Greystone Housing Impact Investors (GHI) 10-Q 5 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	3 Months Ended
	Mar. 31, 2021shares
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Units Outstanding	60,690,862
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 ($)	Mar. 31, 2021	Dec. 31, 2020
Assets:
Cash and cash equivalents	$ 53,277,371	$ 44,495,538
Restricted cash	78,263,352	78,495,048
Interest receivable, net	8,796,636	8,212,076
Mortgage revenue bonds held in trust, at fair value (Note 6)	753,176,405	768,468,644
Mortgage revenue bonds, at fair value (Note 6)	18,348,507	25,963,841
Governmental issuer loans held in trust (Note 7)	103,931,256	64,863,657
Real estate assets: (Note 8)
Land and improvements	4,875,265	4,875,265
Buildings and improvements	72,342,485	72,316,152
Real estate assets before accumulated depreciation	77,217,750	77,191,417
Accumulated depreciation	(18,827,865)	(18,150,215)
Net real estate assets	58,389,885	59,041,202
Investments in unconsolidated entities (Note 9)	94,664,865	106,878,570
Property loans, net of loan loss allowance (Note 10)	15,920,719	12,920,719
Other assets (Note 12)	7,091,123	5,908,584
Total Assets	1,191,860,119	1,175,247,879
Liabilities:
Accounts payable, accrued expenses and other liabilities (Note 13)	10,073,779	9,949,565
Distribution payable	6,210,420	3,686,283
Unsecured lines of credit (Note 14)		7,475,000
Debt financing, net (Note 15)	711,788,901	673,957,640
Mortgages payable and other secured financing, net (Note 16)	25,860,469	25,984,872
Total Liabilities	753,933,569	721,053,360
Commitments and Contingencies (Note 18)
Redeemable Series A Preferred Units, approximately $94.5 million redemption value, 9.5 million issued and outstanding, net (Note 19)	94,431,490	94,422,477
Partnersʼ Capital:
General Partner (Note 1)	772,121	934,892
Beneficial Unit Certificates ("BUCs," Note 1)	342,722,939	358,837,150
Total Partnersʼ Capital	343,495,060	359,772,042
Total Liabilities and Partnersʼ Capital	$ 1,191,860,119	$ 1,175,247,879

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Redeemable preferred units redemption value	$ 94.5	$ 94.5
Redeemable preferred units, issued	9.5	9.5
Redeemable preferred units, outstanding	9.5	9.5

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Investment income	$ 12,388,241	$ 11,543,423
Property revenues	1,694,524	1,952,247
Contingent interest income		12,043
Other interest income	304,723	228,422
Total revenues	14,387,488	13,736,135
Expenses:
Real estate operating (exclusive of items shown below)	1,007,840	1,175,374
Provision for credit loss (Note 6)		1,357,681
Depreciation and amortization	683,460	709,438
Interest expense	5,226,475	6,017,968
General and administrative	3,285,708	2,898,526
Total expenses	10,203,483	12,158,987
Other Income:
Gain on sale of securities		1,416,023
Gain on sale of investments in unconsolidated entity	2,809,106
Income before income taxes	6,993,111	2,993,171
Income tax expense	257	11,414
Net income	6,992,854	2,981,757
Redeemable Series A Preferred Unit distributions and accretion	(717,763)	(717,763)
Net income available to Partners	6,275,091	2,263,994
Net income (loss) available to Partners allocated to:
General Partner	736,936	(53,404)
Net income available to Partners and noncontrolling interest	$ 6,275,091	$ 2,263,994
BUC holders' interest in net income per BUC, basic and diluted	$ 0.09	$ 0.04
Weighted average number of BUCs outstanding, basic	60,690,862	60,754,179
Weighted average number of BUCs outstanding, diluted	60,690,862	60,754,179
Beneficial Unit Certificate Holders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners	$ 5,526,202	$ 2,312,216
Restricted Unitholders [Member]
Net income (loss) available to Partners allocated to:
Limited Partners	$ 11,953	$ 5,182

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Net income	$ 6,992,854	$ 2,981,757
Reversal of net unrealized loss on securities to provision for credit loss		372,169
Unrealized loss on bond purchase commitments	(120,970)
Comprehensive income (loss)	(9,426,913)	(5,112,614)
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		372,169
Unrealized loss on securities	(16,298,797)	$ (7,057,736)
Unrealized loss on bond purchase commitments	(120,970)
Commitments [Member] | Accumulated Other Comprehensive Income (Loss) [Member]
Unrealized loss on bond purchase commitments	$ (120,970)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Partners' Capital (Unaudited) - USD ($)	Total	Tier 2 [Member]	General Partner [Member]	General Partner [Member]Tier 2 [Member]	BUCs - Restricted and Unrestricted [Member]	BUCs - Restricted and Unrestricted [Member]Tier 2 [Member]	Number of BUCs - Restricted and Unrestricted [Member]	Accumulated Other Comprehensive Income (Loss) [Member]
Balance at Dec. 31, 2019	$ 341,938,263		$ 735,128		$ 341,203,135			$ 99,308,677
Partners' Capital Account, Units at Dec. 31, 2019							60,835,204
Distributions paid or accrued:
Regular distribution	(8,050,119)		(80,501)		(7,969,618)
Distribution of Tier 2 (income) loss (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 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, 2020	359,772,042		934,892		358,837,150			132,594,007
Partners' Capital Account, Units at Dec. 31, 2020							60,823,674
Distributions paid or accrued:
Regular distribution	(3,401,314)		(34,013)		(3,367,301)
Distribution of Tier 2 (income) loss (Note 3)		$ (2,809,106)		$ (702,277)		$ (2,106,829)
Net income (loss) allocable to Partners	6,275,091		736,936		5,538,155
Restricted unit compensation expense	78,114		781		77,333
Unrealized loss on securities	(16,298,797)		(162,988)		(16,135,809)			(16,298,797)
Unrealized loss on bond purchase commitments	(120,970)		(1,210)		(119,760)			(120,970)
Balance at Mar. 31, 2021	$ 343,495,060		$ 772,121		$ 342,722,939			$ 116,174,240
Partners' Capital Account, Units at Mar. 31, 2021							60,823,674

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Partners' Capital (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
Statement Of Partners Capital [Abstract]
Regular distributions paid or accrued	$ 0.09	$ 0.125

Condensed Consolidated Statem_5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 6,992,854	$ 2,981,757
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	683,460	709,438
Gain on sale of investment in securities		(1,416,023)
Provision for credit loss		1,357,681
Gain on sale of investment in an unconsolidated entity	(2,809,106)
Contingent interest realized on investing activities		(12,043)
Gain on derivatives, net of cash paid	(5,873)	(25,201)
Restricted unit compensation expense	78,114	39,068
Bond premium/discount amortization	(34,531)	(27,923)
Debt premium amortization	(10,136)	(10,111)
Amortization of deferred financing costs	206,386	358,908
Deferred income tax expense & income tax payable/receivable	257	6,914
Change in preferred return receivable from unconsolidated entities, net	3,214,267	(1,391,572)
Changes in operating assets and liabilities
Increase in interest receivable	(584,560)	(473,070)
Increase in other assets	(288,363)	(105,961)
Increase in accounts payable and accrued expenses	14,585	352,242
Net cash provided by operating activities	7,457,354	2,344,104
Cash flows from investing activities:
Capital expenditures	(25,023)	(86,209)
Acquisition of mortgage revenue bonds	(2,071,500)
Advances on governmental issuer loans	(39,067,599)
Advances on taxable governmental issuer loans	(1,000,000)
Contributions to unconsolidated entities	(1,425,562)	(10,270,291)
Advances on property loans	(3,000,000)
Proceeds from sale of investment in an unconsolidated entity	13,234,106
Principal payments received on taxable mortgage revenue bonds	2,337	2,138
Principal payments received on property loans and contingent interest		12,043
Net cash provided by (used in) investing activities	(24,574,322)	37,477,567
Cash flows from financing activities:
Distributions paid	(4,395,033)	(8,316,733)
Repurchase of BUCs		(2,106,673)
Proceeds from debt financing	39,594,000
Principal payments on debt financing	(1,317,897)	(36,013,217)
Principal payments on mortgages payable	(124,489)	(120,958)
Principal borrowing on unsecured lines of credit	11,022,445
Principal payments on unsecured lines of credit	(18,497,445)	(660,000)
(Increase) Decrease in security deposit liability related to restricted cash	34,147	(30,549)
Debt financing and other deferred costs	(648,623)	(720)
Net cash provided by (used in) financing activities	25,667,105	(47,248,850)
Net increase (decrease) in cash, cash equivalents and restricted cash	8,550,137	(7,427,179)
Cash, cash equivalents and restricted cash at beginning of period	122,990,586	43,185,981
Cash, cash equivalents and restricted cash at end of period	131,540,723	35,758,802
Supplemental disclosure of cash flow information:
Cash paid during the period for interest	4,829,842	4,880,193
Cash paid during the period for income taxes		4,500
Supplemental disclosure of noncash investing and financing activities:
Distributions declared but not paid for BUCs and General Partner	6,210,420	7,604,401
Distributions declared but not paid for Series A Preferred Units	708,750	708,750
Capital expenditures financed through accounts payable	1,309	3,959
Deferred financing costs financed through accounts payable	57,688	103,300
Public housing capital fund trusts [Member]
Cash flows from investing activities:
Proceeds from sale of PHC Certificates		43,349,357
Mortgage Revenue Bonds [Member]
Cash flows from investing activities:
Principal payments received	$ 8,778,919	$ 4,470,529

Condensed Consolidated Statem_6

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Statement Of Cash Flows [Abstract]
Cash and cash equivalents	$ 53,277,371	$ 35,158,156
Restricted cash	78,263,352	600,646
Total cash, cash equivalents and restricted cash	$ 131,540,723	$ 35,758,802

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2021
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 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. We generally refer to affordable multifamily and residential properties associated with our MRBs and GILs as “Residential Properties.” 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 (Note 19). 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	3 Months Ended
	Mar. 31, 2021
Summary Of Significant Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. 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 (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“Freddie Mac”); • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “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. Investment in Governmental Issuer Loans and Taxable Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) and taxable 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 and taxable 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; • 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 and principal payments; • The failure of the borrower to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If the estimated fair value of a GIL or taxable GIL is below amortized cost, and the Partnership does not expect to recover its entire amortized cost, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income (loss). The recognition of other-than-temporary impairment, provision for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership’s condensed consolidated financial statements. If the Partnership experiences deterioration in the value of its GILs or taxable 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. Estimates and assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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 the Partnership 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, 2020. These condensed consolidated financial statements and notes have been prepared consistently with the 2020 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 March 31, 2021, 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, 2020 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, taxable GILs, property loans, 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. The Partnership has noted slight declines in occupancy and operating results at properties securing its MRBs due to the COVID-19 pandemic. However, the Partnership has yet to observe a significant decline at such properties, with the exception of the Provision Center 2014-1 and Live 929 Apartments MRBs which are further discussed in Note 6. Furthermore, the Partnership has evaluated the impacts of COVID-19 on its investments in MF Properties, properties related to its GILs, and investments in unconsolidated entities and noted no indications of impairment of such investments. 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, ASU 2016-13 is effective date for the Partnership on January 1, 2023. The Partnership will take advantage of any additional guidance that may c be issued by the FASB regarding the implementation ASU 2016-13 through the effective date. 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 has evaluated its population of instruments indexed, either directly or indirectly, to LIBOR and 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	3 Months Ended
	Mar. 31, 2021
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	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Net Income per BUC	4. Net income per BUC The Partnership has disclosed basic and diluted net income per BUC on the Partnership’s condensed consolidated statements of operations. The unvested Restricted Unit Awards (“RUAs”) issued under the Partnership’s 2015 Equity Incentive Plan (the “Plan”) are considered participating securities. There were no dilutive BUCs for the three months ended March 31, 2021 and 2020.

Variable Interest Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2021
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 and TEBS financings are VIEs and the Partnership is the primary beneficiary (Note 15). 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 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 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 and TEBS financings as secured debt financings on the Partnership’s condensed consolidated balance sheets. The MRBs, GILs, property loans and taxable GIL secured by the TOB, Term TOB and TEBS financings, are reported as assets on the Partnership’s condensed consolidated balance sheets (Notes 6, 7 and 10). Non-Consolidated VIEs The Partnership has variable interests in various entities in the form of MRBs, GILs, property loans, a taxable GIL 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 24 and 21 non-consolidated VIEs as of March 31, 2021 and December 31, 2020, respectively. The following table summarizes the Partnership’s variable interests in these entities and maximum exposure to loss as of March 31, 2021 and December 31, 2020: Maximum Exposure to Loss March 31, 2021 December 31, 2020 Mortgage revenue bonds $ 15,405,000 $ 20,763,500 Governmental issuer loans 103,931,256 64,863,657 Property loans 8,327,342 5,327,342 Taxable governmental issuer loan 1,000,000 - Investment in unconsolidated entities 94,664,865 106,878,570 $ 223,328,463 $ 197,833,069 The maximum exposure to loss for the MRBs is equal to the cost adjusted for paydowns. The difference between an MRB’s carrying value on the Partnership’s condensed consolidated balance sheets and the maximum exposure to loss is a function of the unrealized gains or losses on the MRB. The maximum exposure to loss for the GILs, property loans, taxable GIL and investments in unconsolidated entities is equal to the Partnership’s carrying value.

Mortgage Revenue Bonds

Mortgage Revenue Bonds	3 Months Ended
	Mar. 31, 2021
Investments In Mortgage Revenue Bonds [Abstract]
Mortgage Revenue Bonds	6. Mortgage Revenue Bonds The Partnership’s MRBs provide construction and/or permanent financing for Residential Properties and a commercial property. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 15). The Partnership had the following investments in MRBs as of March 31, 2021 and December 31, 2020: March 31, 2021 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 $ 10,038,847 $ 2,036,900 $ - $ 12,075,747 Glenview Apartments - Series A (3) CA 4,469,991 941,975 - 5,411,966 Harmony Court Bakersfield - Series A (4) CA 3,660,303 726,094 - 4,386,397 Harmony Terrace - Series A (4) CA 6,776,107 1,416,111 - 8,192,218 Harden Ranch - Series A (2) CA 6,601,343 1,397,564 - 7,998,907 Las Palmas II - Series A (4) CA 1,660,837 326,950 - 1,987,787 Montclair Apartments - Series A (3) CA 2,421,644 518,332 - 2,939,976 Montecito at Williams Ranch Apartments - Series A (6) CA 7,612,095 1,916,887 - 9,528,982 Montevista - Series A (6) CA 6,720,000 2,086,742 - 8,806,742 Ocotillo Springs - Series A (6) CA 4,095,000 164,711 - 4,259,711 San Vicente - Series A (4) CA 3,424,558 658,833 - 4,083,391 Santa Fe Apartments - Series A (3) CA 2,933,731 637,675 - 3,571,406 Seasons at Simi Valley - Series A (4) CA 4,225,061 1,076,658 - 5,301,719 Seasons Lakewood - Series A (4) CA 7,218,027 1,508,466 - 8,726,493 Seasons San Juan Capistrano - Series A (4) CA 12,152,801 2,428,465 - 14,581,266 Summerhill - Series A (4) CA 6,302,983 1,165,385 - 7,468,368 Sycamore Walk - Series A (4) CA 3,507,305 716,843 - 4,224,148 The Village at Madera - Series A (4) CA 3,027,355 614,256 - 3,641,611 Tyler Park Townhomes - Series A (2) CA 5,749,890 829,871 - 6,579,761 Vineyard Gardens - Series A (6) CA 3,961,901 977,393 - 4,939,294 Westside Village Market - Series A (2) CA 3,757,543 777,054 - 4,534,597 Brookstone (1) IL 7,364,956 1,903,297 - 9,268,253 Copper Gate Apartments (2) IN 4,955,000 572,032 - 5,527,032 Renaissance - Series A (3) LA 10,836,857 3,683,524 - 14,520,381 Live 929 Apartments (6) MD 36,218,314 - - 36,218,314 Woodlynn Village (1) MN 4,120,000 13,341 - 4,133,341 Gateway Village (6) NC 2,600,000 131,447 - 2,731,447 Greens Property - Series A (2) NC 7,802,000 557,051 - 8,359,051 Lynnhaven Apartments (6) NC 3,450,000 174,419 - 3,624,419 Silver Moon - Series A (3) NM 7,681,225 1,851,589 - 9,532,814 Village at Avalon - Series A (5) NM 16,159,797 4,151,656 - 20,311,453 Ohio Properties - Series A (1) OH 13,688,000 - - 13,688,000 Bridle Ridge (1) SC 7,190,000 71,710 - 7,261,710 Columbia Gardens (4) SC 12,856,267 2,501,126 - 15,357,393 Companion at Thornhill Apartments (4) SC 11,023,297 1,890,764 - 12,914,061 Cross Creek (1) SC 6,133,061 2,162,011 - 8,295,072 Rosewood Townhomes - Series A (6) SC 9,259,206 562,960 - 9,822,166 South Pointe Apartments - Series A (6) SC 21,551,600 1,310,337 - 22,861,937 The Palms at Premier Park Apartments (2) SC 18,562,061 2,602,480 - 21,164,541 Village at River's Edge (4) SC 9,784,362 2,030,003 - 11,814,365 Willow Run (4) SC 12,677,935 2,464,921 - 15,142,856 Arbors at Hickory Ridge (2) TN 10,872,864 2,316,451 - 13,189,315 Avistar at Copperfield - Series A (6) TX 13,782,171 2,695,680 - 16,477,851 Avistar at the Crest - Series A (2) TX 9,111,697 1,934,363 - 11,046,060 Avistar at the Oaks - Series A (2) TX 7,365,549 1,624,288 - 8,989,837 Avistar at the Parkway - Series A (3) TX 12,686,495 2,516,255 - 15,202,750 Avistar at Wilcrest - Series A (6) TX 5,223,164 923,710 - 6,146,874 Avistar at Wood Hollow - Series A (6) TX 39,659,362 7,309,397 - 46,968,759 Avistar in 09 - Series A (2) TX 6,359,867 1,348,568 - 7,708,435 Avistar on the Boulevard - Series A (2) TX 15,522,758 3,169,213 - 18,691,971 Avistar on the Hills - Series A (2) TX 5,042,621 1,133,545 - 6,176,166 Bruton Apartments (4) TX 17,639,477 4,336,133 - 21,975,610 Concord at Gulfgate - Series A (4) TX 18,750,321 4,293,867 - 23,044,188 Concord at Little York - Series A (4) TX 13,135,487 3,121,179 - 16,256,666 Concord at Williamcrest - Series A (4) TX 20,348,276 4,747,239 - 25,095,515 Crossing at 1415 - Series A (4) TX 7,312,727 1,495,203 - 8,807,930 Decatur Angle (4) TX 22,222,763 4,918,525 - 27,141,288 Esperanza at Palo Alto (4) TX 19,182,510 5,213,184 - 24,395,694 Heights at 515 - Series A (4) TX 6,694,927 1,395,575 - 8,090,502 Heritage Square - Series A (3) TX 10,548,961 1,934,414 - 12,483,375 Oaks at Georgetown - Series A (4) TX 12,108,609 2,081,022 - 14,189,631 Runnymede (1) TX 9,805,000 - - 9,805,000 Southpark (1) TX 11,480,404 1,735,296 - 13,215,700 15 West Apartments (4) WA 9,586,894 2,701,301 - 12,288,195 Mortgage revenue bonds held in trust $ 638,674,164 $ 114,502,241 $ - $ 753,176,405 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 ( 2 ) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 ( 3 ) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 ( 4 ) ( 5 ) ( 6 ) March 31, 2021 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Solano Vista - Series A CA $ 2,662,206 $ 795,575 $ - $ 3,457,781 Greens Property - Series B NC 924,419 91,098 - 1,015,517 Ohio Properties - Series B OH 3,480,770 - - 3,480,770 Rosewood Townhomes - Series B SC 469,781 - - 469,781 South Pointe Apartments - Series B SC 1,099,487 - - 1,099,487 Provision Center 2014-1 TN 6,160,689 - - 6,160,689 Avistar at the Crest - Series B TX 734,678 120,209 - 854,887 Avistar at the Oaks - Series B TX 537,812 86,978 - 624,790 Avistar at the Parkway - Series B TX 123,883 40,662 - 164,545 Avistar in 09 - Series B TX 443,646 71,749 - 515,395 Avistar on the Boulevard - Series B TX 436,548 68,317 - 504,865 Mortgage revenue bonds held by the Partnership $ 17,073,919 $ 1,274,588 $ - $ 18,348,507 December 31, 2020 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 (4) CA $ 10,061,161 $ 2,487,317 $ - $ 12,548,478 Glenview Apartments - Series A (3) CA 4,483,154 1,010,425 - 5,493,579 Harmony Court Bakersfield - Series A (4) CA 3,668,439 889,216 - 4,557,655 Harmony Terrace - Series A (4) CA 6,791,096 1,724,350 - 8,515,446 Harden Ranch - Series A (2) CA 6,621,823 1,606,690 - 8,228,513 Las Palmas II - Series A (4) CA 1,664,566 400,431 - 2,064,997 Montclair Apartments - Series A (3) CA 2,428,775 572,671 - 3,001,446 Montecito at Williams Ranch Apartments - Series A (6) CA 7,626,287 2,350,276 - 9,976,563 Montevista - Series A (6) CA 6,720,000 2,404,771 - 9,124,771 Ocotillo Springs - Series A (6) CA 2,023,500 215,633 - 2,239,133 San Vicente - Series A (4) CA 3,432,246 809,327 - 4,241,573 Santa Fe Apartments - Series A (3) CA 2,942,370 724,678 - 3,667,048 Seasons at Simi Valley - Series A (4) CA 4,236,876 1,180,122 - 5,416,998 Seasons Lakewood - Series A (4) CA 7,233,993 1,836,808 - 9,070,801 Seasons San Juan Capistrano - Series A (4) CA 12,179,682 2,973,846 - 15,153,528 Summerhill - Series A (4) CA 6,316,993 1,470,689 - 7,787,682 Sycamore Walk - Series A (4) CA 3,517,919 888,485 - 4,406,404 The Village at Madera - Series A (4) CA 3,034,084 735,450 - 3,769,534 Tyler Park Townhomes - Series A (2) CA 5,767,938 939,214 - 6,707,152 Vineyard Gardens - Series A (6) CA 3,969,173 1,226,058 - 5,195,231 Westside Village Market - Series A (2) CA 3,769,337 859,860 - 4,629,197 Brookstone (1) IL 7,374,252 2,201,663 - 9,575,915 Copper Gate Apartments (2) IN 4,955,000 641,581 - 5,596,581 Renaissance - Series A (3) LA 10,870,681 4,293,328 - 15,164,009 Live 929 Apartments (6) MD 36,234,756 - - 36,234,756 Woodlynn Village (1) MN 4,120,000 56,458 - 4,176,458 Gateway Village (6) NC 2,600,000 136,612 - 2,736,612 Greens Property - Series A (2) NC 7,829,000 663,781 - 8,492,781 Lynnhaven Apartments (6) NC 3,450,000 178,960 - 3,628,960 Silver Moon - Series A (3) NM 7,697,891 1,995,694 - 9,693,585 Village at Avalon - Series A (5) NM 16,189,074 4,879,623 - 21,068,697 Ohio Properties - Series A (1) OH 13,724,000 61,243 - 13,785,243 Bridle Ridge (1) SC 7,235,000 153,657 - 7,388,657 Columbia Gardens (4) SC 12,898,904 2,689,886 - 15,588,790 Companion at Thornhill Apartments (4) SC 11,055,254 2,208,446 - 13,263,700 Cross Creek (1) SC 6,136,261 2,277,289 - 8,413,550 Rosewood Townhomes - Series A (6) SC 9,259,206 578,247 - 9,837,453 South Pointe Apartments - Series A (6) SC 21,551,600 1,345,919 - 22,897,519 The Palms at Premier Park Apartments (2) SC 18,619,081 2,906,879 - 21,525,960 Village at River's Edge (4) SC 9,802,479 1,353,745 - 11,156,224 Willow Run (4) SC 12,720,560 2,650,995 - 15,371,555 Arbors at Hickory Ridge (2) TN 10,910,733 2,704,295 - 13,615,028 Avistar at Copperfield - Series A (6) TX 13,815,817 3,189,896 - 17,005,713 Avistar at the Crest - Series A (2) TX 9,140,656 2,376,580 - 11,517,236 Avistar at the Oaks - Series A (2) TX 7,388,262 1,854,785 - 9,243,047 Avistar at the Parkway - Series A (3) TX 12,721,014 2,790,208 - 15,511,222 Avistar at Wilcrest - Series A (6) TX 5,235,915 1,084,347 - 6,320,262 Avistar at Wood Hollow - Series A (6) TX 39,756,184 8,703,609 - 48,459,793 Avistar in 09 - Series A (2) TX 6,379,479 1,601,535 - 7,981,014 Avistar on the Boulevard - Series A (2) TX 15,572,093 3,779,139 - 19,351,232 Avistar on the Hills - Series A (2) TX 5,058,171 1,292,513 - 6,350,684 Bruton Apartments (4) TX 17,674,167 3,792,253 - 21,466,420 Concord at Gulfgate - Series A (4) TX 18,796,773 4,888,537 - 23,685,310 Concord at Little York - Series A (4) TX 13,168,029 3,543,909 - 16,711,938 Concord at Williamcrest - Series A (4) TX 20,398,687 5,397,326 - 25,796,013 Crossing at 1415 - Series A (4) TX 7,331,821 1,810,458 - 9,142,279 Decatur Angle (4) TX 22,270,729 5,600,721 - 27,871,450 Esperanza at Palo Alto (4) TX 19,218,417 5,955,488 - 25,173,905 Heights at 515 - Series A (4) TX 6,712,409 1,600,836 - 8,313,245 Heritage Square - Series A (3) TX 10,579,057 2,095,871 - 12,674,928 Oaks at Georgetown - Series A (4) TX 12,135,392 2,597,201 - 14,732,593 Runnymede (1) TX 9,805,000 105,634 - 9,910,634 Southpark (1) TX 11,462,172 1,917,286 - 13,379,458 15 West Apartments (4) WA 9,604,680 3,257,826 - 12,862,506 Mortgage revenue bonds held in trust 637,948,068 130,520,576 - 768,468,644 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 ( 2 ) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 ( 3 ) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 ( 4 ) ( 5 ) MRB held by Morgan Stanley in a debt financing transaction Note 15 ( 6 ) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 15 December 31, 2020 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Solano Vista - Series A CA $ 2,665,000 $ 891,612 $ - $ 3,556,612 Greens Property - Series B NC 925,607 107,347 - 1,032,954 Arby Road Apartments - Series A NV 7,385,000 15,059 - 7,400,059 Ohio Properties - Series B OH 3,485,690 13,578 - 3,499,268 Rosewood Townhomes - Series B SC 469,781 2,549 - 472,330 South Pointe Apartments - Series B SC 1,099,487 5,967 - 1,105,454 Provision Center 2014-1 TN 6,161,954 - - 6,161,954 Avistar at the Crest - Series B TX 735,974 144,746 - 880,720 Avistar at the Oaks - Series B TX 538,723 100,668 - 639,391 Avistar at the Parkway - Series B TX 123,973 43,650 - 167,623 Avistar in 09 - Series B TX 444,398 83,042 - 527,440 Avistar on the Boulevard - Series B TX 437,318 82,718 - 520,036 Mortgage revenue bonds held by the Partnership $ 24,472,905 $ 1,490,936 $ - $ 25,963,841 See Note 22 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership’s condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. During the three months ended March 31, 2020, the Partnership recognized a $1.4 million provision for credit loss related to the Provision Center 2014-1 MRB in its condensed consolidated statements of operations. The credit loss related to the Provision Center 2014-1 MRB was primarily driven by debt service shortfalls by the underlying commercial property. The borrower of the Provision Center 2014-1 MRB filed for bankruptcy in December 2020. MRB Activity in the First Three Months of 2021 Acquisitions: There were no MRBs acquired during the three months ended March 31, 2021. Redemptions: The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2021: Property Name Month Redeemed Property Location Units Original Maturity Date Interest Rate Principal Outstanding at Date of Redemption Arby Road Apartments - Series A (1) March Las Vegas, NV 180 10/1/2027 5.35 % $ 1,600,000 Arby Road Apartments - Series A (1) March Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 $ 7,385,000 (1) MRB Activity in the First Three Months of 2020 Acquisitions: There were no MRBs acquired during the three months ended March 31, 2020. Redemptions: The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 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 The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 7,319,000 $ - Provision for credit loss - 1,358,000 Balance, end of period (1) $ 7,319,000 $ 1,358,000 (1) .

