| Mortgage Revenue Bonds |
4. Mortgage Revenue Bonds The Partnership’s MRBs provide construction and/or permanent financing for income-producing multifamily rental, seniors housing and skilled nursing properties. MRBs are either held directly by the Partnership or are held in trusts created in connection with debt financing transactions (Note 13). The MRBs predominantly bear interest at fixed interest rates and require regular principal and interest payments on either a monthly or semi-annual basis. The Partnership had the following investments in MRBs as of March 31, 2026 and December 31, 2025:
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March 31, 2026 |
|
Description of Mortgage Revenue Bonds |
|
State |
|
Cost Adjusted for
Paydowns and Allowances |
|
|
Cumulative
Unrealized Gain |
|
|
Cumulative
Unrealized Loss |
|
|
Estimated Fair Value |
|
The Safford (4) |
|
AZ |
|
$ |
43,026,991 |
|
|
$ |
587,812 |
|
|
$ |
- |
|
|
$ |
43,614,803 |
|
40rty on Colony - Series P (4) |
|
CA |
|
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5,959,805 |
|
|
|
437,932 |
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|
- |
|
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6,397,737 |
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CCBA Senior Garden Apartments (1), (6) |
|
CA |
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3,671,482 |
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- |
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(60,381 |
) |
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3,611,101 |
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Courtyard - Series A (3) |
|
CA |
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9,528,788 |
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464,029 |
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- |
|
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9,992,817 |
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Glenview Apartments - Series A (2) |
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CA |
|
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4,162,903 |
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154,519 |
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- |
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4,317,422 |
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Harmony Court Bakersfield - Series A (3) |
|
CA |
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3,474,329 |
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154,449 |
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- |
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3,628,778 |
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Harmony Terrace - Series A (3) |
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CA |
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6,433,507 |
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300,810 |
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- |
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6,734,317 |
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Harden Ranch - Series A (1) |
|
CA |
|
|
6,123,551 |
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141,258 |
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- |
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6,264,809 |
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Las Palmas II - Series A (3) |
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CA |
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1,575,621 |
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69,737 |
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- |
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1,645,358 |
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Montclair Apartments - Series A (2) |
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CA |
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2,255,277 |
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80,043 |
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- |
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2,335,320 |
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Montecito at Williams Ranch Apartments - Series A (1) |
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CA |
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7,283,261 |
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246,474 |
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- |
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7,529,735 |
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Montevista - Series A (1) |
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CA |
|
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6,488,747 |
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562,376 |
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- |
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7,051,123 |
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Ocotillo Springs - Series A (1), (7) |
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CA |
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3,411,214 |
