired | $			$ 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
Interest Rate			5.75%
Principal Acquired | $			$ 6,480,000
[1]	Both MRBs are part of the same series but have different interest rates and maturity dates.
[2]	The Partnership has committed to provide total funding of
[3]	The MRB has a variable interest rate equal to 1-month LIBOR plus 3.25%, subject to a floor of 4.55%, during construction of the project until stabilization. After stabilization, the MRB will convert to a fixed interest rate of 4.35%.

Investments in Mortgage Reven_6

Investments in Mortgage Revenue Bonds - Schedule of MRBs Acquisitions (Parenthetical) (Details) - Mortgage Revenue Bonds [Member] - Ocotillo Springs [Member] - Brawley, CA [Member]	Sep. 30, 2020USD ($)
Schedule Of Available For Sale Securities [Line Items]
Maximum amount committed to fund	$ 15,000,000
Maximum balance of mortgage revenue bonds after stabilization	$ 3,500,000
LIBOR [Member]
Schedule Of Available For Sale Securities [Line Items]
Variable interest rate	3.25%
Floor rate	4.55%
Fixed interest rate	4.35%

Investments in Mortgage Reven_7

Investments in Mortgage Revenue Bonds - Schedule of MRB Redeemed (Details)	9 Months Ended
	Sep. 30, 2020USD ($)Unit	Sep. 30, 2019USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units	3,180
Montevista [Member] | Series B [Member] | San Pablo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Units		82
Original Maturity Date		Jul. 1, 2021
Interest Rate		5.75%
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption | $	$ 9,583,000	$ 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	96
Original Maturity Date	Jan. 1, 2021
Interest Rate	5.85%
Principal Outstanding at Date of Redemption | $	$ 3,103,000
Mortgage Revenue Bonds [Member] | Montevista [Member] | Series B [Member] | San Pablo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	August
Units	82
Original Maturity Date	Jul. 1, 2021
Interest Rate	8.00%
Principal Outstanding at Date of Redemption | $	$ 6,480,000
Mortgage Revenue Bonds [Member] | Seasons San Juan Capistrano [Member] | Series B [Member] | San Juan Capistrano California [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed		January
Units		112
Original Maturity Date		Jan. 1, 2019
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		108
Original Maturity Date		Jun. 1, 2019
Interest Rate		8.00%
Principal Outstanding at Date of Redemption | $		$ 6,228,000

Investments in Mortgage Reven_8

Investments in Mortgage Revenue Bonds - Schedule of MRBs Eliminated (Details)	9 Months Ended
	Sep. 30, 2019USD ($)Unit	Sep. 30, 2020Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit		3,180
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
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
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
Interest Rate	12.00%
Principal Outstanding at Date of Restructuring | $	$ 8,410,000

Governmental Issuer Loans - Sum

Governmental Issuer Loans - Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans (Details)	9 Months Ended
	Sep. 30, 2020USD ($)Unit
Governmental Issuer Loans [Line Items]
Units | Unit	3,180
Maximum Remaining Commitment	$ 70,786,838
SIFMA [Member]
Governmental Issuer Loans [Line Items]
Variable interest rate	2.25%
Scharbauer Flats Apartments [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	Jan. 1, 2023	[1]
Maximum Remaining Commitment	$ 21,850,387
Oasis at Twin Lakes [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	Aug. 1, 2023	[2]
Maximum Remaining Commitment	$ 27,704,180
Centennial Crossings [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	Sep. 1, 2023	[2]
Maximum Remaining Commitment	$ 21,232,271
Governmental Issuer Loans [Member] | TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Amortized Cost	62,085,000
Maximum Remaining Commitment	$ 44,995,000
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | Midland, TX [Member]
Governmental Issuer Loans [Line Items]
Date Acquired	June 2020
Units | Unit	300
Maturity Date	Jan. 1, 2023	[3]
Current Interest Rate	3.22%
Amortized Cost	$ 40,000,000
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | SIFMA [Member] | Midland, TX [Member]
Governmental Issuer Loans [Line Items]
Variable interest rate	3.10%
Governmental Issuer Loans [Member] | Oasis at Twin Lakes [Member] | TOB Trust [Member] | Roseville, MN [Member]
Governmental Issuer Loans [Line Items]
Date Acquired	July 2020
Units | Unit	228
Maturity Date	Aug. 1, 2023	[4]
Current Interest Rate	3.75%
Amortized Cost	$ 12,410,000
Maximum Remaining Commitment	$ 21,590,000
Governmental Issuer Loans [Member] | Oasis at Twin Lakes [Member] | TOB Trust [Member] | SIFMA [Member] | Roseville, MN [Member]
Governmental Issuer Loans [Line Items]
Variable interest rate	3.25%	[5],[6]
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | Centennial, CO [Member]
Governmental Issuer Loans [Line Items]
Date Acquired	August 2020
Units | Unit	209
Maturity Date	Sep. 1, 2023	[4]
Current Interest Rate	3.25%
Amortized Cost	$ 9,675,000
Maximum Remaining Commitment	$ 23,405,000
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | SIFMA [Member] | Centennial, CO [Member]
Governmental Issuer Loans [Line Items]
Variable interest rate	2.75%	[6]
[1]
[2]
[3]	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.
[4]	The borrower may extend the maturity date to for a period not to exceed six months upon payment of a non-refundable extension fee.
[5]	The variable rate decreases to SIFMA plus 2.25% upon completion of construction.
[6]	The SIFMA index interest rate component is subject to a floor of 0.50%.