Governmental Issuer Loans

Governmental Issuer Loans	3 Months Ended
	Mar. 31, 2021
Governmental Issuer Loans [Abstract]
Governmental Issuer Loans	7. Governmental Issuer Loans Governmental issuer loans (“GILs”) owned by the Partnership are issued by state or local 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 government, agency or authority and no government, agency or authority is liable for them, nor is the taxing power of any government pledged to the payment of principal or interest on the GILs. The GILs 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 GILs is the net cash flow or the sale or refinancing proceeds from the underlying property. The GILs share a first mortgage lien position with the associated property loans (Note 10) or taxable GIL (Note 12) also owned by the Partnership. Affiliates of the borrower have guaranteed limited-to-full payment of principal and interest on the GILs. The GILs are held in trust in connection with TOB Trust financings (Note 15). 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 GILs as of March 31, 2021 and December 31, 2020: As of March 31, 2021 Property Name Month Acquired Property Location Units Maturity Date (2) Variable Interest Rate Current Interest Rate Amortized Cost Maximum Remaining Commitment Scharbauer Flats Apartments (1) June 2020 Midland, TX 300 1/1/2023 SIFMA + 3.10% 3.15% $ 40,000,000 $ - Oasis at Twin Lakes (1) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 3.25% (3),(4) 3.75% 24,733,130 9,266,870 Centennial Crossings (1) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75% (4) 3.25% 15,182,744 17,897,256 Legacy Commons at Signal Hills (1) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07% (4) 3.57% 9,917,887 24,702,113 Hilltop at Signal Hills (1) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07% (4) 3.57% 4,075,050 20,374,950 Hope on Avalon January 2021 Los Angeles, CA 88 2/1/2023 SIFMA + 3.75% (4) 4.60% 6,331,200 17,058,800 Hope on Broadway January 2021 Los Angeles, CA 49 2/1/2023 SIFMA + 3.75% (4) 4.60% 3,691,245 8,414,378 $ 103,931,256 $ 97,714,367 (1) An affiliate of the Partnership has forward committed to purchase the GIL at maturity if the property has reached stabilization and other conditions are met (Note 21). (2) The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee. (3) The variable rate decreases to SIFMA plus 2.25% upon completion of c (4) The variable index interest rate component is subject to a floor. As of December 31, 2020 Property Name Month Acquired Property Location Units Maturity Date (2) Variable Interest Rate Current Interest Rate Amortized Cost Scharbauer Flats Apartments (1) June 2020 Midland, TX 300 1/1/2023 SIFMA + 3.10% 3.19% $ 40,000,000 Oasis at Twin Lakes (1) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 3.25% (3),(4) 3.75% 14,403,000 Centennial Crossings (1) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75% (4) 3.25% 10,460,657 $ 64,863,657 (1) 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 (Note 21). (2) The borrower may elect to extend the maturity date to for a period ranging between six and twelve 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 variable index interest rate component is subject to a floor. GIL Activity in the First Three Months of 2021 Acquisitions: During January 2021, the Partnership entered into multiple GIL commitments to provide construction financing for the underlying property on a draw-down basis as summarized below. See above tables for additional information associated with the GIL commitments. • $34.6 million commitment related to Legacy Commons at Signal Hills • $24.5 million commitment related to Hilltop at Signal Hills • $23.4 million commitment related to Hope on Avalon; • $12.1 million commitment related to Hope on Broadway

Real Estate Assets

Real Estate Assets	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Assets	8 . Real Estate Assets The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2021 and December 31, 2020: Real Estate Assets as of March 31, 2021 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 $ 39,399,529 $ 42,598,797 The 50/50 MF Property Lincoln, NE 475 - 32,942,956 32,942,956 Land held for development (1) 1,675,997 - 1,675,997 $ 77,217,750 Less accumulated depreciation (18,827,865 ) Net real estate assets $ 58,389,885 (1) Real Estate Assets as of December 31, 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 $ 39,375,298 $ 42,574,566 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 $ 77,191,417 Less accumulated depreciation (18,150,215 ) Net real estate assets $ 59,041,202 ( 1 ) 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 Three Months of 2021 As of March 31, 2021, the land held for development in Gardner, KS was listed for sale.

Investments in Unconsolidated E

Investments in Unconsolidated Entities	3 Months Ended
	Mar. 31, 2021
Equity Method Investments And Joint Ventures [Abstract]
Investments in Unconsolidated Entities	9 . Investments in Unconsolidated Entities ATAX Vantage Holdings, LLC, a wholly owned subsidiary of the Partnership, has equity investment commitments and has made equity investments in unconsolidated entities. The carrying value of the equity investments represents the Partnership’s maximum exposure to loss. ATAX Vantage Holdings, LLC is the only limited equity investor in the unconsolidated entities. An affiliate of the unconsolidated entities guarantees ATAX Vantage Holdings, LLC’s return on its investments through a date approximately two to three years after construction completion The following table provides the details of the investments in unconsolidated entities as of March 31, 2021 and December 31, 2020 and remaining equity commitment amounts as of March 31, 2021: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of March 31, 2021 Carrying Value as of December 31, 2020 Maximum Remaining Equity Commitment as of March 31, 2021 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 10,570,000 - Vantage at Germantown Germantown, TN 288 June 2018 March 2020 - 12,425,000 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 October 2020 12,390,012 14,640,000 - Vantage at Coventry Omaha, NE 294 September 2018 February 2021 9,007,435 9,007,435 - Vantage at Conroe Conroe, TX 288 April 2019 January 2021 10,669,242 10,406,895 - Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 8,453,760 8,245,890 - Vantage at Westover Hills San Antonio, TX 288 January 2020 N/A 8,223,758 8,021,544 - Vantage at Tomball Tomball, TX 288 August 2020 N/A 10,964,487 9,280,134 - Vantage at Hutto Hutto, TX 288 November 2020 N/A 3,243,428 3,163,676 7,359,952 Vantage at San Marcos San Marcos, TX 288 November 2020 N/A 1,006,442 981,695 8,943,914 3,468 $ 94,664,865 $ 106,878,570 $ 16,303,866 Activity in the First Three Months of 2021 In March 2021, Vantage at Germantown sold substantially all assets to an unrelated third party and ceased operations. The Partnership received cash of approximately $16.1 million upon sale. The Partnership recognized approximately $862,000 of “Investment income” and approximately $2.8 million as “Gain on sale of investment in an unconsolidated entity” associated with the sale. Activity in the First Three 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. The following table provides combined summary financial information for the Partnership’s investments in unconsolidated entities for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Property Revenues $ 5,482,870 $ 2,483,605 Gain on sale of property $ 8,967,247 $ - Net income (loss) $ 6,931,134 $ (2,519,165 )

Property Loans, Net of Loan Los

Property Loans, Net of Loan Loss Allowances	3 Months Ended
	Mar. 31, 2021
Property Loans Net Of Loan Loss Allowance [Abstract]
Property Loans, Net of Loan Loss Allowances	10. Property Loans, Net of Loan Loss Allowances The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of March 31, 2021 and December 31, 2020: March 31, 2021 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 Hilltop at Signal Hills (1) 1,000,000 - 1,000,000 Legacy Commons at Signal Hills (1) 1,000,000 - 1,000,000 Live 929 Apartments 911,232 (911,232 ) - Oasis at Twin Lakes (1) 1,000,000 - 1,000,000 Ohio Properties 2,390,446 - 2,390,446 Scharbauer Flats Apartments (1) 2,309,613 - 2,309,613 Total $ 24,225,765 $ (8,305,046 ) $ 15,920,719 (1) The p December 31, 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 911,232 (911,232 ) - Ohio Properties 2,390,446 - 2,390,446 Scharbauer Flats Apartments (1) 2,309,613 - 2,309,613 Total $ 21,225,765 $ (8,305,046 ) $ 12,920,719 (1) The p During the three months ended March 31, 2021 and 2020, the interest to be earned on the Live 929 Apartments and Cross Creek property loans were in nonaccrual status. The discounted cash flow method used by management to establish the net realizable value of these property loans determined the collection of the interest accrued was not probable. In addition, for the three months ended March 31, 2021 and 2020, 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 Three Months of 2021 Concurrent with the acquisition of GILs (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 properties Affiliates of the borrower have guaranteed limited-to-full payment of principal and accrued interest on the property loans. Property Name Date Committed Maturity Date (1) Outstanding Balance Legacy Commons at Signal Hills January 2021 2/1/2024 $ 1,000,000 Hilltop at Signal Hills January 2021 8/1/2023 1,000,000 $ 2,000,000 (1) In March 2021, the Partnership amended the secured property loan with Live 929 Apartments to increase the total available loan amount to $1.5 million from $1.0 million. The property loan is subordinate to the MRBs associated with the property. The following table summarizes the Partnership’s outstanding property loan commitments as of March 31, 2021: Maximum Remaining Commitment Centennial Crossings 21,232,271 Hilltop at Signal Hills 20,197,939 Legacy Commons at Signal Hills 31,233,972 Oasis at Twin Lakes 26,704,180 Scharbauer Flats Apartments 21,850,387 Total $ 121,218,749

Income Tax Provision

Income Tax Provision	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Tax Provision	11. Income Tax Provision The Partnership recognizes current income tax expense for federal, state, and local income taxes incurred by the Greens Hold Co, which owns The 50/50 MF Property and certain property loans. The following table summarizes income tax expense (benefit) for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Current income tax expense $ 16,485 $ 42,335 Deferred income tax benefit (16,228 ) (30,921 ) Total income tax expense $ 257 $ 11,414 The Partnership evaluated whether it is more likely than not that its deferred income tax assets will be realizable. There was no valuation allowance recorded as of March 31, 2021 and December 31, 2020.

Other Assets

Other Assets	3 Months Ended
	Mar. 31, 2021
Other Assets [Abstract]
Other Assets	12. Other Assets The following table summarizes the other assets as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Deferred financing costs, net $ 455,954 $ 390,649 Fair value of derivative instruments (Note 17) 327,376 321,503 Taxable mortgage revenue bonds, at fair value 1,443,988 1,510,437 Taxable governmental issuer loan held in trust 1,000,000 - Bond purchase commitments, at fair value (Note 18) 310,909 431,879 Operating lease right-of-use assets, net 1,641,462 1,648,742 Other assets 1,911,434 1,605,374 Total other assets $ 7,091,123 $ 5,908,584 As of March 31, 2021 and December 31, 2020, the operating lease right-of-use assets consisted primarily of a ground lease at the 50/50 MF Property (Note 13). See Note 22 for a description of the methodology and significant assumptions for determining the fair value of derivative instruments, taxable MRBs and bond purchase commitments. Unrealized gains or losses on derivative instruments are reported as “Interest expense” on the Partnership’s condensed consolidated statements of operations. Unrealized gain or losses on taxable MRBs and bond purchase commitments are recorded in the Partnership’s condensed consolidated statements of comprehensive income (loss) to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the assets. Concurrent with the acquisition of the Hope on Avalon GIL (Note 7), the Partnership entered into a taxable GIL to provide construction financing for the underlying property on a draw-down basis. The GIL and taxable GIL are on parity and share a first mortgage lien position on all real and personal property associated with the underlying property. The taxable GIL is held in trust in connection with a TOB Trust financing (Note 15). The following table includes details of the taxable GIL, and the remaining funding commitment, that was entered into during the three months ended March 31, 2021: Property Name Date Committed Maturity Date Outstanding Balance Maximum Remaining Commitment Hope on Avalon January 2021 2/1/2023 (1) $ 1,000,000 $ 9,573,000 (1) The borrower ha s the option to extend the maturity up to six months upon

Accounts Payable, Accrued Expen

Accounts Payable, Accrued Expenses and Other Liabilities	3 Months Ended
	Mar. 31, 2021
Payables And Accruals [Abstract]
Accounts Payable, Accrued Expenses and Other Liabilities	13. Accounts Payable, Accrued Expenses and Other Liabilities The following table summarizes the accounts payable, accrued expenses and other liabilities as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Accounts payable $ 109,503 $ 94,674 Accrued expenses 2,626,800 2,755,010 Accrued interest expense 3,630,945 3,433,247 Operating lease liabilities 2,150,033 2,149,001 Other liabilities 1,556,498 1,517,633 Total accounts payable, accrued expenses and other liabilities $ 10,073,779 $ 9,949,565 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 March 31, 2021: Remainder of 2021 $ 104,102 2022 141,119 2023 143,561 2024 144,706 2025 147,598 Thereafter 4,369,676 Total 5,050,762 Less: Amount representing interest (2,900,729 ) Total operating lease liabilities $ 2,150,033

Unsecured Lines of Credit

Unsecured Lines of Credit	3 Months Ended
	Mar. 31, 2021
Unsecured Lines of Credit	15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2021 and December 31, 2020: Outstanding Debt Financings as of March 31, 2021, 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 $ 39,710,422 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 77,965,698 4,999 2014 July 2024 Weekly SIFMA 0.08% 1.36% 1.44% Fixed - M33 30,648,101 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 215,362,292 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,016,551 77,530,126 2020 September 2025 Monthly 3-month LIBOR 0.18% 9.00% 9.18% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 3,635,973 - 2020 July 2022 Weekly SIFMA 0.25% 0.89% 1.14% Variable - TOB 7,873,144 - 2021 February 2023 Weekly SIFMA 0.25% 1.42% 1.67% Variable - TOB 122,615,475 - 2019 July 2023 Weekly SIFMA 0.25% - 0.30% 1.17% - 1.67% 1.42% - 1.97% Variable - TOB 76,533,047 - 2020 September 2023 Weekly OBFR 0.32% 0.89% 1.21% Variable - TOB 5,680,127 - 2020 December 2023 Weekly SIFMA 0.25% 1.27% 1.52% Variable - TOB 15,761,909 - 2021 January 2024 Weekly OBFR 0.32% 0.89% 1.21% Morgan Stanley: Fixed - Term TOB 12,986,162 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 711,788,901 (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 $39.9 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of March 31, 2021. Outstanding Debt Financings as of December 31, 2020 Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 39,825,019 $ 238,760 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,272,018 4,999 2014 July 2024 Weekly SIFMA 0.12% 1.34% 1.46% Fixed - M33 30,796,097 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 215,825,022 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,086,756 77,500,000 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,765,167 - 2020 July 2022 Weekly SIFMA 0.29% 0.89% 1.18% Variable - TOB 122,724,862 - 2019 July 2023 Weekly SIFMA 0.29% - 0.39% 1.17% - 1.67% 1.46% - 2.06% Variable - TOB 62,992,845 - 2020 September 2023 Weekly OBFR 0.33% 0.89% 1.22% Variable - TOB 5,668,324 - 2020 December 2023 Weekly SIFMA 0.29% 1.27% 1.56% Morgan Stanley: Fixed - Term TOB 13,001,530 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 673,957,640 (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 December 31, 2020. See Note 17 for further information on the total return swaps. The TOB, Term TOB and TEBS financing arrangements are consolidated VIE’s to the Partnership (Note 5). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, Term TOB 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 and TEBS financing, Note 7 for information regarding the GILs securitized within each TOB Trust financing, Note 10 for information regarding the property loans securitized within each TOB Trust financing and Note 12 for information regarding the taxable GIL securitized within a TOB Trust financing. As the residual interest holder, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the underlying collateral may be sold and, if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. As of March 31, 2021 and December 31, 2020, 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 (Note 17). 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 March 31, 2021 and December 31, 2020. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, GILs, property loans and a taxable GIL. The Mizuho TOB Trusts require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remains listed on the NASDAQ. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facility would be triggered, which would require the Partnership to purchase a portion or all of the senior interests issued by each TOB Trust. The Partnership was in compliance with these covenants as of March 31, 2021. 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 March 31, 2021. 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 assets. Activity in the First Three Months of 2021 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the three months ended March 31, 2021: TOB Trusts Securitization Initial TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees TOB Trust 2021-XF2926 (1) $ 16,190,000 January 2024 Weekly OBFR 0.89% Hope on Avalon GIL 5,064,000 February 2023 Weekly SIFMA 1.42% Hope on Broadway GIL 2,953,000 February 2023 Weekly SIFMA 1.42% Total TOB Trust Financings $ 24,207,000 (1) Activity in the First Three Months of 2020 In January 2020, the Partnership extended the maturity date of the Term TOB Trust financing related to Provision Center 2014-1 from January 2020 to May 2020. The Term TOB Trust financing was subsequently collapsed in April 2020. In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest was paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party. In February 2020, the Partnership extended the maturity dates of the Term A/B Trust financings related to Gateway Village and Lynnhaven Apartments from February 2020 to February 2021. The Term A/B Trust financings were subsequently collapsed in April 2020. Future Maturities The Partnership’s contractual maturities of borrowings as of March 31, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 4,456,041 2022 23,310,689 2023 217,166,816 2024 104,029,152 2025 11,363,784 Thereafter 354,282,763 Total 714,609,245 Unamortized deferred financing costs and debt premium (2,820,344 ) Total debt financing, net $ 711,788,901
Unsecured Lines of Credit [Member]
Unsecured Lines of Credit	14. Unsecured Lines of Credit The following tables summarize the unsecured lines of credit (“LOC”) as of March 31, 2021 and December 31, 2020: Unsecured Lines of Credit Outstanding as of March 31, 2021 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ - $ 50,000,000 June 2022 Variable (1) Monthly 2.61 % Bankers Trust operating - 10,000,000 June 2022 Variable (1) Monthly 3.36 % Total unsecured lines of credit $ - $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 2020 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 7,475,000 $ 50,000,000 June 2022 Variable (1) Monthly 2.65 % Bankers Trust operating - 10,000,000 June 2022 Variable (1) Monthly 3.40 % Total unsecured lines of credit $ 7,475,000 $ 60,000,000 ( 1 ) The variable rate is indexed to LIBOR plus an applicable margin. The principal amount of each acquisition advance from the non-operating LOC 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 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 as of March 31, 2021. The Partnership is required to make principal payments to reduce the operating LOC to zero for fifteen consecutive calendar days during each calendar quarter. The Partnership has fulfilled its prepayment obligation for all periods presented. In addition, the Partnership has fulfilled its second quarter of 2021 repayment obligation as it maintained a zero balance in the operating LOC for fifteen consecutive days during April 2021.