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- |
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(210,024 |
) |
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3,201,190 |
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Ocotillo Springs - Series A-1 (1) |
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CA |
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492,631 |
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59,423 |
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- |
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552,054 |
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Residency at Empire - Series BB-1 (4) |
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CA |
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14,092,740 |
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551,459 |
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- |
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14,644,199 |
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Residency at Empire - Series BB-2 (4) |
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CA |
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4,000,000 |
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184,057 |
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- |
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4,184,057 |
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Residency at Empire - Series BB-3 (4) |
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CA |
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14,000,000 |
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504,352 |
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- |
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14,504,352 |
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Residency at Empire - Series BB-4 (4) |
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CA |
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47,000,000 |
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145,187 |
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- |
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47,145,187 |
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Residency at the Entrepreneur - Series J-1 (4), (7) |
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CA |
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9,072,827 |
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- |
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(312,670 |
) |
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8,760,157 |
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Residency at the Entrepreneur - Series J-2 (4), (6) |
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CA |
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7,500,000 |
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- |
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(199,869 |
) |
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7,300,131 |
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Residency at the Entrepreneur - Series J-3 (4), (6) |
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CA |
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26,080,000 |
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- |
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(247,686 |
) |
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25,832,314 |
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Residency at the Entrepreneur - Series J-4 (4) |
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CA |
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16,420,000 |
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- |
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- |
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16,420,000 |
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Residency at the Entrepreneur - Series J-5 (4) |
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CA |
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5,000,000 |
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- |
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- |
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5,000,000 |
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Residency at the Mayer - Series A (4) |
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CA |
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16,752,582 |
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1,843,933 |
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- |
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18,596,515 |
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Residency at the Mayer - Series KK (4) |
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CA |
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11,500,000 |
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- |
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- |
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11,500,000 |
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San Vicente - Series A (3) |
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CA |