Governmental Issuer Loans - S_2

Governmental Issuer Loans - Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans (Parenthetical) (Details)	9 Months Ended
	Sep. 30, 2020
Governmental Issuer Loans [Line Items]
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
SIFMA [Member]
Governmental Issuer Loans [Line Items]
Variable rate	2.25%
SIFMA [Member] | Floor Rate [Member]
Governmental Issuer Loans [Line Items]
Variable rate	0.50%

Governmental Issuer Loans - Add

Governmental Issuer Loans - Additional Information (Details) - Scharbauer Flats Apartments [Member]	9 Months Ended
	Sep. 30, 2020
Governmental Issuer Loans [Line Items]
Percentage of payment of principal and accrued interest on governmental issuer loans 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 ($)	Sep. 30, 2020USD ($)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	Sep. 30, 2020
Schedule Of Available For Sale Securities [Line Items]
Estimated Fair Value, held in trust	$ 1,383,237	$ 1,486,883
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)		Sep. 30, 2020USD ($)Unit	Dec. 31, 2019USD ($)Unit
Real Estate [Line Items]
Number of Units | Unit		3,180
Land and Land Improvements		$ 4,875,265	$ 4,906,130
Buildings and improvements		72,290,734	72,011,533
Carrying Value		77,165,999	76,917,663
Accumulated depreciation		(17,486,887)	(15,357,700)
Net real estate assets		$ 59,679,112	$ 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		39,349,880	39,073,728
Carrying Value		$ 42,549,148	$ 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		$ 32,940,854	$ 32,937,805
Carrying Value		32,940,854	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	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Real Estate [Line Items]
Impairment charge on real estate assets	$ 75,000	$ 25,200	$ 75,000
Gardner, KS [Member]
Real Estate [Line Items]
Impairment charge on real estate assets		$ 25,200	$ 75,000

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Details) - USD ($)	1 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2020	Aug. 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	$ 10,600,000
Income on sale of properties	$ 1,300,000
Vantage At Tomball [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction						$ 10,400,000
Vantage At Conroe [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction								$ 9,000,000
Vantage At Panama City Beach [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received		$ 22,700,000
Income on sale of properties		10,500,000		$ 547,000
Maximum [Member] | Vantage At Waco [Member] | Scenario Forecast [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received					$ 213,000
Maximum [Member] | Vantage At Panama City Beach [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received		$ 325,000
ATAX Vantage Holdings, LLC [Member] | Minimum [Member]
Schedule Of Equity Method Investments [Line Items]
Return on investment period			2 years
ATAX Vantage Holdings, LLC [Member] | Maximum [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)	9 Months Ended
	Sep. 30, 2020USD ($)Unit	Dec. 31, 2019USD ($)
Schedule Of Equity Method Investments [Line Items]
Units | Unit	3,180
Carrying Value	$ 99,176,922	$ 86,981,864
Maximum Remaining Equity Commitment	$ 4,056,333
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	$ 12,425,000	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	$ 14,564,613	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	$ 8,043,132	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	$ 10,151,000	$ 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	$ 7,824,302
Vantage At Tomball [Member] | Tomball TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	August 2020
Carrying Value	$ 6,455,139
Maximum Remaining Equity Commitment	$ 4,056,333

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Equity Method Investments And Joint Ventures [Abstract]
Property Revenues	$ 3,501,288	$ 3,713,106	$ 8,971,999	$ 9,534,250
Gain on sale of property	372,974	22,556,694	6,635,966	22,556,694
Net income (loss)	$ (1,495,383)	$ 21,606,621	$ 341,905	$ 20,918,176

Property Loans, Net of Loan L_3

Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($)		Sep. 30, 2020	Dec. 31, 2019
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 21,126,239	$ 15,392,908
Loan Loss Allowance		(8,205,520)	(7,393,814)
Property Loan Principal, net of allowance		12,920,719	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
Centennial Crossings [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		3,017,729
Property Loan Principal, net of allowance		3,017,729
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		811,706	405,717
Loan Loss Allowance		(811,706)
Property Loan Principal, net of allowance			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]	2,309,613
Property Loan Principal, net of allowance	[1]	$ 2,309,613
[1]

Property Loans, Net of Loan L_4

Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2019	Jan. 31, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Property Loans Net Of Loan Loss Allowance [Line Items]
Provision for loans loss allowance			$ 811,706		$ 811,706
Contingent interest income				$ 3,360	12,043	$ 3,045,462
Ohio Properties [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Interest earned on property loan principal			983,000	$ 983,000	983,000	$ 983,000
Live 929 Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Provision for loans loss allowance			812,000		812,000
Secured property loan advances			$ 406,000		$ 406,000
Total property loan amount	$ 1,000,000
Property loan maturity date	Jul. 31, 2049
Scharbauer Flats Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Percentage of payment of principal and accrued interest on GILs 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%
Vantage at Brooks LLC [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Contingent interest income		$ 3,000,000

Property Loans, Net of Loan L_5

Property Loans, Net of Loan Loss Allowances - Summary of Property Loans and Remaining Commitments (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Accounts Notes And Loans Receivable [Line Items]
Outstanding Balance	$ 5,327,342
Maximum Remaining Commitment	$ 70,786,838
Scharbauer Flats Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Date Committed	2020-06
Original Maturity Date	Jan. 1, 2023	[1]
Outstanding Balance	$ 2,309,613
Maximum Remaining Commitment	$ 21,850,387
Oasis at Twin Lakes [Member]
Accounts Notes And Loans Receivable [Line Items]
Date Committed	2020-07
Original Maturity Date	Aug. 1, 2023	[2]
Maximum Remaining Commitment	$ 27,704,180
Centennial Crossings [Member]
Accounts Notes And Loans Receivable [Line Items]
Date Committed	2020-08
Original Maturity Date	Sep. 1, 2023	[2]
Outstanding Balance	$ 3,017,729
Maximum Remaining Commitment	$ 21,232,271
[1]
[2]