Debt Financing

Debt Financing	3 Months Ended
	Mar. 31, 2021
Debt Financing [Abstract]
Unsecured Lines of Credit	15. Debt Financing The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2021 and December 31, 2020: Outstanding Debt Financings as of March 31, 2021, 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 $ 39,710,422 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 77,965,698 4,999 2014 July 2024 Weekly SIFMA 0.08% 1.36% 1.44% Fixed - M33 30,648,101 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 215,362,292 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,016,551 77,530,126 2020 September 2025 Monthly 3-month LIBOR 0.18% 9.00% 9.18% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 3,635,973 - 2020 July 2022 Weekly SIFMA 0.25% 0.89% 1.14% Variable - TOB 7,873,144 - 2021 February 2023 Weekly SIFMA 0.25% 1.42% 1.67% Variable - TOB 122,615,475 - 2019 July 2023 Weekly SIFMA 0.25% - 0.30% 1.17% - 1.67% 1.42% - 1.97% Variable - TOB 76,533,047 - 2020 September 2023 Weekly OBFR 0.32% 0.89% 1.21% Variable - TOB 5,680,127 - 2020 December 2023 Weekly SIFMA 0.25% 1.27% 1.52% Variable - TOB 15,761,909 - 2021 January 2024 Weekly OBFR 0.32% 0.89% 1.21% Morgan Stanley: Fixed - Term TOB 12,986,162 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 711,788,901 (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 $39.9 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of March 31, 2021. Outstanding Debt Financings as of December 31, 2020 Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 39,825,019 $ 238,760 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,272,018 4,999 2014 July 2024 Weekly SIFMA 0.12% 1.34% 1.46% Fixed - M33 30,796,097 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 215,825,022 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,086,756 77,500,000 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,765,167 - 2020 July 2022 Weekly SIFMA 0.29% 0.89% 1.18% Variable - TOB 122,724,862 - 2019 July 2023 Weekly SIFMA 0.29% - 0.39% 1.17% - 1.67% 1.46% - 2.06% Variable - TOB 62,992,845 - 2020 September 2023 Weekly OBFR 0.33% 0.89% 1.22% Variable - TOB 5,668,324 - 2020 December 2023 Weekly SIFMA 0.29% 1.27% 1.56% Morgan Stanley: Fixed - Term TOB 13,001,530 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 673,957,640 (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 December 31, 2020. See Note 17 for further information on the total return swaps. The TOB, Term TOB and TEBS financing arrangements are consolidated VIE’s to the Partnership (Note 5). The Partnership is the primary beneficiary due to its rights to the underlying assets. Accordingly, the Partnership consolidates the TOB, Term TOB 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 and TEBS financing, Note 7 for information regarding the GILs securitized within each TOB Trust financing, Note 10 for information regarding the property loans securitized within each TOB Trust financing and Note 12 for information regarding the taxable GIL securitized within a TOB Trust financing. As the residual interest holder, the Partnership may be required to make certain payments or contribute certain assets to the VIEs if certain events occur. Such events include, but are not limited to, a downgrade in the investment rating of the senior securities issued by the VIEs, a ratings downgrade of the liquidity provider for the VIEs, increases in short term interest rates beyond pre-set maximums, an inability to re-market the senior securities or an inability to obtain liquidity for the senior securities. If such an event occurs in an individual VIE, the underlying collateral may be sold and, if the proceeds are not sufficient to pay the principal amount of the senior securities plus accrued interest and other trust expenses, the Partnership will be required to fund any such shortfall. If the Partnership does not fund the shortfall, the default and liquidation provisions will be invoked against the Partnership. The Partnership has never been, and does not expect in the future, to be required to reimburse the VIEs for any shortfall. As of March 31, 2021 and December 31, 2020, 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 (Note 17). 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 March 31, 2021 and December 31, 2020. The Partnership has entered into various TOB Trust financings with Mizuho secured by MRBs, GILs, property loans and a taxable GIL. The Mizuho TOB Trusts require that the Partnership’s residual interest in the TOB Trusts maintain a certain value in relation to the total assets in each Trust. In addition, the Master Trust Agreement with Mizuho requires the Partnership’s partners’ capital, as defined, to maintain a certain threshold and that the Partnership remains listed on the NASDAQ. If the Partnership is not in compliance with any of these covenants, a termination event of the financing facility would be triggered, which would require the Partnership to purchase a portion or all of the senior interests issued by each TOB Trust. The Partnership was in compliance with these covenants as of March 31, 2021. 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 March 31, 2021. 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 assets. Activity in the First Three Months of 2021 New Debt Financings: The following is a summary of the Mizuho TOB Trust financings that were entered into during the three months ended March 31, 2021: TOB Trusts Securitization Initial TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees TOB Trust 2021-XF2926 (1) $ 16,190,000 January 2024 Weekly OBFR 0.89% Hope on Avalon GIL 5,064,000 February 2023 Weekly SIFMA 1.42% Hope on Broadway GIL 2,953,000 February 2023 Weekly SIFMA 1.42% Total TOB Trust Financings $ 24,207,000 (1) Activity in the First Three Months of 2020 In January 2020, the Partnership extended the maturity date of the Term TOB Trust financing related to Provision Center 2014-1 from January 2020 to May 2020. The Term TOB Trust financing was subsequently collapsed in April 2020. In January 2020, the variable rate TOB Trust financings associated with the PHC Certificates were collapsed and all principal and interest was paid in full in conjunction with the Partnership’s sale of the PHC Certificates to an unrelated party. In February 2020, the Partnership extended the maturity dates of the Term A/B Trust financings related to Gateway Village and Lynnhaven Apartments from February 2020 to February 2021. The Term A/B Trust financings were subsequently collapsed in April 2020. Future Maturities The Partnership’s contractual maturities of borrowings as of March 31, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 4,456,041 2022 23,310,689 2023 217,166,816 2024 104,029,152 2025 11,363,784 Thereafter 354,282,763 Total 714,609,245 Unamortized deferred financing costs and debt premium (2,820,344 ) Total debt financing, net $ 711,788,901

Mortgages Payable and Other Sec

Mortgages Payable and Other Secured Financing	3 Months Ended
	Mar. 31, 2021
Mortgages Payable [Abstract]
Mortgages Payable and Other Secured Financing	16. Mortgages Payable and Other Secured Financing The following tables summarize the Partnership’s mortgages payable and other secured financing, net of deferred financing costs, as of March 31, 2021 and December 31, 2020: MF Property Mortgage Payables Outstanding Mortgage Payable as of March 31, 2021, net Outstanding Mortgage Payable as of December 31, 2020, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Period End Rate The 50/50 MF Property--TIF Loan $ 2,521,369 $ 2,521,308 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,339,100 23,463,564 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 25,860,469 $ 25,984,872 4.36 % Activity in the First Three Months of 2020 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 March 31, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 710,641 2022 869,599 2023 908,564 2024 946,558 2025 1,782,213 Thereafter 20,644,450 Total 25,862,025 Unamortized deferred financing costs (1,556 ) Total mortgages payable and other secured financings, net $ 25,860,469

Derivative Financial Instrument

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2021
Interest Rate Derivatives [Abstract]
Derivative Financial Instruments	17. Derivative Financial Instruments The following table summarizes the terms of the Partnership’s total return swaps as of March 31, 2021 and December 31, 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 March 31, 2021 Sept 2020 39,881,661 Sept 2020 Sept 2025 4.25% (1) 9.18% (3) 3-month LIBOR Mizuho Capital Markets $ 77,280 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00% (2) 9.18% (3) 3-month LIBOR Mizuho Capital Markets 214,768 $ 292,048 (1) (2) (3) 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 December 31, 2020 Sept 2020 39,970,485 Sept 2020 Sept 2025 4.25% (1) 9.22% (3) 3-month LIBOR Mizuho Capital Markets $ 77,995 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00% (2) 9.22% (3) 3-month LIBOR Mizuho Capital Markets 215,631 $ 293,626 (1) (2) (3) Each of the total return swaps have the Partnership’s Secured Notes with Mizuho as the specified reference security (Note 15). The combined notional amount of the total return swaps is $103.4 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 $39.9 million, requires the Partnership to maintain cash collateral equal to 35% of the notional amount, which was approximately $14.0 million as of March 31, 2021. 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 March 31, 2021. 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 March 31, 2021 and December 31, 2020: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of March 31, 2021 Aug 2019 77,642,414 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 35,328 $ 35,328 (1) See Notes 15 and 22 for additional details. Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2020 Aug 2019 77,979,924 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 27,877 $ 27,877 ( 1 ) See Notes 15 and 22 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 22 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	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	18. Commitments and Contingencies Legal Proceedings The Partnership, from time to time, may be subject to various legal proceedings and claims that arise in the ordinary course of business. These matters are frequently covered by insurance. If it has been determined that a loss is probable to occur, the estimated amount of the loss is accrued in the Partnership’s condensed consolidated financial statements. While the resolution of these matters cannot be predicted with certainty, the Partnership believes the outcome of such matters will not have a material effect on the Partnership’s condensed consolidated financial statements. Bond Purchase Commitments The Partnership may 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 (loss). The following table summarizes the Partnership’s bond purchase commitment as of March 31, 2021: Bond Purchase Commitments Commitment Date Maximum Committed Amounts Remaining Rate Estimated Closing Date Fair Value as of March 31, 2021 CCBA Senior Garden Apartments July 2020 $ 3,807,000 4.50 % Q3 2022 $ 310,909 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 (Note 6) and a taxable MRB (Note 12) while the property is under construction. The Partnership’s remaining maximum commitments related to the Series A MRB and a taxable MRB totaled $10.9 million and $7.0 million, respectively, as of March 31, 2021. Governmental Issuer Loan and Taxable Governmental Issuer Loan Commitments The Partnership has outstanding commitments to fund the proceeds related to the GILs and taxable GILs while the property is under construction. Disclosures of remaining maximum commitment for GILs and a taxable GIL are in Note 7 and Note 12, respectively. 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 9 for disclosure of remaining maximum commitments. Property Loan Commitments The Partnership has outstanding commitments to fund the proceeds related to property loans while certain properties are under construction. See Note 10 for disclosure of remaining maximum commitments. Construction Loan Guarantees The Partnership has entered into guaranty agreements for 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. The Partnership has not accrued any amount for these contingent liabilities because the likelihood of guarantee claims is remote. The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of March 31, 2021: Borrower Year the Guarantee was Executed Maximum Balance Available on Loan Loan Balance as of March 31, 2021 Partnership's Maximum Exposure as of March 31, 2021 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 30,501,955 $ 15,250,978 (1) Vantage at Coventry 2018 31,500,000 29,369,707 14,684,853 (1) Vantage at Murfreesboro 2021 30,500,000 30,500,000 15,250,000 (2) (1) The Partnership’s guaranty was initially for the entire amount of the loan and will decrease based on the achievement of certain events or financial ratios. The Partnership’s maximum exposure will decrease to 25% (2) The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth and maintain liquid assets of not less than $5.0 million. The Partnership was in compliance with these requirements as of March 31, 2001. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation during the term. 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 March 31, 2021: Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of March 31, 2021 Ohio Properties 2011 2026 $ 3,011,522 Greens of Pine Glen, LP 2012 2027 2,046,028

Redeemable Series A Preferred U

Redeemable Series A Preferred Units	3 Months Ended
	Mar. 31, 2021
Temporary Equity Disclosure [Abstract]
Redeemable Series A Preferred Units	19. 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 March 31, 2021 and December 31, 2020 Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding as of March 31, 2021 and December 31, 2020 9,450,000 $ 94,500,000

Restricted Unit Awards

Restricted Unit Awards	3 Months Ended
	Mar. 31, 2021
Restricted Unit Awards [Member]
Restricted Unit Awards	20. Restricted Unit Awards The Partnership’s Plan permits the grant of restricted units 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 December 2020, the Board of Managers of Greystone Manager vested 50,000 of the Partnership’s previous CEO’s unvested restricted unit awards and all related compensation expense was recognized immediately. 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 $78,000 and $39,000 for the three months ended March 31, 2021 and 2020, 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 for the three months ended March 31, 2021 and the year ended December 31, 2020: Restricted Units Awarded Weighted average Grant-date Fair Value Nonvested as of January 1, 2020 - $ - Granted 290,000 4.98 Vested (154,386 ) 4.98 Forfeited (2,802 ) 4.98 Nonvested as of December 31, 2020 132,812 $ 4.98 No activity - 4.98 Nonvested as of March 31, 2021 132,812 $ 4.98 The unrecognized compensation expense related to nonvested RUAs granted under the Plan was $334,000 as of March 31, 2021. The remaining compensation expense is expected to be recognized over a weighted average period of 1.2 years. The total intrinsic value of unvested RUAs was approximately $734,000 as of March 31, 2021.

Transactions with Related Parti

Transactions with Related Parties	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Transactions with Related Parties	21. Transactions with Related Parties The Partnership incurs costs for services and makes contractual payments to AFCA 2, 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 months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Partnership administrative fees paid to AFCA 2 (1) $ 966,000 $ 865,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 11,000 8,000 (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 ) 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 months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Non-Partnership property administrative fees received by AFCA 2 (1) $ 9,000 $ 9,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,254,000 542,000 (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. The disclosed 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. Greystone Servicing Company LLC, an affiliate of the Partnership, has forward committed to purchase five of the Partnership’s GILs (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. 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. There were no fees paid under this agreement for the three months ended March 31, 2021. The Partnership reported receivables due from unconsolidated entities of approximately $63,000 and $53,000 as of March 31, 2021 and December 31, 2020, 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 $368,000 and $344,000 as of March 31, 2021 and December 31, 2020, respectively. These amounts are reported within “Accounts payable, accrued expenses and other liabilities” on the Partnership’s condensed consolidated balance sheets.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2021
Fair Value Measurements [Abstract]
Fair Value of Financial Instruments	22. Fair Value of Financial Instruments Current accounting guidance on fair value measurements establishes a framework for measuring fair value and provides for expanded disclosures about fair value measurements. The guidance: • Defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants at the measurement date; and • Establishes a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability on the measurement date. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. To increase consistency and comparability in fair value measurements and related disclosures, the fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The three levels of the hierarchy are defined as follows: • Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. • Level 3 inputs are unobservable inputs for asset or liabilities. The categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The following is a description of the valuation methodologies used for the 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 March 31, 2021 and December 31, 2020, 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 requires the use of judgment on the part of the third-party pricing service and the Partnership. Due to the judgments involved, the fair value measurements of the Partnership’s investments in MRBs, taxable MRBs and bond purchase commitments are categorized as Level 3 assets. 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 March 31, 2021 and December 31, 2020 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Mortgage revenue bonds 1.6% - 13.5% 1.4% - 13.3% 3.3 % 3.0 % Taxable mortgage revenue bonds 7.9% - 8.0% 7.1% - 7.4% 8.0 % 7.3 % Bond purchase commitments 3.7% 3.5% 3.7 % 3.5 % (1) Weighted by the total principal outstanding of all the respective securities 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 the inputs are categorized as Level 3 assets or liabilities. Assets measured at fair value on a recurring basis as of March 31, 2021 are summarized as follows: Fair Value Measurements as of March 31, 2021 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 $ 753,176,405 $ - $ - $ 753,176,405 Mortgage revenue bonds 18,348,507 - - 18,348,507 Bond purchase commitments (reported within other assets) 310,909 - - 310,909 Taxable mortgage revenue bonds (reported within other assets) 1,443,988 - - 1,443,988 Derivative financial instruments (reported within other assets) 327,376 - - 327,376 Total Assets at Fair Value, net $ 773,607,185 $ - $ - $ 773,607,185 The following table summarizes the activity related to Level 3 assets for the three months ended March 31, 2021: For the Three Months Ended March 31, 2021 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments Taxable Mortgage Revenue Bonds Derivative Financial Instruments Total Beginning Balance January 1, 2021 $ 794,432,485 $ 431,879 $ 1,510,437 $ 321,503 $ 796,696,304 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 34,531 - - 1,806,167 1,840,698 Included in other comprehensive loss (16,234,685 ) (120,970 ) (64,112 ) - (16,419,767 ) Purchases 2,071,500 - - - 2,071,500 Settlements (8,778,919 ) - (2,337 ) (1,800,294 ) (10,581,550 ) Ending Balance March 31, 2021 $ 771,524,912 $ 310,909 $ 1,443,988 $ 327,376 $ 773,607,185 Total amount of gains for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on March 31, 2021 $ - $ - $ - $ 7,451 $ 7,451 (1) Assets measured at fair value on a recurring basis as of December 31, 2020 are summarized as follows: Fair Value Measurements as of December 31, 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 $ 768,468,644 $ - $ - $ 768,468,644 Mortgage revenue bonds 25,963,841 - - 25,963,841 Bond purchase commitments (reported within other assets) 431,879 431,879 Taxable mortgage revenue bonds (reported within other assets) 1,510,437 - - 1,510,437 Derivative instruments (reported within other assets) 321,503 - - 321,503 Total Assets at Fair Value, net $ 796,696,304 $ - $ - $ 796,696,304 The following table summarizes the activity related to Level 3 assets and liabilities for the three months ended March 31, 2020: For the Three Months Ended March 31, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2020 $ 773,597,465 $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,142 (7,219 ) - 25,201 53,124 Included in earnings (impairment of securities and provision for credit loss) (1,357,681 ) - - - (1,357,681 ) Included in earnings (gain on sale of securities) - 1,416,023 - - 1,416,023 Included in other comprehensive (loss) income (6,722,122 ) (1,408,804 ) 36,555 - (8,094,371 ) Sale of securities - (43,349,357 ) - - (43,349,357 ) Settlements (4,470,529 ) - (2,138 ) - (4,472,667 ) Ending Balance March 31, 2020 $ 761,082,275 $ - $ 1,417,654 $ 36,112 $ 762,536,041 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on March 31, 2020 $ (1,357,681 ) $ - $ - $ 25,201 $ (1,332,480 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership. 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 March 31, 2021 and December 31, 2020, the Partnership utilized a third-party pricing service to determine the fair value of the Partnership’s GILs and taxable GIL, 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, and the financial capacity of guarantors. The valuation methodology also considers the probability that conditions for the execution of forward commitments to purchase the GILs will be met. Due to the judgments involved, the fair value measurements of the Partnership’s GILs and taxable GILs are categorized as Level 3 assets. The fair value of the GILs and taxable GILs approximated amortized cost as of March 31, 2021 and December 31, 2020. As of March 31, 2021 and December 31, 2020, 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 Level 3 liabilities . The TEBS f inancings 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 March 31, 2021 and December 31, 20 20 : March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 711,788,901 745,686,708 $ 673,957,640 $ 709,760,933 Unsecured lines of credit - - 7,475,000 7,475,000 Mortgages payable and other secured financing 25,860,469 25,862,025 25,984,872 25,986,514

Segments

Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Segments	23. Segments As of March 31, 2021, the Partnership has three reportable segments - Mortgage Revenue Bond Investments, Other Investments, and MF Properties. Previously, the Partnership had a fourth reportable segment related to its investments in Public Housing Capital Fund Trusts; however, all activity in that segment ceased with the sale of the Public Housing Capital Trust Fund investments in January 2020 as described further below. 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 taxable MRBs, a taxable GIL, 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 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 March 31, 2021, the Partnership reported 75 MRBs and seven GILs. The Residential Properties financed by MRBs and GILs contain a total of 10,935 and 1,267 rental units, respectively. In addition, one MRB (Provision Center 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. Other Investments Segment The Other Investments segment consists of the operations of ATAX Vantage Holdings, LLC, which invests in unconsolidated entities (Note 9) and property loans to certain market-rate multifamily properties (Note 10). MF Properties Segment The MF Properties segment consists of multifamily and student housing residential properties held by the Partnership (Note 8). During the time the Partnership holds an interest in an MF Property, any net rental income generated by the MF Properties in excess of debt service will be available for distribution to the Partnership. As of March 31, 2021, 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 consisted of the assets, liabilities, and related income and expenses of the Partnership’s PHC Certificates 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. The following table details certain financial information for the Partnership’s reportable segments for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Total revenues Mortgage Revenue Bond Investments $ 10,794,788 $ 10,205,803 Other Investments 1,898,176 1,403,615 MF Properties 1,694,524 1,952,247 Public Housing Capital Fund Trusts - 174,470 Total revenues $ 14,387,488 $ 13,736,135 Interest expense Mortgage Revenue Bond Investments $ 4,944,277 $ 5,498,199 Other Investments - - MF Properties 282,198 321,776 Public Housing Capital Fund Trusts - 197,993 Total interest expense $ 5,226,475 $ 6,017,968 Depreciation expense Mortgage Revenue Bond Investments $ 5,811 $ 2,424 Other Investments - - MF Properties 677,649 707,014 Public Housing Capital Fund Trusts - - Total depreciation expense $ 683,460 $ 709,438 Net income (loss) Mortgage Revenue Bond Investments $ 2,549,452 $ 440,336 Other Investments 4,706,221 1,403,152 MF Properties (262,819 ) (252,730 ) Public Housing Capital Fund Trusts - 1,390,999 Net income (loss) $ 6,992,854 $ 2,981,757 The following table details total assets for the Partnership’s reportable segments as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Total assets Mortgage Revenue Bond Investments $ 1,131,733,809 $ 1,114,146,614 Other Investments 94,728,344 106,931,182 MF Properties 67,649,074 67,988,190 Public Housing Capital Fund Trusts - - Consolidation/eliminations (102,251,108 ) (113,818,107 ) Total assets $ 1,191,860,119 $ 1,175,247,879