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3,248,846 |
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143,793 |
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- |
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3,392,639 |
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Santa Fe Apartments - Series A (2) |
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CA |
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2,732,183 |
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92,532 |
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- |
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2,824,715 |
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Seasons at Simi Valley - Series A (3) |
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CA |
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3,949,423 |
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254,198 |
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- |
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4,203,621 |
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Seasons Lakewood - Series A (3) |
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CA |
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6,853,084 |
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320,429 |
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- |
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7,173,513 |
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Seasons San Juan Capistrano - Series A (3) |
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CA |
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11,538,355 |
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539,497 |
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- |
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12,077,852 |
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Solano Vista - Series A (1), (6) |
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CA |
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2,564,400 |
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- |
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(11,628 |
) |
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2,552,772 |
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Summerhill - Series A (3) |
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CA |
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5,982,738 |
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178,006 |
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- |
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6,160,744 |
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Sycamore Walk - Series A (3) |
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CA |
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3,263,042 |
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152,050 |
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- |
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3,415,092 |
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The Village at Madera - Series A (3) |
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CA |
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2,873,540 |
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127,742 |
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- |
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3,001,282 |
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Tyler Park Townhomes - Series A (1) |
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CA |
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5,328,848 |
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- |
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- |
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5,328,848 |
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Village at Hanford Square - Series H (4) |
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CA |
|
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10,400,000 |
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617,514 |
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- |
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11,017,514 |
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Vineyard Gardens - Series A (1) |
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CA |
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3,793,397 |
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271,889 |
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- |
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4,065,286 |
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Wellspring Apartments (1) |
|
CA |
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3,728,854 |
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200,064 |
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- |
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3,928,918 |
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Westside Village Market - Series A (1) |
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CA |
|