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Tax Provision [Line Items]
Total income tax expense (benefit)	$ (68,219)	$ (68,235)	$ 41,199	$ (9,236)
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense (benefit)	(33,618)	13,932	107,681	129,095
Deferred income tax benefit	(34,601)	(82,167)	(66,482)	(138,331)
Total income tax expense (benefit)	$ (68,219)	$ (68,235)	$ 41,199	$ (9,236)

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) - USD ($)	Sep. 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 ($)	Sep. 30, 2020	Dec. 31, 2019
Other Assets [Abstract]
Deferred financing costs, net	$ 430,578	$ 353,862
Fair value of derivative instruments (Note 18)	155,457	10,911
Taxable mortgage revenue bonds, at fair value	1,486,883	1,383,237
Bond purchase commitments, at fair value (Note 19)	256,222
Operating lease right-of-use assets, net	1,650,360	1,673,242
Other assets	1,429,116	1,641,099
Total other assets	$ 5,408,616	$ 5,062,351

Other Assets - Summary of Taxab

Other Assets - Summary of Taxable MRB Acquired (Details)		9 Months Ended
		Sep. 30, 2020USD ($)Unit	Sep. 30, 2019USD ($)
Mortgage Loans On Real Estate [Line Items]
Units		3,180
Principal Acquired | $		$ 9,498,500	$ 19,250,000
Taxable MRB [Member] | Ocotillo Springs [Member] | Series A-T [Member] | Brawley, CA [Member]
Mortgage Loans On Real Estate [Line Items]
Month Acquired		July
Units		75
Maturity Date		Aug. 1, 2022
Interest Rate	[1]	4.91%
[1]	The taxable MRB has a variable interest rate equal to the 1-month LIBOR plus 3.55%, subject to a floor of 4.91%.

Other Assets - Summary of Tax_2

Other Assets - Summary of Taxable MRB Acquired (Parenthetical) (Details) - Taxable MRB [Member] - Ocotillo Springs [Member] - Series A-T [Member] - Brawley, CA [Member]	9 Months Ended
	Sep. 30, 2020USD ($)
Mortgage Loans On Real Estate [Line Items]
Maximum funding commitment	$ 7,000,000
Funds advanced	$ 0
LIBOR [Member]
Mortgage Loans On Real Estate [Line Items]
Description of variable interest rate basis	1-month LIBOR
Variable interest rate basis spread	3.55%
Variable interest floor rate, percentage	4.91%

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Accounts payable	$ 425,445	$ 93,834
Accrued expenses	2,950,430	2,529,982
Accrued interest expense	3,037,449	2,690,076
Operating lease liabilities	2,142,308	2,138,783
Other liabilities	1,441,582	1,583,492
Total accounts payable, accrued expenses and other liabilities	$ 9,997,214	$ 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 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			$ 135,000
Annual increment percentage in lease rent			2.00%
Lease agreement annual renewable increase percentage after july 31,2034			3.00%
Expenses related to the agreement	$ 42,000	$ 42,000	$ 126,000	$ 126,000

Accounts Payable, Accrued Exp_5

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Future Contractual Payments for the Partnership's Operating Leases and Reconciliation to the Carrying Value of Operating Lease Liabilities (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Payables And Accruals [Abstract]
Remainder of 2020	$ 33,785
2021	136,366
2022	139,091
2023	141,871
2024	144,706
Thereafter	4,517,274
Total	5,113,093
Less: Amount representing interest	(2,970,785)
Total operating lease liabilities	$ 2,142,308	$ 2,138,783