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	24. Subsequent Events In April 2021, the Partnership acquired an MRB for the acquisition and rehabilitation of a senior citizen Residential Property. At closing, the Partnership advanced $4.2 million of the MRB commitment with the remaining commitments to be advanced during the renovation period. The following table summarizes the terms of the MRB: Commitment Month Acquired Property Location Units Maturity Date Fixed Interest Rate Initial Funding Maximum Remaining Commitment (1) Jackson Manor Apartments April Jackson, MS 60 May 1, 2038 5.00% $ 4,150,000 $ 2,750,000 (1) In April 2021, the Partnership entered into a TOB Trust financing arrangement with Mizuho to securitize the Jackson Manor MRB. The TOB Trust financing allows for additional borrowings as the Partnership makes additional advances for the related funding commitment. The following table summarizes the initial terms of the TOB Trust financing: TOB Trusts Securitization Initial TOB Trust Financing Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Initial Interest Rate TOB Trust 2021-XF2936 $ 3,528,000 April 2023 Weekly 0.26% 1.27% 1.53% In April 2021, the Partnership executed a $16.3 million equity commitment to fund construction of the Vantage at Loveland multifamily property in Loveland, CO. The Partnership may increase its equity commitment to $18.2 million based upon the occurrence of certain events. In April 2021, the General Partner approved the Fifth Amendment to the Partnership Agreement authorizing the Partnership to issue a new series of limited partnership interests designated as Series A-1 Preferred Units (“Series A-1 Preferred Units”). The Series A-1 Preferred Units are on parity with the 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-1 Preferred Units to a subscriber, and upon each annual anniversary thereafter, the Partnership and each holder of Series A-1 Preferred Units have the right to redeem, in whole or in part, the Series A-1 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 April 2021, the Partnership filed a registration statement on Form S-4 to register the offering and issuance of up to 9,450,000 of a newly-created series of limited partnership interests designated as Series A-1 Preferred Units under a shelf registration process. Under this process, the Partnership may from time to time offer and issue up to 9,450,000 Series A-1 Preferred Units in connection with future acquisitions, exchanges, and redemptions of other securities by the Partnership. The registration statement has not yet been declared effective by the SEC, and no Series A-1 Preferred Units are currently outstanding.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Consolidation	Consolidation The “Partnership,” as used herein, includes America First Multifamily Investors, L.P., its consolidated subsidiaries and consolidated variable interest entities (Note 5). All intercompany transactions are eliminated. 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 (“M24 TEBS Financing”) with the Federal Home Loan Mortgage Corporation (“Freddie Mac”); • ATAX TEBS II, LLC, a special purpose entity owned and controlled by the Partnership, created to hold MRBs to facilitate the “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.
Investment in Governmental Issuer Loans and Taxable Governmental Issuer Loans	Investment in Governmental Issuer Loans and Taxable Governmental Issuer Loans The Partnership accounts for its investment in governmental issuer loans (“GILs”) and taxable 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 and taxable 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; • 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 and principal payments; • The failure of the borrower to make scheduled interest or principal payments; and • Recoveries or additional declines in fair value after the balance sheet date. While the Partnership evaluates all available information, it focuses specifically on whether the security’s estimated fair value is below amortized cost. If the estimated fair value of a GIL or taxable GIL is below amortized cost, and the Partnership does not expect to recover its entire amortized cost, only the portion of the other-than-temporary impairment related to credit losses is recognized through earnings as a provision for credit loss, with the remainder recognized as a component of other comprehensive income (loss). The recognition of other-than-temporary impairment, provision for credit loss, and the potential impairment analysis are subject to a considerable degree of judgment, the results of which, when applied under different conditions or assumptions, could have a material impact on the Partnership’s condensed consolidated financial statements. If the Partnership experiences deterioration in the value of its GILs or taxable 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.
Estimates and Assumptions	Estimates and assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires the Partnership to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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 the Partnership 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, 2020. These condensed consolidated financial statements and notes have been prepared consistently with the 2020 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 March 31, 2021, 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, 2020 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, taxable GILs, property loans, 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. The Partnership has noted slight declines in occupancy and operating results at properties securing its MRBs due to the COVID-19 pandemic. However, the Partnership has yet to observe a significant decline at such properties, with the exception of the Provision Center 2014-1 and Live 929 Apartments MRBs which are further discussed in Note 6. Furthermore, the Partnership has evaluated the impacts of COVID-19 on its investments in MF Properties, properties related to its GILs, and investments in unconsolidated entities and noted no indications of impairment of such investments.
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, ASU 2016-13 is effective date for the Partnership on January 1, 2023. The Partnership will take advantage of any additional guidance that may c be issued by the FASB regarding the implementation ASU 2016-13 through the effective date. 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 has evaluated its population of instruments indexed, either directly or indirectly, to LIBOR and 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)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020: Maximum Exposure to Loss March 31, 2021 December 31, 2020 Mortgage revenue bonds $ 15,405,000 $ 20,763,500 Governmental issuer loans 103,931,256 64,863,657 Property loans 8,327,342 5,327,342 Taxable governmental issuer loan 1,000,000 - Investment in unconsolidated entities 94,664,865 106,878,570 $ 223,328,463 $ 197,833,069

Mortgage Revenue Bonds (Tables)

Mortgage Revenue Bonds (Tables)	3 Months Ended
	Mar. 31, 2021
Investments In Mortgage Revenue Bonds [Abstract]
Schedule of investments in MRBs	The Partnership had the following investments in MRBs as of March 31, 2021 and December 31, 2020: March 31, 2021 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 $ 10,038,847 $ 2,036,900 $ - $ 12,075,747 Glenview Apartments - Series A (3) CA 4,469,991 941,975 - 5,411,966 Harmony Court Bakersfield - Series A (4) CA 3,660,303 726,094 - 4,386,397 Harmony Terrace - Series A (4) CA 6,776,107 1,416,111 - 8,192,218 Harden Ranch - Series A (2) CA 6,601,343 1,397,564 - 7,998,907 Las Palmas II - Series A (4) CA 1,660,837 326,950 - 1,987,787 Montclair Apartments - Series A (3) CA 2,421,644 518,332 - 2,939,976 Montecito at Williams Ranch Apartments - Series A (6) CA 7,612,095 1,916,887 - 9,528,982 Montevista - Series A (6) CA 6,720,000 2,086,742 - 8,806,742 Ocotillo Springs - Series A (6) CA 4,095,000 164,711 - 4,259,711 San Vicente - Series A (4) CA 3,424,558 658,833 - 4,083,391 Santa Fe Apartments - Series A (3) CA 2,933,731 637,675 - 3,571,406 Seasons at Simi Valley - Series A (4) CA 4,225,061 1,076,658 - 5,301,719 Seasons Lakewood - Series A (4) CA 7,218,027 1,508,466 - 8,726,493 Seasons San Juan Capistrano - Series A (4) CA 12,152,801 2,428,465 - 14,581,266 Summerhill - Series A (4) CA 6,302,983 1,165,385 - 7,468,368 Sycamore Walk - Series A (4) CA 3,507,305 716,843 - 4,224,148 The Village at Madera - Series A (4) CA 3,027,355 614,256 - 3,641,611 Tyler Park Townhomes - Series A (2) CA 5,749,890 829,871 - 6,579,761 Vineyard Gardens - Series A (6) CA 3,961,901 977,393 - 4,939,294 Westside Village Market - Series A (2) CA 3,757,543 777,054 - 4,534,597 Brookstone (1) IL 7,364,956 1,903,297 - 9,268,253 Copper Gate Apartments (2) IN 4,955,000 572,032 - 5,527,032 Renaissance - Series A (3) LA 10,836,857 3,683,524 - 14,520,381 Live 929 Apartments (6) MD 36,218,314 - - 36,218,314 Woodlynn Village (1) MN 4,120,000 13,341 - 4,133,341 Gateway Village (6) NC 2,600,000 131,447 - 2,731,447 Greens Property - Series A (2) NC 7,802,000 557,051 - 8,359,051 Lynnhaven Apartments (6) NC 3,450,000 174,419 - 3,624,419 Silver Moon - Series A (3) NM 7,681,225 1,851,589 - 9,532,814 Village at Avalon - Series A (5) NM 16,159,797 4,151,656 - 20,311,453 Ohio Properties - Series A (1) OH 13,688,000 - - 13,688,000 Bridle Ridge (1) SC 7,190,000 71,710 - 7,261,710 Columbia Gardens (4) SC 12,856,267 2,501,126 - 15,357,393 Companion at Thornhill Apartments (4) SC 11,023,297 1,890,764 - 12,914,061 Cross Creek (1) SC 6,133,061 2,162,011 - 8,295,072 Rosewood Townhomes - Series A (6) SC 9,259,206 562,960 - 9,822,166 South Pointe Apartments - Series A (6) SC 21,551,600 1,310,337 - 22,861,937 The Palms at Premier Park Apartments (2) SC 18,562,061 2,602,480 - 21,164,541 Village at River's Edge (4) SC 9,784,362 2,030,003 - 11,814,365 Willow Run (4) SC 12,677,935 2,464,921 - 15,142,856 Arbors at Hickory Ridge (2) TN 10,872,864 2,316,451 - 13,189,315 Avistar at Copperfield - Series A (6) TX 13,782,171 2,695,680 - 16,477,851 Avistar at the Crest - Series A (2) TX 9,111,697 1,934,363 - 11,046,060 Avistar at the Oaks - Series A (2) TX 7,365,549 1,624,288 - 8,989,837 Avistar at the Parkway - Series A (3) TX 12,686,495 2,516,255 - 15,202,750 Avistar at Wilcrest - Series A (6) TX 5,223,164 923,710 - 6,146,874 Avistar at Wood Hollow - Series A (6) TX 39,659,362 7,309,397 - 46,968,759 Avistar in 09 - Series A (2) TX 6,359,867 1,348,568 - 7,708,435 Avistar on the Boulevard - Series A (2) TX 15,522,758 3,169,213 - 18,691,971 Avistar on the Hills - Series A (2) TX 5,042,621 1,133,545 - 6,176,166 Bruton Apartments (4) TX 17,639,477 4,336,133 - 21,975,610 Concord at Gulfgate - Series A (4) TX 18,750,321 4,293,867 - 23,044,188 Concord at Little York - Series A (4) TX 13,135,487 3,121,179 - 16,256,666 Concord at Williamcrest - Series A (4) TX 20,348,276 4,747,239 - 25,095,515 Crossing at 1415 - Series A (4) TX 7,312,727 1,495,203 - 8,807,930 Decatur Angle (4) TX 22,222,763 4,918,525 - 27,141,288 Esperanza at Palo Alto (4) TX 19,182,510 5,213,184 - 24,395,694 Heights at 515 - Series A (4) TX 6,694,927 1,395,575 - 8,090,502 Heritage Square - Series A (3) TX 10,548,961 1,934,414 - 12,483,375 Oaks at Georgetown - Series A (4) TX 12,108,609 2,081,022 - 14,189,631 Runnymede (1) TX 9,805,000 - - 9,805,000 Southpark (1) TX 11,480,404 1,735,296 - 13,215,700 15 West Apartments (4) WA 9,586,894 2,701,301 - 12,288,195 Mortgage revenue bonds held in trust $ 638,674,164 $ 114,502,241 $ - $ 753,176,405 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 ( 2 ) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 ( 3 ) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 ( 4 ) ( 5 ) ( 6 ) March 31, 2021 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Solano Vista - Series A CA $ 2,662,206 $ 795,575 $ - $ 3,457,781 Greens Property - Series B NC 924,419 91,098 - 1,015,517 Ohio Properties - Series B OH 3,480,770 - - 3,480,770 Rosewood Townhomes - Series B SC 469,781 - - 469,781 South Pointe Apartments - Series B SC 1,099,487 - - 1,099,487 Provision Center 2014-1 TN 6,160,689 - - 6,160,689 Avistar at the Crest - Series B TX 734,678 120,209 - 854,887 Avistar at the Oaks - Series B TX 537,812 86,978 - 624,790 Avistar at the Parkway - Series B TX 123,883 40,662 - 164,545 Avistar in 09 - Series B TX 443,646 71,749 - 515,395 Avistar on the Boulevard - Series B TX 436,548 68,317 - 504,865 Mortgage revenue bonds held by the Partnership $ 17,073,919 $ 1,274,588 $ - $ 18,348,507 December 31, 2020 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 (4) CA $ 10,061,161 $ 2,487,317 $ - $ 12,548,478 Glenview Apartments - Series A (3) CA 4,483,154 1,010,425 - 5,493,579 Harmony Court Bakersfield - Series A (4) CA 3,668,439 889,216 - 4,557,655 Harmony Terrace - Series A (4) CA 6,791,096 1,724,350 - 8,515,446 Harden Ranch - Series A (2) CA 6,621,823 1,606,690 - 8,228,513 Las Palmas II - Series A (4) CA 1,664,566 400,431 - 2,064,997 Montclair Apartments - Series A (3) CA 2,428,775 572,671 - 3,001,446 Montecito at Williams Ranch Apartments - Series A (6) CA 7,626,287 2,350,276 - 9,976,563 Montevista - Series A (6) CA 6,720,000 2,404,771 - 9,124,771 Ocotillo Springs - Series A (6) CA 2,023,500 215,633 - 2,239,133 San Vicente - Series A (4) CA 3,432,246 809,327 - 4,241,573 Santa Fe Apartments - Series A (3) CA 2,942,370 724,678 - 3,667,048 Seasons at Simi Valley - Series A (4) CA 4,236,876 1,180,122 - 5,416,998 Seasons Lakewood - Series A (4) CA 7,233,993 1,836,808 - 9,070,801 Seasons San Juan Capistrano - Series A (4) CA 12,179,682 2,973,846 - 15,153,528 Summerhill - Series A (4) CA 6,316,993 1,470,689 - 7,787,682 Sycamore Walk - Series A (4) CA 3,517,919 888,485 - 4,406,404 The Village at Madera - Series A (4) CA 3,034,084 735,450 - 3,769,534 Tyler Park Townhomes - Series A (2) CA 5,767,938 939,214 - 6,707,152 Vineyard Gardens - Series A (6) CA 3,969,173 1,226,058 - 5,195,231 Westside Village Market - Series A (2) CA 3,769,337 859,860 - 4,629,197 Brookstone (1) IL 7,374,252 2,201,663 - 9,575,915 Copper Gate Apartments (2) IN 4,955,000 641,581 - 5,596,581 Renaissance - Series A (3) LA 10,870,681 4,293,328 - 15,164,009 Live 929 Apartments (6) MD 36,234,756 - - 36,234,756 Woodlynn Village (1) MN 4,120,000 56,458 - 4,176,458 Gateway Village (6) NC 2,600,000 136,612 - 2,736,612 Greens Property - Series A (2) NC 7,829,000 663,781 - 8,492,781 Lynnhaven Apartments (6) NC 3,450,000 178,960 - 3,628,960 Silver Moon - Series A (3) NM 7,697,891 1,995,694 - 9,693,585 Village at Avalon - Series A (5) NM 16,189,074 4,879,623 - 21,068,697 Ohio Properties - Series A (1) OH 13,724,000 61,243 - 13,785,243 Bridle Ridge (1) SC 7,235,000 153,657 - 7,388,657 Columbia Gardens (4) SC 12,898,904 2,689,886 - 15,588,790 Companion at Thornhill Apartments (4) SC 11,055,254 2,208,446 - 13,263,700 Cross Creek (1) SC 6,136,261 2,277,289 - 8,413,550 Rosewood Townhomes - Series A (6) SC 9,259,206 578,247 - 9,837,453 South Pointe Apartments - Series A (6) SC 21,551,600 1,345,919 - 22,897,519 The Palms at Premier Park Apartments (2) SC 18,619,081 2,906,879 - 21,525,960 Village at River's Edge (4) SC 9,802,479 1,353,745 - 11,156,224 Willow Run (4) SC 12,720,560 2,650,995 - 15,371,555 Arbors at Hickory Ridge (2) TN 10,910,733 2,704,295 - 13,615,028 Avistar at Copperfield - Series A (6) TX 13,815,817 3,189,896 - 17,005,713 Avistar at the Crest - Series A (2) TX 9,140,656 2,376,580 - 11,517,236 Avistar at the Oaks - Series A (2) TX 7,388,262 1,854,785 - 9,243,047 Avistar at the Parkway - Series A (3) TX 12,721,014 2,790,208 - 15,511,222 Avistar at Wilcrest - Series A (6) TX 5,235,915 1,084,347 - 6,320,262 Avistar at Wood Hollow - Series A (6) TX 39,756,184 8,703,609 - 48,459,793 Avistar in 09 - Series A (2) TX 6,379,479 1,601,535 - 7,981,014 Avistar on the Boulevard - Series A (2) TX 15,572,093 3,779,139 - 19,351,232 Avistar on the Hills - Series A (2) TX 5,058,171 1,292,513 - 6,350,684 Bruton Apartments (4) TX 17,674,167 3,792,253 - 21,466,420 Concord at Gulfgate - Series A (4) TX 18,796,773 4,888,537 - 23,685,310 Concord at Little York - Series A (4) TX 13,168,029 3,543,909 - 16,711,938 Concord at Williamcrest - Series A (4) TX 20,398,687 5,397,326 - 25,796,013 Crossing at 1415 - Series A (4) TX 7,331,821 1,810,458 - 9,142,279 Decatur Angle (4) TX 22,270,729 5,600,721 - 27,871,450 Esperanza at Palo Alto (4) TX 19,218,417 5,955,488 - 25,173,905 Heights at 515 - Series A (4) TX 6,712,409 1,600,836 - 8,313,245 Heritage Square - Series A (3) TX 10,579,057 2,095,871 - 12,674,928 Oaks at Georgetown - Series A (4) TX 12,135,392 2,597,201 - 14,732,593 Runnymede (1) TX 9,805,000 105,634 - 9,910,634 Southpark (1) TX 11,462,172 1,917,286 - 13,379,458 15 West Apartments (4) WA 9,604,680 3,257,826 - 12,862,506 Mortgage revenue bonds held in trust 637,948,068 130,520,576 - 768,468,644 (1) MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15 ( 2 ) MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15 ( 3 ) MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15 ( 4 ) ( 5 ) MRB held by Morgan Stanley in a debt financing transaction Note 15 ( 6 ) MRB held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 15 December 31, 2020 Description of Mortgage Revenue Bonds held by the Partnership State Cost Adjusted for Paydowns Cumulative Unrealized Gain Cumulative Unrealized Loss Estimated Fair Value Solano Vista - Series A CA $ 2,665,000 $ 891,612 $ - $ 3,556,612 Greens Property - Series B NC 925,607 107,347 - 1,032,954 Arby Road Apartments - Series A NV 7,385,000 15,059 - 7,400,059 Ohio Properties - Series B OH 3,485,690 13,578 - 3,499,268 Rosewood Townhomes - Series B SC 469,781 2,549 - 472,330 South Pointe Apartments - Series B SC 1,099,487 5,967 - 1,105,454 Provision Center 2014-1 TN 6,161,954 - - 6,161,954 Avistar at the Crest - Series B TX 735,974 144,746 - 880,720 Avistar at the Oaks - Series B TX 538,723 100,668 - 639,391 Avistar at the Parkway - Series B TX 123,973 43,650 - 167,623 Avistar in 09 - Series B TX 444,398 83,042 - 527,440 Avistar on the Boulevard - Series B TX 437,318 82,718 - 520,036 Mortgage revenue bonds held by the Partnership $ 24,472,905 $ 1,490,936 $ - $ 25,963,841
Schedule of MRB Redeemed	The following MRBs were redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 2021: Property Name Month Redeemed Property Location Units Original Maturity Date Interest Rate Principal Outstanding at Date of Redemption Arby Road Apartments - Series A (1) March Las Vegas, NV 180 10/1/2027 5.35 % $ 1,600,000 Arby Road Apartments - Series A (1) March Las Vegas, NV 180 4/1/2041 5.50 % 5,785,000 $ 7,385,000 (1) The following MRB was redeemed at a price that approximated the Partnership’s carrying value plus accrued interest during the three months ended March 31, 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
Summary of Changes in Partnership's Allowance for Credit Losses	The following table summarizes the changes in the Partnership’s allowance for credit losses for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Balance, beginning of period $ 7,319,000 $ - Provision for credit loss - 1,358,000 Balance, end of period (1) $ 7,319,000 $ 1,358,000 (1) .

Governmental Issuer Loans (Tabl

Governmental Issuer Loans (Tables)	3 Months Ended
	Mar. 31, 2021
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 GILs as of March 31, 2021 and December 31, 2020: As of March 31, 2021 Property Name Month Acquired Property Location Units Maturity Date (2) Variable Interest Rate Current Interest Rate Amortized Cost Maximum Remaining Commitment Scharbauer Flats Apartments (1) June 2020 Midland, TX 300 1/1/2023 SIFMA + 3.10% 3.15% $ 40,000,000 $ - Oasis at Twin Lakes (1) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 3.25% (3),(4) 3.75% 24,733,130 9,266,870 Centennial Crossings (1) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75% (4) 3.25% 15,182,744 17,897,256 Legacy Commons at Signal Hills (1) January 2021 St. Paul, MN 247 2/1/2024 SOFR + 3.07% (4) 3.57% 9,917,887 24,702,113 Hilltop at Signal Hills (1) January 2021 St. Paul, MN 146 8/1/2023 SOFR + 3.07% (4) 3.57% 4,075,050 20,374,950 Hope on Avalon January 2021 Los Angeles, CA 88 2/1/2023 SIFMA + 3.75% (4) 4.60% 6,331,200 17,058,800 Hope on Broadway January 2021 Los Angeles, CA 49 2/1/2023 SIFMA + 3.75% (4) 4.60% 3,691,245 8,414,378 $ 103,931,256 $ 97,714,367 (1) An affiliate of the Partnership has forward committed to purchase the GIL at maturity if the property has reached stabilization and other conditions are met (Note 21). (2) The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee. (3) The variable rate decreases to SIFMA plus 2.25% upon completion of c (4) The variable index interest rate component is subject to a floor. As of December 31, 2020 Property Name Month Acquired Property Location Units Maturity Date (2) Variable Interest Rate Current Interest Rate Amortized Cost Scharbauer Flats Apartments (1) June 2020 Midland, TX 300 1/1/2023 SIFMA + 3.10% 3.19% $ 40,000,000 Oasis at Twin Lakes (1) July 2020 Roseville, MN 228 8/1/2023 SIFMA + 3.25% (3),(4) 3.75% 14,403,000 Centennial Crossings (1) August 2020 Centennial, CO 209 9/1/2023 SIFMA + 2.75% (4) 3.25% 10,460,657 $ 64,863,657 (1) 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 (Note 21). (2) The borrower may elect to extend the maturity date to for a period ranging between six and twelve 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 variable index interest rate component is subject to a floor.