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3,482,393 |
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134,786 |
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- |
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3,617,179 |
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Handsel Morgan Village Apartments (4) |
|
GA |
|
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2,150,000 |
|
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|
344,638 |
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- |
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2,494,638 |
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MaryAlice Circle Apartments (4) |
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GA |
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5,900,000 |
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491,942 |
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- |
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6,391,942 |
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Renaissance - Series A (2) |
|
LA |
|
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10,042,349 |
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128,524 |
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- |
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10,170,873 |
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Live 929 Apartments - Series 2022A (4) |
|
MD |
|
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58,490,642 |
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5,199,845 |
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- |
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63,690,487 |
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Woodington Gardens Apartments - Series A-1 (4) |
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MD |
|
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31,150,000 |
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|
2,699,090 |
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|
|
- |
|
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33,849,090 |
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Meadow Valley (4), (8) |
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MI |
|
|
43,325,007 |
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|
- |
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(471,873 |
) |
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|
42,853,134 |
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Jackson Manor Apartments (1) |
|
MS |
|
|
4,724,199 |
|
|
|
19,908 |
|
|
|
- |
|
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4,744,107 |
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Village Point (5), (7) |
|
NJ |
|
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22,910,000 |
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|
- |
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(842,782 |
) |
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22,067,218 |
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Silver Moon - Series A (2) |
|
NM |
|
|
7,289,747 |
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|
943,076 |
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|
- |
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8,232,823 |
|
Village at Avalon (1) |
|
NM |
|
|
15,475,842 |
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1,228,203 |
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|
- |
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|
16,704,045 |
|
Columbia Gardens (3) |
|
SC |
|
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11,884,712 |
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|
403,622 |
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|
- |
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12,288,334 |
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Village at River's Edge (3) |
|
SC |
|
|
9,358,796 |
|
|
|
653,977 |
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|
|
- |
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|
10,012,773 |
|
Willow Run (3) |
|
SC |
|
|
11,719,629 |
|
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|
397,661 |
|
|
|
- |
|
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|
12,117,290 |
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Agape Helotes - Series A-1 (4) |
|
TX |
|
|
5,553,135 |
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|
|
942,184 |
|
|
|
- |
|
|
|
6,495,319 |
|
Agape Helotes - Series B (4), (6) |
|
TX |
|
|
7,775,069 |
|
|
|
- |
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(37,066 |
) |
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|
7,738,003 |
|
Avistar at Copperfield - Series A (4) |
|
TX |
|
|
12,997,204 |
|
|
|
526,449 |
|
|
|
- |
|
|
|
13,523,653 |
|
Avistar at the Crest - Series A (4) |
|
TX |
|
|
8,431,441 |
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|
463,281 |
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|
- |
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8,894,722 |
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Avistar at the Crest - Series B |
|
TX |
|
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701,611 |