Unsecured Lines of Credit - Sum

Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Line Of Credit Facility [Line Items]
Lines of credit		$ 11,843,000	$ 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		11,843,000	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		11,843,000
Line of credit facility maximum borrowing capacity		$ 50,000,000
Commitment Maturity		2022-06
Variable / Fixed	[1]	Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		2.66%
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		2022-06
Variable / Fixed	[1]	Variable
Reset Frequency		Monthly
Line of credit facility, interest rate during period		3.41%
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 ($)	9 Months Ended
	Sep. 30, 2020	Oct. 31, 2020	Dec. 31, 2019
Line Of Credit Facility [Line Items]
Lines of credit	$ 11,843,000		$ 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	2020-12
Debt instrument, maturity date two	2021-03
Debt instrument, maturity date, description	The outstanding balances of the non-operating LOC as of September 30, 2020 are due in December 2020 and March 2021, though the Partnership may extend final repayment of the amounts due in March 2021 to December 2021 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 ($)		1 Months Ended	9 Months Ended		12 Months Ended
		Jul. 31, 2020	Sep. 30, 2020		Dec. 31, 2019
Debt Instrument [Line Items]
Debt financing			$ 667,248,701		$ 536,197,421
Period End Rates			4.36%		4.74%
Variable - Notes [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing			$ 103,500,000
Restricted Cash			77,500,000
TEBS Financings [Member] | Fixed - M24 [Member]
Debt Instrument [Line Items]
Debt financing			40,134,588		$ 40,495,442
Restricted Cash			$ 4,000		$ 204,000
Year Acquired			2010		2010
Stated Maturities			2027-05		2027-05
Reset Frequency			N/A		N/A
Variable Rate Index			N/A
Period End Rates			3.05%		3.05%
TEBS Financings [Member] | Fixed - M45 [Member]
Debt Instrument [Line Items]
Debt financing			$ 216,280,562	[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]
Variable Rate Index	[1]		N/A
Period End Rates			3.82%	[1]	3.82%	[2]
TEBS Financings [Member] | Variable - M31 [Member]
Debt Instrument [Line Items]
Debt financing	[3]		$ 78,624,164		$ 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
Variable Rate Index	[3]		SIFMA
Index Based Rates	[3]		0.15%		1.64%
Spread/ Facility Fees	[3]		1.38%		1.54%
Period End Rates	[3]		1.53%		3.18%
TEBS Financings [Member] | Fixed - M33 [Member]
Debt Instrument [Line Items]
Debt financing			$ 30,941,969		$ 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
Variable Rate Index			N/A
Period End Rates			3.24%		3.24%
Secured Notes [Member] | Variable - Notes [Member]
Debt Instrument [Line Items]
Debt financing			$ 103,135,193
Restricted Cash			$ 78,729,063
Year Acquired			2020
Stated Maturities			2025-09
Reset Frequency			Monthly
Variable Rate Index			3-month LIBOR
Index Based Rates			0.22%
Spread/ Facility Fees			9.00%
Period End Rates	[4]		9.22%
TOB Trusts Securitization [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Stated Maturities		2023-07
TOB Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing			$ 1,756,362
Year Acquired			2020
Stated Maturities			2022-07
Reset Frequency			Weekly
Variable Rate Index			SIFMA
Index Based Rates			0.37%
Spread/ Facility Fees			0.89%
Period End Rates			1.26%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing			$ 122,881,252
Year Acquired			2019
Stated Maturities			2023-07
Reset Frequency			Weekly
Variable Rate Index			SIFMA
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Minimum [Member]
Debt Instrument [Line Items]
Index Based Rates			0.32%
Spread/ Facility Fees			1.17%
Period End Rates			1.49%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Maximum [Member]
Debt Instrument [Line Items]
Index Based Rates			0.54%
Spread/ Facility Fees			1.67%
Period End Rates			2.21%
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing			$ 60,477,672
Year Acquired			2020
Stated Maturities	[5]		2023-09
Reset Frequency			Weekly
Variable Rate Index			OBFR
Spread/ Facility Fees			0.89%
Period End Rates			1.26%
TOB Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Debt financing			$ 13,016,939
Year Acquired			2019
Stated Maturities			2022-05
Reset Frequency			N/A
Variable Rate Index			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
Index Based Rates					1.79%
Spread/ 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
Index 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]
Spread/ 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]
Spread/ 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
Index Based Rates					2.08%
Spread/ 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]	The Partnership has entered into two total return swap transactions with the Secured Notes as the reference security and notional amounts totaling the outstanding principal on the Secured Notes. The total return swaps effectively net down the interest rate on the Secured Notes. Considering the effect of the total return swaps, the effective net interest rate is 4.25% for approximately $40.0 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of September 30, 2020.
[5]	Date represents the stated maturity date of the related liquidity and credit enhancement facilities which is the effective maturity of the TOB Trust financing.

Debt Financing - Schedule of _2

Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details)	Sep. 30, 2020USD ($)Swap	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Effective net interest rate	4.36%	4.74%
Debt financing	$ 667,248,701	$ 536,197,421
Secured Notes [Member]
Debt Instrument [Line Items]
Number of return swap transactions | Swap	2
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%
Total Return Swaps [Member] | Secured Notes [Member]
Debt Instrument [Line Items]
Number of return swap transactions | Swap	2
Total Return Swap One | Secured Notes [Member]
Debt Instrument [Line Items]
Effective net interest rate	4.25%
Debt financing	$ 40,000,000
Total Return Swap Two [Member] | Secured Notes [Member]
Debt Instrument [Line Items]
Effective net interest rate	1.00%
Debt financing	$ 63,500,000

Debt Financing - Additional Inf

Debt Financing - Additional Information (Details)	1 Months Ended				9 Months Ended
	Sep. 30, 2020USD ($)Swap	Jul. 31, 2020	Jul. 31, 2019USD ($)	Feb. 28, 2019USD ($)Agreement	Sep. 30, 2020USD ($)Swap	Sep. 30, 2019USD ($)	Apr. 30, 2020USD ($)	Dec. 31, 2019USD ($)
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%
Debt financing, net (Note 16)	$ 667,248,701				$ 667,248,701			$ 536,197,421
Amortization of deferred financing costs					1,288,044	$ 1,476,463
Variable - M24 [Member]
Debt Instrument [Line Items]
Stated Maturities						2027-05
Interest rate						3.05%
Deferred financing costs - net			$ 307,000
Variable - M33 [Member]
Debt Instrument [Line Items]
Stated Maturities						2030-09
Interest rate						3.24%
Deferred financing costs - net			265,000
Amortization of deferred financing costs			496,000
Premium received upon refinancing of debt			$ 435,000
Mizuho Capital Markets [Member] | Variable - Notes [Member]
Debt Instrument [Line Items]
Debt financing, net (Note 16)	103,500,000				103,500,000
Proceeds from secured notes	103,500,000
Restricted Cash	$ 77,500,000				$ 77,500,000
Mizuho Capital Markets [Member] | Variable - Notes [Member] | LIBOR [Member]
Debt Instrument [Line Items]
Variable Rate Index	equal to the 3-month LIBOR plus 9.00%
Variable interest rate	9.00%				9.00%
Mizuho Capital Markets [Member] | Variable - Notes [Member] | Partnership Interest [Member]
Debt Instrument [Line Items]
Cash received by partnership	$ 24,800,000
Restricted Cash	$ 1,200,000				$ 1,200,000
Secured Notes [Member]
Debt Instrument [Line Items]
Number of return swap transactions | Swap	2				2
Secured Notes [Member] | Variable - Notes [Member]
Debt Instrument [Line Items]
Debt financing, net (Note 16)	$ 103,135,193				$ 103,135,193
Variable Rate Index					3-month LIBOR
Variable interest rate	9.00%				9.00%
Restricted Cash	$ 78,729,063				$ 78,729,063
Stated Maturities					2025-09
TOB Trusts Securitization [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Stated Maturities		2023-07
Term A/B Trust [Member] | Deutsche Bank [Member]
Debt Instrument [Line Items]
Debt financing, net (Note 16)				$ 5,263,500
Debt instrument, one-time fee							$ 454,000
Number of new agreements | Agreement				2