Real Estate Assets (Tables)

Real Estate Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Assets Owned by Partnership	The following tables summarize information regarding the Partnership’s real estate assets as of March 31, 2021 and December 31, 2020: Real Estate Assets as of March 31, 2021 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 $ 39,399,529 $ 42,598,797 The 50/50 MF Property Lincoln, NE 475 - 32,942,956 32,942,956 Land held for development (1) 1,675,997 - 1,675,997 $ 77,217,750 Less accumulated depreciation (18,827,865 ) Net real estate assets $ 58,389,885 (1) Real Estate Assets as of December 31, 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 $ 39,375,298 $ 42,574,566 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 $ 77,191,417 Less accumulated depreciation (18,150,215 ) Net real estate assets $ 59,041,202 ( 1 ) 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)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments And Joint Ventures [Abstract]
Summary of Investments in Unconsolidated Entities	The following table provides the details of the investments in unconsolidated entities as of March 31, 2021 and December 31, 2020 and remaining equity commitment amounts as of March 31, 2021: Property Name Location Units Month Commitment Executed Construction Completion Date Carrying Value as of March 31, 2021 Carrying Value as of December 31, 2020 Maximum Remaining Equity Commitment as of March 31, 2021 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 10,570,000 - Vantage at Germantown Germantown, TN 288 June 2018 March 2020 - 12,425,000 - Vantage at Murfreesboro Murfreesboro, TN 288 September 2018 October 2020 12,390,012 14,640,000 - Vantage at Coventry Omaha, NE 294 September 2018 February 2021 9,007,435 9,007,435 - Vantage at Conroe Conroe, TX 288 April 2019 January 2021 10,669,242 10,406,895 - Vantage at O'Connor San Antonio, TX 288 October 2019 N/A 8,453,760 8,245,890 - Vantage at Westover Hills San Antonio, TX 288 January 2020 N/A 8,223,758 8,021,544 - Vantage at Tomball Tomball, TX 288 August 2020 N/A 10,964,487 9,280,134 - Vantage at Hutto Hutto, TX 288 November 2020 N/A 3,243,428 3,163,676 7,359,952 Vantage at San Marcos San Marcos, TX 288 November 2020 N/A 1,006,442 981,695 8,943,914 3,468 $ 94,664,865 $ 106,878,570 $ 16,303,866
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 months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Property Revenues $ 5,482,870 $ 2,483,605 Gain on sale of property $ 8,967,247 $ - Net income (loss) $ 6,931,134 $ (2,519,165 )

Property Loans, Net of Loan L_2

Property Loans, Net of Loan Loss Allowances (Tables)	3 Months Ended
	Mar. 31, 2021
Property Loans Net Of Loan Loss Allowance [Abstract]
Summary of Partnership's Property Loans, Net of Loan Loss Allowances	The following tables summarize the Partnership’s property loans, net of loan loss allowances, as of March 31, 2021 and December 31, 2020: March 31, 2021 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 Hilltop at Signal Hills (1) 1,000,000 - 1,000,000 Legacy Commons at Signal Hills (1) 1,000,000 - 1,000,000 Live 929 Apartments 911,232 (911,232 ) - Oasis at Twin Lakes (1) 1,000,000 - 1,000,000 Ohio Properties 2,390,446 - 2,390,446 Scharbauer Flats Apartments (1) 2,309,613 - 2,309,613 Total $ 24,225,765 $ (8,305,046 ) $ 15,920,719 (1) The p December 31, 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 911,232 (911,232 ) - Ohio Properties 2,390,446 - 2,390,446 Scharbauer Flats Apartments (1) 2,309,613 - 2,309,613 Total $ 21,225,765 $ (8,305,046 ) $ 12,920,719 (1) The p
Summary of Outstanding Property Loans and Remaining Commitments	The following is a summary of the property loans commitments entered into during the three months ended March 31, 2021 Property Name Date Committed Maturity Date (1) Outstanding Balance Legacy Commons at Signal Hills January 2021 2/1/2024 $ 1,000,000 Hilltop at Signal Hills January 2021 8/1/2023 1,000,000 $ 2,000,000 (1) The following table summarizes the Partnership’s outstanding property loan commitments as of March 31, 2021: Maximum Remaining Commitment Centennial Crossings 21,232,271 Hilltop at Signal Hills 20,197,939 Legacy Commons at Signal Hills 31,233,972 Oasis at Twin Lakes 26,704,180 Scharbauer Flats Apartments 21,850,387 Total $ 121,218,749

Income Tax Provision (Tables)

Income Tax Provision (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Summary of Income Tax Expense (Benefit)	The following table summarizes income tax expense (benefit) for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Current income tax expense $ 16,485 $ 42,335 Deferred income tax benefit (16,228 ) (30,921 ) Total income tax expense $ 257 $ 11,414

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2021
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the other assets as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Deferred financing costs, net $ 455,954 $ 390,649 Fair value of derivative instruments (Note 17) 327,376 321,503 Taxable mortgage revenue bonds, at fair value 1,443,988 1,510,437 Taxable governmental issuer loan held in trust 1,000,000 - Bond purchase commitments, at fair value (Note 18) 310,909 431,879 Operating lease right-of-use assets, net 1,641,462 1,648,742 Other assets 1,911,434 1,605,374 Total other assets $ 7,091,123 $ 5,908,584
Summary of Taxable Governmental Issuer Loan and Remaining Funding Commitment	The following table includes details of the taxable GIL, and the remaining funding commitment, that was entered into during the three months ended March 31, 2021: Property Name Date Committed Maturity Date Outstanding Balance Maximum Remaining Commitment Hope on Avalon January 2021 2/1/2023 (1) $ 1,000,000 $ 9,573,000 (1) The borrower ha s the option to extend the maturity up to six months upon

Accounts Payable, Accrued Exp_2

Accounts Payable, Accrued Expenses and Other Liabilities (Tables)	3 Months Ended
	Mar. 31, 2021
Payables And Accruals [Abstract]
Summary of Accounts Payable, Accrued Expenses and Other Liabilities	The following table summarizes the accounts payable, accrued expenses and other liabilities as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Accounts payable $ 109,503 $ 94,674 Accrued expenses 2,626,800 2,755,010 Accrued interest expense 3,630,945 3,433,247 Operating lease liabilities 2,150,033 2,149,001 Other liabilities 1,556,498 1,517,633 Total accounts payable, accrued expenses and other liabilities $ 10,073,779 $ 9,949,565
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 March 31, 2021: Remainder of 2021 $ 104,102 2022 141,119 2023 143,561 2024 144,706 2025 147,598 Thereafter 4,369,676 Total 5,050,762 Less: Amount representing interest (2,900,729 ) Total operating lease liabilities $ 2,150,033

Unsecured Lines of Credit (Tabl

Unsecured Lines of Credit (Tables)	3 Months Ended
	Mar. 31, 2021
Unsecured Lines of Credit [Member]
Summary of Unsecured Lines of Credit	The following tables summarize the unsecured lines of credit (“LOC”) as of March 31, 2021 and December 31, 2020: Unsecured Lines of Credit Outstanding as of March 31, 2021 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ - $ 50,000,000 June 2022 Variable (1) Monthly 2.61 % Bankers Trust operating - 10,000,000 June 2022 Variable (1) Monthly 3.36 % Total unsecured lines of credit $ - $ 60,000,000 (1) The variable rate is indexed to LIBOR plus an applicable margin. Unsecured Lines of Credit Outstanding as of December 31, 2020 Total Commitment Commitment Maturity Variable / Fixed Reset Frequency Period End Rate Bankers Trust non-operating $ 7,475,000 $ 50,000,000 June 2022 Variable (1) Monthly 2.65 % Bankers Trust operating - 10,000,000 June 2022 Variable (1) Monthly 3.40 % Total unsecured lines of credit $ 7,475,000 $ 60,000,000 ( 1 ) The variable rate is indexed to LIBOR plus an applicable margin.

Debt Financing (Tables)

Debt Financing (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Financing [Abstract]
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2021 and December 31, 2020: Outstanding Debt Financings as of March 31, 2021, 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 $ 39,710,422 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 77,965,698 4,999 2014 July 2024 Weekly SIFMA 0.08% 1.36% 1.44% Fixed - M33 30,648,101 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 215,362,292 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,016,551 77,530,126 2020 September 2025 Monthly 3-month LIBOR 0.18% 9.00% 9.18% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 3,635,973 - 2020 July 2022 Weekly SIFMA 0.25% 0.89% 1.14% Variable - TOB 7,873,144 - 2021 February 2023 Weekly SIFMA 0.25% 1.42% 1.67% Variable - TOB 122,615,475 - 2019 July 2023 Weekly SIFMA 0.25% - 0.30% 1.17% - 1.67% 1.42% - 1.97% Variable - TOB 76,533,047 - 2020 September 2023 Weekly OBFR 0.32% 0.89% 1.21% Variable - TOB 5,680,127 - 2020 December 2023 Weekly SIFMA 0.25% 1.27% 1.52% Variable - TOB 15,761,909 - 2021 January 2024 Weekly OBFR 0.32% 0.89% 1.21% Morgan Stanley: Fixed - Term TOB 12,986,162 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 711,788,901 (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 $39.9 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of March 31, 2021. Outstanding Debt Financings as of December 31, 2020 Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 39,825,019 $ 238,760 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,272,018 4,999 2014 July 2024 Weekly SIFMA 0.12% 1.34% 1.46% Fixed - M33 30,796,097 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 215,825,022 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,086,756 77,500,000 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,765,167 - 2020 July 2022 Weekly SIFMA 0.29% 0.89% 1.18% Variable - TOB 122,724,862 - 2019 July 2023 Weekly SIFMA 0.29% - 0.39% 1.17% - 1.67% 1.46% - 2.06% Variable - TOB 62,992,845 - 2020 September 2023 Weekly OBFR 0.33% 0.89% 1.22% Variable - TOB 5,668,324 - 2020 December 2023 Weekly SIFMA 0.29% 1.27% 1.56% Morgan Stanley: Fixed - Term TOB 13,001,530 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 673,957,640 (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 December 31, 2020. See Note 17 for further information on the total return swaps.
Summary of Mizuho TOB Trust Financings	The following is a summary of the Mizuho TOB Trust financings that were entered into during the three months ended March 31, 2021: TOB Trusts Securitization Initial TOB Trust Financing Stated Maturity Reset Frequency Variable Rate Index Facility Fees TOB Trust 2021-XF2926 (1) $ 16,190,000 January 2024 Weekly OBFR 0.89% Hope on Avalon GIL 5,064,000 February 2023 Weekly SIFMA 1.42% Hope on Broadway GIL 2,953,000 February 2023 Weekly SIFMA 1.42% Total TOB Trust Financings $ 24,207,000 (1)
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings as of March 31, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 4,456,041 2022 23,310,689 2023 217,166,816 2024 104,029,152 2025 11,363,784 Thereafter 354,282,763 Total 714,609,245 Unamortized deferred financing costs and debt premium (2,820,344 ) Total debt financing, net $ 711,788,901

Mortgages Payable and Other S_2

Mortgages Payable and Other Secured Financing (Tables)	3 Months Ended
	Mar. 31, 2021
Schedule of Total Debt Financing	The following tables summarize the Partnership’s debt financings, net of deferred financing costs, as of March 31, 2021 and December 31, 2020: Outstanding Debt Financings as of March 31, 2021, 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 $ 39,710,422 $ 4,000 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 77,965,698 4,999 2014 July 2024 Weekly SIFMA 0.08% 1.36% 1.44% Fixed - M33 30,648,101 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 215,362,292 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,016,551 77,530,126 2020 September 2025 Monthly 3-month LIBOR 0.18% 9.00% 9.18% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 3,635,973 - 2020 July 2022 Weekly SIFMA 0.25% 0.89% 1.14% Variable - TOB 7,873,144 - 2021 February 2023 Weekly SIFMA 0.25% 1.42% 1.67% Variable - TOB 122,615,475 - 2019 July 2023 Weekly SIFMA 0.25% - 0.30% 1.17% - 1.67% 1.42% - 1.97% Variable - TOB 76,533,047 - 2020 September 2023 Weekly OBFR 0.32% 0.89% 1.21% Variable - TOB 5,680,127 - 2020 December 2023 Weekly SIFMA 0.25% 1.27% 1.52% Variable - TOB 15,761,909 - 2021 January 2024 Weekly OBFR 0.32% 0.89% 1.21% Morgan Stanley: Fixed - Term TOB 12,986,162 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 711,788,901 (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 $39.9 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of March 31, 2021. Outstanding Debt Financings as of December 31, 2020 Restricted Cash Year Acquired Stated Maturities Reset Frequency Variable Rate Index Index Based Rates Spread/ Facility Fees Period End Rates TEBS Financings Fixed - M24 $ 39,825,019 $ 238,760 2010 May 2027 N/A N/A N/A N/A 3.05% Variable - M31 (1) 78,272,018 4,999 2014 July 2024 Weekly SIFMA 0.12% 1.34% 1.46% Fixed - M33 30,796,097 2,606 2015 September 2030 N/A N/A N/A N/A 3.24% Fixed - M45 (2) 215,825,022 5,000 2018 July 2034 N/A N/A N/A N/A 3.82% Secured Notes Variable - Notes 103,086,756 77,500,000 2020 September 2025 Monthly 3-month LIBOR 0.22% 9.00% 9.22% (3) TOB Trusts Securitization Mizuho Capital Markets: Variable - TOB 1,765,167 - 2020 July 2022 Weekly SIFMA 0.29% 0.89% 1.18% Variable - TOB 122,724,862 - 2019 July 2023 Weekly SIFMA 0.29% - 0.39% 1.17% - 1.67% 1.46% - 2.06% Variable - TOB 62,992,845 - 2020 September 2023 Weekly OBFR 0.33% 0.89% 1.22% Variable - TOB 5,668,324 - 2020 December 2023 Weekly SIFMA 0.29% 1.27% 1.56% Morgan Stanley: Fixed - Term TOB 13,001,530 - 2019 May 2022 N/A N/A N/A N/A 3.53% Total Debt Financings $ 673,957,640 (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 December 31, 2020. See Note 17 for further information on the total return swaps.
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings as of March 31, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 4,456,041 2022 23,310,689 2023 217,166,816 2024 104,029,152 2025 11,363,784 Thereafter 354,282,763 Total 714,609,245 Unamortized deferred financing costs and debt premium (2,820,344 ) Total debt financing, net $ 711,788,901
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 March 31, 2021 and December 31, 2020: MF Property Mortgage Payables Outstanding Mortgage Payable as of March 31, 2021, net Outstanding Mortgage Payable as of December 31, 2020, net Year Acquired or Refinanced Stated Maturity Variable / Fixed Period End Rate The 50/50 MF Property--TIF Loan $ 2,521,369 $ 2,521,308 2020 March 2025 Fixed 4.40 % The 50/50 MF Property--Mortgage 23,339,100 23,463,564 2020 April 2027 Fixed 4.35 % Total Mortgage Payable\Weighted Average Period End Rate $ 25,860,469 $ 25,984,872 4.36 %
Schedule of Contractual Maturities of Borrowings	The Partnership’s contractual maturities of borrowings as of March 31, 2021 for the twelve-month periods ending December 31 st Remainder of 2021 $ 710,641 2022 869,599 2023 908,564 2024 946,558 2025 1,782,213 Thereafter 20,644,450 Total 25,862,025 Unamortized deferred financing costs (1,556 ) Total mortgages payable and other secured financings, net $ 25,860,469

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 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 March 31, 2021 Sept 2020 39,881,661 Sept 2020 Sept 2025 4.25% (1) 9.18% (3) 3-month LIBOR Mizuho Capital Markets $ 77,280 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00% (2) 9.18% (3) 3-month LIBOR Mizuho Capital Markets 214,768 $ 292,048 (1) (2) (3) 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 December 31, 2020 Sept 2020 39,970,485 Sept 2020 Sept 2025 4.25% (1) 9.22% (3) 3-month LIBOR Mizuho Capital Markets $ 77,995 Sept 2020 63,500,000 Sept 2020 Mar 2022 1.00% (2) 9.22% (3) 3-month LIBOR Mizuho Capital Markets 215,631 $ 293,626 (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 March 31, 2021 and December 31, 2020: Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of March 31, 2021 Aug 2019 77,642,414 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 35,328 $ 35,328 (1) See Notes 15 and 22 for additional details. Purchase Date Notional Amount Maturity Date Effective Capped Rate (1) Index Variable Debt Financing Facility Hedged (1) Counterparty Fair Value as of December 31, 2020 Aug 2019 77,979,924 Aug 2024 4.5 % SIFMA M31 TEBS Barclays Bank PLC $ 27,877 $ 27,877 ( 1 ) See Notes 15 and 22 for additional details.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]
Summary of Partnership's Bond Purchase Commitments	The following table summarizes the Partnership’s bond purchase commitment as of March 31, 2021: Bond Purchase Commitments Commitment Date Maximum Committed Amounts Remaining Rate Estimated Closing Date Fair Value as of March 31, 2021 CCBA Senior Garden Apartments July 2020 $ 3,807,000 4.50 % Q3 2022 $ 310,909
Summary of Partnership's Maximum Exposure Under Guarantee Agreements	The following table summarizes the Partnership’s maximum exposure under these guarantee agreements as of March 31, 2021: Borrower Year the Guarantee was Executed Maximum Balance Available on Loan Loan Balance as of March 31, 2021 Partnership's Maximum Exposure as of March 31, 2021 Guarantee Terms Vantage at Stone Creek 2018 $ 30,824,000 $ 30,501,955 $ 15,250,978 (1) Vantage at Coventry 2018 31,500,000 29,369,707 14,684,853 (1) Vantage at Murfreesboro 2021 30,500,000 30,500,000 15,250,000 (2) (1) The Partnership’s guaranty was initially for the entire amount of the loan and will decrease based on the achievement of certain events or financial ratios. The Partnership’s maximum exposure will decrease to 25% (2) The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth and maintain liquid assets of not less than $5.0 million. The Partnership was in compliance with these requirements as of March 31, 2001. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation during the term. Limited Partnership(s) Year the Guarantee was Executed End of Guarantee Period Partnership's Maximum Exposure as of March 31, 2021 Ohio Properties 2011 2026 $ 3,011,522 Greens of Pine Glen, LP 2012 2027 2,046,028

Redeemable Series A Preferred_2

Redeemable Series A Preferred Units (Tables)	3 Months Ended
	Mar. 31, 2021
Temporary Equity Disclosure [Abstract]
Summary of Issuances of Series A Preferred Units	The following table summarizes the outstanding Series A Preferred Units as of March 31, 2021 and December 31, 2020 Month Issued Units Purchase Price Distribution Rate Redemption Price per Unit Earliest Redemption Date March 2016 1,000,000 $ 10,000,000 3.00 % $ 10.00 March 2022 May 2016 1,386,900 13,869,000 3.00 % 10.00 May 2022 September 2016 1,000,000 10,000,000 3.00 % 10.00 September 2022 December 2016 700,000 7,000,000 3.00 % 10.00 December 2022 March 2017 1,613,100 16,131,000 3.00 % 10.00 March 2023 August 2017 2,000,000 20,000,000 3.00 % 10.00 August 2023 October 2017 1,750,000 17,500,000 3.00 % 10.00 October 2023 Series A Preferred Units outstanding as of March 31, 2021 and December 31, 2020 9,450,000 $ 94,500,000

Restricted Unit Awards (Tables)

Restricted Unit Awards (Tables)	3 Months Ended
	Mar. 31, 2021
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of RUA Activity	The following table summarizes the RUA activity for the three months ended March 31, 2021 and the year ended December 31, 2020: Restricted Units Awarded Weighted average Grant-date Fair Value Nonvested as of January 1, 2020 - $ - Granted 290,000 4.98 Vested (154,386 ) 4.98 Forfeited (2,802 ) 4.98 Nonvested as of December 31, 2020 132,812 $ 4.98 No activity - 4.98 Nonvested as of March 31, 2021 132,812 $ 4.98

Transactions with Related Par_2

Transactions with Related Parties (Tables)	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements	The following table summarizes transactions with related parties that are reflected in the Partnership’s condensed consolidated financial statements for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Partnership administrative fees paid to AFCA 2 (1) $ 966,000 $ 865,000 Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities (2) 11,000 8,000 (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 ) 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 months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Non-Partnership property administrative fees received by AFCA 2 (1) $ 9,000 $ 9,000 Investment/mortgage placement fees received by AFCA 2 (2) 1,254,000 542,000 (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. The disclosed 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)	3 Months Ended
	Mar. 31, 2021
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 March 31, 2021 and December 31, 2020 are as follows: Range of Effective Yields Weighted Average Effective Yields (1) Security Type March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Mortgage revenue bonds 1.6% - 13.5% 1.4% - 13.3% 3.3 % 3.0 % Taxable mortgage revenue bonds 7.9% - 8.0% 7.1% - 7.4% 8.0 % 7.3 % Bond purchase commitments 3.7% 3.5% 3.7 % 3.5 % (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 March 31, 2021 are summarized as follows: Fair Value Measurements as of March 31, 2021 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 $ 753,176,405 $ - $ - $ 753,176,405 Mortgage revenue bonds 18,348,507 - - 18,348,507 Bond purchase commitments (reported within other assets) 310,909 - - 310,909 Taxable mortgage revenue bonds (reported within other assets) 1,443,988 - - 1,443,988 Derivative financial instruments (reported within other assets) 327,376 - - 327,376 Total Assets at Fair Value, net $ 773,607,185 $ - $ - $ 773,607,185 Assets measured at fair value on a recurring basis as of December 31, 2020 are summarized as follows: Fair Value Measurements as of December 31, 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 $ 768,468,644 $ - $ - $ 768,468,644 Mortgage revenue bonds 25,963,841 - - 25,963,841 Bond purchase commitments (reported within other assets) 431,879 431,879 Taxable mortgage revenue bonds (reported within other assets) 1,510,437 - - 1,510,437 Derivative instruments (reported within other assets) 321,503 - - 321,503 Total Assets at Fair Value, net $ 796,696,304 $ - $ - $ 796,696,304
Summary of Activity Related to Level 3 Assets and Liabilities	The following table summarizes the activity related to Level 3 assets for the three months ended March 31, 2021: For the Three Months Ended March 31, 2021 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) Bond Purchase Commitments Taxable Mortgage Revenue Bonds Derivative Financial Instruments Total Beginning Balance January 1, 2021 $ 794,432,485 $ 431,879 $ 1,510,437 $ 321,503 $ 796,696,304 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 34,531 - - 1,806,167 1,840,698 Included in other comprehensive loss (16,234,685 ) (120,970 ) (64,112 ) - (16,419,767 ) Purchases 2,071,500 - - - 2,071,500 Settlements (8,778,919 ) - (2,337 ) (1,800,294 ) (10,581,550 ) Ending Balance March 31, 2021 $ 771,524,912 $ 310,909 $ 1,443,988 $ 327,376 $ 773,607,185 Total amount of gains for the period included in earnings attributable to the change in unrealized losses relating to assets or liabilities held on March 31, 2021 $ - $ - $ - $ 7,451 $ 7,451 (1) The following table summarizes the activity related to Level 3 assets and liabilities for the three months ended March 31, 2020: For the Three Months Ended March 31, 2020 Fair Value Measurements Using Significant Unobservable Inputs (Level 3) Mortgage Revenue Bonds (1) PHC Certificates Taxable Mortgage Revenue Bonds Interest Rate Derivatives Total Beginning Balance January 1, 2020 $ 773,597,465 $ 43,349,357 $ 1,383,237 $ 10,911 $ 818,340,970 Total gains (losses) (realized/unrealized) Included in earnings (interest income and interest expense) 35,142 (7,219 ) - 25,201 53,124 Included in earnings (impairment of securities and provision for credit loss) (1,357,681 ) - - - (1,357,681 ) Included in earnings (gain on sale of securities) - 1,416,023 - - 1,416,023 Included in other comprehensive (loss) income (6,722,122 ) (1,408,804 ) 36,555 - (8,094,371 ) Sale of securities - (43,349,357 ) - - (43,349,357 ) Settlements (4,470,529 ) - (2,138 ) - (4,472,667 ) Ending Balance March 31, 2020 $ 761,082,275 $ - $ 1,417,654 $ 36,112 $ 762,536,041 Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held on March 31, 2020 $ (1,357,681 ) $ - $ - $ 25,201 $ (1,332,480 ) (1) Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.
Summary of Fair Value of Partnership's Financial Liabilities	The table below summarizes the fair value of the Partnership’s financial liabilities as of March 31, 2021 and December 31, 20 20 : March 31, 2021 December 31, 2020 Carrying Amount Fair Value Carrying Amount Fair Value Financial Liabilities: Debt financing $ 711,788,901 745,686,708 $ 673,957,640 $ 709,760,933 Unsecured lines of credit - - 7,475,000 7,475,000 Mortgages payable and other secured financing 25,860,469 25,862,025 25,984,872 25,986,514