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|
27,380 |
|
|
|
- |
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|
728,991 |
|
Avistar at the Oaks - Series A (4), (6) |
|
TX |
|
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6,832,018 |
|
|
|
- |
|
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(43,395 |
) |
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|
6,788,623 |
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Avistar at the Oaks - Series B (8), (6) |
|
TX |
|
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514,561 |
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|
|
- |
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(11,981 |
) |
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|
502,580 |
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Avistar at the Parkway - Series A (2) |
|
TX |
|
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11,875,653 |
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|
93,694 |
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|
- |
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|
11,969,347 |
|
Avistar at the Parkway - Series B |
|
TX |
|
|
121,399 |
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|
6,420 |
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|
|
- |
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|
127,819 |
|
Avistar at Wilcrest - Series A (4), (6) |
|
TX |
|
|
4,925,677 |
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|
|
- |
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|
(3,678 |
) |
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|
4,921,999 |
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Avistar at Wood Hollow - Series A (4) |
|
TX |
|
|
37,400,553 |
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|
992,980 |
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|
|
- |
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|
38,393,533 |
|
Avistar in 09 - Series A (4), (6) |
|
TX |
|
|
5,899,178 |
|
|
|
- |
|
|
|
(26,766 |
) |
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|
5,872,412 |
|
Avistar in 09 - Series B (6) |
|
TX |
|
|
424,466 |
|
|
|
- |
|
|
|
(9,163 |
) |
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|
415,303 |
|
Avistar on the Boulevard - Series A (4) |
|
TX |
|
|
14,363,877 |
|
|
|
687,423 |
|
|
|
- |
|
|
|
15,051,300 |
|
Avistar on the Boulevard - Series B |
|
TX |
|
|
416,899 |
|
|
|
12,787 |
|
|
|
- |
|
|
|
429,686 |
|
Avistar on the Hills - Series A (4) |
|
TX |
|
|
4,677,351 |
|
|
|
125,782 |
|
|
|
- |
|
|
|
4,803,133 |
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Bruton Apartments (3) |
|
TX |
|
|
16,822,395 |
|
|
|
- |
|
|
|
- |
|
|
|
16,822,395 |
|
Concord at Gulfgate - Series A (3) |
|
TX |
|
|
17,659,167 |
|
|
|
873,782 |
|
|
|
- |
|
|
|
18,532,949 |
|
Concord at Little York - Series A (3) |
|
TX |
|
|
12,371,082 |
|
|
|
44,512 |
|
|
|
- |
|
|
|
12,415,594 |
|
Concord at Williamcrest - Series A (3) |
|
TX |
|
|
19,164,131 |
|
|
|
912,222 |
|
|
|
- |
|
|
|
20,076,353 |
|
Crossing at 1415 - Series A (3) |
|
TX |
|
|
6,864,198 |
|
|
|
223,852 |
|
|
|
- |
|
|
|
7,088,050 |
|
Decatur Angle (3) |
|
TX |
|
|
21,100,669 |
|
|
|
- |
|
|
|
- |
|
|
|
21,100,669 |
|
Esperanza at Palo Alto (3) |
|
TX |
|
|
18,343,682 |
|
|
|
1,178,955 |
|
|
|
- |
|
|
|
19,522,637 |
|
Heights at 515 - Series A (3) |
|
TX |
|
|
6,284,292 |
|
|
|
215,133 |
|
|
|
- |
|
|
|
6,499,425 |
|
Heritage Square - Series A (2) |
|
TX |
|
|
9,842,019 |
|
|
|
71,731 |
|
|
|
- |
|
|
|
9,913,750 |
|
Oaks at Georgetown - Series A (3), (6) |
|
TX |
|
|
11,496,398 |
|
|
|
- |
|
|
|
(169,537 |
) |
|
|
11,326,861 |
|
15 West Apartments (3) |
|
WA |
|
|
9,166,233 |
|
|
|
947,666 |
|
|
|
- |
|
|
|
10,113,899 |
|
Aventine Apartments (4) |
|
WA |
|
|
9,500,000 |
|
|
|
983,692 |
|
|
|
- |
|
|
|
10,483,692 |
|
Mortgage revenue bonds |
|
|
|
$ |
860,990,640 |
|
|
$ |
31,360,761 |
|
|
$ |
(2,658,499 |
) |
|
$ |
889,692,902 |
|
(1)2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13. (2)MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3)MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4)MRB held by Mizuho in a debt financing transaction, Note 13. (5)MRB held by Barclays in a debt financing transaction, Note 13. (6)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of March 31, 2026, the MRB has been in an unrealized loss position for less than 12 months. (7)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of March 31, 2026, the MRB has been in an unrealized loss position for at least 12 months. (8)The Partnership has a remaining MRB funding commitment of approximately $750,000 as of March 31, 2026. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of March 31, 2026 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of March 31, 2026, the MRB has been in an unrealized loss position for more than 12 months.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Description of Mortgage Revenue Bonds |
|
State |
|
Cost Adjusted for
Paydowns and Allowances |
|
|
Cumulative
Unrealized Gain |
|
|
Cumulative
Unrealized Loss |
|
|
Estimated Fair Value |
|
The Safford (4) |
|
AZ |
|