Debt Financing - Summary of Miz

Debt Financing - Summary of Mizuho TOB Trust Financings (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019
Debt Instrument [Line Items]
Debt financing	$ 667,248,701	$ 536,197,421
TOB Trust [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing	173,731,000		$ 104,056,000
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] | Ocotillo Springs - Series A [Member]
Debt Instrument [Line Items]
Debt financing	$ 1,818,000
Stated Maturities	2022-07
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	0.89%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Oasis at Twin Lakes GIL [Member]
Debt Instrument [Line Items]
Debt financing	$ 11,160,000
Stated Maturities	2023-07
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	0.89%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Scharbauer Flats Apartments GIL [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%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Centennial Crossings GIL [Member]
Debt Instrument [Line Items]
Debt financing	$ 8,707,000
Stated Maturities	2023-08
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	0.89%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Scharbauer Flats, Twin Lakes, & Centennial Crossings GILs [Member]
Debt Instrument [Line Items]
Debt financing	$ 55,870,000
Stated Maturities	2023-09
Reset Frequency	Weekly
Variable Rate Index	OBFR
Facility Fees	0.89%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Scharbauer Flats and Centennial Crossings Property Loans [Member]
Debt Instrument [Line Items]
Debt financing	$ 4,790,000
Stated Maturities	2023-09
Reset Frequency	Weekly
Variable Rate Index	OBFR
Facility Fees	0.89%

Debt Financing - Summary of M_2

Debt Financing - Summary of Mizuho TOB Trust Financings (Parenthetical) (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Deferred financings costs	$ 430,578	$ 353,862
TOB Trust [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Deferred financings costs	$ 364,000

Debt Financing - Summary of Deu

Debt Financing - Summary of Deutsche Bank Term A/B and Term TOB Trust Financings Collapsed and Paid Off (Details) - USD ($)	1 Months Ended
	Apr. 30, 2020	Sep. 30, 2019
Debt Instrument Redemption [Line Items]
Paydown Applied		$ 82,254,300
Deutsche Bank [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	$ 51,714,210
Deutsche Bank [Member] | Term A/B Trust [Member] | Avistar at Copperfield - Series A [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	8,417,739
Deutsche Bank [Member] | Term A/B Trust [Member] | Avistar at Wilcrest - Series A [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	3,162,435
Deutsche Bank [Member] | Term A/B Trust [Member] | Avistar at Wood Hollow - Series A [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	26,860,536
Deutsche Bank [Member] | Term A/B Trust [Member] | Gateway Village [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	2,262,000
Deutsche Bank [Member] | Term A/B Trust [Member] | Lynnhaven [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	3,001,500
Deutsche Bank [Member] | Term TOB Trust [Member] | Pro Nova 2014-1 [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	$ 8,010,000

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	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt financing		$ 667,248,701	$ 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	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt financing		$ 667,248,701	$ 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 - Summary of G_3

Debt Financing - Summary of Gross Principal and Terms of TOB Trunst (Details) - USD ($)	3 Months Ended
	Sep. 30, 2019	Sep. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Debt financing		$ 667,248,701	$ 536,197,421
TOB Trust [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing	$ 104,056,000	$ 173,731,000
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust I [Member]
Debt Instrument [Line Items]
Debt financing	$ 20,121,000
Stated Maturities	2020-09
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.12%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust II [Member]
Debt Instrument [Line Items]
Debt financing	$ 3,803,000
Stated Maturities	2020-09
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.12%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Public Housing Capital Fund Trust III [Member]
Debt Instrument [Line Items]
Debt financing	$ 12,062,000
Stated Maturities	2020-09
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.12%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Rosewood Townhomes [Member]
Debt Instrument [Line Items]
Debt financing	$ 7,715,000
Stated Maturities	2020-07
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.17%
TOB Trust [Member] | Mizuho Capital Markets [Member] | South Pointe Apartments [Member]
Debt Instrument [Line Items]
Debt financing	$ 18,035,000
Stated Maturities	2020-07
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.17%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Live 929 Apartments [Member]
Debt Instrument [Line Items]
Debt financing	$ 31,800,000
Stated Maturities	2020-08
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.66%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Montecito at Williams Ranch Apartments [Member]
Debt Instrument [Line Items]
Debt financing	$ 6,925,000
Stated Maturities	2020-08
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.17%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Vineyard Gardens
Debt Instrument [Line Items]
Debt financing	$ 3,595,000
Stated Maturities	2020-08
Reset Frequency	Weekly
Variable Rate Index	SIFMA
Facility Fees	1.17%