Segments (Tables)

Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Summary of Partnership Reportable Segment Information	The following table details certain financial information for the Partnership’s reportable segments for the three months ended March 31, 2021 and 2020: For the Three Months Ended March 31, 2021 2020 Total revenues Mortgage Revenue Bond Investments $ 10,794,788 $ 10,205,803 Other Investments 1,898,176 1,403,615 MF Properties 1,694,524 1,952,247 Public Housing Capital Fund Trusts - 174,470 Total revenues $ 14,387,488 $ 13,736,135 Interest expense Mortgage Revenue Bond Investments $ 4,944,277 $ 5,498,199 Other Investments - - MF Properties 282,198 321,776 Public Housing Capital Fund Trusts - 197,993 Total interest expense $ 5,226,475 $ 6,017,968 Depreciation expense Mortgage Revenue Bond Investments $ 5,811 $ 2,424 Other Investments - - MF Properties 677,649 707,014 Public Housing Capital Fund Trusts - - Total depreciation expense $ 683,460 $ 709,438 Net income (loss) Mortgage Revenue Bond Investments $ 2,549,452 $ 440,336 Other Investments 4,706,221 1,403,152 MF Properties (262,819 ) (252,730 ) Public Housing Capital Fund Trusts - 1,390,999 Net income (loss) $ 6,992,854 $ 2,981,757 The following table details total assets for the Partnership’s reportable segments as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Total assets Mortgage Revenue Bond Investments $ 1,131,733,809 $ 1,114,146,614 Other Investments 94,728,344 106,931,182 MF Properties 67,649,074 67,988,190 Public Housing Capital Fund Trusts - - Consolidation/eliminations (102,251,108 ) (113,818,107 ) Total assets $ 1,191,860,119 $ 1,175,247,879

Subsequent Events (Tables)

Subsequent Events (Tables)	3 Months Ended
	Mar. 31, 2021
Summary of Initial Terms of TOB Trusts Financings	The following table summarizes the initial terms of the TOB Trust financing: TOB Trusts Securitization Initial TOB Trust Financing Stated Maturity Reset Frequency SIFMA Based Rates Facility Fees Initial Interest Rate TOB Trust 2021-XF2936 $ 3,528,000 April 2023 Weekly 0.26% 1.27% 1.53%
Jackson Manor Apartments [Member]
Summary of Terms of MRB	The following table summarizes the terms of the MRB: Commitment Month Acquired Property Location Units Maturity Date Fixed Interest Rate Initial Funding Maximum Remaining Commitment (1) Jackson Manor Apartments April Jackson, MS 60 May 1, 2038 5.00% $ 4,150,000 $ 2,750,000 (1)

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Additional Information (Details) - Greens Hold Co [Member]	Mar. 31, 2021Property
Summary Of Significant Accounting Policies [Line Items]
Number of Real Estate Properties	1
Ownership interest percentage in MF property	100.00%

Partnership Income, Expenses _2

Partnership Income, Expenses and Cash Distributions - Additional Information (Details)	Mar. 31, 2021
Partners capital account, fixed rate	3.00%
Tier 1 [Member] | Limited Partner [Member]
Percent of regular allocations	99.00%
Tier 1 [Member] | General Partner [Member]
Percent of regular allocations	1.00%
Tier 2 [Member] | Limited Partner [Member]
Percent of special allocations	75.00%
Tier 2 [Member] | General Partner [Member]
Percent of special allocations	25.00%
Tier 3 [Member] | Limited Partner [Member]
Percent of special allocations	100.00%

Net Income per BUC (Details)

Net Income per BUC (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Dilutive BUCs	0	0

Variable Interest Entities - Ad

Variable Interest Entities - Additional Information (Details) - Property	Mar. 31, 2021	Dec. 31, 2020
Variable Interest Entities [Abstract]
Number of Variable Interest Entities	24	21

Variable Interest Entities - Va

Variable Interest Entities - Variable Interest Entities Property Asset Carrying Value and Maximum Exposure (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 223,328,463	$ 197,833,069
Mortgage Revenue Bonds [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	15,405,000	20,763,500
Governmental Issuer Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	103,931,256	64,863,657
Property Loans [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	8,327,342	5,327,342
Taxable Governmental Issuer Loan [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	1,000,000
Investment in Unconsolidated Entities [Member]
Accounts Notes And Loans Receivable [Line Items]
Available for Sale Security and Property Loan Receivable, Maximum Exposure	$ 94,664,865	$ 106,878,570

Mortgage Revenue Bonds - Schedu

Mortgage Revenue Bonds - Schedule of investments in MRBs (Details) - USD ($)		Mar. 31, 2021	Dec. 31, 2020
Mortgage Revenue Bonds Held In Trust [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		$ 638,674,164	$ 637,948,068
Cumulative Unrealized Gain		114,502,241	130,520,576
Estimated Fair Value		753,176,405	768,468,644
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]	10,038,847	10,061,161
Cumulative Unrealized Gain	[1]	2,036,900	2,487,317
Estimated Fair Value	[1]	12,075,747	12,548,478
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]	4,469,991	4,483,154
Cumulative Unrealized Gain	[2]	941,975	1,010,425
Estimated Fair Value	[2]	5,411,966	5,493,579
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]	3,660,303	3,668,439
Cumulative Unrealized Gain	[1]	726,094	889,216
Estimated Fair Value	[1]	4,386,397	4,557,655
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]	6,776,107	6,791,096
Cumulative Unrealized Gain	[1]	1,416,111	1,724,350
Estimated Fair Value	[1]	8,192,218	8,515,446
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]	6,601,343	6,621,823
Cumulative Unrealized Gain	[3]	1,397,564	1,606,690
Estimated Fair Value	[3]	7,998,907	8,228,513
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]	1,660,837	1,664,566
Cumulative Unrealized Gain	[1]	326,950	400,431
Estimated Fair Value	[1]	1,987,787	2,064,997
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]	2,421,644	2,428,775
Cumulative Unrealized Gain	[2]	518,332	572,671
Estimated Fair Value	[2]	2,939,976	3,001,446
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	[4]	7,612,095	7,626,287
Cumulative Unrealized Gain	[4]	1,916,887	2,350,276
Estimated Fair Value	[4]	9,528,982	9,976,563
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]	4,095,000	2,023,500
Cumulative Unrealized Gain	[4]	164,711	215,633
Estimated Fair Value	[4]	4,259,711	2,239,133
Mortgage Revenue Bonds Held In Trust [Member] | Montevista [Member] | Series A [Member] | CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances	[4]	6,720,000	6,720,000
Cumulative Unrealized Gain	[4]	2,086,742	2,404,771
Estimated Fair Value	[4]	8,806,742	9,124,771
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]	3,424,558	3,432,246
Cumulative Unrealized Gain	[1]	658,833	809,327
Estimated Fair Value	[1]	4,083,391	4,241,573
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]	2,933,731	2,942,370
Cumulative Unrealized Gain	[2]	637,675	724,678
Estimated Fair Value	[2]	3,571,406	3,667,048
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]	4,225,061	4,236,876
Cumulative Unrealized Gain	[1]	1,076,658	1,180,122
Estimated Fair Value	[1]	5,301,719	5,416,998
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]	7,218,027	7,233,993
Cumulative Unrealized Gain	[1]	1,508,466	1,836,808
Estimated Fair Value	[1]	8,726,493	9,070,801
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]	12,152,801	12,179,682
Cumulative Unrealized Gain	[1]	2,428,465	2,973,846
Estimated Fair Value	[1]	14,581,266	15,153,528
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]	6,302,983	6,316,993
Cumulative Unrealized Gain	[1]	1,165,385	1,470,689
Estimated Fair Value	[1]	7,468,368	7,787,682
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]	3,507,305	3,517,919
Cumulative Unrealized Gain	[1]	716,843	888,485
Estimated Fair Value	[1]	4,224,148	4,406,404
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]	3,027,355	3,034,084
Cumulative Unrealized Gain	[1]	614,256	735,450
Estimated Fair Value	[1]	3,641,611	3,769,534
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]	5,749,890	5,767,938
Cumulative Unrealized Gain	[3]	829,871	939,214
Estimated Fair Value	[3]	6,579,761	6,707,152
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	[4]	3,961,901	3,969,173
Cumulative Unrealized Gain	[4]	977,393	1,226,058
Estimated Fair Value	[4]	4,939,294	5,195,231
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]	3,757,543	3,769,337
Cumulative Unrealized Gain	[3]	777,054	859,860
Estimated Fair Value	[3]	4,534,597	4,629,197
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	[5]	7,364,956	7,374,252
Cumulative Unrealized Gain	[5]	1,903,297	2,201,663
Estimated Fair Value	[5]	9,268,253	9,575,915
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]	4,955,000	4,955,000
Cumulative Unrealized Gain	[3]	572,032	641,581
Estimated Fair Value	[3]	5,527,032	5,596,581
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]	10,836,857	10,870,681
Cumulative Unrealized Gain	[2]	3,683,524	4,293,328
Estimated Fair Value	[2]	14,520,381	15,164,009
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	[4]	36,218,314	36,234,756
Estimated Fair Value	[4]	36,218,314	36,234,756
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	[5]	4,120,000	4,120,000
Cumulative Unrealized Gain	[5]	13,341	56,458
Estimated Fair Value	[5]	4,133,341	4,176,458
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	[4]	2,600,000	2,600,000
Cumulative Unrealized Gain	[4]	131,447	136,612
Estimated Fair Value	[4]	2,731,447	2,736,612
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]	7,802,000	7,829,000
Cumulative Unrealized Gain	[3]	557,051	663,781
Estimated Fair Value	[3]	8,359,051	8,492,781
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	[4]	3,450,000	3,450,000
Cumulative Unrealized Gain	[4]	174,419	178,960
Estimated Fair Value	[4]	3,624,419	3,628,960
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]	7,681,225	7,697,891
Cumulative Unrealized Gain	[2]	1,851,589	1,995,694
Estimated Fair Value	[2]	9,532,814	9,693,585
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	[6]	16,159,797	16,189,074
Cumulative Unrealized Gain	[6]	4,151,656	4,879,623
Estimated Fair Value	[6]	20,311,453	21,068,697
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	[5]	13,688,000	13,724,000
Cumulative Unrealized Gain	[5]		61,243
Estimated Fair Value	[5]	13,688,000	13,785,243
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	[5]	7,190,000	7,235,000
Cumulative Unrealized Gain	[5]	71,710	153,657
Estimated Fair Value	[5]	7,261,710	7,388,657
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]	12,856,267	12,898,904
Cumulative Unrealized Gain	[1]	2,501,126	2,689,886
Estimated Fair Value	[1]	15,357,393	15,588,790
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]	11,023,297	11,055,254
Cumulative Unrealized Gain	[1]	1,890,764	2,208,446
Estimated Fair Value	[1]	12,914,061	13,263,700
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	[5]	6,133,061	6,136,261
Cumulative Unrealized Gain	[5]	2,162,011	2,277,289
Estimated Fair Value	[5]	8,295,072	8,413,550
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]	18,562,061	18,619,081
Cumulative Unrealized Gain	[3]	2,602,480	2,906,879
Estimated Fair Value	[3]	21,164,541	21,525,960
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]	9,784,362	9,802,479
Cumulative Unrealized Gain	[1]	2,030,003	1,353,745
Estimated Fair Value	[1]	11,814,365	11,156,224
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]	12,677,935	12,720,560
Cumulative Unrealized Gain	[1]	2,464,921	2,650,995
Estimated Fair Value	[1]	15,142,856	15,371,555
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]	10,872,864	10,910,733
Cumulative Unrealized Gain	[3]	2,316,451	2,704,295
Estimated Fair Value	[3]	13,189,315	13,615,028
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	[4]	9,259,206	9,259,206
Cumulative Unrealized Gain	[4]	562,960	578,247
Estimated Fair Value	[4]	9,822,166	9,837,453
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	[4]	21,551,600	21,551,600
Cumulative Unrealized Gain	[4]	1,310,337	1,345,919
Estimated Fair Value	[4]	22,861,937	22,897,519
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	[4]	13,782,171	13,815,817
Cumulative Unrealized Gain	[4]	2,695,680	3,189,896
Estimated Fair Value	[4]	16,477,851	17,005,713
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]	9,111,697	9,140,656
Cumulative Unrealized Gain	[3]	1,934,363	2,376,580
Estimated Fair Value	[3]	11,046,060	11,517,236
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]	7,365,549	7,388,262
Cumulative Unrealized Gain	[3]	1,624,288	1,854,785
Estimated Fair Value	[3]	8,989,837	9,243,047
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]	12,686,495	12,721,014
Cumulative Unrealized Gain	[2]	2,516,255	2,790,208
Estimated Fair Value	[2]	15,202,750	15,511,222
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	[4]	5,223,164	5,235,915
Cumulative Unrealized Gain	[4]	923,710	1,084,347
Estimated Fair Value	[4]	6,146,874	6,320,262
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	[4]	39,659,362	39,756,184
Cumulative Unrealized Gain	[4]	7,309,397	8,703,609
Estimated Fair Value	[4]	46,968,759	48,459,793
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]	6,359,867	6,379,479
Cumulative Unrealized Gain	[3]	1,348,568	1,601,535
Estimated Fair Value	[3]	7,708,435	7,981,014
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]	15,522,758	15,572,093
Cumulative Unrealized Gain	[3]	3,169,213	3,779,139
Estimated Fair Value	[3]	18,691,971	19,351,232
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]	5,042,621	5,058,171
Cumulative Unrealized Gain	[3]	1,133,545	1,292,513
Estimated Fair Value	[3]	6,176,166	6,350,684
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]	17,639,477	17,674,167
Cumulative Unrealized Gain	[1]	4,336,133	3,792,253
Estimated Fair Value	[1]	21,975,610	21,466,420
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]	18,750,321	18,796,773
Cumulative Unrealized Gain	[1]	4,293,867	4,888,537
Estimated Fair Value	[1]	23,044,188	23,685,310
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]	13,135,487	13,168,029
Cumulative Unrealized Gain	[1]	3,121,179	3,543,909
Estimated Fair Value	[1]	16,256,666	16,711,938
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]	20,348,276	20,398,687
Cumulative Unrealized Gain	[1]	4,747,239	5,397,326
Estimated Fair Value	[1]	25,095,515	25,796,013
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]	7,312,727	7,331,821
Cumulative Unrealized Gain	[1]	1,495,203	1,810,458
Estimated Fair Value	[1]	8,807,930	9,142,279
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]	22,222,763	22,270,729
Cumulative Unrealized Gain	[1]	4,918,525	5,600,721
Estimated Fair Value	[1]	27,141,288	27,871,450
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]	19,182,510	19,218,417
Cumulative Unrealized Gain	[1]	5,213,184	5,955,488
Estimated Fair Value	[1]	24,395,694	25,173,905
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]	6,694,927	6,712,409
Cumulative Unrealized Gain	[1]	1,395,575	1,600,836
Estimated Fair Value	[1]	8,090,502	8,313,245
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]	10,548,961	10,579,057
Cumulative Unrealized Gain	[2]	1,934,414	2,095,871
Estimated Fair Value	[2]	12,483,375	12,674,928
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]	12,108,609	12,135,392
Cumulative Unrealized Gain	[1]	2,081,022	2,597,201
Estimated Fair Value	[1]	14,189,631	14,732,593
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	[5]	9,805,000	9,805,000
Cumulative Unrealized Gain	[5]		105,634
Estimated Fair Value	[5]	9,805,000	9,910,634
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	[5]	11,480,404	11,462,172
Cumulative Unrealized Gain	[5]	1,735,296	1,917,286
Estimated Fair Value	[5]	13,215,700	13,379,458
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]	9,586,894	9,604,680
Cumulative Unrealized Gain	[1]	2,701,301	3,257,826
Estimated Fair Value	[1]	12,288,195	12,862,506
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		17,073,919	24,472,905
Cumulative Unrealized Gain		1,274,588	1,490,936
Estimated Fair Value		18,348,507	25,963,841
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		924,419	925,607
Cumulative Unrealized Gain		91,098	107,347
Estimated Fair Value		1,015,517	1,032,954
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		3,480,770	3,485,690
Cumulative Unrealized Gain			13,578
Estimated Fair Value		3,480,770	3,499,268
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		469,781	469,781
Cumulative Unrealized Gain			2,549
Estimated Fair Value		469,781	472,330
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		1,099,487	1,099,487
Cumulative Unrealized Gain			5,967
Estimated Fair Value		1,099,487	1,105,454
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		734,678	735,974
Cumulative Unrealized Gain		120,209	144,746
Estimated Fair Value		854,887	880,720
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		537,812	538,723
Cumulative Unrealized Gain		86,978	100,668
Estimated Fair Value		624,790	639,391
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		123,883	123,973
Cumulative Unrealized Gain		40,662	43,650
Estimated Fair Value		164,545	167,623
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		443,646	444,398
Cumulative Unrealized Gain		71,749	83,042
Estimated Fair Value		515,395	527,440
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		436,548	437,318
Cumulative Unrealized Gain		68,317	82,718
Estimated Fair Value		504,865	520,036
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		2,662,206	2,665,000
Cumulative Unrealized Gain		795,575	891,612
Estimated Fair Value		3,457,781	3,556,612
Mortgage Revenue Bonds [Member] | Provision Center 2014-1 [Member] | TN [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances		6,160,689	6,161,954
Estimated Fair Value		$ 6,160,689	6,161,954
Mortgage Revenue Bonds [Member] | Arby Road Apartments [Member] | Series A [Member] | NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Cost Adjusted for Paydowns and Allowances			7,385,000
Cumulative Unrealized Gain			15,059
Estimated Fair Value			$ 7,400,059
[1]	MRBs owned by ATAX TEBS IV, LLC (M45 TEBS), Note 15
[2]	MRBs owned by ATAX TEBS III, LLC (M33 TEBS), Note 15
[3]	MRBs owned by ATAX TEBS II, LLC (M31 TEBS), Note 15
[4]	MRBs held by Mizuho Capital Markets, LLC in a debt financing transaction, Note 15
[5]	MRBs owned by ATAX TEBS I, LLC (M24 TEBS), Note 15
[6]	MRB held by Morgan Stanley in a debt financing transaction, Note 15

Mortgage Revenue Bonds - Additi

Mortgage Revenue Bonds - Additional Information (Details)	3 Months Ended
	Mar. 31, 2020USD ($)
Schedule Of Available For Sale Securities [Line Items]
Provision for credit loss	$ 1,357,681
Provision Center 2014-1 [Member]
Schedule Of Available For Sale Securities [Line Items]
Provision for credit loss	$ 1,400,000

Mortgage Revenue Bonds - Sche_2

Mortgage Revenue Bonds - Schedule of MRB Redeemed (Details)		3 Months Ended
		Mar. 31, 2021USD ($)Unit	Mar. 31, 2020USD ($)Unit
Schedule Of Available For Sale Securities [Line Items]
Units | Unit		3,468
Mortgage Revenue Bonds [Member]
Schedule Of Available For Sale Securities [Line Items]
Principal Outstanding at Date of Redemption | $		$ 7,385,000
Mortgage Revenue Bonds [Member] | Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	[1]	March
Units | Unit	[1]	180
Original Maturity Date	[1]	Oct. 1, 2027
Interest Rate	[1]	5.35%
Principal Outstanding at Date of Redemption | $	[1]	$ 1,600,000
Mortgage Revenue Bonds [Member] | Arby Road Apartments [Member] | Series A [Member] | Las Vegas, NV [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed	[1]	March
Units | Unit	[1]	180
Original Maturity Date	[1]	Apr. 1, 2041
Interest Rate	[1]	5.50%
Principal Outstanding at Date of Redemption | $	[1]	$ 5,785,000
Mortgage Revenue Bonds [Member] | Solano Vista [Member] | Series B [Member] | Vallejo, CA [Member]
Schedule Of Available For Sale Securities [Line Items]
Month Redeemed			January
Units | Unit			96
Original Maturity Date			Jan. 1, 2021
Interest Rate			5.85%
Principal Outstanding at Date of Redemption | $			$ 3,103,000
[1]	Both MRBs are part of the same series but had different interest rates and maturity dates.

Mortgage Revenue Bonds - Summar

Mortgage Revenue Bonds - Summary of Changes in Partnership's Allowance for Credit Losses (Details) - Mortgage Revenue Bonds [Member] - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Allowance for Credit Loss [Abstract]
Balance, beginning of period		$ 7,319,000	$ 0
Provision for credit loss		0	1,358,000
Balance, end of period	[1]	$ 7,319,000	$ 1,358,000
[1]	.