$ |
43,039,213 |
|
|
$ |
825,255 |
|
|
$ |
- |
|
|
$ |
43,864,468 |
|
40rty on Colony - Series P (4) |
|
CA |
|
|
5,960,299 |
|
|
|
508,166 |
|
|
|
- |
|
|
|
6,468,465 |
|
CCBA Senior Garden Apartments (1) |
|
CA |
|
|
3,681,447 |
|
|
|
36,906 |
|
|
|
- |
|
|
|
3,718,353 |
|
Courtyard - Series A (3) |
|
CA |
|
|
9,557,426 |
|
|
|
582,658 |
|
|
|
- |
|
|
|
10,140,084 |
|
Glenview Apartments - Series A (2) |
|
CA |
|
|
4,180,438 |
|
|
|
172,492 |
|
|
|
- |
|
|
|
4,352,930 |
|
Harmony Court Bakersfield - Series A (3) |
|
CA |
|
|
3,484,770 |
|
|
|
196,775 |
|
|
|
- |
|
|
|
3,681,545 |
|
Harmony Terrace - Series A (3) |
|
CA |
|
|
6,452,743 |
|
|
|
382,696 |
|
|
|
- |
|
|
|
6,835,439 |
|
Harden Ranch - Series A (1) |
|
CA |
|
|
6,150,834 |
|
|
|
174,042 |
|
|
|
- |
|
|
|
6,324,876 |
|
Las Palmas II - Series A (3) |
|
CA |
|
|
1,580,405 |
|
|
|
88,460 |
|
|
|
- |
|
|
|
1,668,865 |
|
Montclair Apartments - Series A (2) |
|
CA |
|
|
2,264,777 |
|
|
|
87,128 |
|
|
|
- |
|
|
|
2,351,905 |
|
Montecito at Williams Ranch Apartments - Series A (1) |
|
CA |
|
|
7,301,933 |
|
|
|
502,273 |
|
|
|
- |
|
|
|
7,804,206 |
|
Montevista - Series A (1) |
|
CA |
|
|
6,502,767 |
|
|
|
701,929 |
|
|
|
- |
|
|
|
7,204,696 |
|
Ocotillo Springs - Series A (1), (6) |
|
CA |
|
|
3,420,248 |
|
|
|
- |
|
|
|
(122,272 |
) |
|
|
3,297,976 |
|
Ocotillo Springs - Series A-1 (1) |
|
CA |
|
|
493,399 |
|
|
|
75,177 |
|
|
|
- |
|
|
|
568,576 |
|
Residency at Empire - Series BB-1 (4) |
|
CA |
|
|
14,093,724 |
|
|
|
649,973 |
|
|
|
- |
|
|
|
14,743,697 |
|
Residency at Empire - Series BB-2 (4) |
|
CA |
|
|
4,000,000 |
|
|
|
212,485 |
|
|
|
- |
|
|
|
4,212,485 |
|
Residency at Empire - Series BB-3 (4) |
|
CA |
|
|
14,000,000 |
|
|
|
565,690 |
|
|
|
- |
|
|
|
14,565,690 |
|
Residency at Empire - Series BB-4 (4) |
|
CA |
|
|
47,000,000 |
|
|
|
356,007 |
|
|
|
- |
|
|
|
47,356,007 |
|
Residency at the Entrepreneur - Series J-1 (4), (6) |
|
CA |
|
|
9,073,723 |
|
|
|
- |
|
|
|
(65,074 |
) |
|
|
9,008,649 |
|
Residency at the Entrepreneur - Series J-2 (4) |
|
CA |
|
|
7,500,000 |
|
|
|
7,207 |
|
|
|
- |
|
|
|
7,507,207 |
|
Residency at the Entrepreneur - Series J-3 (4) |
|
CA |
|
|
26,080,000 |
|
|
|
411,110 |
|
|
|
- |
|
|
|
26,491,110 |
|
Residency at the Entrepreneur - Series J-4 (4) |
|
CA |
|
|
16,420,000 |
|
|
|
- |
|
|
|
- |
|
|
|
16,420,000 |
|
Residency at the Entrepreneur - Series J-5 (4) |
|
CA |
|
|
5,000,000 |
|
|
|
- |
|
|
|
- |
|
|
|
5,000,000 |
|
Residency at the Mayer - Series A (4) |
|
CA |
|
|
16,753,398 |
|
|
|
2,357,236 |
|
|
|
- |
|
|
|
19,110,634 |
|
Residency at the Mayer - Series KK (4) |
|
CA |
|
|
11,500,000 |
|
|
|
- |
|
|
|
- |
|
|
|
11,500,000 |
|
San Vicente - Series A (3) |
|
CA |
|
|
3,258,711 |
|
|
|
182,399 |
|
|
|
- |
|
|
|
3,441,110 |
|
Santa Fe Apartments - Series A (2) |
|
CA |
|
|
2,743,692 |
|
|
|
105,552 |
|
|
|
- |
|
|
|
2,849,244 |
|
Seasons at Simi Valley - Series A (3) |
|
CA |
|
|
3,965,162 |
|
|
|
286,086 |
|
|
|
- |
|
|
|
4,251,248 |
|
Seasons Lakewood - Series A (3) |
|
CA |
|
|
6,873,574 |
|
|
|
407,654 |
|
|
|
- |
|
|
|
7,281,228 |
|
Seasons San Juan Capistrano - Series A (3) |
|
CA |
|
|
11,572,853 |
|
|
|
686,356 |
|
|
|
- |
|
|
|
12,259,209 |
|
Solano Vista - Series A (1) |
|
CA |
|
|
2,569,997 |
|
|
|
254,394 |
|
|
|
- |
|
|
|
2,824,391 |
|
Summerhill - Series A (3) |
|
CA |
|
|
6,000,718 |
|
|
|
245,404 |
|
|
|
- |
|
|
|
6,246,122 |
|
Sycamore Walk - Series A (3) |
|
CA |
|
|
3,276,834 |
|
|
|
186,786 |
|
|
|
- |
|
|
|
3,463,620 |
|
The Village at Madera - Series A (3) |
|
CA |
|
|
2,882,176 |
|
|
|
162,749 |
|
|
|
- |
|
|
|
3,044,925 |
|
Tyler Park Townhomes - Series A (1) |
|
CA |
|
|
5,352,891 |
|
|
|
- |
|
|
|
- |
|
|
|
5,352,891 |
|
Village at Hanford Square - Series H (4) |
|
CA |
|
|
10,400,000 |
|
|
|
729,339 |
|
|
|
- |
|
|
|
11,129,339 |
|
Vineyard Gardens - Series A (1) |
|
CA |
|
|
3,802,965 |
|
|
|
338,419 |
|
|
|
- |
|
|
|
4,141,384 |
|
Wellspring Apartments (1) |
|
CA |
|
|
3,759,908 |
|
|
|
291,715 |
|
|
|
- |
|
|
|
4,051,623 |
|
Westside Village Market - Series A (1) |
|
CA |
|
|
3,498,104 |
|
|
|
153,938 |
|
|
|
- |
|
|
|
3,652,042 |
|
Handsel Morgan Village Apartments (4) |
|
GA |
|
|
2,150,000 |
|
|
|
374,482 |
|
|
|
- |
|
|
|
2,524,482 |
|
MaryAlice Circle Apartments (4) |
|
GA |
|
|
5,900,000 |
|
|
|
654,257 |
|
|
|
- |
|
|
|
6,554,257 |
|
Renaissance - Series A (2) |
|
LA |
|
|
10,087,972 |
|
|
|
360,474 |
|
|
|
- |
|
|
|
10,448,446 |
|
Live 929 Apartments - Series 2022A (4) |
|
MD |
|
|
58,452,715 |
|
|
|
5,193,310 |
|
|
|
- |
|
|
|
63,646,025 |
|
Woodington Gardens Apartments - Series A-1 (4) |
|
MD |
|
|
31,150,000 |
|
|
|
2,971,637 |
|
|
|
- |
|
|
|
34,121,637 |
|
Meadow Valley (4), (7) |
|
MI |
|
|
43,329,595 |
|
|
|
- |
|
|
|
(493,593 |
) |
|
|
42,836,002 |
|
Jackson Manor Apartments (1) |
|
MS |
|
|
4,735,841 |
|
|
|
6,789 |
|
|
|
- |
|
|
|
4,742,630 |
|
Village Point (5), (8) |
|
NJ |
|
|
22,937,000 |
|
|
|
- |
|
|
|
(885,455 |
) |
|
|
22,051,545 |
|
Silver Moon - Series A (2) |
|
NM |
|
|
7,312,227 |
|
|
|
1,073,556 |
|
|
|
- |
|
|
|
8,385,783 |
|
Village at Avalon (1) |
|
NM |
|
|
15,514,941 |
|
|
|
1,521,472 |
|
|
|
- |
|
|
|