Debt Financing - Summary of Deb

Debt Financing - Summary of Debt Financing Facilities Collapsed and Redeemed (Details) - USD ($)	1 Months Ended
	Sep. 30, 2019	Aug. 31, 2019
Debt Instrument Redemption [Line Items]
Paydown Applied	$ 82,254,300
Live 929 Apartments [Member] | Term TOB Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied		$ 37,553,300
Montecito at Williams Ranch [Member] | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied		6,921,000
Vineyard Gardens | Term A/B Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied		$ 3,595,000
PHC Trust I [Member] | TOB Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	19,755,000
PHC Trust II [Member] | TOB Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	3,430,000
PHC Trust III [Member] | TOB Trust [Member]
Debt Instrument Redemption [Line Items]
Paydown Applied	$ 11,000,000

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Debt Financing [Abstract]
Remainder of 2020	$ 1,650,787
2021	6,129,456
2022	21,232,689
2023	187,223,816
2024	87,839,152
Thereafter	365,616,422
Total	669,692,322
Unamortized deferred financing costs and debt premium	(2,443,621)
Total debt financing, net	$ 667,248,701	$ 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 ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Mortgage Loans On Real Estate [Line Items]
Outstanding Mortgage Payable, net		$ 26,275,890	$ 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		$ 2,680,639	$ 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		$ 23,595,251	$ 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 ($)	Sep. 30, 2020	Dec. 31, 2019
Mortgage Loans On Real Estate [Line Items]
Total mortgages payable and other secured financings, net	$ 26,275,890	$ 26,802,246
Mortgages Payable and Other Secured Financing [Member]
Mortgage Loans On Real Estate [Line Items]
Remainder of 2020	287,779
2021	832,032
2022	869,313
2023	908,265
2024	946,246
Thereafter	22,433,983
Total	26,277,618
Unamortized deferred financing costs	(1,728)
Total mortgages payable and other secured financings, net	$ 26,275,890

Derivative Financial Instrume_3

Derivative Financial Instruments - Additional Information (Details)	1 Months Ended	18 Months Ended
	Sep. 30, 2020USD ($)Swap	Mar. 31, 2022USD ($)
Derivative [Line Items]
Derivative notional amount	$ 103,500,000
Scenario Forecast [Member] | Mizuho Capital Markets [Member]
Derivative [Line Items]
Minimum increments of notional amount between swaps		$ 10,000,000
Percentage of net cash proceeds of reallocated notional amount		65.00%
Total Return Swaps [Member]
Derivative [Line Items]
Number of swap transactions | Swap	2
Total Return Swap One | Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative notional amount	$ 40,000,000
Required cash collateral percentage	35.00%
Amount of obligation to return cash collateral under swap arrangement	$ 14,000,000
Total Return Swap Two [Member] | Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative notional amount	$ 63,500,000
Required cash collateral percentage	100.00%
Amount of obligation to return cash collateral under swap arrangement	$ 63,500,000

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Details)	9 Months Ended
	Sep. 30, 2020USD ($)
Derivative [Line Items]
Derivative, Notional Amount	$ 103,500,000
Derivative, Fair Value Liability	$ 140,200
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, Purchase Date	2020-09
Derivative, Notional Amount	$ 40,000,000
Derivative, Effective Date	2020-09
Derivative, Termination Date	2025-09
Derivative, Period End Variable Rate Paid	4.25%	[1]
Derivative, Period End Variable Rate Received	9.22%	[2]
Derivative, Variable Rate Index	3-month LIBOR
Derivative, Fair Value Liability	$ 38,675
Mizuho Capital Markets 2 [Member]
Derivative [Line Items]
Derivative, Purchase Date	2020-09
Derivative, Notional Amount	$ 63,500,000
Derivative, Effective Date	2020-09
Derivative, Termination Date	2022-03
Derivative, Period End Variable Rate Paid	1.00%	[3]
Derivative, Period End Variable Rate Received	9.22%	[2]
Derivative, Variable Rate Index	3-month LIBOR
Derivative, Fair Value Liability	$ 101,525
[1]
[2]
[3]

Derivative Financial Instrume_5

Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Parenthetical) (Details)	Sep. 30, 2020
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	3.75%
Derivative, floor interest rate	4.25%
Mizuho Capital Markets 2 [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	0.50%
Derivative, floor interest rate	1.00%
Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	9.00%

Derivative Financial Instrume_6

Derivative Financial Instruments - Summary of Partnership's Interest Rate Cap Agreements (Details) - USD ($)		9 Months Ended	12 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability)		$ 15,257	$ 10,911
Barclays Bank PLC 3 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2019-08	2019-08
Derivative, Notional Amount		$ 78,362,798	$ 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)		$ 15,257	$ 6,821
Wells Fargo Bank [Member]
Derivative [Line Items]
Derivative, Purchase Date			2015-07
Derivative, Notional Amount			$ 27,033,788
Derivative, Maturity Date			2020-08
Derivative, Effective Capped Rate	[1]		3.00%
Derivative, Index			SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts
Royal Bank of Canada-1 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2015-07
Derivative, Notional Amount			$ 27,033,788
Derivative, Maturity Date			2020-08
Derivative, Effective Capped Rate	[1]		3.00%
Derivative, Index			SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts
SMBC Capital Markets, Inc-1 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2015-07
Derivative, Notional Amount			$ 27,033,788
Derivative, Maturity Date			2020-08
Derivative, Effective Capped Rate	[1]		3.00%
Derivative, Index			SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts
Barclays Bank PLC 1 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2017-06
Derivative, Notional Amount			$ 81,101,364
Derivative, Maturity Date			2020-08
Derivative, Effective Capped Rate	[1]		1.50%
Derivative, Index			SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts
Derivative, Fair Value - Asset (Liability)			$ 4,090
Barclays Bank PLC 2 [Member]
Derivative [Line Items]
Derivative, Purchase Date			2017-09
Derivative, Notional Amount			$ 58,090,000
Derivative, Maturity Date			2020-09
Derivative, Effective Capped Rate	[1]		4.00%
Derivative, Index			SIFMA
Derivative, Variable Debt Financing Facility Hedged	[1]		TOB Trusts
[1]	See Notes 16 and 23 for additional details.