Governmental Issuer Loans - Sum

Governmental Issuer Loans - Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans (Details)		3 Months Ended		12 Months Ended
		Mar. 31, 2021USD ($)Unit		Dec. 31, 2020USD ($)Unit
Governmental Issuer Loans [Line Items]
Units | Unit		3,468
Maximum Remaining Commitment		$ 121,218,749
SIFMA [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate		2.25%		2.25%
Scharbauer Flats Apartments [Member]
Governmental Issuer Loans [Line Items]
Maximum Remaining Commitment		$ 21,850,387
Oasis at Twin Lakes [Member]
Governmental Issuer Loans [Line Items]
Maximum Remaining Commitment		26,704,180
Centennial Crossings [Member]
Governmental Issuer Loans [Line Items]
Maximum Remaining Commitment		$ 21,232,271
Legacy Commons at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	[1]	Feb. 1, 2024
Maximum Remaining Commitment		$ 31,233,972
Hilltop at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	[1]	Aug. 1, 2023
Maximum Remaining Commitment		$ 20,197,939
Governmental Issuer Loans [Member] | TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Amortized Cost		103,931,256		$ 64,863,657
Maximum Remaining Commitment		$ 97,714,367
Governmental Issuer Loans [Member] | Scharbauer Flats Apartments [Member] | TOB Trust [Member] | Midland, TX [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		June 2020	[2]	June 2020	[3]
Units | Unit		300	[2]	300	[3]
Maturity Date		Jan. 1, 2023	[2],[4]	Jan. 1, 2023	[3],[5]
Current Interest Rate		3.15%	[2]	3.19%	[3]
Amortized Cost		$ 40,000,000	[2]	$ 40,000,000	[3]
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%	[2]	3.10%	[3]
Governmental Issuer Loans [Member] | Oasis at Twin Lakes [Member] | TOB Trust [Member] | Roseville, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		July 2020	[2]	July 2020	[3]
Units | Unit		228	[2]	228	[3]
Maturity Date		Aug. 1, 2023	[2],[4]	Aug. 1, 2023	[3],[5]
Current Interest Rate		3.75%	[2]	3.75%	[3]
Amortized Cost		$ 24,733,130	[2]	$ 14,403,000	[3]
Maximum Remaining Commitment	[2]	$ 9,266,870
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	[6],[7]	3.25%	[2]	3.25%	[3]
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | Centennial, CO [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		August 2020	[2]	August 2020	[3]
Units | Unit		209	[2]	209	[3]
Maturity Date		Sep. 1, 2023	[2],[4]	Sep. 1, 2023	[3],[5]
Current Interest Rate		3.25%	[2]	3.25%	[3]
Amortized Cost		$ 15,182,744	[2]	$ 10,460,657	[3]
Maximum Remaining Commitment	[2]	$ 17,897,256
Governmental Issuer Loans [Member] | Centennial Crossings [Member] | TOB Trust [Member] | SIFMA [Member] | Centennial, CO [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[6]	2.75%	[2]	2.75%	[3]
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	[2]	January 2021
Units | Unit	[2]	247
Maturity Date	[2],[4]	Feb. 1, 2024
Current Interest Rate	[2]	3.57%
Amortized Cost	[2]	$ 9,917,887
Maximum Remaining Commitment	[2]	$ 24,702,113
Governmental Issuer Loans [Member] | Legacy Commons at Signal Hills [Member] | TOB Trust [Member] | SOFR [Member] | St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[2],[6]	3.07%
Governmental Issuer Loans [Member] | Hilltop at Signal Hills [Member] | TOB Trust [Member] | St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Month Acquired	[2]	January 2021
Units | Unit	[2]	146
Maturity Date	[2],[4]	Aug. 1, 2023
Current Interest Rate	[2]	3.57%
Amortized Cost	[2]	$ 4,075,050
Maximum Remaining Commitment	[2]	$ 20,374,950
Governmental Issuer Loans [Member] | Hilltop at Signal Hills [Member] | TOB Trust [Member] | SOFR [Member] | St. Paul, MN [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[2],[6]	3.07%
Governmental Issuer Loans [Member] | Hope on Avalon [Member] | TOB Trust [Member]
Governmental Issuer Loans [Line Items]
Maturity Date	[8]	Feb. 1, 2023
Governmental Issuer Loans [Member] | Hope on Avalon [Member] | TOB Trust [Member] | Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		January 2021
Units | Unit		88
Maturity Date	[4]	Feb. 1, 2023
Current Interest Rate		4.60%
Amortized Cost		$ 6,331,200
Maximum Remaining Commitment		$ 17,058,800
Governmental Issuer Loans [Member] | Hope on Avalon [Member] | TOB Trust [Member] | SIFMA [Member] | Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[6]	3.75%
Governmental Issuer Loans [Member] | Hope on Broadway [Member] | TOB Trust [Member] | Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Month Acquired		January 2021
Units | Unit		49
Maturity Date	[4]	Feb. 1, 2023
Current Interest Rate		4.60%
Amortized Cost		$ 3,691,245
Maximum Remaining Commitment		$ 8,414,378
Governmental Issuer Loans [Member] | Hope on Broadway [Member] | TOB Trust [Member] | SIFMA [Member] | Los Angeles, CA [Member]
Governmental Issuer Loans [Line Items]
Variable Interest Rate	[6]	3.75%
[1]
[2]	An affiliate of the Partnership has forward committed to purchase the GIL at maturity if the property has reached stabilization and other conditions are met (Note 21).
[3]	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 (Note 21).
[4]	The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon meeting certain conditions, including payment of a non-refundable extension fee.
[5]	The borrower may elect to extend the maturity date to for a period ranging between six and twelve months upon payment of a non-refundable extension fee.
[6]	The variable index interest rate component is subject to a floor.
[7]	The variable rate decreases to SIFMA plus 2.25% upon completion of c
[8]	The borrower ha s the option to extend the maturity up to six months upon

Governmental Issuer Loans - S_2

Governmental Issuer Loans - Summary of Partnership's Investments and Remaining Funding Commitments Related to Governmental Issuer Loans (Parenthetical) (Details)	Mar. 31, 2021	Dec. 31, 2020
SIFMA [Member]
Governmental Issuer Loans [Line Items]
Variable rate	2.25%	2.25%

Governmental Issuer Loans - Add

Governmental Issuer Loans - Additional Information (Details) - Governmental Issuer Loans [Member] $ in Millions	Jan. 31, 2021USD ($)
Legacy Commons at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Loans commitment	$ 34.6
Hilltop at Signal Hills [Member]
Governmental Issuer Loans [Line Items]
Loans commitment	24.5
Hope on Avalon [Member]
Governmental Issuer Loans [Line Items]
Loans commitment	23.4
Hope on Broadway [Member]
Governmental Issuer Loans [Line Items]
Loans commitment	$ 12.1

Real Estate Assets - Real Estat

Real Estate Assets - Real Estate Assets Owned by Partnership (Details)		Mar. 31, 2021USD ($)Unit	Dec. 31, 2020USD ($)Unit
Real Estate [Line Items]
Number of Units | Unit		3,468
Land and Land Improvements		$ 4,875,265	$ 4,875,265
Buildings and improvements		72,342,485	72,316,152
Carrying Value		77,217,750	77,191,417
Accumulated depreciation		(18,827,865)	(18,150,215)
Net real estate assets		$ 58,389,885	$ 59,041,202
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		39,399,529	39,375,298
Carrying Value		$ 42,598,797	$ 42,574,566
The 50/50 Student Housing--UNL [Member] | Lincoln, NE [Member]
Real Estate [Line Items]
Number of Units | Unit		475	475
Buildings and improvements		$ 32,942,956	$ 32,940,854
Carrying Value		32,942,956	32,940,854
Land Held for Development [Member]
Real Estate [Line Items]
Land and Land Improvements	[1]	1,675,997	1,675,997
Carrying Value	[1]	$ 1,675,997	$ 1,675,997
[1]	Land held for development consists of land and development costs for parcels in Gardner, KS; Richland County, SC and Omaha, NE.

Investments in Unconsolidated_3

Investments in Unconsolidated Entities - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2021	Jan. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Gain on sale of investments in unconsolidated entity		$ 2,809,106
Vantage At Germantown [Member]
Schedule Of Equity Method Investments [Line Items]
Cash received	$ 16,100,000
Income on sale of properties	862,000
Gain on sale of investments in unconsolidated entity	$ 2,800,000
Vantage At Westover Hills [Member]
Schedule Of Equity Method Investments [Line Items]
Equity commitment of fund construction			$ 7,300,000
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)	3 Months Ended
	Mar. 31, 2021USD ($)Unit	Dec. 31, 2020USD ($)
Schedule Of Equity Method Investments [Line Items]
Units | Unit	3,468
Carrying Value	$ 94,664,865	$ 106,878,570
Maximum Remaining Equity Commitment	$ 16,303,866
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	10,570,000
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
Vantage At Murfreesboro [Member] | Murfreesboro, TN [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	September 2018
Construction Completion Date	2020-10
Carrying Value	$ 12,390,012	14,640,000
Vantage At Coventry [Member] | Omaha, NE [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	294
Month Commitment Executed	September 2018
Construction Completion Date	2021-02
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	$ 8,453,760	8,245,890
Vantage At Conroe [Member] | Conroe T X [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	April 2019
Construction Completion Date	2021-01
Carrying Value	$ 10,669,242	10,406,895
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	$ 8,223,758	8,021,544
Vantage At Tomball [Member] | Tomball TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	August 2020
Carrying Value	$ 10,964,487	9,280,134
Vantage At Hutto [Member] | Hutto TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	November 2020
Carrying Value	$ 3,243,428	3,163,676
Maximum Remaining Equity Commitment	$ 7,359,952
Vantage At San Marcos [Member] | San Marcos TX [Member]
Schedule Of Equity Method Investments [Line Items]
Units | Unit	288
Month Commitment Executed	November 2020
Carrying Value	$ 1,006,442	$ 981,695
Maximum Remaining Equity Commitment	$ 8,943,914

Investments in Unconsolidated_5

Investments in Unconsolidated Entities - Summary of Partnership's Investments in Unconsolidated Entities (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Equity Method Investments And Joint Ventures [Abstract]
Property Revenues	$ 5,482,870	$ 2,483,605
Gain on sale of property	8,967,247
Net income (loss)	$ 6,931,134	$ (2,519,165)

Property Loans, Net of Loan L_3

Property Loans, Net of Loan Loss Allowances - Summary of Partnership's Property Loans, Net of Loan Loss Allowances (Details) - USD ($)		Mar. 31, 2021	Dec. 31, 2020
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		$ 24,225,765	$ 21,225,765
Loan Loss Allowance		(8,305,046)	(8,305,046)
Property Loan Principal, net of allowance		15,920,719	12,920,719
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	[1]	3,017,729	3,017,729
Property Loan Principal, net of allowance	[1]	3,017,729	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		911,232	911,232
Loan Loss Allowance		(911,232)	(911,232)
Hilltop at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[1]	1,000,000
Property Loan Principal, net of allowance	[1]	1,000,000
Ohio Properties [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance		2,390,446	2,390,446
Property Loan Principal, net of allowance		2,390,446	2,390,446
Legacy Commons at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[1]	1,000,000
Property Loan Principal, net of allowance	[1]	1,000,000
Scharbauer Flats Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[1]	2,309,613	2,309,613
Property Loan Principal, net of allowance	[1]	2,309,613	$ 2,309,613
Oasis at Twin Lakes [Member]
Accounts Notes And Loans Receivable [Line Items]
Property loan receivable, outstanding balance	[1]	1,000,000
Property Loan Principal, net of allowance	[1]	$ 1,000,000
[1]	The p

Property Loans, Net of Loan L_4

Property Loans, Net of Loan Loss Allowances - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Aug. 31, 2019
Ohio Properties [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Interest earned on property loan principal	$ 983,000	$ 983,000
Live 929 Apartments [Member]
Property Loans Net Of Loan Loss Allowance [Line Items]
Total property loan amount	$ 1,500,000		$ 1,000,000

Property Loans, Net of Loan L_5

Property Loans, Net of Loan Loss Allowances - Summary of Outstanding Property Loans and Remaining Commitments (Details)	3 Months Ended
	Mar. 31, 2021USD ($)
Accounts Notes And Loans Receivable [Line Items]
Outstanding Balance	$ 2,000,000
Maximum Remaining Commitment	$ 121,218,749
Legacy Commons at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Date Committed	2021-01
Original Maturity Date	Feb. 1, 2024	[1]
Outstanding Balance	$ 1,000,000
Maximum Remaining Commitment	$ 31,233,972
Hilltop at Signal Hills [Member]
Accounts Notes And Loans Receivable [Line Items]
Date Committed	2021-01
Original Maturity Date	Aug. 1, 2023	[1]
Outstanding Balance	$ 1,000,000
Maximum Remaining Commitment	20,197,939
Centennial Crossings [Member]
Accounts Notes And Loans Receivable [Line Items]
Maximum Remaining Commitment	21,232,271
Oasis at Twin Lakes [Member]
Accounts Notes And Loans Receivable [Line Items]
Maximum Remaining Commitment	26,704,180
Scharbauer Flats Apartments [Member]
Accounts Notes And Loans Receivable [Line Items]
Maximum Remaining Commitment	$ 21,850,387
[1]

Income Tax Provision - Summary

Income Tax Provision - Summary of Income Tax Expense (Benefit) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Provision [Line Items]
Total income tax expense	$ 257	$ 11,414
Greens Hold Co [Member]
Income Tax Provision [Line Items]
Current income tax expense	16,485	42,335
Deferred income tax benefit	(16,228)	(30,921)
Total income tax expense	$ 257	$ 11,414

Income Tax Provision - Addition

Income Tax Provision - Additional Information (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Valuation allowance	$ 0	$ 0

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Other Assets [Abstract]
Deferred financing costs, net	$ 455,954	$ 390,649
Fair value of derivative instruments (Note 17)	327,376	321,503
Taxable mortgage revenue bonds, at fair value	1,443,988	1,510,437
Taxable governmental issuer loan held in trust	1,000,000
Bond purchase commitments, at fair value (Note 18)	310,909	431,879
Operating lease right-of-use assets, net	1,641,462	1,648,742
Other assets	1,911,434	1,605,374
Total other assets	$ 7,091,123	$ 5,908,584

Other Assets - Summary of Taxab

Other Assets - Summary of Taxable Governmental Issuer Loan and Remaining Funding Commitment (Details) - Governmental Issuer Loans [Member] - Hope on Avalon [Member] - TOB Trust [Member]	3 Months Ended
	Mar. 31, 2021USD ($)
Governmental Issuer Loans [Line Items]
Date Committed	2021-01
Original Maturity Date	Feb. 1, 2023	[1]
Outstanding Balance	$ 1,000,000
Maximum Remaining Commitment	$ 9,573,000
[1]	The borrower ha s the option to extend the maturity up to six months upon

Other Assets - Summary of Tax_2

Other Assets - Summary of Taxable Governmental Issuer Loan and Remaining Funding Commitment (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2021
Governmental Issuer Loans [Abstract]
Tax exempt loan maturity periods	6 months

Accounts Payable, Accrued Exp_3

Accounts Payable, Accrued Expenses and Other Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Liabilities (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Accounts payable	$ 109,503	$ 94,674
Accrued expenses	2,626,800	2,755,010
Accrued interest expense	3,630,945	3,433,247
Operating lease liabilities	$ 2,150,033	$ 2,149,001
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total accounts payable, accrued expenses and other liabilities	Total accounts payable, accrued expenses and other liabilities
Other liabilities	$ 1,556,498	$ 1,517,633
Total accounts payable, accrued expenses and other liabilities	$ 10,073,779	$ 9,949,565

Accounts Payable, Accrued Exp_4

Accounts Payable, Accrued Expenses and Other Liabilities - Additional Information (Details) - The 50/50 Student Housing--UNL [Member] - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
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

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 ($)	Mar. 31, 2021	Dec. 31, 2020
Payables And Accruals [Abstract]
Remainder of 2021	$ 104,102
2022	141,119
2023	143,561
2024	144,706
2025	147,598
Thereafter	4,369,676
Total	5,050,762
Less: Amount representing interest	(2,900,729)
Total operating lease liabilities	$ 2,150,033	$ 2,149,001

Unsecured Lines of Credit - Sum

Unsecured Lines of Credit - Summary of Unsecured Lines of Credit (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Lines of credit			$ 7,475,000
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit			7,475,000
Line of credit facility maximum borrowing capacity		$ 60,000,000	60,000,000
Unsecured Lines of Credit [Member] | Bankers Trust Operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit		0
Unsecured Lines of Credit [Member] | 2.61% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
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		2.61%
Unsecured Lines of Credit [Member] | 3.36% 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		3.36%
Unsecured Lines of Credit [Member] | 2.65% Interest Bearing Line of Credit [Member] | Bankers Trust Non-operating [Member]
Line Of Credit Facility [Line Items]
Lines of credit			7,475,000
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			2.65%
Unsecured Lines of Credit [Member] | 3.40% 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			3.40%
[1]	The variable rate is indexed to LIBOR plus an applicable margin.

Unsecured Lines of Credit - Add

Unsecured Lines of Credit - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021	Dec. 31, 2020
Line Of Credit Facility [Line Items]
Lines of credit			$ 7,475,000
Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit			$ 7,475,000
Bankers Trust Non-operating [Member] | Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Debt instrument, maturity date, description	The principal amount of each acquisition advance from the non-operating LOC 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.
Partnerships ratio of lenders senior debt maximum percentage	75.00%
Bankers Trust Operating [Member] | Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Lines of credit	$ 0
Bankers Trust Operating [Member] | Unsecured Lines of Credit [Member] | Subsequent Event
Line Of Credit Facility [Line Items]
Lines of credit		$ 0
Bankers Trust [Member] | Unsecured Lines of Credit [Member]
Line Of Credit Facility [Line Items]
Debt instrument, covenant compliance	The Partnership was in compliance with all covenants as of March 31, 2021.

Debt Financing - Schedule of To

Debt Financing - Schedule of Total Debt Financing (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt financing		$ 711,788,901	$ 673,957,640
Period End Rates		4.36%
TEBS Financings [Member] | Fixed - M24 [Member]
Debt Instrument [Line Items]
Debt financing		$ 39,710,422	39,825,019
Restricted Cash		$ 4,000	$ 238,760
Year Acquired		2010	2010
Stated Maturities		2027-05	2027-05
Reset Frequency		N/A	N/A
Variable Rate Index		N/A	N/A
Period End Rates		3.05%	3.05%
TEBS Financings [Member] | Variable - M31 [Member]
Debt Instrument [Line Items]
Debt financing	[1]	$ 77,965,698	$ 78,272,018
Restricted Cash	[1]	$ 4,999	$ 4,999
Year Acquired	[1]	2014	2014
Stated Maturities	[1]	2024-07	2024-07
Reset Frequency	[1]	Weekly	Weekly
Variable Rate Index	[1]	SIFMA	SIFMA
Index Based Rates	[1]	0.08%	0.12%
Spread/ Facility Fees	[1]	1.36%	1.34%
Period End Rates	[1]	1.44%	1.46%
TEBS Financings [Member] | Fixed - M33 [Member]
Debt Instrument [Line Items]
Debt financing		$ 30,648,101	$ 30,796,097
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	N/A
Period End Rates		3.24%	3.24%
TEBS Financings [Member] | Fixed - M45 [Member]
Debt Instrument [Line Items]
Debt financing	[2]	$ 215,362,292	$ 215,825,022
Restricted Cash	[2]	$ 5,000	$ 5,000
Year Acquired	[2]	2018	2018
Stated Maturities	[2]	2034-07	2034-07
Reset Frequency	[2]	N/A	N/A
Variable Rate Index	[2]	N/A	N/A
Period End Rates	[2]	3.82%	3.82%
Secured Notes [Member] | Variable - Notes [Member]
Debt Instrument [Line Items]
Debt financing		$ 103,016,551	$ 103,086,756
Restricted Cash		$ 77,530,126	$ 77,500,000
Year Acquired		2020	2020
Stated Maturities		2025-09	2025-09
Reset Frequency		Monthly	Monthly
Variable Rate Index		3-month LIBOR	3-month LIBOR
Index Based Rates		0.18%	0.22%
Spread/ Facility Fees		9.00%	9.00%
Period End Rates	[3]	9.18%	9.22%
TOB Trusts Securitization [Member] | Variable - TOB I [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 3,635,973	$ 1,765,167
Year Acquired		2020	2020
Stated Maturities		2022-07	2022-07
Reset Frequency		Weekly	Weekly
Variable Rate Index		SIFMA	SIFMA
Index Based Rates		0.25%	0.29%
Spread/ Facility Fees		0.89%	0.89%
Period End Rates		1.14%	1.18%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 7,873,144	$ 122,724,862
Year Acquired		2021	2019
Stated Maturities		2023-02	2023-07
Reset Frequency		Weekly	Weekly
Variable Rate Index		SIFMA	SIFMA
Index Based Rates		0.25%
Spread/ Facility Fees		1.42%
Period End Rates		1.67%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Minimum [Member]
Debt Instrument [Line Items]
Index Based Rates			0.29%
Spread/ Facility Fees			1.17%
Period End Rates			1.46%
TOB Trusts Securitization [Member] | Variable - TOB II [Member] | Mizuho Capital Markets [Member] | Maximum [Member]
Debt Instrument [Line Items]
Index Based Rates			0.39%
Spread/ Facility Fees			1.67%
Period End Rates			2.06%
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 122,615,475	$ 62,992,845
Year Acquired		2019	2020
Stated Maturities		2023-07	2023-09
Reset Frequency		Weekly	Weekly
Variable Rate Index		SIFMA	OBFR
Index Based Rates			0.33%
Spread/ Facility Fees			0.89%
Period End Rates			1.22%
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | Minimum [Member]
Debt Instrument [Line Items]
Index Based Rates		0.25%
Spread/ Facility Fees		1.17%
Period End Rates		1.42%
TOB Trusts Securitization [Member] | Variable - TOB III [Member] | Mizuho Capital Markets [Member] | Maximum [Member]
Debt Instrument [Line Items]
Index Based Rates		0.30%
Spread/ Facility Fees		1.67%
Period End Rates		1.97%
TOB Trusts Securitization [Member] | Variable - TOB IV [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 76,533,047	$ 5,668,324
Year Acquired		2020	2020
Stated Maturities		2023-09	2023-12
Reset Frequency		Weekly	Weekly
Variable Rate Index		OBFR	SIFMA
Index Based Rates		0.32%	0.29%
Spread/ Facility Fees		0.89%	1.27%
Period End Rates		1.21%	1.56%
TOB Trusts Securitization [Member] | Variable - TOB V [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 5,680,127
Year Acquired		2020
Stated Maturities		2023-12
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Index Based Rates		0.25%
Spread/ Facility Fees		1.27%
Period End Rates		1.52%
TOB Trusts Securitization [Member] | Variable - TOB VI [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		$ 15,761,909
Year Acquired		2021
Stated Maturities		2024-01
Reset Frequency		Weekly
Variable Rate Index		OBFR
Index Based Rates		0.32%
Spread/ Facility Fees		0.89%
Period End Rates		1.21%
TOB Trusts Securitization [Member] | Fixed - Term TOB [Member] | Morgan Stanley Bank [Member]
Debt Instrument [Line Items]
Debt financing		$ 12,986,162	$ 13,001,530
Year Acquired		2019	2019
Stated Maturities		2022-05	2022-05
Reset Frequency		N/A	N/A
Variable Rate Index		N/A	N/A
Period End Rates		3.53%	3.53%
[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 $39.9 million of the Secured Notes and 1.00% for approximately $63.5 million of the Secured Notes as of March 31, 2021.