17,036,413 |
|
Columbia Gardens (3) |
|
SC |
|
|
11,939,032 |
|
|
|
460,705 |
|
|
|
- |
|
|
|
12,399,737 |
|
The Ivy Apartments (a/k/a Century Plaza Apartments) (4), (8) |
|
SC |
|
|
30,548,389 |
|
|
|
- |
|
|
|
(769,606 |
) |
|
|
29,778,783 |
|
The Park at Sondrio - Series 2022A (4) |
|
SC |
|
|
33,621,006 |
|
|
|
- |
|
|
|
- |
|
|
|
33,621,006 |
|
The Park at Vietti - Series 2022A (4) |
|
SC |
|
|
23,927,167 |
|
|
|
- |
|
|
|
- |
|
|
|
23,927,167 |
|
Village at River's Edge (3) |
|
SC |
|
|
9,383,233 |
|
|
|
818,618 |
|
|
|
- |
|
|
|
10,201,851 |
|
Willow Run (3) |
|
SC |
|
|
11,772,937 |
|
|
|
453,899 |
|
|
|
- |
|
|
|
12,226,836 |
|
Windsor Shores Apartments - Series A (4) |
|
SC |
|
|
20,641,927 |
|
|
|
- |
|
|
|
- |
|
|
|
20,641,927 |
|
Agape Helotes - Series A-1 (4) |
|
TX |
|
|
5,551,146 |
|
|
|
1,094,713 |
|
|
|
- |
|
|
|
6,645,859 |
|
Agape Helotes - Series B (4) |
|
TX |
|
|
7,623,744 |
|
|
|
647,350 |
|
|
|
- |
|
|
|
8,271,094 |
|
Avistar at Copperfield - Series A (4) |
|
TX |
|
|
13,042,027 |
|
|
|
596,361 |
|
|
|
- |
|
|
|
13,638,388 |
|
Avistar at the Crest - Series A (4) |
|
TX |
|
|
8,470,504 |
|
|
|
517,602 |
|
|
|
- |
|
|
|
8,988,106 |
|
Avistar at the Crest - Series B |
|
TX |
|
|
703,640 |
|
|
|
27,212 |
|
|
|
- |
|
|
|
730,852 |
|
Avistar at the Oaks - Series A (4) |
|
TX |
|
|
6,862,655 |
|
|
|
8,054 |
|
|
|
- |
|
|
|
6,870,709 |
|
Avistar at the Oaks - Series B (8) |
|
TX |
|
|
515,988 |
|
|
|
- |
|
|
|
(8,786 |
) |
|
|
507,202 |
|
Avistar at the Parkway - Series A (2) |
|
TX |
|
|
11,922,214 |
|
|
|
330,959 |
|
|
|
- |
|
|
|
12,253,173 |
|
Avistar at the Parkway - Series B |
|
TX |
|
|
121,562 |
|
|
|
10,103 |
|
|
|
- |
|
|
|
131,665 |
|
Avistar at Wilcrest - Series A (4) |
|
TX |
|
|
4,942,664 |
|
|
|
6,128 |
|
|
|
- |
|
|
|
4,948,792 |
|
Avistar at Wood Hollow - Series A (4) |
|
TX |
|
|
37,529,536 |
|
|
|
1,488,820 |
|
|
|
- |
|
|
|
39,018,356 |
|
Avistar in 09 - Series A (4) |
|
TX |
|
|
5,925,632 |
|
|
|
298,778 |
|
|
|
- |
|
|
|
6,224,410 |
|
Avistar in 09 - Series B |
|
TX |
|
|
425,643 |
|
|
|
2,774 |
|
|
|
- |
|
|
|
428,417 |
|
Avistar on the Boulevard - Series A (4) |
|
TX |
|
|
14,430,424 |
|
|
|
827,399 |
|
|
|
- |
|
|
|
15,257,823 |
|
Avistar on the Boulevard - Series B |
|
TX |
|
|
418,105 |
|
|
|
17,648 |
|
|
|
- |
|
|
|
435,753 |
|
Avistar on the Hills - Series A (4) |
|
TX |
|
|
4,698,326 |
|
|
|
236,896 |
|
|
|
- |
|
|
|
4,935,222 |
|
Bruton Apartments (3) |
|
TX |
|
|
16,869,420 |
|
|
|
- |
|
|
|
- |
|
|
|
16,869,420 |
|
Concord at Gulfgate - Series A (3) |
|
TX |
|
|
17,721,824 |
|
|
|
1,061,872 |
|
|
|
- |
|
|
|
18,783,696 |
|
Concord at Little York - Series A (3) |
|
TX |
|
|
12,414,976 |
|
|
|
281,448 |
|
|
|
- |
|
|
|
12,696,424 |
|
Concord at Williamcrest - Series A (3) |
|
TX |
|
|
19,232,128 |
|
|
|
1,190,877 |
|
|
|
- |
|
|
|
20,423,005 |
|
Crossing at 1415 - Series A (3) |
|
TX |
|
|
6,889,954 |
|
|
|
59,727 |
|
|
|
- |
|
|
|
6,949,681 |
|
Decatur Angle (3) |
|
TX |
|
|
21,164,887 |
|
|
|
- |
|
|
|
- |
|
|
|
21,164,887 |
|
Esperanza at Palo Alto (3) |
|
TX |
|
|
18,391,634 |
|
|
|
1,199,900 |
|
|
|
- |
|
|
|
19,591,534 |
|
Heights at 515 - Series A (3) |
|
TX |
|
|
6,307,872 |
|
|
|
129,093 |
|
|
|
- |
|
|
|
6,436,965 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
Description of Mortgage Revenue Bonds |
|
State |
|
Cost Adjusted for
Paydowns and Allowances |
|
|
Cumulative
Unrealized Gain |
|
|
Cumulative
Unrealized Loss |
|
|
Estimated Fair Value |
|
Heritage Square - Series A (2) |
|
TX |
|
|
9,882,614 |
|
|
|
78,097 |
|
|
|
- |
|
|
|
9,960,711 |
|
Oaks at Georgetown - Series A (3), (8) |
|
TX |
|
|
11,530,770 |
|
|
|
- |
|
|
|
(73,157 |
) |
|
|
11,457,613 |
|
15 West Apartments (3) |
|
WA |
|
|
9,190,524 |
|
|
|
1,121,776 |
|
|
|
- |
|
|
|
10,312,300 |
|
Aventine Apartments (4) |
|
WA |
|
|
9,500,000 |
|
|
|
1,141,563 |
|
|
|
- |
|
|
|
10,641,563 |
|
Mortgage revenue bonds |
|
|
|
$ |
971,133,524 |
|
|
$ |
39,188,805 |
|
|
$ |
(2,417,943 |
) |
|
$ |
1,007,904,386 |
|
(1)2024 PFA Securitization Bond associated with the 2024 PFA Securitization Transaction, Note 13. (2)MRB owned by ATAX TEBS III, LLC (M33 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (3)MRB owned by ATAX TEBS IV, LLC (M45 TEBS Financing), Note 13. The TEBS financing has contractual limitations on the Partnership’s ability to sell the MRB. (4)MRB held by Mizuho in a debt financing transaction, Note 13. (5)MRB held by Barclays in a debt financing transaction, Note 13. (6)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of December 31, 2025, the MRB has been in an unrealized loss position for at least 12 months. (7)The Partnership has a remaining MRB funding commitment of approximately $750,000 as of December 31, 2025. The MRB and the unfunded MRB commitment are accounted for as available-for-sale securities and reported at fair value. The reported unrealized loss includes the unrealized loss on the current MRB carrying value (based on current fair value) as well as the unrealized loss on the Partnership’s remaining funding commitment outstanding as of December 31, 2025 (also based on current fair value). The Partnership determined the unrealized