Commitments and Contingencies -

Commitments and Contingencies - Summary of Partnership's Bond Purchase Commitments (Details) - Bond Purchase Commitment [Member]	9 Months Ended
	Sep. 30, 2020USD ($)
Bond Purchase Commitment [Line Items]
Maximum Committed Amounts Remaining	$ 3,807,000
Fair Value as of September 30, 2020	$ 256,222
CCBA Senior Garden Apartments [Member]
Bond Purchase Commitment [Line Items]
Commitment Date	2020-07
Maximum Committed Amounts Remaining	$ 3,807,000
Rate	4.50%
Estimated Closing Date	Q3 2022
Fair Value as of September 30, 2020	$ 256,222

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in Millions	Sep. 30, 2020USD ($)
Scharbauer Flats Apartments, Oasis at Twin Lakes Apartments and Centennial Crossings Senior Apartments [Member]
Commitments And Other Guarantees [Line Items]
Property loan remaining maximum commitment	$ 70.8
Greens of Pine Glen [Member]
Commitments And Other Guarantees [Line Items]
Percentage of loss contingency, range of possible loss, maximum	75.00%
Series A MRB [Member]
Commitments And Other Guarantees [Line Items]
Remaining maximum commitments amount	$ 13
Series A-T taxable MRB [Member]
Commitments And Other Guarantees [Line Items]
Remaining maximum commitments amount	$ 7

Commitments and Contingencies_3

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Details)	9 Months Ended
	Sep. 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 September 30, 2020	30,501,955
Partnership's Maximum Exposure as of September 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 September 30, 2020	26,665,010
Partnership's Maximum Exposure as of September 30, 2020	$ 26,665,010
Guarantee Terms	1 year
Ohio Properties [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2011
Partnership's Maximum Exposure as of September 30, 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 September 30, 2020	$ 2,237,843
End of Guarantee Period	2027

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details)	9 Months Ended
	Sep. 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	Sep. 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							9 Months Ended	12 Months Ended
	Oct. 31, 2017	Aug. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016	Mar. 31, 2016	Sep. 30, 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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to non-vested RUAs granted	$ 809,000		$ 809,000
Remaining compensation expense expected to be recognized over a weighted-average period			1 year 1 month 6 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	$ 300,000	$ 3,300,000	$ 635,000	$ 3,600,000
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	9 Months Ended	12 Months Ended
	Sep. 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		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Related Party Transaction [Line Items]
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities	[1]	$ 6,000	$ 12,000	$ 47,000	$ 44,000
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees	[2]	$ 922,000	914,000	$ 2,653,000	2,714,000
Burlington Capital Properties, LLC [Member] | MF Properties Managed [Member]
Related Party Transaction [Line Items]
Property management fees to an affiliate	[3]		$ 28,000		$ 101,000
[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, GILs, 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)	9 Months Ended
	Sep. 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		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Non-partnership property administrative fee received	[1]	$ 9,000	$ 9,000	$ 27,000	$ 27,000
Investment/mortgage fees received	[2]	$ 1,414,000		$ 2,277,000	$ 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, GILs, property loans 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)	9 Months Ended
	Sep. 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 ($)	Sep. 30, 2020	Dec. 31, 2019
Related Party Transactions [Abstract]
Receivables due from unconsolidated entities	$ 46,000	$ 116,000
Outstanding liabilities due to related parties	$ 379,000	$ 301,000

Fair Value of Financial Instr_3

Fair Value of Financial Instruments - Summary of Range of Effective Yields and Weighted Average Effective Yields of Partnership's Investments (Details)		Sep. 30, 2020	Dec. 31, 2019
Taxable Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[1]	7.60%	8.80%
Taxable Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		7.60%	8.70%
Taxable Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		7.70%	8.90%
Bond Purchase Commitment [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		3.90%
Weighted Average Effective Yields	[1]	3.90%
Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[1]	3.00%	3.80%
Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		1.50%	2.40%
Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		8.80%	8.50%
[1]	Weighted by the total principal outstanding of all the respective securities as of the reporting date

Fair Value of Financial Instr_4

Fair Value of Financial Instruments - Additional Information (Details) - Public housing capital fund trusts [Member]	Dec. 31, 2019
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted average effective yield	5.20%
Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Effective Rate	4.40%
Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Effective Rate	5.30%

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2018
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 798,435,163		$ 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	798,435,163	$ 789,111,076	818,340,970	$ 823,447,167	$ 807,602,456	$ 782,862,049
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	256,222
Bond Purchase Commitment [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	256,222
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	1,486,883		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	1,486,883	$ 1,456,279	1,383,237	1,427,336	1,441,316	1,409,895
Derivative Instruments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	155,457		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	155,457		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	$ 44,684,506	$ 46,516,154	$ 48,672,086
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	759,487,301		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	759,487,301		743,587,715
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	37,049,300		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	$ 37,049,300		$ 30,009,750