Debt Financing - Schedule of _2

Debt Financing - Schedule of Total Debt Financing (Parenthetical) (Details)	Mar. 31, 2021USD ($)Swap	Dec. 31, 2020USD ($)Swap
Debt Instrument [Line Items]
Effective net interest rate	4.36%
Debt financing	$ 711,788,901	$ 673,957,640
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	2
Total Return Swap One [Member] | Secured Notes [Member]
Debt Instrument [Line Items]
Effective net interest rate	4.25%	4.25%
Debt financing	$ 39,900,000	$ 40,000,000
Total Return Swap Two [Member] | Secured Notes [Member]
Debt Instrument [Line Items]
Effective net interest rate	1.00%	1.00%
Debt financing	$ 63,500,000	$ 63,500,000

Debt Financing - Additional Inf

Debt Financing - Additional Information (Details) - Swap	1 Months Ended			3 Months Ended	12 Months Ended
	Apr. 30, 2020	Feb. 29, 2020	Jan. 31, 2020	Mar. 31, 2021	Dec. 31, 2019
Debt Instrument [Line Items]
Termination occur percentage decrease by partners net assets in one quarter				25.00%
Termination occur percentage decrease by partners net assets in over one year				35.00%
Secured Notes [Member]
Debt Instrument [Line Items]
Number of return swap transactions				2
TOB Trusts Securitization [Member] | Provision Center 2014-1 [Member]
Debt Instrument [Line Items]
Maturity date			2020-05		2020-01
Collapse date	2020-04
Term A/B Trust [Member] | Gateway Village and Lynnhaven Apartments [Member]
Debt Instrument [Line Items]
Maturity date		2021-02			2020-02
Collapse date	2020-04

Debt Financing - Summary of Miz

Debt Financing - Summary of Mizuho TOB Trust Financings (Details) - USD ($)		3 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Debt financing		$ 711,788,901	$ 673,957,640
TOB Trust [Member] | Mizuho Capital Markets [Member]
Debt Instrument [Line Items]
Debt financing		24,207,000
TOB Trust [Member] | Mizuho Capital Markets [Member] | TOB Trust 2021-XF2926 [Member]
Debt Instrument [Line Items]
Debt financing	[1]	$ 16,190,000
Stated Maturities	[1]	2024-01
Reset Frequency	[1]	Weekly
Variable Rate Index	[1]	OBFR
Facility Fees	[1]	0.89%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Hope on Avalon [Member]
Debt Instrument [Line Items]
Debt financing		$ 5,064,000
Stated Maturities		2023-02
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Facility Fees		1.42%
TOB Trust [Member] | Mizuho Capital Markets [Member] | Hope on Broadway [Member]
Debt Instrument [Line Items]
Debt financing		$ 2,953,000
Stated Maturities		2023-02
Reset Frequency		Weekly
Variable Rate Index		SIFMA
Facility Fees		1.42%
[1]

Debt Financing - Schedule of Co

Debt Financing - Schedule of Contractual Maturities of Borrowings (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Debt Financing [Abstract]
Remainder of 2021	$ 4,456,041
2022	23,310,689
2023	217,166,816
2024	104,029,152
2025	11,363,784
Thereafter	354,282,763
Total	714,609,245
Unamortized deferred financing costs and debt premium	(2,820,344)
Total debt financing, net	$ 711,788,901	$ 673,957,640

Mortgage Payable and Other Secu

Mortgage Payable and Other Secured Financing - Summary of Partnerships' Mortgage Payable and Other Secured Financing, Net of Deferred Financing Costs (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net	$ 25,860,469	$ 25,984,872
Period End Rate	4.36%
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	$ 2,521,369	2,521,308
Year Acquired	2020
Stated Maturity	2025-03
Variable / Fixed	Fixed
Period End Rate	4.40%
Mortgages payable [Member] | Real Estate [Member] | The 50/50 Student Housing--UNL [Member]
Mortgage Loans on Real Estate [Line Items]
Outstanding Mortgage Payable, net	$ 23,339,100	$ 23,463,564
Year Acquired	2020
Stated Maturity	2027-04
Variable / Fixed	Fixed
Period End Rate	4.35%

Mortgage Payable and Other Se_2

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
Maturity date	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
Maturity date	2027-04
Debt instrument, interest rate, decrease to fixed rate.	4.35%

Mortgage Payable and Other Se_3

Mortgage Payable and Other Secured Financing - Contractual Maturities of Mortgages Payable and Other Secured Financing (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Mortgage Loans on Real Estate [Line Items]
Total mortgages payable and other secured financings, net	$ 25,860,469	$ 25,984,872
Mortgages Payable and Other Secured Financing [Member]
Mortgage Loans on Real Estate [Line Items]
Remainder of 2021	710,641
2022	869,599
2023	908,564
2024	946,558
2025	1,782,213
Thereafter	20,644,450
Total	25,862,025
Unamortized deferred financing costs	(1,556)
Total mortgages payable and other secured financings, net	$ 25,860,469

Derivative Financial Instrume_3

Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative, Notional Amount		$ 103,400,000
Derivative, Fair Value Liability		$ 292,048	$ 293,626
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2020-09	2020-09
Derivative, Notional Amount		$ 39,881,661	$ 39,970,485
Derivative, Effective Date		2020-09	2020-09
Derivative, Termination Date		2025-09	2025-09
Derivative, Period End Variable Rate Paid	[1]	4.25%	4.25%
Derivative, Period End Variable Rate Received	[2]	9.18%	9.22%
Derivative, Variable Rate Index		3-month LIBOR	3-month LIBOR
Derivative, Fair Value Liability		$ 77,280	$ 77,995
Mizuho Capital Markets 2 [Member]
Derivative [Line Items]
Derivative, Purchase Date		2020-09	2020-09
Derivative, Notional Amount		$ 63,500,000	$ 63,500,000
Derivative, Effective Date		2020-09	2020-09
Derivative, Termination Date		2022-03	2022-03
Derivative, Period End Variable Rate Paid	[3]	1.00%	1.00%
Derivative, Period End Variable Rate Received	[2]	9.18%	9.22%
Derivative, Variable Rate Index		3-month LIBOR	3-month LIBOR
Derivative, Fair Value Liability		$ 214,768	$ 215,631
[1]
[2]
[3]

Derivative Financial Instrume_4

Derivative Financial Instruments - Summary of Terms of Partnership's Total Return Swaps (Parenthetical) (Details)	Mar. 31, 2021	Dec. 31, 2020
Mizuho Capital Markets 1 [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	3.75%	3.75%
Derivative, floor interest rate	4.25%	4.25%
Mizuho Capital Markets 2 [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	0.50%	0.50%
Derivative, floor interest rate	1.00%	1.00%
Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative, basis spread on variable rate	9.00%	9.00%

Derivative Financial Instrume_5

Derivative Financial Instruments - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2022
Derivative [Line Items]
Derivative notional amount	$ 103,400,000
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 Swap One [Member] | Mizuho Capital Markets [Member]
Derivative [Line Items]
Derivative notional amount	$ 39,900,000
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_6

Derivative Financial Instruments - Summary of Partnership's Interest Rate Cap Agreements (Details) - USD ($)		3 Months Ended	12 Months Ended
		Mar. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Derivative, Fair Value - Asset (Liability)		$ 35,328	$ 27,877
Barclays Bank PLC [Member]
Derivative [Line Items]
Derivative, Purchase Date		2019-08	2019-08
Derivative, Notional Amount		$ 77,642,414	$ 77,979,924
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)		$ 35,328	$ 27,877
[1]	See Notes 15 and 22 for additional details.

Commitments and Contingencies -

Commitments and Contingencies - Summary of Partnership's Bond Purchase Commitments (Details) - CCBA Senior Garden Apartments [Member] - Bond Purchase Commitment [Member]	3 Months Ended
	Mar. 31, 2021USD ($)
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 March 31, 2021	$ 310,909

Commitments and Contingencies_2

Commitments and Contingencies - Additional Information (Details) $ in Millions	Mar. 31, 2021USD ($)
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	$ 10.9
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)	3 Months Ended
	Mar. 31, 2021USD ($)
Vantage At Stone Creek [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2018	[1]
Maximum Balance Available on Loan	$ 30,824,000	[1]
Loan Balance as of March 31, 2021	30,501,955	[1]
Partnership's Maximum Exposure as of March 31, 2021	$ 15,250,978	[1]
Vantage At Coventry [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2018	[1]
Maximum Balance Available on Loan	$ 31,500,000	[1]
Loan Balance as of March 31, 2021	29,369,707	[1]
Partnership's Maximum Exposure as of March 31, 2021	$ 14,684,853	[1]
Vantage At Murfreesboro [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2021	[2]
Maximum Balance Available on Loan	$ 30,500,000	[2]
Loan Balance as of March 31, 2021	30,500,000	[2]
Partnership's Maximum Exposure as of March 31, 2021	$ 15,250,000	[2]
Ohio Properties [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2011
Partnership's Maximum Exposure as of March 31, 2021	$ 3,011,522
End of Guarantee Period	2026
Greens of Pine Glen [Member]
Long-term Purchase Commitment [Line Items]
Year the Guarantee was Executed	2012
Partnership's Maximum Exposure as of March 31, 2021	$ 2,046,028
End of Guarantee Period	2027
[1]	The Partnership’s guaranty was initially for the entire amount of the loan and will decrease based on the achievement of certain events or financial ratios. The Partnership’s maximum exposure will decrease to 25%
[2]	The Partnership’s guaranty is for 50% of the loan balance. The Partnership has guaranteed up to 100% of the outstanding loan balance upon the occurrence of fraud or other willful misconduct by the borrower or if the borrower voluntarily files for bankruptcy. The guaranty agreement requires the Partnership to maintain a minimum net worth and maintain liquid assets of not less than $5.0 million. The Partnership was in compliance with these requirements as of March 31, 2001. The Partnership has also provided indemnification to the lender for costs related to environmental non-compliance and remediation during the term.

Commitments and Contingencies_4

Commitments and Contingencies - Summary of Partnership's Maximum Exposure Under Guarantee Agreements (Parenthetical) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Vantage At Stone Creek [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio	25.00%
Vantage At Coventry [Member]
Commitments And Other Guarantees [Line Items]
Construction loan guarantee percentage upon achievement of a specified debt service coverage ratio	25.00%
Vantage At Murfreesboro [Member]
Commitments And Other Guarantees [Line Items]
Guarantee obligations loan balance percentage	50.00%
Construction loan guarantee percentage upon occurrence of fraud, borrower willful misconduct and bankruptcy	100.00%
Vantage At Murfreesboro [Member] | Maximum [Member]
Commitments And Other Guarantees [Line Items]
Liquid assets to be maintained as per guaranty agreement	$ 5

Redeemable Series A Preferred_3

Redeemable Series A Preferred Units - Additional Information (Details) - $ / shares	Mar. 31, 2021	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							3 Months Ended	12 Months Ended
	Oct. 31, 2017	Aug. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016	Mar. 31, 2016	Mar. 31, 2021	Dec. 31, 2020
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 ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested unvested restricted units awards				154,386
Unrecognized compensation expense related to non-vested RUAs granted		$ 334,000
Remaining compensation expense expected to be recognized over a weighted-average period		1 year 2 months 12 days
Intrinsic value of unvested RUAs		$ 734,000
General and Administrative Expenses [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Compensation expense		$ 78,000	$ 39,000
Greystone Manager [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vested unvested restricted units awards	50,000
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
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	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Restricted Units Awarded
Beginning Balance	132,812
Granted		290,000
Vested		(154,386)
Ending Balance	132,812	132,812
Forfeited		(2,802)
Weighted-average Grant-Date Fair Value
Beginning Balance	$ 4.98
Granted	4.98	$ 4.98
Vested		4.98
Forfeited		4.98
Ending Balance	$ 4.98	$ 4.98

Transactions with Related Par_3

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Details) - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Reimbursable franchise margin taxes incurred on behalf of unconsolidated entities	[1]	$ 11,000	$ 8,000
General Partner [Member]
Related Party Transaction [Line Items]
Administrative fees	[2]	$ 966,000	$ 865,000
[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.

Transactions with Related Par_4

Transactions with Related Parties - Summary of Transactions with Related Parties Reflected in the Partnership's Consolidated Financial Statements (Parenthetical) (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%	0.45%

Transactions with Related Par_5

Transactions with Related Parties - Summary of Transactions Between Borrowers of Partnership's MRBs and Affiliates (Details) - General Partner [Member] - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Non-partnership property administrative fee received	[1]	$ 9,000	$ 9,000
Investment/mortgage fees received	[2]	$ 1,254,000	$ 542,000
[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. The disclosed 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)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transactions [Abstract]
Rate for administration fees receivable	0.45%	0.45%

Transactions with Related Par_7

Transactions with Related Parties - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Oct. 31, 2020	Mar. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Receivables due from unconsolidated entities		$ 63,000	$ 53,000
Outstanding liabilities due to related parties		368,000	$ 344,000
Greystone Affiliate [Member]
Related Party Transaction [Line Items]
Percentage of referral fee to be received in original principal amount	0.25%
Fee paid		$ 0

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)		Mar. 31, 2021	Dec. 31, 2020
Taxable Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[1]	8.00%	7.30%
Taxable Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		7.90%	7.10%
Taxable Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		8.00%	7.40%
Bond Purchase Commitment [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		3.70%	3.50%
Weighted Average Effective Yields	[1]	3.70%	3.50%
Mortgage Revenue Bonds [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Weighted Average Effective Yields	[1]	3.30%	3.00%
Mortgage Revenue Bonds [Member] | Effective rate - minimum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		1.60%	1.40%
Mortgage Revenue Bonds [Member] | Effective rate - maximum [Member]
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Range of Effective Yields		13.50%	13.30%
[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 - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Mar. 31, 2020	Dec. 31, 2019
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	$ 773,607,185	$ 796,696,304
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	773,607,185	796,696,304	$ 762,536,041	$ 818,340,970
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	310,909	431,879
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	310,909	431,879
Taxable Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	1,443,988	1,510,437
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	1,443,988	1,510,437	$ 1,417,654	$ 1,383,237
Derivative Financial Instruments (Reported within Other Assets) [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	327,376	321,503
Derivative Financial 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	327,376	321,503
Mortgage Revenue Bonds Held In Trust [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	753,176,405	768,468,644
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	753,176,405	768,468,644
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value	18,348,507	25,963,841
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	$ 18,348,507	$ 25,963,841

Fair Value of Financial Instr_5

Fair Value of Financial Instruments - Summary of Activity Related to Level 3 Assets and Liabilities (Details) - Fair Value, Inputs, Level 3 [Member] - USD ($)		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		$ 796,696,304	$ 818,340,970
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		1,840,698	53,124
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)			(1,357,681)
Total gain (losses) Included in earnings (gain on sale of securities)			1,416,023
Total gain (losses) included in other comprehensive (loss) income		(16,419,767)	(8,094,371)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases		2,071,500
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		(10,581,550)	(4,472,667)
Assets at Fair Value, ending balance		773,607,185	762,536,041
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		7,451	(1,332,480)
Interest Rate Derivative Financial Instruments [Member]
Schedule of Available-for-sale Securities [Line Items]
Derivative Assets (Liabilities) at Fair Value, beginning balance		321,503	10,911
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)		1,806,167	25,201
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Derivative Asset (Liability), Settlements		(1,800,294)
Derivative Assets (Liabilities) at Fair Value, beginning balance		327,376	36,112
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		7,451	25,201
Bond Purchase Commitment [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance		431,879
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		(120,970)
Assets at Fair Value, ending balance		310,909
Public housing capital fund trusts [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance			43,349,357
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)			(7,219)
Total gain (losses) Included in earnings (gain on sale of securities)			1,416,023
Total gain (losses) included in other comprehensive (loss) income			(1,408,804)
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		1,510,437	1,383,237
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in other comprehensive (loss) income		(64,112)	36,555
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements		(2,337)	(2,138)
Assets at Fair Value, ending balance		1,443,988	1,417,654
Mortgage Revenue Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Assets at Fair Value, beginning balance	[1]	794,432,485	773,597,465
Total gains (losses) (realized/unrealized) [Abstract]
Total gain (losses) included in earnings (interest income and interest expense)	[1]	34,531	35,142
Total gain (losses) Included in earnings (impairment of securities and provision for credit loss)	[1]		(1,357,681)
Total gain (losses) included in other comprehensive (loss) income	[1]	(16,234,685)	(6,722,122)
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Purchases	[1]	2,071,500
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements	[1]	(8,778,919)	(4,470,529)
Assets at Fair Value, ending balance	[1]	$ 771,524,912	761,082,275
Total amount of gains (losses) for the period included in earnings attributable to the change in unrealized gains (losses) relating to assets or liabilities held	[1]		$ (1,357,681)
[1]	Mortgage revenue bonds includes both bonds held in trust as well as those held by the Partnership.

Fair Value of Financial Instr_6

Fair Value of Financial Instruments - Summary of Fair Value of Partnership's Financial Liabilities (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Mortgages payable and other secured financing	$ 25,860,469	$ 25,984,872
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Debt financing	711,788,901	673,957,640
Unsecured lines of credit		7,475,000
Mortgages payable and other secured financing	25,860,469	25,984,872
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	745,686,708	709,760,933
Unsecured lines of credit		7,475,000
Mortgages payable and other secured financing	$ 25,862,025	$ 25,986,514

Segments - Additional Informati

Segments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2021PropertyUnitSegmentRatingSecurity
Segment Reporting Information [Line Items]
Number of Reportable Segments | Segment	3
Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of Available for Sale Securities | Security	75
Number of available for sale securities in tax-exempt loan | Security	7
MF Properties Segment [Member]
Segment Reporting Information [Line Items]
Number of Real Estate Properties | Property	2
Number of rental units under MF properties segment | Unit	859
Residential Properties [Member] | Mortgage Revenue Bond Investments Segment [Member]
Segment Reporting Information [Line Items]
Number of rental units financed by mortgage revenue bonds | Unit	10,935
Number of rental units financed by tax-exempt loan | Unit	1,267
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
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Total revenues
Total revenues	$ 14,387,488	$ 13,736,135
Interest expense
Interest expense	5,226,475	6,017,968
Depreciation expense
Depreciation expense	683,460	709,438
Net income (loss)
Net income (loss)	6,992,854	2,981,757
Total assets
Total assets	1,191,860,119		$ 1,175,247,879
Operating Segments [Member] | Mortgage Revenue Bond Investments Segment [Member]
Total revenues
Total revenues	10,794,788	10,205,803
Interest expense
Interest expense	4,944,277	5,498,199
Depreciation expense
Depreciation expense	5,811	2,424
Net income (loss)
Net income (loss)	2,549,452	440,336
Total assets
Total assets	1,131,733,809		1,114,146,614
Operating Segments [Member] | MF Properties [Member]
Total revenues
Total revenues	1,694,524	1,952,247
Interest expense
Interest expense	282,198	321,776
Depreciation expense
Depreciation expense	677,649	707,014
Net income (loss)
Net income (loss)	(262,819)	(252,730)
Total assets
Total assets	67,649,074		67,988,190
Operating Segments [Member] | Public Housing Capital Fund Trusts [Member]
Total revenues
Total revenues		174,470
Interest expense
Interest expense		197,993
Net income (loss)
Net income (loss)		1,390,999
Operating Segments [Member] | Other Investments [Member]
Total revenues
Total revenues	1,898,176	1,403,615
Net income (loss)
Net income (loss)	4,706,221	$ 1,403,152
Total assets
Total assets	94,728,344		106,931,182
Consolidation, Eliminations [Member]
Total assets
Total assets	$ (102,251,108)		$ (113,818,107)

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($)	1 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Oct. 31, 2017	Aug. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	May 31, 2016	Mar. 31, 2016
Debt Instrument [Line Items]
Redemption Price per Unit				$ 10	$ 10	$ 10	$ 10	$ 10	$ 10	$ 10
Redeemable preferred units, outstanding		9,500,000	9,500,000
Subsequent Event | Series A-1 Preferred Units [Member]
Debt Instrument [Line Items]
Redemption Price per Unit	$ 10
Annual rate of non-cumulative cash distributions	3.00%
Redeemable preferred units, registered for offering and issuance	9,450,000
Redeemable preferred units, outstanding	0
Jackson Manor Apartments [Member] | Subsequent Event | Jackson, MS [Member] | Mortgage Revenue Bonds [Member]
Debt Instrument [Line Items]
MRB Partnership advances	$ 4,150,000
Vantage at Loveland [Member] | Subsequent Event
Debt Instrument [Line Items]
Equity commitment of fund construction	16,300,000
Equity commitment of fund construction upon occurrence of certain events	$ 18,200,000

Subsequent Events - Summary of

Subsequent Events - Summary of Terms of MRB (Details)		1 Months Ended
		Apr. 30, 2021USD ($)Unit	Mar. 31, 2021Unit
Mortgage Loans on Real Estate [Line Items]
Units | Unit			3,468
Subsequent Event | Jackson, MS [Member] | Jackson Manor Apartments [Member] | Mortgage Revenue Bonds [Member]
Mortgage Loans on Real Estate [Line Items]
Month Acquired		April
Units | Unit		60
Maturity Date		May 1, 2038
Interest Rate		5.00%
Initial Funding | $		$ 4,150,000
Maximum Remaining Commitment | $	[1]	$ 2,750,000
[1]	Upon stabilization of the property, the MRB will be partially repaid and the maximum balance of the MRB after stabilization will not exceed approximately $4.8 million.

Subsequent Events - Summary o_2

Subsequent Events - Summary of Terms of MRB (Parenthetical) (Details)	Apr. 30, 2021USD ($)
Jackson Manor Apartments [Member] | Jackson, MS [Member] | Mortgage Revenue Bonds [Member] | Subsequent Event
Mortgage Loans on Real Estate [Line Items]
Maximum balance of mortgage revenue bonds after stabilization	$ 4,800,000

Subsequent Events - Summary o_3

Subsequent Events - Summary of Initial Terms of TOB Trusts Financings (Details) - USD ($)	1 Months Ended
	Apr. 30, 2021	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Initial TOB Trust Financing		$ 711,788,901	$ 673,957,640
Subsequent Event | TOB Trust [Member]
Debt Instrument [Line Items]
Initial TOB Trust Financing	$ 3,528,000
Stated Maturity	2023-04
Reset Frequency	Weekly
SIFMA Based Rates	0.26%
Spread/ Facility Fees	1.27%
Initial Interest Rate	1.53%