loss is a result of increasing market interest rates and that the cumulative unrealized loss is not considered a credit loss. As of December 31, 2025, the MRB has been in an unrealized loss position for more than 12 months. (8)As of the date presented, the Partnership determined that the unrealized loss on the MRB is a result of increasing market interest rates from the date of acquisition and is not considered a credit loss. As of December 31, 2025, the MRB has been in an unrealized loss position for less than 12 months. The Partnership has accrued interest receivable related to its MRBs of approximately $5.1 million and $5.5 million as of March 31, 2026 and December 31, 2025, respectively, that is reported within "Interest receivable, net" in the Partnership's condensed consolidated balance sheets. An entity that is an affiliate of the borrowers for the Residency at Empire, Residency at the Entrepreneur, and Residency at the Mayer MRBs and taxable MRBs (Note 9) has provided full payment guaranties during the construction phase prior to stabilization. The MRBs and taxable MRBs had total outstanding principal of $171.2 million and $16.1 million, respectively, as of March 31, 2026. The same affiliate also provides guaranties for the Residency at Sky Village Hollywood GIL and taxable GIL. The Partnership has committed to provide funding for certain MRBs on a draw-down basis during construction and/or rehabilitation of the secured properties as of March 31, 2026. See Note 16 for information regarding the Partnership’s MRB funding commitments. See Note 20 for a description of the methodology and significant assumptions used in determining the fair value of the MRBs. Unrealized gains or losses on the MRBs are recorded in the Partnership's condensed consolidated statements of comprehensive income to reflect changes in their estimated fair values resulting from market conditions and fluctuations in the present value of the expected cash flows from the MRBs. See Note 10 for information regarding the Partnership’s allowance for credit losses. Activity in the First Three Months of 2026 Redemptions: During the three months ended March 31, 2026, four MRBs were redeemed via deed in lieu of foreclosure. See Note 8 for further information regarding the deed in lieu of foreclosure transactions. The following table provides details of the MRBs that were redeemed:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Name |
|
Month
Redeemed |
|
Property Location |
|
Units |
|
|
Original
Maturity Date |
|
Interest Rate |
|
|
Principal
Outstanding at Date
of Redemption |
|
The Park at Sondrio - Series 2022A |
|
January 2026 |
|
Greenville, SC |
|
|
271 |
|
|
1/1/2030 |
|
|
6.50 |
% |
|
$ |
38,100,000 |
|
The Park at Vietti - Series 2022A |
|
January 2026 |
|
Spartanburg, SC |
|
|
204 |
|
|
1/1/2030 |
|
|
6.50 |
% |
|
|
26,985,000 |
|
Windsor Shores Apartments |
|
February 2026 |
|
Columbia, SC |
|
|
176 |
|
|
2/1/2030 |
|
|
6.50 |
% |
|
|
21,545,000 |
|
The Ivy Apartments (a/k/a Century Plaza Apartments) |
|
February 2026 |
|
Greenville, SC |
|
|
212 |
|
|
2/1/2030 |
|
|
6.50 |
% |
|
|
30,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
117,130,000 |
|
Amendments: During the three months ended March 31,2026, the Partnership recognized fees totaling approximately $285,000 in other income in connection with extensions of the conversion and maturity dates of the Residency at the Entrepreneur MRBs and taxable MRB. Activity in the First Three Months of 2025 Amendments: In March 2025, the Residency at the Mayer – Series A and Residency at the Mayer – Series M MRBs were amended to remove the Partnership's post-stabilization funding commitment to the property. In August 2025, the Partnership re-committed to providing post-stabilization funding for the Residency at the Mayer - Series A MRB at a fixed interest rate. During the first quarter of 2025, the Partnership recognized fees totaling approximately $565,000 in other income in connection with extensions of the maturity dates of the Residency at the Entrepreneur MRBs, the Residency at the Mayer MRBs, and the Residency at the Entrepreneur taxable MRB. Redemptions: The following MRB was redeemed at a price that approximated the outstanding principal balance plus accrued interest during the three months ended March 31, 2025:
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Property Name |
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Month
Redeemed |
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Property Location |
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Units |
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|
Original
Maturity Date |
|
Interest Rate |
|
|
Principal
Outstanding at Date
of Redemption |
|
Lutheran Gardens |
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March 2025 |
|
Compton, CA |
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|
76 |
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|
2/1/2025 |
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|
4.90 |
% |
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$ |
10,352,000 |
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