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Summary of Activity Related to Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($)		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		$ 789,111,076	$ 807,602,456	$ 818,340,970	$ 782,862,049
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		160,585	(29,876)	327,454	(352,027)
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)		(3,463,253)		(5,285,609)
Total gain (losses) Included in earnings (gain on sale of securities)				1,416,023
Total gain (losses) included in other comprehensive (loss) income		18,537,453	19,048,316	31,414,731	42,112,324
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		2,023,500	29,527	9,513,450	19,279,527
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		(7,934,198)	(3,203,256)	(13,942,499)	(20,454,706)
Assets at Fair Value, ending balance		798,435,163	823,447,167	798,435,163	823,447,167
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held		(3,477,822)	(68,333)	(5,181,330)	(458,141)
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		29,826	118,279	10,911	626,633
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		125,631	(68,333)	244,479	(458,141)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases			29,527		29,527
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements			(26,868)	(99,933)	(145,414)
Derivative Assets (Liabilities) at Fair Value, beginning balance		155,457	52,605	155,457	52,605
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held		(14,569)	(68,333)	104,279	(458,141)
Bond Purchase Commitment [Member]
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		256,222		256,222
Assets at Fair Value, ending balance		256,222		256,222
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance			46,516,154	43,349,357	48,672,086
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)			2,915	(7,219)	(795)
Total gain (losses) Included in earnings (gain on sale of securities)				1,416,023
Total gain (losses) included in other comprehensive (loss) income			173,374	(1,408,804)	788,318
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			(2,007,937)		(4,775,103)
Assets at Fair Value, ending balance			44,684,506		44,684,506
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		1,456,279	1,441,316	1,383,237	1,409,895
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		32,840	(11,936)	110,206	43,438
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(2,236)	(2,044)	(6,560)	(25,997)
Assets at Fair Value, ending balance		1,486,883	1,427,336	1,486,883	1,427,336
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance	[1]	787,624,971	759,526,707	773,597,465	732,153,435
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)	[1]	34,954	35,542	90,194	106,909
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)	[1]	(3,463,253)		(5,285,609)
Total gain (losses) included in other comprehensive (loss) income	[1]	18,248,391	18,886,878	32,457,107	41,280,568
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	2,023,500		9,513,450	19,250,000
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	(7,931,962)	(1,166,407)	(13,836,006)	(15,508,192)
Assets at Fair Value, ending balance	[1]	796,536,601	$ 777,282,720	796,536,601	$ 777,282,720
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held	[1]	$ (3,463,253)		$ (5,285,609)
[1]	Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.

Fair Value of Financial Instr_7

Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($)	Sep. 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	$ 26,275,890	$ 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	679,091,701	549,397,421
Mortgages payable and other secured financing	26,275,890	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	711,968,025	568,193,494
Mortgages payable and other secured financing	$ 26,277,618	$ 26,812,851

Segments - Additional Informati

Segments - Additional Information (Details)	9 Months Ended
	Sep. 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	3
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	11,118
Number of rental units financed by tax-exempt loan | Unit	737
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Total revenues
Total revenues	$ 13,839,947	$ 14,865,702	$ 42,054,501	$ 46,876,634
Interest expense
Interest expense	5,105,432	6,509,021	16,012,716	19,110,876
Depreciation expense
Depreciation expense	719,783	743,503	2,141,302	2,380,815
Net income (loss)
Net income (loss)	(1,160,017)	9,707,903	6,410,088	20,045,906
Total assets
Total assets	1,174,624,868		1,174,624,868		$ 1,029,168,508
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member]
Total revenues
Total revenues	10,763,544	10,383,867	31,216,575	31,074,582
Interest expense
Interest expense	4,813,114	5,789,009	14,908,641	16,894,378
Depreciation expense
Depreciation expense	4,688		10,471
Net income (loss)
Net income (loss)	(1,852,974)	(2,492,643)	888,856	1,836,196
Total assets
Total assets	1,111,594,864		1,111,594,864		918,301,172
Operating Segments [Member] | MF Properties [Member]
Total revenues
Total revenues	1,548,931	1,974,546	5,358,132	6,002,971
Interest expense
Interest expense	292,318	365,995	906,082	1,096,016
Depreciation expense
Depreciation expense	715,095	743,503	2,130,831	2,380,815
Net income (loss)
Net income (loss)	(834,648)	(434,099)	(1,172,961)	(946,230)
Total assets
Total assets	68,432,579		68,432,579		70,569,646
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member]
Total revenues
Total revenues		589,024	174,470	1,812,779
Interest expense
Interest expense		354,017	197,993	1,120,482
Net income (loss)
Net income (loss)		235,007	1,390,999	692,297
Total assets
Total assets					43,591,048
Operating Segments [Member] | Other Investments [Member]
Total revenues
Total revenues	1,527,472	1,918,265	5,305,324	7,986,302
Net income (loss)
Net income (loss)	1,527,605	$ 12,399,638	5,303,194	$ 18,463,643
Total assets
Total assets	99,223,160		99,223,160		87,098,315
Consolidation, Eliminations [Member]
Total assets
Total assets	$ (104,625,735)		$ (104,625,735)		$ (90,391,673)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	1 Months Ended
	Oct. 30, 2020
Greystone Affiliate [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Percentage of referral fee to be received in original principal amount	0.25%